Property Type

JLL Arranges $290M Refinancing for 1 MSF Bergen Town Center Retail Property in Paramus, New Jersey

by Kristin Harlow April 26, 2023

PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …

April 26, 2023

Affordable Housing Development Multifamily Southeast Virginia

S.L. Nusbaum Breaks Ground on 119-Unit Affordable Housing Development in Williamsburg, Virginia

by John Nelson April 25, 2023

WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.

April 25, 2023

District of Columbia Leasing Activity Office Southeast

Law Firm Fried Frank Extends 103,000 SF Office Lease at Lafayette Tower in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — International law firm Fried Frank has signed a 10-year lease extension to continue to occupy 103,000 square feet at Lafayette Tower, an 11-story office building located at 801 17th St. NW in Washington, D.C. The firm will continue to occupy floors five through eight through at least 2037. Fried Frank is an original tenant of the building, which was delivered in 2010 and is currently undergoing renovations that include updates to the fitness center and rooftop terrace, as well as the addition of an indoor lounge and event space. Kyle Luby, Matt Pacinelli and Andy Eichberg of Stream Realty Partners represented the landlord, an affiliate of Morgan Stanley Real Estate Advisor, in the lease negotiations. Chau Leung, Mark Minich Jr., Tim Dempsey, Ramneek Rickhy and Stephen Siegel of Stream Realty represented the tenant. Lafayette Tower is currently 90 percent leased, with several speculative suites available ranging from 3,900 square feet to 8,000 square feet, according to Stream Realty.

April 25, 2023

Florida Leasing Activity Retail Southeast

Spinoso Adds Three New Retailers to 1.2 MSF Mall at Wellington Green in South Florida

by John Nelson April 25, 2023

WELLINGTON, FLA. — Spinoso Real Estate Group, manager of the Mall at Wellington Green in South Florida, has announced three new retailers joining the mall’s tenant roster. The newcomers include boutique apparel retailer Alma, jewelry retailer Lovisa and Wellington Mart, a convenience store that sells cold beverages, snacks, candy, first aid essentials, toys and premade meals. Located at 10300 W. Forest Hill Blvd., the Mall at Wellington Green spans 1.2 million square feet and is anchored by CMX Cinemas Wellington 10, Macy’s, Dillard’s, Apple, The Palm Beach Museum of Natural History, Brighton, Forever 21, H&M and Lemongrass, among others. The mall’s owner/landlord was not disclosed.

April 25, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $8.1M Portfolio Sale of Two Single-Tenant Retail Properties in Brandon, Florida

by John Nelson April 25, 2023

BRANDON, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center located at 11201-11255 Causeway Blvd. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 transaction. The buyer was an unnamed, private investor based in New York.

April 25, 2023

Georgia Leasing Activity Office Southeast

Colliers Inks Two New Leases at 101 W Ponce Office Building in Decatur, Georgia

by John Nelson April 25, 2023

DECATUR, GA. — Colliers has signed two new tenants to join 101 W Ponce, a 109,000-square-foot office building in downtown Decatur. The RMR Group manages the six-story office building and recently finished renovations. The two new tenants are the National Association of Chronic Disease Directors (NACDD), which will lease 18,411 square feet, and gaming company Aristocrat Technologies, which will lease 6,404 square feet. Heather Lamb and Jessica Doyle of Colliers represented the landlord in both lease deals. Mitch Kahlert and Jimmy Sanders of ICON Commercial represented NACDD, and David Todd and Detra Reid of CBRE represented Aristocrat Technologies.

April 25, 2023

Development Office Texas

Bright Realty Breaks Ground on $50M Office Project in Lewisville, Texas

by Taylor Williams April 25, 2023

LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Crown Centre II, a $50 million office project that will be located in the northern Dallas suburb of Lewisville. The four-story, 147,000-square-foot building will be situated within Bright Realty’s Crown Centre development, which will ultimately feature up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and 140,000 square feet of retail, restaurant and open green space. Bright Realty delivered Crown Centre I in 2020, and the building is now 89 percent leased. Dallas-based Rudick Construction Group is the general contractor for the project, which is scheduled for a fall 2024 completion.

April 25, 2023

Acquisitions Multifamily Texas

Hamilton Zanze Sells 240-Unit Apartment Complex in Fort Worth

by Taylor Williams April 25, 2023

FORT WORTH, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold 4000 Hulen, a 240-unit apartment complex in Fort Worth. The property was built in 2015, has an average unit size of 886 square feet and offers amenities such as a pool, fitness center, coffee bar, game room and a dog park. Hamilton Zanze acquired the property in 2017 and implemented a value-add program that upgraded unit interiors, amenity spaces, building exteriors and landscaping. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented Hamilton Zanze in the transaction and procured the buyer, Pegasus Real Estate. At the time of sale, 4000 Hulen was 95 percent occupied.

April 25, 2023

Industrial Leasing Activity Texas

ILS Gummies Opens 70,000 SF Manufacturing, Headquarters Facility in McKinney, Texas

by Taylor Williams April 25, 2023

MCKINNEY, TEXAS — ILS Gummies, a provider of nutritional supplements that support a range of health issues, has opened its 70,000-square-foot manufacturing and headquarters facility in the northern Dallas suburb of McKinney. According to commercialcafé.com, the industrial property at 350 Cypress Hill Drive was built on 19.9 acres in 2021, totals 301,714 square feet and includes 194 car parking spaces. The company expects to hire about 70 people to staff the facility.

April 25, 2023

Acquisitions California Industrial Self-Storage Western

Northmarq Negotiates $39.6M Sale of Three Industrial Assets in Southern California

by Jeff Shaw April 25, 2023

CARLSBAD, CHINO AND NIPOMO, CALIF. — A Covina-based private family office investor has acquired three industrial assets in Southern California for $39.6 million. The acquisition includes a Class B facility at 2070 Las Palmas Drive in Carlsbad; a 52,000-square-foot, multi-tenant property at 14055 Laurelwood Place in Chino; and Nipomo Self Storage, a self-storage facility at 542 Lindon Lane in Nipomo. Peter Hauser, Shane Shafer, Matt Hauser and Jordan Hauser of Northmarq represented the buyer. The seller was not disclosed.

April 25, 2023

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