FARMINGTON HILLS, MICH. — Keystone Commercial Real Estate has brokered the sale of Federated Financial Center in Farmington Hills, a northwest suburb of Detroit. The sales price was undisclosed. Located at 30955 Northwestern Highway, the 33,662-square-foot office building will serve as the corporate headquarters of Happy’s Pizza, which is the parent company of Savvy Sliders. Greg Newman of Keystone worked with Happy’s to identify the location for the new headquarters, which is slated for occupancy this fall. The three-story building was constructed in 1987, according to LoopNet. Federated Financial Center Inc. sold the property to Blackstone 13 LLC.
ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $18.5 million sale of Kingsley Arms Apartments, a 98-unit multifamily building in Asbury Park. The unit mix consists of 23 studios, 68 one-bedroom units, five two-bedroom units and two penthouses. Units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include a fitness center, media room and a rooftop terrace. Daniel Lanni of Kislak represented the seller, Sackman Residential Holdings LLC, and the buyer, an entity doing business as 200 Deal Lake LLC, in the transaction. ConnectOne Bank provided acquisition financing.
CHERRY HILL, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has purchased a 130,000-square-foot portfolio in the Philadelphia suburb of Cherry Hill. Wharton acquired the three-building portfolio from an undisclosed seller in an off-market transaction and will implement a capital improvement program. Renovations will include replacing certain roofs, upgrading landscaping, repairing and painting exteriors and improving truck loading stations.
SOUTH WINDSOR, CONN. — Lyman Real Estate Brokerage & Development, a Connecticut-based firm, has negotiated the sale of a 48,060-square-foot industrial building in South Windsor, a suburb of Hartford. Sam Lyman of Lyman Real Estate represented the seller and occupant, Capitol Moving & Storage, in the transaction. Clancy Relocation & Logistics purchased the building.
NEW YORK CITY — A joint venture between L&L Holding Co. and Columbia Property Trust (NYSE: CXP) has received a $1.2 billion construction loan for the redevelopment of the historic Terminal Warehouse building in Manhattan’s West Chelsea neighborhood. The property was originally built in 1891 as the first major New York City facility with direct access to the river, streets and rail lines. A set of twin rail tracks runs through the center of the facility and originally offered a direct connection from the Hudson River’s docks to the freight lines operating at street level along 11th Avenue. Today, Terminal Warehouse consists of 1.2 million square feet of office, retail and self-storage space. The partnership plans to develop the property’s 550,000 square feet of self-storage space into modern, Class A office property and reimagine the ground-floor retail common areas. COOKFOX Architects is leading the design of the redevelopment. In addition, as part of the project plan approved by the New York City Landmarks Preservation Commission, the floor area will be removed to make room for a new courtyard, a series of double-height interior spaces throughout the western portion of the building and six new office levels with floor-to-ceiling glass overlooking …
The past year has been a long and winding ride, and some unexpected trends have been taking place in the Miami office market, between the onset of the COVID-19 pandemic and through its recovery to date. Logically, one would expect that an ongoing pandemic keeping corporate offices closed and employees working from home would negatively affect occupancy levels and lead to a deceleration in asking rents for office space. On the contrary, the Miami office market has remained solid, and while the area is a natural draw for tourism and entertainment, an increasing number of companies also recognize it as a sought-after location from which to operate their businesses. Tech’s influence on rents Miami has been one of the most active office markets in the nation thus far in 2021. While office markets in the Northeast and California remain partly closed due to several public health initiatives and related business constraints, Miami’s pro-business culture — coupled with Florida’s lack of state income taxes and business development efforts rolled out by Miami Mayor Francis Suarez and the Miami-Dade County Beacon Council — have ensured that the city’s economic engine kept running. Case in point, not only did Class A rental rates …
