SVN Live 7.8.24 Weekly Property Broadcast
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The weekly property broadcast highlights Q2 2024 commercial real estate (CRE) trends, indicating stable market fundamentals with an anticipated normalization in industrial sectors and a positive outlook for retail. Multifamily sectors are experiencing a slowdown but may stabilize by year-end, while interest rates pose ongoing risks to the market. Various recent transactions and leases across multiple property types are detailed, showcasing significant sales and developments, including a distressed estate auction and a new medical office lease.
SVN Live 7.8.24 Weekly Property Broadcast
- 1. W E E K L Y P R O P E R T Y B R O A D C A S T DATE dsafsdfd July 8, 2024
- 2. W W W . S V N . C O M E C O N O M I C U P D A T E S P R O V I D E D B Y
- 3. E C O N O M I C U P D A T E S W W W . S V N . C O M P R O V I D E D B Y ● A recent Q2 2024 CRE outlook by BGO shows that market fundamentals remain firm, capital markets are stabilizing, and most emerging risks remain exogenous. ● As expected, Industrial maintains the strongest fundamentals across all of CRE, but some normalization and buildup of excess supply is expected in the coming months. ● On Retail, BGO maintains a positive outlook as low vacancies and healthy rent growth continues to keep the sector strong by historical standards. ● Multifamily has experienced a slowdown from its post- pandemic boom, with vacancies climbing in some of the markets that had the highest during the boom. BGO sees the vacancy rate stabilizing toward the end of the year before a potential down cycle in 2025, while rent growth is expected to gradually reaccelerate. ● The report noted that monetary policy remains the primary risk to CRE and that, despite solid fundamentals, CRE markets will be beholden to the future path of interest rates. CRE OUTLOOK
- 4. W W W . S V N . C O M C L O S E D TRANSACTIONS
- 5. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price No. Units Price/Unit Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $12,000,000 184 units $65,217 ● Sold at the asking price ● Multiple offers: In contract for 9 months ● Canadian Buyer made the legal process complicated requiring both US and Canadian attorneys ● SVN to handle the 1031 exchange for seller ● 8 different entities owning the 184 units, thus 8 different closing statements ● 17 zip codes SFR PORTFOLIO | 184 HOME SFR PORTFOLIO | CLEVELAND, OH SVN | SFRHUB MARKETPLACE Tom Johnston tom.johnston@svn.com 602.825.1780 Tim Orscheln tim.orscheln@svn.com 480291.4330 8.98%% SVN | FIRST PLACE COMMERCIAL REALTY, LLC Victor S. Voinovich, Sr voinovichv@svn.com 888.236.1435
- 6. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price No. Units Price/Unit Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $12,000,000 184 units $65,217 ● Sold at the asking price ● Multiple offers: In contract for 9 months ● Canadian Buyer made the legal process complicated requiring both US and Canadian attorneys ● SVN to handle the 1031 exchange for seller ● 8 different entities owning the 184 units, thus 8 different closing statements ● 17 zip codes SFR PORTFOLIO | 184 HOME SFR PORTFOLIO | CLEVELAND, OH SVN | SFRHUB MARKETPLACE Tom Johnston tom.johnston@svn.com 602.825.1780 Tim Orscheln tim.orscheln@svn.com 480291.4330 8.98%% SVN | FIRST PLACE COMMERCIAL REALTY, LLC Victor S. Voinovich, Sr voinovichv@svn.com 888.236.1435
- 7. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/Acre PROPERTY DETAILS TRANSACTION HIGHLIGHTS $2,375,000 5.04 acres $471,230 ● 5.04 acres of land just 30 minutes East of Nashville ● Future plans of mixed-use commercial space ● Residential BOV was for $900,000 but SVN Accel sold for commercial land value at $2,375,000 - life changing for the sellers! LAND | 615 RUTLAND DR | MT JULIET, TN SVN | ACCEL COMMERCIAL REAL ESTATE Jana Truman jana.truman@svn.com 615.260.2807 7.6%
