Property Type

Landmark Properties to Develop 909-Bed Student Housing Project in Philadelphia

by Taylor Williams January 17, 2023

PHILADELPHIA — Landmark Properties, a Georgia-based owner-operator, will develop The Mark Philadelphia, a 909-bed student housing project that will be located at 3615 Chestnut St. in Philadelphia’s University City district. The 34-story tower will offer studio to six-bedroom units that will serve students at the University of Pennsylvania and Drexel University. Shared amenities will include a rooftop pool and a hot tub with lounge space, 24-hour study lounges, a computer lab, sauna and a fitness center. The development will also include 55,938 square feet of office space located adjacent to the high-rise community. Landmark Construction will serve as general contractor for the project, which is set for completion in 2026.

January 17, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $12.8M Sale of Oceanfront Hotel in Daytona Beach

by John Nelson January 17, 2023

DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.

January 17, 2023

Development Multifamily New Jersey Northeast

Fields Grade, Alpine Residential Top Out 24-Story Multifamily Building in Jersey City

by Taylor Williams January 17, 2023

JERSEY CITY, N.J. — A partnership between locally based developer Fields Grade and New York City-based Alpine Residential has topped out a 24-story multifamily building at 270 Johnston Ave. in Jersey City. The building will house 169 apartments in studio, one-, two- and three-bedroom formats, as well as 9,000 square feet of retail space. Ten units will be reserved as affordable housing. Amenities will include a pool, fitness center, coworking spaces, outdoor grilling and dining areas, communal kitchen and a game room. MHS Architecture designed the project, and KL Masters Construction Co. is serving as the general contractor. Completion is slated for early 2024.

January 17, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $16.2M Sale of Two Manhattan Multifamily Buildings

by Taylor Williams January 17, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16.2 million sale of two adjacent multifamily buildings totaling 52 units that are located at 992-1000 Amsterdam Ave. on Manhattan’s Upper West Side. The buildings include a combined seven commercial spaces. Victor Sozio, Shimon Shkury, Howard Raber, and Evan Hirsch of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

January 17, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Negotiates 30,665 SF Lease at Office, Life Sciences Campus in Billerica, Massachusetts

by Taylor Williams January 17, 2023

BILLERICA, MASS. — Newmark has negotiated a 30,665-square-foot lease at Axis Park North, a six-building, 450,000-square-foot office and life sciences campus in Billerica, a northern suburb of Boston. Rory Walsh, Richard Ruggiero, Torin Taylor and Matthew Adams of Newmark represented the landlord, a partnership between Boston-based Camber Development and Wheelock Street Capital, in the lease negotiations. Kevin Kennedy and Tom Hovey of CBRE represented the tenant, ASMPT AEi, a provider of automated cameras and other digital technologies.

January 17, 2023

Healthcare Leasing Activity New Jersey Northeast

GenPsych Signs 10,043 SF Medical Office Lease in Avenel, New Jersey

by Taylor Williams January 17, 2023

AVENEL, N.J. — GenPsych, a provider of mental health services, has signed a 10,043-square-foot medical office lease in the Northern New Jersey community of Avenel. The building at 1030 St. Georges Ave. totals 70,000 square feet. Darren Lizzack and Randy Horning of NAI James E. Hanson represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.

January 17, 2023

Acquisitions Midwest Missouri Multifamily Northmarq

Northmarq Brokers $23.8M Sale of Apartment Complex in Kansas City

by Kristin Harlow January 17, 2023

KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.

January 17, 2023

Illinois Loans Midwest Multifamily Student Housing

Draper and Kramer Arranges $14.9M in Financing for Student Housing Development in Normal, Illinois

by Kristin Harlow January 17, 2023

NORMAL, ILL. — Draper and Kramer’s Commercial Finance Group has arranged a $14.9 million refinance and construction loan for The Park at Constitution Trail Centre, a three-phase student housing development in Normal. The financing retired the existing debt on the first two phases of the project and provided funding on the remaining phase of construction. The off-campus community serves students at Illinois State University. The initial two phases, which were delivered between 2019 and 2022, include 204 fully leased beds. Phase III will offer an additional 76 beds upon completion, which is slated for August 2023. When complete, the development will contain a total of 280 beds across 13 buildings. The project is connected to The Constitution Trail, a paved 40-mile trail. Matthew Wurtzebach of Draper and Kramer arranged the loan on behalf of the borrower, 100 McKnight LLC.

January 17, 2023

Acquisitions Industrial Midwest Minnesota Wisconsin

MAG Capital Partners Acquires Two Midwest Industrial Facilities in Sale-Leaseback

by Kristin Harlow January 17, 2023

LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.

January 17, 2023

Illinois Leasing Activity Midwest Office

NewCold Expands Office Lease in Chicago to 35,564 SF

by Kristin Harlow January 17, 2023

CHICAGO — NewCold has expanded its office lease at 500 W. Madison Street in Chicago from 6,000 square feet to 35,564 square feet. The office serves as the company’s North American headquarters. The 40-story, Class A office building is known as Accenture Tower. Built in 1987, the property totals 1.4 million square feet and features a two-level fitness center with a basketball court along with a conference center and tenant lounge. KBS acquired the building in 2013. Dougal Jeppe of Colliers represented NewCold, which is an advanced automated warehouse and cold chain logistics company.

January 17, 2023

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