MYSTIC, CONN. — New York City-based Dwight Capital has provided a $29 million bridge loan for the refinancing of Harbor Heights Apartments, a 121-unit multifamily asset in Mystic, located in the southern coastal part of Connecticut. The property was built on 10.5 acres in 2020 and offers a pool, fitness center, clubhouse with a kitchen, dog park and outdoor grilling areas. Daniel Malka and Jacob Gauptman of Dwight Capital originated the loan. The undisclosed borrower will also use a portion of the cash-out proceeds to fund predevelopment costs for a second phase of the property, a 72,000-square-foot surgical center.
SOUTH HACKENSACK, N.J. — Metro Philadelphia-based investment firm Seagis Property Group has acquired a 63,000-square-foot warehouse in South Hackensack, located outside of New York City in the Meadowlands submarket. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The deal increases the size of Seagis Property Group’s New Jersey portfolio to 33 buildings totaling 5.2 million square feet.
Apartment Leasing, Management and Operations Continue to Adapt to Market Needs, Says InterFace Panel
ATLANTA — For the past few months, the apartment sector has been in an upswing from an owner and operator perspective. Rents are rising and occupancy rates are high. However, some fear that these positives in the real estate market are going to be short-lived and eventually come to an end. Kevin Owens, division president of RPM Living, said that when the hottest geographic markets start to slow down, then other markets are going to follow suit. “Boise, Idaho is the hottest market from a rent growth standpoint in the country for the last few months, and it took a hit in November. So, if the hottest markets are going to start slowing down, then other markets are going to start slowing down. It’s just a natural progression,” said Owens. Owens’ comment came from a panel titled: “A Report from the Frontlines: What is the Outlook for Leasing, Management & Operations in 2022?” The discussion was one of the many that occurred at France Media’s InterFace Multifamily Southeast conference at the Westin Buckhead hotel in Atlanta on Dec. 2. The panel experts included moderator Craig Thompson, partner at Carr, Riggs & Ingram LLC; Kevin Owens, division president of RPM Living; …
NEW YORK CITY — The Port Authority of New York and New Jersey has reached an agreement with a consortium of private financial sponsors to build a 2.4 million-square-foot international terminal that will anchor the south side of John F. Kennedy International Airport (JFK) in New York City. The $9.5 billion project will comprise 23 gates and be built in phases at the airport’s T1, T2 and the former T3 terminals, with groundbreaking anticipated for next year. The port authority expects for the first gates at the new terminal, dubbed New Terminal One, to debut in 2026, with full project completion expected in 2030. The overall development is expected to support 10,000 new jobs, including 6,000 construction jobs. “The time to get large infrastructure projects done is now, and I’m committed to getting JFK’s brand new Terminal One underway and completed as soon as possible,” says New York Gov. Kathy Hochul. The design-build team for the project includes AECOM Tishman and Gensler. The passenger facilities at New Terminal One will feature larger check-in, security and concessions areas. Design elements will include high ceilings, natural light, interior green space and local artwork. Technology that will be supported at the terminal include …
“I see friends shaking hands, saying how do you do…” Like many urban city centers, New Orleans has faced unprecedented challenges from COVID-19 over the past 19 months. The metro area lost more than 85,000 jobs between second-quarter 2019 and second-quarter 2020. In an economy heavily reliant on tourism, Orleans Parish was the most impacted with over 41,000 jobs lost, predominantly in the hospitality sector. Retailers — and their employees — depend on the large boosts of economic activity provided by large-format gatherings such as conventions and festivals like Jazz Fest, French Quarter Fest, and Mardi Gras, all of which were cancelled for the past 24 months. Additionally, the very active hurricane seasons of 2020 and 2021 resulted in devastation from three major storms in economic centers along our coastal community. New Orleans is still navigating clean-up efforts following Hurricane Ida, which landed Aug. 29, while real estate developers, builders and tenants face even more pricing and timing challenges due to material and worker shortages that were further hindered by storm activity. However, we are marching in the right direction. Cruises are resuming from Port of New Orleans (Port NOLA). Business travelers are getting back on the road. Offices are …
