Property Type

Garden Communities Completes 126-Unit Apartment Complex in Florham Park, New Jersey

by Taylor Williams November 13, 2024

FLORHAM PARK, N.J. — Locally based developer Garden Communities has completed 147 Columbia, a 126-unit apartment complex in the Northern New Jersey community of Florham Park. The site formerly housed an office building, and the redevelopment began in 2023. Units come in one- and two-bedroom floor plans and range in size from 861 to 1,535 square feet. Residences are furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Leasing began in March, at which time rents started at $2,600 per month for a one-bedroom apartment. Today, rents start at about $2,800 per month for a one-bedroom unit.

November 13, 2024

Acquisitions Multifamily New York Northeast

Adirondack Capital Partners Negotiates $7.9M Sale of Multifamily Property in Fayetteville, New York

by Taylor Williams November 13, 2024

FAYETTEVILLE, N.Y. — Regional brokerage firm Adirondack Capital Partners has negotiated the $7.9 million sale of Fayetteville Pines Townhomes, a 78-unit multifamily property located on the eastern outskirts of Syracuse. According to Apartments.com, the property was built in 1973 and houses one-, two- and three-bedroom units. Michael Hunter Coghill and Chad Sinsheimer of Adirondack represented the seller, DHM Properties, in the transaction and procured the undisclosed buyer.

November 13, 2024

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Brokers $5.7M Sale of Manhattan Mixed-Use Building

by Taylor Williams November 13, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $5.7 million sale of a four-story mixed-use building located at 32 Avenue A in Manhattan’s East Village area. The building comprises three newly renovated apartments and a retail space occupied by Mary O’s Irish Pub. Joe Koicim, Logan Markley and Zan Colin of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.

November 13, 2024

Leasing Activity New York Northeast Restaurant Retail

Pixida Signs 16,129 SF Restaurant Lease in Manhattan’s Nomad District

by Taylor Williams November 13, 2024

NEW YORK CITY — Greek restaurant concept Pixida has signed a 16,129-square-foot lease to open a new, Mediterranean-style restaurant in Manhattan’s Nomad district. The lease term is 20 years, and the space is located within 245 Fifth Avenue, a 24-story, 321-527-square-foot building. David Graff of Compass represented Pixida, which expects to open in late 2025, in the lease negotiations. Brad Schwarz and Olivia Hwang of Lee & Associates, along with internal agent Gregg Weisser, represented the landlord, The Moinian Group.

November 13, 2024

Florida Loans Office Southeast

JLL Arranges $68.2M Refinancing for Royal Palm Office Complex in South Florida

by John Nelson November 13, 2024

PLANTATION, FLA. — JLL has arranged a $68.2 million loan for the refinancing of Royal Palm I and II, a two-building office complex totaling more than 460,000 square feet in Plantation, a city in South Florida’s Broward County. Paul Stasaitis and Maddy McMillen of JLL arranged the fixed-rate loan through Barclays on behalf of the borrower, Dallas-based Lincoln Property Co. Constructed between 2001 and 2007, Royal Palm consists of two towers standing eight and nine stories tall and a four-level, 1,927-space parking garage. The 25.4-acre campus was recently renovated and includes an amenity package comprising modern conference rooms, a full fitness center, a wellness room and other tenant services.

November 13, 2024

Acquisitions Retail Southeast Virginia

Cushman & Wakefield Negotiates Sale of 119,085 SF Springfield Commons Shopping Center in Northern Virginia

by John Nelson November 13, 2024

SPRINGFIELD, VA. — Cushman & Wakefield has negotiated the sale of Springfield Commons, a 119,085-square-foot shopping center located near the I-95/I-495 interchange in Springfield, approximately 15 miles southwest of Washington, D.C. Built in 1998, the property’s tenant roster includes Old Navy, PureGym and Staples. Virginia’s highest trafficked Home Depot shadow-anchors Springfield Commons, according to Cushman & Wakefield. DLC, in partnership with Cohen & Steers, purchased the center from AEW Capital Management for an undisclosed price. Cushman & Wakefield represented the seller in the transaction.

November 13, 2024

Acquisitions Georgia Industrial Southeast

Marcus & Millichap Brokers $8.2M Sale of Flex Industrial Property in Kennesaw, Georgia

by John Nelson November 13, 2024

KENNESAW, GA. — Marcus & Millichap has brokered the $8.2 million sale of Noonday Business Center, a 66,000-square-foot flex industrial facility located at 771 Shallowford Road in Kennesaw, a northwest suburb of Atlanta. Ani Paulson and Mason Bierster of Marcus & Millichap marketed the property for sale and also procured the buyer in the transaction. Both parties requested anonymity. Paulson says the buyer’s winning bid was for $230,000 over the asking price and came in at a 5.12 percent cap rate. Built in 2001 near State Route 92 and I-575, Noonday Business Park was fully leased to a diverse tenant mix at the time of sale.

November 13, 2024

Acquisitions Office Retail Southeast Virginia

Girl Scouts of Virginia Acquires Flex Building in Richmond for $3.6M

by John Nelson November 13, 2024

RICHMOND, VA. — Girl Scout Commonwealth Council of Virginia Inc. has purchased an 18,375-square-foot flex building located at 3214 Skipwith Road in Richmond. The former tenant, Self-Help Credit Union, sold the commercial building for $3.6 million. Will McGoogan of Cushman & Wakefield | Thalhimer represented the seller in the transaction, and Amy Broderick and Kate Hosko, also with Thalhimer, represented the buyer. The Girl Scouts plan to move its current offices and retail center from nearby Willow Lawn to the new location. The organization plans to use the space as a storefront and install its administrative offices. The space will also feature collaborative areas for local Girl Scouts troops to have meetings.

November 13, 2024

Florida Leasing Activity Office Southeast

CP Group Executes 30,000 SF of Office Leases at The Landing at MIA in West Miami

by John Nelson November 13, 2024

MIAMI — CP Group has executed nearly 30,000 square feet of leasing agreements at The Landing at MIA, a 1.1 million-square-foot office campus in west Miami. The 11-building complex is situated on 50 acres directly adjacent to Miami International Airport. Gordon Messinger and Randy Carballo of CBRE represented CP Group in all eight lease transactions. The deals include Butler, Buckley, Deets Inc. (new 5,886-square-foot lease); CVS Health (5,716-square-foot renewal); Trane Inc. (new 5,100-square-foot lease); Harding Retail (new 3,390-square-foot lease); Patagonia Sea Farms (expansion to 3,163 square feet); Nomi Health (new 2,641-square-foot lease); The Ashvins Group (new 1,460-square-foot lease); and FleetMasters (new 1,231-square-foot lease).

November 13, 2024

Arizona Build-to-Rent Loans Single-Family Rental Western

Calmwater Capital Funds $41.1M in Refinancing for Build-to-Rent Community Near Tucson, Arizona

by Amy Works November 13, 2024

VAIL, ARIZ. — Calmwater Capital has provided Moderne Communities with a $41.1 million loan to refinance Moderne at Rocking K, a build-to-rent property in Vail, a community 24 miles southeast of Tucson. Moderne at Rocking is situated within Rocking K, a 5,000-acre master-planned community. Delivered in two stages between November 2023 and September 2024, the 17.1-acre community features 224 single-story, single-family rental homes offering a mix of one-, two- and three-bedroom floor plans. Each home features open-concept living areas, a private yard and nine-foot ceiling. Community amenities include a beach entry pool and spa, pickleball courts, barbecue and firepit area, and fitness center. Malcolm Davies and RJ Opeka of Los Angeles-based Way Capital arranged the two-year senior loan for the borrower.

November 13, 2024

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