Property Type

Cushman & Wakefield Arranges 128,450 SF Office Lease Renewal at Wells Fargo Center in Downtown Miami

by John Nelson September 6, 2023

MIAMI — Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield. Brian Gale, Ryan Holtzman, Andrew Trench and Edward Quinon of Cushman & Wakefield represented the landlord in the lease negotiations. Michael Shuler, Jeremy Hakala and Clay Sidner of Newmark represented the tenant. Over the past nine months, the Cushman & Wakefield team has executed over 250,000 square feet of leasing transactions, bringing Wells Fargo Center to 93 percent occupancy.

September 6, 2023

Acquisitions Alabama Leasing Activity Office Southeast

Marcus & Millichap Brokers $4.9M Sale-Leaseback of Office Building in Metro Birmingham

by John Nelson September 6, 2023

HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.

September 6, 2023

Development Multifamily New Jersey Northeast

Urby Tops Out 25-Story Apartment Tower in Jersey City

by Taylor Williams September 6, 2023

JERSEY CITY, N.J. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has topped out a 25-story apartment tower in Jersey City. Rising 265 feet, Journal Square Urby will total 317 units in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center with a yoga studio, rooftop garden, outdoor grilling and dining areas, a lobby café and a dog park. Dutch architecture firm Concrete and New York City-based HLW designed the project, which is slated for full completion in spring 2024.

September 6, 2023

Delaware Development Multifamily Northeast Seniors Housing

LCS Completes Renovations at Three Seniors Housing Communities in Delaware

by Taylor Williams September 6, 2023

WILMINGTON AND NEWARK, DEL. —Life Care Services (LCS) has completed renovations at three seniors housing communities in Delaware: Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. Renovations at Foulk Living included upgrades to the lobby, corridors, fitness center and dining room. In addition, Foulk Living’s independent living cottages are being updated as they become available with new kitchen cabinets, countertops, appliances, flooring, paint, blinds and carpeting. Shipley Living received a new roof, updated exterior, porte-cochère and grand entrance. Inside, the lobby, corridors, communal living room, dining room, bistro and bar were all updated. Millcroft Living’s entrance received a new concierge desk and lobby, as well as a new bar/lounge space, renovated dining room and card room and beautified corridors.

September 6, 2023

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges Sale of 190-Unit Multifamily Portfolio in Irvington, New Jersey

by Taylor Williams September 6, 2023

IRVINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the sale of a portfolio of seven multifamily properties totaling 190 units in the Northern New Jersey community of Irvington. The buildings within the portfolio range in size from 11 units to 37 units and have six retail spaces across them. Joni Sweetwood of Kislak represented the seller, a publicly traded Canadian investment firm, in the transaction and procured the buyer. Both parties requested anonymity.

September 6, 2023

Acquisitions Connecticut Northeast Retail

FNRP Acquires 78,500 SF Shopping Center in Windsor, Connecticut

by Taylor Williams September 6, 2023

WINDSOR, CONN. — First National Realty Partners (FNRP) has acquired Windsor Court, a 78,500-square-foot shopping center located roughly 10 miles outside Hartford. A 64,195-square-foot Stop & Shop grocery store anchors the property. Other tenants include AT&T, Windsor Court Wine, Great Clips and Edible Arrangements. Paul Penman and Johnathan Martin of Newmark represented the undisclosed seller in the transaction.

September 6, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $5.3M Sale of Boston Apartment Building

by Taylor Williams September 6, 2023

BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 12-unit apartment building located in Boston’s Jamaica Plain neighborhood. According to LoopNet Inc., the four-story property at 81 Amory St. was built in 2017. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, an individual/personal trust.

September 6, 2023

Development Midwest Multifamily Wisconsin

McShane Completes Construction of 302-Unit Hackney House Apartment Community in Oconomowoc, Wisconsin

by Kristin Harlow September 6, 2023

OCONOMOWOC, WIS. — McShane Construction Co. has completed construction of Hackney House Apartments, a 302-unit apartment community in Oconomowoc, a western suburb of Milwaukee. Mandel Group developed the 20-building property, which consists of 18 garden-style buildings and two townhome buildings. Amenities include a 4,000-square-foot clubhouse with a fitness center and gourmet kitchen, outdoor pool, outdoor kitchen, pet spa, event lawn, car wash and dog parks. The development was funded in part through HUD 221(d)(4) financing. BSB Design was the project architect.

September 6, 2023

Loans Midwest Minnesota Multifamily

Marcus & Millichap Arranges $13.6M Loan for Refinancing of Minnesota Multifamily Property

by Kristin Harlow September 6, 2023

LAKE ELMO, MINN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of The Fields at Arbor Glen in Lake Elmo, an eastern suburb of the Twin Cities. The age-restricted property was recently built and features a mix of one- and two-bedroom units in the main building as well as nine townhouse duplex units. Michael Hughes of MMCC arranged the five-year, fixed-rate loan with an interest rate of 5.85 percent and interest-only payments for six months. The loan features a 30-year amortization schedule and a 65 percent loan-to-value ratio. A local credit union provided the loan.

September 6, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 30,963 SF Industrial Building in Elmhurst, Illinois

by Kristin Harlow September 6, 2023

ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 30,963-square-foot industrial building in the Chicago suburb of Elmhurst. The purchase price was undisclosed. Located at 851 Industrial Drive and constructed in 1980, the property is fully leased to seven tenants. The building features seven docks and parking for 36 cars. Each unit has its own dock and office area. Joe Bronson and Paddy Dwyer of NAI Hiffman represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group. The fully discretionary fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.

September 6, 2023

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