Property Type

Lincoln Property Co. Receives Approval for 650,000 SF Life Sciences Project in Boston’s Seaport District

by Taylor Williams July 20, 2022

BOSTON — Dallas-based Lincoln Property Co. has received approval from The Boston Planning & Development Agency for the development of a 650,000-square-foot life sciences project in the city’s Seaport District. The facility, which will be known as Seaport Circle, will sit on 1.9 acres and will feature traditional lab and office space, as well as 5,000 square feet of retail space and a 15,000-square-foot training center. The development team expects that the project will create approximately 2,500 permanent jobs, 1,159 construction jobs and train approximately 2,000 students per year for careers in the life sciences industry. Construction is scheduled to begin in early 2023.

July 20, 2022

Development Hospitality Southeast Tennessee

Chartwell Hospitality, Rockbridge Underway on 292-Room Hilton Hotel at Nashville International Airport

by John Nelson July 20, 2022

NASHVILLE, TENN. — Chartwell Hospitality and partner Rockbridge have been selected by the Metropolitan Nashville Airport Authority (MNAA) to develop a Hilton-branded hotel at Nashville International Airport. The duo began vertical construction earlier this month on the property, which will feature 292 guest rooms, about 16,000 square feet of meeting space and a rooftop pool and bar. Other amenities will include a fitness center on the top floor, as well as a cafe, lobby bar and full-service restaurant on the ground level for guests and travelers. The hotel will be the tallest building at the airport campus. The project team includes locally based general contractor Crain Construction. Targeted completion or opening dates were not disclosed by Chartwell, which is also part of a development team for two hotels underway at John F. Kennedy International Airport in New York City.

July 20, 2022

Acquisitions Industrial Southeast Tennessee

Lee & Associates Brokers $52M Sale of Industrial Facility in Metro Nashville

by John Nelson July 20, 2022

SPRING HILL, TENN. — Lee & Associates’ Nashville office has brokered the $52 million sale of a 276,056-square-foot industrial facility located at 3555 Cleburne Road in Spring Hill. San Diego-based STOS Partners purchased the property from Effingham, Ill.-based Agracel Inc. Brett Wallach and William Sisk of Lee & Associates represented both parties in the transaction. The property, which is STOS’ first acquisition in the metro Nashville area, was fully leased at the time of sale on a triple-net basis to tenants including automotive firm Fourecia.

July 20, 2022

Development Loans Multifamily New York Northeast

BRP Cos. Begins Construction of 292-Unit Multifamily Project in Farmingville, New York

by Taylor Williams July 20, 2022

FARMINGVILLE, N.Y. — BRP Cos. has begun construction of The Arboretum at Farmingville, a 292-unit multifamily project that will be located on Long Island. The development, which will span 62 acres and is set to be complete in spring 2025, will offer apartments, lofts, townhouses and single-family homes. Lastly, the property will include 7,500 square feet of space for amenities such as a pool, clubhouse, fitness center, yoga rooms, walking trails and picnic areas. BRP Cos. is developing the project in partnership with funds managed by BlackRock Alternative Investors. Rob Hinckley, Geoff Goldstein, Jeffrey Julien and Nicco Lupo of JLL arranged $91 million in floating-rate construction financing through Santander Bank for the project and advised on the equity portion of the capital stack.

July 20, 2022

Acquisitions Hospitality New Jersey Northeast

JLL Negotiates Sale of 192-Room Dual-Branded Hotel in Albany

by Taylor Williams July 20, 2022

ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.

July 20, 2022

Development Florida Industrial Southeast

Stonemont Financial Breaks Ground on 427,000 SF Industrial Park in Palmetto, Florida

by John Nelson July 20, 2022

PALMETTO, FLA. — Stonemont Financial Group has broken ground on Palmetto Industrial Park, a 427,000-square-foot industrial facility located in the Sarasota suburb of Palmetto. Situated near I-75 and I-275 in Manatee County, the property will feature three rear-load facilities, each spanning more than 100,000 square feet. The speculative buildings will feature 32-foot clear heights and the campus will feature 354 car parking spaces and 127 trailer parking spaces. General contractor Landmark Construction Services plans to deliver Palmetto Industrial Park in the second quarter of 2023.

July 20, 2022

Leasing Activity New York Northeast Office

Berkley Insurance Signs 60,000 SF Office Lease Renewal in Midtown Manhattan

by Taylor Williams July 20, 2022

NEW YORK CITY — Berkley Insurance Co. has signed a 60,000-square-foot office lease renewal at 757 Third Avenue, a 504,953-square-foot building in Midtown Manhattan. The new lease term is eight years, and the space spans the 10th and 11th floors. The 26-story building offers tenant amenities such as a lounge, full kitchen, pantry, coffee bar, wellness club and conference space. Mitchell Konsker, Clark Finney, Simon Landmann and Lance Yaskinsky of JLL represented the landlord, institutional investment firm BentallGreenOak, in the lease negotiations. Tom Gibson of Newmark represented the tenant.

July 20, 2022

Acquisitions Arizona Multifamily Western

SB Pacific Group Sells Peaks at Redington Multifamily Property in Tucson for $53.9M

by Amy Works July 20, 2022

TUCSON, ARIZ. — SB Pacific Group has completed the disposition of Peaks at Redington, an apartment community located along Speedway Boulevard, to MF Asset Management for $53.9 million, or $179,070 per unit. Constructed in 1980 on 10 acres, Peaks at Redington features 301 apartments with nine-foot ceilings, dishwashers and balconies or patios. Community amenities include a swimming pool, bocce ball court and outdoor fitness equipment. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 20, 2022

California Development Multifamily Seniors Housing Western

Belmont Village Opens 17-Story Seniors Housing Community in La Jolla, California

by Amy Works July 20, 2022

LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.

July 20, 2022

Sherman-Way-Industrial-Center-Los-Angeles-CA

Acquisitions California Industrial Western

Cushman & Wakefield Negotiates $37M Sale of Sherman Way Industrial Center in North Hollywood

by Amy Works July 20, 2022

LOS ANGELES — Cushman & Wakefield has arranged the sale of Sherman Way Industrial Center, a fully leased industrial park located on 5.4 acres in the North Hollywood neighborhood of Los Angeles. The Ben B. and Joyce E. Eisenberg Foundation, a charitable organization, sold the asset to a joint venture between affiliates of Captiva Partners and Westbrook Partners for $37 million. The seller is donating 100 percent of the proceeds from the sale to multiple charitable organizations that it supports. Totaling 139,567 square feet, Sherman Way Industrial Center consists of five buildings that were fully leased to 20 tenants at the time of sale. David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield’s Capital Markets team represented the seller in the deal. Paul Sims, also of Cushman & Wakefield, provided leasing advisory for the property.

July 20, 2022

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