MARLTON, N.J. — Impulse Dynamics, a provider of medical devices, has signed a 53,736-square-foot office lease at 50 Lake Center, an 88,895-square-foot building located in the Southern New Jersey community of Marlton. JLL represented the landlord, Crown Properties, in the lease negotiations. The representative of the tenant was not disclosed. Crown Properties purchased the building, which is now 73 percent leased, in early 2022 and implemented a value-add program.
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Investors Drawn to Single-Family Rentals During Tough Economic Times
By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …
NEW YORK CITY — Multiple local news outlets including Curbed New York City and New York Yimby have reported that a partnership between Brookfield Properties and Park Tower Group has opened Eagle + West, a 745-unit apartment community in Brooklyn. The latter publication notes that Eagle + West, which was designed by international architecture firm OMA, is located within the Greenpoint Landing development and comprises two towers that rise between 30 and 40 stories. According to the property website, Eagle + West features studio, one-, two- and three-bedroom units and amenities such as indoor and outdoor pools, a fitness center with yoga and spin studios, terrace with grilling stations, a game room, coworking lounge, catering kitchen and a children’s play area. Rents start at approximately $3,500 per month for a studio apartment.
DOWNINGTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Ashbridge Square, a 386,248-square-foot retail power center in Downingtown, a western suburb of Philadelphia. Built in 2000, Ashbridge Square was 88 percent leased at the time of sale to tenants such as The Home Depot, Ashley Furniture, Dollar Tree, Jo-Ann Fabrics, Christmas Tree Shops, Staples, Chick-fil-A, Patient First and Wine & Spirits. Brad Nathanson of IPA represented the undisclosed seller in the transaction and procured the buyer, a partnership between regional firms E. Kahn Development Corp. and J. Loew & Associates.
NORWALK, CONN. — CBRE has arranged the $48.6 million sale of Reserve41, a 164-unit apartment community located in the southern coastal Connecticut city of Norwalk. Built in 1959 and renovated between 2018 and 2020, the property offers one-, two- and three-bedroom units. Amenities include a pool, playground and landscaped outdoor spaces. Jeff Dunne, Eric Apfel and Stuart MacKenzie of CBRE represented the seller, a partnership led by Connecticut-based real estate investment firm Belpointe, in the transaction. The trio also procured the buyer, New Jersey-based Yellowstone Property Group.
BURNHAM, PA. — Axiom Realty Services, a metro Philadelphia-based investment firm, has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham, located in the central part of the Keystone State. Regional grocer Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction. The buyer and sales price were not disclosed.
TINTON FALLS, N.J. — Monmouth Medical Center, an affiliate of RWJBarnabas Health, will open a 138,000-square-foot cancer care facility in the Northern New Jersey community of Tinton Falls. The project, which is expected to add about 300 new jobs to the local economy, represents the first phase of redevelopment of the former site of the Myer Center, a Cold War-era industrial facility that was demolished several years ago. Construction of the new facility, which will also offer imaging, radiation and ambulatory surgery services, is set to begin in the first quarter. Plans for Phase II are still being finalized.
NEW YORK CITY — Taconic Capital Advisors has provided a $95 million loan for the refinancing of Martinique New York on Broadway, a 531-room hotel in Midtown Manhattan. The hotel, which is part of Curio Collection by Hilton family of brands, originally opened in 1897 and is a member of the Historic Hotels of America club. Martinique New York on Broadway houses 10 meeting and event spaces that can accommodate more than 400 guests, as well as a fitness center and multiple food-and-beverage establishments. The borrower, Oklahoma City-based Burnett Equities, which acquired the hotel in 2021, plans to use a portion of the proceeds to fund capital improvements.
JACKSON TOWNSHIP, N.J. — Cushman & Wakefield has brokered the sale of an approximately 1 million-square-foot industrial facility located at 515 Monmouth Road in Jackson Township, about 30 miles east of Trenton. The newly constructed complex comprises one cross-dock and one rear-load building that total 617,452 and 383,092 square feet, respectively. Building features include clear heights of 40 feet, 185-foot truck court depths, 713 car parking spaces and 181 trailer parking stalls. Gary Gabriel, Kyle Schmidt, David Bernhaut and Seth Zuidema of Cushman & Wakefield represented the seller, a partnership between Active Acquisitions and Stonecutter Capital, in the transaction. The team also procured Brookfield Properties as the buyer.
PARSIPPANY, N.J. — JLL has negotiated the $88 million sale of 300 Kimball, a 430,000-square-foot office building located in the Northern New Jersey community of Parsippany. Built in 2001 and renovated in 2013, the property sits on a 9.3-acre site within a larger development known as The Center at Morris County and was 87 percent leased at the time of sale. Amenities include a fitness center, tenant lounge, conference center, putting green and golf simulator, walking trails and a cafeteria. Kevin O’Hearn, Jose Cruz, Jeremy Neuer and Peter Kim of JLL represented the seller, Sovereign Partners LLC, in the transaction. The buyer was regional investment firm Signature Acquisitions, which also owns the adjacent building, 100 Kimball.