ALBANY, N.Y. — Massachusetts-based WS Development has acquired Stuyvesant Plaza, a 240,000-square-foot shopping center in Albany that houses more than 60 retailers and restaurants. The property was originally built in 1959. The seller was an entity doing business as Stuyvesant Plaza Inc. The new ownership plans to implement a value-add program.
PHILADELPHIA — A joint venture between Ensemble Real Estate Investments, Mosaic Development Partners and Oxford Properties Group has broken ground on a 137,000-square-foot life sciences project at the Philadelphia Navy Yard. The project is being developed on a speculative basis for cell and gene therapy users and will be able to support tenants with space requirements ranging in size from 5,000 to 35,000 square feet. CRB is designing the project. A completion date was not disclosed.
By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial Group Back in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically. Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here. With the increase in jobs came the need for more housing. The multifamily rental vacancy rate in the Reno/Sparks area is currently below 2 percent, with fewer than 50 listings for townhouses and condominiums on the Northern Nevada Multiple Listing Service (MLS). The region has absorbed 750 acres per year since 2011, according to a recent study by Woods and Poole that utilized data from the Truckee Meadows Regional Planning Agency. The study further predicts the region will run out of developable residential land by 2038. The supply shortages are increasing the price of parcels, while landowners may not sell as they hold out for higher prices. This will accelerate the shrinkage of developable residential land. To meet demand, city planners are calling for higher density and vertical multifamily development. This means we …
NEW YORK CITY — Greystone has provided a $9.7 million loan for the refinancing of a 24-unit multifamily portfolio in the Williamsburg neighborhood of Brooklyn. The properties were originally built between 2006 and 2008 and offer one-, two- and three-bedroom units. The nonrecourse loan carries a 10-year term and a 30-year amortization schedule, with two years of interest-only payments and a 74 precent loan-to-value ratio. Jason Yuen of Greystone originated the financing.
ITHACA, N.Y. — Locally based healthcare provider Cayuga Health has purchased a 108,000-square-foot space at The Shops at Ithaca Mall in upstate New York. The provider has occupied the space since March 2020 as a COVID-19 testing center. Cayuga Health plans to consolidate some of its existing practices into this location, as well as to lease out some of the space to new vendors. The seller was a partnership that includes two Long Island-based investment firms, Mason Asset Management and Namdar Realty Group.
JERSEY CITY, N.J. — Vision Properties and Hana Alternative Asset Management have acquired 70 Hudson Street, a 431,281-square-foot office building located on the Hudson River in Jersey City. A joint venture between Danish institutional investor PFA Pension and Spear Street Capital sold the 12-story asset for $300 million. Built in 2000 and recently renovated with a new lobby and elevators, the asset is less than a block away from both the Paulus Hook river taxi station offering passage to several locations in Manhattan and the PATH light rail stations offering transit to Manhattan and New Jersey. It is only 1.5 miles from the Holland Tunnel as well. There is a Citibike bicycle rental station onsite and its waterfront location grants panoramic views of Lower Manhattan as well. Ground-floor retail tenants include CVS/pharmacy, bakery and restaurant Maman and a gym. Three floors of parking above the lobby and retail areas provide 226 parking spaces. According to the property website, only one 26,650-square-foot suite is currently available to rent, while the rest of the building is fully leased. Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing …
NEW YORK CITY — Arch Cos. has sold 1,993 multifamily units across six properties in Winston-Salem, N.C.; Spartanburg, S.C.; and Jacksonville, Fla. The sales price was $199 million. The buyer was not disclosed. Arch Cos. invested more than $15.5 million in capital expenditures in the properties and renovated 59 percent of all units over the past two years. The properties in the sale include The Arlington, The Arcadian and The Charleston in Winston-Salem; The Abner in Spartanburg; and Riverbank and Midtown Oaks in Jacksonville. Jeffrey Julien, Roberto Casas, Vic Ciancetta, Bill Weber, Bill Shippen and Denise Fansler of JLL represented Arch Cos. in the portfolio transaction. Other agents involved in the transaction include Kay Hill and Bern DuPree of Furman Capital Advisors and John Rutherford of NAI Hallmark.
ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.
NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.
CORNELIA, GA. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center in Cornelia. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investment group known as JETS Associates Ltd. Atlanta-based Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. At the time of sale, the property was 74 percent occupied with one available space totaling 1,750 square feet. The property is an outparcel to a Lowe’s Home Improvement store. Located at 216 Carpenters Cove Lane, the center has direct frontage to U.S. Highway 441 South. The property is located approximately 70 miles northeast of downtown Atlanta.
