Property Type

Newmark Arranges $19M Sale of Two Office Buildings in Warren, New Jersey

by Taylor Williams September 29, 2021

WARREN, N.J. — Newmark has arranged the $19 million sale of two office buildings totaling 140,000 square feet in Warren, located about 30 miles outside New York City. At the time of sale, the properties were 81 percent leased to R&D, technology, product development, distribution, assembly and office users. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of Newmark represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the undisclosed buyer.

September 29, 2021

Acquisitions Industrial Northeast Pennsylvania

Novaya Foxfield Industrial Buys Philadelphia Facility for $8.5M

by Taylor Williams September 29, 2021

PHILADELPHIA — Novaya Foxfield Industrial, the Mid-Atlantic investment arm of Novaya Real Estate Ventures and Foxfield Ventures, has purchased a 360,800-square-foot industrial facility in Philadelphia for $8.5 million. Novaya Foxfield purchased the nine-building complex from metals processor and recycler Thalheimer Brothers LLC, which will retain occupancy of the space via a 20-year sale-leaseback agreement. Steve Marzullo, Adam Silverman, Bruce Westwood-Booth and Kyle Sals of CBRE brokered the deal.

September 29, 2021

Development Industrial Kentucky Southeast Tennessee Top Stories

Ford Plans $11.4B in Electrical Vehicle Manufacturing Developments in Tennessee, Kentucky

by Jeff Shaw September 28, 2021

STANTON, TENN., AND GLENDALE, KY. — Ford (NYSE: F) has unveiled plans to build Blue Oval City, a massive manufacturing campus for its electric vehicles in the tiny town of Stanton, approximately 50 miles northeast of Memphis and with a population of fewer than 500 people. In addition, the car builder is planning the BlueOvalSK Battery Park manufacturing campus in Glendale, approximately 50 miles south of Louisville, to produce the lithium-ion batteries that power those electric vehicles. Ford estimates development costs for Blue Oval City at $5.6 billion and BlueOvalSK Battery Park, which will comprise two separate manufacturing facilities, at $5.8 billion. Both plants are scheduled to begin production in 2025. The auto maker predicts the Stanton location will create 6,000 jobs, while the Glendale location will create 5,000 jobs. Blue Oval City will span 3,600 acres — nearly six square miles — and focus on producing F-Series electric pickup trucks. The company noted that it will work with Redwood Materials on domestic battery recycling and that the facility will be carbon neutral, producing zero landfill waste once fully operational. In addition to the new plant, Ford said it will make a new investment to increase production of the F-150 …

September 28, 2021

California Georgia Illinois Industrial Loans Southeast Tennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders September 28, 2021

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

September 28, 2021

Development Florida Multifamily Southeast

Merrimac Breaks Ground on $90M Multifamily Development in Plantation, Florida

by Julia Sanders September 28, 2021

PLANTATION, FLA. — South Florida-based development firm, Merrimac Ventures has broken ground on Merrimac Plantation, a multifamily development in Plantation. Located at 1711 N. University Drive, Merrimac Plantation will total 293,945 square feet with 306 apartments across two six-story midrise buildings. Construction is slated for completion in 2023. The apartment units will range from one- to three-bedroom layouts, featuring stainless-steel appliances, quartz countertops and smart locks and thermostats. Community amenities will include a double-height lobby; club room; pool; covered terrace; barbecue grilling stations; two exterior courtyards; fitness center; co-working and business center with private offices and conference rooms; resident lounge; dog park and dog spa; electric vehicle charging stations; and Wi-Fi connectivity throughout the property. Merrimac Plantation will be adjacent to the Plantation Midtown Business District, an 860-acre, master-planned development featuring 2.5 million square feet of retail and restaurants as well as 3 million square feet of office space. The apartment community is also near Plantation Pointe Office Park, Westside Regional Medical Center, the Plantation Walk mixed-use redevelopment, the 1 million-square-foot Fountain Shoppes lifestyle center, the 2.4 million-square-foot Sawgrass Mills and Plantation’s 103-acre Central Park.

