Property Type

Topgolf to Open 35,000 SF Entertainment Venue in New Braunfels, Texas

by Taylor Williams October 31, 2024

NEW BRAUNFELS, TEXAS — Topgolf will open a 35,000-square-foot venue in New Braunfels, a northeastern suburb of San Antonio. The two-story facility will be located within the 400-acre New Braunfels Town Center at Creekside master-planned development and will feature 62 climate-controlled hitting bays in addition to a full bar and restaurant. Construction is underway, and completion is scheduled for late 2025. The Dallas-based sports entertainment company, which currently operates more than 100 venues around the world, expects to hire about 200 people to staff the new facility.

October 31, 2024

Acquisitions Retail Texas

Vista Cos. Acquires 21,000 SF Retail Strip Center in Lubbock, Texas

by Taylor Williams October 31, 2024

LUBBOCK, TEXAS — An affiliate of Houston-based development and investment firm Vista Cos. has acquired The Plazas on Ninth Street, a 21,000-square-foot retail strip center located in the West Texas city of Lubbock. The center is located across from the Texas Tech University campus and was fully leased at the time of sale to tenants such as Torchy’s Tacos and Barefoot Athletics. Chris Gainey of Marcus & Millichap represented Vista Cos. in the transaction. JLL arranged an undisclosed amount of acquisition financing through StanCorp Financial Group for the deal. The seller was not disclosed.

October 31, 2024

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $22M in Financing for Two Affordable Housing Redevelopments in Salem

by Taylor Williams October 31, 2024

SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.

October 31, 2024

Development Multifamily New York Northeast Seniors Housing

Asland Capital, Pembroke Residential Complete 154-Unit Seniors Housing Project in The Bronx

by Taylor Williams October 31, 2024

NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.

October 31, 2024

First-State-Logistics-Park-Newark-Delaware

Delaware Industrial Leasing Activity Northeast

CBRE Negotiates 128,000 SF Industrial Lease in Newark, Delaware

by Taylor Williams October 31, 2024

NEWARK, DEL. — CBRE has negotiated a 128,000-square-foot industrial lease in Newark, Del. The tenant is an undisclosed medical technology group, and the space is located within Building F of First State Logistics Park, a three-building, 1 million-square-foot industrial development that sits on a 149-acre site. Paul Touhey and Dan Rattay of CBRE, along with internal agents Mark Glagola and Tim Shaw, represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. The deal brings the park to about 75 percent occupancy.

October 31, 2024

Development Industrial New York Northeast

Robert Martin Co. Breaks Ground on 71,098 SF Industrial Flex Project in Hawthorne, New York

by Taylor Williams October 31, 2024

HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.

October 31, 2024

Leasing Activity New Jersey Northeast Retail

DXL Big + Tall Signs 6,170 SF Retail Lease in Raritan, New Jersey

by Taylor Williams October 31, 2024

RARITAN, N.J. — Men’s apparel retailer DXL Big + Tall has signed a 6,170-square-foot retail lease at Somerville Circle Shopping Center in Raritan, located roughly midway between Trenton and Newark. Vanessa Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Alison Horbach of RIPCO Real Estate represented the tenant. The deal brings the 150,000-square-foot center to full occupancy.

October 31, 2024

California Loans Retail Western

Majestic Realty Co. Secures Refinancing Totaling $118.9M for Two Shopping Centers in California

by Amy Works October 31, 2024

REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.

October 31, 2024

Acquisitions California Office Western

Manulife US REIT Sells 400 Capitol Mall Office Tower in Sacramento for $117M

by Amy Works October 31, 2024

SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 31, 2024

Acquisitions Arizona Industrial Western

Karney Properties Acquires 400,000 SF Home Depot Returns Center in Phoenix for $69.5M

by Amy Works October 31, 2024

PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.

October 31, 2024

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