Property Type

Affinius Capital Provides $98M Loan for Refinancing of Multifamily Complex in Queens

by Taylor Williams September 5, 2024

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit multifamily complex located in the Astoria neighborhood of Queens. Northern I is a nine-story structure with 64 units, and Northern II is a 10-story building with 129 units. Both properties offer a mix of studio, one- and two-bedroom apartments, and the complex also houses 4,300 square feet of retail space. Amenities include a rooftop deck, fitness center with a yoga studio, private theater, onsite laundry facilities and a coworking lounge. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management.

September 5, 2024

Acquisitions Multifamily New York Northeast

Investcorp Buys Long Island Industrial Portfolio for $95.8M

by Taylor Williams September 5, 2024

NEW YORK CITY — Global alternative investment firm Investcorp has purchased a portfolio of five industrial buildings totaling 435,000 square feet on Long Island. The buildings are scattered across the Suffolk County communities of Bayshore, Bayport and Ronkonkoma. Buildings range in size from 33,000 to 128,600 square feet and comprise single-story warehouse, cold storage and manufacturing facilities with clear heights ranging from 18 to 40 feet. Four of the buildings were fully leased to single tenants at the time of sale, and the fifth was recently vacated and will be redeveloped. Gary Gabriel, Kyle Schmitt, Ryan Larkin, Bill Baunack, Seth Zuidema and Tom DeLuca of Cushman & Wakefield represented the seller, a partnership between Metropolitan Realty Associates and TPG Angelo Gordon, in the transaction.

September 5, 2024

Loans Multifamily Northeast Pennsylvania

Cronheim Mortgage Arranges $44.5M Loan for Refinancing of Lehigh Valley Multifamily Portfolio

by Taylor Williams September 5, 2024

BETHLEHEM, PA. — New Jersey-based intermediary Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio of two multifamily properties in Pennsylvania’s Lehigh Valley region. The names of the garden-style properties were not disclosed, but both assets are located in Bethlehem. The borrower, Larken Associates, will use the proceeds to cash out and allocate equity toward other projects. The direct lender was not disclosed. Larken made capital improvements to both properties during its ownership period, including the construction of 16 new townhomes at one property.

September 5, 2024

Acquisitions New York Northeast Retail

CBRE Negotiates $36.5M Sale of Two Retail Buildings in Kingston, New York

by Taylor Williams September 5, 2024

KINGSTON, N.Y. — CBRE has negotiated the $36.5 million sale of two retail buildings in Kingston, about 100 miles north of New York City. The buildings are located within Hudson Valley Plaza and are leased to Lowe’s and Sam’s Club, both of which have been tenants at the 673,000-square-foot shopping center since 1996. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, United Hampshire REIT US, in the transaction and procured an undisclosed institutional investment firm as the buyer.

September 5, 2024

Leasing Activity Massachusetts Northeast Office

Rucker Investments Expands Office Footprint in Beverly, Massachusetts

by Taylor Williams September 5, 2024

BEVERLY, MASS. — Rucker Investments has expanded its office footprint in the northeastern Boston suburb of Beverly. The family-owned firm has essentially doubled its commitment at 500 Cummings Center following a custom build-out that delivered a conference room and a full kitchen. Cummings Properties owns the property. No third-party brokers were involved in the lease negotiations.

September 5, 2024

Acquisitions Florida Retail Southeast

PGIM Sells Grocery-Anchored Shopping Center Portfolio in Florida for $223.9M

by John Nelson September 5, 2024

NEWARK, N.J. — Newark-based PGIM Real Estate has sold a seven-property portfolio of grocery-anchored shopping centers in Florida. The buyer purchased the portfolio, which spans 608,314 square feet of retail space, for $223.9 million. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in the disposition. The buyer was not disclosed, but Business Observer reports that Publix Super Markets bought the portfolio from PGIM. The assets in the portfolio include Crestwood Square in Royal Palm Beach; Davie Shopping Center and Regency Square in Davie; Gladiolus Gateway in Fort Myers; Town Center at Orange Lake and Village Shops at Bellalago in Kissimmee; and Woods Walk Plaza in Lake Worth.

September 5, 2024

Development Florida Industrial Mixed-Use Southeast

Rockpoint, Frampton Construction Break Ground on 1.5 MSF Race Track Logistics Park in South Florida

by John Nelson September 5, 2024

POMPANO BEACH, FLA. — Rockpoint and general contractor Frampton Construction have broken ground on Race Track Logistics, a 1.5 million-square-foot industrial park in South Florida’s Pompano Beach. The 87-acre project is situated on a former horse racing track within The Pomp, a 223-acre master planned development by The Cordish Cos. and Caesars Entertainment. The industrial project is approved for eight buildings and will sit east of the Harrah’s Pompano Beach Casino at 777 Isle of Capri Blvd. Phase I of Race Track Logistics will comprise 620,738 square feet across four buildings with an expected completion date by September 2025. The buildings will include 36-foot clear heights and 165 dock doors with two drive-in doors per building.

September 5, 2024

Loans Multifamily North Carolina Southeast

CBRE Arranges $80.8M Refinancing for Colony Southpark Apartments in Charlotte

by John Nelson September 5, 2024

CHARLOTTE, N.C. — CBRE has arranged an $80.8 million loan for the refinancing of The Colony Southpark, a 340-unit midrise apartment community located at 4220 Colony Plaza Drive in Charlotte’s Southpark neighborhood. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in Charlotte arranged the loan on behalf of the borrower, a joint venture between SYNCO Properties and Schlosser Development. The team secured the five-year, fixed-rate loan through an unnamed life insurance company. The Class A, five-story multifamily development was completed in 2021 and features amenities such as movie lounges, a golf simulator and a yoga studio. The Colony Southpark represents the first phase of a master-planned, mixed-use project that is also called The Colony. The development will eventually include additional luxury apartments, a grocery store, office space, a hotel, restaurants and shops.

September 5, 2024

Acquisitions Florida Retail Southeast

TSCG Brokers $16.5M Sale of Causeway Shopping Center on Florida’s Space Coast

by John Nelson September 5, 2024

MELBOURNE, FLA. — TSCG has brokered the $16.5 million sale of Causeway Shopping Center in Melbourne, a city on Florida’s Space Coast. Ross Dress for Less, Michaels and Bealls anchor the 111,816-square-foot property. Anthony Blanco of TSCG represented the seller, a joint venture between Forge Capital Partners and The Sembler Co., in the transaction. Darrell Deshaw of Western Retail Advisors represented the California-based buyer. Originally built in 1966 and renovated in 2008, Causeway Shopping Center was 85 percent leased at the time of sale.

September 5, 2024

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Negotiates $7.6M Sale of Two Apartment Communities in North Charleston

by John Nelson September 5, 2024

NORTH CHARLESTON, S.C. — Marcus & Millichap has negotiated the $7.6 million sale of two apartment communities in North Charleston. The properties include The Edge on Noisette Creek at 1005 Buist Ave. (32 units) and South Circle at 1079 Bexley St. (14 units). Both properties were built in the 1970s. Ryan Lipomi, William Graves and Nate McDaniel of Marcus & Millichap’s Charleston office marketed the properties on behalf of the seller and procured the buyer, both of which requested anonymity. Bobby Werhane of Institutional Property Advisors’ Charlotte office arranged an undisclosed amount of acquisition financing for the buyer.

September 5, 2024

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