EDISON, N.J. — JLL has arranged three loans totaling $16.1 million for the refinancing of a portfolio of four industrial properties totaling 389,501 square feet in Northern New Jersey. The buildings, which were 93 percent leased at the time of the loan closing, are situated within Raritan Center Business Park in Edison. Michael Klein, Max Custer and Ryan Carroll of JLL placed the fixed-rate, nonrecourse loans with two different life insurance companies on behalf of the borrower, Summit Associates Inc.
RIVERHEAD, N.Y. — The Suffolk County Department of Social Services has signed a 38,555-square-foot office lease at East End Commons, a 187,528-square-foot shopping center located in the Long Island community of Riverhead. The tenant will occupy a portion of a 108,720-square-foot building previously occupied by Kmart. Nick Dries and Randall Briskin of The Feil Organization negotiated the 20-year lease. BJ’s Wholesale Club anchors the center.
RIDGEFIELD, CONN. — New England-based Senior Living Residences (SLR) has acquired a former Atria Senior Living Community in Ridgefield, located approximately 50 miles northeast of Manhattan along the New York-Connecticut border. SLR is rebranding the community, which opened in 2020, as Ridgefield Station Senior Living. The number of units and types of services provided were not disclosed.
HOUSTON — CyrusOne Inc. (NASDAQ: CONE) has entered into a definitive agreement to sell four of its data centers in Houston for approximately $670 million. Under the terms of the agreement, DataBank Holdings Ltd. will acquire Houston West I, II and III, as well as Houston Galleria. The four facilities total more than 300,000 square feet. Additionally, CyrusOne will lease back the Houston West III shell to support a lease signed with a customer in the fourth quarter of 2021. The transaction is expected to close by the end of this quarter. Proceeds from the sale will be utilized to fund future development projects. “We are excited to execute on our capital recycling initiative to fund our continued growth,” says David Ferdman, interim president and CEO of Dallas-based CyrusOne. “This divestiture further optimizes our portfolio as we redeploy capital into accretive developments across core markets with diverse hyperscale and enterprise demand in the U.S. and Europe.” The transaction marks DataBank’s entry into the Houston market. “With our deep roots in Texas, [Houston] was a logical metro for us to expand into and allows us to bring our digital infrastructure and interconnection solutions to the fourth-largest metro in the U.S.,” says …
GAINESVILLE, FLA. — Cushman & Wakefield has arranged the $33.4 million sale of two apartment communities in Gainesville known as Mount Vernon and Williamsburg Village. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a New York-based private equity fund, in the transaction. An undisclosed private investor based in Orlando was the buyer. Mount Vernon is located at 2370 SW Archer Road, and Williamsburg Village is located at 2000 SW 16th St. Both multifamily communities offer one-, two- and three-bedroom floorplans. Unit features at both apartment communities include stainless steel appliances, laminate countertops, wood-style vinyl flooring, ceiling fans in living rooms and bedrooms, window coverings and a patio or balcony. Both properties feature a swimming pool, poolside fire pit, grilling station and onsite laundry services. Mount Vernon was 95 percent occupied at the time of sale, while Williamsburg Village was 93 percent occupied at the time of sale. Both properties are located close to retailers such as Butler Pizza, Whole Foods Market, Lowe’s Home Improvement, Total Wine & More, Trader Joe’s and Target. The properties are also situated close to the University of Florida College of Medicine, University of Florida College of Veterinary Medicine and the Gainesville …
ATHENS, ALA. AND SPRING HILL, TENN. — Birmingham-based Atlas Senior Living and Salta Capital have acquired two new senior living communities, The Goldton at Athens in Athens and The Goldton at Spring Hill in Spring Hill, bringing their total number of properties in their owned portfolio to 32. The seller and sales price were not disclosed. Atlas will be the owner-operator of the communities, which will be rebranded. Located at 22171 Traditions Way, The Goldton at Athens totals 75,824 square feet, comprising 12 independent living residences and 72 assisted living residences. Located at 3056 Miles Johnson Parkway, The Goldton at Spring Hill totals 66,395 square feet comprising 63 assisted living residences and 16 memory care residences.
TAMPA, FLA. — Austin, Texas-based Aspen Heights Partners has broken ground on Aspen Heights Tampa, a 67-unit, cottage-style student housing development located in Tampa near the University of South Florida. The community is scheduled for completion by this fall. Located by Cove Bend and Bruce B Downs Boulevard, Aspen Heights Tampa will include cottage- and townhome-style units across two- and three-story buildings. Unit features will include high-end finishes, stainless steel appliances and in-unit washers and dryers. Community amenities will include a fitness center, resort-style swimming pool, computer and study center, resident lounge, business center and 315 parking spots.
KINGSTOWNE, VA. — Avison Young’s Capital Markets Group has brokered the sale of two office buildings located in Kingstowne, a live-work-play community situated about 16.3 miles south of Washington, D.C. Melrose Solomon Enterprises purchased the two office buildings, 5695 Kings Centre Drive and 5901 Kingstowne Village Parkway, for $12.9 million. Chip Ryan and Matt Weber of Avison Young represented the seller, The Halle Cos., in the transaction. Jon Goldstein, Wes Boatwright and Mike Yavinsky of Avison Young arranged the undisclosed amount of acquisition financing on behalf of Tenafly, N.J.-based Melrose Solomon. 5695 Kings Centre Drive is a three-story, 44,262-square-foot office building constructed in 2002, and 5901 Kingstowne Village Parkway features 8,000-square-foot floorplans and has 22,117 square feet of net rentable space. The properties were a combined 93 percent leased to a variety of medical office, government contractors and traditional office tenants at the time of sale. Developed by The Halle Cos. in the mid-1980s, Kingstowne spans 1,200 acres and is Northern Virginia’s second largest master-planned community. Kingstowne has more than one million square feet of retailers and office buildings.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during last year’s holiday season totaled $886.7 billion, a 14.1 percent increase from 2020 ($777.3 billion). The 2021 numbers were greater than what the NRF had predicted and sets a new record despite ongoing problems such as supply chain issues and the spread of the COVID-19 Omicron variant. Retail sales were tracked from Nov. 1 to Dec. 31 and exclude data from automobile dealers, gas stations and restaurants. Retail sales fell by 2.7 percent seasonally adjusted in December from November but increased by 13.4 percent unadjusted year-over-year. The sector with the biggest sales gain during the holidays were clothing and clothing accessory stores, which saw an increase of 33.1 percent. Additionally, sporting goods stores were up 20.9 percent; general merchandise stores were up 15.2 percent; furniture and home furnishings stores were up 15 percent; building materials and garden supply stores increased its sales by 13.5 percent; and health and personal care stores were up 9.6 percent. Also online and other non-store sales were up 11.3 percent, which falls in line with NRF’s prediction made in October of a growth rate between 11 to 15 percent. “Consumers were …
DAVENPORT, IOWA — Developer TWG has broken ground on Federal Point, a $39 million workforce housing property in Davenport. The project will rise four stories with 185 units, all of which will be reserved for renters earning up to 60 percent of the area median income. The property will be situated west of the new R. Richard Bittner YMCA. Amenities will include a fitness room, outdoor patio and bike storage. Completion is slated for December 2023.