Property Type

Divaris Arranges $18.4M Sale of Merchant’s Walk Shopping Center in Metro Richmond

by John Nelson September 19, 2023

HENRICO, VA. — Divaris Real Estate has arranged the $18.4 million sale of Merchant’s Walk Shopping Center, a 219,972-square-foot retail center located at 7580 W. Broad St. in Henrico. Situated about 10 miles northwest of Richmond, Merchant’s Walk was 97 percent leased at the time of sale to 38 retailers, including anchors Food Lion, AutoZone and JoAnn Fabric and Craft. Local investment firm Qi Lin purchased the 20-acre property from the undisclosed seller. John Madures of Divaris represented the buyer in the transaction. Qi Lin has retained Divaris to lease Merchant’s Walk, which has two retail availabilities, as well as affiliate Divaris Property Management Corp. to operate the center.

September 19, 2023

Georgia Leasing Activity Office Southeast

CP Group Signs Two New Tenants at 3225 Cumberland Office Building in Atlanta

by John Nelson September 19, 2023

ATLANTA — CP Group has signed leases with two new tenants at its 220,000-square-foot office building located at 3225 Cumberland Blvd. in Atlanta. Steam Logistics and National Endovascular Associates will occupy 10,900 and 6,144 square feet at the nine-story property, respectively. Amenities at the building, which is located roughly one mile from Cobb Galleria Centre and two miles from Truist Park, include a fitness center, shared conference rooms, transportation lounge and 24-hour security. Paul Hanna of JLL represented Steam Logistics in the lease negotiations, and Bill Langley of DT Spade represented National Endovascular Associates. Kevin Driver and Parker Welton of Stream Realty Partners represented the Boca Raton, Fla.-based landlord in both transactions.

September 19, 2023

Acquisitions Georgia Healthcare Southeast

Bull Realty Brokers $5.9M Sale of Two-Property Medical Office Building Portfolio in Metro Atlanta

by John Nelson September 19, 2023

DULUTH AND SUWANEE, GA. — Atlanta-based Bull Realty Inc. has brokered the $5.9 million sale of a two-property medical office building portfolio in metro Atlanta. The single-tenant assets, located at 3850 Pleasant Hill Drive in Duluth and 3770 Paddocks Parkway in Suwanee, were fully leased to Anne Arundel Dermatology at the time of sale. The buyer was a partnership between two entities doing business as GB Derm Medical LLC and Safe Harbour Exchange LLC. Paul Zeman of Bull Realty’s Healthcare Services Group represented the seller, an unnamed high-net-worth individual.

September 19, 2023

Industrial Leasing Activity New Jersey Northeast

Global Courier Express Signs 96,375 SF Industrial Lease in Kearny, New Jersey

by Taylor Williams September 19, 2023

KEARNY, N.J. — Global Courier Express has signed a 96,375-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 205 Campus Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp. in the lease negotiations. Jimo Liu with Avison Young represented Global Courier Express.

September 19, 2023

Healthcare Leasing Activity Northeast Pennsylvania

CBRE Negotiates 29,000 SF Healthcare Lease in Philadelphia

by Taylor Williams September 19, 2023

PHILADELPHIA — CBRE has negotiated a 29,000-square-foot healthcare lease in Philadelphia. According to LoopNet Inc., the six-story, 29,130-square-foot building at 3261 Tulip St. was originally constructed in 1960. Les Haggett and Kieara Hill of CBRE represented the tenant, Florida-based provider Praesum Healthcare Services, in the negotiations for the full-building lease. The name and representative of the landlord were not disclosed.

September 19, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Reports: Boston Planning & Development Agency Approves Master Plan for $5B Dorchester Bay City Mixed-Use Project

by Taylor Williams September 19, 2023

BOSTON — The Boston Planning & Development Agency has approved the master plan of Dorchester Bay City, a mixed-use project on the city’s south side, according to a host of local media sources. The Boston Globe reports that the waterfront project, which is a redevelopment of the former site of the Bayside Expo Center, carries a price tag of roughly $5 billion. Accordia Partners, which is a partnership between Boston developers Kirk Sykes and Dick Galvin, and New York-based Ares Capital Corp. lead the development team. According to The Dorchester Reporter, the latest plans for the development call for 21 buildings totaling roughly 6.1 million square feet across a total acreage of 36.2 acres. The buildings will house office, life sciences, residential, retail, restaurant and office uses, and most will include underground parking, per the media outlet. According to the project webpage, Dorchester Bay City will feature a 2.7-acre park at the water’s edge; a 6,300-square-foot pavilion with various amenities; and an 8,000-square-foot learning and innovation center. Approximately 20 percent of the residential inventory to be designated as affordable housing, specifically for households earning 70 percent or less of the area median income. The development team plans to make $36.8 …

