NEW YORK CITY — HAP Investments LLC has topped out HAP Eight, a 20-story residential property in the Chelsea neighborhood of Manhattan. The property comprises two side-by-side towers featuring 112 multifamily units and 87 condominium residences. The two buildings will share amenities, including a fitness facility, pool and parking deck. DXA Studio Architects designed the project, which is slated for completion in early 2021.
UNION CITY, GA. — Birmingham, Ala.-based Coca-Cola Bottling Co. United Inc., the second largest privately held Coca-Cola bottler in North America, has opened an $86 million, 456,000-square-foot sales and distribution center in the south Atlanta suburb of Union City. Approximately 36 million cases of beverages will be loaded and shipped annually from the facility, known as South Metro Sales Center. The property includes a 375,000 square-foot warehouse, 25,000-square-foot fleet maintenance area, 36,000 square feet of administration space and a 20,000-square-foot service department for equipment and vending repair. The facility is located at 4913 Mason Road, 17 miles southwest of downtown Atlanta and 10 miles west of Hartsfield-Jackson Atlanta International Airport. Approximately 750 employees work at the facility, which has a payroll of more than $41 million. General contractor Brasfield & Gorrie began construction at the site in early 2018. System Logistics built the warehousing system technology at the facility.
RALEIGH, N.C. — Golden Corral has signed a lease agreement with landlord Keystone Corp. to occupy 42,500 square feet of the first two floors of Palisades III, an under-construction office building in Raleigh. Palisades III will stand six stories and span 166,290 square feet. Building amenities will include a café, onsite conferencing, lounge, fitness center and a rooftop terrace. Keystone expects to deliver the property in early 2021. The property is situated at 5410 Trinity Road, adjacent to Palisades I and II, which Keystone acquired in summer 2018. CBRE|Raleigh represented the landlord in the transaction. Golden Corral’s headquarters are currently located at 5151 Glenwood Ave. in Raleigh. The company operates 100 buffet and grill restaurants nationwide with franchisees operating another 400 locations.
VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.
METHUEN, MASS. — Marcus Partners has completed the $25 million redevelopment of 5 Branch Street, a 94,125-square-foot office building in Methuen, located approximately 30 miles north of Boston. The developer transformed the building into a medical facility with a built-in café. The anchor tenant with approximately 61,000, Dana-Farber Cancer Institute, will offer cancer and blood disorder care. Michael Greeley of Newmark Knight Frank is leading the leasing effort for the remaining space.
NEW YORK CITY —Colliers International has negotiated a 36,248-square-foot office lease for multifamily and commercial REIT Arbor Realty Trust Inc. at The Seagram Building in Midtown Manhattan. Located at 375 Park Ave., the 38-story building was completed in 1958. Arbor previously occupied 16,000 square feet on the 34th floor and has now expanded its operations to the entire 29th and 30th floors on a 10-year term. Ted Koltis and Reid Longley of Colliers represented Arbor in the lease negotiations. AJ Camhi and Kevin West represented the building owner, RFR Holding, on an internal basis.
The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn Enterprises are leaving their traditional New York and New Jersey locations to come to Florida, one of just seven states that do not impose state income tax. Paired with favorable weather and a high quality of life, Miami is a desirable destination for businesses and its workforce. Entrepreneurial activity in the region is also helping to fuel the office market, as the number of foreign business owners who choose to relocate to Miami and set up shop continues to grow. Hot submarkets Miami’s Wynwood neighborhood has quickly earned the reputation as one of the city’s up-and-coming places to be. The district is poised to become the next 24/7 hotspot thanks to a healthy pipeline of residential development underway that will support office growth in …
GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …
NEW YORK CITY — CBRE has negotiated a 52,400-square-foot office lease for advertising agency Johannes Leonardo at Trinity Centre, a two-building office complex located at 111-115 Broadway. The company will take occupancy of the space beginning in July. Adam Foster, Brad Gerla, Adam Leshowitz and Mike Rizzo of CBRE represented the building owner, Capital Properties, in the lease negotiations. Daniel Breiman of Olmstead Properties represented Johannes Leonardo.
HAMPTON, N.J. — CBRE has secured a 22,000-square-foot office lease in Hampton, a western suburb of New York City, for nonprofit organization The Arc of Hunterdon County. The space is located within a 277,000-square-foot office building at 53 Frontage Road. The organization plans to occupy the new space in April 2020. John Goodwin of CBRE represented The Arc of Hunterdon County in the lease negotiations. Shelbourne Global Solutions is the owner of the building.
