Property Type

JLL Arranges $330M Sale of Bloc 83 Office Development in Raleigh

by Kristin Harlow January 5, 2022

RALEIGH, N.C. — JLL Capital Markets has arranged the $330 million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh. The sale represents the largest single real estate transaction in downtown Raleigh’s history, according to JLL. Heritage Properties Inc. sold the asset to City Office REIT (NYSE: CIO). Bloc 83 consists of two Class A office towers that were built in 2019 and 2021. Known as One Glenwood and Tower II, the buildings are 79 percent leased and are anchored by Envestnet, First Horizon Bank and McAdams. Envestnet is a financial services and technology company, while McAdams is a civil engineering company. The development features street-level retail space and two onsite parking garages. Amenities include a fitness center, rooftop space, locker rooms with showers, tenant lounges and an interactive sports room with a golf simulator. The properties are positioned on a little over three acres in Glenwood South, a growing mixed-use district of Raleigh. The Origin Hotel is located onsite and is connected to the One Glenwood parking garage. “Glenwood South has rapidly transformed into the preeminent live-work-play destination in Raleigh,” says Ryan Clutter, senior managing director with JLL. “About half of the residents have …

January 5, 2022

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $235M Refinancing for Distribution Center in Linden, New Jersey

by Taylor Williams January 5, 2022

LINDEN, N.J. — Cushman & Wakefield has arranged a $235 million loan for the refinancing of Buildings E and G at Linden Logistics Center in Northern New Jersey. The two buildings total approximately 1.3 million square feet. Northwestern Mutual provided the 10-year, fixed-rate loan to the borrower, a partnership between two New Jersey-based firms, Advance Realty Investors and Greek Development. John Alascio, Chuck Kohaut, T.J. Sullivan, John Spreitzer, Sebastian Sanchez and Zachary Smolev of Cushman & Wakefield arranged the financing. Construction of the three-building, 1.6 million-square-foot second phase of Linden Logistics Center is currently underway and expected to be complete in the third quarter.

January 5, 2022

Civic Leasing Activity New York Northeast

Touro College Signs Lease to Open 243,305 SF Campus in Manhattan

by Taylor Williams January 5, 2022

NEW YORK CITY — Touro College & University System, a nonprofit higher and professional learning institution, has signed a lease to open a 243,305-square-foot campus within 3 Times Square in Manhattan. Touro will occupy the third through ninth floors and part of the ground and second floors at the 30-story building, which originally opened in 2001 as the North American headquarters of Reuters. Today, The Rudin Family owns the building and is currently in the midst of renovating it. The lease term is 32 years. Designed by Michielli + Wyetzner Architects, the campus will include classrooms, labs, a library, event spaces, student lounges and cafés. Touro plans to move into the building in January 2023. Richard Bernstein, Steve Braun, Troy Elias and Jared Thal of Cushman & Wakefield, along with internal representative Jeffrey Rosengarten, represented Touro College in the lease negotiations. John Cefaly, Lou D’Avanzo, Ron Lo Russo, Paige Engeldrum and Lauren Hale of Cushman & Wakefield, along with in-house agent Tom Keating, represented building ownership.

January 5, 2022

Acquisitions Industrial New Jersey Northeast

Nuveen, Taconic Acquire Northern New Jersey Warehouse for $55M

by Taylor Williams January 5, 2022

MORRISTOWN, N.J. — A partnership between global investment management firm Nuveen Real Estate and New York City-based Taconic Partners has acquired a 296,000-square-foot warehouse in the Northern New Jersey community of Morristown for $55 million. The property was built on 17 acres in 1986 and was fully leased at the time of sale. Cushman & Wakefield brokered the deal. The seller was not disclosed.

January 5, 2022

900-Middlesex-Turnpike-Billerica-Massachusetts

Acquisitions Industrial Massachusetts Northeast

CBRE Negotiates $23.7M Sale of Industrial Building in Billerica, Massachusetts

by Taylor Williams January 5, 2022

BILLERICA, MASS. — CBRE has negotiated the $23.7 million sale of a 91,649-square-foot industrial building located in the northern Boston suburb of Billerica. The property features a clear height of 26 feet and 268 parking spaces. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, The RAM Cos., in the transaction. The buyer was locally based investment firm The Davis Cos.

