Property Type

OCALA, FLA. — Marcus & Millichap’s Taylor-McMinn Retail Group in Atlanta has arranged the $4.5 million sale of a single-tenant retail property located at 30 Bahia Ave. in Ocala, about 72 miles north of Orlando and 48 miles south of Gainesville, Fla. Built in 2024, the 6,723-square-foot building was occupied by automotive services provider Firestone on a 15-year triple-net lease at the time of sale. Firestone is a subsidiary of Bridgestone Retail Operations LLC with more than 1,700 tire and car care locations nationwide. Don McMinn of Taylor-McMinn Retail Group represented the seller, an undisclosed, Georgia-based development firm, in the transaction. The buyer was not disclosed. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal. “New construction Firestone properties continue to achieve aggressive pricing, fueled by strong credit, limited inventory and growing demand from an expanding pool of 1031 exchange buyers,” says McMinn.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Locally based investment and development firm RFR has sold 522 Fifth Avenue, a 600,000-square-foot office building in Midtown Manhattan. The 23-story building was originally constructed in 1896 and has served as the corporate headquarters facility for both J.P. Morgan and Morgan Stanley at various points in time. RFR acquired 522 Fifth Avenue from Morgan Stanley for $350 million in 2020 and repositioned the building by acquiring the retail condominium, redeveloping the lobby, enlarging the windows and activating over 17,000 square feet of outdoor space. The undisclosed buyer also plans to occupy the building. No third-party brokers were involved in the sale.

FacebookTwitterLinkedinEmail

JERSEY CITY, N.J. — CBRE has arranged a 33,843-square-foot office lease at Newport Office Center in Jersey City. The tenant, Berkley Insurance, will occupy a portion of the ninth floor of Newport Office Center III, a 15-story, 620,000-square-foot building. Howard Fiddle, Benjamin Joseph, Greg Barkan and Erin Wenzler of CBRE, along with internal agents Meredith Jackness, Ray Kawas and Tim Johnson, represented the landlord, LeFrak, in the lease negotiations. The tenant representative was not disclosed.

FacebookTwitterLinkedinEmail

NEW YORK CITY — Mudrick Capital Management has signed a 12-year, 26,600-square-foot office headquarters lease in Midtown Manhattan. The investment management firm plans to relocate and expand from 527 Madison Avenue to the 16th floor of 31 West 52nd Street early next year. Patrick Heeg, Thomas Hines and Chase Gordon of Transwestern represented the tenant in the lease negotiations. Frank Doyle, David Kleiner and Andrew Coe of JLL, along with internal agents Peter Brindley, Doug Neye and Sean Kirk, represented the landlord, Paramount Group.

FacebookTwitterLinkedinEmail

COMMACK, N.Y. — My Gym, a global children’s fitness concept, will open a 3,000-square-foot facility in the Long Island community of Commack. The facility will be located next to Planet Fitness within the 222,000-square-foot Mayfair Shopping Center. E.J. Moawad of Levin Management Corp. represented the landlord in the lease negotiations. Juliana Chiarelli and Jason Sobel of RIPCO Real Estate represented My Gym.

FacebookTwitterLinkedinEmail
Grand-Covina-Plaza-Covina-CA

COVINA, CALIF. — Longpoint has purchased Grand Covina Plaza, a grocery-anchored shopping center in Covina, from a private family partnership for $24.9 million. Located at 1001-1075 N. Grand Ave., Grand Covina Plaza offers 111,975 square feet of retail space. Stater Bros Market, Dollar Tree, KFC, 7-Eleven and O’Reilly Auto Parts are tenants at the property, which is situated on 8.9 acres. At the time of sale, the property was 89 percent occupied. Dan Tyler, Gleb Lvovich and Geoff Tranchina of JLL Capital Markets’ Investment Sales and Advisory team represented the seller in the deal.

FacebookTwitterLinkedinEmail
PhaseIV-Park10-Avondale-AZ

AVONDALE, ARIZ. — Gantry has secured a $9 million construction loan for the development of Phase IV of Park 10 at Avondale, a mixed-use development located in the West Valley Phoenix suburb of Avondale. Situated on 8 acres, Phase IV will include a build-to-suit restaurant for Cooper’s Hawk, as well as a second building that offers inline restaurant space for 85C Bakery and an unannounced third tenant. Adam Parker and Chad Metzger of Gantry’s Phoenix office represented the borrower, Parkland Development, in the transaction. A regional bank provided the three-year, interest-only loan. Owned and developed by Park Development, Park 10 at Avondale is a 43-acre master-planned project that will offer 424,000 square feet of entertainment, hotel, restaurant, retail and medical office space upon completion, according to AZ Big Media.

FacebookTwitterLinkedinEmail
307-E-Carmel-St-San-Marcos-CA

SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of a showroom and flex building located at 307 Carmel St. in San Marcos. Creative Carmel LLC, an owner-user, acquired the asset from 307 E Carmel LLC for $6 million. Situated on 1.8 acres, the 18,452-square-foot single-tenant building offers 40 percent showroom, 25 percent office and 35 percent warehouse space. Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team at Lee & Associates – North San Diego County represented the seller, while Russ Jabara and Shawn Espino of San Diego Commercial Realty represented the buyer in the deal.

FacebookTwitterLinkedinEmail
3445-3455-S-Marion-St-Englewood-CO

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Kings Brook Arms Apartments, a value-add multifamily property located at 3445-3455 S. Marion St. in Englewood. The property traded for $5.1 million, or $150,000 per unit. The names of the buyer and seller were not released. Mark Knowlton, Jim Knowlton and Chris Knowlton of Pinnacle handled the transaction. Bank of Colorado provided financing for the acquisition.

FacebookTwitterLinkedinEmail

WASHINGTON, D.C. — Between 2020 and July 1, 2024, Miami experienced a significant population surge, according to the latest estimates from the U.S. Census Bureau. The South Florida city’s population was 487,014 residents in 2024, which is a 10.1 percent increase from 2020 Census figures. In the same time frame, Atlanta saw a 4.3 percent rise in population, while Raleigh experienced an uptick of 6.8 percent. Washington, D.C. saw a 1.8 percent increase since 2020, and Nashville saw a 2.3 percent gain in residents. All of the above except Raleigh ranked in the top 10 nationally for new downtown apartments developed between 2020 and 2024, according to a report from RentCafe. Leading the pack was Washington, D.C., which has added nearly 23,000 apartments to the downtown supply since the pandemic. To calculate population growth within a city or town, the Census Bureau uses updated county-level data on housing units, as well as average household sizes in the surrounding county, to estimate the population of each city and town within that county. The estimate for people living in group quarters (such as dorms or nursing homes) is then included to the household population estimate to obtain the total resident population.

FacebookTwitterLinkedinEmail