Property Type

Invesco, Webster Bank Provide $76.8M for Refinancing of Philadelphia Industrial Property

by Taylor Williams September 9, 2022

PHILADELPHIA — Atlanta-based investment management firm Invesco Real Estate and Webster Bank have provided $76.8 million for the refinancing of a 282,737-square-foot industrial property in Philadelphia. DH Property Holdings recently completed the Class A facility, which is a build-to-suit for TJX Cos., the parent company of Marshalls and T.J. Maxx. Building features include a clear height of 53 feet, proximity to Interstates 95 and 76 and ample car and trailer parking. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Ianno of Walker & Dunlop arranged the financing.

September 9, 2022

Acquisitions Industrial New Jersey Northeast

Bridge Logistics Properties Buys 170,000 SF Industrial Complex in Northern New Jersey

by Taylor Williams September 9, 2022

LINDEN, N.J. — Bridge Logistics Properties, a subsidiary of national industrial investment firm Bridge Investment Group, has purchased a 170,000-square-foot complex in the Northern New Jersey community of Linden. The two buildings at 3301 and 3351 Tremley Point Road sit on a combined 14.6 acres. The north building is a Class A facility with a clear height of 36 feet that includes cold storage space. The south building is a Class B warehouse with dock-high and grade-level doors. Leo Josephs and Joshua Meisner of Leo Josephs & Co. Inc. brokered the off-market transaction.

September 9, 2022

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $52M Loan for Refinancing of Northern New Jersey Multifamily Asset

by Taylor Williams September 9, 2022

NORTH HALEDON, N.J. — G.S. Wilcox & Co. has arranged a $52 million loan for the refinancing of a 180-unit multifamily asset located in the Northern New Jersey community of North Haledon. The four-building property features amenities such as a pool, pet park, fitness center, clubhouse and an outdoor entertainment area. Gretchen Wilcox, Wesley Wilcox and Al Raymond of G.S. Wilcox arranged the 20-year loan on behalf of the undisclosed borrower. The direct lender was also not disclosed.

September 9, 2022

Leasing Activity Massachusetts Northeast Office

Broadcom Signs 60,000 SF Office Lease Renewal in Andover, Massachusetts

by Taylor Williams September 9, 2022

ANDOVER, MASS. — Global technology firm Broadcom has signed a 60,000-square-foot office lease renewal at 100 Brickstone Square in the northern Boston suburb of Andover. Brickstone Square was originally constructed in 1922 and recently underwent a capital improvement program that delivered expanded café services, a fitness center, onsite bistro, game room and a new outdoor patio and courtyard. Blake Baldwin, Shayne O’Neil and Petra Flynn represented the landlord, KS Partners, in the lease negotiations. John Wilson of CBRE represented the tenant.

September 9, 2022

Leasing Activity Massachusetts Northeast Retail

KeyPoint Partners Negotiates 21,842 SF Retail Lease in Woburn, Massachusetts

by Taylor Williams September 9, 2022

WOBURN, MASS. — Locally based brokerage and advisory firm KeyPoint Partners has negotiated a 21,842-square-foot retail lease at Main Street Shopping Center in Woburn, a northern suburb of Boston. The tenant, Ski Haus, a retailer of outdoor patio furniture and winter sports equipment, will backfill a space previously occupied by AC Moore at the grocery-anchored center. Don Mace of KeyPoint Partners represented the undisclosed landlord in the lease negotiations.

September 9, 2022

Development Maryland Mixed-Use Multifamily Seniors Housing Southeast Top Stories

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw September 9, 2022

BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …

September 9, 2022

Arizona Market Reports Multifamily Western Western Market Reports

Multifamily Remains Popular in Shifting Phoenix Market

by Jeff Shaw September 9, 2022

By Kimberly A. Rollins, Senior Vice President, Rollins & Randall Multi-Family Group, Commercial Properties Inc. The big question on everyone’s mind is where Phoenix’s multifamily market is going. After several years of pandemic-caused uncertainty, the implications are still transforming the market. Whether it is workforce mobility, supply chain issues, or labor shortages, uncertainty and inflation have affected all areas of real estate — no place more so than here in the Phoenix Metro Area. The perfect storm of historically low interest rates, job opportunities, limited new development and a low cost of living have given rise to the housing shortage that has played out in the Valley over the past several years. We saw multifamily effective rent increase 22.7 percent year over year in the third quarter of 2021, and an average market sale price per unit of $297,697, with a 3.9 percent year-to-date cap rate, according to CoStar. Over the past 10 years, vacancy rates have dropped every year. They fell from 8.3 percent in 2012 to a low of 5.8 percent in 2021. Conversely, year to date we are seeing a vacancy increase for the first time during that timeframe, to 7.7 percent. Last year also saw the highest level of …

September 9, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires National Hotel Portfolio Totaling 3,300 Rooms

by Taylor Williams September 8, 2022

DALLAS — Dallas-based hospitality development and investment firm NewcrestImage has acquired a national portfolio of 45 hotels totaling approximately 3,300 rooms. The properties are located in 11 states and are primarily operated under various brands within the Marriott and Hilton family of concepts, though the portfolio also includes two Choice-branded hotels and one Radisson-branded hotels. The seller was an undisclosed private investment firm. The sales price was also not disclosed.

September 8, 2022

Development Hospitality Texas

Sam Moon Group Underway on 267-Room JW Marriott Hotel in Dallas Arts District

by Taylor Williams September 8, 2022

DALLAS — Locally based hospitality developer Sam Moon Group is underway on construction of a 267-room hotel in the Dallas Arts District that will operate under the JW Marriott brand. The 23-story hotel will be located at 800 N. Harwood St. and will house three food-and-beverage concepts, as well as a cocktail lounge, meeting and conference areas, a fitness center and a ballroom. Guests will also have access to a sky lobby on the 11th floor. HKS Inc. served as the project architect, with DPR Construction as the general contractor. Completion is slated for next spring. The hotel will be the first in Dallas to operate under the JW Marriott brand.

September 8, 2022

Acquisitions Affordable Housing Illinois Midwest Multifamily

Standard Communities Acquires Mixed-Income Apartment Community in Chicago for $54M

by Kristin Harlow September 8, 2022

CHICAGO — Standard Communities led a public-private partnership that acquired Lake Park Crescent Apartments in Chicago’s Oakland neighborhood for roughly $54 million. Built in 2004 and located at 1061 E. 41st Place, the mixed-income apartment community is comprised of 148 units across 13 buildings. Of the 148 units, 112 are designated as affordable for renters who earn 40 to 80 percent of the area median income. As part of the transaction, 60 Chicago Housing Authority (CHA) public housing units were converted to project-based vouchers under the Rental Assistance Demonstration (RAD) program. The federal RAD program enables public housing authorities to protect the long-term affordability of public housing units in need of rehabilitation and financial support. Affordability will be extended for at least 30 years. Standard completed the transaction in partnership with HUD, the Illinois Housing Development Authority, CHA and the City of Chicago Department of Housing. Financing came from Low-Income Housing Tax Credits arranged in partnership with Boston Financial Investment Management. Citibank provided additional financing. Standard will oversee a renovation of Lake Park Crescent at a cost of approximately $72,000 per unit. Common areas and exterior grounds will also be improved.

September 8, 2022

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