AUSTIN, TEXAS — JLL has brokered the sale of Springwood Self Storage, a 426-unit facility located at 9206 Anderson Mill Road on Austin’s north side. The three-story building was completed in 2017. All units are climate-controlled. Brian Somoza and Steve Mellon of JLL represented the seller, an entity doing business as Springwood Self Storage LLC, in the transaction. Wasatch Storage Partners purchased the asset for an undisclosed price.
AUSTIN, TEXAS — A joint venture between Patrinely Group and USAA Real Estate has sold Aspen Lake Three, a 128,990-square-foot office building in North Austin’s Lakeline neighborhood. Completed in May, the four-story building was fully preleased to Q2 Holdings, a provider of cloud-based software for the banking industry, at the time of sale. The buyer and sales price were not disclosed.
HALTOM CITY, TEXAS — Henry S. Miller Brokerage has negotiated a 36,616-square-foot industrial lease in Haltom City, a suburb of Fort Worth. Dan Spika and Scott Axelrod of Henry S. Miller represented the tenant, Chicago-based L & W Supply Corp., in the lease negotiations. The representative of the landlord, Fort Worth-based Key Partners Ltd., was not disclosed.
NEW BRUNSWICK, N.J. — A public-private partnership led by the New Brunswick Development Corp. has begun construction on a $750 million cancer treatment facility in the northern-central part of the Garden State. RWJBarnabas Health and the Rutgers Cancer Institute of New Jersey will operate the facility, which will provide inpatient and outpatient cancer services, including ancillary services, as well as state-of-the-art laboratories for research. Construction of the 12-story building is slated for completion in 2024.
MERIDEN, CONN. — Los Angeles-based investment firm DealPoint Merrill has acquired Centennial Plaza, a 158,000-square-foot retail power center in Meriden, located in the southern-central part of the state. The seller was not disclosed. Joe French and Kodi Traver of Marcus & Millichap brokered the deal in conjunction with David Frank of DealPoint Merrill. The new ownership plans to upgrade the 11-acre property with a $5.2 million renovation. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
Earlier this year, national real estate investor and operator Waterton closed fundraising activity for a multifamily value-add fund with $1.5 billion in equity commitments from global institutional investors. Waterton launched the fund, known as Waterton Residential Property Venture XIV, in May 2020. The first deployment from the fund was a four-property, 1,824-unit portfolio in metro Atlanta followed by a two-property portfolio in Hawaii and three assets in California. The largest-ever fund from Waterton will continue to target both urban and suburban assets in major U.S. markets. The value-add investment strategy is nothing new for Waterton. The Chicago-based company has taken this approach for the last 25 years. But today there is strong demand among investors to be in the multifamily sector, says Rick Hurd, chief investment officer. As a result of the COVID-19 pandemic, some acquisitions are what Hurd calls “urban distress.” In other words, Waterton is making investments in areas like downtown Los Angeles and San Francisco in anticipation that demand will come back to the urban core over the next couple years. Many renters have migrated to the suburbs during the pandemic to be away from densely populated areas. According to Hurd, there is currently significant demand for …
NEW YORK CITY — Columbia Pacific Advisors has provided a $39.1 million bridge loan for an eight-story multifamily and retail building located at 68-70 Spring St. in Manhattan’s SoHo neighborhood. The 24,357-square-foot property totals 10 residential units in two- and three-bedroom formats. The undisclosed borrower will use the proceeds from the 36-month loan to fund capital improvements and lease-up costs.
MARLTON, N.J. — Walters, an affordable housing developer, has opened Cornerstone at Greentree, an income-restricted seniors housing community in the Philadelphia suburb of Marlton. Situated on 2.3 acres, the four-story building features 68 one- and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income.
FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.
CAMP HILL, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $90 million sale of Camp Hill Shopping Center. The property is located at 3301 Trindle Road in the borough of Camp Hill, roughly three miles outside Harrisburg. The 430,198-square-foot center was 96 percent leased at the time of sale to tenants including Giant Food Markets, Boscov’s Department Store, Staples, Five Below, Barnes & Noble and LA Fitness. Brad Nathanson of IPA represented the seller, Cedar Realty Trust (NYSE: CDR), and identified the buyer, GSD CampHill Pradsavi Group LLC, in the transaction. Marcus & Millichap also arranged financing on behalf of the buyer. Cedar Realty Trust will be retaining management of the property. “There is tremendous demand for dominant grocery-anchored shopping centers nationally, given the rebound in the markets post-COVID-19 and the attractive debt markets,” says Nathanson. “Demand is outpacing the supply of first-class, high-performing assets like Camp Hill Shopping Center.” Cedar Realty Trust is a real estate investment trust (REIT) focused on owning, operating and redeveloping grocery-anchored shopping centers across urban markets from Washington, D.C., to Boston. The Port Washington, N.Y.-based company’s stock price closed on Wednesday, June 23, at $16.61 per share, up …
