Property Type

Joint Venture Acquires 718-Unit Workforce Housing Portfolio in East Orange, New Jersey

by Taylor Williams September 13, 2021

EAST ORANGE, N.J. — A joint venture between Boston-based investment firm The Davis Cos., New York City-based Spaxel and Atalaya Capital Management has acquired a 718-unit workforce housing portfolio in East Orange, about 15 miles west of Manhattan. The portfolio consists of 11 buildings that were 96 percent occupied at the time of sale. Steven Kohn, John Alascio, Brian Whitmer, Chuck Kohaut, Jessica Ke and T.J. Sullivan represented Spaxel and Atalaya Capital Management in structuring a joint venture with The Davis Cos. The new ownership will implement a value-add program.

September 13, 2021

Acquisitions Massachusetts Northeast Retail

RPT Realty to Purchase Grocery-Anchored Shopping Center in Metro Boston for $131.5M

by Kristin Harlow September 13, 2021

DEDHAM, MASS. — RPT Realty (NYSE: RPT) is under contract to purchase a 510,000-square-foot, grocery-anchored shopping center in Dedham near Boston for $131.5 million. Stop & Shop is the anchor tenant. Other tenants at the property, which is nearly 92 percent occupied, include TJ Maxx, Dick’s Sporting Goods, Starbucks and Chipotle. The acquisition is expected to close in the fourth quarter. R2G Venture LLC, RPT’s joint venture platform focused on grocery-anchored assets, will be utilized to acquire the property.

September 13, 2021

Development New Jersey Northeast Office

Signature Acquisitions Begins Renovation of 175,000 SF Office Building in Parsippany, New Jersey

by Taylor Williams September 13, 2021

PARSIPPANY, N.J. — Regional office owner and manager Signature Acquisitions has begun the renovation of 100 Kimball, a 175,000-square-foot office building in Parsippany, located in the northern part of the Garden State. The building is currently leased to accounting giant Deloitte, which will be vacating the premises next year. Designed by Studio 1200, the project will include a revitalization of the lobby, a redesign of the café to feature more culinary options and upgrades to the fitness center and conference facilities. Avison Young has been tapped to lease the building following completion of the project, which is scheduled for August 2022.

September 13, 2021

Development Multifamily New Jersey Northeast Seniors Housing

CHA Partners Nears Completion of 123-Bed Seniors Housing Community in East Hanover, New Jersey

by Taylor Williams September 13, 2021

EAST HANOVER, N.J. — New Jersey-based developer CHA Partners is nearing completion of LIVIA, a 123-bed senior living community in East Hanover, about 30 miles west of New York City. The 100,000-square-foot facility will offer skilled nursing, memory care, assisted living and long-term care/rehabilitation services. Amenities will include restaurant-style dining options, outdoor courtyards, a theater, game room, full-service bar/lounge, beauty salon, and a café. CHA Partners expects the facility to be operational before the end of the month.

September 13, 2021

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $16M Sale of Retail Property in Miami Net-Leased to CVS

by Julia Sanders September 13, 2021

MIAMI — Marcus & Millichap has brokered the $16 million sale of a freestanding CVS/pharmacy-occupied retail property located in Miami. The 14,989-square-foot building is situated on a 2.4-acre parcel, a portion of which is subleased to Wendy’s. Ronnie Issenberg, Gabriel Britti, Ricardo Esteves and Kevin O’Hanlon of Marcus & Millichap represented the sellers, an entity doing business as TRR Everglades Holdings LLC and a group of local Miami investors and developers. The buyer was International Capital Acquisitions LLC, a foreign investor based in Germany. Located at 10660 SW 40th St., the CVS/pharmacy is situated 1.2 miles from Kendall Regional Medical Center, 4.3 miles from Westchester General Hospital, about 5.2 miles from Nicklaus Children’s Hospital and approximately 13.7 miles from Miami International Airport.

September 13, 2021

Leasing Activity Life Sciences New Jersey Northeast Office

LIXIL Signs 60,000 SF Headquarters Lease at Middlesex Science Center in Piscataway, New Jersey

by Taylor Williams September 13, 2021

PISCATAWAY, N.J. — LIXIL, a provider of water and housing products, has signed a 60,000-square-foot lease for its new headquarters at Middlesex Science Center, a 685,000-square-foot office and life sciences campus in the Northern New Jersey community of Piscataway. Keystone Property Group owns the campus, which formerly served as an office and data center for AT&T. Scott Lesh and Scott Stange of JLL represented the tenant in the lease negotiations. CBRE represented Keystone.

