ISLIP, N.Y. — Chicago-based Venture One will develop a 121,270-square-foot industrial facility in the Long Island community of Islip. The site spans 9.7 acres. Building features will include a clear height of 36 feet, 130-foot truck court depths, 131 car parking spaces and 119 trailer parking stalls. Construction is scheduled to begin in the third quarter and to last about a year. Cushman & Wakefield will be responsible for lease-up of the development.
NEW YORK CITY — Law firm Cullen & Dykman has signed a 28,307-square-foot office lease at One Battery Park Plaza, a 35-story, 870,000-square-foot tower in Lower Manhattan. Ken Rapp, David Hollander and Andrew Sussman of CBRE represented the tenant, which is relocating from 44 Wall Street, in the lease negotiations. Kevin Daly and Tom Keating represented the landlord, The Rudin Family, on an internal basis.
ITHACA, N.Y. — California-based brokerage firm Hanley Investment Group has arranged the $2.4 million sale of a 7,500-square-foot restaurant building in the upstate New York community of Ithaca that is fully leased to Texas Roadhouse. The property was built on 1.4 acres in 2015. Jeff Lefko and Bill Asher of Hanley Investment Group, along with Parasell Inc., represented the California-based buyer in the transaction. Dalton Barnes of Alpha Real Estate Advisors represented the Chicago-based seller.
FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …
By Paige Suvalsky, field research manager — Central Texas, CBRE; Rob Burlingame, senior vice president — Central Texas, CBRE; and Miller Hamrick, Texas industrial & logistics research lead, CBRE CBRE Research recently profiled Austin and San Antonio as an “emerging” industrial market along the Interstate 35 corridor in Central Texas. This region makes up much of the western portion of the “Texas Triangle”, a mega-region on a global scale that had an economic output of $1.5 trillion in 2021 and a population of just over 20 million people. The Texas Triangle represents a top 25 global economy, just ahead of Spain. The northern apex of the Texas Triangle, Dallas-Fort Worth (DFW), is projected to surpass Chicago by 2034-2035 to become the third-most populous urban region in the United States with a population of 9.4 million. This massive boom in population and business is driving the current rush to Central Texas and pushing regional and national developers to stake their claims in this growing market. Currently, about 5.5 million people live between the stretch of Texas from Laredo to Georgetown, and this area’s population is expected to grow by 10.8 percent over the next five years. According to data from the …
SAN CARLOS, CALIF. — Presidio Bay Ventures has broken ground on a Class A life sciences and R&D development located at 777 Industrial Road in San Carlos. The existing 45,000-square-foot dealership building will be fully redeveloped into a four-story, 147,000-square-foot, state-of-the-art facility. Stanton Architecture and DES Architects & Engineers designed the building, which will be tailored toward research and development users with a heavy lab component. Potential tenants include companies working in life sciences, biotech, food tech, agricultural tech, auto tech, drone tech, robotics, and other users requiring mission-critical infrastructure. Building amenities will include e-bikes, outdoor workspaces equipped with Wi-Fi and an onsite fitness center. Approved in June 2021, the project is slated for completion in fourth-quarter 2023. Marc Pope and Ben Paul of Cushman & Wakefield are handling leasing for the building.
BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.
ARVADA, COLO. — Stan Johnson Co. has facilitated the sale of a Class B office building located at 6850 W. 52nd Ave. in Arvada. A Louisiana-based private investor acquired the property from a Washington-based individual investor for $3 million. Built in 1998 on 2.6 acres, the two-story, 28,492-square-foot property is occupied by multiple tenants, including HomeGuard Services and Venture Financial. At the time of sale, the asset was 91 percent leased. Craig Tomlinson of Stan Johnson Co. represented the buyer in the deal.
ESTACADA, ORE. — Norris & Stevens has arranged the sale of Viewpoint Restaurant, located at 20189 and 20195 S. Springwater Road in Estacada. Shadado Inc., doing business as Bent Shovel Brewing, purchased the property for an undisclosed price. Situated on 4.5 acres, the 10,000-square-foot restaurant features views of Mt. Hood, 32 parking spaces and access to Milo McIver State Park. Bent Shovel Brewing creates hand-crafted ales and lagers on a 10-barrel system along the Clackamas River in Oregon City. The Viewpoint Restaurant will remain a full-service restaurant, bar, beer garden and patio, as well as a small music venue. Tim Pfeiffer of Portland-based Norris & Stevens represented the buyer, while Mike Foley of First Commercial Real Estate represented the seller in the deal. The seller and price were not disclosed.
TUCSON, ARIZ. — Villa Delano Partners LLC has acquired an apartment community, located at 123 W. Delano in Tucson, from 123 Delano LLC for $4.8 million. Villa Delano Apartments features 32 apartments. Allan Mendelsberg and Conrad Joey Martinez of Cushman & Wakefield|PICOR represented the seller and buyer in the transaction.