Property Type

Chozick Realty Negotiates $22M Sale of Hotel, Multifamily Property in Hartford

by Taylor Williams June 15, 2021

HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.

June 15, 2021

Company News Life Sciences New York Northeast

Savills Acquires Life Sciences, Tech Real Estate Consulting Firm T3 Advisors

by Taylor Williams June 15, 2021

NEW YORK CITY —Global real estate advisory firm Savills Inc. has acquired T3 Advisors, which provides site selection, project management and strategic planning services for life sciences and tech users. T3 Advisors, which was founded in 2001 and has offices in Boston, New York City, San Francisco and Palo Alto, will rebrand as T3 Advisors, A Savills Company. Roy Hirshland, CEO and founder of T3 Advisors, will become a vice chairman at Savills and will continue to lead the company. In addition, T3 Managing Partners Austin Barrett, David Bergeron and Mark Cote will become executive vice presidents and continue in their leadership roles with Savills.

June 15, 2021

Leasing Activity New Jersey Northeast Retail

Mayweather Boxing + Fitness Opens 3,397 SF Gym in North Brunswick, New Jersey

by Taylor Williams June 15, 2021

NORTH BRUNSWICK, N.J. — Mayweather Boxing + Fitness has opened a 3,397-square-foot gym at The Shoppes at North Brunswick, an upscale retail center located about 40 miles south of New York City. This will be the tenant’s first location in New Jersey. Azarian Realty Co. represented the undisclosed landlord in the lease negotiations.

June 15, 2021

Acquisitions Healthcare Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $32.5M Sale of Medical Office Property in Richmond

by Julia Sanders June 15, 2021

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.

June 15, 2021

Development Georgia Office Southeast

FanDuel Selects Ponce City Market in Atlanta for New 68,000 SF Office

by Julia Sanders June 15, 2021

ATLANTA — FanDuel Group, a fantasy sports betting and entertainment company, plans to open a new technology office within Ponce City Market in Atlanta. The New York-based company selected the historic development in the city’s Old Fourth Ward neighborhood as the new technology hub for its software engineering, product development, user experience and user interface teams. The company plans to grow its Atlanta-based workforce to approximately 900 colleagues over the next five years. These staffers will be housed in a 68,000-square-foot space on the third floor. FanDuel workers will enjoy Ponce City Market’s onsite amenities, including a food court, shops, direct access to the Atlanta Beltline, proximity to an urban Kroger grocery store, furnished corporate apartments, bike storage, fitness options and child daycare. The owner/developer of Ponce City Market, Jamestown, recently unveiled new plans to include 500,000 square feet of new development and neighborhood amenities at Ponce City Market. The new uses include an office building, outdoor courtyard surrounded by 38,000 square feet of shopping and dining and more than 400 units in a new hospitality living concept.

June 15, 2021

Florida Hospitality Loans Southeast

Avison Young Secures $30M Construction Loan for Vacation Rental Development in Daytona Beach

by Julia Sanders June 15, 2021

DAYTONA BEACH, FLA. — Avison Young has secured a $30 million construction loan with an undisclosed bank to develop MAX Daytona, a 72-unit vacation rental project at 1901 S. Atlantic Ave. in Daytona Beach. George Vail of Avison Young and his team sourced the loan on behalf of Bayshore Capital Inc., a Toronto-based real estate development and investment firm. Bayshore Capital acquired land with over 2,100 linear feet along the Atlantic Ocean, including the MAX Daytona site, as well as five acres of commercial property west of State Road A1A. MAX Daytona will feature a full-height glass exterior, open floor plans with private outdoor living space, rooftop terraces, mobile and contactless self-check-in and cloud-based operations.

June 15, 2021

Georgia Loans Mixed-Use Retail Southeast

TrueRate Services Arranges $9.3M Loan for Mixed-Use Development in Covington, Georgia

by Julia Sanders June 15, 2021

COVINGTON, GA. — TrueRate Services has arranged a $9.3 million refinancing loan for the final phase of Covington Town Center, a mixed-use development in Covington spanning 180 acres. Thorofare Capital provided the loan. Dan Gorczycki of TrueRate secured the capital from the Los Angeles-based lender on behalf of the sponsor, an entity doing business as Covington Town Center LLC. The collateral for the loan was for vacant retail parcels within the Town Center. Comprising 54.5 acres, the final phase of Covington Town Center includes retail outparcels that will be sold to individual retailers, as well as single-family homes, 350 apartments, 270 luxury townhomes, two hotels and a 48,000-square-foot Publix supermarket that is scheduled to break ground this summer. Founded in 2020, TrueRate is backed by Olive Tree Ventures, an affiliate of national multifamily property owner Olive Tree Holdings.

June 15, 2021

Acquisitions Affordable Housing Multifamily Southeast Tennessee

CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M

by Julia Sanders June 15, 2021

SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI). CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022. CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions. CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs. CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.

June 15, 2021

Acquisitions Industrial Midwest Missouri Ohio

Box Equities Purchases Two Distribution Centers in Missouri, Ohio Totaling More than 1 MSF

by Kristin Harlow June 15, 2021

MISSOURI AND OHIO — Box Equities has acquired two distribution centers in Missouri and Ohio. The first property is a 900,000-square-foot center anchored by Home Depot in Missouri. The second asset is a 150,000-square-foot Pepsi distribution center in Ohio. Seller information and sales prices were undisclosed. New York-based Box Equities, which launched only eight months ago, now owns and manages more than 1.8 million square feet of industrial real estate.

June 15, 2021

Acquisitions Midwest Missouri Retail

Investors Realty Brokers $20.3M Sale of Shopping Center Near Kansas City

by Kristin Harlow June 15, 2021

INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.

June 15, 2021

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