Property Type

LeCesse Development Completes 189-Unit Multifamily Project in Malta, New York

by Taylor Williams March 28, 2024

MALTA, N.Y. — Florida-based LeCesse Development Corp. has completed GrandeVille at Malta, a 189-unit multifamily project located about 30 miles north of Albany in Upstate New York. The project represents Phase II of a larger development, the initial phase of which comprised 292 units. Phase II residences are spread across three buildings and come in one-, two- and three-bedroom formats. Units are furnished with stainless steel appliances, quartz countertops, custom cabinetry, walk-in closets and individual washers and dryers. Amenities include an indoor pool, clubhouse, fitness center, game room, business lounge and a spa. Project partners included James Fahy Design Associates, general contractor Platinum-LeChase, Lansing Engineering and Five Star Bank. Rents start at about $1,700 per month for a one-bedroom apartment.

March 28, 2024

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $49.5M Agency Refinancing for Palmilla Apartments in Pensacola, Florida

by John Nelson March 28, 2024

PENSACOLA, FLA. — Walker & Dunlop has arranged a $49.5 million Fannie Mae loan for the refinancing of Palmilla Apartments, a 240-unit multifamily community located at 51 S. Coyle St. in Pensacola, a city on the Florida-Alabama border. Will Baker and Doug McDaniel of Walker & Dunlop’s Birmingham office arranged the five-year, fixed-rate loan on behalf of the borrower, Kore LLC. The borrower will use the proceeds to reach stabilization at Palmilla and pay off construction debt. Kore used Fannie Mae’s green platform for better pricing, according to Walker & Dunlop. Palmilla features studio, one-, two- and three-bedroom units ranging in size from 588 to 1,618 square feet, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, putting green and electric vehicle charging stations.

March 28, 2024

Development Industrial North Carolina Southeast

Opus Group Breaks Ground on 131,000 SF Speculative Industrial Facility in Huntersville, North Carolina

by John Nelson March 28, 2024

HUNTERSVILLE, N.C. — The Opus Group has broken ground on Huntersville Commerce Center, a 131,000-square-foot speculative industrial facility located at 13601 Reese Blvd. in Huntersville, about 12 miles north of Charlotte via I-77. The 11-acre project is situated within the Park at Huntersville, a master-planned development that houses tenants including Daumar, Atom Power, NSI Industries and Oelikon. Slated for delivery in the fourth quarter, Huntersville Commerce Center will feature 13 dock doors (expandable to 26), two drive-in doors, 32-foot clear heights, 11 trailer parking stalls and 130 auto parking stalls. The Opus Group is the developer, general contractor, architect and structural engineer of record on the project. Orsborn Engineering Group PA is serving as civil engineer. Justin Smith and Rob Speir of Colliers’ Charlotte office are marketing Huntersville Commerce Center for lease.

March 28, 2024

Development Florida Leasing Activity Mixed-Use Office Southeast

DigitalBridge Signs 79,141 SF Corporate Headquarters Lease at Sundy Village in Delray Beach, Florida

by John Nelson March 28, 2024

DELRAY BEACH, FLA. — DigitalBridge, a digital infrastructure investment firm active in data centers and cell towers, has signed a 79,141-square-foot office lease at Sundy Village, a mixed-use development located at 100 S.E. 1st Ave. in Delray Beach. The South Florida property will serve as the new corporate headquarters for DigitalBridge, which is relocating from nearby Boca Raton. The company plans to move its 300 employees to Sundy Village in the third quarter. The development’s other office tenants will include the developer, Pebb Capital, as well as Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee office leasing at Sundy Village, which also features retail space, structured and subterranean parking and green spaces.

March 28, 2024

Development Florida Leasing Activity Mixed-Use Retail Southeast

Bowlero Opens 30,000 SF Lucky Strike Bowling Alley at Miami Worldcenter

by John Nelson March 28, 2024

MIAMI — Bowlero Corp. has opened Lucky Strike Miami, a 30,000-square-foot entertainment venue within the $6 billion Miami Worldcenter development. The venue is the second new build for Bowlero using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami features 28 bowling lanes, an arcade, craft cocktail bar, food service and a VIP room with six private bowling lanes. The venue is situated adjacent to Kaseya Center, home arena of the NBA’s Miami Heat. Miami Worldcenter Associates is the master developer of the 27-acre district, which comprises 10 city blocks and features three residential towers and the newly opened citizenM hotel, among other uses.

