Property Type

J.G. Petrucci, Cabot to Develop 318,440 SF Spec Industrial Project in Wind Gap, Pennsylvania

by Taylor Williams April 30, 2021

WIND GAP, PA. — A partnership between locally based developer J.G. Petrucci Co. Inc. and Boston-based Cabot Properties will develop a 318,440-square-foot speculative industrial project in the Lehigh Valley city of Wind Gap. The property will feature a clear height of 36 feet, 39 dock-high loading positions, two drive-in doors, 54 trailer positions and ESFR fire protection. Jon Mikula and John Plower of JLL arranged the partnership between the two firms. A construction timeline was not disclosed.

April 30, 2021

Acquisitions Industrial New York Northeast

Elion Partners Acquires 180,000 SF Industrial Building in Queens

by Taylor Williams April 30, 2021

NEW YORK CITY — Private equity real estate firm Elion Partners has acquired a 180,000-square-foot industrial building located approximately five miles from John F. Kennedy International Airport in the Jamaica neighborhood of Queens. The sales price was $58 million. According to commercialcafé.com, the Class B property was built on 5.3 acres in 1961. The seller was not disclosed.

April 30, 2021

Acquisitions Delaware Multifamily Northeast

Rittenhouse Brokers Sale of 204-Unit Multifamily Portfolio in Wilmington, Delaware

by Taylor Williams April 30, 2021

WILMINGTON, DEL. — Philadelphia-based Rittenhouse Realty Partners has brokered the sale of a 204-unit multifamily portfolio in Wilmington, about 30 miles south of Philadelphia. The portfolio offers one-, two-, three- and four-bedroom units and had an occupancy rate above 90 percent at the time of sale. Corey Lonberger, Robert DiPasquale, Mark Duszak, Ken Wellar and Domenick Peronti of Rittenhouse brokered the deal. The buyer and seller were not disclosed.

April 30, 2021

Development Massachusetts Northeast Office

International Data Group Opens 125,000 SF Office Headquarters in Needham, Massachusetts

by Taylor Williams April 30, 2021

NEEDHAM, MASS. — International Data Group (IDG), a market research and data analytics firm, has opened a new, 125,000-square-foot office headquarters in the western Boston suburb of Needham. The company will consolidate its three main business units — IDC, IDG Communications and primary corporate entity IDG — under one roof. Dyer Brown, an architecture and interior design firm with offices in Boston and Atlanta, designed the facility, which can accommodate about 500 employees.

April 30, 2021

Loans Multifamily New Jersey Northeast Retail

NorthMarq Arranges $16.2M Loan for Refinancing of Two Multifamily, Retail Buildings in Princeton

by Taylor Williams April 30, 2021

PRINCETON, N.J. — NorthMarq has arranged a $16.2 million loan for the refinancing of two five-story multifamily and retail buildings in Princeton. The first property is located at 25 Spring St. and consists of 52 apartments and three retail spaces. The second property is located at 55 Witherspoon St. and comprises 24 units and two retail spaces. Principal Financial provided the funds. The borrower was a public-private partnership between Nassau HKT Associates and the Borough of Princeton.

April 30, 2021

Hospitality Market Reports Texas Texas Market Reports

Let’s Get Real About Hotel Real Estate in Texas

by Taylor Williams April 30, 2021

By Steve Van, president & CEO, Prism Hotels & Resorts While 2020 was a trying year for companies in every industry, the hospitality sector has been really taking it on the chin. Restaurateurs and airline executives might disagree, but hoteliers have arguably had it worse than any other industry. The financial impact on the hotel business from COVID-19 is 10 times worse than the hit from the late 2000s recession — and that’s a very big deal. With the rate of business travel falling off a cliff and leisure travel down more than ever around the world, 2020 was a year that many hospitality executives would like to forget. But that doesn’t mean the sky is falling — or that brighter times aren’t in store. But what do those timelines look like? How should hotel professionals be managing the current crisis, and what are the real estate implications for investors? Let’s take a clear-eyed look at the good, the bad and the ugly and try and answer those questions by examining key trends and thinking about what’s likely to come next for hotel developers, operators and investors. Southern Sunshine One important caveat to the story of catastrophic hotel business drop-offs …

