NORTHVALE, N.J. — Cushman & Wakefield has brokered the $27 million sale of Ludlow Industrial Park, a 193,235-square-foot complex in Northvale, located along the New York-New Jersey border. The three-building property sits on nine acres and was fully leased to RAB Lighting at the time of sale. Building features include clear heights up to 33 feet, 228 car parking spaces and 21 loading positions. Gary Gabriel, Kyle Schmidt, Chuck Fern, Tom Tucci and Eli Millstein of Cushman & Wakefield represented the seller in the transaction. The buyer was not disclosed.
ATLANTA — Cousins Properties (NYSE: CUZ) has acquired 725 Ponce, a 372,000-square-foot office property in Midtown Atlanta, for $300.2 million. The seller, New City Properties, completed development of the 12-story asset in late 2019. Located on the Atlanta BeltLine and directly across from popular mixed-use development Ponce City Market, 725 Ponce is fully leased to tenants such as BlackRock, McKinsey & Co. and Chick-fil-A. The $140 million development includes an adjacent 60,000-square-foot Kroger grocery store, which replaced a former Kroger that was built in 1986. As part of the transaction, Cousins also acquired a 50 percent ownership interest in an adjacent land site for an additional $4 million that can accommodate 150,000 to 200,000 square feet of development. Atlanta-based Cousins is a self-managed REIT that primarily invests in Class A office buildings within Sun Belt markets. The company’s stock price opened at $40.04 per share Friday, July 30, up from $30.49 per share one year ago. Cousins recently sold One South at the Plaza, a 40-story office tower in Uptown Charlotte, for $271.5 million. Additionally, Cousins and New City recently unveiled plans to develop a mixed-use project known as Neuhoff in the Germantown submarket of Nashville. Plans call for 448,000 …
VALLEY VIEW, PA. — CBRE has negotiated the $25.7 million sale of an industrial development site in Valley View, about 120 miles northwest of Philadelphia. The buyer, California-based Panattoni Development Co., plans to develop two speculative buildings that will total approximately 2.4 million square feet and that will be known as Rausch Creek Logistics Center. Michael Hess, Bart Anderson and Patrick Lafferty of CBRE represented the seller, Tremont FT LLC, an affiliate of Viridian Partners, in the transaction.
RED BANK, N.J. — JLL has arranged an $11.4 million loan for the refinancing of two office buildings totaling 79,022 square feet in the Northern New Jersey community of Red Bank. The first building at 310 Highway 35 South was completed in 2002, spans 40,705 square feet and was fully leased to financial services firm Markel Service Inc., a holding company for insurance, reinsurance and investment operations at the time of the loan closing. The second building at 322 Highway 35 South was built in 2007, totals 38,317 square feet and was 90 percent leased to five tenants at closing. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the seven-year, fixed-rate loan through Tristate Capital Bank on behalf of the borrower, locally based investment firm Denholtz Properties.
By Ryan Mueller and Mitch Faccio, vice presidents of acquisitions, MLG Capital There’s no end in sight for the rising competition among multifamily investors in the desirable Dallas-Fort Worth (DFW) market. These days, it’s common for a fully marketed multifamily property in the DFW metroplex to receive upwards of 50 offers during the first round of the sale process alone. This sheer competitiveness in acquisitions has forced sellers to pursue several rounds of bidding and buyers to differentiate themselves through pricing and terms. In addition, the level of competition has made it difficult for new buyers to participate in the market at all. The metroplex has been, and continues to be, the top transactional market in the country for multifamily. In the last 12 months, sales volume across Texas has exceeded $19.2 billion, with DFW accounting for $9.6 billion, or approximately 50 percent of the Lone Star State’s total sales volume. DFW has outpaced both Atlanta and New York City by more than $1 billion in sales volume in the last year, with those markets seeing $8.6 and $8.4 billion in multifamily sales, respectively. At the same time, we are seeing capitalization rates compress across the metroplex. In the last …
AUSTIN, TEXAS — General contractor McCarthy Building Cos. has broken ground on the 365,000-square-foot Texas Children’s Hospital in Austin. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Page is the project architect. Construction is scheduled to be complete in the first quarter of 2024.
