Property Type

JLL Arranges $49.7M Construction Loan for Multifamily Project in Livingston, New Jersey

by Taylor Williams June 27, 2023

LIVINGSTON, N.J. — JLL has arranged a $49.7 million construction loan for Highgate at Livingston, a 169-unit multifamily project that will be located in Northern New Jersey. The complex will offer one, two- and three-bedroom units that will be furnished with stainless steel appliances, walk-in closets and individual washers and dryers. Amenities will include a pool, fitness center, clubhouse, coworking lounge, outdoor grilling and dining areas and a dog run. Michael Gigliotti, Matthew Pizzolato, Michael Lachs and Benjamin Morgenthal of JLL arranged the floating-rate loan through Truist Bank on behalf of the borrower, Continental Properties.

June 27, 2023

Acquisitions Connecticut Northeast Retail

GreenLake Provides $34.4M in Financing for Shopping Center in Shelton, Connecticut

by Taylor Williams June 27, 2023

SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.

June 27, 2023

Industrial Leasing Activity New Jersey Northeast

Armstrong Logistics Signs 70,887 SF Industrial Lease in Edgewater, New Jersey

by Taylor Williams June 27, 2023

EDGEWATER, N.J. — New Jersey-based Armstrong Logistics has signed a 70,887-square-foot industrial lease in the Northern New Jersey community of Edgewater. According to LoopNet Inc., the single-tenant property at 801 Bridgeboro Road was built in 1980 and features a clear height of 27 feet and six exterior dock doors. Scott Mertz of NAI Mertz represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

June 27, 2023

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 35,235 SF Industrial Lease in Fairfield, New Jersey

by Taylor Williams June 27, 2023

FAIRFIELD, N.J. — CBRE has negotiated a 35,235-square-foot industrial lease in the Northern New Jersey community of Fairfield. The property at 10 Evans St. offers a clear height of 36 feet. Kate Granahan, Nicholas Klacik and Sean Dodd of CBRE represented the tenant, countertop and flooring products provider Caesarstone, in the lease negotiations. Kevin Dudley and Chad Hillyer, also with CBRE, represented the landlord, Stalwart Equities.

June 27, 2023

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers Sale of 9,560 SF Industrial Flex Building in Denville, New Jersey

by Taylor Williams June 27, 2023

DENVILLE, N.J. — NAI Hanson has brokered the sale of a 9,560-square-foot industrial flex building in the Northern New Jersey community of Denville. According to LoopNet Inc., the single-tenant property at 305 Palmer Road was built in 1981 and renovated in 1988. Joseph Vindigni of NAI Hanson represented the seller, Venturini Investments Group, in the deal. Charity Realty International represented the buyer, Groome Industrial Service Group.

June 27, 2023

California Market Reports Retail Western Western Market Reports

Premiering Premier Retail Space in Los Angeles

by Jeff Shaw June 27, 2023

One word comes to mind when you pair Los Angeles and real estate: expensive. But creating a premier space can attract top-notch tenants, which then brings in the nearby clientele that can afford to live, work and play in, well, LA. Of course, tourists are enthusiastic spenders as well. Price tags and calories don’t count when you’re on vacation, after all. Way Out West Malibu-based developer, manager and sponsor Christina knows all about what it takes to cultivate a dynamic retail offering in Los Angeles. In uber-developed areas like this, it typically takes a tired or underachieving retail space in a prime location that can be made into something grand. “Christina operates with a laser focus on investing only in the ultra-prime submarkets of Los Angeles: Beverly Hills, Brentwood, Century City, Malibu, Santa Monica, Westwood, West Hollywood and Venice/Silicon Beach,” says Lawrence “Larry” Taylor, founder and CEO of Christina. “Redevelopment opportunities in these submarkets, which have limited inventory of pedestrian-oriented retail streets, are rarely available.” Given their scarce availability, the 46-year-old firm’s strategy has been to establish and maintain relationships with property owners in these markets. “Then, when disposition opportunities present themselves due to life changes, estate planning or similar reasons, …

