Property Type

RangeWater Underway on 350-Unit Multifamily Development in Metro Austin

by Taylor Williams August 24, 2022

MANOR, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of The Darby, a multifamily development in the northeastern Austin suburb of Manor that will consist of 326 apartments and 24 townhomes. Apartments will feature one-, two- and three-bedroom floor plans ranging in size from 757 to 1,400 square feet, and townhomes will come in three-bedroom formats with garages and private yards. The communal amenity package comprises a pool, fitness center, dog park and outdoor grilling and dining areas. Construction is scheduled to be complete in fall 2023.

August 24, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 344-Unit Pecan Springs Apartments in Northwest San Antonio

by Taylor Williams August 24, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Pecan Springs, a 344-unit apartment community in northwest San Antonio. Built on 16 acres in 2013, Pecan Springs features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge, dog park, outdoor grilling stations and package lockers. Will Balthrope and Drew Garza of IPA represented the seller, Tampa-based American Landmark, and procured the buyer, Alabama-based StoneRiver Co., in the transaction. At the time of sale, Pecan Springs had an average occupancy rate of 96 percent on a trailing 12-month basis.

August 24, 2022

Industrial Leasing Activity Texas

ICC Cable Corp. Signs 59,376 SF Industrial Lease in Northwest Houston

by Taylor Williams August 24, 2022

HOUSTON — ICC Cable Corp., a provider of wiring and cable services for the energy and construction industries, has signed a 59,376-square-foot industrial lease at 10300 FM 1960 Road in northwest Houston. Cotton Munson of Davis Commercial Real Estate represented the tenant, which is relocating from a smaller space on North Sam Houston Parkway, in the lease negotiations. Michael Foreman of Cushman & Wakefield represented the undisclosed landlord.

August 24, 2022

Delaware Development Industrial Northeast

DuPont Electronics to Undertake $50M Industrial Expansion Project in Glasgow, Delaware

by Taylor Williams August 24, 2022

GLASGOW, DEL. — DuPont Semiconductor Technologies, a division of DuPont Electronics & Industrial, will undertake a $50 million industrial expansion project in the northern Delaware city of Glasgow. The 385,000-square-foot facility will be used for the fabrication, packaging and assembly of materials used in semiconductors that support numerous electronics-based industries. About 70 employees from DuPont’s existing facility in nearby Newark will staff the new plant along with 10 or so new hires. The company expects its new facility to be operational by the first quarter of 2024.

August 24, 2022

Acquisitions Industrial New Hampshire Northeast

Cushman & Wakefield Brokers $69M Sale of New Hampshire Industrial Portfolio

by Taylor Williams August 24, 2022

HUDSON, NASHUA AND MANCHESTER, N.H. — Cushman & Wakefield has brokered the $69 million sale of a portfolio of four southern New Hampshire industrial buildings totaling 593,000 square feet. The properties are specifically located in Hudson, Nashua and Manchester and were 94 percent leased to 18 tenants at the time of sale. Dave Pergola, Brian Doherty, Pete Rogers, Tom Farrelly, Denis Dancoes and Sue Ann Johnson of Cushman & Wakefield represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also with Cushman & Wakefield, arranged acquisition financing on behalf of the buyer, Dallas-based Lincoln Property Co.

August 24, 2022

Loans New Jersey Northeast Office

JLL Arranges $31M Loan for Refinancing of Northern New Jersey Office Building

by Taylor Williams August 24, 2022

UNION, N.J. — JLL has arranged a $31 million loan for the refinancing of Liberty Hall Center I, a 210,000-square-foot office building located in the Northern New Jersey community of Union. The five-story building was originally designed in 1988 to house the headquarters of regional energy provider Elizabethtown Gas and features amenities such as a cafeteria, conference center and outdoor lounge areas. Jon Mikula, Max Custer and Michael Lachs of JLL arranged the loan through Knighthead Funding. The borrower, an entity doing business as Liberty Hall Joint Venture LLC, will use a portion of the proceeds to fund capital improvements.

August 24, 2022

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 264-Unit Capitol View Apartment Homes in Hartford

by Taylor Williams August 24, 2022

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.

August 24, 2022

Loans Massachusetts Multifamily Northeast

Greystone Provides $15.3M Agency Loan for Refinancing of Multifamily Asset in Fall River, Massachusetts

by Taylor Williams August 24, 2022

FALL RIVER, MASS. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of a historic, 103-unit multifamily asset in Fall River, located near the Massachusetts-Rhode Island border. Commonwealth Landing was originally built in the 1880s as a cotton mill and was converted into a multifamily complex with one-, two- and three-bedroom units in 2016. Shana Daby of Greystone originated the fixed-rate, nonrecourse loan, which features three years of interest-only payments, on behalf of the borrower, an entity doing business as Mechanics Mill Two LLC. Michael Corso of Kingston Capital provided debt advisory services.

August 24, 2022

Development Florida Southeast Student Housing

RD Management, Core Spaces Open $65M Student Housing Community Near USF in Tampa

by John Nelson August 24, 2022

TAMPA, FLA. — RD Management LLC and Core Spaces have opened Hub Tampa, a 359-unit student housing community located at the corner of University Square and Club drives in Tampa. The $65 million, off-campus property is situated near the University of South Florida (USF) and features 900 student housing beds. Amenities include a health and wellness center, rooftop pool and a study and work center, as well as an activities and events area. The student housing property is part of a mixed-use redevelopment of University Mall named RITHM. The 113-acre campus will include new Sprouts Farmers Market and Burlington stores that are set to open in 2023, as well as an extended stay Marriott hotel.

August 24, 2022

Acquisitions Industrial Southeast Virginia

Merritt Properties Acquires Industrial Park in Metro Richmond for $41.3M

by John Nelson August 24, 2022

ASHLAND, VA. — Merritt Properties has acquired Crescent Business Center, a five-building industrial park totaling 262,256 square feet in Ashland, about 10 miles north of Richmond. An affiliate of Thalhimer Realty Partners Inc. doing business as Crescent Business Center LC sold the asset for $41.3 million. Eric Robison of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Crescent Business Center is situated along I-95 on 20 acres and features an additional 19 acres for future development. The park was fully leased at the time of sale to tenants including Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.

August 24, 2022

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