Array Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth National + Finance | May 23, 2022 Fitch: CMBS Defaults Leveled Off in 2021 National + Distressed Assets | May 23, 2022 Dodge: Construction Starts Rose 3% in April National + Industrial | May 23, 2022 FEATURED STORY National CRE News In Your Inbox. Sign up for Connect emails to stay informed with CRE stories that are 150 words or less. More National Stories More Stories Connect CRE & Industry Events Load MoreMore Events Companies achieve great success when aligned around a common goal and brand story. The experts integrated into our team at Connect Creative span every marketing and communications discipline and channel, encompassing skilled graphic designers, public relations leaders, copy writers, content producers, digital wizards, and website developers. A collaborative approach brings out your company’s stories that are shaped and crafted with the perfect visual, the right words and in the most dynamic way. Connect with Creative Latest Atlanta & Southeast Stories Canvass Capital and Barings Form $250M JV, Buy Three Charlotte Self-Storage Facilities Atlanta & Southeast + Carolinas + Finance | May 24, 2022 Charlotte, NC-based Canvass Capital, LLC, and Barings have entered into a joint venture to acquire and develop self-storage properties throughout the southeastern US. The JV seeks to invest up to $250 million of equity into the self-storage space over the next several years. The JV has already closed on the acquisition of three self-storage assets … ECI Group Goes on $300M Buying Spree of Central FL Multifams Atlanta & Southeast + Atlanta + Apartments | May 24, 2022 Atlanta-based ECI Group has acquired Verso Luxury Apartments, a 250-unit multifamily asset in the Orlando, FL submarket of Davenport. Brett Moss and Tyler Swidler of Berkadia represented the seller. According to the company, over the last 12 months it has spent nearly $300 million to acquire four Central FL apartment communities with 1,000 units. Verso … Latest Boston & New England Stories DH Property Acquires Malden Industrial Site, Plans 94K-SF Distribution Facility Boston & New England + Metro Boston + Industrial | May 24, 2022 DH Property Holdings, LLC, has acquired an industrial development site at 735 Broadway in Malden, MA. The purchase marks DHPH’s third industrial acquisition in Boston with a total capitalization of $107 million across 362,000 square feet of space and the first asset acquisition from the firm’s newly launched DHPH IDF I LP. A Newmark team … $15M MassHousing Refi Ensures Multifam Affordability for Seniors in Randolph Boston & New England + Metro Boston + Senior Housing | May 24, 2022 MassHousing has closed on $15.2 million in affordable housing financing to Preservation of Affordable Housing to refinance the 104-unit Bridle Path Apartments in Randolph and extend the affordability for senior citizens living at the property for at least 32 years. As part of the transaction, POAH executed a new 20-year federal Section 8 Housing Assistance … Connect TeamPaul BubnySenior Content DirectorMichael ThwaiteChief Technology OfficerEmily LettieriVice PresidentView AllOur ValuesWe understand that we have different backgrounds, ethnicities, experiences, and geographies, and these differences are what make us unique and bring a variety of perspectives that will shine through.Minority SplitGender SplitLearn More Latest California Stories California Workforce Expands, but Labor Supply Constraints Continue California + Los Angeles + Office | May 23, 2022 The Beacon Employment Report has been released and it shows that even as the Golden State’s labor market continued to expand at a steady pace in April, labor supply continued to throttle job growth. California has recovered just 91% of the jobs that were lost at the onset of the pandemic and there are 240,000 … BPG to Transform Iconic San Francisco Office Tower California + Bay Area + Office | May 23, 2022 Barker Pacific Group (BPG) has announced it will transform Citigroup Center at One Sansome, the soaring 42-story tower, into a new entertainment and hospitality hub as San Francisco’s Financial District welcomes back workers, conventioners and tourists. BPG, which has already spent more than $100 million in