Property Type

Intersection Purchases 89,000 SF Industrial Building in American Canyon, California

by Amy Works February 1, 2023

AMERICAN CANYON, CALIF. — Intersection has acquired 5555 Broadway Street, an industrial property in the Napa County city of American Canyon. The name of the seller and acquisition price were not released. The 89,000-square-foot building is a temperature-controlled warehouse with a night-air cooling, which is ideal for beverage storage and distribution. Situated on seven acres, the building features five grade-level doors, eight dock-high doors including four with levelers, 18-foot to 23-foot warehouse clearance and 9,000 square feet of office space. The property also includes three acres for additional outdoor storage space. At the time of sale, the building was 98 percent occupied. Intersection plans to bring the property to market-rate rent values and implement capital improvements to the asset. Kris Hagar and Tyler Epting of Newmark represented the buyer in the transaction.

February 1, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE Investment Management Acquires 226-Unit Madison Place Apartments in Charlotte

by John Nelson February 1, 2023

CHARLOTTE, N.C. — CBRE Investment Management has acquired Madison Place, a 226-unit apartment community located at 3125 Furr Court in Charlotte. The firm purchased the newly constructed property on behalf of a separate account client. The seller and sales price were not disclosed. Madison Place is a multifamily component within Berewick, a 1,070-acre master-planned community in southwest Charlotte. The property includes one-, two- and three-bedroom units, as well as amenities including a saltwater pool with a tanning deck, fitness studio, clubroom, pet grooming spa, outdoor kitchen, grilling areas and a fire pit.

February 1, 2023

Acquisitions Georgia Retail Southeast

Northmarq Arranges $15.2M Sale of Westpark Walk Shopping Center in Peachtree City, Georgia

by John Nelson February 1, 2023

PEACHTREE CITY, GA. — Northmarq has arranged the $15.2 million sale of Westpark Walk, a 73,847-square-foot shopping center located at 400 Commerce Drive in Peachtree City, a southwest suburb of Atlanta. Jeff Enck and Emery Shane of Northmarq represented the seller, an unnamed private investment firm based in Washington, D.C. The buyer was an undisclosed partnership based in Atlanta. Westpark Walk was fully leased at the time of sale to 21 tenants, including Tuesday Morning, Verizon Wireless, State Farm, Firehouse Subs, Hotworx and local service providers and retailers, including Ranchero Mexican Grill, which has been a tenant at the shopping center for more than 33 years.

February 1, 2023

Development Multifamily Northeast Pennsylvania

Jefferson Apartment Group, CP Capital Buy Land for 310-Unit Project in Metro Philadelphia

by Taylor Williams February 1, 2023

FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has purchased land for a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, will house five mid-rise buildings. Amenities will include a pool, outdoor grilling and dining stations, a dog park, clubroom with a bar, game room, fitness center, movie theater, coworking lounge and a movie theater. Construction is slated to begin in February and to be complete in late 2024.

February 1, 2023

Affordable Housing Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $10M Permanent Loan for Affordable Housing Complex in Union, New Jersey

by Taylor Williams February 1, 2023

UNION, N.J. — Locally based mortgage banking firm G.S. Wilcox has arranged a $10 million permanent loan for an 88-unit affordable housing complex in the Northern New Jersey community of Union. The two-building complex is situated within the Vermella Union mixed-use development. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year, interest-only loan on behalf of the borrower, an affiliate of Russo Development. The direct lender was not disclosed.

February 1, 2023

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $5.1M Sale of Apartment Building in East Orange, New Jersey

by Taylor Williams February 1, 2023

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $5.1 million sale of a 42-unit apartment building in the Northern New Jersey community of East Orange. The historic building at 17 Summit St. was originally constructed in 1926 and offers 35 one-bedroom units and seven two-bedroom residences. David Oropeza of Gebroe-Hammer represented the seller, a limited liability company, in the transaction. Oropeza also procured the buyer, a private investor. Both parties requested anonymity.

February 1, 2023

Leasing Activity New York Northeast Office

Verizon Signs 19,534 SF Office Lease Renewal in White Plains, New York

by Taylor Williams February 1, 2023

WHITE PLAINS, N.Y. — Telecommunications giant Verizon has signed a 19,534-square-foot office lease renewal at One North Broadway in White Plains, located north of New York City. According to LoopNet Inc., the building was constructed in 1968 and renovated in 2019, rises 15 stories and totals 375,365 square feet. Matthew Lisk, Steve Baker and Tara Long of Cushman & Wakefield represented the landlord, Argent Ventures, in the lease negotiations. Baker also represented Verizon in conjunction with Josh Kuriloff of Cushman & Wakefield.

February 1, 2023

Acquisitions Industrial New Jersey Northeast

Realterm Acquires Three-Acre Industrial Outdoor Storage Facility in Totowa, New Jersey

by Taylor Williams February 1, 2023

TOTOWA, N.J. — Maryland-based investment firm Realterm has acquired a three-acre industrial outdoor storage facility in the Northern New Jersey community of Totowa. The site at 20 Jackson Road houses a 6,960-square-foot warehouse, and the new ownership plans to upgrade this facility and its surrounding infrastructure. Torsten Thaler, Steve Shoemaker and Tom Tucci of Cushman & Wakefield represented Realterm in the transaction. The seller and sales price were not disclosed.

February 1, 2023

Development Illinois Industrial Midwest

Alston Completes Construction of 1.4 MSF Distribution Center for Medline in Grayslake, Illinois

by Kristin Harlow February 1, 2023

GRAYSLAKE, ILL. — Alston Construction Co. has completed a 1.4 million-square-foot distribution center for Medline in Grayslake, a city in Northeast Illinois. The facility is estimated to be the largest medical-grade distribution center in the United States, according to the project’s architect, Ware Malcomb. The final phase of development was a 2,700-square-foot office buildout for Medline’s Sterile Procedure Trays Division. The project features a 60,000-square-foot automated storage and retrieval system that picks and packages items and places them onto crates. The facility also features a main office area, receiving and shipping offices, and a temperature-controlled room. Employees have access to a break area with billiards and foosball tables as well as sleep rooms and quiet areas. Medline, a privately held manufacturer and distributor of medical supplies, requires its facilities to be LEED-certified.

February 1, 2023

Industrial Leasing Activity Midwest Wisconsin

Phelps Pet Products Signs 179,000 SF Industrial Lease in Janesville, Wisconsin

by Kristin Harlow February 1, 2023

JANESVILLE, WIS. — Phelps Pet Products, a manufacturer of specialty dog treats, has signed a 179,000-square-foot industrial lease at 400 W. Venture Drive in Janesville, a city in southern Wisconsin. The brand-new building features 18 loading docks, 25 trailer parking stalls and 175 car parking spaces. Michael Prost and Sergio Chapa of Newmark represented the tenant. The name of the landlord was not disclosed.

February 1, 2023

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