March 28, 2024

Leasing Activity New York Northeast Office

Clune Construction to Relocate Manhattan Headquarters Office

by Taylor Williams March 28, 2024

NEW YORK CITY — Clune Construction will relocate its Manhattan headquarters office from 405 Lexington Avenue to 655 Third Avenue. The national general contracting firm will occupy the entire third floor of the building via a 23,437-square-foot lease. John Mambrino and Nicholas Farmakis of Savills represented Clune in the lease negotiations. Tom Bow, Ashlea Aaron and Bailey Caliban represented the landlord, The Durst Organization, on an internal basis. The deal brings the building to 85 percent occupancy. A timeline for occupancy was not disclosed.

March 28, 2024

Industrial Leasing Activity New York Northeast

CBRE Negotiates 16,750 SF Industrial Lease in Thornwood, New York

by Taylor Williams March 28, 2024

THORNWOOD, N.Y. — CBRE has negotiated a 16,750-square-foot industrial lease in Thornwood, about 30 miles north of Manhattan. William Cuddy of CBRE represented the tenant, Healy Electric Contracting, in the lease negotiations. Michael Rao and Frank Rao of New York Commercial Realty Group (NYCRG) represented the locally based landlord, Simone Development Cos. The 120,000-square-foot building, which sits on 12 acres at 1 Zeiss Drive and features clear heights of 14 to 18 feet, is also partially leased to The Home Depot.

March 28, 2024

Leasing Activity New York Northeast Retail

DXL Big + Tall Signs 10,500 SF Retail Lease in Manhattan’s Chelsea District

by Taylor Williams March 28, 2024

NEW YORK CITY — Men’s apparel retailer DXL Big + Tall has signed an eight-year, 10,500-square-foot retail lease at 675 Avenue of the Americas in Manhattan’s Chelsea district. The building was originally constructed in 1901 to house the Adams Dry Goods department store. Joanne Podell and Michael Shalom of Cushman & Wakefield represented DXL Big + Tall, which will relocate from 703 Avenue of the Americas this summer to a space previously occupied by Harmon Face Value, in the lease negotiations. Benjamin Birnbaum and Andrew Taub of Newmark, along with internal agent Jeffrey Gural, represented the landlord, GFP Real Estate.

March 28, 2024

Acquisitions Midwest Ohio Retail

SRS Real Estate Partners Brokers $11.9M Sale of Shopping Center in Toledo, Ohio

by Kristin Harlow March 28, 2024

TOLEDO, OHIO — SRS Real Estate Partners has brokered the $11.9 million sale of Airport Square, a 187,252-square-foot shopping center located on Airport Highway in Toledo. Situated on approximately 23 acres, the property is 99 percent occupied by tenants such as Urban Air Adventure Park, Discount Fashion Warehouse, American Freight and DaVita Healthcare. Urban Air recently signed a 10-year lease at the center. Jack Cornell, Matthew Mousavi and Patrick Luther of SRS, along with Mac Lehrer of Hoty Enterprises, represented the seller, Oklahoma City-based Frayer Properties. SRS also represented the buyer, a private investor based in Las Vegas. Matt Shane of SF Capital Group procured the debt.

March 28, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $7.2M Condo Deconversion Sale in Chicago’s Lakeview Neighborhood

by Kristin Harlow March 28, 2024

CHICAGO — Kiser Group has negotiated a $7.2 million condo deconversion sale in Chicago’s Lakeview neighborhood. Originally listed for sale in 2021 by the condominium association’s property manager, the 41-unit property went in and out of contract for two years. Andy Friedman and Jake Parker of Kiser represented the buyer, Langdon Partners, which plans to fully renovate the building. “Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution,” says Friedman. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

March 28, 2024

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