Property Type

City of Nashua Opens 53,340 SF Arts Center in New Hampshire

by Taylor Williams April 12, 2023

NASHUA, N.H. — The City of Nashua, located in southern New Hampshire, has opened a 53,340-square-foot performing arts center, art gallery and event center in its downtown area. Boston-based ICON Architecture designed the project, which involved the demolition of an existing building on the site and the maintenance of a second structure to house the new center. The four-story venue now features a 753-seat theater, a section of which has a retractable seating system that can create a general admissions or private banquet area, as well as a communal gallery and an outdoor terrace.

April 12, 2023

Development Multifamily New Jersey Northeast

Prime City Breaks Ground on 31-Unit Multifamily Project in Long Branch, New Jersey

by Taylor Williams April 12, 2023

LONG BRANCH, N.J. — Locally based developer and general contractor Prime City has broken ground on SICA Lofts, a 31-unit multifamily project that will be located in the coastal New Jersey community of Long Branch. The site originally housed the home of the Lincoln Can Manufacturing Co. and later the Shore Institute of Contemporary Arts, from which the property derives its titular acronym. The project will feature one-bedroom units with an average size of 750 square feet and 2,500 square feet of ground-floor retail space. Manasquan Bank provided a $7.5 million, floating-rate construction loan for the project, which is scheduled for a third-quarter 2024 completion.

April 12, 2023

Acquisitions Hospitality New York Northeast

Muroff Hospitality Arranges Sale of 13-Unit Property in Lake Luzerne, New York

by Taylor Williams April 12, 2023

LAKE LUZERNE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has arranged the sale of Hide-A-Way Waterfront Cottages, a 13-room property located in the upstate New York community of Lake Luzerne. The waterfront property sits on 3.8 acres and offers one- to three-bedroom cottages with full kitchens. Mitch Muroff of Muroff Hospitality Group represented the buyer and seller in the $1.8 million transaction.

April 12, 2023

Development Industrial North Carolina Southeast

Beacon Partners Breaks Ground on 511,000 SF Industrial Project in Metro Raleigh

by John Nelson April 12, 2023

KNIGHTDALE, N.C. — Beacon Partners has broken ground on Knightdale Gateway, a 511,000-square-foot industrial park about 15 miles east of Raleigh in Wake County. Slated for completion in the second quarter of 2024, the project will feature two Class A buildings with 36-foot clear heights. The assets will include a 221,363-square-foot building anchored by the new 195,056-square-foot headquarters facility for Kitchen Cabinet Distributors (KCD) and a 289,632-square-foot building with frontage along U.S. Highway 64. Al Williams and Michael Morgan of JLL represented KCD in the lease transaction, and Tim Robertson with Beacon Partners represented the landlord internally. Williams, along with JLL colleague Matt Winters, will handle the leasing assignment for the remaining space at Knightdale Gateway. The design-build team includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Fifth Third Bank is providing an undisclosed amount of construction financing to Beacon Partners for the project.

April 12, 2023

Development Florida Industrial Southeast

Joint Venture to Develop 108,554 SF Cold Storage Facility in Tampa’s Ybor City Neighborhood

by John Nelson April 12, 2023

TAMPA, FLA. — Sansone Group, Mandich Group and BentallGreenOak have formed a joint venture to develop and operate a new 108,554-square-foot cold storage facility in Tampa’s Ybor City neighborhood. The rail-served facility will be situated less than three miles from Port Tampa and the CSX Intermodal Tampa Terminal, as well as 12 miles from Tampa International Airport. Tippmann Construction is the general contractor for the project, and locally based Stifel Bank provided an undisclosed amount of construction financing to the developers. Scott Delphey and Matthew Delphey of Food Properties Group, along with Lisa Ross and Trey Carswell of Cushman & Wakefield, will lease the facility on behalf of the ownership group.

April 12, 2023

Development Florida Hospitality Southeast

Key International, Shaner Open 156-Room SpringHill Suites Hotel in Jacksonville Beach, Florida

by John Nelson April 12, 2023

JACKSONVILLE BEACH, FLA. — Key International and Shaner Hotels have opened the 156-room SpringHill Suites by Marriott Jacksonville Beach Oceanfront hotel. Shaner will operate the oceanfront hotel, which is owned by Key International. Located at 465 N. First St. in Jacksonville Beach, the hotel houses Sandbar Jax Bch, an oceanfront restaurant and bar, as well as a 24/7 lobby market for snacks and necessities and a fitness center that offers unobstructed views of the oceanfront pool. The hotel represents the first partnership between Key and Shaner and Shaner’s fifth hotel in the metro Jacksonville market.

April 12, 2023

Acquisitions Industrial Kentucky Southeast

MAG Capital Partners Buys 75,469 SF Industrial Facility in Carrollton, Kentucky in Sale-Leaseback Transaction

by John Nelson April 12, 2023

CARROLLTON, KY. — MAG Capital Partners LLC has acquired a 75,469-square-foot industrial facility located at 3356 U.S. Highway 42 E in Carrollton. The Dallas-based investment firm purchased the asset in a sale-leaseback with the tenant, DRC Industries, a regional converter and distributor of paper products and other packaging materials. Forest Bender of Marcus & Millichap represented the seller in the transaction, the sales price of which was not disclosed. Built in 1992 along the Ohio River, the warehouse has three drive-in doors, nine docks and 20-foot clear heights. The property is proximate to DRC’s production facility located where the Ohio and Kentucky rivers meet.

April 12, 2023

California Hospitality Loans Western

Relevant Group Receives $33.3M Refinancing for The Dream Hollywood Hotel in Los Angeles

by Jeff Shaw April 12, 2023

LOS ANGELES — An affiliate of The Relevant Group has received a $33.3 million refinancing for The Dream Hollywood, a 178-key hotel in Los Angeles’ famed Hollywood neighborhood. The 10-story property is the West Coast flagship of Dream. The hotel includes Tao Restaurant, Beauty & Essex and the Highlight Room, as well as an 11,000-square-foot rooftop with pool deck and 3,000 square feet of meeting and event space. It is situated at the corner of Selma Avenue and N. Cahuenga Boulevard, one block off Hollywood Boulevard. A joint venture between the LCP Group and Safanad provided the capital.

April 12, 2023

Acquisitions Affordable Housing Georgia Multifamily Southeast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson April 12, 2023

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

April 12, 2023

Acquisitions Retail Western

Hanley Arranges Sales of Three Walgreens-Occupied Properties Totaling $22.6M

by Jeff Shaw April 12, 2023

CORONA DEL MAR, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens. Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based private investor purchased the 14,535-square-foot building for $6.6 million. Located in Sugar Grove, Illinois, the second property comprises 14,739 square feet. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley, in association with ParaSell Inc., arranged the $6.6 million transaction on behalf of the seller, a private investor based in California. Isaiah Harf of Northmarq represented the Chicago-based 1031-exchange buyer. Brad Dessy and Matt Burnett of Hanley, in association with ParaSell Inc., represented the buyer, a California-based private investor, in the third transaction. The 17,325-square-foot property, located in metro Miami, sold for $9.4 million.

April 12, 2023

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