January 5, 2022

Acquisitions Massachusetts Northeast Retail

Bulfinch, Harrison Street Buy Metro Boston Retail Property

by Taylor Williams January 5, 2022

NATICK, MASS. — An affiliate of Boston-based Bulfinch Cos., in partnership with Chicago-based Harrison Street, has purchased a 94,000-square-foot retail property in the western Boston suburb of Natick. Neiman Marcus currently occupies the two-story building, which is contiguous to Brookfield Properties’ Natick Mall, but plans to vacate the space in September. The new ownership plans to redevelop the property but did not share specific plans.

January 5, 2022

Idaho Market Reports Retail Western Western Market Reports

The Boise Retail Market is Augmented by Local Growth

by Jeff Shaw January 5, 2022

By Tim Reid, First Vice President, CBRE Boise’s retail market continues to show signs of resiliency in the wake of a global downturn caused by the pandemic. Though retail companies pivoted their business models to accommodate social distancing policies and provide contactless options last year, many were still forced to close their doors. The retail outlook is now much brighter after the industry experienced an incredibly turbulent year. Beginning in April, Idaho’s year-over-year retail sales rebounded 56.3 percent after dropping to 22.7 percent in 2020. Much of that progress can be attributed to Idaho’s strong fundamentals, including the state’s robust population growth. Idaho led the nation as the second-fastest growing state in the past decade, adding 17.3 percent to the population from 2010 to 2020. This state also houses several of the fastest-growing cities in the nation. While much of the migration to Boise City came from within the state, relocations from the West Coast — namely, California, Washington and Oregon — surged, accounting for 17.5 percent of last year’s growth. Those moving tend to be young, affluent, childless professionals seeking urban locations. While this migration pattern is not new, relocations to the Treasure Valley were amplified by the pandemic. These dynamics …

January 5, 2022

Loans Office Southeast Virginia

CIM Group Provides $148M Loan for Office Campus in McLean, Virginia

by Julia Sanders January 4, 2022

MCLEAN, VA. — A fund managed by CIM Group has provided a $148 million loan to a joint venture between Westbrook Partners and American Real Estate Partners to refinance Highline at Greensboro, a Class A office campus in Tysons Corner. Highline at Greensboro features two 10-story buildings comprising approximately 461,000 square feet of office space, ground floor retail and amenity space and a 1,333-stall underground parking garage. The property recently underwent a renovation including upgrades to the façade, lobbies and common areas, as well as the addition of tenant amenities such as a health club, tenant lounge, outdoor plaza and a 60-person conference center. Located at 8401 and 8405 Greensboro Drive, Highline at Greensboro is situated close to the Metro Silver Line Spring Hill Station, Dulles Toll Road, Interstate 495 and Route 66, as well as downtown Washington, D.C., and Dulles International Airport. The property is also situated adjacent to The Boro, a 3.5 million-square-foot mixed-use development.

January 4, 2022

Acquisitions Multifamily Texas

Embrey Partners Sells 323-Unit Apartment Community in San Antonio

by Taylor Williams January 4, 2022

SAN ANTONIO — Locally based developer Embrey Partners has sold Standard at Legacy, a 323-unit apartment community located on the north side of San Antonio that, according to Apartments.com, offers studio, one-, two- and three-bedroom units. Residences are furnished with quartz countertops, custom cabinetry and stainless steel appliances. Amenities include a cyber lounge with workspaces and a conference room, a fitness center with yoga and virtual fitness studios, golf simulator, an outdoor area with kitchen and games, a pool with cabanas and a dog park. Chicago-based Sherman Residential purchased the property for an undisclosed price.

January 4, 2022

Industrial Leasing Activity Texas

Zuri Furniture Signs 270,686 SF Industrial Lease in Dallas

by Taylor Williams January 4, 2022

DALLAS — Zuri Furniture, which specializes in outfitting homes and offices, has signed a 270,686-square-foot, full-building industrial lease at 601 Tittle Drive in Dallas. The space is under construction within the 1,700-acre Austin Ranch master-planned development on the city’s north side and is expected to be available for occupancy by March 1. Chad Albert of NAI Robert Lynn represented the tenant in the lease negotiations. George Billingsley represented the landlord, locally based developer Billingsley Co., on an internal basis.

January 4, 2022

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