Orlando Metro Apartment Construction Dropping by 18% Compared to Last Year

Santa Barbara, CA -- RENTCafé’s Apartment Construction Report is out with the latest data on multifamily development.

Nationwide, apartment construction is in its second consecutive year of decline after peaking in 2018. This year, an estimated 283,000 new units are expected to hit the market, 12% less than in 2019, according to Daniel Coste, Communications Specialist at RENTCafé.

Orlando Metro highlights:

• Orlando Metro area is set to see an 18% drop in apartment construction compared to last year. It’s one of the thirteen major metros that witness decreases in apartment development.
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• 5,617 new units are projected to be completed by the end of the year, with the metro ranking 16th nationally. Last year, 6,856 apartments were built in the area.
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• 1,292 new units have already been completed in the City of Orlando in the first half of the year. The city ranks once again in the lower half of the top —14th out of 20. 

Contact:

Daniel Coste
Communications Specialist | RENTCafé
daniel.rentcafe@yardi.com | www.rentcafe.com

Hanley Investment Group Arranges Sale of Two-Tenant Chipotle and Heartland Dental in Twin Cities Metro for $3.4 Million

A new, two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Minnesota Twin Cities metro area

FOREST LAKE, MN - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, the firm arranged the sale of a new, two-tenant Chipotle Mexican Grill with “Chipotlane” drive-thru and Heartland Dental in the Twin Cities metro area, adjacent to Walmart Supercenter, ALDI and Target-anchored shopping centers, which pull from a trade area of over 90,000 people. The sale price was $3,425,000.  

Despite the challenges of the COVID-19 pandemic, this transaction represents Hanley Investment Group’s fifth Twin Cities retail transaction this year.  

Jeff Lefko 

Hanley Investment Group Executive Vice Presidents Jeff Lefko and Bill Asher represented the seller, Glenborough LLC, a California-based private real estate investment management company.

The buyer was a private investor from Duluth, Minnesota, represented by Deborah Vannelli of Upland Real Estate Group in Minneapolis, Minnesota.

Located in a suburb 27 miles northeast of St. Paul, at 107 12th Street SW in Forest Lake, Minnesota, the 6,812 square-foot building sits on a 1.05-acre pad adjacent to the signalized intersection of Broadway Avenue and 12th Street, with 40,000 cars per day at the intersection.

 Bill Asher 

The property is located next to Interstate-35 freeway, a primary north/south freeway that connects Forest Lake to St. Paul and Minneapolis to the south. 

“Chipotle is one of the most sought-after quick-service restaurant investments nationwide right now,” said Lefko. “Chipotle has been focused on enhancing its online business by installing Chipotlanes (drive-thrus) that allow for quick digital order pickup.

"The chain recently announced plans to open its 100th Chipotlane, which is significant because the drive-thrus have proven to contribute to higher check averages than traditional units.” 

Deborah Vannelli

Lefko added, “We generated six offers in the first week of listing the property for sale, even with commencing all formal marketing in the initial months of the COVID-19 pandemic.” 

According to Lefko, the property benefits from a highly successful regional trade area but also from the established, affluent population that lives in Forest Lake and commutes to Minneapolis for work; average household incomes are in excess of $101,000 within a five-mile radius and the number of households has increased by over 40% over the past 20 years.

Contact:

Anne Monaghan 

anne@monaghanpr.com

www.hanleyinvestment.com. 

Bowman Consulting Group Announces Greg Stukel, P.E. Joining Lisle, IL Office

Greg Stukel

Lisle, IL – Jeff Druckman,(Bowman) is pleased to announce that Greg Stukel, P.E. is joining Bowman as a Principal, Civil Engineer, and key leader for the Lisle and Chicago, IL offices.

Greg will play a significant role in business development, participate in the company's transportation initiatives, and provide design plan quality assurance leadership.

“We welcome Greg to the Bowman Team.” Said Jeff Druckman, Senior Vice President.  “He brings with him a vast knowledge of the industry and top-level experience in delivering critical engineering projects on time, within scope and budget.” 

“I’m excited to work with quality like-minded professionals and bring my knowledge and experience to the Bowman Team,” said Stukel.  

Greg’s 30 plus year career has been in transportation. He recently retired as the Deputy Chief of Program Controls/Systems Integrity at the Illinois Tollway, where he had an integral role in the development and implementation of the Tollway’s $14 billion 15-year Move Illinois program and the $5.3 billion 5-year Congestion Relief program.

Jeff Druckman

His major accomplishments also include the delivery of the $500 million Facility Reconstruction program to update the Tollway’s maintenance facilities and the $60 million per year Systemwide program to keep the Tollway’s infrastructure in good condition. 

Greg was involved with every corridor of the Tollway’s 294-mile system, including roads, bridges, toll collection, oases, and procurement. 

He was responsible for delivering the recent improvements to the Reagan Memorial Tollway, Veterans Memorial Tollway, Edens Spur, North and South Tri-State Tollways, and the Jane Addams Memorial Tollway.

 In addition, he was the Deputy Chief Engineer of the $3.4 billion Elgin O’Hare Western Access project.  

Contact:

Clara Berglund

Telephone: (541) 953-9484 

Email: clara@bowerspr.com