POUGHKEEPSIE, N.Y. — Locally based developer PAZ Management has begun leasing The Flats at Raymond, a 39-unit multifamily project located north of New York City in Poughkeepsie. The property features one- and two-bedroom units ranging in size from 706 to 1,098 square feet. The Flats at Raymond is one of two complexes that comprise the first phase of a larger development known as The Arlington of Poughkeepsie. The second property, a 24-unit adaptive reuse project known as Lofts at The School, began welcoming residents earlier this year and is now 90 percent occupied. Rents at The Flats at Raymond start at $1,975 per month.
MIDDLEBURY, CONN. — Watchmaker Timex Group USA has sold its 84,886-square-foot corporate headquarters complex in Middlebury, Conn., for $7.5 million. Chris O’Hara of Coldwell Banker Commercial represented Timex Group in the sale to a partnership between Drubner Equities Florida LLC and Atlantic Management. The site spans 93 acres, and the new ownership plans to redevelop the complex into a 720,000-square-foot industrial park.
PITTSBURGH — Tapville Social, a concept that combines craft cocktail flights, self-pouring beer taps and American fare, will open an 5,307-square-foot restaurant with patio seating at The Vision on Fifteenth in Pittsburgh. The eight-story building, which is located in the Strip District, spans 265,000 square feet of office and retail/restaurant space. Joseph Williams and Rachel Forslund of Fort Worth-based brokerage firm Woodmont Co. represented Tapville Social in the lease negotiations. Tommy McCafferty of CBRE represented the landlord, Burns Scalo Real Estate. The opening is slated for 2024.
CEDAR PARK, TEXAS — A joint venture between three Austin-based real estate firms — Cordova Real Estate Ventures, Riverside and Live Oak — has broken ground on Phase I of New Hope, a $250 million mixed-use project located in the Austin suburb of Cedar Park. The first two phases of the project are being developed across six parcels on New Hope Drive. Phase I will include three Class A industrial buildings totaling 271,689 square feet. The second phase of development will include an additional 213,700 square feet of industrial space. The project is also set to include a 32-acre development named The District at New Hope. This portion of the project is still in design, but could include a mix of retail, entertainment, restaurant, hospitality, office space, and research-and-development space. A timeline for the development was not announced. The project team for New Hope includes Zapalac/Reed Construction Co., McFarland Architecture and Malone Wheeler. Live Oak will market and lease the project’s industrial space, and Travis Robertson with JLL has been tapped to handle leasing of retail and restaurant space. A number of industrial developments are currently underway in suburban Austin, including 5900 Ben White, an industrial project also by Riverside …
— By Colton Yasinski, Investment Sales Advsor, Capstone Cos. — The multifamily market in Idaho and, specifically, Boise, has experienced an impressive surge over the past five years. This has largely been fueled by the impact of COVID and the attractiveness of Idaho living. The result has been an unprecedented demand for multifamily housing, triggering a development boom that has reshaped the market landscape. In the past year alone, Boise has seen the delivery of 4,000 multifamily units with numerous ongoing construction projects. The city’s rapid population growth and robust housing demand has attracted institutional capital, leading to tighter cap rates similar to larger metropolitan areas. Pioneering developers have recognized the potential in Idaho’s market and entered the scene alongside local development groups. Among them are prominent names like Lincoln Property Company, Alliance Residential Company, Woodside Homes, Morgan Stonehill, American Homes 4 Rent and others shaping the multifamily landscape. However, amidst this growth, market dynamics have started to shift. Over the past year, multifamily sales in Boise have declined by more than 70 percent, accompanied by rising cap rates due to fluctuations in the capital markets. The surge in new units has transitioned the market from favoring landlords to becoming …
TEMPLE TERRACE, FLA. — Cullinan Properties has completed the development of the U.S. Tampa Veterans Affairs (VA) Mental Health Clinic in Temple Terrace, roughly 10 miles outside of Tampa. Cullinan broke ground on the $100 million project in late 2021. The facility, which totals 150,000 square feet, will begin seeing patients in January 2024. Situated on 20 acres, the development features a 120,000-square-foot clinic, 265 consult rooms, 60 patient rooms, an activities courtyard, full-service kitchen, dining room and social activities room. The General Services Administration (GSA), along with the VA, selected the project team, including Hoar Construction and Leo A Daly as the general contractor and architect, respectively. Lincoln Harris is the facility manager.
WOODBRIDGE, VA. — A joint venture between Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. has purchased a portfolio of four regional shopping centers in Woodbridge’s Dale City neighborhood. An affiliate of Interstate Management Inc. sold the properties, which total 470,000 square feet, for $52.8 million. The properties include Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza, all of which are located within three miles of each other along Dale Boulevard. The centers were 90 percent leased at the time of sale to tenants include Giant Food, Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo and Dollar General. The new ownership is working with MV+A Architects to renovate the interiors and exteriors of the portfolio. KLNB has been selected for the portfolio’s leasing assignment, and TSCG has been tapped to handle property management services.
CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.
TAMPA, FLA. — Marcus & Millichap has arranged the $7.3 million sale of a freestanding store located at 8701 W. Hillsborough Ave. in Tampa. The 64,031-square-foot retail property is net leased to Publix. Situated on 6.3 acres at the intersection of Memorial Highway and Hillsborough Avenue, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C., office procured the buyer, which provided a bid that was $1.3 million higher than the highest off-market bid.
AUSTIN, TEXAS — Texas-based private equity firm SPI Advisory has acquired Parkview Terraces, a 244-unit apartment community in South Austin. The property was originally developed in 2009 as Cortland Southpark Terraces and was recently renovated. According to Apartments.com, Parkview Terraces features one-, two- and three-bedroom units that range in size from 700 to 1,348 square feet and amenities such as two pools, a clubhouse, fitness center, business center, outdoor grilling and dining stations and a dog park. The seller and sales price were not disclosed. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal.