Commercial property

Institutional Property Advisors Closes $155 Million Multifamily Asset Sale in Suburban North Phoenix

Friday, September 24, 2021 - 9:28pm

Institutional Property Advisors (IPA) , a division of Marcus & Millichap (NYSE: MMI) , announced today the sale of Accolade, a 548-unit multifamily asset in Phoenix, Arizona.

Key Points: 
  • Institutional Property Advisors (IPA) , a division of Marcus & Millichap (NYSE: MMI) , announced today the sale of Accolade, a 548-unit multifamily asset in Phoenix, Arizona.
  • The transaction is one of the top five largest multifamily sales on record in Arizona by total purchase price.
  • Accolades strategic North Phoenix location offers a diverse employment base in a high-barrier-to-entry submarket, said Steve Gebing, IPA executive managing director.
  • Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America.

Freddie Mac Multifamily Extends Availability of COVID-19 Forbearance Program

Friday, September 24, 2021 - 3:45pm

MCLEAN, Va., Sept. 24, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) Multifamily announced that it will continue to offer COVID-19 forbearance agreements for its Multifamily loans.

Key Points: 
  • MCLEAN, Va., Sept. 24, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) Multifamily announced that it will continue to offer COVID-19 forbearance agreements for its Multifamily loans.
  • Freddie Mac established its COVID-19 Forbearance Relief program to aid multifamily borrowers and tenants affected by the coronavirus.
  • Under the program, multifamily landlords whose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments by showing hardship as a consequence of COVID-19 and by gaining lender approval.
  • As the pandemic continues, Freddie Mac is providing relief where needed to the multifamily market and to renters financially impacted by COVID-19 through this forbearance program, said Debby Jenkins, head of Multifamily at Freddie Mac.

InSite Property Group Acquires A Storage Center in Tacoma, WA

Friday, September 24, 2021 - 4:00pm

InSite's Head of Self Storage Acquisitions, Nathan McElmurry, notes,

Key Points: 
  • InSite's Head of Self Storage Acquisitions, Nathan McElmurry, notes,
    "SecureSpace Parkland Tacoma is a classic retail-oriented storage facility with outstanding traffic count and heavy multifamily all around.
  • Based in Torrance, California, InSite Property Group is the parent corporation of SecureSpace Self Storage.
  • As a vertically integrated self storage owner, developer and manager, InSite Property Group currently has over 40 stores operating and under construction.
  • We look forward to serving you and satisfying your storage needs - please visit https://www.SecureSpace.com to make a reservation today.

Cushman & Wakefield Hires Aubrey Waddell as Global Occupier Services’ Head of Commercial Operations

Friday, September 24, 2021 - 3:00pm

Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has appointed Aubrey Waddell as the Head of Commercial Operations of its Global Occupier Services (GOS) business, effective immediately.

Key Points: 
  • Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has appointed Aubrey Waddell as the Head of Commercial Operations of its Global Occupier Services (GOS) business, effective immediately.
  • View the full release here: https://www.businesswire.com/news/home/20210924005352/en/
    As Head of Commercial Operations, Waddell will play a pivotal role in leading a global team of commercial legal, risk and pricing professionals within GOS.
  • Its an exciting time to be joining the Global Occupier Services team at Cushman & Wakefield, said Waddell.
  • Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners.

Madison Realty Capital Originates $30 Million Acquisition Loan for Four Acre Mixed Use Development Site in Naples, Florida

Friday, September 24, 2021 - 1:00pm

The loan will be used to fund the acquisition, closing costs and predevelopment of the property.

Key Points: 
  • The loan will be used to fund the acquisition, closing costs and predevelopment of the property.
  • We are pleased to provide custom predevelopment financing to M Development for a marquee residential and retail development in Naples, one of the most luxurious and rapidly growing areas of the United States, said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital.
  • M Development is currently evaluating the market and intends to lease the property to investment grade national retail tenants.
  • JLLs Scott Aiese, Managing Director, Alex Staikos, Director, and Jesse Wright, Director, served as advisors to M Development.

