Property Type

Newmark Arranges Sale of 153,238 SF Office Building in Plano

by Taylor Williams January 22, 2024

PLANO, TEXAS — Newmark has arranged the sale of Parkway Centre IV, a 153,238-square-foot office building in the northern Dallas suburb of Plano. The six-story building, which was constructed in 2006 and underwent a $2 million renovation in 2021, sits on a 6.6-acre site at 2701 Dallas Parkway. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, an affiliate of Goldman Sachs, in the disposition of the property to a California-based BH Properties. Both parties requested anonymity. Parkway Centre IV was 82 percent leased at the time of sale.

January 22, 2024

Leasing Activity Office Texas

Deloitte Signs Office Lease for Four Floors at 23Springs in Uptown Dallas

by Taylor Williams January 22, 2024

DALLAS — Accounting giant Deloitte has signed an office lease at 23Springs, a 626,215-square-foot building in Uptown Dallas. The square footage was not disclosed, but the space encompasses four full floors. The deal, along with a 110,029-square-foot lease signed by Bank OZK, which also financed the building’s construction, in spring 2022 brings 23Springs to 34 percent occupancy. Robert Jimenez, Burson Holman and Elizabeth Fortado represented the landlord, Granite Properties, in the lease negotiations on an internal basis. Deloitte plans to relocate from Dallas Arts Tower to its new offices in spring 2026.

January 22, 2024

Leasing Activity Office Texas

Partners Real Estate Negotiates 44,258 SF Office Lease in Northwest San Antonio

by Taylor Williams January 22, 2024

SAN ANTONIO — Partners Real Estate has negotiated a 44,258-square-foot office lease at City View, a 221,373-square-foot building in northwest San Antonio. The 10-story building was constructed in 1986 at the corner of Interstate 10 and Huebner Road. Lindsey Tucker of Partners represented the landlord, California-based investment firm KBS, in the lease negotiations. Steve Garza, also with Partners, along with Mark McGranahan of Avison Young, represented the tenant, Wells Fargo.

January 22, 2024

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 5,798 SF Retail Building Leased to Firestone in El Paso

by Taylor Williams January 22, 2024

EL PASO, TEXAS — Marcus & Millichap has brokered the sale of a 5,798-square-foot retail building located at 12312 Eastlake Blvd. in El Paso that is leased to Firestone on a triple-net basis. The building was constructed on 1.3 acres in 2023. Don McMinn of Marcus & Millichap’s Taylor-McMinn Retail Group in Atlanta represented the seller in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity. McMinn commented, “This is our 13th Firestone closing and we just brought out two more in Orlando, Fla. and Lincoln, Neb. Despite the ample net lease inventory on the market and limited buyer pool, quality net lease inventory remains in short supply and high demand.”

January 22, 2024

Edgemere-Crossing-Shrewsbury-Massachusetts

Development Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $53.3M Construction Loan for Multifamily Project in Shrewsbury, Massachusetts

by Taylor Williams January 22, 2024

SHREWSBURY, MASS. — Cornerstone Realty Capital has arranged a $53 million construction loan for Edgemere Crossing, a 250-unit multifamily project in Shrewsbury, located in Worcester County in the central part of Massachusetts. Edgemere Crossing will house 116 one-bedroom units and 134 two-bedroom units that will be furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities will include a pool, clubhouse, fitness center, conference area, dog park and outdoor grilling and dining stations. The borrower and developer is a joint venture between The Dolben Co. and Belmont Capital. The direct lender was not disclosed.

January 22, 2024

Loans Multifamily New York Northeast

Derby Copeland Provides Two Acquisition Loans Totaling $20.8M for Manhattan Apartment Buildings

by Taylor Williams January 22, 2024

NEW YORK CITY — Derby Copeland Capital, a locally based lending and investment firm, has provided two acquisition loans totaling $20.8 million for a pair of Manhattan apartment buildings with a combined 51 units. In the first transaction, Derby Capital provided $17 million for a 31-unit building in the East Village that includes ground-floor retail space that is leased to Lucy’s Bar and Top Beauty Salon. In the second deal, the firm funded a $3.8 million loan for a 20-unit building in Rose Hill neighborhood. The undisclosed borrower(s) plans to use portions of the proceeds to fund capital improvements.

January 22, 2024

Development Mixed-Use New York Northeast

Monadnock Development Completes 136,000 SF Mixed-Use Project in Brooklyn

by Taylor Williams January 22, 2024

NEW YORK CITY — Locally based firm Monadnock Development has completed 300 Huntington, a 136,000-square-foot mixed-use building in Brooklyn. Designed by Dattner Architects and Bernheimer Architecture, the building consists of 49,000 square feet of office space and 17,000 square feet of retail and restaurant space, with the remainder dedicated for various industrial uses. The development also features an 8,700-square-foot esplanade that serves as a gateway to the Gowanus public waterfront park.

January 22, 2024

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $3.1M Sale of Retail Property in River Edge, New Jersey

by Taylor Williams January 22, 2024

RIVER EDGE, N.J. — Cushman & Wakefield has brokered the $3.1 million sale of River Edge Town Mall, a 21,537-square-foot retail property located about 15 miles northwest of Manhattan. The property sits on 1.5 acres and was fully leased to five tenants at the time of sale. Andy Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Kamack Associates LLC, and procured the undisclosed buyer in the transaction.

January 22, 2024

Company News Northeast Office Pennsylvania

Spiezle Architectural Group Opens 6,200 SF Office in Downtown Philadelphia

by Taylor Williams January 22, 2024

PHILADELPHIA — Spiezle Architectural Group has opened a 6,200-square-foot office at 615 Chestnut St. in downtown Philadelphia. The space features 30 seats and 26 open workstations for collaboration, as well as views of the Liberty Bell and Independence Hall. Bob Reid will lead the new office as principal. Spiezle now operates six offices across the country.

January 22, 2024

Company News Multifamily New York Northeast Single-Family Rental Top Stories

Blackstone Agrees to Buy Tricon Residential for $3.5B, Take Company Private

by Taylor Williams January 22, 2024

NEW YORK CITY AND TORONTO — Affiliates of Blackstone (NYSE: BX) have entered into an agreement to acquire Tricon Residential (NYSE: TCN) for $3.5 billion in a deal that will take the Canadian owner-operator private. The transaction is expected to close in the second quarter. One of the acquiring entities, Blackstone Real Estate Income Trust (BREIT), already has an 11 percent ownership stake in Tricon Residential following a $240 million equity purchase in 2020. Under the terms of the deal, the New York City-based global asset manager will acquire all outstanding shares of Tricon’s common stock for $11.25 per share in cash. The per-share price represents a 30 percent premium over Tricon’s closing stock price on Thursday, Jan. 18 and a 42 percent premium over the weighted average share prices of the last 90 days. Blackstone intends to maintain and leverage the Tricon platform as it undertakes $1 billion of single-family residential development in the United States and $2.5 billion of traditional multifamily development in Canada. Tricon’s U.S. platform encompasses roughly 2,500 single-family residences in various stages of development, as well as numerous land holdings that can support an additional 21,000 homes. Tricon’s apartment development pipeline in Canada consists of …

January 22, 2024

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