Property Type

Harbor Group International Acquires Multifamily Property in Miami for $50M

by Julia Sanders April 15, 2022

MIAMI — Norfolk, Va.-based Harbor Group International has acquired 275 FontaineParc, a 133-unit, Class A multifamily property in Miami. The sales price was $50 million, or about $379,939 per unit. The seller was not disclosed. Built in 2020, 275 FontaineParc offers one-, two- and three-bedroom floorplans. Unit features include walk-in closets, private balconies, stainless steel appliances and quartz countertops. Community amenities include a pool, fitness center, private bike storage, onsite maintenance and covered parking. The property was fully occupied at the time of sale. Located at 275 Fontainebleau Blvd., the property is situated 11.7 miles from downtown Miami and 7.4 miles from Miami International Airport.

April 15, 2022

Development New York Office Top Stories

JPMorgan Plans 60-Story Global Headquarters in Midtown Manhattan

by Julia Sanders April 15, 2022

NEW YORK CITY — JPMorgan has unveiled plans to build 270 Park Avenue, a 60-story skyscraper rising 1,388 feet in Midtown Manhattan, for the financial firm’s new global headquarters. Construction is scheduled for completion by the end of 2025. 270 Park Avenue replaces a previous building, which was designed in the late 1950s for about 3,500 employees. The new project will feature 2.5 million square feet of flexible and collaborative space. The asset will offer 2.5 times more outdoor space on the ground level of Park and Madison avenues, with wider sidewalks and a large public plaza. The office tower will also include a food hall, health and wellness center, communal spaces, HVAC filtration systems and a conference center. The property will be fully powered by renewable energy sourced from a New York State hydroelectric plant and will operate on net zero carbon emissions. The asset will include technology to help it run efficiently, including intelligent building systems that use sensors, AI and machine learning systems to adapt to energy needs; advanced water storage and reuse systems to reduce water usage by more than 40 percent; and automatic solar shades connected to HVAC systems for greater energy efficiency. JPMorgan is …

April 15, 2022

Florida Loans Multifamily Southeast

JLL Secures $10.9M in Financing for Two Multifamily Communities in Florida

by Julia Sanders April 15, 2022

JACKSONVILLE AND APOPKA, FLA. — JLL Capital Markets has secured a total of $10.9 million in financing for two multifamily properties in Florida. JLL arranged $5.9 million in financing for the 288-unit Club at Danforth in Jacksonville and $5 million in supplemental financing for the 210-unit Verandahs at Hunt Club in Apopka. Elliott Throne, Mona Carlton, Kenny Cutler, Joshua Odessky and Karim Khaiboullin of JLL arranged the fixed-rate, Freddie Mac loans on behalf of the borrower, Beachwold Residential. Each loan featured a term of less than seven years. Built in 1998 and updated in 2018, Club at Danforth is a garden-style apartment community featuring 16 buildings. Community amenities include a playground, fitness center, swimming pool, dog park, racquetball and basketball courts, clubhouse and a business center. Located at 3701 Danforth Drive, the property is situated 14.3 miles from downtown Jacksonville and 25 miles from Jacksonville International Airport. Completed in 1985, Verandahs at Hunt Club includes 21 two-story buildings. The property offers one-, two- and three-bedroom floorplans. Community amenities include a pool, fitness center, tennis court, dog park and a car care center. Located at 3000 Foxhill Circle, the property is situated 13.8 miles from Orlando and 33.6 miles from Orlando …

April 15, 2022

Acquisitions Florida Retail Southeast

Continental Realty Sells Shopping Center in Metro Orlando for $9.4M

by Julia Sanders April 15, 2022

CLERMONT, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Glenbrook Commons, a 64,707-square-foot, fitness-anchored shopping center in Clermont. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller in the transaction. Winter Park, Fla.-based CrossMarc Services acquired the property for $9.4 million. Originally constructed in 2009, Glenbrook Commons was 98.4 percent leased at the time of sale. Fitness CF anchors the center, which is also home to US Taekwondo, China Gourmet, Gametime Barber Shop, The Cat Garden, Clermont Family Dentistry and Suncoast Premier Medical. There were three additional undeveloped pads included in the transaction that can be developed for future retail uses. Located at 1714 US Highway 27 on a 15.6-acre site, the property is situated 34.3 miles from Orlando and 10 miles from Walt Disney World Resort.

