ROSLYN HEIGHTS, N.Y. — A joint venture between New Jersey-based developer The Hampshire Cos. and Blumenfeld Development Group has begun construction on a 691-unit self-storage facility in Roslyn Heights, located on Long Island. Extra Space Storage will manage the property, the site of which formerly housed a manufacturing plant. The facility, which will be the 44th property developed by Hampshire Cos. for Extra Space Storage in the eastern part of the country, is scheduled for completion in the second quarter of 2022.
NAVARRE, FLA. — Cushman & Wakefield has secured $48.9 million in construction financing on behalf of Atlanta-based Branch Properties LLC for Elevate Navarre Beach, a 332-unit apartment community located in Navarre. Michael Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the five-year, floating-rate loan through IberiaBank. Elevate Navarre Beach will include 11 three-story residential buildings offering one-, two- and three-bedroom floorplans with an average unit size of 894 square feet. Community amenities will include a pool, fitness center, outdoor grilling stations with private cabanas, dog park and spa and car care center. The property is slated to break ground before the end of the year, and construction is expected to be complete by late 2023. Located at 8250 Naverre Parkway, the property will be adjacent to Paradise Shoppes of Navarre, a Publix-anchored neighborhood center offering retail, restaurants and entertainment space. Elevate Navarre Beach will be situated approximately 20 miles from Pensacola Beach and 41 miles from Santa Rosa Beach.
NORWICH, CONN. — Boston-based national retail brokerage firm Horvath & Tremblay has arranged the $4.5 million sale of Chipotle Plaza, a 6,466-square-foot retail center in Norwich, located in the southern coastal part of the state. Tenants include Chipotle Mexican Grill, Supercuts, T-Mobile and You Break I Fix. Bob Horvath, Todd Tremblay and Matt Nadler of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — Chicago-based real estate consulting firm Project Management Advisors Inc. (PMA) has signed a lease for approximately 5,000 square feet in the Empire State Building. The new office — the company’s seventh across the country — will bring together PMA’s existing New York staff and the team from LPE Management Services, which PMA recently acquired. The office is scheduled to before the end of the month.
BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.
UNION CITY, GA. — SRS Real Estate Partners has arranged the sale of Shannon Crossing, a 101,174-square-foot, Kroger-anchored shopping center located in Union City, about 17.9 miles south of downtown Atlanta. Forge Real Estate Partners III LP, a joint venture between Rancho Sante Fe, Calif.-based Forge Capital Partners and St. Petersburg, Fla.-based The Sembler Co., sold the property for $19.4 million to an Atlanta-based entity doing business as Flesh and Soul Enterprises LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Located at 4550 Jonesboro Road, the property is situated adjacent to Interstate 85. Kroger has anchored Shannon Crossing for over 41 years. About 97 percent occupied at the time of sale, Shannon Crossing has a tenant roster that includes Advance Auto Parts, Chase Bank, T-Mobile, The UPS Store, Papa John’s and J.R. Crickets.
EVANS, GA. — The Palomar Group has brokered the $2.3 million sale of a Starbucks-occupied retail property located at 3104 William Few Parkway in Evans. The buyer was an investor based in Aiken, S.C., and the seller was an investor based in Augusta, Ga. The Palomar Group was the only broker involved in the transaction. Built in 2021, the retail property spans 2,500 square feet. Starbucks has a 10-year lease and no termination clause at the property. The store is an outparcel of a Publix-anchored shopping center and is located next to a CVS/pharmacy and Mi Rancho Mexican restaurant.
EAST GREENWICH, N.J. — CRG, the real estate development and investment arm of Clayco, has sold two speculative industrial facilities located in East Greenwich for $107.7 million. The portfolio includes The Cubes at Huff Lane, a 283,040-square-foot building, and The Cubes at Harmony Road, a 252,750-square-foot building, both located in the East Greenwich Logistics Center about 20 miles southwest of Philadelphia. The buyer was Carson, Calif.-based Watson Land Co. JLL both brokered the sale and the leasing process for both fully occupied facilities. John Plower, Ryan Cottone, Zach Maguire, Paul Torosian, Dean Torosian and Nate Demetsky of JLL represented the seller in the transaction. CRG developed both buildings in a joint venture partnership with Pacific Coast Capital Partners LLC, completing them in September 2020. Lamar Johnson Collaborative designed the facilities, which feature 36-foot clear heights and early suppression fast response fire sprinkler systems. The Cubes at Huff Lane features 43 loading doors, 187 parking spaces and 60 trailer stalls, while The Cubes at Harmony Road — which is leased to a global e-commerce fulfillment company — includes 38 loading doors, 208 parking spaces and 79 trailer stalls. CRG develops its industrial buildings under The Cubes brand, which prioritizes core national markets …
By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck Assembly. GM is renaming it “GM Factory Zero” to represent its full dedication to electric vehicle production. 2. Southeast Detroit: Fiat Chrysler’s $2.5 billion expansion to Jefferson North includes a new 1.4 million-square-foot Mack Avenue Engine Complex. This is part of a total $4.5 billion earmarked for Michigan plants. 3. Southwest Corktown: Ford is conducting an ongoing investment of $1.45 billion into its autonomous vehicle campus in an area called Corktown. The multi-building transformation is near Detroit’s international bridge and tunnel. Each area contains various tax incentivized Opportunity Zones, New Market Tax Credits and qualified HUB Zones. According to Costar Group MLS, Greater Detroit has a healthy 4.6 percent vacancy rate while Detroit proper has a 9.45 percent vacancy rate for industrial buildings. Much of the 9.45 …
ALEXANDRIA, VA. — Berkadia has secured an $86 million loan to refinance Meridian at Braddock Station, a 480-unit multifamily property located in Alexandria. An undisclosed national life company provided the borrower with the 10-year, interest-only loan. J. Tyler Blue, Paul Wallace, Robbie Driscoll and Pat Cunningham of Berkadia arranged the financing. Located at 1200 First St., Meridian at Braddock Station is a 16-story high-rise situated about 7.5 miles from Washington, D.C. The property is also 6.3 miles from Northern Virginia Community College and 7 miles from George Washington University. Built in 2000, the property offers studio, one- and two-bedroom floorplans with recently renovated units featuring wood plank flooring, quartz countertops and stainless steel appliances, as well as breakfast bars and glass enclosed sunrooms in select units. Community amenities include a rooftop terrace with a swimming pool and sundeck, clubroom with billiards, fitness center, courtyard lounge with barbecue grills and a dog park.