renovations since acquiring One Sansome in 2010, will redo … Latest Chicago & Midwest Stories Bally’s Proposal for Chicago Casino Clears Key Hurdle with Committee Vote Chicago & Midwest + Downtown + Hospitality | May 23, 2022 The $1.7-billion Bally’s proposal to build a casino in Chicago’s River West neighborhood is set for a final vote in the City Council Wednesday after receiving the blessing of the casino committee Monday, reported Crain’s Chicago Business. The proposal passed 27-3 after changes were made giving aldermen more oversight of the city’s agreement with Bally’s … Shedd Aquarium Launches Pilot ESG Investment Program Chicago & Midwest + Downtown + Finance | May 23, 2022 Shedd Aquarium, in partnership with Builders Initiative, is launching a sustainability-focused pilot ESG investment portfolio to fuel the aquarium’s endeavors toward major conservation efforts. The new $19-million portfolio, seeded from Shedd resources and augmented by a significant contribution from Builders Initiative, will be target invested in several sustainability ESG-focused funds “Shedd’s ESG approach arose from an … Latest Florida & Gulf Coast Stories Davenport Multifamily Brings ECI Group’s Central FL Portfolio to $300M Florida & Gulf Coast + Central Florida + Apartments | May 24, 2022 Atlanta-based ECI Group has acquired Verso Luxury Apartments, a 250-unit multifamily asset in the Orlando, FL submarket of Davenport. Brett Moss and Tyler Swidler of Berkadia represented the seller. According to the company, over the last 12 months it has spent nearly $300 million to acquire four Central FL apartment communities with 1,000 units. Verso … Hialeah Mixed-Use Development Scores $81M Build-to-Perm Financing Florida & Gulf Coast + Atlanta & Southeast + South Florida + Apartments | May 24, 2022 Aztec Group has secured $81 million in construction-to-permanent financing for the consecutive development of Residences of Highland and Shoppes of Highland in the Miami submarket of Hialeah, FL. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group represented the borrower, an affiliate of Dacar Management. Non-recourse, fixed-rate financing was provided by an affiliate of … Latest Global Stories Global CRE Investment Volume Jumps 34% in Q1 2022 National + Global + Weekender | May 12, 2022 Despite the worldwide geopolitical and economic uncertainty, global commercial real estate investment seemed undaunted, growing by 34% year over year in Q1 2022 to US$282 billion. According to a CBRE report, investment increased by 47% in the Americas, 25% in Europe, the Middle East and Africa (EMEA) and 5% in the Asia-Pacific region. Multifamily investments … Equinix in $735M Latin America Deals, Buys Four Data Centers in Chile Global | May 3, 2022 Equinix Inc, a global digital infrastructure company, has extended its “Platform Equinix” deeper into Latin America following the completion of the acquisition of four data centers in Chile from Empresa Nacional De Telecomunicaciones S.A., Entel, a leading Chilean telecommunications provider. Equinix also announced it has signed an agreement to acquire one additional data center in … Latest National Stories Dodge: Construction Starts Rose 3% in April National + Industrial | May 23, 2022 Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%. Year-to-date, total construction was 6% higher in the first four months of 2022 compared to the same period … Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth National + Finance | May 23, 2022 Persistent inflation, rising interest rates and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8 percentage points less than previously predicted, according to the May 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) … Latest New York & Tri-State Stories Avanath Snaps Up Brooklyn Apartment Portfolio for $315M New York & Tri-State + Outer + Apartments | May 23, 2022 Irvine, CA-based Avanath Capital Management, LLC has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail in Brooklyn for $315 million. The two properties were built as part of the ongoing Pacific Park New York mixed-use project, Brooklyn’s largest development to date. The portfolio, comprising 601 affordable and market-rate residential and commercial units, … $14M Buys Three-Building