NORTH ARLINGTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $8.4 million sale of three multifamily properties totaling 43 units in North Arlington, located in Bergen County. All structures were originally built more than 100 years ago and include four office spaces and three retail units. Scott Davidovic, Michael Kossak and Andrew Scheinerman of Kislak brokered the deals. The sellers were family partnerships that sold the assets to a single buyer, with all parties involved requesting anonymity.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of two multifamily buildings totaling 37 units in Brooklyn’s Sunset Park neighborhood. The rent-stabilized buildings offer a mix of one-, two- and three-bedroom units. Victor Sozio, Stephen Vorvolakos, Sean Kelly and Benjamin Vago of Ariel Property Advisors brokered the sale. The buyer and seller were not disclosed.
NEW YORK CITY — Multifamily development and investment firm Beachwold Residential has signed a 12,637-square-foot office lease at 257 Park Avenue South in Manhattan’s Flatiron District. The 20-story building was constructed in 1912 and spans 226,000 square feet. Jared Stern of Savills represented the tenant in the lease negotiations. Rob Fisher represented the landlord, The Feil Organization, on an internal basis.
DAVIE, FLA. — Levy Realty Advisors has arranged the $50 million sale of Pelican Bays, an eight-building warehouse complex located on SW 52nd Street in Davie, a city in South Florida’s Broward County. Situated near I-595 and the Florida Turnpike, the property spans 197,000 square feet of flex industrial and office space. The buyer, an entity doing business as Pelican Bays LLC, purchased the campus from the original developer, Charles Rowar. Alan Levy and Josh Levy of Levy Realty represented the buyer in the transaction. The firm will also oversee leasing and management at Pelican Bays, which currently houses about 120 tenants. Norman Matus of Red Rock Realty represented the seller.
ATLANTA — Selig Enterprises has opened 500 Chattahoochee Row, an adaptive reuse office building situated within The Works in Atlanta’s Upper Westside neighborhood. Located along Chattahoochee Avenue near Topgolf and several breweries, the 70,000-square-foot property is the redevelopment of an existing warehouse that dates back to the 1950s. The office building is one of two with The Works, an 80-acre mixed-use development. Atlanta-based Selig recently secured leases with Bread N Butter Content Studio, a locally based multimedia company known for operating the “Atlanta Eats” video series and website, and MacDermid Graphic Solutions, a flexographic and printing company that is relocating from the Buckhead district nearby. Bread N Butter will occupy 6,160 square feet, and MacDermid Graphic Solutions will occupy 45,000 square feet. Other uses at The Works include a 31-stall food hall, Scofflaw Brewing taproom, creative offices, restaurants, shops, a fitness center and a one-acre park for children to play and for live music and shows.
ATLANTA — Peachtree Hotel Group has purchased the Canopy Atlanta Midtown, a 176-room hotel that opened in December 2018. A joint venture between Greystar, Concord Hospitality and Whitman Pearson sold the hotel to Peachtree Hotel Group for an undisclosed price. Lou Plasencia, Robert Wiemer, Nick Plasencia and Chris Plasencia of The Plasencia Group represented the seller in the transaction. The hotel opened at the same time as the adjacent Ascent Midtown Apartments, which was also developed by Greystar. Canopy Atlanta Midtown features an onsite restaurant, fitness center, business center and meeting rooms.
ALEXANDRIA, VA. — Avison Young has brokered the $22 million sale of a 110,047-square-foot office building located at 5680 King Centre Drive in Alexandria. Jim Kornick and Bill Evans of Avison Young represented the buyer, Burke & Herbert Bank & Trust Co., in the transaction, and the undisclosed seller was self-represented. The bank plans to consolidate a large swath of its workforce in the LEED Gold-certified building but maintain its headquarters at 100 S. Fairfax St. in Old Town Alexandria.
MEBANE, N.C. — Blaze Capital Partners, a multifamily investment firm based in Charleston, has purchased Fieldstone Apartments, a 240-unit, garden-style community in Mebane. This deal marks the first in the Triangle market for the investment firm. The seller and sales price were not disclosed. Blaze Capital plans to invest $2.5 million in property improvements at Fieldstone, including select unit interior enhancements and upgrades to landscaping and community amenities. Fieldstone offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances and outdoor patios and balconies. Community amenities include a 24-hour fitness center, resort-style pool and sundeck, coffee bar, dog park and a playground.
NEW YORK CITY — Walker & Dunlop Inc. has arranged $754 million in financing for Aman New York, a luxury hotel and condo development in Midtown Manhattan. Aman New York occupies the top 20 floors of the 100-year-old Crown Building at the corner of 57th Street and Fifth Avenue, across the street from Trump Tower. OKO Group was the developer. The 95,000-square-foot residential portion includes 22 units, while the 117,000-square-foot hotel section contains 83 guest rooms and suites. The rooms are among New York’s largest, and the hotel is the only one in New York to offer working fireplaces in each room. The lower floors of the building remain retail space. The hotel portion is scheduled to open on Tuesday, Aug. 2. Reservations will be available beginning Monday, July 25. The development is Aman’s first U.S. urban residence project and provides special features for owners such as private entrances, plus access to three dining venues, a jazz club, wine room and 25,000-square-foot Aman Spa. Nearly all of the condos are pre-sold, with one of the units selling for $55 million, marking one of the priciest residential transactions in New York so far this year. Originally built in 1921, the Crown …
By Jake Snyder, director of preconstruction, Hoar Construction Thanks to its rich culture, technology-friendly atmosphere and eclectic music scene, Austin has blossomed over the past decade into a hotspot for businesses and residents alike that are seeking to ride the wave of the city’s phenomenal growth story. Just last year, the U.S. Census Bureau reported that Austin is the fastest-growing major metro area in the country, posting a 3 percent increase in population between 2020 and 2021. Pair that recent growth with a global pandemic, and you have an urgent need for increased healthcare development to accommodate the number of people moving into the city. However, as with most other facets of commercial real estate, construction took a proverbial uppercut blow from COVID-19. Project delays, price hikes and material shortages have made every aspect of the construction life cycle more difficult, but not impossible. According to Associated Builders and Contractors, nearly 650,000 additional workers are currently needed to meet the demand for labor on construction sites, while an estimated 1.2 million will leave their jobs this year to work in other industries. A recent report from labor market research firm JobsEQ also found that the Austin area could be short …