June 27, 2023

Brian Cornell Hotel to Mulitfamily conversion

Affordable Housing Content Partner Features Hospitality Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Underutilized Hotel Properties Present Conversion Opportunities for Multifamily, Affordable Housing

by Sarah Daniels June 27, 2023

Walker & Dunlop is finding financial success while helping to provide high-demand, affordable housing in key markets by converting hotel assets into multifamily buildings. Brian Cornell, managing director at Walker & Dunlop Investment Partners (WDIP), says his firm is identifying hotels that are already built out and can accommodate market-rate multifamily use. Extended-stay hotels have the best layout for this type of conversion because their footprint already includes the floor plans and many of the amenities that multifamily residents expect. “The units are typically one-bedroom, but with some two-bedroom suites and studios,” he outlines. “This creates a variety of unit types within the existing physical build-out of the property, and these assets can operate as true multifamily without having to combine walls and do extensive capital renovations.” When it comes to location, Cornell explains, “We prefer infill locations that have strong employment drivers and a dearth of affordable housing.” Underutilized Properties, Multifamily Strategies The three investments Walker & Dunlop has done in the past two years are in the heart of commercial corridors, in areas where there are limited multifamily projects within a two-to-three-mile radius offering rents that can support an 80 percent area median income (AMI) threshold. One is …

June 27, 2023

Georgia Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 234,200 SF Industrial Lease in Locust Grove, Georgia

by John Nelson June 26, 2023

LOCUST GROVE, GA. — Cushman & Wakefield has arranged a 234,200-square-foot lease at Gardner Logistics Park, an industrial development located at 381 Davis Lake Road in Locust Grove, roughly 40 miles southeast of Atlanta. Tenant NVH Korea, an acoustic and thermal management company, will occupy Building 2 at the property, which was built as part of Phase II of the three-phase development. James Phillpott, Ray Stache, Lisa Pittman and Helen Cauthen of Cushman & Wakefield represented the landlord, Indianapolis-based Scannell Properties, in the leasing negotiations. NVH Korea marks the sixth major tenant to lease space at Gardner Logistics Park.

June 26, 2023

Development Georgia Restaurant Retail Southeast

200 Peachtree Group Underway on Two Restaurant Developments in Downtown Atlanta

by John Nelson June 26, 2023

ATLANTA — 200 Peachtree Group , an Atlanta-based owner and operator of food-and-beverage/entertainment brands, is underway on the development of two restaurants located at 200 Peachtree St. in downtown Atlanta. SKOL Brewing Co., a craft brewery, will comprise 5,000 square feet and is expected to open later this year. Food, beverage and entertainment hall Valhalla Social is scheduled to open in spring or summer 2024 and will total 15,000 square feet, with seating for roughly 300 people. CNNA Architects is the architect for both projects, which hope to capitalize on major tourism events coming to downtown Atlanta, including the 2025 College Football Playoff National Championship and the 2026 FIFA World Cup.

June 26, 2023

Acquisitions Georgia Retail Southeast

JLL Brokers Sale of 53,559 SF Retail Center in Metro Atlanta

by John Nelson June 26, 2023

MARIETTA, GA. — JLL Capital Markets has brokered the sale of Merchant’s Festival, a 53,559-square-foot retail center located at 1401 Johnson Ferry Road in Marietta, roughly 20 miles northwest of Atlanta. Target shadow-anchors the center. Jim Hamilton, Brad Buchanan and Anton Serafini of JLL represented the seller, a real estate fund advised by Crow Holdings Capital. Last Mile Investments acquired the property for an undisclosed price. Tenants at Merchant’s Festival, which was 85 percent leased at the time of sale, include Which Wich, Leslie’s Swimming Pool Supplies, Verizon Wiresless, Orangetheory Fitness, Pearle Vision Express and Learning Express Gifts.

June 26, 2023

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