April 15, 2022

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $2.1M Sale of Retail Building in Metro Richmond

by Julia Sanders April 15, 2022

MIDLOTHIAN, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of 11251 Hull Street Road, a 6,400-square-foot freestanding retail building in Midlothian. James Ashby IV of Cushman & Wakefield | Thalhimer represented the buyer, MB Ventures LLC. An entity doing business as KLS Hilltop LLC sold the property for $2.1 million. The property is fully leased by Safelite AutoGlass, a Columbus, Ohio-based provider of vehicle glass repair, replacement and calibration services. Safelite has more than 850 locations nationwide. Located at 11241 Hull St. Road, the property is situated 15.2 miles from downtown Richmond and 21.1 miles from Richmond International Airport.

April 15, 2022

Acquisitions Multifamily Seniors Housing Texas

Cushman & Wakefield Arranges Sale of 152-Unit Memory Care Portfolio in Houston Area

by Taylor Williams April 15, 2022

HOUSTON — Cushman & Wakefield has arranged the portfolio sale of four memory care communities totaling 152 units in the Houston area. The portfolio comprises Addington Place of The Woodlands, Addington Place of Cy-Fair, Addington Place of Meyerland and Addington Place of Clear Lake. The communities originally opened between 2010 and 2012. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Chris Remeika represented the seller, New York-based Healthcare Trust Inc., in the transaction. McFarlin Group, a Dallas-based private equity firm, acquired the portfolio in an all-cash deal.

April 15, 2022

Acquisitions Multifamily Texas

JLL Brokers Sale of 151-Unit Age-Restricted Multifamily Community in Austin

by Taylor Williams April 15, 2022

AUSTIN, TEXAS — JLL has brokered the sale of ArborView, a 151-unit age-restricted multifamily community in Austin. The property, which opened last year, is located within the Circle C master-planned community on the city’s southwest side. Units at ArborView feature granite countertops and tile backsplashes, and amenities include a pool, indoor and outdoor lounge areas, a fitness center, demonstration kitchen, hair salon and putting greens. Charles Bissell led a JLL team that represented the seller, Cadence Multifamily, in the transaction. Texas-based developer Sparrow Partners purchased ArborView for an undisclosed price.

April 15, 2022

Acquisitions Multifamily Texas

Hamilton Zanze Sells 150-Unit Apartment Complex in San Antonio

by Taylor Williams April 15, 2022

SAN ANTONIO — San Francisco-based investment firm Hamilton Zanze has sold Niche Apartments, a 150-unit multifamily complex located in the Oakwell Farms area of San Antonio. Built in 2000, the property offers one-, two- and three-bedroom units with an average size of 955 square feet, as well as a pool, fitness center, outdoor grilling areas and walking trails. Hamilton Zanze originally acquired the asset in 2016 and implemented a value-add program.

April 15, 2022

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 85,000 SF Industrial Lease in Carrollton, Texas

by Taylor Williams April 15, 2022

CARROLLTON, TEXAS — Lee & Associates has negotiated an 85,000-square-foot industrial lease at 1700 Columbian Club Drive in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property was built in 1996 and renovated in 2001. Ken Wesson of Lee & Associates represented the undisclosed landlord in the lease negotiations. Wilson Brown of CBRE represented the tenant, Lily of the Desert, a provider of organic gels and juices.

April 15, 2022

Leasing Activity Retail Texas

Dick’s Sporting Goods Subleases 50,000 SF Retail Space in Frisco from Hobby Lobby

by Taylor Williams April 15, 2022

FRISCO, TEXAS — Dick’s Sporting Goods (NYSE: DKS) has agreed to sublease 50,000 square feet of retail space at 5550 Preston Road in Frisco from Oklahoma-based discount retailer Hobby Lobby. Evan Bloom of The Woodmont Co. represented Hobby Lobby in the sublease negotiations. Megan Trimble and Greg Bracchi of Edge Realty represented Dick’s Sporting Goods. New York-based REIT Kimco Realty Corp. owns the center in which the space is located.

April 15, 2022

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