Property Type

McGarvey Development Sells CenterLinks Business Park in Fort Myers to EQT Exeter for $92.5M

by John Nelson June 25, 2024

FORT MYERS, FLA. — McGarvey Development has sold CenterLinks Business Park, a 41-acre property in Fort Myers, to EQT Exeter for $92.5 million. Situated along Oriole Road west of I-75, the property features nine warehouses spanning 450,000 square feet that were leased to 40 tenants at the time of sale. CenterLinks features 100 percent dock-high flex units as well as space that can be used as office or medical office. Four years after breaking ground, McGarvey Development began receiving acquisition offers from private equity firms when the park was about 90 percent built out. A chance encounter between longtime acquaintances McGarvey president John McGarvey and Ward Fitzgerald, global CEO of EQT Exeter, led to the acquisition, which is the largest industrial sales price in the history of Southwest Florida’s Lee County, according to McGarvey.

June 25, 2024

Development North Carolina Retail Southeast

Branch, Columbia Acquire Development Site in Fayetteville, North Carolina for Publix-Anchored Shopping Center

by John Nelson June 25, 2024

FAYETTEVILLE, N.C. — Branch Properties and Columbia Properties have purchased a 16.7-acre development site in Fayetteville, a city in south-central North Carolina. The Atlanta-based developers plan to break ground on Rockfish Village, a grocery-anchored shopping center that will span 76,237 square feet, including a 48,387-square-foot Publix store. Situated at the signalized intersection of Rockfish and King roads, the property will also feature 27,850 square feet of inline retail space and 2.4 acres of outparcels. Branch and Columbia plan to break ground on the development early next year and deliver the center by the end of 2025. In addition to Kingfish Village, Branch is underway on five other Publix-anchored shopping centers across the Southeast, including One Nexton in the Charleston suburb of Summerville, S.C.

June 25, 2024

Acquisitions Retail Southeast Tennessee

Cushman & Wakefield | Commercial Brokers Sale of 107,000 SF Shopping Center in Manchester, Tennessee

by John Nelson June 25, 2024

MANCHESTER, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Whispering Pines, a 107,000-square-foot shopping center in Manchester, a city in Tennessee midway between Nashville and Chattanooga via I-24. Located at 2161 Hillsboro Blvd., the property was fully leased at the time of sale. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the buyer, an entity doing business as BAG3 Holding LLC, in the transaction. Lane Breedlove and Margaret Jones of Cushman & Wakefield represented the seller, an entity doing business as Core Whispering Pines LLC. The sales price was not disclosed.

June 25, 2024

Acquisitions Seniors Housing South Carolina Southeast

Berkadia Negotiates Sale of Two Seniors Housing Communities in South Carolina

by John Nelson June 25, 2024

COLUMBIA AND MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The sales price and specific locations were not disclosed.

June 25, 2024

Affordable Housing Connecticut Development Loans Multifamily Northeast

KeyBank Provides $51.5M in Financing for Multifamily Conversion Project in Meriden, Connecticut

by Taylor Williams June 25, 2024

MERIDEN, CONN. — KeyBank has provided $51.5 million in financing for a multifamily conversion project in Meriden, located roughly midway between New Haven and Hartford. The sponsor, Trinity Financial, will redevelop the former manufacturing facility of musical instrument maker Aeolian Co. into an 82-unit mixed-income housing complex. The historic building is located at 85 Tremont St. and was originally constructed in 1887. Units will be subject to a range of income restrictions, with 11 residences to be rented at market rates. Amenities will include a fitness center, community room and a children’s play area. KeyBank provided a $24.5 million construction loan as the primary debt component of the financing package, and Trinity secured another $27 million in equity financing from a multitude of different sources. A tentative completion date was not disclosed.

June 25, 2024

Acquisitions Industrial Loans New Jersey Northeast

Cushman & Wakefield Negotiates Sale of 506,723 SF Industrial Park in Totowa, New Jersey

by Taylor Williams June 25, 2024

TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of a 506,723-square-foot industrial park in the Northern New Jersey community of Totowa. Totowa Commerce Center consists of 12 industrial buildings, one office building and a 5.8-acre development site. Building features include clear heights of 21 to 23 feet, 92 loading positions and aggregate parking for more than 1,400 cars. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, New Jersey-based Heritage Capital Group, in the transaction. The team also procured the buyer, Boston-based Longpoint Partners. The park was leased to more than 50 tenants at the time of sale. PGIM Real Estate provided a $63.5 million fixed-rate acquisition loan for the deal.

June 25, 2024

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers $18.2M Sale of Midtown Manhattan Hotel

by Taylor Williams June 25, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $18.2 million sale of The Hudson River Hotel, a 15-story, 56-room hotel located at 442 W. 36th St. in Midtown Manhattan. According to LoopNet Inc., the hotel was originally constructed in 1999 and renovated in 2013. Jerry Swon, Robert Hunter and Leo Reilly of Marcus & Millichap represented the seller, an undisclosed institutional investment firm, in the transaction and procured the buyer, Hudson West Hospitality.

June 25, 2024

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $11M Loan for Refinancing of Northern New Jersey Warehouse

by Taylor Williams June 25, 2024

ELIZABETH, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged an $11 million loan for the refinancing of a 223,000-square-foot shopping center located at 750 Dowd Ave. in the Northern New Jersey community of Elizabeth. Wesley Wilcox and Albert Raymond of G.S. Wilcox arranged the loan, which carries a 10-year term and a 25-year amortization schedule, through a correspondent life insurance company. The borrower was locally based firm Elberon Development Group.

June 25, 2024

Leasing Activity New York Northeast Office

Dice Career Solutions Signs 12,007 SF Office Lease Extension in Midtown Manhattan

by Taylor Williams June 25, 2024

NEW YORK CITY — Dice Career Solutions, which provides networking opportunities for the technology industry, has signed a 12,007-square-foot office lease extension in Midtown Manhattan. The company will remain at 1040 Avenue of the Americas, a 24-story building, for the next 10 years. Billy Cohen, J.D. Cohen and Ariel Harwood of Newmark represented the owner, Skyline Developers, in the lease negotiations. The tenant representative was not disclosed.

June 25, 2024

Industrial Loans Midwest Minnesota Self-Storage

Värde Partners Provides $185M Loan for Refinancing of Self-Storage Portfolio Across Six States

by Kristin Harlow June 25, 2024

MINNEAPOLIS — Minneapolis-based Värde Partners has provided a $185 million loan for the refinancing of a multi-state self-storage portfolio. The borrower was a joint venture between Metro Storage and Fremont Realty Capital. The portfolio comprises 20 Class A properties in markets across Illinois, New Jersey, Pennsylvania, Minnesota, New York and Wisconsin. With 14,214 units in total, the assets include more than 1.5 million net rentable square feet. Kim Bishop, Eric Snyder, Tom Sherlock, Mason Brusseau and Lauren Maehler of Talonvest Capital arranged the floating-rate bridge loan with a three-year initial term and two one-year extension options.

June 25, 2024

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