September 13, 2021

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $6.6M Sale of Midlothian Crossing Shopping Center in Metro Richmond

by Julia Sanders September 13, 2021

NORTH CHESTERFIELD, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of Midlothian Crossing in North Chesterfield, about 9.7 miles south of Richmond. Midlothian Crossing is an 87,938-square-foot shopping center that was 95.6 percent leased at the time of sale to tenants such as Big Lots and Goodwill. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as RCC Midlothian Crossing LLC. The Richmond-based buyer, an entity doing business as 8501 MIDLO PIKE LCC, acquired the property for $6.6 million. Located off the Midlothian Turnpike, Midlothian Crossing’s tenant roster includes Red Wing Shoes, Alliance Rehabilitation, PeopleReady Inc. and John Smith Subs. The center has 406 surface parking spots.

September 13, 2021

St-Georges-Crossing-Woodbridge-New-Jersey

Market Reports Northeast Northeast Market Reports Retail

The Open-Air Advantage: Flexibility, Diversity and Adaptability Drive Sustained Appeal

by Taylor Williams September 13, 2021

By Matthew Harding, CEO, Levin Management Corp. Serving as one-stop destinations to meet consumers’ daily needs, open-air shopping centers — especially those with grocery anchors — have long been a fan favorite of shoppers, tenants and investors. Over the past 18 months, this asset class has again proven its ability to adapt and serve in any market climate — and under the most challenging of circumstances. Operational Flexibility Is Key By their nature, neighborhood, community and power centers provide a higher level of operational flexibility than other commercial product types. For example, during pandemic-fueled business interruptions, open-air environments enabled tenants to be more creative and accommodate new or expanded uses. This included increasing outdoor space for dining or fitness classes and expanding fulfillment options by setting up curbside pick up. Levin Management’s own mid-year survey of store managers within our leased and managed portfolio, which is comprised largely of open-air product, showed that many of the changes that were made out of necessity last year are now being kept as best practices. For the most part, tenants are responding to stepped-up prioritization of customer convenience. We have seen how quickly shoppers came back out once they could. Ultimately, people like …

September 13, 2021

Development Florida Industrial Southeast Top Stories

Seefried Breaks Ground on 2.8 MSF Amazon Fulfillment Center in Tallahassee

by Kristin Harlow September 13, 2021

TALLAHASSEE, FLA. — Seefried Industrial Properties has broken ground on a 2.8 million-square-foot fulfillment center in Tallahassee. The developer did not disclose the tenant, but the Tallahassee Democrat reported that the occupant will be Amazon. Dubbed “Project Mango,” the development will be situated on 118 acres near the Mahan Drive and I-10 interchange. Seefried says that the four-story project is record-breaking in terms of its size and functionality, and that it will feature cutting-edge material handling and product retrieval systems. Equipped with advanced robotics technology, the property will assist in efficient package delivery. The facility will feature 49 dock doors, 1,250 car parking spaces, 265 trailer spaces and 100,000 square feet of office and break room space. The fulfillment center is expected to generate 1,346 full-time jobs and an economic impact of $451 million, according to Seefried. The Conlan Co. is serving as general contractor. Completion is slated for the fourth quarter of 2022. Amazon also recently unveiled plans for a new fulfillment center in Port St. Lucie, Fla., along with five new delivery stations in the Sunshine State. The e-commerce giant currently operates more than 50 sites in Florida that support customer fulfillment and delivery operations. Atlanta-based Seefried is …

September 13, 2021

Arizona Development Industrial Top Stories

CapRock Partners Breaks Ground on 3.4 MSF Spec Industrial Complex in Phoenix

by Julia Sanders September 10, 2021

PHOENIX, ARIZ. — CapRock Partners has broken ground on CapRock West 202 Logistics, a 183-acre speculative industrial project in Phoenix. The eight-building, Class A industrial warehouse complex will total 3.4 million square feet. The project will be developed in two phases. Phase I will start in November 2021, with completion and delivery anticipated by the end of 2022. The first phase will include the first five buildings, totaling approximately 2.5 million square feet. The timeline for Phase II was not disclosed. Estimated development costs were also not released. The project will feature buildings ranging from 228,000 to 1.1 million square feet, with clear heights between 32-feet and 40-feet. All buildings will feature dock-high and ground-level loading with secured concrete truck courts. Each of the buildings are designed with varying depths and are divisible to accommodate multiple tenants. The project is the largest speculative industrial development in the history of Phoenix, according to CapRock. Bob O’Neill, senior vice president of acquisitions at CapRock Partners, said the CapRock West 202 Logistics project will be bigger than any other industrial project in Phoenix by more than 1 million square feet. “Phoenix is now the fifth largest municipality in the United States, and also …

September 10, 2021

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