SVN Live 4.18.22 Weekly Property Broadcast
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The weekly property broadcast from April 18, 2022, highlights increased labor demand in the construction sector driven by pandemic recovery and the U.S. bipartisan infrastructure law, which could create millions of new jobs. A McKinsey study indicates a need for 300,000 to 600,000 additional workers annually to meet this demand, leading to rising wages in the sector. Multiple property sales and leasing transactions are also reported, showcasing significant market activity across various types of real estate.
SVN Live 4.18.22 Weekly Property Broadcast
- 3. www.SVN.com Economic Updates Provided by ○ Increased labor demand in the construction market has been almost synonymous with the pandemic-era economy, and with the US Bipartisan Infrastructure Law estimated to create demand for 3.2 million new non- residential construction jobs, the competition for labor is likely to increase. ○ A new study by McKinsey & Company estimates that 300,000 to 600,000 new workers would need to enter the sector each year to keep pace with demand, equating to a 30% increase in the non-residential construction workforce. ○ Competition is likely to continue to place upward pressure on wages, which grew by 7.9% over a two-year period between December 2019 and December 2021. Labor demand in similarly skilled sectors is also playing a factor, with wages in the Transportation & Warehousing sector seeing growth of 12.6% over the same period. The Construction Labor Market
- 5. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/SF Cap $1,100,000 13,000 SF $85 OFFICE | 33595 BAINBRIDGE RD | SOLON, OH ○ On the market for 18 months; owner decided to sell during Pandemic ○ Lowest cap rate for non-medical office building ever sold in the Solon, OH market; under contract 3 times before this deal closed ○ 100 % occupied with 19 short-term or mo. to mo. non-credit tenants; largest tenant occupied 2300 sq. ft. from the day it was built in 1986 ○ Buyer lives 7 minutes from the property 7% SVN | First Place Commercial Realty LLC VICTOR VOINOVICH voinovichv@svn.com 888.236.1435 OFFICE | 33595 BAINBRIDGE RD | SOLON, OH
- 6. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/SF $1,325,000 14,000 SF $95 INDUSTRIAL | 1125 MCCABE AVENUE | ELK GROVE VILLAGE, IL ○ Premier location ○ 2 exterior docks, 1 drive-in door ○ 18' clear height ○ Outside storage area for fleet parking JOHN JOYCE, CCIM john.joyce@svn.com 847.233.1178 HARRISON WRIGHT harrison.wright@svn.com 847.233.1139 SVN | Chicago Commercial
- 7. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Sale Price No. of Units Price/Unit Cap $3,560,600 14 units $254,329 OFFICE | 33595 BAINBRIDGE RD | SOLON, OH ○ Total three phase 268 home BFR community totals $68MM ○ Three different product types appealing to a variety of tenants ○ Construction to be complete in 1Q-2023 ○ Tranche #5 monthly tranche closed at $3,560,600 OTHER | POPLIN GLEN PHASE 1 | CHARLOTTE, NC 7% JEFF CLINE j.cline@svn.com 602.466.1381 MICHAEL FINCH michael.finch@svn.com 480.797.9825 SVN | SFRhub Advisors MARK MAYFIELD mark.mayfield@svn.com 803.325.1000 x2 SVN | SFR Southern Commercial Real Estate, LLC
- 8. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Sale Price No. of Units Price/Unit $4,900,000 35 units $140,000 OFFICE | 33595 BAINBRIDGE RD | SOLON, OH ○ NEW record price per unit in the Peoria market ○ Unique layouts with interior heated garages ○ Golf course view ○ 1031 Exchange buyer MULTIFAMILY | 7322 N RADNOR ROAD | PEORIA, IL SVN | Chicago Commercial REID BENNETT, CCIM reid.bennett@svn.com 773.251.7342 CODY DORAN cody.doran@svn.com 309.235.0995
- 9. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Lease Value Lease Terms Size $5,261,298 5 years 6.5 acres OFFICE | 33595 BAINBRIDGE RD | SOLON, OH ○ Sixth time we represented Coastal Waste & Recycling on a transaction ○ 12,041 SF of buildings on 6.5 acres ○ 5 year term ○ Rent: $3.50 / sf NNN based on land square footage INDUSTRIAL | 2407 HAMMONDVILLE ROAD | POMPANO BEACH, FL SVN | Commercial Realty KEITH KIDWELL, CCIM, SIOR keith@svncr.com 954.234.8777 LES BYRON, CCIM, SIOR les@svncr.com 954.401.4713 STEVE DAVIS steve@svncr.com 954.650.7824
- 10. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Transaction Highlights Sale Price No. of Units Price/Unit Cap $6,000,000 96 units $62,500 OFFICE | 33595 BAINBRIDGE RD | SOLON, OH ○ All 2 bedroom units ○ Numerous areas to add value ○ Sold above asking price ○ Well located MULTIFAMILY | 304-309 DICKINSON ROAD | SPRINGFIELD, IL SVN | Chicago Commercial CODY DORAN cody.doran@svn.com 309.235.0995 REID BENNETT, CCIM reid.bennett@svn.com 773.251.7342 5.53%