ORLANDO, FLA. — Berkadia has secured a $70.8 million bridge loan for UnionWest at Creative Village, a 640-bed, 15-story student housing complex located in downtown Orlando. Michael Weinberg, Rebecca Van Reken and Alec Fox of Berkadia secured the financing on behalf of the sponsors, Development Ventures Group, Ustler Development and Naples, Fla.-based Halstatt Real Estate Partners. Bank of America provided the loan, which will be used to take out the existing construction loan that Michael Weinberg of Berkadia arranged in 2017. UnionWest at Creative Village offers four-bedroom floor plans with skyline views of Orlando, high-speed Wi-Fi and cable TV. Community amenities include a skydeck, study areas and kitchen and laundry services on each floor. UnionWest also includes approximately 12,000 square feet of ground floor commercial space leased to Subway, Dunkin’, Vera Asian, Qdoba and Addition Financial. The property’s parking garage contains 602 spaces. The student housing asset was more than 95 percent occupied as of the loan closing. Built in 2019, UnionWest at Creative Village serves the student population at the University of Central Florida (UCF) at the UCF and Valencia Downtown Campus. The development cost for the project was $105 million. Both Valencia College and UCF lease education space …
WINSTON-SALEM, N.C. — Dalfen Industrial has acquired Union Cross Distribution Center, a 304,200-square-foot industrial property in Winston-Salem. The sales price and seller were not disclosed. The building was fully leased at the time of sale. Built in 2006, Union Cross Distribution Center is located one mile off Interstate 74 with convenient access to Interstates 40 and 85. This location provides a last-mile distribution opportunity within North Carolina’s Triad region to reach Winston-Salem, Greensboro and High Point’s population base. Other tenants nearby include FedEx, Amazon, Caterpillar, Proctor & Gamble and PepsiCo.
LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of McLane Distribution Center, a 211,113-square-foot distribution center located in Lakeland. The property is fully leased to the McLane Co. Inc., a supply chain services company. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the seller, Morris Realty Co., in the transaction. New York-based Brookfield Properties acquired the building for $27.3 million. Located at 2929 Old Tampa Highway, the McLane Distribution Center is situated 30.6 miles east of Tampa and 58.3 miles west of Orlando. The property is also 3.4 miles from downtown Lakeland, and is situated near retailers such as Lakeland-based Publix, Silver Moon Swap Shop Flea Market and a Shell gas station. Built in 1973, the building includes clear heights up to 28 feet, 35-foot x 40-foot column spacing and ample dock-high loading.
COLONIAL HEIGHTS, VA. — United Hampshire US REIT, a Singapore-based real estate investment trust, has acquired Colonial Square, a 168,326-square-foot, grocery-anchored shopping center in Colonial Heights, about 23 miles south of Richmond. Jordan Lex, Daniel Naughton and Bill Moylan of JLL represented the seller, an entity known as Colonial Square Associates, in the $26.3 million transaction. Colonial Square was 99 percent leased at the time of sale to tenants including Publix, Locke Supply Co., Wells Fargo and Dollar General. Built in 1967, the center was most recently renovated in 2017 that coincided with the Publix opening. Located off Interstate 95 at 3107 Blvd., the shopping center is situated 20.5 miles from downtown Richmond, 27.8 miles from University of Richmond and 2.2 miles from Southpark Mall, a shopping mall with shops, a food court and a movie theater.
DALLAS — Vancouver, British Columbia-based City Office REIT has purchased The Terraces, a 173,000-square-foot building located in the Preston Center submarket of Dallas, for $133.5 million. The property was built in 2017 and features amenities such as a fitness center, rooftop deck, full-service deli and a conference facility. At the time of sale, The Terraces was 99 percent leased to a roster of tenants with a weighted average remaining lease term of eight years. The seller was not disclosed.