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Chicago industrial is back! Global REIT market size is expected to grow by $350bn over the next 4 years, and the “Golden Age” has begun (allegedly…)

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Capital Markets

Headlines

• Chicago Industrial Net Absorption Outpaces New Supply

  The Chicago area saw 16.5mm SF of new supply in 2024 and 23.8mm SF of net absorption. Construction deliveries were down from 40mm SF in 2023 and 31.4mm SF in 2022. After rising to 5.25% in 2023, the vacancy rate dropped to 4.70% in 2024, in line with 4.54% seen in 2022

Chicago Industrial Net Absorption 

• Golden Age Has Begun

  On Thursday Trump addressed business and political leaders at the World Economic Forum in Davos, Switzerland stating the US was “back and open for business”. He also talked about tapping into US oil and asking OPEC to bring down the price of oil, mentioning it would lead to the end of the Russia-Ukraine war

• Global REIT Market Size Estimated To Grow by $350bn Between 2024-2028

  According to Technavio, the global REIT market is estimated to grow at a CAGR of  2.87% from 2024 to 2028. Increase in global demand for warehousing and storage facilities is driving market growth, with a trend towards emergence of self-storage as a service

Deals Deals Deals

Sales

• Multifamily: FPA Multifamily, LLC acquired two multifamily properties, totaling 674 units in Fitchburg, WI, from E.J. Plesko & Associates, Inc.

• Industrial: Rosewood Property Co., and Pillar Commercial, acquired a two-building 201K SF industrial asset in Plano, TX from Provident Realty Advisors

• Multifamily: Fairfield Residential acquired Chroma Park Apartments, a 365-unit multifamily property in Atlanta, GA, for $63mm from Federal Capital Partners

• Office: Hudson Pacific Properties announces the sale of Maxwell, a 103K SF office asset in Los Angeles, CA, for $46mm

• Multifamily: Habitat acquires a 214-unit townhome multifamily in Woodbury, MN from Boston Capital Group

• Self Storage: Extra Space Storage Inc. acquired a 520-unit self storage facility in Denton, TX from NorthBridge Realty Holdings

Debt

• Data Centers: A JV between Blue Owl Capital, Crusoe Energy Systems, and Primary Digital Infrastructure obtained a $2.3bn loan from JP Morgan to capitalize a 206 megawatt, 998K SF, two-building, build-to-suit data center development in Abilene, TX

• Multifamily: Codina Partners refinanced the Palma Tower Complex, a two-building 481-unit multifamily community in Doral, FL, with a $124mm loan from HPS Investment Partners. Invesco exited ownership of Palma Tower One as part of the refinance

• Multifamily: RISE Properties secures a $93mm mortgage for a 266-unit multifamily property in Seattle, WA from Mesa West Capital 

• Industrial: Upscale Developers secures $83mm in construction financing from BridgeCity Capital to build a condo development in Hudson Valley, NY

• Multifamily: Murfey Company secures a three-year, floating-rate, $47mm loan from Buchanan Street Partners for a 149-unit multifamily property in San Diego, CA

• Retail: DLC Management Corp. secured a five-year, fixed-rate $30mm loan from TriState Capital Bank for Taylor Square, a 378K SF Walmart-anchored center in Reynoldsburg, OH, and a five-year, $14mm note from Dollar Bank for Tuttle Crossing, a 227K SF Walmart shadow-anchored center in Dublin, OH. Island Capital and Casto sold the assets for a total of $76mm

• Multifamily: Silverstone Properties secures a fixed-rate, five-year term, with one year of interest-only payments, and a 35-year amortization schedule, $25mm Freddie Mac Targeted Affordable Housing (TAH) loan for a affordable housing community in Levittown, PA (might have to start making a chart to describe these deals…)

Developments

• Mixed-Use: TransMotaigne Partners is selling a ferry terminal site on Miami, FL’s Fisher Island for $180mm

• Multifamily: Middleburg Communities begun the construction of a 290-unit multifamily community in Wilmington, NC. Eagle Realty Group provided the construction financing

• Office: Childress Klein get approval to redevelop a 213K SF office campus in Charlotte, NC into a 675-unit multifamily community and 277K SF of office. A 77K SF office building will remain. The asset was acquired for $31mm in 2023

Capital Raising

• Diversified: The National Pension Service of Korea is investing $800mm in real estate operating companies and in GP stakes with investment managers via a partnership with Almanac Realty Investors 

Leasing

• Office: BlackRock executed an early lease renewal for 176K SF at Argent Ventures’ 330K SF 1 University Square Drive in Princeton, N.J.

• Office: Jackson Walker LLP, a law firm, extended and expanded its footprint to 148K SF at Masaveu Real Estate’s 500K SF KPMG Plaza in Dallas, TX

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