Property Type

GMH Communities Begins Leasing 225-Unit Apartment Community in Malvern, Pennsylvania

by Taylor Williams October 8, 2021

MALVERN, PA. — Metro Philadelphia-based developer GMH Communities has begun leasing The Yards at Malvern, a 225-unit apartment community located on the western outskirts of Philadelphia. The property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, conference room, courtyard, golf simulator, bocce ball court and a package locker system. GMH Communities developed The Yards at Malvern in a joint venture with AEW Capital Management LP. Rents start at approximately $1,500 per month for a studio unit.

October 8, 2021

Development Massachusetts Multifamily Northeast

Alliance Residential, GID Complete Phase II of 211-Unit Multifamily Complex in Billerica, Massachusetts

by Taylor Williams October 8, 2021

BILLERICA, MASS. — A partnership between Arizona-based developer Alliance Residential and GID Real Estate Investments has completed Phase II of The Val, a 211-unit multifamily complex in Billerica, a northern suburb of Boston. Phase I of the project was completed this summer and consisted of 110 units. Residences come in one-, two- and three-bedroom formats, and amenities include a pool, fitness center and outdoor grilling stations. Project partners included architect Cube3, civil engineer Allen & Major Associates, general contractor Erland Construction and leasing/management agent Greystar. Rents start at $2,325 per month for a one-bedroom apartment.

October 8, 2021

Acquisitions Connecticut Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Taylor Williams October 8, 2021

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

October 8, 2021

Market Reports Northeast Northeast Market Reports Pennsylvania Restaurant Retail

Downtown Philly Retailers, Restaurants Wait Out Delta Variant

by Taylor Williams October 8, 2021

By Taylor Williams Relative to a year ago, life is much better right now for many retailers and restaurants in Philadelphia’s Center City district, but the recent surge of transmission of the Delta variant is keeping a key ingredient of the demand recipe at bay: office users. According to CBRE’s second-quarter report on the Philadelphia office market, the most current data available at the time of this writing, the marketwide vacancy rate was 18.9 percent at the end of that period. Specifically with regard to the downtown area, the largest office submarket by far in terms of inventory, vacancy stood at 14.7 percent at the end of the second quarter. Office metrics aside, as Philadelphia grappled with the novelty of COVID-19 in 2020, its merchants and food purveyors adapted, adjusting inventory levels, rolling out improvised outdoor seating areas and expanding takeout and curbside pick-up options. The colder months saw the introduction of igloos — enclosed, heated nooks for private dining — as well as larger, city-led efforts to clear major retail corridors for street-side experiences, known locally as “streateries.” The innovations saved many-a-retailer and restaurant and are likely here to continue through 2021 and beyond. Yet within the city’s most …

October 8, 2021

Acquisitions Florida Industrial Southeast

Marcus & Millichap Arranges $62.7M Sale of Industrial Portfolio in Florida

by Julia Sanders October 7, 2021

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $62.7 million sale of a seven-property industrial portfolio across five Florida cities. Tyler Kuhlman and Douglas Mandel of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Redfearn Capital, a private real estate investment firm based in Delray Beach, Fla. The Federated Cos., led by Jonathan Cox, was the seller. The fully occupied, net-leased portfolio includes the following properties: 4000 Shader Road in Orlando; 5515 W 5th St. in Jacksonville; 2101 W 33rd St. in Jacksonville; 2906 Corporate Way in Palmetto; 940 Williston Park Point in Lake Mary; 12900 44th St. N. in Pinellas Park; and 5120 Great Oak Dr. in Lakeland.

