DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.
As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. According to Center City District’s 2018 State of Center City Philadelphia report, millennials make up 40 percent of Philadelphia’s downtown population, one of the highest percentages in all U.S. cities. With millennials moving into the peak spending years of their lives, Philadelphia is experiencing a multitude of development with most of the focus being on mixed-use. Mixed-use development, which combines retail and residential, and sometimes office, is attractive to the millennial generation who are driven by convenience and want the ease of living, working, dining, and shopping all in one place. The largest retail development projects Center City is seeing right now are happening in the Midtown Village neighborhood, which had been largely neglected until recently when it comes to large mixed-use developments. A few notable projects here are The Collins, a residential community that features 90,000 square feet of retail …
When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics represent vital opportunities for retail real estate owners to reimagine the mall experience. In Philadelphia, the high density of residents, workers, college students and visitors create a more than $1 billion retail demand annually, according to the Philadelphia Retail Report 2018 compiled by the Central Philadelphia Development Corp. In order to capture consumer interest, industry leaders need to evolve alongside the community’s changing needs and landlords and brands today have been transforming the conventional retail real estate model, carving a new path to success. Looking ahead, the future looks bright. Here’s a look at key trends driving the next level of retail real estate in Philadelphia. Innovative Concepts As habits of shoppers continue to evolve, brick-and-mortar space today can offer opportunities beyond traditional retail whereby real …
BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.
NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed.
FAIRFIELD COUNTY, CONN. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County. The property will feature a tenant roster that includes Chick-Fil-A, T-Mobile, Panera Bread, Mission Barbecue, Cafe Nero and Texas Roadhouse. The project will also include a new Marriot-branded hotel. The borrower, an undisclosed development group, is in the process of finalizing permanent construction financing through a commercial bank.
DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.
MONTVILLE, CONN. — Lyman Real Estate has arranged the sale of three abutting parcels of land in Montville. The sales price was undisclosed. The largest parcel, .65 acres, is located at 2260 Route 32. It abuts a nearly half-acre parcel on 11 Gallivan Lane and an even smaller parcel behind it on Meadow Lane. Ron Lyman of Lyman Real Estate represented the seller, Steven Lombardi of Moosup, in the transaction. Joanna Konicki of William Pitt Sotheby’s International Realty represented the buyer, Yost Holdings LLC.
ALTOONA, PA. — Marcus & Millichap has brokered the $3.1 million sale of a 6,220-square-foot retail property in Altoona. Located at 100 Sheraton Drive, the property is currently net leased to Outback Steakhouse. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
NORTH BERGEN, N.J. — Cushman & Wakefield has arranged a $51.5 million loan to refinance two distribution centers in North Bergen. The properties are located at 5903 and 7300 Westside Ave. Originally constructed for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot industrial warehouse utilized as a fashion logistics center by Bergen Logistics. 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics. Cushman & Wakefield’s Equity, Debt & Structured Finance group secured the financing on behalf of the borrower, Bergen Shippers Corp. The lender was JP Morgan Chase. Funds will be used to refinance current debt, with additional proceeds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.