Property Type

Daniel Corp. Breaks Ground on 144,000 SF Medical Office Building in Birmingham

by John Nelson November 2, 2020

BIRMINGHAM, ALA. — Daniel Corp. has broken ground on Grandview Medical Plaza II, a four-story, 144,000-square-foot medical office building in Birmingham. White Plains, N.Y.-based Seavest Healthcare Properties is the developer and owner. Grandview Medical Plaza II is situated next to Grandview Medical Plaza I, an eight-story, 208,000-square-foot building that is also owned by Seavest. Grandview Medical Plaza II will be situated within the 103-acre Cahaba Center at Grandview campus, which is located nine miles southeast of downtown Birmingham. Daniel Corp. expects to deliver Grandview Medical Plaza II in early 2022.

November 2, 2020

Company News Northeast Pennsylvania Restaurant Retail

Pennsylvania Real Estate Investment Trust Files for Chapter 11 Bankruptcy

by Taylor Williams November 2, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has filed for Chapter 11 bankruptcy as of Sunday, Nov. 1. PREIT (NYSE: PEI), which is based in Philadelphia, owns and operates 22.5 million square feet of retail space including 19 mall properties in New Jersey, Pennsylvania, Massachusetts, Maryland, Virginia, Michigan, North Carolina and South Carolina. PREIT has reached a Restructuring Support Agreement (RSA) with its bank lenders, under which an additional $150 million will be committed to recapitalize the business and extend its debt maturities. The announcement coincides with the Chapter 11 filing of Tennessee-based CBL & Associates (NYSE: CBL), which owns and manages a portfolio of 107 properties totaling 66.7 million square feet across 26 states, including 65 enclosed, outlet and open-air retail centers and eight properties managed for third parties. “Today’s announcement has no impact on our operations — our employees, tenants, vendors and the communities we serve — and we remain committed to continuing to deliver top-tier experiences and improving our portfolio,” says Joseph Coradino, CEO of PREIT. “With the overwhelming support of our lenders, we look forward to quickly emerging from this process as a financially stronger company.” DLA Piper LLP and Wachtell, Lipton, Rosen & Katz are …

November 2, 2020

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Arranges $47M Sale of Multifamily Community in Knoxville

by John Nelson November 2, 2020

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the $47 million sale of The Village at Westland Cove, a 240-unit multifamily community in Knoxville. The property offers one-, two- and three-bedroom floor plans ranging from 717 square feet to 1,521 square feet. Communal amenities include a business center, pool, clubhouse, fitness center, car washing area, dog park, pet washing area and storage space. Jimmy Adams and Robert Stickel of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. H3 Real Estate Advisors acquired the property.

November 2, 2020

Development Retail Southeast Tennessee

Knoebel Construction Delivers Indian-American Grocery Store in Nashville

by John Nelson November 2, 2020

NASHVILLE, TENN. — Knoebel Construction has delivered a new Patel Brothers grocery store in Nashville. This marks the 10th location in eight states that Knoebel has delivered on behalf of the Indian-American grocer. The store spans 25,000 square feet and is situated at 420 Harding Place, seven miles southeast of downtown Nashville. Brentwood, Tenn.-based H. Michael Hindman Architects P.C. designed the grocery store.

November 2, 2020

Acquisitions Industrial New Jersey Northeast

HGI, Turnbridge Sell 550,000 SF Warehouse in Parsippany, New Jersey, for $85.2M

by Taylor Williams November 2, 2020

PARSIPPANY, N.J. — A partnership between Harbor Group International (HGI) and Turnbridge Equities has sold a 550,000-square-foot warehouse located at 100 Jefferson Road in the Northern New Jersey city of Parsippany for $85.2 million. The building’s primary tenants are electronics manufacturer PNY Technologies and dietary supplement provider Vitaquest. The partnership acquired the property from PNY Technologies in 2018 in a $60.3 million sale-leaseback deal and implemented a value-add program that brought the occupancy rate from 28 percent to its current mark of 64 percent. The buyer was not disclosed.

November 2, 2020

Acquisitions Connecticut Northeast Office

CBRE Arranges Sale of 153,000 SF New Haven Plaza Office Complex for $6.8M

by Taylor Williams November 2, 2020

NEW HAVEN, CONN. — CBRE has arranged the sale of New Haven Plaza, a 153,000-square-foot office complex located less than a mile from Yale University in New Haven, for $6.8 million. David Hansen and Matthew O’Hare of CBRE represented the seller, New Haven Plaza LLC, which acquired the site in 1972 and developed a third building for New Haven Adult Education in 1990, in the transaction. The buyer was SP Capital LLC.

November 2, 2020

Development Massachusetts Multifamily Northeast Seniors Housing

DiMella Shaffer Completes Second Expansion at Seniors Housing Property in Lexington, Massachusetts

by Taylor Williams November 2, 2020

LEXINGTON, MASS. — DiMella Shaffer, a Boston-based architecture and design firm, has completed its second expansion project for the 26-acre Brookhaven at Lexington seniors housing community located north of Boston. The project featured renovations to all common areas, and expansion and improvements to the assisted care and long-term care facility. A four-story wing that houses new amenities has also been added. Brookhaven Senior Living owns the property.

November 2, 2020

Industrial Leasing Activity NAI New Jersey Northeast

NAI James Hanson Negotiates 28,900 SF Industrial Lease in Elizabeth, New Jersey

by Taylor Williams November 2, 2020

ELIZABETH, N.J. — NAI James Hanson has negotiated a 28,900-square-foot industrial lease at 475 Division St. in Elizabeth, located just south of Newark. The 175,000-square-foot building features 18-foot ceiling heights, five loading docks, 10 trailer parking spaces and 2,000 square feet of office space. Barry Cohorsky and John Koch of NAI James Hanson represented the landlord, Tree Realty, in the lease negotiations. Robin Ritter-Ceriello of Cushman & Wakefield represented the tenant, locally owned trucking company Motion Express.

November 2, 2020

Content Partner Features Industrial New York Northeast Northeast Feature Archive Walker & Dunlop

New York Industrial Innovation Spreads Nationwide

by Sarah Daniels November 2, 2020

Despite the negative impact of the pandemic on many areas within commercial real estate, industrial assets continue to attract interest as a favored sector of many lenders and investors. The industrial market is outperforming others throughout this period of disruption. E-commerce growth has resulted in growth in the industrial sector as the need for last-mile delivery and third-party logistics space increases. Similarly, urban infill demand has grown in supply-constrained markets. Finally, the supercharging the industrial sector has created a need for new construction in this asset class, and construction lenders are finding new opportunities to earn higher returns. View higher resolution version of chart above here. Industrial Market Trends In major urban markets — New York City included — residents increasingly expect two-day delivery, next-day delivery and even same-day delivery. As a result of these shrinking delivery windows, the need for local distribution centers and last-mile facilities has increased significantly. The way people purchase and receive products has changed drastically, and the industrial sector must adjust to meet the demand. The nation-wide stay-at-home orders implemented at the outset of the pandemic caused e-commerce to experience exponential growth. People who had never shopped online began adapting to this trend. This created …

November 2, 2020

Acquisitions Multifamily Texas

IPA Arranges Sale of 192-Unit Destino Apartments in Grand Prairie, Texas

by Taylor Williams November 2, 2020

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.

November 2, 2020

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