Property Type

Newmark Brokers $129M Sale of Raytheon Office Campus in Woburn, Massachusetts

by Taylor Williams February 11, 2022

WOBURN, MASS. — Newmark has brokered the $129 million sale of a two-building, 440,130-square-foot office campus in the northern Boston suburb of Woburn that is leased to defense contractor Raytheon. The campus includes research and development space, as well as a fitness center, full-service cafeteria, conference facilities and two parking garages. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Atlanta-based Piedmont Office Realty Trust, in the transaction. The team also procured the undisclosed buyer.

February 11, 2022

Acquisitions Georgia Industrial North Carolina Self-Storage South Carolina Southeast

Space Shop Sells Two Self-Storage Portfolios in Georgia, Carolinas for $137M

by Julia Sanders February 11, 2022

ATLANTA — Atlanta-based Space Shop Self Storage has sold two self-storage portfolios for $137 million to Salt Lake City-based Extra Space Storage, a national self-storage REIT. The nine properties are situated across Georgia, South Carolina and North Carolina. The first portfolio sale included five properties such as a 75,000-square-foot facility in Covington, Ga.; three properties throughout Charleston totaling 175,000 square feet; and a 75,000-square-foot facility in Cary, N.C. The first portfolio sold for $55 million, or an average of $183 per square foot. The second portfolio included four facilities in metro Atlanta totaling 300,250 square feet. The facilities are located in downtown Atlanta, the Buckhead district, Chamblee and Cumming. The portfolio traded for $82 million.

February 11, 2022

Development Industrial New Jersey Northeast

Larken Associates Breaks Ground on 150,000 SF Industrial Project in Flemington, New Jersey

by Taylor Williams February 11, 2022

FLEMINGTON, N.J. — New Jersey-based developer Larken Associates has broken ground on a four-building, 150,000-square-foot industrial project in Flemington, about 60 miles west of New York City. Flemington Junction Business Center will be situated on a 29-acre site and will be able to accommodate tenants with requirements from 1,250 to 40,000 square feet. Building features will include clear heights of 32 feet, LED warehouse lighting and a total of 270 parking spaces. The project is 27 percent preleased, and the development team expects the complex to be available for occupancy in the fourth quarter.

February 11, 2022

Loans Multifamily New York Northeast

Ready Capital Closes $16.5M Acquisition Loan for Multifamily Asset in New York City

by Taylor Williams February 11, 2022

NEW YORK CITY — Locally based direct lender Ready Capital has closed a $16.5 million loan for the acquisition, renovation and stabilization of an 81-unit multifamily property in the Murray Hill submarket of New York City. The nonrecourse, interest-only loan carried a 36-month term, floating interest rate and two extension options. Upon acquisition, the undisclosed sponsor will execute a sale-leaseback of the ground and implement a capital improvement plan to renovate units and upgrade common areas.

February 11, 2022

Arkansas Georgia Loans Multifamily Southeast

Grandbridge Secures $113.7M Financing for Three Multifamily Properties in Arkansas, Georgia

by Julia Sanders February 11, 2022

CHARLOTTE, N.C. — Charlotte-based Grandbridge Real Estate Capital LLC has secured $113.7 million in financing for three multifamily properties, including The Reserve at Chaffee Crossing in Fort Smith, Ark., and Medlock Woods Apartments and Country Club Apartments in Norcross, Ga. Sunbelt Residential was the borrower for the Medlock Woods and Country Club deals, while the borrower for The Reserve at Chaffee Crossing was Canyon View Capital. The Reserve at Chaffee Crossing is a 438-unit multifamily property that offers one- and two-bedroom floorplans. Grandbridge secured a $43 million acquisition loan with a five-year term, including an initial interest-only period and extension options to accommodate the lease up and stabilization of the property. Medlock Woods is a 246-unit multifamily property that offers one-, two- and three-bedroom floorplans. The borrower received $35.5 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options. Country Club is a 298-unit property that offers one-, two- and three-bedroom floorplans. The borrower received a $35.2 million acquisition loan that was structured with a five-year term, including an initial interest-only period and extension options.

February 11, 2022

Development Multifamily New York Northeast Seniors Housing

Chelsea Senior Living Completes Expansion Project in Yaphank, New York

by Taylor Williams February 11, 2022

YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.

February 11, 2022

Leasing Activity New York Northeast Retail

Hobby Lobby to Open 42,768 SF Store at Staten Island Mall

by Taylor Williams February 11, 2022

NEW YORK CITY— Hobby Lobby will open a 42,768-square-foot store within a former Babies ‘R’ Us store at The Crossing, a strip center that is part of Staten Island Mall. The store, which is scheduled to open in the first quarter of 2023, will be the Oklahoma-based retailer’s first in New York City. Brian Katz and Daniel DePasquale of Katz & Associates, along with Graeme Keith of The Keith Corp., represented Hobby Lobby in its site selection and lease negotiations. Alex Varon represented the landlord, Brookfield Properties, on an internal basis.

February 11, 2022

Acquisitions Louisiana Retail Southeast

Faris Lee Arranges Sale of 10 Dairy Queen-Leased Properties in Louisiana

by Julia Sanders February 11, 2022

IRVINE, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of 10 Dairy Queen-occupied properties across Louisiana. The portfolio was sold to two separate buyers for an undisclosed sales price. Scott DeYoung, Jeff Conover and Hunter Steffien of Faris Lee represented the seller, an entity doing business as MP Holdings LLC, the existing Dairy Queen franchisee. The 10 stores are located in metro New Orleans, Baton Rouge, Lafayette and Houma. All featured relatively new locations, except for the Houma location being under construction at the time of sale. Additionally, all the properties are freestanding buildings with drive thrus. One of the locations was temporally closed and going through a remodel at the time of sale due to the impact of Hurricane Ida.

February 11, 2022

Georgia Loans Multifamily Southeast

Ready Capital Closes $36.5M Acquisition Loan for Multifamily Property in Metro Atlanta

by Julia Sanders February 11, 2022

CONYERS, GA. — Ready Capital has closed a $36.5 million acquisition loan for a 256-unit, unnamed multifamily property in Conyers, a suburb outside of Atlanta. Upon acquisition, the unnamed sponsor will implement a capital improvement plan that includes improving deferred maintenance, as well as renovating unit interiors, building exteriors and common area upgrades. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

February 11, 2022

Illinois Industrial Leasing Activity Midwest

ML Realty Partners Completes Lease-Up of 2.5 MSF Industrial Business Park in Lockport, Illinois

by Kristin Harlow February 11, 2022

LOCKPORT, ILL. — ML Realty Partners has completed the lease-up of Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The 2.5 million-square-foot industrial business park is comprised of eight buildings with clear heights ranging from 30 to 40 feet. LG Electronics expanded within the park, signing a new lease for 542,806 square feet at 14532 S. Gougar Road. Pitney Bowes Global Logistics signed a new lease for 363,224 square feet at 14746 S. Gougar Road. James Frank and Jason West of Cushman & Wakefield represented LG Electronics, while Mike Cook and David Prell of CBRE represented Pitney Bowes. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented ML Realty Partners.

February 11, 2022

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