SOUTHBRIDGE, MASS. — Regional brokerage firm Chozick Realty has arranged the $11.1 million sale of Southbridge Fair, a 113,500-square-foot shopping center located along the Massachusetts-Connecticut border. Big Y World Class Market anchors the center, which was originally built on 13 acres in 1972 and renovated in 1996. The center was fully leased at the time of sale, and other tenants include Advance Auto Parts, Aubuchon Hardware, McDonald’s, Family Dollar and Great Clips. Tom Boyle of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CALVERTON, N.Y. — Corniche Capital, a New York-based real estate investment and private equity firm, has purchased a 189,631-square-foot industrial property in the Long Island hamlet of Calverton. The sales price was $15.2 million. The site at 901-931 Burman Blvd. spans 20 acres and can support future expansion, and the building features a clear height of 48 feet, oversized drive-in doors and ample outdoor storage space. JLL represented the seller, KABR Group, in the transaction.
SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story multifamily tower located in downtown San Diego, for $309 million. The transaction is the largest multifamily acquisition in San Diego since 2020 and the third-largest multifamily acquisition in the city’s history, according to the locally based buyer. Built in 2018, the community is located adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, and within the Ballpark Village master-planned community. The property offers a mix of studio, one-, two- and three-bedroom units, including penthouse apartments with exclusive access to a lounge on the 32nd floor. Shared amenities include saltwater and heated pools with poolside event space, a 24-hour fitness center, golf simulator and putting green, sun deck and spa, dog park, coffee and herbal tea bar, clubroom, sports lounge, game room and courtyards with outdoor seating, grilling areas and fire pits. Joseph Smolen and Geoff Boler of Eastdil Secured represented the seller, Charleston, S.C.-based Greystar, in the transaction. Greg Stampley and Lee Redmond, also with Eastdil Secured, originated a Fannie Mae acquisition loan of an undisclosed amount on behalf of MG Properties. San Diego-based MG Properties is a privately owned real estate firm specializing …
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
ADDISON, TEXAS — JLL has brokered the sale of Quorum II Plaza, a 77,319-square-foot shopping center in the northern Dallas metro of Addison. Built on 5.7 acres in 1981, the center is home to tenants such as Verizon Wireless, Salata, Tasty Tails, Sellinger’s Powergolf, Tiff’s Treats and Jimmy John’s. Adam Howells, Barry Brown, Chris Gerard and Erin Lazarus of JLL represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. Last Mile Investments purchased the center for an undisclosed price.
MANSFIELD, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Owen Plaza, an 11,944-square-foot retail property in Mansfield, about 20 miles southwest of Dallas. The multi-tenant property was fully leased at the time of sale. Parker Tims and Jennifer Pierson of STRIVE represented the seller, an undisclosed local investor, in the transaction. The buyer was also not disclosed.
TINTON FALLS, N.J. — Inspired by Somerset Development has purchased the headquarters facility of cybersecurity firm Commvault in Tinton Falls, located near the Jersey Shore, with plans to implement a repositioning. The facility spans 276,900 square feet and was originally constructed in 2014. Inspired plans to emulate the repositioning practices and philosophies behind its Bell Works model in nearby Holmdel. This approach entails introducing a flexible office model, modern amenities and community-centric public spaces. Additional building amenities will include a selection of local restaurants, a Bell Market, coffee shop, retail spaces and a health club. JLL represented Commvault, which will retain a 75,000-square-foot office space at the property via a sale-leaseback, in the transaction. Greystone provided $30 million in acquisition financing for the deal. Inspired expects to complete the repositioning this fall.
NEW WINDSOR, N.Y. — Marcus & Millichap has brokered the sale of Lock Around The Clock, a 373-unit self-storage facility in New Windsor, about 50 miles north of New York City. The facility was built on a 3.3-acre site in 2012 and totals 32,725 net rentable square feet across 126 climate-controlled units, 213 non-climate-controlled units, 31 outdoor parking spaces, two apartments and one garage. Luke Dawley, Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap represented the seller, Sloop Hill Associates LLC, in the transaction. The buyer and sales price were not disclosed. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
ALEXANDRIA, VA. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $165.9 million in acquisition financing for Town Square at Mark Center, a 678-unit apartment and townhome community located at 1459 N. Beauregard St. in Alexandria, about nine miles south of Washington, D.C. The borrower, Boston-based DSF Group, purchased the community from an undisclosed seller. IPA’s Los Angeles office arranged the financing, which was underwritten at a 70 percent loan-to-value ratio with a 35-year amortization schedule. Built in 1996, Town Square at Mark Center was 98 percent occupied at the time of financing.
COLONIAL HEIGHTS, VA. — Lingerfelt has sold Port 801, a 239,448-square-foot industrial facility located at 801 Port Walthall Drive in Colonial Heights, a suburb of Richmond. The buyer and sales price were not disclosed. JLL represented Lingerfelt, which delivered Port 801 in 2022, in the sale. The property was fully leased at the time of sale to two investment-grade tenants. Last fall, Lingerfelt executed a 106,376-square-foot lease with PECO Pallet at Port 801.