the Editors of Commercial Property Executive
‘Tis the Season – To Redefine Retail Supply Chain Real Estate
By Craig Meyer and Kris Bjorson ‘Tis the season to order last-minute, gift-wrapped goods for next-day home delivery. But our growing demand for near-instant gratification via e-commerce means cookie-cutter industrial facilities of yesteryear are no longer going to cut it, according to a recent Jones Lang LaSalle report. Today’s retail logistics strategy is evolving fast, and changing the industry’s real estate needs from a simple matter of storage space for bulky pallet-to-store delivery to more specialized warehousing options that drive faster dock-to-doorstep times to support retailers’ omni-channel strategies. The business case for commercial real estate executives and brokers to accommodate…
Middle Street Partners Acquires Mebane Multi-Family Community for $21.5M
Middle Street Partners LLC of James Island, S.C. has acquired the Carden Place Apartments at 101 Carden Place Drive in Mebane. According to the CoStar Group, Greensboro-based Brown Investment Properties sold the 240-unit community for $21.5 million, or approximately $90,000 per unit.
Pedcor to Expand Massive City Center Mixed-Use Development in Carmel
Developer Pedcor Cos. is planning to invest between $80 million to $100 million in the expansion of its major commercial and residential Carmel City Center development.
Tryko Partners Acquires Affordable Multifamily Community in Leechburg
Private equity real estate group Tryko Partners, LLC has announced the acquisition of Sandalwood Apartments, an 86-unit affordable multi-family community in Leechburg, PA.
Guest Column: Branding Real Estate
The Alter Group’s Tom Silva talks about the value of branding, as evidenced by Forbes’ new efforts to apply its brand to commercial real estate.
Hotel d2 and Cobblestone Plan New Hotels in Connellsville and Millvale
As part of its Community Hotel Development Initiative, Hotel d2 Services has partnered with Wisconsin-based Cobblestone Hotels LLC to develop two new properties in the Pittsburgh region. According to the Pittsburgh Business Times, a new 54-room hotel is slated to rise in Connellsville, while another 51-room development is planned for Millvalle.
MSP, Partners Cinch $7M in Federal Tax Credits for Waukesha M-F Project
Meadow Ridge Apartments, a mixed-income apartment complex is currently under construction in Waukesha. According to BizTimes, U.S. Bank, MSP Real Estate, Inc. and nonprofit Movin’ Out have obtained $7.2 million in federal Low-Income Housing Tax Credit equity to finance the $10.9 million project. The grant was awarded by the Wisconsin Housing and Economic Development Authority (WHEDA) in April.
Rugby Realty Acquires Iconic Koppers Building in Downtown Pittsburgh
Rugby Realty has acquired the 34-story Koppers Tower in downtown Pittsburgh from Koppers Building Holdings, Inc. According to the Pittsburgh Post-Gazette, the New Rochelle, N.Y.-based company paid $17.2 million to purchase the 360,000-square-foot historic building at the corner of Grant Street and Seventh Avenue.
Carroll Purchases Three-Property Portfolio from Camden
Formerly owned by Camden Property Trust, the portfolio consists of Camden Bay Pointe and Camden Citrus Park in Tampa and Camden Habersham in Charlotte.
Craig Meyer: Industrial Takes Off – But Not Everywhere
Warehouses of all sizes—particularly in the 500,000 square feet and larger range—are a hot commodity, and only getting hotter, according to JLL’s Big Box Outlook report. Featuring a new Big Box Velocity Index, the report finds that big box real estate market demand is strongest in traditional distribution corridors, especially in the Northeast, though investment and development opportunities can be found in many secondary markets too. Below are a few trends driving the newly recovered industrial sector: 1. Speculative development is on the rise: With tenants now competing for what has become a limited pool of industrial and distribution space,…
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