April 30, 2021

Development Florida Loans Multifamily Southeast

JLL Secures $59M Financing for Apartment Development in Kissimmee, Florida

by Julia Sanders April 29, 2021

KISSIMMEE, FLA. — JLL Capital Markets has secured $59 million in bridge financing for the development of Dolce Living Royal Palm, a 326-unit multifamily property located in Kissimmee. Gregory Nalbandian and Jesse Wright of JLL led the team representing the borrower, Sovereign Properties, to secure a three-year, non-recourse bridge loan through Värde Partners. The property is set to open in May. The lease-up bridge financing will retire the existing constriction loan and preferred equity, lower the sponsor’s cost of capital as it begins to lease-up the property, fund remaining construction costs to complete the project and return a portion of the sponsor’s invested equity. Dolce Living Royal Palm apartments will include one-, two- and three-bedroom units averaging 956 square feet. Community amenities will include a swimming pool, media center, movie theater, billiards and game room and golf simulator. Located at 3250 Orleans Ave., the property is situated 5.3 miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 31 miles from downtown Orlando.

April 29, 2021

Acquisitions Multifamily South Carolina Southeast

Arch Cos., Drake Real Estate Partners Acquire Four-Property Multifamily Portfolio in Columbia

by Julia Sanders April 29, 2021

COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.

April 29, 2021

Development Georgia Mixed-Use Retail Southeast

Topgolf to Open Fourth Georgia Venue at Fuqua Development’s Exchange at Gwinnett in Buford

by Julia Sanders April 29, 2021

BUFORD, GA. — Topgolf Entertainment Group plans to open its fourth Georgia venue in Buford tomorrow. The property will anchor Exchange at Gwinnett, a mixed-use development by locally based Fuqua Development near Mall of Georgia. The Exchange at Gwinnett has more than 465,000 square feet of retail and restaurants, office space, hotel space and residential units. Other than Topgolf, The Exchange will include retailers such as Five Guys, Starbucks Coffee, Four Fat Cows, Chipotle and Sprouts Farmers Market. Topgolf Buford will be a two-floor venue with 72 climate-controlled hitting bays. Other amenities include a chef-driven food and beverage menu that guests can order from during their stay. Topgolf offers reservations online or walk-ins. Topgolf says safety protocols have also been put in place in the new Buford location. The venue will be equipped with social distancing markers, as well as bay dividers to establish barriers between groups. Bays, golf clubs and game screens will be disinfected after each group, and common areas will be disinfected every hour by roving cleaning teams. Additionally, all workers will be required to undergo wellness screenings prior to each shift.

April 29, 2021

Development Multifamily Texas

StreetLights Residential Breaks Ground on 343-Unit Phase II of Viridian Apartments in Arlington

by Taylor Williams April 29, 2021

ARLINGTON, TEXAS — Dallas-based StreetLights Residential has broken ground on Phase II of Viridian, a project in Arlington that will add 343 luxury apartments to the local supply. Units will feature one-, two- and three-bedroom floor plans ranging in size from 588 to 1,674 square feet. The development will also feature 32 townhomes averaging 1,902 square feet. Residences will be furnished with granite countertops, tile backsplashes, custom flooring and cabinetry, smart home features and individual washers and dryers. Communal amenities will include a pool, lounge with coworking space, fitness center, an outdoor exercise and event lawn, pet park, golf simulator and a clubroom with a TV. StreetLights Creative Studio is the architect of record for the project, and SLR Construction LLC is the general contractor. Completion is slated for spring 2023. Viridian is a 2,000-acre mixed-use development with residential, retail and entertainment uses, along with multiple lakes and open green spaces.

April 29, 2021

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