September 19, 2023

California Industrial Market Reports Western Western Market Reports

Commercial Real Estate Goes Hollywood as Investors Buy Studios, Soundstages

by Jeff Shaw September 19, 2023

— By Nellie Day — Santa Monica, Calif.-based BLT Enterprises has been an owner, investor, developer and manager of commercial properties since 1984. The firm has seen a lot of changes over that time, which means adaptability remains key to its strategy — and long-term survival. One of the ways the firm is adapting to current market conditions is through the acquisition and operation of production studios and soundstages. The most recent data on usage and demand for these product types is from the year 2020. At this time, CBRE noted there was 11 million square feet of soundstage space in North America, with half of it being in Los Angeles. Speaking of 2020, the pandemic was also responsible for a 74 percent year-over-year increase in streaming video demand. FilmLA’s 2020 Sound Stage Production Report also noted the industry maintained an average occupancy of 94 percent that year, with the report further showing television production increased 10 percent in 2020. For comparison, studio occupancy averaged 70 percent in 2017. Though the world isn’t locked down the way it was in 2020, digital content demand shows no signs of slowing down. Consumers will spend an estimated $151 billion on technology services, …

September 19, 2023

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Student Housing Texas Western

Multifamily Must Innovate, Adapt Now to Anticipate Resident Connectivity Demands

by Sarah Daniels September 19, 2023

“Traditional wired and wireless networks are becoming faster and more reliable with each new standard on the market,” says Pavlov Media CEO Cory Douglas. “We’re seeing multifamily consumers extend these data networks well beyond the need for just for voice and video. There are all kinds of new demands on multi-dwelling units (MDUs) for integrating Internet of Things (IoT), life safety and power and water management systems into traditional data networks.” For more than 30 years, Pavlov Media has been the leading national provider of residential Wi-Fi service, and now, with Douglas as the company’s newly named CEO, Pavlov Media has plans to build on its success through its unique technology and its eye on the innovation required by multifamily’s evolving needs. Douglas, promoted to replace retiring founder and CEO Mark Scifres, says what sets Pavlov Media apart is its ability to rapidly implement broadband Wi-Fi and video solutions for any style of community, located in any part of the country. “That capability is really driven by the investments in our back office, technology and engineering workflows that we’ve developed over time,” Douglas explains. “It’s our goal to make the purchasing and deployment experience easy for our customers. It’s done …

September 19, 2023

Development Industrial Texas

Newmark Arranges Joint Venture Equity for 173,680 SF Industrial Project in Irving

by Taylor Williams September 18, 2023

IRVING, TEXAS — Newmark has arranged an undisclosed amount of joint venture equity for TriStar Business Park, a 173,680-square-foot industrial project in Irving. The development will comprise two buildings with 32-foot clear heights, 100-plus trailer parking stalls, eight-plus dock-high doors, 130- to 140.5-foot truck court depths and ESFR sprinkler systems. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark arranged the joint venture equity between the investor, MBK Industrial Properties, and the sponsor, Hopewell Development.

September 18, 2023

Company News Georgia Office Southeast

US Soccer to Relocate from Chicago to Atlanta, Build National Training Center

by John Nelson September 18, 2023

ATLANTA — The U.S. Soccer Federation has announced plans to develop a National Training Center in Atlanta, relocating the organization’s headquarters from Chicago. The center will be utilized by all of the 27 U.S. Soccer National Teams. Philanthropist and owner of the Atlanta Falcons and Atlanta United Arthur Blank has contributed $50 million to support the development of the center. Part of the contribution will be dedicated to the construction of facilities for U.S. Soccer’s nine Extended National Teams (ENTs), particularly the Cerebral Palsy, Deaf and Power Soccer teams. Support from the Arthur M. Blank Family Foundation will also provide community programming. Advised by Deloitte, J.T. Batson, CEO and secretary general of U.S. Soccer, is leading the search for a site in metro Atlanta. A final decision on the location for the development will be made in January.

September 18, 2023

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