- 8. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,796,000 471,27 acres $3,811 ● Bank Directed Distressed Estate Auction ● Included Raw Land, Commercial Buildings & Residential ● Opening Bid Prices totaled $700,000 ● We More than Doubled that Totaling $1.5 Million at Auction ● And another $300,000 from both Pre & Post Auction Sales for a grand total of $1.8 Million! INDUSTRIAL | 24 LOTS ACROSS GALLIA COUNTY | GALLIPOLIS, OH SVN | WILSON COMMERCIAL GROUP Doug Wilson doug.wilson@svn.com 614.944.5140 Bill Menish, CAI, AARE bill.menish@svn.com 502.939.0399 SVN | MENISH COMMERCIAL REAL ESTATE
- 9. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Lease Value Lease Terms Size PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,600,000 36 months w/ renewal options 18,000 SF on 2.4 acres ● Just leased! ● Purchased last month. Lease signed this month. ● Tenant is paying $42,000 per month NNN with 4% annual escalations ● RV sales and service INDUSTRIAL LEASE | 1820 NW 21 STREET | POMPANO BEACH, FL SVN | COMMERCIAL REALTY Les Byron, CCIM, SIOR les@svncr.com 954.401.4713 Keith Kidwell, CCIM, SIOR keith@svncr.com 954.234.8777 Steve Davis steve@svncr.com 954.650.7824
- 10. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Sale Price Size Price/SF Cap PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,500,000 15,780 SF $95 ● New 5 year lease signed at settlement ● Industrial sale/leaseback ● Very clean pharmaceutical facility ● Room to expand or add additional buildings SINGLE TENANT INVESTMENT | 822 CHESAPEAKE DRIVE | CAMBRIDGE, MD SVN | MILLER COMMERCIAL Flo Brotzman flo.brotzman@svn.com 410.543.2419 Chris Peek chris.peek@svn.com 410.543.2427 8%
- 11. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Lease Value Lease Terms Size PROPERTY DETAILS TRANSACTION HIGHLIGHTS $1,082,066 10 years 5,677 SF ● New location for non-profit creative arts therapy org helping people overcome health challenges w/ the power of art ● Flex space conversion to office for dance, music, art, drama, & therapy ● Collab between architect, clinicians, Bd of directors, lessor, lessee, & brokers, frequent tours/meetings ● Location allows for expansion & continued community presence ● Lessor buildout set for 12/1 delivery FLEX LEASE | 1316 SHERMAN AVENUE | EVANSTON, IL SVN | CHICAGO COMMERCIAL Karen Kulczycki kkulczycki@svn.com 312.602.5346
- 12. F E A T U R E D INVENTORY W W W . S V N . C O M
- 13. F I N A N C I A L S U M M A R Y F E A T U R E D I N V E N T O R Y F I N A N C I A L S U M M A R Y B U Y - S I D E C O M M I S S I O N W W W . S V N . C O M $1,950,366+ $58,028,862+
- 14. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS INDUSTRIAL | 4025 STATE ROAD 60 E | LAKE WALES, FL $23,850,000 $954,000 273,384 SF ● LED Lighting ● Ten (10) Dock High Doors ● 3 Phase 480 Volts 4600 Amps ● 100 Ton Compressed Air System ● 380 Tons of Water for Chilling ● Two (2) Rail Spurs ● Two (2) Chillers ● 256k Gallon Fire Suppression Sprinkler System ● 2018 Roof Repair ● Five (5) Roof Fans ● Fiber Optics Installed $87 5.5% Augie Schmidt, SIOR augie@svn.com 863.409.2400 Vinh Dawkins vinh.dawkins@svn.com 865.315.4595 SVN | SAUNDERS RALSTON DANTZLER
- 15. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS OFFICE | 3429 REGAL DRIVE | ALCOA, TN $8,300,000 $249,000 56,604 SF ● 56,604 SF Office ● Less than 1/2 mile to TYS ● Easy access to Downtown and West Knoxville ● 22 Private Offices ● Supports 400 workers ● Rollup Garage Door ● Sprinkled ● Data/Server Room $147 5.5% Taylor Durand taylor.durand@svn.com 865.776.5662 Matthew Strother matthew.strother@svn.com 865.309.6272 SVN | WOOD PROPERTIES
- 16. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS INDUSTRIAL | 1507 9TH AVENUE | KNOXVILLE, TN Undisclosed 2.5% 91,298 SF ● Downtown Knoxville near I-40 ● Recently Renovated ● I-G Zoning ● 3 phase power ● Dock Doors ● New TPO roof ● New LED lighting ● Sprinkled $87 5.5% Matthew Strother matthew.strother@svn.com 865.309.6272 Taylor Durand taylor.durand@svn.com 865.776.5662 SVN | WOOD PROPERTIES