Prime US REIT Buys Sorrento Towers Office Complex in San Diego from Shorenstein Properties for $146M
SAN DIEGO — Prime US REIT has purchased Sorrento Towers, a Class A office complex located at 5355 and 5375 Mira Sorrento Place in San Diego’s Sorrento Mesa submarket. Shorenstein Properties sold the asset for $146 million. Built in 1990, Sorrento Towers features two seven-story buildings totaling 296,327 square feet of office space atop a multi-level parking structure. At the time of sale, the property was 98.2 percent occupied. Kevin Shannon, Brunson Howard, Ken White and Paul Jones of Newmark represented the seller in the deal. KBS serves as the United States-based asset manager for the Singapore-based buyer’s portfolio, which includes identifying and sourcing this asset on Prime’s behalf. Shorenstein acquired the property in 2018 and increased occupancy to 98 percent. Since 2018, the property underwent more than $8.4 million in renovations, including an expanded first-curtain wall that captured additional ground-floor area, a renovated open-air plaza and revitalized main lobbies, elevator lobbies, elevator cabs and restrooms. The renovation also included the addition of an amenity space, including a fitness center, conferencing spaces, a training center and multiple outdoor meeting areas. Shorenstein also invested approximately $16.7 million for new, best-in-class tenant improvements within the last two years. The new owners are …
PHOENIX — Hubbard Street Group and Cresset Real Estate Partners, as capital partner, have broken ground on Skye on 6th, an apartment property located on the southeast corner of Sixth and Garfield streets in Phoenix. Slated for completion in summer 2023, the 26-story Skye on 6th will feature 309 apartments in a mix of studio, one- and two-bedroom units, as well as penthouses on the top residential floor. Community amenities include a pool deck with cabanas, fitness center, yoga studio, steam room and sauna, a co-working area, an outdoor terrace, a dog run, party room, chef’s grade kitchen for entertainers, package storage room, bicycle storage, indoor parking and storage lockers. The project will also feature approximately 6,500 square feet of ground-floor retail space. The project team includes Shepley Bulfinch as architect and Clayco as general contractor.
ONTARIO, CALIF. — Wood Investments Cos. has purchased a 19.6-acre development site within the master-planned community of Ontario Ranch in Ontario. San Diego-based GDC RCCD 2 LP sold the asset for $18.5 million. Wood Investments plans to develop The Ranch at Model Colony Shopping Center, a 206,072-square-foot retail property, at the site. The asset will be located at the intersection of Ontario Ranch Road and Hamner Avenue. Already signed tenants include include a national grocery tenants, Burlington Coat Factory, Five Below, Hobby Lobby and Planet Fitness. Brian McDonald and Walter Pagel of CBRE represented Wood Investments in the purchase and lease transactions. CBRE also represented the seller in the deal.
LONG BEACH, CALIF. — Holland Partner Group and architecture firm MVE + Partners have completed Volta on Pine, a 285,415-square-foot, mixed-use, infill development in downtown Long Beach. Located at 635 Pine Ave., Volta on Pine features 271 apartments, 1,300 square feet of ground-floor retail space, subterranean parking and extensive sidewalk space. Residential units range from 629 square feet to 1,400 square feet in a mix of studio, one-, two- and three-bedroom layouts. Eleven apartments are dedicated as median-income affordable housing. Apartments include custom-finish packages, keyless entry, Nest thermostats, LED-lit vanity mirrors, soft-close drawers and cabinets, in-home washers/dryers, high-end kitchen counters and appliances, solar mesh roller shades, soaking tubs, and large balconies and windows. Community amenities include a rooftop terrace and sky lounge, fitness center, swimming pool with sun deck, hot tub, outdoor grills and firepits, parcel lockers, electric vehicle charging stations, bike storage and three levels of subterranean parking offering a total of 341 parking stalls. LRM served as landscape architect and Arial Fox provided interior design services for the project.