CLAYTON, OHIO — CBRE has brokered the $12 million sale of a 200,356-square-foot distribution center in Clayton, a northwest suburb of Dayton. Situated on 20 acres at 1 Lau Parkway, the property is net leased to Michigan-based HVAC manufacturing company Hart & Cooley LLC. The company has occupied the facility since its completion in 1997. The property features 12 dock doors, four drive-in doors, clear heights ranging from 24 to 26 feet and trailer parking. Will Roberts, Steve Timmel, Phil Pelok and Brandon Ellis of CBRE represented the seller, Property Advisors Group. AIC Industrial was the buyer.
MENTOR, OHIO — Eastern Union has arranged $10.9 million in acquisition financing for two neighborhood shopping centers in the Cleveland suburb of Mentor. The properties include the 232,386-square-foot Erie Commons and the 80,480-square-foot Great Lakes Plaza. Marc Tropp of Eastern Union arranged the loan on behalf of the borrower, Baltimore-based America’s Realty LLC. First Bank provided the loan, which features a loan-to-value ratio of 75 percent. The overall purchase price was $14.6 million. With this acquisition, the holdings of America’s Realty in the state of Ohio amount to 18 retail centers totaling 3.4 million square feet.
AUBURN, N.Y. — Marcus & Millichap has brokered the sale of B&C Storage, a 229-unit self-storage facility in Auburn, about 30 miles west of Syracuse. The facility was originally built on 2.8 acres in 1980 and comprises 24,094 net rentable square feet of non-climate-controlled space. The sale included an adjacent parcel that spans a third of an acre. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Northmarq has arranged a $22 million loan for the refinancing of Village Greens Shopping Center, a 75,697-square-foot retail property in Staten Island’s Arden Heights neighborhood. Grocer Key Food anchors the center, which was originally built in 1989, and other tenants include CVS Pharmacy and JP Morgan Chase Bank. Robert Delitsky and Dylan Hamer of Northmarq arranged the fixed-rate loan through insurance giant Nationwide on behalf of the undisclosed borrower.
STRATFORD, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $7.2 million sale of two adjacent development sites at 1255 and 1297 West Broad Street in Stratford, located in southern Connecticut’s Fairfield County. The lots are part of a 14-acre assemblage that is zoned and approved for the construction of a 231,000-square-foot industrial facility that will feature clear heights of 36 to 39 feet, two drive-in doors and 232 parking spaces. Boston-based GFI Partners purchased the land and is developing the facility. Jon Angel of Angel Commercial brokered the land deal, the seller in which was not disclosed. Construction is slated for a second-quarter 2024 completion.
NEW YORK CITY — Investment and advisory firm Flexpoint Ford will open a 19,522-square-foot office at One Vanderbilt, a 77-story, 1.7 million-square-foot tower in Midtown Manhattan that was developed by locally based real estate giant SL Green. Architect SPECTOR Cos. designed Flexpoint Ford’s space. Cresa and Clune Construction Co. handled the build-out. The project is nearing completion, though a formal opening date was not disclosed.
DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …
From a leasing and rental rate perspective, the outlook couldn’t be brighter in the student housing space. Yardi’s National Student Housing Report saw 96.6 percent of beds leased and an annual rent growth of 4.1 percent for the fall 2022 preleasing season at its ‘Yardi 200’ universities. These numbers are, for obvious reasons, a boon for the industry at large — particularly following several abnormal years surrounding the COVID-19 pandemic. But it isn’t all sunshine and roses where higher rental rates are concerned. Raising the price to live in your properties is a delicate balance, and while there are many inherent benefits to owners and operators, there are also a number of issues that need to be considered — chiefly as it relates to a higher level of expectations from both students and parents. Levels On The Rise The industry’s performance ahead of the fall 2022 semester was nothing short of robust, and Casey Petersen, chief operating officer of PeakMade Real Estate, anticipates rent growth going into the 2023-2024 academic year to be even stronger. “We’ve budgeted for higher rent growth this year, and based on current velocity, we expect to significantly outperform,” he says. This experience is not unique to PeakMade; …
— By Melissa Molyneaux, Executive Vice President, Colliers — The Northern Nevada market has seen continued positive net absorption, slowed investment sales and a sizeable increase in available sublease space in recent months. Local tenants with smaller footprints have been the driving force behind leasing activity and the market’s positive net absorption, with most new leases signed in 2022 being 5,000 square feet and less. Meanwhile, national and corporate tenants reevaluating their space needs have brought much of the available sublease space to the market in significantly larger blocks. Uncertainty surrounding interest rates has slowed investment sales, although pricing remains healthy. With investors putting a pause on new acquisitions, owner-user purchase activity may increase as tenants seize new occupancy opportunities. New construction starts have been minimal, although redevelopment/renovation projects remain prevalent. Two new developments that have broken ground include the Kimpton, a premier Class A high rise in downtown Reno, and Renown South Meadows, a specialty care center with about 40,000 square feet available for third-party providers. Each development represents continued demand from client-facing occupiers and healthcare providers in the region. In 2022, there were 30 companies that either expanded in or relocated to Northern Nevada, according to the Economic Development Authority of Western …
MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.