Property Type

JLL Brokers Sale of 4,317-Unit Self-Storage Portfolio Across Three States

by Kristin Harlow April 26, 2022

CHICAGO — Chicago-based JLL Capital Markets has brokered the sale of an eight-property self-storage portfolio totaling 4,317 units across Illinois, North Carolina and Texas for an undisclosed price. In addition to a property in Chicago, the facilities are located in Plano, Little Elm, Garland and Flower Mound, Texas; and Durham, Raleigh and Spring Lake, N.C. The portfolio was 93 percent leased as of year-end 2021. Steve Mellon and Brian Somoza led the JLL team that represented the seller, Harrison Street. Life Storage was the buyer.

April 26, 2022

Leasing Activity Michigan Midwest Retail

Three New Retail Tenants Sign Leases at Green Oak Village Place in Brighton, Michigan

by Kristin Harlow April 26, 2022

BRIGHTON, MICH. — Three new retail tenants have signed leases to open at Green Oak Village Place in Brighton, about 45 miles northwest of Detroit. Athleta, F45 Training and US Mattress are all slated to open this summer. Athleta will occupy 4,400 square feet. Part of the Gap Inc. portfolio, Athleta is an athletic retailer that sells women’s apparel and operates more than 220 stores across the United States and Canada. F45 will occupy 2,838 square feet. The “F” stands for functional and the 45 represents the 45-minute length of each workout session. There are more than 1,750 F45 studios worldwide. US Mattress, which operates 27 locations across Michigan, will lease 3,000 square feet. Green Oak Village Place, a neighborhood town center, is home to more than 50 retailers and restaurants. A joint venture between REDICO and Lormax Stern Development Co. developed the property.

April 26, 2022

Acquisitions Michigan Midwest Office

Colliers Arranges Sale of 60,362 SF Office Building in Ann Arbor, Michigan

by Kristin Harlow April 26, 2022

ANN ARBOR, MICH. — Colliers Detroit has arranged the sale of a 60,362-square-foot office building located at 5220 S. State St. in Ann Arbor. The sales price was undisclosed. Jim Chaconas and Joey Gatliff of Colliers represented the seller. The buyer, New Eagle LLC, provides specialized engineering services focusing on mechatronic control systems.

April 26, 2022

Illinois Leasing Activity Midwest Office

Illinois Department of Public Health Leases 9,923 SF of Office Space in Fairview Heights

by Kristin Harlow April 26, 2022

FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.

April 26, 2022

Development Multifamily New Jersey Northeast

Veris Residential Begins Leasing 56-Story Apartment Tower in Jersey City

by Taylor Williams April 26, 2022

JERSEY CITY, N.J. — Veris Residential has begun leasing Haus25, a 56-story apartment tower in Jersey City. Designed by Elkus Manfredi Architects with interiors by Fogarty Finger and landscape architecture by Melillo Bauer Carman, Haus25 rises 600 feet and comprises 750 units, 20 percent of which have been preleased. Residences come in studio, one-, two- and three-bedroom formats and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and ecobee smart thermostats. Amenities include a pool, indoor and outdoor fitness areas, chef’s kitchen, grilling stations, an amphitheater, bowling alley, karaoke lounge, game room, golf simulator, children’s playroom, pet spa and a dog run. Rents start in the low $3,000s per month for a studio apartment.

April 26, 2022

Acquisitions Affordable Housing Multifamily Northeast Pennsylvania Seniors Housing

CPP Buys 138-Unit Affordable Seniors Housing Community in Erie, Pennsylvania

by Taylor Williams April 26, 2022

ERIE, PA. — Community Preservation Partners (CPP) has acquired Methodist Towers, a 138-unit affordable seniors housing community in Erie. About 40 percent (57) of the 13-story complex’s units receive subsidies under a Section 8 HAP contract. The sales price was not disclosed, but CPP plans to spend $20 million on the acquisition and renovation. CPP received tax-exempt bonds and Low-Income Housing Tax Credits (LIHTCs) from the Pennsylvania Housing Finance Agency (PHFA), with construction and permanent loans from Citibank as well as equity raised from the sale of LIHTCs from PNC Bank, to finance the property acquisition and rehabilitation. Cornerstone Group is a partner on the project.

April 26, 2022

Loans Multifamily New Jersey Northeast

MMCC Arranges $24M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams April 26, 2022

LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $24 million loan for the refinancing of a 113-unit apartment complex located at 1120 E. Saint George Ave. in the Northern New Jersey community of Linden. The property was built in 2021 and includes 17,900 square feet of retail space. Amenities include a fitness center, dog park, resident clubhouse and a rooftop deck. M&T Bank provided the 10-year, interest-only loan, which carried a 30-year amortization schedule, on behalf of the undisclosed borrower. Joseph Belgiovine of MMCC arranged the debt.

April 26, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.5M Sale of Multifamily Property in Bergenfield, New Jersey

by Taylor Williams April 26, 2022

BERGENFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of Bella at Bergenfield, a 62-unit multifamily property in Northern New Jersey. Bella at Bergenfield was constructed between 2019 and 2020 and includes 57 one-bedroom units and five two-bedroom units with an average size of 869 square feet. Andrew Scheinerman of Kislak arranged the off-market sale on behalf of the seller. Robert Squires, also with Kislak, procured the buyer. Both parties were limited liability companies.

April 26, 2022

Leasing Activity New York Northeast Office

Standard Security Life Insurance Signs 11,314 SF Office Lease in Manhattan

by Taylor Williams April 26, 2022

NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.

April 26, 2022

Development Hospitality Mixed-Use Multifamily Office Restaurant Retail Texas Top Stories

Developers to Build $2B Fields West Mixed-Use Project Near Dallas, Including Ritz-Carlton Hotel

by John Nelson April 26, 2022

FRISCO, TEXAS — A development partnership has unveiled plans for Fields West, a $2 billion mixed-use project in Frisco, a northern suburb of Dallas. The 180-acre project will be situated along the Dallas North Tollway within Fields, a 2,500-acre master-planned development that houses PGA of America’s new headquarters. The development partnership for Fields West comprises Hunt Realty Investments, Karahan Cos., Chief Partners LP, CrossTie Capital Ltd. and the heirs of Bert Fields Jr., the original landowner and namesake of the development. Dallas-based Hunt Realty purchased the site, then known as Headquarters Ranch, from the Fields estate back in 2015. While individual components for Fields West weren’t disclosed, the developers did sign an agreement with Marriott International to bring a new Ritz-Carlton hotel to anchor the development. The size and room count for the new hotel were not announced. The Dallas Morning News reports that Fields West will ultimately feature three hotels and offices totaling a combined 4 million square feet. The outlet also reported the property will feature shopping, dining and entertainment uses, as well as 2,800 apartments. Project architect Gensler announced that Fields West will be “three times” the size of Legacy West Urban Village, a retail project within …

April 26, 2022

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