Property Type

Tech Firm Signs 101,000 SF Office Lease at Wells Fargo Center in Downtown Miami

by John Nelson March 7, 2023

MIAMI — Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman, Eddie Quinon, Brian Gale and Andrew Trench of Cushman & Wakefield represented the landlord, Metropolitan Life Insurance Co., in the lease negotiations. Tony Jones of Cushman & Wakefield represented the tenant. Kaseya plans to grow its workforce in Miami to 4,000 staffers by the end of 2025.

March 7, 2023

Acquisitions Industrial Texas

Keen-Summit Capital Arranges $102.2M Bankruptcy Sale of Austin Office Portfolio

by Taylor Williams March 7, 2023

AUSTIN, TEXAS — New York-based brokerage firm Keen-Summit Capital Partners has arranged the $102.2 million bankruptcy sale of a portfolio of 13 office buildings, which are collectively known as Braker Metric Business Park, and one retail strip center in Austin. The sales price represents a cap rate of 5.7 percent. According to the Austin Business Journal, the portfolio was previously owned by locally based investment firm World Class Holdings. The buyer was MIG Real Estate Partners. The office component totals 544,497 square feet, and the retail property spans 15,302 square feet. The properties are located at the intersections of West Braker Lane, Kramer Lane and Metric Boulevard on the city’s north-central side.

March 7, 2023

Acquisitions Industrial Texas

Cold Creek Solutions Sells 300,000 SF Cold Storage Facility in San Antonio

by Taylor Williams March 7, 2023

SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, has sold a roughly 300,000-square-foot facility located at the intersection of I-10 and Loop 410 in San Antonio. The newly built facility features convertible spaces with temperatures ranging from -20 to 55 degrees Fahrenheit to accommodate a range of food uses. Additional building features include 48-foot clear heights, 45,000 pallet positions and 6,000 square feet of office space. ARCO National Construction served as the general contractor for the project.

March 7, 2023

Development Industrial Texas

Stream Realty Partners Completes 156,483 SF Spec Industrial Project in Houston

by Taylor Williams March 7, 2023

HOUSTON — Stream Realty Partners has completed Raceway Northwest Distribution Center, a 156,483-square-foot speculative industrial project in northwest Houston. The front-load building features 36-foot clear heights, 35 dock-high doors, 109 car parking spaces and 22 trailer parking stalls. In addition, Raceway Northwest Distribution Center offers office space, fully fenced truck courts and quick access to the Sam Houston Tollway and U.S. Highway 290. Stream is also the project’s leasing agent.

March 7, 2023

Acquisitions Industrial Texas

Cypressbrook Negotiates Sale of 25,000 SF Industrial Building in North Houston

by Taylor Williams March 7, 2023

HOUSTON — Cypressbrook Co. has negotiated the sale of a 25,000-square-foot industrial building that sits on a two-acre site within Central Green Business Park in North Houston. According to LoopNet Inc., the single-tenant property at 1950 S. Starpoint Drive was built in 1982. John Hornbuckle of Cypressbrook Co. represented the seller, LuAnn Houston Properties, in the transaction. Wes Cole of Rubicon Representation represented the buyer, an entity doing business as Coral Sea Holdco LLC.

March 7, 2023

Industrial Leasing Activity Texas

International Aviation Firm Signs 23,040 SF Industrial Lease in Dallas

by Taylor Williams March 7, 2023

DALLAS — An undisclosed, international aviation firm has signed a 23,040-square-foot industrial lease at PROTO Park, a 250,000-square-foot industrial facility in the Brookhollow neighborhood of Dallas. Sarah Ozanne and Lena Pierce of Stream Realty Partners represented the landlord, a partnership between Dallas-based M2G Ventures and Austin-based Pennybacker Capital, in the lease negotiations. Ryan Buchanan of CBRE represented the tenant. PROTO Park is now 90 percent leased.

March 7, 2023

Acquisitions Massachusetts Northeast Office

Synergy Investments Acquires 273,304 SF Office Complex in Worcester, Massachusetts

by Taylor Williams March 7, 2023

WORCESTER, MASS. — Boston-based Synergy Investments has acquired Chestnut Place, a two-building, roughly 273,000-square-foot office complex located in the Central Massachusetts city of Worcester. The sales price was $10.5 million. Chestnut Place One is a 234,786-square-foot building that was constructed in 1990 and is anchored by Fallon Health. Chestnut Place Two is a 38,844-square-foot building that was originally constructed in the 1800s and renovated in the 1980s. Chestnut Place, which includes 248 parking spaces, was approximately 80 percent leased at the time of sale. The seller was not disclosed.

March 7, 2023

74-76-Batterson-Park-Road-Farmington-Connecticut

Acquisitions Connecticut Development Multifamily Northeast

CBRE Arranges $7.8M Sale of Multifamily Development Site in Farmington, Connecticut

by Taylor Williams March 7, 2023

FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.

March 7, 2023

Acquisitions Industrial New Jersey Northeast

Fennelly Associates Negotiates $7.7M Sale of Former Industrial Property in Plainsboro, N.J.

by Taylor Williams March 7, 2023

PLAINSBORO, N.J. — Locally based brokerage firm Fennelly Associates has negotiated the $7.7 million sale of an industrial property in Plainsboro, about 50 miles southwest of Manhattan. The facility, which sits on a 31-acre site and totals 50,150 square feet, was originally built in 1957 as a nuclear research facility and subsequently used for pharmaceutical research and development. Jerry Fennelly and Matt Fennelly of Fennelly Associates represented the seller, Turkey Island Corp., in the transaction and procured the buyer, Princeton Life Science Park.

March 7, 2023

Development Multifamily New Jersey Northeast

KRE Group, Russo Development Complete 78-Unit Multifamily Project in Northern New Jersey

by Taylor Williams March 7, 2023

ROCKAWAY TOWNSHIP, N.J. — A partnership between two locally based developers, KRE Group and Russo Development, has completed the latest phase of Rock Pointe, a multifamily project in the Northern New Jersey community of Rockaway. This phase adds 78 one- and two-bedroom units to the local supply, with rents starting at $2,250 per month. Rock Pointe now offers a total of 345 residences and amenities such as a pool, fitness center, children’s play area, outdoor grilling and dining stations, package lockers and a dog park.

March 7, 2023

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