Property Type

Partnership to Develop 250,000 SF Life Sciences Facility in Philadelphia’s University City

by Taylor Williams December 4, 2020

PHILADELPHIA — A partnership between developers Silverstein Properties and University Place Associates, as well as financial services firm Cantor Fitzgerald LP, will develop a 250,000-square-foot life sciences facility in Philadelphia. The property will be named 3.0 University Place in reference to its location within the University City area, a hotbed of life sciences growth. The Steward Partnership is designing the eight-story lab and office building, which is expected to come on line in the fourth quarter of 2022. According to the Philadelphia Business Journal, the project has a price tag of $56 million.

December 4, 2020

103-Central-Avenue-Mount-Laurel-New-Jersey

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Brokers Sale of 112,000 SF Industrial Building in Mount Laurel, New Jersey

by Taylor Williams December 4, 2020

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 112,000-square-foot industrial building located at 103 Central Ave. in Mount Laurel, a suburb of Philadelphia. The property features 17-foot clear heights and proximity to State Routes 38 and 73, as well as the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the seller, CoreOne Industrial LLC, in the transaction. The duo also procured the buyer, Boston-based Stag Industrial Holdings LLC.

December 4, 2020

Acquisitions New York Northeast Retail

JLL Negotiates $14.1M Sale of Retail Building in Brooklyn’s Bay Ridge Area

by Taylor Williams December 4, 2020

NEW YORK CITY — JLL has negotiated the $14.1 million sale of a 37,412-square-foot retail building located at 531 86th St. in the Bay Ridge neighborhood of Brooklyn. Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan of JLL represented the seller, Developer’s Realty Corp., in the transaction. A&H Acquisitions Corp. purchased the building, which is leased to Modell’s Sporting Goods.

December 4, 2020

Development Industrial Nevada Western

Brass Cap Development Nears Completion of $5M Warehouse Complex in Las Vegas

by Amy Works December 4, 2020

LAS VEGAS — Brass Cap Development is nearing completion on Brass Diablo, a $5 million industrial complex in Las Vegas. LM Construction as design-build contractor utilized the Tilt Insulating Panel System, which enables crews to lift warehouse walls in one day during the building’s construction. Located at the southwest corner of Diablo Drive and Edmond Street, the facility features 25,000 square feet of industrial space, with 10,000 square feet remaining for lease. Bleu Blanc Rouge, a Las Vegas-based caterer, has leased 15,000 square feet of space at the property. Paul Sweetland, Dan Doherty, Chris Lane and Jerry Doty of Colliers International are handling leasing for the remaining available space.

December 4, 2020

Development Lee & Associates Loans Multifamily New Jersey Northeast

Lee & Associates Arranges $12.5M Construction Loan for Multifamily Project in Orange, New Jersey

by Taylor Williams December 4, 2020

ORANGE, N.J. — Lee & Associates has arranged a $12.5 million construction loan for The Legacy, a 51-unit multifamily project that will be located in the Newark suburb of Orange. The property will offer one- and two-bedroom units and a fitness center and rooftop deck. Gary Sopko and Jerry Joseph of Lee & Associates arranged the loan on behalf of the private developer, former NFL player Kimble Wright. Construction is scheduled to begin this month and to be complete in spring 2022. Parkview Financial provided the loan.

December 4, 2020

Acquisitions Arizona Net Lease Retail Western

Progressive Real Estate Partners Arranges $2.5M Sale of Sunrise Preschool Property in Arizona

by Amy Works December 4, 2020

GLENDALE, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property located at 5801 W. Mohawk Lane in Glendale. An Arizona-based private investor sold the building to a California-based private investor for $2.5 million. Sunrise Preschool occupies the 8,500-square-foot property on a triple-net-lease basis. The building was built in 1999 for the preschool, which Childcare Network owns. The daycare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers and preschool students, as well as before- and after-school care. Brad Umansky and Mike Lin of Progressive Real Estate Partners, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller. John Eppers of Central Valley Properties represented the buyer in the deal.

December 4, 2020

Industrial Top Stories

COVID-19 Holiday Season Brings Increase in Online Shopping, Big-Ticket Industrial Acquisitions

by Katie Sloan December 4, 2020

As with many other events and rites of passage, the COVID-19 pandemic has transformed the holiday season. With concerns over the safety of in-person gathering top of mind, many have moved their normal brick-and-mortar holiday gift shopping online. Even Black Friday — a hallmark shopping event of the holiday season geared toward big sales for those willing to venture among heavy crowds — moved online this year in order to better suit the needs and safety of shoppers in the current environment. With an increase in online shopping comes an increase in need for logistics and industrial space in order to fulfill orders in a timely fashion. Against the backdrop of a predominantly online holiday shopping season, a flurry of big-ticket industrial acquisitions have filled news headlines during the first week of December. Today, news broke that Rexford Industrial Realty has acquired Van Nuys Airport Industrial Center in California, an 18-building portfolio of industrial properties within the Los Angeles submarket, for $154.6 million. Additionally, KKR acquired two industrial distribution properties in Texas totaling approximately 1.8 million square feet for $171 million. “As more consumers migrate to shopping online and expect a seamless delivery experience, the demand for modern logistics real …

December 4, 2020

Acquisitions Development Mixed-Use North Carolina Office Southeast

Cousins Properties Acquires RailYard Office Building, Adjacent Parcel in Charlotte’s South End for $229.1M

by Alex Tostado December 3, 2020

CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land. Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent leased to tenants including Allstate, Parsons Corp., EY, Slalom Consulting and WeWork. RailYard also features 32,593 square feet of ground-level retail space. Patrick Gildea, Matt Smith, Will Yowell, Grayson Hawkins and Brandon McMenomy of CBRE represented Beacon Partners in the sale. Cousins Properties acquired the adjacent land, which features access to the Bland Street Metro Station, from an undisclosed seller. Cousins plans to develop a mixed-use project spanning up to 700,000 square feet that will include office and residential space.

December 3, 2020

Acquisitions Multifamily Southeast Student Housing Virginia

Campus Apartments Purchases 600-Bed Student Housing Community Near James Madison University in Virginia

by Alex Tostado December 3, 2020

HARRISONBURG, VA. — Campus Apartments LLC has purchased Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University in Harrisonburg. Aspen Heights sold the community for an undisclosed price. The property offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, access to a campus shuttle, movie theater, volleyball court and a pool. CBRE brokered the sale of the property. Campus Apartments intends to rebrand the property and implement a light value-add plan that will entail enhancements to both the clubhouse and exterior amenity areas.

December 3, 2020

Development Industrial North Carolina Southeast

Chick-fil-A to Develop $52M Distribution Center in Raleigh-Durham Area

by Alex Tostado December 3, 2020

MEBANE, N.C. — Chick-fil-A will develop a $52 million distribution center in the Durham suburb of Mebane. The property is expected to open in early 2022 and house 160 employees. The facility will be situated about 25 miles west of downtown Durham near Interstate 85. In 2019, the Atlanta-based restaurant chain launched its distribution company, Chick-fil-A Supply LLC, to serve its restaurants. This will be Chick-fil-A’s second distribution center, joining the location in Cartersville, Ga. Chick-fil-A operates 2,600 restaurants in 47 states, Washington, D.C. and Canada.

December 3, 2020

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