Property Type

Davis Cos., Highland Development Complete 6,000-Unit Self-Storage Facility in Manhattan

by Taylor Williams August 9, 2023

NEW YORK CITY — A joint venture between The Davis Cos., a Boston-based development and investment firm, and Highland Development Ventures has completed a 6,000-unit self-storage facility at 155 West 29th St. in Manhattan’s Chelsea neighborhood. Public Storage will operate the facility, which rises 18 stories and spans roughly 180,000 net rentable square feet. Project partners included Mancini Duffy (architect of record), Cauldwell Wingate Construction (general contractor), GEA Consulting Engineers (mechanical, electrical, plumbing and fire protection engineer) and McNamara Salvia (structural engineer).

August 9, 2023

Leasing Activity New York Northeast Office

Empire State Development Signs 117,181 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams August 9, 2023

NEW YORK CITY — Empire State Development has signed a 117,181-square-foot office headquarters lease at 655 Third Avenue in Midtown Manhattan. The state’s chief economic development agency will occupy five full floors of the 30-story, 425,000-square-foot building, which was originally constructed in 1958. Tom Bow, Ashlea Aaron and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Moshe Sukenik and Brian Cohen of Newmark, along with Joan Brothers of Manhattan Boutique Real Estate, represented Empire State Development.

August 9, 2023

Development Multifamily New York Northeast

Terwilliger & Bartone Begins Leasing 112-Unit Apartment Complex in Westbury, New York

by Taylor Williams August 9, 2023

WESTBURY, N.Y. — Locally based developer Terwilliger & Bartone Properties has begun leasing Cornerstone Westbury, a 112-unit apartment complex located in the Long Island community of Westbury. Phase I of the project totals 72 units and will be complete this fall, while Phase II consists of 58 units that are scheduled to come on line in early 2024. Residences come in studio, one- and two-bedroom floor plans, with 18 units reserved as workforce housing. Amenities include a fitness center, clubhouse and a rooftop patio. Information on starting rents was not disclosed.

August 9, 2023

Industrial Leasing Activity New Jersey Northeast

Cushman & Wakefield Negotiates 67,663 SF Industrial Lease in Secaucus, New Jersey

by Taylor Williams August 9, 2023

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.

August 9, 2023

Affordable Housing Development Massachusetts Multifamily Northeast

Partnership Opens 40-Unit Affordable Housing Complex in Cambridge, Massachusetts

by Taylor Williams August 9, 2023

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.

August 9, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

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. …

August 9, 2023

Market Reports Retail Texas Texas Market Reports

How Retail Became Texas’ Strongest Commercial Real Estate Category

by Taylor Williams August 9, 2023

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 …

August 9, 2023

Affordable Housing Development Multifamily Southeast Virginia

Fairfax County, APAH to Develop 516-Unit Affordable Housing Project in Tysons, Virginia

by John Nelson August 8, 2023

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.

August 8, 2023

Development Mixed-Use Multifamily South Carolina Southeast

Woodfield, Revitate Deliver Mixed-Use Apartment Development at Morrison Yards in Charleston

by John Nelson August 8, 2023

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.

August 8, 2023

Development Florida Retail Southeast

Simon Opens 120,000 SF Life Time Athletic Club at The Falls in Miami

by John Nelson August 8, 2023

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.

August 8, 2023

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