SECAUCUS, N.J. — Cushman & Wakefield has negotiated a 67,663-square-foot industrial lease at 700 Penhorn Ave. in the Northern New Jersey community of Secaucus. The building spans 105,975 square feet and features a clear height of 35 feet, 120 parking spaces, six loading docks and one drive-in door. Chuck Fern, Thomas Tucci, Stephen Shoemaker, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented the landlord, Sinai Associates Inc., in the lease negotiations. The tenant is third-party logistics firm Advanced International Freight. The building is now fully leased.
CAMBRIDGE, MASS. — A partnership between Capstone Communities and Hope Real Estate Enterprises has opened Frost Terrace, a 40-unit affordable housing complex in Cambridge. Designed by Bruner/Cott Architects, the property consists of four buildings that house one-, two- and three-bedroom units that are reserved for renters earning between 30 and 60 percent of the area median income. Amenities include a community room, outdoor green spaces and onsite laundry facilities. Frost Terrace received over 900 applications during its initial leasing cycle.
BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …
By Herb Weitzman, executive chairman, Weitzman The major Texas metro areas of Austin, Dallas-Fort Worth, Houston and San Antonio all share one thing in common: Their retail markets are posting balances of supply and demand that outpace every other major commercial real estate category. This milestone was not achieved without overcoming significant obstacles. The major Texas retail markets have survived decades of back-to-back challenges, including major market disruptors like e-commerce, the 2008 Financial Crisis that knocked out several major chains and 2020’s pandemic-induced shutdowns. Each of these significant disruptions and challenges first resulted in store closings and higher vacancy rates. But retail operators as well as commercial brokers and landlords all learned from the setbacks by embracing the lessons of these disruptions to understand how to creatively bounce back stronger. As a result of the market’s careful pivoting, the retail markets in Texas’ major metros have right-sized and are reporting a yearslong trend of balance in supply and demand. To illustrate this point, we used the mid-year reports from CoStar Group on the non-retail CRE types. We compared retail vacancy rates in the four Texas markets to CoStar’s mid-year rates for the industrial, office and multifamily spaces in each of …
TYSONS, VA. — The Fairfax County Redevelopment and Housing Authority has purchased a two-acre site near the Spring Hill Metro station in Tysons. The county has reached an agreement with regional nonprofit Arlington Partnership for Affordable Housing (APAH) to develop Dominion Square, a 516-unit affordable housing development that will feature two 20-story towers and a 33,000-square-foot community center operated by the county. The land, which formerly comprised surface parking lots used by auto dealerships, is ground-leased to APAH for 85 years. APAH plans to break ground later this year and deliver the community in 2027. Amazon provided a $55 million loan from its Housing Equity Fund for the Dominion Square project, and Fairfax County has approved the issuance of up to $89 million in tax-exempt bonds.
CHARLESTON, S.C. — Woodfield Development has opened Morrison Yards Residences, a mixed-use apartment community located within the larger Morrison Yards master-planned development in Charleston. The property, which features 380 apartments and 27,250 square feet of ground-floor retail space, is located on a five-acre site at 838 Morrison Drive within an opportunity zone. Revitate’s opportunity zone platform RevOz Capital led investment in Morrison Yard, which upon completion will feature a 10-story office building, Kimpton Hotel and 40,000 square feet of retail space, in addition to Morrison Yards Residences. The apartment community includes studios, one-, two- and three-bedroom floor plans, as well as an open-air saltwater pool with sundecks, cabanas, grilling stations and TVs. Other amenities include 1.5 acres of outdoor courtyards, a dog park and a gym with fitness classes. Additionally, the property will be programmed with group gatherings such as wine tastings and cookouts. Rental rates start at $2,264 per month, according to the property website.
MIAMI — Simon has opened Life Time Miami at The Falls, a three-story, 120,000-square-foot athletic club that features an upscale fitness center, spa, connected beach club, saltwater pools, water slides, cabanas, café and a bar. The center is located within The Falls, Simon’s 55-acre shopping, dining and entertainment destination. The property features three indoor pickleball courts; 130 weekly Pilates, barre, cycle, group fitness and Yoga classes; lap, leisure and whirlpools; steam rooms; saunas; cold-plunge pool; locker rooms; members lounge; and Kids Academy. Life Time operates four other locations in South Florida and six overall with Simon.
BIRMINGHAM, ALA. — Ackerman & Co. has acquired a 307,200-square-foot distribution center located on a 45.6-acre site at 1532 Midfield Industrial Blvd. in Birmingham. Completed in 2005, the property was fully leased at the time of sale to discount retail giant Dollar General. The facility features 28-foot ceilings and a Norfolk-Southern rail line that feeds directly into the building, as well as 17 dock-high doors, one drive-in door, 11-inch thick floors and solar panels on the roof. The acquisition includes a 23-acre parcel that can accommodate an expansion, build-to-suit opportunities or outside/trailer storage. This is the first acquisition in Alabama for Atlanta-based Ackerman & Co. Philip Yost of CBRE represented the seller, Joe Piper Inc., in the transaction. The sales price was not disclosed.
BALTIMORE — MAG Partners has debuted Volo Beach, a 184,732-square-foot multipurpose sports entertainment venue located at Baltimore Peninsula (formerly Port Covington). The destination is a partnership between the developers of the $5 billion, 235-acre Baltimore Peninsula development, led by MAG Partners, and Volo Sports, a national provider of social and competitive adult sports leagues. Situated on more than four acres near the waterfront, Volo Beach is located directly behind the newly opening 1.1 million square feet of offices, shops, restaurants, apartments and hotels within Baltimore Peninsula. The venue will offer beach volleyball and pickleball courts, in addition to fields for kickball, soccer and flag football. The space features entertainment amenities like picnic tables and cornhole, and visitors will be able to enjoy food and beverages and sometimes live music. The leagues at Volo Beach, including youth leagues, are expected to be in full swing this fall.
NEW BRAUNFELS, TEXAS — Developer CLX Ventures is underway on construction of New Braunfels Commerce Center, a 651,010-square-foot speculative industrial project that will be located on the northeastern outskirts of San Antonio. Designed by Powers Brown Architecture, New Braunfels Commerce Center will consist of four buildings ranging in size from 129,632 to 204,874 square feet on a 46.7-acre site. All four buildings will feature 32-foot clear heights and rear-load configurations. Stream Realty Partners is the leasing agent. Delivery is slated for spring 2024.