IRVINGTON, N.Y. — Marcus & Millichap has brokered the $23.5 million sale of Astor Buck Campus, a 138,000-square-foot office complex in Irvington, about 20 miles north of Manhattan. The three-building property was originally built along the Hudson River in 1895. At the time of sale, Astor Buck Campus was 91 percent leased to 26 tenants in industries such as fashion and design, communications, food service and hydroponic farming. Alan Cafiero, Mark Gjonbalaj and Matt Leszyk of Marcus & Millichap represented the seller, an entity doing business as Stanford Bridge LLC, in the transaction. The team also procured the buyer, Carvi Properties Inc.
CARLSTADT, N.J. — JLL has arranged a $19.5 million acquisition loan for a 109,775-square-foot warehouse and distribution building in the Northern New Jersey community of Carlstadt. The facility at 305 Veterans Blvd. sits on 3.5 acres and features a clear height of 22 feet, six dock-high doors, one drive-in door and 78 parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through TriState Capital Bank on behalf of the borrower, Penwood Real Estate Investment Management. The current tenant is in the process of vacating the property, and JLL has also been retained for leasing services.
EAST BRUNSWICK, N.J. — Locally based developer AMS Acquisitions has begun leasing Summerhill Gardens, a 96-unit multifamily complex located outside of New York City in East Brunswick. Designed by Minno & Wasko Architects, the property consists of four three-story buildings that house one- and two-bedroom units, 24 of which are subject to income restrictions. Amenities include a fitness center with studio space, business center with conferencing facilities, outdoor courtyards with grilling and dining areas, playground, dog run and a resident lounge. Rents start at $2,400 per month for a one-bedroom unit.
AUBURN, ALA. — Birmingham, Ala.-based HPM has completed construction of the Tony and Libba Rane Culinary Science Center at Auburn University. The dual-purpose, 142,000-square-foot property houses learning environments for culinary students, as well as a boutique hotel, the 1856 teaching restaurant, brewery and a food hall. HPM served as program manager on the project and provided project management support for Auburn University Facilities Management during the pre-construction and construction phases. Auburn alumnus and board of trustees member Jimmy Rane helped kickstart the project with a $12 million gift dedicated to the building’s construction. The board later approved naming the facility in honor of his parents, Tony and Libba Rane. The property is situated at the corner of East Thach Avenue and South College Street in downtown Auburn. HPM also oversaw the construction of a $10 million, six-story parking garage nearby before breaking ground on the culinary facility in 2019. The design-build team for the property include architect Cooper Carry, facility operator Ithaka Hospitality Partners, the Auburn University Facilities Management department and general contractor Bailey-Harris Construction.
HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.
BIRMINGHAM, ALA. — A joint venture between Coro Realty and H2RE Capital has purchased Airport Highway Park, a 319,413-square-foot industrial campus in Birmingham. The sales price and seller were not disclosed. The seven-building park is situated along Messer Airport Highway near Birmingham-Shuttlesworth International Airport. The seven warehouses were fully leased at the time of sale. Tripp Alexander of Colliers brokered the transaction. Coro and H2RE Capital plan to make capital improvements to Airport Highway Park during their ownership period.
CHARLOTTE, N.C. — Stream Realty Partners has brokered the sale of 36 & NoDa, a 26,447-square-foot retail center located at 501-517 E. 36th St. in Charlotte’s North Davidson (NoDa) neighborhood. AJ Capital Partners purchased the center from Charlotte-based Ascent Real Estate Capital for $10.3 million. Jared Londry and Alex Olofson of Stream Realty represented the seller in the transaction. 36 & NoDa was fully leased at the time of sale to tenants including Salud Cerveceria and Neighborhood Theatre.
WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.
DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …
WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for executing a successful project, but we do hope the insights that experienced developers shared with us can provide valuable guidance.” Behind the Facade: The Feasibility of Converting Commercial Real Estate to Multifamily was conducted by the National Multifamily Housing Council (NMHC) Research Foundation and the Urban Land Institute (ULI) Terwilliger Center for Housing. The report examines the viability of converting old or under-utilized commercial properties, with data gathered through interviewing the developers of 29 commercial-to-multifamily conversion projects. According to the report, costs can vary based on several factors, particularly the initial acquisition and the demographic the project targets once completed. Most developers reported successful returns on investment regardless of cost, however, …