October 7, 2021

Acquisitions Development Retail Southeast Tennessee

Holladay Purchases Factory at Franklin in Metro Nashville for $56M, Plans to Expand Office Space

by Julia Sanders October 7, 2021

FRANKLIN, TENN. — Holladay Properties has purchased The Factory at Franklin, a former stove-making factory in Franklin, for $56 million. Madison Wenzler of Cushman & Wakefield represented Holladay in the sale, and John Haynes of the Bradley law firm provided legal counsel. The seller was not disclosed. Allen Arender of Holladay plans to oversee the redevelopment of the property, along with development partner Ronnie Wenzler of Cushman & Wakefield. Built in 1929, The Factory is a complex of 10 industrial buildings that was originally constructed for stove manufacturer Allen Manufacturing Co. In 1996, the property was converted into a retail and entertainment complex. Today, The Factory is a mixed-use destination with shops, restaurants, offices and entertainment venues located at 230 Franklin Road, about 21.5 miles from downtown Nashville. The Factory currently has restaurant tenants including Five Daughters Bakery, Franklin Juice Co., Honest Coffee Roasters, Jeni’s Splendid Ice Creams and Mojo’s Tacos. Other tenants include Amelia’s Flowers, Luna Record Shop and Jeremy Cowart Photography. The property also features the Franklin Farmers Market that sells fresh produce and crafts every week. After the redevelopment project is complete, The Factory will have about 310,000 square feet of mixed-use space. Holladay and its partners …

October 7, 2021

Acquisitions Industrial Texas

CBRE Investment Management Buys 952,000 SF Industrial Property Near Fort Worth

by Taylor Williams October 7, 2021

HALTOM CITY, TEXAS — A fund sponsored by CBRE Investment Management, the entity formerly known as CBRE Global Investors, has acquired 820 Exchange, a roughly 952,000-square-foot industrial property in the Fort Worth suburb of Haltom City. Phoenix-based Creation developed the four-building property and completed it earlier this year. Two of the development’s four buildings that feature 30- to 36-foot clear heights and cross-dock/rear-load configurations were fully leased at the time of sale. All told, 820 Exchange is currently 72 percent leased to three tenants. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller in the transaction.

October 7, 2021

Development Office Texas

Ryan Cos. to Develop 400,000 SF Office Building at Legacy West in Plano

by Taylor Williams October 7, 2021

PLANO, TEXAS — Minneapolis-based developer Ryan Cos. will build a 400,000-square-foot office building at Legacy West, a mixed-use development located on the northern outskirts of Dallas in Plano. The 24-story building will offer amenities such as a fitness center, tenant lounge, café, multiple conference rooms and open green space. Gensler is designing the project, construction of which is scheduled to begin in the first quarter of next year and to wrap up by the first quarter of 2024. The building is already 50 percent preleased to global tax services and software provider Ryan LLC, and JLL is marketing the remaining space for lease.

October 7, 2021

Acquisitions Multifamily Student Housing Texas

TSB Realty Arranges Sale of 858-Bed Student Housing Community Near UT Austin

by Taylor Williams October 7, 2021

AUSTIN, TEXAS — Pennsylvania-based TSB Realty has arranged the sale of Villas on Rio, an 858-bed student housing community located near the University of Texas in Austin. An affiliate of Blue Vista Capital Management purchased the property from Villas Student Housing for an undisclosed price. Completed in fall 2021, the property offers shared amenities including a rooftop pool with cabanas and a hot tub; a full spa with hydrotherapy pools, individual steam rooms, saunas and a meditation room; and a fitness center. TSB Capital Advisors, an affiliate of TSB Realty, secured an undisclosed amount of acquisition financing on behalf of the buyer.

October 7, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 233-Unit View at Belterra Apartments in Metro Austin

by Taylor Williams October 7, 2021

DRIPPING SPRINGS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of View at Belterra, a 233-unit apartment community in Dripping Springs, a western suburb of Austin. The property was built earlier this year on eight acres within the 93-acre Belterra Village mixed-use development. Units feature one-, two- and three-bedroom floor plans with an average size of 988 square feet. Amenities include a pool, wellness center, coworking spaces, sky lounge, clubroom and kitchen and a package room with cold storage capabilities. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, American Residential Group, in the transaction. Oregon-based Hayden Properties purchased the asset for an undisclosed price.

October 7, 2021

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