Property Type

Lincoln-Equities-Valley-Cottage-New-York

Lincoln Equities Breaks Ground on 220,000 SF Spec Industrial Project in Valley Cottage, New York

by Taylor Williams March 13, 2023

VALLEY COTTAGE, N.Y. — Lincoln Equities has broken ground on a 220,000-square-foot speculative industrial project in Valley Cottage, about 30 miles north of Manhattan. The warehouse and distribution center will be situated on a 23-acre site within Executive Park. Building features will include a clear height of 36 feet, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars. Completion is scheduled for the third quarter. JLL has been tapped as the leasing agent. According to the development team, the project represents the first speculative logistics facility to be built in Rockland County since 2009.

March 13, 2023

Leasing Activity Life Sciences Massachusetts Northeast

SmartLabs to Open 140,000 SF Flexible Space at CambridgeSide in Metro Boston

by Taylor Williams March 13, 2023

CAMBRIDGE, MASS. — SmartLabs, which designs, builds and operates multifunctional labs, will open a 140,000-square-foot flexible lab and office space at CambridgeSide, a mixed-use mall redevelopment located across the Charles River from Boston. The spaces will be located on the third floor and will be customizable to accommodate life sciences companies from fewer than 10 to more than 100 employees. The facility, which will be the fourth in the Boston area for SmartLabs, is slated to open in late 2024. A partnership between New England Development and a client advised by UBS Asset Management owns CambridgeSide.

March 13, 2023

Leasing Activity New York Northeast Office

Touro University to Expand Academic Campus at 3 Times Square in Manhattan

by Taylor Williams March 13, 2023

NEW YORK CITY — Touro University, a nonprofit higher education institute, will expand its academic campus at 3 Times Square in Midtown Manhattan. Touro, which originally leased seven full floors and portions of the ground and second floors totaling 243,305 square feet, is now adding 66,438 square feet on the 10th and 11th floors. Locally based investment firm Rudin owns 3 Times Square, which is currently in the midst of a capital improvement program. Richard Bernstein of Cushman & Wakefield, in conjunction with Touro internal agent Jeffrey Rosengarten, represented the university in the lease negotiations. Tom Keating of Rudin, along with Ron Lo Russo and Heather Thomas of Cushman & Wakefield, represented ownership.

March 13, 2023

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $7M Sale of Northern New Jersey Gas Station

by Taylor Williams March 13, 2023

SOMERSET, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store located in the Northern New Jersey community of Somerset. QuickChek occupies the property, which is located immediately off I-287. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal, additional terms of which were not disclosed, as the broker of record.

March 13, 2023

Industrial Leasing Activity Massachusetts Northeast

DCNE Signs 70,337 SF Industrial Lease in Avon, Massachusetts

by Taylor Williams March 13, 2023

AVON, MASS. — DCNE, a wholesale distributor of HVAC systems, has signed a 70,337-square-foot industrial lease in the southern Boston suburb of Avon. The single-tenant property at 54 Bodwell St. sits on 4.6 acres and features 13 loading docks and a customer showroom. Ovar Osvold, Sean Hannigan and Kevin Brawley of Colliers represented DCNE and the landlord, DH Property Holdings, in the lease negotiations.

March 13, 2023

Development Loans Multifamily New York Northeast Top Stories Walker & Dunlop

Walker & Dunlop Arranges $131M Construction Loan for Queens Multifamily Project

by Taylor Williams March 13, 2023

NEW YORK CITY — Walker & Dunlop has arranged a $131 million construction loan for a 240-unit multifamily project that will be located in the Long Island City area of Queens. The site at 23-10 42nd Road lies at the convergence of the borough’s Court Square and Queens Plaza districts. Preliminary sitework was completed last fall, and the development team expects to fully deliver the building in summer 2025. Apartments will be available in studio, one- and two-bedroom formats and will feature Class A finishes. Residents will have access to more than 15,000 square feet of indoor and outdoor amenities, including a fitness center, coworking spaces, sky lounge and multiple amenity terraces, all with views of the Manhattan skyline. A syndicate led by Corebridge Financial (formerly AIG) and Los Angeles-based PCCP LLC provided the floating-rate loan, specific terms of which were not disclosed. The borrower is locally based developer Werwaiss Properties, which has partnered with Albanese Development Corp. on the project. “This thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods will help create additional market-rate and attainable housing options in New York City,” says Brian Haber, managing director at PCCP. Jonathan Schwartz, Aaron Appel, …

March 13, 2023

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

New Developments Fuel the Bright Future of Nashville’s Multifamily Market

by John Nelson March 13, 2023

As someone who has lived here for the past decade, I regularly hear phrases like, “It’s an exciting time to live, work and play in Nashville.” I love hearing those comments and am honored that our team plays a role in the city’s growth. However, is that optimism cooling, or is Nashville uniquely primed for continued success in the multifamily space? Following a white-hot streak of rent growth and transaction velocity during the economy’s resounding pandemic recovery, Nashville joins the rest of the nation in a transitionary period influenced by interest rate hikes and inflation. But for many reasons, our city is better prepared than most. Approximately 130,000 residents have moved to Nashville in the past five years, resulting in some of the highest apartment construction rates in the country. In fact, according to Marcus & Millichap’s Research Services division, Nashville is expected to take over the top spot for inventory growth nationwide in 2023, with roughly three-fourths of the metro’s new construction located in Nashville proper. While those numbers are certainly impressive, Marcus & Millichap’s National Multifamily Index, which ranks major markets based on forward-looking economic indicators, places Nashville in only the No. 28 position for 2023. This is …

March 13, 2023

Development Florida Multifamily Southeast

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

by John Nelson March 10, 2023

NORTH MIAMI, FLA. — Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects for the project, which marks the fourth residential development at SoLé Mia. The project is scheduled for completion in early 2025. Outdoor amenities will include a 75-foot swimming pool, yoga lawn, rooftop garden and sundeck, dog run and beach volleyball, basketball and pickleball courts. Indoor amenities will include a coffee shop, dedicated coworking spaces, a podcast recording studio, gym, golf simulator, playroom, resident lounge, dog spa and electric vehicle charging stations.

March 10, 2023

Acquisitions Build-to-Rent Multifamily North Carolina Single-Family Rental Southeast

Capital Square Acquires 74-Unit Townhome Community in Suburban Raleigh

by John Nelson March 10, 2023

FUQUAY-VARINA, N.C. — Capital Square has acquired Ashford Townes, a 74-unit townhome community located in Fuquay-Varina, a southwest suburb of Raleigh. Located at 604 Oakbrook Pass Way, the build-for-rent development was completed in February of last year and features three-bedroom floorplans averaging 1,693 square feet. D.R. Horton was the developer. Capital Square acquired the property on behalf of CS1031 Ashford Townes BFR Housing DST, a private equity investment vehicle internally managed by Dave Platter and Jon Trott.

March 10, 2023

Development Florida Industrial Leasing Activity Lee & Associates Southeast

Lee & Associates Arranges 27,450 SF Industrial Lease in Tampa

by John Nelson March 10, 2023

TAMPA, FLA. — Lee & Associates South Florida has arranged a 27,450-square-foot industrial lease at a build-to-suit warehouse currently underway in Tampa. Plan IT Packaging, a Canadian packaging solutions company, will occupy the building, which is located at 4525 Oak Fair Blvd. Michael Avendano of Lee & Associates negotiated the five-year lease on behalf of the tenant. Cancician Group Inc. is the landlord. Construction of the warehouse — which will feature dock-height loading doors, heavy power and office space — is expected to be complete in March 2024.

March 10, 2023

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