EDISON, N.J. — CBRE has secured an 80,250-square-foot industrial lease in the Northern New Jersey community of Edison. The building at 74 Carter Drive features a clear height of 32 feet, 14 loading docks and 29 parking spaces. Chad Hillyer, Kevin Dudley, Tristan Askew, Jake Westfall, Nicholas Klacik and Kate Granahan of CBRE represented the tenant, Roca Tile, which is relocating from nearby Carteret, in the site selection and lease negotiations. Wick Cos. owns the building.
BOSTON — M&T Bank has signed a 39,000-square-foot office lease at Winthrop Center, an 812,000-square-foot mixed-use complex in downtown Boston. George O’Connor and Thomas Ashe of Cushman & Wakefield represented M&T Bank, which plans to move in this fall, in the lease negotiations. CBRE represented the landlord, New York City-based Millennium Partners. Other tenants at Winthrop Center include Deloitte, McKinsey & Company and ECG Management Consultants.
NEW YORK CITY — Berkadia has secured the title of top agency lender for 2023. The firm closed roughly $6.6 billion in Freddie Mac loans and $5.3 billion in Fannie Mae loans, good for the first and second place, respectively, among qualified government-sponsored enterprise (GSE) lenders. Berkadia was also the top HUD lender in terms of volume, closing $1.2 billion in HUD-insured loans in 2023.
ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …
— By Robert Ritschel and Andrew Herron, Senior Vice Presidents, The Saywitz Company — The industrial sector for Orange County commercial real estate continues to be one of the strongest in the country. Vacancy rates in Orange County for industrial space remain at approximately 2 percent. What this means for tenants out in the marketplace is a continued struggle to find viable space. When combining limited availability with the fact that some of the buildings are older or obsolete, or may have lower ceiling height or reduced power, this makes the challenge even more difficult. With that said, we have seen the sales prices for industrial space level off and we have also now, for the first time in the past several years, begun to see landlords offer free rent and move-in concessions, and come off of their asking prices. The days of five or 10 different tenants looking at one available space in the marketplace seem to be over, and those with good credit looking to sign long-term leases clearly stand out from the mom-and-pop operator that may be looking to sign a short-term lease. Landlords on the industrial side appear to be much more conscious of the changing …
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Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates
High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …
ATLANTA — Tribridge Residential is underway on the development of The Goat Farm, a 209-unit apartment community located in Atlanta. Situated on four acres within the 12-acre The Goat Farm arts complex, the development is a collaboration with the arts-based social enterprise of the same name. In addition to apartments in studio, one- and two-bedroom layouts, the property will feature 24,000 square feet of artist studio and exhibition space, and 32 units will be reserved as affordable housing for households earning 80 percent or less of the area median income (AMI). Amenities will include a rooftop pool, fitness center and a dog washing station. Move-ins are scheduled to begin this spring. The partnership between Tribridge and The Goat Farm will comprise additional phases, including the restoration of historic structures at the complex.
PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.
CARY, N.C. — Atlanta-based Stonemont Financial Group has acquired a 154,096-square-foot industrial facility located at 101 Stamford Drive in Cary, a suburb of Raleigh. Built in 1994, the building is situated on 15.9 acres and features 24-foot clear heights, 50 car parking spaces, 12 exterior dock doors and 5,086 square feet of office space. Stonemont plans to renovate the property on behalf of a consumer goods company, which will occupy the building beginning this year. Planned improvements include a new roof, interior upgrades and expansion of trailer parking. The project team includes general contractor Choate Construction and civil engineer WithersRavenel. Joe Messina and Jon Vanderplough of JLL represented the tenant in the lease negotiations.
BON AIR, VA. — Jones Street Investment Partners has acquired Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air. Locally based Capital Square sold the property for an undisclosed price. Residences at the 28-acre community include one-, two- and three-bedroom apartments across 37 two-story buildings. Amenities at the property include a resident lounge, business center, dog park, fitness enter, swimming pool with a sun deck and a playground. A majority of units have recent undergone renovations, and the buyer plans to implement improvements to the remaining 77 units.