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The Bellwether sale provides a further testament to the strength of the Seattle apartment market, with its nation-leading job growth attracting young professionals, and many multifamily investment opportunities.
One of the scarce available properties is available no more, with Dermody Properties acquiring a 390,800-square-foot distribution space at Hacienda Business Park including excess land for future expansion.
The Medicaid insurer is recommitting to the Philadelphia region with the build of a new facility in Newtown Square, PA and redesign of its existing campus in Essington, PA, near the Philadelphia International Airport.
“I think this program is going to force capital that's been sitting on the sidelines to act and to get invested in some of the communities that need it the most across the country,” says Lindsay Sparacino, managing director of EJF Capital.
The New York City-based real estate investment firm has acquired a 50,000-square-foot lot—55 Buena Vista Ave.—for $18.3 million. The 400,000-square-foot rental apartment development it plans to build at the site will feature 361 rental apartment units.
High-quality infill remains in high demand by investors, causing average rent to blow by the $6 per-square-foot threshold, says Transwestern's third-quarter industrial outlook showing rent growth across nearly every market tracked.