- 13. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size SVN | Chicago Commercial RETAIL | 1760 N MILWAUKEE AVE | CHICAGO, IL Subject to Offer 1.875% 16,522 SF ○ Fully stabilized single tenant net lease investment offering with annual rent escalations, 10 years of remaining lease term and ○ $420,000 NOI ○ Strong operator in Royal Palms Shuffleboard Club; Internet-proof retail entertainment concept, strong annual sales and high-profit margin business concept ○ Highly desirable bow-truss construction building ○ Fully renovated in 2017 SCOTT MAESEL scott.maesel@svn.com 312.676.1860 DREW DILLON drew.dillon@svn.com 734.223.2315 ADAM THOMAS adam.thomas@svn.com 847.219.6383 CHAD SCHROEDL chad.schroedl@svn.com 312.756.7329 LOGAN PARSONS logan.parsons@svn.com 312.756.8446
- 14. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap $1,050,000 $500,000 600 SF ○ Operating Citgo fuel station and convenience mart ○ Convenience sales exceeding $788,000 annually ○ $50,000 of inventory included in sale price ○ Additional lot for expansion potential ○ Located in SE Wisconsin just north of the Illinois/Wisconsin border ○ Cap Rate based on absentee operator $1,750 RETAIL | 8101 22ND AVENUE | KENOSHA, WI NICOLE ALLARD nicole.allard@svn.com 414.416.2803 JAY HINTZE jay.hintze@svn.com 414.550.0644 SVN | Hintze Commercial Real Estate 16.26%
- 15. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF $1,800,000 $45,000 9,200 SF ○ 100% occupied, multi-tenant warehouse consisting of four bays and yard space on half an acre of land ○ Seller financing strongly preferred (rate/terms negotiable) ○ Rental rate income upside as all tenants are on month to month leases ○ Highly-visible corner location in busy industrial submarket ○ Potential for owner-user to occupy entire building ○ Clear heights +/- 16 feet with four roll-up doors $196 VALUE ADD SMALL BAY INDUSTRIAL | 2545 NW 75TH STREET | MIAMI, FL ADAM H. KLEIN adam.klein@svn.com 561.282.9296 ELON GERBERG elon.gerberg@svn.com 561.485.1129 SVN | Commercial Partners
- 16. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap $1,850,000 $46,250 7,952 SF ○ 100% leased multi-tenant retail ○ Significant renovations done in 2017 (including HVAC & Roof) ○ Service oriented tenants ("Amazon-proofed") ○ Stabilized tenants who survived COVID downturn ○ Value Add investment, see market study seeing upside potential ○ Close proximity to Loretto Heights Redevelopment $233 RETAIL | 2601-2613 W HAMPDEN AVENUE | ENGLEWOOD, CO HANH CHUNG hanh.chung@svn.com 720.882.7008 SVN | Denver Commercial 5.26%
- 17. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF OTHER | 1800 S ALLPORT ST | CHICAGO, IL $1,900,000 $28,500 5,400 SF ○ Prime 18th Street corner ○ Located across the street from Thalia Hall & Dusek's ○ New renovation ○ Fully leased property ○ Award winning restaurant as retail tenant $352 SVN | Chicago Commercial PAUL CAWTHON paul.cawthon@svn.com 312.676.1878 ANGELO LABRIOLA angelo.labriola@svn.com 312.676.1870
- 18. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee No. of Units SVN | Chicago Commercial MULTIFAMILY | 1801 S THROOP ST | CHICAGO, IL $7,100,000 $97,625 21 units ○ Rare 21 unit building with 125' of frontage along 18th St ○ Excellent mix of retail unit sizes ○ Value-add potential ○ 11 fully renovated apartments, 7 updated units, 3 retail units ○ In-unit or on-site laundry PAUL CAWTHON paul.cawthon@svn.com 312.676.1878 ANGELO LABRIOLA angelo.labriola@svn.com 312.676.1870
- 19. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee No. of Units Price/Unit Cap $2,375,070 $59,377 19 units ○ Visit www.SFRhub.com and search for portfolio 101017 for more information ○ The majority of homes are in Salisbury with the duplex located in Nanticoke and one home in Fruitland ○ The portfolio includes one, two, three, and four-bedroom homes ○ Portfolio is self-managed ○ Over $350,000 in improvements completed since 2017 ○ Average tenancy of 5 years with some tenants in place as long as 20 years 5.16% SFR PORTFOLIO | 19 HOME SFR INVESTMENT PORTFOLIO | SALISBURY, MD $125,004 TIM ORSCHELN tim.orscheln@svn.com 480.291.4330 TOM JOHNSTON tom.johnston@svn.com 602.825.1780 SVN | SFRhub Advisors BRENT MILLER brent.miller@svn.com 410.749.7600 SVN | Miller Commercial Real Estate
- 20. 50% OF THE COMMISSION | 100% OF THE TIME* | THE SVN DIFFERENCE *For qualified transactions, 50% of the gross commission to the buy side. All SVN® offices are independently owned and operated. © 2021 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/Acre LAND | 2941, 2963, 2985 W 87TH STREET | DARIEN, IL $2,674,800 $80,244 7.34 acres ○ 7.34 acres land assembly for development ○ 533 feet of frontage on 87th Street, 599 feet deep ○ New zoning needed for PUD townhomes or developers choice ○ Close to two major shopping/ retail hubs at I-355 and Boughton Rd. (87th street) and 75th street and Lemont Road ○ DuPage County location $364,414 SVN | Chicago Commercial NICK MANGANAIS nick.manganais@svn.com 312.756.7332
- 21. www.SVN.com Events & Webinars TUESDAY APRIL 19 Self Storage Product Council 8:30 PT | 11:30 ET FRIDAY APRIL 22 Women of SVN 10:00 PT | 1:00 ET Date: April 18-23, 2022
- 22. THANK YOU for joining us!
- 23. Please visit www.svn.com for more information on the properties featured on today’s call and to view all of SVN’s active listings. DISCLAIMER This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All SVN® offices are independently owned and operated.