NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.
FAIRFIELD, N.J. — Custom metal products provider Showman Fabricators has signed a 78,000-square-foot industrial lease at 15 Law Drive in the Northern New Jersey community of Fairfield. The newly renovated facility features a clear height of 18 feet and four loading docks. Chuck Fern, Thomas Tucci, Torsten Thaler and Natalie Gorga of Cushman & Wakefield represented both Showman Fabricators and the landlord, The STRO Cos., in the lease negotiations.
LINCOLN AND TIVERTON, R.I. — Bally’s Corp. (NYSE: BALY) has agreed to sell two of its casino resorts in Rhode Island to an affiliate of Gaming & Leisure Properties Inc. (NASDAQ: GLPI) for $1 billion. The properties in question are Bally’s Twin River Lincoln Casino Resort in Lincoln and Bally’s Tiverton Casino & Resort in Tiverton. A timeline for the closing of the sale-leaseback deal was not disclosed. Under the terms of the agreement, Rhode Island-based Bally’s will continue to operate the gaming operations and will pay a $9 million transaction fee at closing. GLP Capital, the acquiring entity of the Pennsylvania-based REIT, has agreed to pre-fund a deposit of up to $200 million that will be credited or repaid either at closing or on Dec. 31, 2023, whichever comes first. Ballly’s Twin River Lincoln features 136 hotel rooms and suites and a total of 162,000 square feet of gaming space, including 4,100 slot machines, 125 table games and a sportsbook. In addition, the resort houses four restaurants, three food courts, nine bars, three live entertainment venues, two VIP lounges and a retail store. Bally’s Tiverton comprises an 83-room hotel and 33,600 square feet of gaming space with 1,000 slot …
By Joe Aquino, president, JAACRES When Barneys New York department store closed in 2020, we saw a dramatic relocation of luxury retail on Madison Avenue to the south, apparently with a common goal of establishing better proximity to East 57th Street. Prior to that event, many luxury brands enjoyed a shop within a shop at Barneys, plus another store on the corridor, usually further uptown. Prior to the COVID-19 pandemic, this stretch of Madison Avenue was so tight for space that we saw East 59th Street, a major side street, securing tenants like Dior, Bathing Ape and Balmain. During the pandemic’s lockdown phases, retail vacancy rose dramatically, even in the most desirable areas. Now, post-pandemic, we see spaces along Madison Avenue getting filled by new and established luxury retailers ready to make a statement. Here are some of the key transactions that have either been recently completed or are in progress: Givenchy just left its cozy quarters at 749 Madison Ave. at the southeast corner of 65th Street to take the southeast corner at 625 Madison Ave. Versace will open in Givenchy’s place this fall. Wolford, a maker of luxury seamless tights, took the Lalique store at 607 Madison Ave. …
ATLANTA — A joint venture between Atlantic Residential, FIDES Development, Capital City Real Estate and Mitsui Fudosan America has broken ground on a 28-story apartment tower in Midtown Atlanta. Located at 1441 Peachtree St., the unnamed tower will comprise 350 luxury apartments and provide walkability to the Atlanta Arts MARTA station, Museum of Design Atlanta, Savannah College of Art and Design and the Breman Jewish Heritage Museum, as well as Pershing Point Park, Ansley Park and Piedmont Park. Designed by Niles Bolton Associates, the apartment tower’s amenities will include coworking spaces, a fitness center, wine bar and lounge, private dining area, pool with a sundeck and a rooftop bar and lounge, as well as two restaurants in the lobby. Apartments will come in studio, one-, two- and three-bedroom floor plans, many featuring balconies or terraces. The project team includes landscape architect and civil engineer Kimley-Horn and general contractor Brasfield & Gorrie. Gregg Shapiro and Matt Casey of JLL worked on behalf of the borrower to arrange the joint venture equity through Mitsui Fudosan America. The ownership plans to deliver the first units in June 2024.
SUGAR LAND, TEXAS — JLL has negotiated the sale of Imperial Self Storage, a 791-unit facility located in the southwestern Houston suburb of Sugar Land. Operated by CubeSmart, the property features 94,220 net rentable square feet of climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, SurePoint Self Storage, in the transaction. OB Cos./My Place Self Storage, an investment firm launched by Simply Self Storage founder and former CEO Kurt O’Brien, purchased the facility for an undisclosed price.
ST. CLOUD, FLA. — Alliance Residential has opened Prose Stevens Pointe, a 264-unit apartment community located at 3010 Camber Drive in St. Cloud. The Central Florida property features one- and two-bedroom apartments that range in size from 835 to 1,180 square feet, and monthly lease rates range from $1,500 to $1,845 per month. Units feature kitchens with white shaker-style cabinets, satin nickel hardware, granite countertops, entertainment islands, pantries and Whirlpool stainless steel appliances. All bedrooms have walk-in closets, and all bathrooms feature linen pantries. All units also include entry/coat closets, washer and dryer closets with appliances and wood-style plank flooring throughout. Amenities include a pool with sunshelves, chaise lounges, grilling stations, a dog park with a pet washing station, catering kitchen, entertainment lounge, business center with coworking spaces, fitness center and concierge services provided by Parcel Pending.
TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers. In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale. Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the …
IRVING, TEXAS — Archway Properties, a developer with offices in Houston and Dallas, will build Royal 114, a 429,027-square-foot industrial project in Irving. Royal 114 will consist of four rear-load buildings that will range in size from 46,261 to 155,050 square feet and will feature 28- to 32-foot clear heights. Pross Design Group is the project architect, and Peinado Construction is the general contractor. Transwestern will lease the property. Construction is set to begin later this summer and to be complete in the first quarter of 2023.
GREENSBORO, N.C. — Highwoods Properties has sold Airpark East Office Park, a 298,037-square-foot office park situated along Albert Pick Road in Greensboro. Locally based investor Deep River Partners purchased the four-building office campus. The sales price was not disclosed, but Winston-Salem Journal reports the property traded for $20.3 million. The news outlet also reported Airpark East was 88.2 percent leased at the time of sale to tenants including Volvo Financial Services. Ben Kilgore of CBRE|Raleigh and Greg Wilson of CBRE|Triad represented Highwoods in the sales transaction. CBRE|Triad is the leasing agent of Airpark East, which features a conference center, café, walking trails, an amphitheater and wooded picnic areas.