IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 3,527-square-foot lease at Skyview Centre Building 1, an industrial flex property in Irving. According to LoopNet Inc., the building was constructed in 1982 and spans 40,600 square feet. Leigh Richter of Bradford represented the tenant, High Value Signs, in the lease negotiations. Samantha Seelig Dewan and Troy Alexander Dewan of Harkinson Dewan Management LLC represented the landlord.
SARATOGA SPRINGS, N.Y. — Prime Group, an investment firm based in Saratoga Springs, N.Y., has acquired two self-storage portfolios totaling roughly 1 million net rentable square feet in New York and New Jersey. The number of units and exact locations were not disclosed. The first portfolio consists of 14 properties totaling roughly 800,000 net rentable square feet that are located in New York’s Hudson Valley region. The second portfolio comprises five properties totaling 245,000 net rentable square in Northern New Jersey. Prime Group acquired both sets of properties in conjunction with a third portfolio that totals 680,000 net rentable square feet across 11 properties that are scattered across the country. The new ownership will operate the facilities under its Prime Storage brand. The seller and sales price were also not disclosed.
JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has begun leasing a 317-unit apartment building in Jersey City. Rising 265 feet and 25 stories, Journal Square Urby offers studio, one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project. Rents start at approximately $3,300 per month for a studio apartment.
NEWARK, N.J. — Locally based firm Russo Development has completed Vermella Broad Street, a 296-unit apartment community located at 355 Broad St. in downtown Newark. The property consists of two five-story buildings that house studio, one- and two-bedroom units. Residences are furnished with stainless steel appliances and quartz countertops, and select units offer private balconies. Vermella Broad Street also features 40,000 square feet of indoor and outdoor amenity space. Rents start at roughly $2,000 per month for a studio apartment. Leasing began last November.
POMPANO BEACH, FLA. — Tishman Speyer has acquired Rock Lake Business Center, a 35-acre industrial park located at 3150-3250 N.W. 33rd St. in Pompano Beach, about 15 miles north of Fort Lauderdale. The investor purchased the South Florida property from IDI Logistics for $100.2 million. Built in 2020 fronting the Florida Turnpike, Rock Lake comprises two warehouses spanning a combined 256,000 square feet that were fully leased at the time of sale. The facilities feature 32-foot clear heights, 185-foot shared truck courts, 84 dock-high and drive-in doors and 690 car and van parking spots. The acquired site includes land that can support the future development of two rear-load buildings spanning 243,000 square feet.
DUNWOODY, GA. — A partnership between Whitestone Cos. and Shaner Hotels has purchased Le Meridien Atlanta Perimeter, a 275-room hotel in Atlanta’s Central Perimeter submarket. An affiliate of Starwood sold the hotel for an undisclosed price, according to multiple media outlets. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented both parties in the all-cash transaction. Located in Dunwoody, Le Meridien is situated near Perimeter Mall and several prominent employers including State Farm and IHG. The hotel features a fitness center, outdoor swimming pool with cabanas, nearly 10,000 square feet of meeting space and shuttle service to local attractions, as well as signature restaurant Portico Global Cuisine. The hotel acquisition represents the fifth property that Whitestone and Shaner Hotels have jointly purchased.
RIVIERA BEACH, FLA. — Pinnacle and Wendover Housing Partners have opened Berkeley Landing, an affordable housing community located at 3100 Broadway in Riviera Beach, about five miles north of West Palm Beach. Berkeley Landing features 110 income-restricted units and two market-rate units attached to live-work spaces on the ground level. The property features one-, two- and three-bedroom apartments with incomes restricted to households earning 30, 50, 60 and 80 percent of the area median income (AMI). Amenities include a clubhouse, pool and a cabana, fitness center, cyber lounge, covered pavilion, playground and an enclosed dog-walking area. Financing for Berkeley Landing includes funding from the Florida Housing Finance Corp.’s allocation of housing tax credits; a contribution from Riviera Beach Community Redevelopment Agency leveraged by a low-interest loan and impact fee relief from Palm Beach County; equity from The National Equity Fund and Bank of America; construction financing from Bank of America; and permanent financing from Neighborhood Lending Partners. Pinnacle and Wendover Housing Partners will host an official grand opening of Berkeley Landing on Friday, June 14.
SARASOTA, FLA. — Atlas Real Estate Partners and Andover Real Estate Partners have sold Huntington Place Apartments, a 252-unit multifamily community located at 3201 Huntington Place Drive in Sarasota. Bridge Investment Group purchased the property from Atlas and Andover, which have owned the community for 11 years, for an undisclosed price. The buyer assumed a Fannie Mae loan originated by Berkadia. Jason Stanton and Matt Mitchell of Berkadia represented the sellers in the transaction. Prior to the sale, Atlas and Andover completed a comprehensive overhaul of Huntington Place, including the renovation of nearly all units, upgrades to the clubhouse, exterior enhancements such as façade improvements and new roofs and the addition of modern amenities like a dog park, fitness center and outdoor lounge area. The property was 95 percent occupied at the time of sale.
STRO Cos., KRE Group Break Ground on 136,714 SF Industrial Redevelopment in Florham Park, New Jersey
FLORHAM PARK, N.J. — A partnership between two New Jersey-based firms, The STRO Cos. and KRE Group, has begun an industrial redevelopment project in the Northern New Jersey community of Florham Park. The project will convert a former office building that sits on a 14.4-acre site at 19 Vreeland Road into a 136,714-square-foot warehouse with a clear height of 36 feet, 26 loading docks, one drive-in door and parking for 108 cars and 36 trailers. Cushman & Wakefield will market the project for lease. Completion is slated for the first quarter of next year.
LAGRANGE, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built store located at 2100 Vernon St. in LaGrange, about 68 miles southwest of Atlanta via I-85. The 2,500-square-foot store is net-leased to Starbucks, which has 10 years of term remaining on the lease. A local investment firm purchased the store from an unnamed developer for an undisclosed price. “Despite the surplus of Starbucks inventory on the market and limited buyer pool, we were able to source a local 1031 cash buyer and trade close to list price,” says Don McMinn of the Taylor McMinn Retail Group, who represented the seller in the transaction. Delivered earlier this year, the Starbucks store is an outparcel to a Publix-anchored shopping center that also features a Chick-fil-A outparcel. The Taylor McMinn Retail Group arranged the sales of both the Publix and Chick-fil-A locations previously.