BRAINTREE, MASS. — Sterling Organization, a Florida-based private equity real estate firm, has purchased Tedeschi Plaza, a 174,344-square-foot retail center in the southern Boston suburb of Braintree, for $44.3 million. A 66,124-square-foot Stop & Shop grocery store anchors the property, and other tenants include CVS, Crunch Fitness, Sherwin Williams, Dunkin’ and Citizens Bank. JLL represented the seller, Denver-based Black Creek Group, in the transaction.
HARRISBURG, PA. — JLL has negotiated the $24.4 million sale of a 254,449-square-foot distribution center in the West Shore area of Harrisburg. The multi-tenant facility was fully leased at the time of sale. Building features include clear heights of 24 feet, 27 dock-high doors, early suppression fast response (ESFR) sprinkler systems and ample car parking. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller, a fund managed by Penwood Real Estate Investment Management, in the deal. The buyer was New York-based investment firm Brickman.
PHOENIX — Orion Investment Real Estate has arranged the purchase of a retail property located at the northwest corner of 53rd Avenue and Bell Road in Phoenix. Corridor Living LLC acquired the building from McLean Holdings for $3.1 million, or $378 per square foot. Four tenants fully occupy the 8,318-square-foot property: Crazy Mike’s Subs, Music & Art, Gravitate and Oscar’s Taco Shop. Nick Miner of Orion represented the buyer, while Danny Gardiner and Chad Tiedeman of PCA represented the seller in the deal.
BOSTON — Cornerstone Realty Capital has arranged a $9 million loan for the refinancing of a 23-unit apartment building in Boston’s historic Washington Street Corridor. The newly constructed building houses studio, one-, two-, three- and four-bedroom units with quartz countertops, stainless steel appliances and tile backsplashes. Cornerstone arranged the loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the buyer, Boston Real Estate Collaborative.
Atlanta remains an incredibly active market for multifamily demand from both a renter and investor standpoint. The Atlanta metropolitan statistical area (MSA) boasts a population estimate by the U.S. Census Bureau of more than 6.1 million people, an increase of 14.3 percent over the past 10 years, and ranks consistently as one of the top recipients of in-migration in the country. The continued influx of new residents and rising home pricing have led to a vacancy rate of 4.9 percent, the lowest recorded in the MSA since 2000. In the third quarter, rents reached the highest average in Atlanta’s history of $1,561 per unit, an increase of 21.3 percent year-over-year. While on average apartment communities tend to see an average occupancy rate around 95 percent, eviction moratoriums have pushed occupancies at many to as high as 99 percent leased as property managers seek to make up for lost revenue. Residents are flocking toward urban infill projects in walkable parts of the city, such as in the micro-market along the Atlanta BeltLine Eastside Trail where effective rents reached $2,052 per unit, commanding a 31.5 percent premium over the metro Atlanta average. However, there has also been substantial rent growth recorded in …
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has received approval from the City of New York for the development of an $850 million mixed-use project in Manhattan’s Seaport District. The 26-story building at 250 Water St. will house office, retail and multifamily uses, with the housing component comprising 80 percent market-rate and 20 percent affordable units. The residential element of the project will also include for-sale and for-rent units. More specifically, current plans for the 324-foot-tall building call for 270 multifamily units to be developed above five stories of office and retail space. The site currently houses a parking lot that spans a full city block. Skidmore, Owings & Merrill is the architect of the project, which was originally announced in October 2020. The Dallas-based developer estimates that the project will generate more than $1 billion in economic impact, including the creation of more than 3,000 construction and permanent jobs. Howard Hughes Corp. plans to begin remediation of the site this year, with the commencement of vertical construction to occur after that process is completed. “This project will play a vital role in New York City’s recovery through the creation of a new mixed-income rental building, office …
The current state of the New Orleans industrial real estate market can best be described as “dichotomic.” On the one hand, New Orleans has the stability of a mature market featuring one of the largest and oldest ports in North America, traditionally serving heavy industry that continues to perform. On the other, you have two new proposed container port projects that could significantly alter the landscape of the industrial real estate market for the foreseeable future. Like so many other markets across the country, the New Orleans area is gaining its fair share of distribution facilities, with Amazon and the like scrambling for sites to service increased consumer and business-to-business demand. That said, the real game-changer for the distribution sector will ensue when at least one of the two announced container port projects in the New Orleans area comes on line. The Port of Plaquemines and the Port of New Orleans have both identified sites with access to rail, major roadways and water-based transport options that would fundamentally alter the opportunity for distribution emanating out of the New Orleans area. Either project would instantly create a great demand for warehousing and distribution space and further diversify the industrial asset class …
With the explosion of e-commerce over the past year and a half, it’s no surprise the industrial sector across the United States is posting significant gains. In fact, 2021’s national demand for industrial space is up by 22 percent year-over-year, and the market is showing no signs of retreating. This trend comes as a result of increased consumer demand for immediate, contactless deliveries, which has boosted demand for distribution centers that house e-commerce and logistics companies. The Louisville market, which features major attractors such as the UPS Worldport, two Ford plants, the GE Appliance Park and robust interstate connectivity, has experienced record success in 2021, with several key trends driving this sector’s growth. 1. Explosive leasing Louisville’s net absorption metrics are approaching historic highs. When COVID-19 hit, nearly all businesses took a 30-day pause to evaluate the implications the pandemic posed. The ensuing change in consumer purchasing patterns and product delivery pushed the national industrial market on a positive trajectory for both absorption and construction starts. Louisville is no exception. To date, 62 percent of industrial buildings in Louisville were leased prior to construction completion, compared to 25 percent in 2020. In addition, 85 percent of facilities delivered this year …
NEWPORT BEACH, CALIF. — CapRock Partners, a Newport Beach-based industrial real estate manager, has raised $700 million for CapRock Logistics Venture, its new development fund. The raised amount exceeds the fund’s initial $450 million target. CapRock Logitsics Venture is seeded with large-scale industrial real estate projects and will fund nearly $2 billion worth of projects in the Western United States totaling 15 million square feet. The seed portfolio includes CapRock’s Palomino Business Park, Saddle Ranch Business Park, Phase 2 and the I-15 Logistics asset. The new fund is an expansion of CapRock’s fund strategy that previously focused on value-add investments. Hodes Weill Securities served as global placement agent and financial advisor to CapRock.
FREMONT, CALIF. — Square Mile Capital Management has originated a $73.9 million loan secured by Ardenwood Life Science Park, a Class A life sciences and office campus in Fremont. Square Mile Capital provided the acquisition financing to a joint venture between Invesco Real Estate and Lincoln Property Company West. Eastdil Secured’s San Francisco office arranged the financing. Originally developed in 2001, the property underwent a comprehensive renovation for lab and office use in 2006. Affiliates of Tyco Electronics Corp. fully occupy the 186,000-square-foot, two-building campus.