Portfolio in East Village, Hell’s Kitchen New York & Tri-State + Downtown New York + Apartments | May 23, 2022 Brax Realty arranged the sale of a three -building package located in the East Village and Hell’s Kitchen neighborhoods of Manhattan. The properties at 14 First Ave., 219 E. 5th St. and 445 W. 46th St. sold collectively for $13,500,000. Michael Ferra and Alan Stenson of Brax Realty represented the seller, Nesor Associates, and also … Latest Phoenix & Southwest Stories Phoenix Condo Complex Sells for $8.2 Million Phoenix & Southwest + Phoenix + Apartments | May 23, 2022 SVN Desert Commercial Advisor’s Danny Lee was no newcomer to the Graybriar Condominiums. He sold his first condominium at the Phoenix community over 20 years ago. Two decades later, he was able to act as the agent for the seller of 66 of the condo units for $8.2 million, or $125,000 a unit. The property, … Tempe Multifamily Community Attracts $96 Million Purchase Price Phoenix & Southwest + Phoenix + Apartments | May 23, 2022 The 171-unit Hudson-on-Farmer is within the tree-lined Mill Avenue District, which places it near Arizona State University and an array of nationally known retail brands. Besides the shops, the development is near the 20-acre, two million square foot Marina Heights master planned community and Hayden’s Ferry Lakeside, a mixed use development featuring office, retail and … Latest Seattle & Northwest Stories Investment Firm Nabs Portland-Area Multifamily Community Seattle & Northwest + Portland + Apartments | May 23, 2022 Los Angeles-based MJW Investments has acquired Avenue 66 apartments, an off-market 56-unit property situated in one of the fastest growing Portland, OR submarkets. Avenue 66 is a low density, garden style complex that features one- and two-bedroom floor plans that average 840 square feet. The community is located in Vancouver, WA which has seen 18% … JLL Arranges Financing for MultiFam in Salem Seattle & Northwest + Pacific Northwest + Apartments | May 23, 2022 JLL Capital Markets has arranged $8 million in acquisition financing for Sunnyview Village, a 58-unit, garden-style community in Salem, OR. The JLL Debt Advisory team of Charles Halladay, Jonah Aelyon, Alek Kaculini and Charlie Watson secured the three-year, floating-rate loan through Ready Capital for the borrower, One Degree Acquisitions. Located at 4200 Sunnyview Rd., the … Latest Texas Stories 58,000 Square Foot Office Sold in Corpus Christi Texas + State of Texas + Office | May 23, 2022 The building was sold, but you’d never know it. The owner and tenant, Alorica, will stay put. Marcus & Millichap’s Benedict Gutierrez represented the buyer, “Alorica proved its commitment to this location after signing a new, long-term lease and investing over $4 million in capital improvement.” The buyer was HMVP Holdings. The nearly 10-acre property … Dallas-Area Southlake Marketplace Getting a New Look Texas + Dallas-Fort Worth + Retail | May 23, 2022 Two equity firms are joining forces to dress up a 132,000 square retail center in Southlake. SHOP Development and 2GR Equity bought the center with the intent of revamping the 1990’s-era center on the Southlake/Keller border. The project, at the southeast corner of Southlake Blvd and Davis Blvd, will see upgrades which include facade enhancements, … Latest Washington DC Stories Design Collective to Make Something out of 26K SF in 100 East Pratt Washington DC + Baltimore + Office | May 24, 2022 Cushman & Wakefield has arranged a new 26,000-square-foot lease for Design Collective at 100 East Pratt Street in Baltimore, MD. The firm will relocate from its current location in The Power Plant at 601 East Pratt Street. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington, also … Repositioned Chesapeake MOB Sells for $8M after Tenancy Doubles Washington DC + DC Metro + Office | May 24, 2022 Divaris Real Estate, Inc., has completed the $5.7-million sale of Poplar Hill Medical Center, a four-building medical office park located in Chesapeake, VA. Representing the seller, Divaris Real Estate’s Senior Vice President, Jason Oliver and Rachel Salasky represented the seller, Woodside Special Opportunity PE Fund II, LP. Charlottesville, VA-based Seminole Trail Properties purchased the asset. …