PEORIA, ARIZ. — Institutional Property Advisors has arranged the sale of Parc Roundtree Ranch, a 275-unit apartment property in Peoria, approximately 13 miles north of Phoenix. The property sold for $88.8 million, or $322,909 per unit. Gebing and Cliff David of IPA represented the seller, Evergreen Devco Inc., and procured the buyer, Bridge Investment Group. Completed in 2021, Parc Roundtree Ranch is located northeast of the Westgate Entertainment District, a mixed-use development in Glendale with more than 20 restaurants, retailers and entertainment venues including Yard House, Saddle Ranch, Buffalo Wild Wings and a 20-screen AMC movie theater. The Westgate district is anchored by Gila River Arena, which is the home to the National Hockey League’s Arizona Coyotes. Additionally, the apartment property is located next to Roundtree Park, a public community park with grills, a picnic area, a playground and a soccer field. The apartment community is close to the Loop 101 freeway and U.S. 60, and has access to employment hot spots such as Southwest Valley, Midtown and downtown Phoenix. Additionally, there are approximately 7,300 businesses within a 10-mile radius of the property. “The West Valley’s combination of durable jobs and growth in the distribution and industrial sectors has provided …
TAMPA, FLA. — Tampa-based Sila Realty Trust Inc. has sold 29 data centers across 18 states to Mapletree Industrial Trust, an industrial REIT listed on the Singapore Exchange. The sales price was approximately $1.3 billion. The transaction is expected to be completed in one or more closings during the third quarter of 2021. In total, the data center portfolio spans 3.3 million square feet of net leasable area. The portfolio is 87.8 percent leased to 32 tenants, including Fortune Global 500 and publicly traded companies with investment-grade credit. Only 1.7 percent of the leases are expiring in the next three financial years. Sila’s fiscal year ends on December 31st. About 89.4 percent of the leases in the portfolio have yearly rental escalations in the 1.5 percent to 3 percent range. With this acquisition, Mapletree Industrial Trust will have presence in 13 of the top 15 data center markets. Sila Realty Trust is a public non-traded real estate investment trust.
CARY, N.C. — Williams Sonoma, Pottery Barn, Athleta and Von Kekel Aveda Lifestyle Salon Spa will join the first phase of Fenton, a 69-acre, $1 billion mixed-use project under construction in the Raleigh suburb of Cary. In Phase I, co-developers Hines and Columbia Development will deliver approximately 345,000 square feet of shops, restaurants and entertainment space; 200,000 square feet of office space; a 175-room boutique hotel; and a 357-unit apartment community that will begin preleasing in early 2022. Williams Sonoma will occupy 5,504 square feet, Pottery Barn will occupy 13,910 square feet, Athleta will occupy 3,825 square feet and locally based Von Kekel Aveda Lifestyle Salon Spa will open its third Triangle-area location at Fenton. All four retailers expect to open their stores in April 2022. Other committed retail tenants at Fenton include Paragon Theaters, Arhaus Furniture, Honeysuckle Gelato, CRU Food & Wine Bar, Sephora, Free People, Bailey’s Fine Jewelry, LunchboxWax, Zen Nail Bar, Superica, M Sushi, Crawford Brothers Steakhouse, Colletta and Dram & Draught. The mixed-use development was also slated to feature a Wegmans, but the Rochester, N.Y.-based grocer pulled out of the project in March. With the addition of the four new tenants, 82 percent of the retail …
SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out Solaire 8200 Dixon, a 403-unit apartment tower in the Ripley District in downtown Silver Spring. The general contractor, Clark Construction Co., is slated to deliver the first apartments in mid-2022. Architectural firm Design Collective designed the property. At 26 stories, Solaire 8200 Dixon will be Silver Spring’s tallest building, according to WPC. The property will feature the area’s first food hall and city market, which will be open to the public. Community amenities will include a rooftop fitness center, pool and sky lounge, as well as a club room with coworking facilities, catering kitchen, 24-hour concierge and package services, pet spa and two guest suites for residents’ use. About 75 percent of the apartments will be one-bedroom and the remainder will have two bedrooms. Solaire 8200 Dixon will be located on the former site of Progress Place, which was home to the nonprofit organization Shepherd’s Table. Through a public-private partnership with Montgomery County, WPC developed a new Progress Place building offsite at 8106 Georgia Ave. in Silver Spring. The new facility houses Shepherd’s Table and two other nonprofits, Interfaith Works and Mobile Med. WPC is a commercial real estate …