September 28, 2021

Acquisitions Alabama Retail Southeast

JLL Arranges Sale of Publix-Anchored Retail Center in Metro Huntsville for $19.2M

by Julia Sanders September 28, 2021

MADISON, ALA. — JLL Capital Markets has arranged the $19.2 million sale of Madison Commons, a 75,340-square-foot shopping center in Madison. JRW Realty represented the buyer, ExchangeRight. Brad Peterson, Whitaker Leonhardt, Jim Hamilton, Brad Buchanan, Andrew Michols and Michael Brewster of JLL represented the seller, Michael Collard Properties. Completed in 2018, Publix anchors the property, which is currently 92 percent occupied. Other national and regional tenants include Easy Vet Clinic, Golden China, ATI Physical Therapy, Goodwill, Primp and Posh Nail and Pita Mediterranean. Located at 300 Hughes Road, the asset sits at the intersection of Hughes and Brows Ferry roads less than two miles from U.S. Highway 72.

September 28, 2021

California Development Industrial Western

Alere Property Breaks Ground on Two Spec Industrial Parks in Chino, California

by Amy Works September 28, 2021

CHINO, CALIF. — Alere Property Group has broken ground on the construction of two industrial warehouse facilities in Chino. The two developments will bring more than 626,000 square feet of speculative industrial space to the area. Located at the northeast corner of Bickmore and Euclid avenues, the eight-building Euclid Industrial Park will offer 360,000 square feet of space in buildings ranging from 13,050 square feet to 206,118 square feet. Completion is slated for August 2022. Ken Andersen, Eric Fikse and Richard John of Daum Commercial represented Alere in the 18.6-acre land acquisition for the project. The Daum team will also oversee leasing of the development. Chino Commerce Park, situated on 13 acres at the northwest corner of East End Avenue and County Road, will consist of four buildings offering a total of 266,348 square feet. The park will include a 210,747-square-foot building with 36-foot clear heights and three smaller buildings ranging from 15,104 square feet to 25,177 square feet with 26-foot clear heights. Tim Pimental, Chris Tolles, Eric Larson and Robin Dodson of Cushman & Wakefield represented Alere in the land acquisition for the development and will oversee leasing of the project, which is slated for completion in May 2022.

September 28, 2021

Loans Multifamily South Carolina Southeast

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

by Julia Sanders September 28, 2021

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.

September 28, 2021

Harvill-Logistics-Center-Riverside-County-CA

Acquisitions California Industrial Western

CH Realty, Blumenfeld Development Buy Harvill Logistics Center in Inland Empire for $57.5M

by Amy Works September 28, 2021

PERRIS, CALIF. — Rockefeller Group has completed the disposition of Harvill Logistics Center, a newly constructed industrial property in the Riverside County city of Perris. CH/BDG Harvill LLC, a joint venture between CH Realty Partners and Blumenfeld Development Group, purchased the asset for $57.5 million. The building features 333,553 square feet of industrial space. Rockefeller Group acquired approximately 30 acres of property in Riverside County for the development of two projects totaling 623,109 square feet in September 2020. The second project, a 289,556-square-foot speculative distribution building, Val Verde Logistics Center, was recently completed. Herdman Architecture + Design designed the project and RM served as general contractor. Bill Heim and Alex Heim of Lee & Associates represented the seller, while Tom Taylor and Steve Bellitti of Colliers represented the buyer in the deal.

September 28, 2021

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $28.2M Sale of Multifamily Property in Kent, Washington

by Amy Works September 28, 2021

KENT, WASH. — Marcus & Millichap has arranged the sale of The Blvd, an apartment community in Kent. The property traded hands for $28.2 million. The names of the seller and buyer were not released. Situated on seven acres at 2138 S 272nd St., The Blvd features 136 apartments in a mix of 15 studio units, 69 one-bedroom units and 52 two-bedroom units. The property totals 106,850 square feet of net rentable area. George Miller of Marcus & Millichap represented the seller in the deal.

September 28, 2021

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