News

Recently formed net-lease REIT GreenAcreage Real Estate plans to provide capital to support sale-leaseback and build-to-suit transactions in the regulated cannabis industry.

The three-building Class A industrial property, located at 5801 and 6301 East 10th Ave., features a 978,164-square-foot distribution and light assembly warehouse (phase one) and two newly constructed state-of-the-art distribution buildings totaling 602,657 square feet (phase two).

The portfolio comes to Sun Communities under its acquisition of Jensen Communities.

In Chicago, nearly half (47.9%) of that space is pre-leased. New York ranked as the top market, with 14.6 million square feet (21% pre-leased) followed by Washington, D.C. with 10.9 million square feet (61% pre-leased), and Dallas, with 7.8 million square feet (63.9% pre-leased).

The building features one-, two- and three-bedroom units range from 791 square feet to nearly 1,400 square feet with rents ranging from $1,115 to $1,698. The project is currently 93% occupied.

"As we continue to make our vision for Schuylkill Yards a reality, a set of guiding principles has remained at the forefront of our design approach: be courageous, creative and bold," says Jerry Sweeney, president and CEO of Brandywine Realty Trust.

The Dallas MSA continues to have strong demand for the foreseeable future, most notably with its addition of more than 100,000 jobs during the past year and almost 75,000 new residents in the same period.

The firm strategizes its Charlotte office sector expansion, and plans its exit from the Greensboro and Memphis markets.