Property Type

Aztec Group Arranges $45M Refinancing Loan for Tamarac Village Apartments in South Florida

by Julia Sanders June 9, 2021

TAMARAC, FLA. — Sean Harrington and Joel Zusman of Aztec Group have arranged a $45 million, non-recourse loan for the refinancing of Tamarac Village, a 211-unit luxury rental apartment community in the Broward County city of Tamarac. JKM Developers is the developer on the project. The City of Tamarac owns the land. Boca Raton-based Lotis is the parent company of JKM, and Blue Bell, Pa.-based Capital Solutions Inc. invested an undisclosed amount for the project. New York City-based Limekiln Real Estate provided full term interest only financing. Tamarac Village Phase I, a Lotis Community, was completed in 2020 and is currently 99 percent occupied. Tamarac Village Phase I is located at 9141 W Commercial Blvd. on a 6.9-acre parcel that is ground-leased from the City of Tamarac. Phase I includes a two-story fitness facility, 8,885-square-foot clubhouse featuring a game and media room, resort-style pool and private garage spaces. Phase II of Tamarac Village is under construction and scheduled for completion in 2022, which will bring the overall community to 401 units.

June 9, 2021

Leasing Activity Retail Texas

SuperNova Furniture to Open 40,000 SF Store at Brazos Town Center in Metro Houston

by Taylor Williams June 9, 2021

ROSENBERG, TEXAS — SuperNova Furniture will open a 40,000-square-foot store at Brazos Town Center, a 550-acre mixed-use development by local developer NewQuest Properties in Rosenberg, a southwestern suburb of Houston. The lease term is 10 years, and the store, which is located in a space formerly occupied by department store Gordman’s, is set to open this fall. The lease pushes the property’s retail occupancy rate to 98 percent. Joe Silver and Chris Pitts of Streetwise Retail Advisors represented the retailer in the lease negotiations.

June 9, 2021

Leasing Activity Office Texas

Granite Properties Signs Three Tenants to Office Leases Totaling 34,000 SF in Plano

by Taylor Williams June 9, 2021

PLANO, TEXAS — Development and investment firm Granite Properties has signed three tenants to office leases totaling 34,000 square feet at Granite Park, its office 90-acre development situated at the corner of the Dallas North Tollway and State Highway 121 in Plano. The tenants included The Point Group, a full-service marketing agency that was represented in the lease negotiations by Nick Lee and Jeremy Brubaker of NAI Robert Lynn; Digital.ai, a software application firm that was represented by Wills Bauer and Randy Cooper of Stream Realty Partners; and HNTB, an infrastructure solutions firm that was represented by Charles Daggett, Kris Knapstein and Dina Zavislak of Savills. Robert Jimenez and Aarica Mims represented Granite Properties on an internal basis.

June 9, 2021

Development Maryland Office Southeast

RPAI Plans to Develop 125,000 SF Medical Office Building in Largo, Maryland

by Julia Sanders June 9, 2021

LARGO, MD. — Retail Properties of America Inc. (RPAI) plans to begin developing the first building within Carillon, a planned mixed-use development in Largo. Construction on the first building known as The Ella, a 125,000-square-foot medical office building, will begin in the second half of 2021. The Ella will be situated 300 feet from the University of Maryland Capital Region Medical Center. The property will also be located close to the Largo Town Center Metro Blue and Silver lines, onsite surface parking and access to the Capital Beltway. RPAI is in active negotiations with prospective tenants.

June 9, 2021

Affordable Housing Development Loans Multifamily

Hunt Capital, Development Partners Secure $4M LIHTC Financing for Affordable Housing Project in Merritt Island, Florida

by Julia Sanders June 9, 2021

MERRITT ISLAND, FLA. — Hunt Capital Partners and co-developers HumanKind Housing LLC and Kingdom Development Inc. have secured $4 million in Low Income Housing Tax Credit (LIHTC) equity financing to acquire and rehabilitate 85 units of affordable housing in Merritt Island. Total development cost at the property, known as Tropical Manor Apartments, is $17.3 million. Other funding sources include Bonneville Multifamily Capital extending a $12.3 million HUD 223(f) construction-to-permanent loan and RBC Capital is the underwriter of the publicly sold bonds issued by Brevard County Housing Authority. Tropical Manor is located in the central part of Merritt Island, approximately six miles west of Cape Canaveral in Brevard County. The acquisition and rehab project of the two-bedroom/one-bathroom units will preserve nine two-story garden-style apartment buildings, a one-story community building and a one-story maintenance building. The units are restricted to households earning up to 60 percent of area median income (AMI). In addition, the financing will result in continued affordability for residents as Tropical Manor’s Department of Housing and Urban Development Section 8 HAP contract will be extended for 20 years. Five of the units will be Americans with Disabilities Act accessible. After the renovation, the in-unit amenities will include garbage disposals, …

June 9, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 209,643 SF Industrial Facility in Norton, Massachusetts

by Taylor Williams June 9, 2021

NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.

June 9, 2021

Development Industrial Northeast Pennsylvania

Digger Specialties to Open 160,000 SF Industrial Facility in Lycoming County, Pennsylvania

by Taylor Williams June 9, 2021

LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.

June 9, 2021

336-Logistics-Drive-Hamburg-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $22.3M Sale of Industrial Property in Hamburg, Pennsylvania

by Taylor Williams June 9, 2021

HAMBURG, PA. — JLL has negotiated the $22.3 million sale of a 149,632-square-foot industrial property in the Lehigh Valley community of Hamburg. Built in 2020, the building features a clear height of 32 feet, 24 overhead doors and an ESFR sprinkler system. John Plower, Pete Pittroff, Ryan Cottone and Jeff Lockard of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. Boston-based TA Realty purchased the asset, which was fully leased to two tenants, S Walter Packaging and LTL Home Products, at the time of sale.

June 9, 2021

Cigars-International-Bethlehem-Pennsylvania

Development Industrial Northeast Pennsylvania

J.G. Petrucci Begins 100,000 SF Industrial Expansion Project in Lehigh Valley

by Taylor Williams June 9, 2021

BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.

June 9, 2021

Development Multifamily New Jersey Northeast

Developer CHA Partners Completes 120-Unit Randolph Apartments in Plainfield, New Jersey

by Taylor Williams June 9, 2021

PLAINFIELD, N.J. — New Jersey-based developer CHA Partners has completed The Randolph, a 120-unit apartment complex in the Northern New Jersey community of Plainfield. Construction of the project, which is located at the site of the former Muhlenberg Regional Medical Center, began in late 2019. Units feature one- and two-bedroom floor plans, and amenities include a fitness center, dog park, multi-purpose event rooms, outdoor lounge areas and an automated package system. CHA Partners developed the property in a public-private partnership with the City of Plainfield.

June 9, 2021

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