Property Type

JLL Secures $52.3M Construction Loan for Logistics Park in Boynton Beach, Florida

by John Nelson June 13, 2024

BOYNTON BEACH, FLA. — JLL has secured $52.3 million in construction financing from First Citizens Bank for Egret Point Logistics Center, a 457,110-square-foot industrial development underway at 3800 S. Congress Ave. in Boynton Beach. Steven Klein, Melissa Rose and Mateo Bolivar of JLL arranged the financing on behalf of the borrower, a joint venture between Foundry Commercial and Wheelock Street Capital. Once the site for a Baptist Health System clinic, Egret Point is situated on a 30.8-acre site about 22 miles south of West Palm Beach with frontage along I-95. The development will feature two Class A logistics buildings of varying sizes. The construction timeline was not disclosed.

June 13, 2024

Acquisitions Georgia Retail Southeast

ShopOne, Pantheon Acquire Publix-Anchored Retail Center in Metro Atlanta

by John Nelson June 13, 2024

MORROW, GA. — ShopOne Centers REIT and Pantheon, along with an unnamed global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the metro Atlanta area, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw.

June 13, 2024

Acquisitions Hospitality Maryland Southeast

Marcus & Millichap Negotiates $10.2M Sale of Holiday Inn Express Hotel in Metro Baltimore

by John Nelson June 13, 2024

OWINGS MILLS, MD. — Marcus & Millichap has negotiated the $10.2 million sale of an 86-room Holiday Inn Express & Suites hotel in Owings Mills, a northwest suburb of Baltimore. Jack Davis, Gordon Allred, Joce Messinger, Karianne Cibello, Zachary Walsh and Andy Patel of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Brian Hosey served as Marcus & Millichaps’ broker of record in Maryland for the deal. Built in 2018, the Holiday Inn Express is situated on a 5.7-acre site at 11509 Red Run Blvd. off I-795. The hotel features a fitness center, business center and meeting and banquet facilities.

June 13, 2024

Leasing Activity Massachusetts Northeast Office

Welch’s to Relocate Corporate Headquarters Office to Waltham, Massachusetts

by Taylor Williams June 13, 2024

WALTHAM, MASS. — Welch’s will relocate its corporate headquarters office from Concord, a northwestern suburb of Boston, to nearby Waltham. The fruit-based food and beverage provider’s new headquarters will span 60,000 square feet within Reservoir Place, a development by Boston Properties (NYSE: BXP), and will include lab facilities. The company plans to begin building out its new space this summer and to take occupancy next spring. Cushman & Wakefield represented Welch’s, which has operated out of Concord for the past 40 years, in its site selection and lease negotiations.

June 13, 2024

Acquisitions Hospitality New York Northeast

Northgate Real Estate Arranges $34.8M Bankruptcy Sale of Downtown Brooklyn Hotel Project

by Taylor Williams June 13, 2024

NEW YORK CITY — Locally based brokerage firm Northgate Real Estate Group has arranged the $34.8 million bankruptcy sale of a hotel project in downtown Brooklyn that is roughly midway through construction. The 22-story building at 291 Livingston St., which is approved for 104 rooms, was sold via auction. Greg Corbin, Chaya Milworn and Felix Ades of Northgate handled the transaction on behalf of the undisclosed seller. The buyer was Midas Hospitality.

June 13, 2024

Acquisitions Massachusetts Northeast Office Retail

Newmark Brokers Sale of Three Office, Retail Buildings Totaling 40,860 SF in Wellesley, Massachusetts

by Taylor Williams June 13, 2024

WELLESLEY, MASS. — Newmark has brokered the sale of three office and retail buildings totaling 40,860 square feet in Wellesley, a western suburb of Boston. Retail owner-operator EDENS sold the buildings at 34-50 Central St., which were 73 percent leased at the time of sale, to locally based developer Taymil Partners for an undisclosed price. Robert Griffin, Jonathan Martin and Paul Penman of Newmark brokered the deal. David Douvadjian Sr., Timonthy O’Donnell and David Douvadjian Jr. of Newmark arranged acquisition financing.

June 13, 2024

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $6.5M Sale of Retail Building in Lakehurst, New Jersey

by Taylor Williams June 13, 2024

LAKEHURST, N.J. — Marcus & Millichap has brokered the $6.5 million sale of a retail building in Lakehurst, about 60 miles east of Philadelphia, that is net leased to convenience store Wawa. The building at 604 Pine St. was completed in 2023 and totals 5,000 square feet, according to LoopNet Inc. Derrick Dougherty, Scott Woodard, Mark Krantz and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 13, 2024

Leasing Activity New Jersey Northeast Office

Amicus Therapeutics Opens 27,200 SF Office in Princeton, New Jersey

by Taylor Williams June 13, 2024

PRINCETON, N.J. — Biotechnology firm Amicus Therapeutics has opened a 27,200-square-foot office in Princeton. The space spans the fourth and fifth floors of the building at 47 Hulfish St., which is located about a block away from Princeton University’s campus. According to LoopNet Inc., the building was constructed in 1985 and totals 71,500 square feet. Ware Malcomb designed the space, and Sweetwater Construction Corp. served as the general contractor.

June 13, 2024

Colorado Development Loans Multifamily Western

BWE Provides $39.4M HUD Construction Loan for Pueblo Springs Multifamily Community in Pueblo, Colorado

by Amy Works June 13, 2024

PUEBLO SPRINGS, COLO. — BWE, on behalf of ESH Development, has secured a $39.5 million HUD 221(d)(4) loan to finance the development of Pueblo Springs, a Class A market-rate apartment project in Pueblo, approximately 45 miles south of Colorado Springs. James Swanson of BWE’s Phoenix office originated the financing. The HUD-insured loan provides for a combined construction and permanent financing for market-rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing term that will qualify for HUD’s reduced rates for eco-friendly developments upon final construction and delivery of units. Pueblo Springs will feature 199 units with nine-foot ceilings in select units, walk-in closets, ceiling fans, private balconies or patios, soaking tubs, breakfast bars, pantries, granite or quartz countertops, and stainless steel and Energy Star appliances, including in-unit washers/dryers. Community amenities will include a clubhouse with Wi-Fi, a fitness center, business center/e-lounge, community room with gourmet kitchen, bike storage, heated pool and spa, barbecue and picnic areas, walking paths, extensive landscaping, 24-hour emergency staff and gated entry. Colorado Structures is serving as general contractor for the project, which will be built to a high standard of energy efficiency.

June 13, 2024

Acquisitions California Multifamily Western

Marcus & Millichap Negotiates $27M Sale of La Chateau Apartments in Anaheim, California

by Amy Works June 13, 2024

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of La Chateau Apartments, a multifamily community in Anaheim. The asset traded for $27.4 million, or $361,184 per unit. Tyler Leeson, Matt Kipp and Nicholas Kazemi of Marcus & Millichap represented the undisclosed seller, while Drew Holden of Marcus & Millichap represented the undisclosed buyer in the deal. Built in 1964, Le Chateau offers 76 apartments in single-floor and townhome unit styles, all with two bedrooms. Each unit features a private patio and carport with an overhead storage bin. Community amenities include four on-site laundry facilities, a clubhouse and gated garage.

June 13, 2024

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