IRVING, TEXAS — Marcus & Millichap has brokered the sale of Tucasa Townhomes, a 128-unit multifamily property in Irving. According to Apartments.com, the property was built in 1964 and offers studio, one- and two-bedroom units. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured an undisclosed, out-of-state partnership as the buyer.
HOUSTON — Ashford Dairy has signed a 52,000-square-foot industrial lease at The Business Center at Five Corners in southwest Houston. The space includes a commissary, test kitchen and a refrigerated storage area. Owned by Levey Group and ANICO Eagle, The Business Center at Five Corners spans 550,000 square feet across five buildings. Nathan Wynne, Joseph Smith and Savannah Smith of CBRE represented Levey Group in the lease negotiations. Will Clay of JLL represented the tenant.
WILMINGTON, DEL. — Pennsylvania-based developer MRA Group has received $63 million for the redevelopment of Chestnut Run Innovation & Science Park, a 164-acre, 14-building development in Wilmington. MRA Group will use the funds to continue renovations of the campus’ 14 buildings to support lab, R&D and advanced manufacturing uses. Additional plans for the campus include a hotel, fitness center, conference facilities, an outdoor amphitheater and accommodations for food services. Fulton Bank, in conjunction with Nuveen Green Capital through C-PACE, financed $50 million of the funds, while WSFS Bank provided the remaining $13 million.
NORTH BERGEN, N.J. — Locally based investment and development firm Denholtz Properties has acquired Solo at North Bergen, a 214-unit apartment complex in Northern New Jersey, for $89 million. Completed in 2023, Solo at North Bergen consists of three three-story buildings with 138 units and one five-story building with 76 units. Amenities include an outdoor pool with grilling and dining stations, a 5,000-square-foot clubhouse with billiards and gaming tables, fitness center, dog run and a package room. The property was 98 percent occupied at the time of sale. Nat Gambuzza and Spencer Beriont of Berkadia represented the seller, New York-based SYM Investments, in the transaction. Jonathan Brody, formerly of Rosewood Realty Group, represented Denholtz. Alan Isenstadt, Bruce Kaskey and Joe Tinti of KeyBank Real Estate Capital arranged acquisition financing for the deal.
BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Charles Drive, a 67-unit multifamily property in Manchester, located in Hartford County. Built on 10 acres in 1969, Charles Drive comprises 11 two-story buildings that house two-bedroom, townhouse-style apartments. Residences feature individual washers and dryers, fireplaces, and private patios/decks. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, FPA Multifamily, in the transaction and procured the buyer, Cue Residential LLC.
NEWTON, MASS. — Spindrift, a provider of sparkling water, has renewed and expanded its headquarters space at Chapel Bridge Park, an office and life sciences development located in the western suburb of Boston of Newton. The tenant now occupies more than 20,000 square feet at the eight-building, 250,000-square-foot campus, which is owned by The Bulfinch Cos. Jared Pimm of CBRE represented Spindrift in the lease negotiations.
By Jared Shapiro, Marcus & Millichap The commercial retail market is a consistently evolving landscape that plays a vital role in shaping our economy. With consecutive months of broad growth, health and convenience remain a priority for shoppers. With the combination of more households planning seasonal trips and underlying tenant demand remaining extraordinarily strong, the commercial retail sector has become the “darling of the industry.” As seen in the June meeting, the Federal Reserve took a rate hike hiatus for the first time since March 2022, which should lead to some stabilizing of the capital markets. Is the retail investment market poised for a growth and boom cycle? In short, the answer is yes. Currently, there is a lack of for-sale inventory on the market for multi-tenant shopping centers, which is creating a scenario where we are consistently seeing multiple qualified offers on deals that we are seeing in the market. As we are getting deeper into the summer months, the flow of 1031 exchange money will continue to grow. This will be a positive element for the single-tenant net-lease sector, as it has historically seen the most aggressive buyers of triple-net deals in 1031 exchanges. When viewed from …
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Multifamily Owners Navigate Challenges, Opportunities Arising from Capital Markets
When Zelman & Associates’ 2023 Virtual Housing Summit opens in September, Alex Virtue will take the stage as a newly appointed managing director who has been charged with expanding the firm’s investment banking coverage of multifamily and other commercial real estate property sectors. Virtue joined the institutional research advisory and investment firm in May with over two decades of experience in mergers and acquisition transactions and capital raising across real estate sectors in both the public and private capital markets. His resume includes senior positions with Merrill Lynch, Eastdil Secured/Wells Fargo Securities, CBRE Capital Advisors and Xebec, an industrial developer and asset manager. Zelman & Associates, founded in 2007, was acquired by Bethesda, Md.-based commercial real estate finance and advisory firm Walker & Dunlop in 2021. “My focus at Zelman and Walker & Dunlop is broadening the firm’s reach on entity-level transactions in multifamily and related housing sectors such as single-family rentals, built-for-rent, student housing, affordable housing and manufactured housing communities, as well as other commercial real estate sectors,” says Virtue “I would characterize my concentration as bringing traditional banking investment expertise, knowledge and services across the Walker & Dunlop platform and working with my colleagues to bring these advisory …
AUSTIN, TEXAS — The University of Texas at Austin (UT) and MD Anderson will open a new medical complex at the site of the Erwin Center, the former arena of the university’s basketball teams. The complex will consist of a traditional hospital and cancer care/treatment facility. Demolitions are expected to begin in 2024, and the groundbreaking for the new medical facilities is scheduled for 2026. The total investment for these projects is estimated at $2.5 billion.