Cambridge Realty Capital provided $19,315,500 in HUD-insured Section 223(f) financing for two senior housing properties in Texas and Missouri.

The Texas financing was provided for the purchase of Ashwood Court, a 120-bed assisted living facility located in North Richland Hills.

The Missouri financing was provided for the refinance of Northland Rehabilitation and Healthcare Center, a 118-bed Skilled Care facility in Kansas City, Missouri.

Cambridge’s Early Rate Lock program was utilized, which allowed the Owners to early rate lock before all HUD approvals were obtained. An Early Rate Lock allowed each Borrower to mitigate risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that the financings included sufficient funds to complete long-term repairs and improvements.

Marcus & Millichap brokered the sale of Hart House, a 94-unit apartment community in Dallas.  

Positioned just off Fort Worth Avenue, the property offers quick access to downtown Dallas, Interstate 30, Loop 12, and Interstates 35 and 20, placing it near some of the country’s most robust employment centers. Hart House is adjacent to the thriving Bishop Arts District and North Oak Cliff, both of which continue to benefit from significant public and private investment. 

Ford Braly, along with Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office, exclusively marketed the property on behalf of the seller, a private out-of-state investor, and procured the buyer, an experienced local operator.  

The buyer plans to mark rents to market while maintaining the already stabilized and renovated property. 

Built in 1963 and 1964, Hart House consists of two buildings across nearly four acres at 1235 and 1239 Hartsdale Drive. The community features one- and two-bedroom apartments with walk-in closets and separate dining areas. Amenities include a swimming pool, laundry facilities, and resident courtyards. Recent capital improvements include interior renovations, significant plumbing and chiller repairs, and the addition of solar panels, which have cut electricity costs by 50%. 

The latest research from Cushman & Wakefield highlights the U.S. industrial market’s continued resilience in the second quarter, despite broader economic uncertainty and regional volatility.

National net industrial absorption totaled 29.6 million square feet in the second quarter, according to Cushman & Wakefield’s second quarter national industrial report. That is on par with the first quarter’s 30.3 million square feet, with demand concentrated in newly built logistics product.

“Large occupiers remain active, with a continued flight to quality driving demand for modern logistics space,” said Jason Price, Senior Director, Americas Head of Logistics & Industrial Research at Cushman & Wakefield. “While absorption is still below historical norms, second-quarter leasing activity and the strength of newer product show that the industrial sector is adapting to shifting market forces.”

Warehouse space completed since 2023 accounted for more than 50 million square feet of absorption in the second quarter, underscoring sustained interest in higher-quality buildings. At the same time, some markets saw consolidation and downsizing continue to outweigh demand. The West region recorded negative net absorption of 2.3 million square feet, led by losses in the Inland Empire (-1.8 million square feet) and Los Angeles (-1.1 million square feet).

New leasing activity totaled nearly 309 million square feet year-to-date, marginally outpacing the midyear 2024 total of 307.9 million square feet. Seven major markets exceeded 5 million square feet of new leasing in the second quarter, with Dallas/Fort Worth and Chicago each surpassing 10 million square feet. A late-quarter surge of large block deals (500,000 or more square feet) in Atlanta, Houston, Chicago, New Jersey and Dallas/Fort Worth helped lift quarterly leasing totals above the first quarter’s 151.9 million square feet.

Despite steady demand, the pace of new supply continued to exceed net absorption. More than 71.5 million square feet of new completions were delivered in the second quarter, with the South and West regions accounting for 68% of total volume. Although development activity remains elevated, completions have declined 44.6% year-over-year and are down 59% from the peak in the third quarter of 2023.

The share of build-to-suit deliveries climbed to 30.4% year-to-date, up from 16.8% one year ago, as developers adjust to evolving tenant needs and a softening demand environment. While total product under construction dipped only slightly quarter-over-quarter, the speculative share declined from 66% to 62.3%, the lowest level since the second quarter of 2020. Thirteen markets saw year-over-year declines of 50% or more in construction activity, down from 16 in the prior quarter.

The national industrial vacancy rate rose to 7.1%, up 10 basis points from the historical pre-pandemic average of 7%, as new product continued to outpace demand. Vacancy rates for smaller warehouses (under 100,000 square feet) remained low at 4.4%, although this segment also experienced an 80-basis-point year-over-year increase.

Average asking rents rose modestly, reaching $10.12 per square foot at the end of the second quarter, a 0.9% increase from the first quarter. On an annual basis, rents grew by 2.6%, though both the Northeast (-1.5%) and West (-1.9%) regions posted year-over-year declines.

Eighteen of the 83 markets tracked posted annual rent growth of 5% or more, down from 21 in the first quarter. Pricing for smaller-warehouse facilities remained elevated, averaging $13.51 a square foot, 31% above space sized over 100,000 square feet.

“Demand for logistics space remains resilient. Many companies accelerated imports to manage tariff exposure, prioritizing agility and flexibility in their supply chains. This is driving a noticeable uptick in activity beginning in June, as occupiers moved quickly during a window of lighter tariff pressure,” said Jason Tolliver, President, Logistics & Industrial Americas at Cushman & Wakefield. “Looking forward, market fundamentals are expected to strengthen, with demand gradually improving and supply falling rapidly. For tenants the next 6 to 12 months may present the best opportunity to secure favorable lease terms.”

Lee & Associates Dallas-Fort Worth completed a new sale transaction for a 88,821-square-foot industrial building at 840 N. Great Southwest Pkwy. in Arlington, Texas.

Corbin Blount of Lee & Associates Dallas-Fort Worth represented the Buyer, Philadelphia Hardware Group.

Harrison Putt and Corby Hodgekiss represented the Seller, CanTex Capital, LLC.

A rise in new construction completions and move-outs pushed the U.S. industrial vacancy rate up 26 basis points to 7.3% during the second quarter of this year, according to the latest research from Colliers.

That’s one of the key takeaways from Colliers’ second quarter 2025 U.S. industrial market report.

Another big one? Despite the rise in vacancy, tenant demand was positive in the second quarter. That marks 60 consecutive quarters or 15 years of continuous occupancy growth in the U.S. industrial sector, according to Colliers.

Even though that 7.3% vacancy rate is the highest level for this sector since 2013, Colliers says that the long-term fundamentals of the U.S. industrial market remain solid. Vacancy for U.S. industrial assets is expected to peak at 7.5% by the end of 2025.

Colliers said that the Midwest region is the closest to achieving a market recalibration, with vacancy in this region’s industrial properties increasing just 11 points on a year-over-year basis to 5.4%. That is the lowest vacancy rate as of the end of the second quarter of all U.S. regions.

The South holds the highest industrial vacancy rate, 8.6% as of the end of the second quarter, an increase of 91 basis points year-over-year.

In another sign that the U.S. industrial market is going through a period normalization, Colliers reported that this sector saw just 23 million square feet of net absorption during the second quarter. That is less than half of the 51 million square feet of net absorption recorded during the same quarter a year ago.

New industrial supply increased slightly to 71 million square feet in the second quarter as the recent surge in new development continue to deliver completions. But Colliers says that new industrial supply is expected to average closer to 45 million square feet during each of the next four quarters.