Property Type

Blueprint Negotiates $10.6M Sale of 50-Unit Memory Care Community in Bremerton, Washington

by Amy Works June 20, 2022

BREMERTON, WASH. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence in the Seattle area. The price was $10.6 million, or $212,000 per unit. The buyer plans to continue the focus on quality care as well as allocate approximately 20 percent of the rent roll to Medicaid residents.

June 20, 2022

Development Mixed-Use New Jersey Northeast Top Stories

Kushner Breaks Ground on 2 MSF One Journal Square Mixed-Use Project in Jersey City

by Taylor Williams June 20, 2022

JERSEY CITY, N.J. — New York City-based developer Kushner has broken ground on One Journal Square, a 2 million-square-foot mixed-use project in Jersey City. The site is adjacent to Journal Square PATH Station, and the neighborhood name stems from the area’s history as a media and publishing hub. The centerpiece of the development will be two 64-story towers that will house a combined 1,723 apartments, 45,000 square feet of indoor and outdoor amenity space and a 40,000 square feet of ground-floor retail space that is fully preleased to an undisclosed tenant. One Journal Square will also include a new public plaza at its base facing John F. Kennedy Boulevard that will feature green space and seating areas for residents and visitors. Woods Bagot is the project architect, and AJD Construction is the general contractor. Phase I will center on the construction of 900 residential units and is expected to take approximately three years. Full completion of the project is scheduled for 2026. One Journal Square will feature an array of amenities that promote health and wellness. These will include an indoor and outdoor pool; fitness center with a yoga studio, sauna and spa; full-size basketball court; squash court; and a …

June 20, 2022

Florida Market Reports Office Southeast Southeast Market Reports

Tenants Continue Moving to South Florida in Search of Class A Office Space

by John Nelson June 20, 2022

There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …

June 20, 2022

Development Georgia Mixed-Use Southeast

Green Brick to Build $400M Mixed-Use Campus in Cumming, Georgia

by John Nelson June 17, 2022

CUMMING, GA. — Green Brick Partners Inc., a homebuilding and land development firm, has purchased 152 acres in the Atlanta suburb of Cumming. The Plano, Texas-based company plans to develop a mixed-use campus valued at $400 million at the site named Sawnee Village. The development will include 474 detached and attached homes built by Atlanta-based Providence Group, as well as more than 250 apartments, 220,000 square feet of seniors housing and office and retail space spanning 106,000 square feet. The master-planned campus will be situated near Ga. Highway 400 and Lake Lanier, as well as close to the New Cumming City Center, Avalon, Halcyon and Northside Forsyth Hospital. Nelson Architecture is designing Sawnee Village, and Providence Group is managing the overall development. Green Brick, which owns a controlling interest in Providence Group, plans to break ground on Sawnee Village this summer.

June 17, 2022

Acquisitions Data Centers Industrial Office Southeast Virginia

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson June 17, 2022

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

June 17, 2022

Acquisitions Florida Hospitality Southeast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson June 17, 2022

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

June 17, 2022

Alabama Development Industrial Southeast

Imperial Dade Opens 221,000 SF Logistics Hub in Loxley, Alabama

by John Nelson June 17, 2022

LOXLEY, ALA. — Imperial Dade, a food packaging and janitorial supplies distributor based in Jersey City, N.J., has opened a new logistics hub in Loxley, a city in Alabama’s Baldwin County situated along I-10. The $20 million warehouse and office facility will support the company’s growing customer base in the Gulf Coast and create 55 new jobs. The Class A facility is situated on 29 acres and features a concrete tilt-wall construction. Zach Plevritis and Mary Mozejko led Imperial Dade’s integration team internally and worked with city and county officials for the project.

June 17, 2022

Acquisitions Retail Southeast Tennessee

Drapac Capital Sells 23,362 SF Retail Property in Downtown Memphis Leased to Walgreens

by John Nelson June 17, 2022

MEMPHIS, TENN. — Drapac Capital Partners, a real estate investment firm based in Australia, has sold a 23,362-square-foot retail property located at 2 N. Main St. in downtown Memphis. A flagship Walgreens occupies the bottom two levels of the property, and the top level is vacant space. Studio Capital, an investor and developer based in California, purchased the multi-story property for $2.7 million. Drapac Capital purchased the property in 2015 for $715,000. St. Bourke, a community placemaking and development firm, refurbished the property last year that included new windows, facades, finishes, paint, signage and entryways.

June 17, 2022

Acquisitions Office Texas

Newmark Brokers Sale of 673,150 SF Office Complex in North Dallas

by Taylor Williams June 17, 2022

DALLAS — Newmark has brokered the sale of Element Towers, a two-building, 673,150-square-foot office complex located at 3010 and 3030 LBJ Freeway in North Dallas. Element Towers sits on seven acres, and both buildings feature newly renovated lobbies, fitness centers, conference facilities and full-service cafeterias. Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller in the transaction. David Milestone, Brett Green and Josh Francis, also with Newmark, arranged acquisition financing on behalf of the buyer, California-based Stanton Road Capital. Element Towers was 68 percent leased at the time of sale.

June 17, 2022

Development Multifamily Texas

Bainbridge to Develop 291-Unit Multifamily Project in New Braunfels, Texas

by Taylor Williams June 17, 2022

NEW BRAUNFELS, TEXAS — Florida-based developer The Bainbridge Cos. has acquired 14 acres in the northeastern San Antonio suburb of New Braunfels for the construction of a 291-unit multifamily project named Bainbridge Creekside. The garden-style community will offer one- and two-bedroom units ranging in size from 838 to 1,094 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining areas, clubhouse with gaming and lounging areas, a cybercafé, teleworking offices and a pet park. A construction timeline has not yet been finalized.

June 17, 2022

Newer Posts

Older Posts