FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.
WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.
WILTON, CONN. — CBRE has negotiated the $3.7 million sale of a 47,040-square-foot office and industrial building in Wilton, located in Fairfield County. The property, which was built in 1965 and renovated in 2006, was vacant at the time of sale. Louis Zuckerman, Tom Pajolek and Pat Colwell of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Fuller Development and Spinnaker Real Estate Partners that plans to reposition the property for residential use.
By Chris Curry and Todd Marix, senior managing directors of investment sales, Berkadia Things are looking up in Houston, and that rings especially true for the city’s growing multifamily sector. In-migration, a rebounding labor market and a high concentration of Fortune 500 firms and talent have made the Bayou City an attractive place for investors and residents alike. Recently, a slowdown in deliveries of new apartments has coupled with strong demand to bring rent levels to historical highs and elevate absorption across all asset classes. Part of this trend can be attributed to the continuing return of urban renters — those who left for suburban submarkets but are making a comeback into dense city centers. Houston has earned a reputation for being a compelling market in the Sun Belt region. Aside from basic fundamentals that have buttressed its apartment market, the city’s low cost of living and outward expansion have historically offered developers and investors plenty of room to operate while increasing returns in the process. Now, with demand easily surpassing supply, occupancy rates are over 90 percent for the first time in two years, which is truly remarkable considering how much more supply exists today. Even more resounding is …
By Jonathan Fishman, co-founder, Bizydev Every business-oriented publication for the last 18 months has almost certainly churned out dozens, if not hundreds, of articles detailing how they believe COVID-19 will or has or might affect their market or industry. Real estate publications have exhaustively covered the deceleration of commercial office leasing, the population outflow in urban cities and corresponding battering of the multifamily market and the lack of business travel and tourism resulting in catastrophic conditions for the hotel sector. And of course, analysts and experts have been quick to note the sharp decline in physical retail space success thanks to the onslaught of e-commerce, further fueled by social distancing measures. Facing these challenges, many retail landlords have been forced to ask themselves what advantage they provide for their tenants. Given the realities of the commercial real estate market, landlords must explore ways to create value for their tenants and seek common ground with them to keep afloat. It’s no longer acceptable for landlords to just provide a storefront, a door and a raw space if they expect to be competitive in the retail leasing market today. They need to find new ways to market their spaces and highlight their …
ATHENS, GA. — SRS Real Estate Partners has brokered the sale of Athens West, a 178,930-square-foot shopping center in Athens. SomeraRoad, a New York-based commercial real estate investment and development firm, sold the property for $16 million to an entity doing business as Trinity Apex LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller, and the buyer was self-represented in the transaction. Athens West is anchored by Big Lots, America’s Thrift, American Freight, BioLife and Citi Trends. Additional tenants at the property include Anytime Fitness, CiCi’s Pizza, Metro PCS, H&R Block, Direct Insurance and Domino’s Pizza. Roughly 42,000 square feet of new tenants have joined the center since 2019. The shopping center is located at 3190 Atlanta Highway, about 7.2 miles from the University of Georgia’s campus.
NICHOLASVILLE, KY. — Marcus & Millichap has arranged the sale of an 82,982-square-foot retail property located at 150 Kohls Drive in Nicholasville, about 12 miles away from Lexington. The freestanding store is net-leased to department store retailer Kohl’s, which has nearly nine years remaining on the lease. The transaction, which includes the Kohl’s and an outparcel, was totaled $9.4 million. Jesse Limon of Marcus & Millichap’s Manhattan office represented the seller, an entity doing business as Man O’War Development LLC No 3. Limon also secured and represented the buyer, InCommercial Inc., a private real estate brokerage based in Chicago. Colby Haugness of Marcus & Millichap’s Kentucky office assisted in closing this transaction.
RALEIGH, N.C. — Core Spaces has acquired Stanhope Student Apartments, an 822-bed student housing community located at 3001 Hillsborough St. in Raleigh. The seller was an affiliate of locally based developer Kane Realty and Val Valentine of Raleigh-based Valentine Properties. The sales price was not disclosed. Situated about a quarter-mile from North Carolina State University (NC State), Stanhope opened in the fall of 2015 and includes studio, one-, two-, three- and four-bedroom options. Unit amenities include a furniture package with smart TVs, hardwood plank flooring and washers and dryers, as well as all utilities included in the monthly bill. Community amenities include a pool, movie theater room, cyber café, art studio, study lounges, two-story fitness center, fire pit and grilling area, onsite security, game room, a tanning bed and gated parking garage. For the 2021- 2022 school year, the residential portion of the mixed-use property is already 100 percent leased. The property also features 30,000 square feet of ground level retail space leased to tenants such as CVS/pharmacy, Smoothie King, Penn Station Subs, Cha House and Mulan Ice Cream & Milk Tea. Geoff Loftin and Jim Anthony of APG represented Core Spaces in the transaction. Core Spaces is a Chicago-based …
HOUSTON — A joint venture between owner-operator CP Group and funds managed by Miami-based Rialto Capital Management has acquired Five Post Oak Park, a 28-story office tower in Houston’s Galleria District. The property offers a 3,000-square-foot fitness center and a multi-use conferencing facility. The new ownership plans to implement a capital improvement program that will modernize the lobby and add a new coffee bar, restaurant space and outdoor dining space. The seller and sales price were not disclosed. The deal marks the latest collaboration in a series of recent transactions between Rialto Capital and CP Group, including the acquisition of the 1.2 million-square-foot CNN Center in Atlanta and of One Biscayne Tower in Miami.
MORRISVILLE, N.C. — Duke Realty Corp. has signed a lease with Carolina Furniture Installations, a locally based office furnisher, for a 12,673-square-foot space at the developer’s Perimeter Park 2700 building. The 86,266-square-foot property is located at 2700 Perimeter Park in Morrisville and is now fully leased. Located midway between Raleigh and Durham, Perimeter Park is situated just off N.C. Highway 54 near the intersection of Interstates 540 and 40. The property is also located 4.1 miles from the Raleigh-Durham International Airport. Perimeter Park is a four-building industrial campus with a total of 358,272 square feet. Austin Nagey of CBRE represented Carolina Furniture Installations in the lease transaction. Batista Orcino represented Duke Realty on an internal basis along with Larry Lakins of Colliers International.