DGAP-News: DIC Asset AG: Lease with C&A for 69,000 sqm of logistics space extended until 2025

Friday, September 24, 2021 - 7:13am

DIC Asset AG ("DIC"), ISIN: DE000A1X3XX4, one of Germany's leading listed property companies, extends its lease agreement with C&A for 69,000 sqm of logistics space in Mnchengladbach until 2025.

Key Points: 
  • DIC Asset AG ("DIC"), ISIN: DE000A1X3XX4, one of Germany's leading listed property companies, extends its lease agreement with C&A for 69,000 sqm of logistics space in Mnchengladbach until 2025.
  • The property hosts the fashion retailer's largest and most important logistics centre in Europe.
  • By renewing the lease agreement and by securing the ongoing full occupancy of the logistics centre, we keep the cash flow sustainably and reliably stable for our investors," said Sonja Wrntges, CEO of DIC Asset AG.
  • The Commercial Portfolio segment represents the proprietary real estate portfolio of DIC Asset AG.

FCPT Announces Acquisition of an Arby’s Property for $1.9 million

Thursday, September 23, 2021 - 9:05pm

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (FCPT or the Company), is pleased to announce the acquisition of an Arbys property for $1.9 million.

Key Points: 
  • Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (FCPT or the Company), is pleased to announce the acquisition of an Arbys property for $1.9 million.
  • The property is located in a strong retail corridor in Ohio and is corporate-operated under a triple net lease with approximately five years of term remaining.
  • The transaction was priced at a 6.7% going-in cash capitalization rate, exclusive of transaction costs.
  • FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties.

Darlene Donovan Joins Embrey Management Services As VP of Operations & Business Development

Thursday, September 23, 2021 - 7:01pm

SAN ANTONIO, Sept. 23, 2021 /PRNewswire/ -- Seasoned real estate manager Darlene Donovan has been named Vice President of Operations and Business Development for Embrey Management Services (EMS), the nationally recognized and award-winning multifamily property management division of Embrey.

Key Points: 
  • SAN ANTONIO, Sept. 23, 2021 /PRNewswire/ -- Seasoned real estate manager Darlene Donovan has been named Vice President of Operations and Business Development for Embrey Management Services (EMS), the nationally recognized and award-winning multifamily property management division of Embrey.
  • "Embrey Management Services manages properties built by Embrey and third-party clients," said Allyson McKay, Managing Director and Executive Vice President of EMS.
  • "The broad base of experience that Darlene brings to us is a perfect fit as we expand Embrey properties and our third-party client base.
  • "Embrey has proven that it knows how to create and manage properties where people want to be," said Donovan.

LeCesse Development Corp. Names James “J.T.” McArthur Land Acquisition Manager

Thursday, September 23, 2021 - 2:50pm

In his new role, McArthur will focus on land acquisition efforts for multifamily development opportunities throughout the state of Florida.

Key Points: 
  • In his new role, McArthur will focus on land acquisition efforts for multifamily development opportunities throughout the state of Florida.
  • Prior to joining LeCesse Development, McArthur was a Land Development Manager with Lennar Homes.
  • Founded in 1952 as a regional building contractor, LeCesse Development Corp. is a celebrated real estate developer specializing in the development, construction and financing of multifamily properties.
  • LeCesse Development is a nationally recognized multifamily investment firm that has developed over 20,000 units since its founding in 1952.

Brookfield Asset Management and Elion Partners Announce $1 Billion Strategic Partnership

Thursday, September 23, 2021 - 1:00pm

Brookfield Asset Management (Brookfield) and Elion Partners (Elion), a vertically integrated industrial specialist and sponsor of institutional real estate vehicles, today announced a $1 billion strategic partnership expanding Brookfields Real Estate Secondaries logistics portfolio across core infill markets.

Key Points: 
  • Brookfield Asset Management (Brookfield) and Elion Partners (Elion), a vertically integrated industrial specialist and sponsor of institutional real estate vehicles, today announced a $1 billion strategic partnership expanding Brookfields Real Estate Secondaries logistics portfolio across core infill markets.
  • This partnership structure and Brookfields support will enable Elion to fulfill the long-term development plans for ELP 55.
  • Brookfield, one of the world's largest investors in real estate with over $200 billion in AUM, launched its Real Estate Secondaries business a year ago.
  • Elion Partners is a vertically integrated, private equity real estate investment firm focused on the industrial sector.