- 17. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF Cap PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS INDUSTRIAL | 5401 W PERSHING ROAD | STICKLEY, IL $5,800,000 $145,000 16,640 SF ● Outdoor Storage ● Maintenance Repair Facility Investment Property For Sale ● 7.24 % Cap Rate ● New Five (5) Year Lease with Lease Extension Options ● Strong Credited Tenant in Place ● Many Recent Building Upgrades in Place $349 7.24% Jeffrey Piser jeff.piser@svn.com 630.310.7614 David Pernice david.pernice@svn.com 312.607.3300 SVN | CHICAGO COMMERCIAL
- 18. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS MULTIFAMILY | 120 N LOCUST RD | SPOKANE VALLEY, WA $5,600,000 $168,000 25,410 SF ● The Gray Ridge Apartments are a 19 unit apartment complex built in 2023 conveniently located in the Spokane Valley ● (11) 3 bedroom 2 bathroom 1,146 SF units ● (8) 2 bedroom 2 bathroom 1,043 SF units ● 1 garage for each unit (19 total garages) with 14 additional car parks and 10 additional 225 SF storage units ● Finishes include LVP flooring, quartz countertops, and stainless steel appliances $220 5.5% Jordan Lester jordan.lester@svn.com 509.496.6922 SVN | CORNERSTONE
- 19. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS RETAIL | 12825 W 14TH AVE | AIRWAY HEIGHTS, WA $5,138,640 $154,159 49,410 SF ● Free Standing commercial building with value add opportunity ● Large parking lot with pad site opportunities ● Multiple retail tenants interested in portions of the building, can be divided and expanded ● Seller owns adjacent 1.18 AC additional land to allow expansion ● Yoke’s lease through May 22, 2025, current lease at $16,500/MO/NNN ● Zoning allows for commercial, retail, services, restaurants, office & hotel $104 5.5% Guy Byrd guy.byrd@svn.com 509.953.5109 SVN | CORNERSTONE
- 20. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/Acre PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS LAND | W 14TH AVE | AIRWAY HEIGHTS, WA $2,270,222 $68,107 7.9 acres ● Multifamily and Commercial development land for sale planned to be the Downtown of Airway Heights ● Ability to create separate parcels or one large parcel by vacating and incorporating W 16th Ave ● C-1 zoning with conditional use permit allows for multifamily residential and townhouse (mixed use) as well as commercial, retail, services, restaurants & hotel ● Only 2.6 miles from Fairchild Air Force Base $287,370 5.5% Guy Byrd guy.byrd@svn.com 509.953.5109 SVN | CORNERSTONE
- 21. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS INDUSTRIAL | 2213 ROMIG ROAD | AKRON, OH $2,990,000 $89,700 53,613 SF ● The Subject Property is located in Akron: 30 miles south of Cleveland and in close proximity to Interstate 76 & Interstate 77 ● The facility is fully air conditioned and equipped with a wet sprinkler system ● The building features two 8x8 exterior docks, 3 phase power (800 amps of 480 volts), an intercom speaker system, electric drops, and motion LED lighting ● Available for lease: $5.50 PSF (NNN) $56 5.5% Graydon Fox graydon.fox@svn.com 330.703.5283 Aaron Davis aaron.davis@svn.com 330.221.7297 SVN | SUMMIT COMMERCIAL REAL ESTATE ADVISORS
- 22. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF Cap PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS MULTIFAMILY | 2026 N 3372ND RD | OTTAWA, IL $2,730,000 $81,900 25,002 SF ● 18 apts & 1 church ● Riverfront view ● Significant recent renovations ● Large unit footprints ● Ample parking $109 8.02% Brian Lindgren brian.lindgren@svn.com 630.487.9433 SVN | LANDMARK COMMERCIAL REAL ESTATE
- 23. All SVN® offices are independently owned and operated. © 2024 SVN International Corp. Price Buy Side Fee Size Price/SF PROPERTY DETAILS All SVN® offices are independently owned and operated. © 2024 SVN International Corp. PROPERTY HIGHLIGHTS OFFICE | 3251 HARRY WURZBACH | SAN ANTONIO, TX $1,350,000 $40,500 3,520 SF ● Class B Medical Office Building ● Multiple Offices and Dosing Rooms ● Medical/Professional Use $384 5.5% Jay Dabbs, CCIM jaydabbs@svn.com 210.749.5494 SVN | TRADITIONS
- 24. E V E N T S W W W . S V N . C O M E V E N T S & W E B I N A R S July 8-13, 2024 TUESDAY JULY 9 SINGLE TENANT INVESTMENT PRODUCT COUNCIL MEETING 11:30 AM EST | 8:30 AM PT WEDNESDAY JULY 10 SVN ALL COMPANY MEETING 11:30 AM EST | 8:30 AM PT
- 25. F O R J O I N I N G U S T H A N K Y O U
- 26. 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.