The Northeast industrial region, with more than 30.6 million consumers and more than a third of the nation’s population within an eight-hour drive, has been a primary focus of industrial activity.
Bridge Investment Group, a privately-held real estate investment management firm, plans to complete a capital deployment of $4.5 billion of equity over the next three years.
The new ownership states that while the acquisition will provide immediate cash flow, Merion’s investment strategy includes the implementation of a value-add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades.
Nightingale Properties and Wafra Capital Partners have secured a $145 million fixed-rate loan from SL Green and an undisclosed party for the acquisition to acquire 111 Wall St. in Downtown Manhattan.
Eliadis most recently served at Walgreen Co. for nine years in the real estate and finance divisions. His appointment follows the October 2019 hiring of CEO Joe Brady, who previously had served as divisional VP for real estate at Walgreen Co.
The 184,643 square-foot complex is presently 94% leased to a 38-tenant roster and has recently benefitted from common area upgrades and building improvements totaling nearly $5 million, according to Newmark Knight Frank.
Aside from sweeping rent regulation changes this past June. Another seismic change with respect to residential rental laws and regulation rules could well be on the way: "Good cause eviction."
The deal announced by brokerage firm Kislak Group involves the 208-units located at 7500 S. South Shore, 6916 S. Clyde Ave. and 7038 S. Chappel Ave.
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