Property Type

Proactive Supply Chain Group Signs 227,300 SF Industrial Lease in Seabrook, Texas

by Taylor Williams March 22, 2023

SEABROOK, TEXAS — Proactive Supply Chain Group has signed a 227,300-square-foot industrial lease in Seabrook, about 30 miles southeast of Houston. The third-party logistics firm will occupy half the space at Bayport 146 Distribution Center, a cross-dock facility that was completed earlier this year by Transwestern Development Co. Carter Thurmond of Transwestern represented the tenant in the lease negotiations. Brian Gammill, Nick Peterson and Darryl Noon, also with Transwestern, represented the landlord, a fund backed by Ares Management that purchased the asset post-delivery.

March 22, 2023

Industrial Leasing Activity Texas

Avison Young Negotiates 45,846 SF Industrial Lease in Houston

by Taylor Williams March 22, 2023

HOUSTON — Avison Young has negotiated a 45,846-square-foot industrial lease at 8850 Fallbrook Drive in Houston. Anthony Squillante and Drew Coupe of Avison Young represented the tenant, Cougar USA, a supplier of water control systems, in the lease negotiations. Jeremy Lumbreras and William Carpenter of Stream Realty Partners represented the landlord, Prologis. Cougar USA will use the space, which includes 18,009 square feet for office usage, as its new headquarters and plans to move in this summer.

March 22, 2023

Acquisitions Retail Texas

SVN | J. Beard Arranges Sale of 3,600 SF Retail Property in Metro Houston

by Taylor Williams March 22, 2023

TOMBALL, TEXAS — SVN | J. Beard Real Estate Greater Houston has arranged the sale of a single-tenant retail property located in Tomball, roughly 35 miles northwest of Houston. Spas Unlimited acquired the 3,600-square-foot building for an undisclosed price. Diana Gaines of SVN | J. Beard represented the private seller in the transaction. Spas Unlimited was self-represented.

March 22, 2023

301-321-Herrod-Blvd.-South-Brunswick-New-Jersey

Industrial Leasing Activity Lee & Associates New Jersey Northeast

GXO Logistics Signs 611,000 SF Industrial Lease in South Brunswick, New Jersey

by Taylor Williams March 22, 2023

SOUTH BRUNSWICK, N.J. — GXO Logistics has signed a 611,000-square-foot industrial lease in South Brunswick, located in Middlesex County. The third-party freight company will occupy the entirety of the building at 301-321 Herrod Blvd., which sits on a 40-acre site. Dave Saltzman of Lee & Associates represented the tenant in the lease negotiations. Marc Petrella of KBC Advisors represented the landlord, Link Properties, which will implement various capital improvements to the property prior to GXO moving in. These upgrades will include renovating the office space, providing new LED lighting and adding new dock doors. Link Properties will also reseal and stripe all warehouse floors and outside paved areas, including parking lots and truck courts.

March 22, 2023

Healthcare Loans New York Northeast

Axiom Capital Arranges $25.3M in Financing for Medical Office Building in Utica, New York

by Taylor Williams March 22, 2023

UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.

March 22, 2023

Development Multifamily New Jersey Northeast

Hampshire Cos. Completes 85-Unit Apartment Complex in Morristown, New Jersey

by Taylor Williams March 22, 2023

MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has completed Max on Morris, an 85-unit apartment complex in the Northern New Jersey community of Morristown. The property offers studio, one- and two-bedroom units and amenities such as an entertainment lounge, coworking spaces and work pods and outdoor grilling and dining areas. Max on Morris also houses 610 square feet of retail space. Rents start in the $2,300s for a studio apartment.

March 22, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Sunrise Opens 86,000 SF Seniors Housing Community in Livingston, New Jersey

by Taylor Williams March 22, 2023

LIVINGSTON, N.J. — Sunrise Senior Living has opened an 86,000-square-foot community in Livingston, approximately 20 miles west of Manhattan. Sunrise of Livingston provides assisted living and memory care services. Although the number of units was not disclosed, Sunrise said the property can serve more than 120 residents. Lantz-Boggio Architects designed the property, which Wohlsen Construction Co. built.

March 22, 2023

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

Standard Communities Acquires 65-Unit Affordable Housing Complex in Canton, Massachusetts

by Taylor Williams March 22, 2023

CANTON, MASS. — Standard Communities has acquired Canton Estates, a 65-unit, a naturally occurring affordable housing complex located on the southern outskirts of Boston. Built in 1982, the property comprises two three-story buildings that house one- and two-bedroom units. The seller and sales price were not disclosed. Standard Communities plans to invest about $2.4 million in capital improvements to the unit interiors and to address other deferred maintenance costs.

March 22, 2023

Development Michigan Midwest Multifamily

Bedrock Begins Pre-Leasing $300M Book Tower Redevelopment Project in Downtown Detroit

by Kristin Harlow March 22, 2023

DETROIT — Bedrock has begun pre-leasing the Book Tower in downtown Detroit. The seven-year, $300 million redevelopment project is nearing completion. The 500,000-square-foot, 38-story building has been converted into 220 apartment units, 117 ROOST apartment hotel units and 52,000 square feet of retail, office and dining space. Located at 1265 Washington Blvd., Book Tower will also offer coworking, meeting and event space. Originally built in 1926 by the Book Brothers, Book Tower was the tallest building in Detroit at the time of completion. Bedrock acquired the Louis Kamper-designed, Italian Renaissance Revival-style building in 2015. The building was in a state of disrepair after sitting vacant for more than a decade. Bedrock’s project team included New York-based architecture firm ODA for architecture and interior renovation, Detroit-based Brinker/Christman for construction and Kraemer Design Group for historic preservation. Amenities include an indoor-outdoor lounge, a 3,000-square-foot coworking space, fitness center, entertaining suite and 300-space parking garage. The Rotunda is a three-story, marble-arched atrium that serves as the entrance to the property and features an original 1920s skylight. A portion of the units will be reserved as affordable housing for persons making at or below 80 percent of the area median income.

March 22, 2023

Loans Midwest Multifamily Ohio

KeyBank Provides $50M Loan for Refinancing of Downtown Cleveland Apartment Building

by Kristin Harlow March 22, 2023

CLEVELAND — KeyBank Real Estate Capital (KBREC) has provided a $50 million Freddie Mac loan for the refinancing of The Lumen in downtown Cleveland. The luxury apartment building rises 34 stories with 318 units. Built in 2020, the property is the largest multifamily project completed in downtown Cleveland in 40 years, according to KBREC. Rob Garrison and Anthony Tavrell of KBREC structured the fixed-rate loan, which features five years of interest-only payments. The borrower, Playhouse Square, will use the loan to refinance the existing debt.

March 22, 2023

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