Strong multifamily growth supported by urbanization and continued job growth. Atlanta is reflecting the national trend of city migration. Millennials desire long-term renting in the city with access to trendy amenities and nearby city entertainment, and Baby-boomers are following suit. According to a CBRE report, the apartment vacancy rate is 4.8% with a home-ownership rate of 63.4%–the lowest since 1967. Popular Atlanta submarkets for Millennials and other renters include Buckhead, Midtown, Old Fourth Ward, and Inman Park. Find out more here.
Millennials are a target for this Buckhead development in Atlanta
Find out more on this Buckhead multifamily development.
Next-generation office developments are the trend in city centers like Orange County.
Irvine Co. is developing six next-generation office structures. Nicknamed “next-gen” office buildings, these developments intend to balance productivity and efficiency along with modern collaborative features in the workplace—features including cafes, wellness-centers, and other indoor and outdoor activities. The developers say the campuses they are building are not totally unlike college campuses. The “amenities race” is not limited to multifamily. Check it out in this office development story.
Retailers are following you online—and here’s why that’s good. Forbes’ writer Erika Morphy moves us past Amazon and digs into how technology, such as SmarterHQ, can help online retailers predict buying patterns and serve up online options accordingly. Check out this e-commerce and overall retail story.
Coastal markets hot for retail investment–As retail rebounds post recession, Real Capital Analytics looks at what markets are hot. Seven of the top 10 are coastal, with Chicago, Dallas and Houston the exceptions. The top? Manhattan, which accounted for 42 percent of the total investment sales. Click here for more.
By Ryan Ori
Originally published online on February 5, 2014 by Crain’s Chicago Business
A New York investor paid about $85 million for the 1.6 million-square-foot Solo Cup warehouse in south suburban University Park, the largest sale of a single-tenant industrial property in the Chicago area in eight years. An affiliate of W.P. Carey & Co. bought the distribution center at 701 Central Ave., the New York-based real estate investment trust said today. The seller was a venture of Chicago-based investor and investment manager Fulcrum Asset Advisors LLC.
It is the largest sale of a distribution center leased by one tenant in the Chicago area since early 2006, according to New York-based research firm Real Capital Analytics Inc. A three-building Kraft Foods Inc. warehouse in Aurora sold for about $93.9 million in January 2006, according to Real Capital.