WARREN, N.J. — Locally based investment firm Signature Acquisitions has purchased a 120,623-square-foot office building located in the Northern New Jersey community of Warren. The sale included an 8,250-square-foot retail pad site. The four-story, newly renovated building is situated within Independence Boulevard, a five-building, 650,000-square-foot park. Amenities include a fitness center, game room, lounge and conference facilities. Frank DiTommaso, David Bernhaut, Andy Merin, Gary Gabriel and Will Gerlin of Cushman & Wakefield represented the seller, American Equity Partners, in the transaction.
WESTBOROUGH, MASS. — SVN | Parsons Commercial Group | Boston has brokered the sale of a 28,000-square-foot industrial flex property in Westborough, about 35 miles west of Boston. The sales price was $2.6 million. The building features second-story office space and 70 parking spots. Ryan Parsons of SVN | Parsons Commercial Group | Boston represented the seller, an entity doing business as 80 Turnpike LLC, in the transaction. Parsons also procured the buyer, Bornbam Associates.
NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group. Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers. Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge. The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user. The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners. “The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and …
Over the course of this year, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand. The fundamentals of Upstate South Carolina’s industrial market are among the strongest anywhere in the country right now due to a myriad of cylinders on which it is simultaneously firing. The market’s plethora of demand drivers include e-commerce users, manufacturing, the automotive industry and the draw of the Inland Port located in Greer. To understand the full picture, however, it’s important to also consider what the Greenville- Spartanburg market is not firing on. The market is not stifled by unions, high regulation or the lack of viable sites, available buildings and utility infrastructure some other markets have to contend with. An important factor affecting current absorption is multiple fourth-quarter tenant occupancy dates being pushed from fourth quarter of 2022 to first quarter of 2023. There was 17.9 million square feet of industrial space under construction at year-end 2022, with approximately 4 million square feet of that already preleased but not yet delivered. Those deliveries in early 2023 will naturally lead to positive absorption and help rebalance the market. A variety of industrial …
DELRAY BEACH, FLA. — 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on the first phase of a multifamily project at the Parks at Delray, a 50-acre mixed-use development located along Congress Avenue in Delray Beach. Upon completion, the residential component will total 747 units across a mix of townhomes and three- and five-story apartment buildings. Phase I, which is scheduled for delivery in 2024 and 2025, will comprise 420 units, with Phase II including 327 units. Apartments will range in size from 580 to 1,400 square feet in one-, two- and three-bedroom layouts. The townhomes will feature three-bedroom layouts and span between 1,670 and 1,770 square feet. Amenities will include a clubhouse, gym, pool, social room and parks and green spaces. ANF Group is serving as the general contractor on the project, which was designed by MSA Architects. Parks at Del Ray will also feature 40,000 square feet of grocery-anchored retail space and 68,000 square feet of office space.
CHARLESTON, S.C. — A joint venture between Edgewater Ventures and Singerman Real Estate has acquired a 603,214-square-foot distribution facility in Charleston. Located at 1980 Clements Ferry Road, the building features tilt-up concrete construction with 40-foot clear heights, 66,700 square feet of offices, 300 parking spaces, double-sided loading configuration and onsite trailer storage. The seller, apparel manufacturer Gildan Activewear, will lease the facility from the new ownership, which also plans to subdivide roughly 21 acres at the site for the development of an additional 300,000-square-foot facility.
DURHAM, N.C. — Publix Super Markets has opened a 46,791-square-foot store at Marketplace at Ellis Crossing, a 30-acre mixed-use development underway in Durham. Located at the northeast corner of Ellis Road and Watchorn Street, the project marks the fourth North Carolina development for Thompson Thrift. Other tenants at the property, which features an additional 25,000 square feet of retail space, include Chipotle and First National Bank, which is scheduled to open in 2024. Sheetz, Heartland Dental, Lee Nails and It’s a Southern Thing Kitchen & Bar are also expected to open at the development this summer.
NORFOLK, VA. — Cleveland-based Legacy Capital Partners and Raleigh-based Fulton Peak Capital have purchased Water’s Edge Apartments, a 190-unit multifamily community in Norfolk. Built in 1986, the property will undergo capital improvements under the new ownership, including the addition of vinyl plank flooring, granite countertops, new fixtures, stainless steel appliances, lighting and vanities and washer/dryer units. The joint venture also plans to make environmentally friendly upgrades including LED lighting, smart thermostats and new showerheads and faucets. The seller and sales price were not disclosed.
CHARLOTTE, N.C. — Two tenants have signed leases at Oakhurst Commons, a 135,000-square-foot adaptive reuse project currently underway in Charlotte. Massage studio Mood House will lease 3,000 square feet, marking the brand’s second Charlotte location. Additionally, Pop the Top Craft Beer will open a 2,000-square-foot brewery with outdoor patio space. A joint venture between MDH Partners and Parkside Partners acquired the property — located at 4000 Monroe Road and formerly home to a five-building office, warehouse and lab facility — in 2021. Upon completion, the development will include 120,000 square feet of office space and 15,000 square feet of retail space. Alex Mann of Thrift Commercial Real Estate Services handles leasing for the project.
SAN ANTONIO — Dallas-based investment firm Mohr Capital has acquired Foster Ridge II, a 439,809-square-foot industrial property in San Antonio that is fully leased to electric car giant Tesla. The cross-dock facility was constructed in 2022 and features 36-foot clear heights, 84 dock doors, an ESFR sprinkler system and 2,500 square feet of office space. Dustin Volz, Dom Espinosa and Trent Agnew of JLL represented the seller, Indiana-based Becknell Industrial, in the transaction. Rodrigo Godoi represented Mohr Capital on an internal basis.