Property Type

IPA Negotiates Sale of 204-Unit Heritage Park Apartments in Arlington

by Taylor Williams November 13, 2020

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Heritage Park, a 204-unit apartment community in Arlington. The garden-style property was built on seven acres in 1983 and features one- and two-bedroom units. Amenities include a pool, 24-hour fitness center, outdoor kitchen and grilling area, a new dog park and a newly renovated clubhouse. Tampa-based American Landmark Apartments sold the property to WAK Management Co. for an undisclosed price. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA, along with Nick Fluellen and Bard Hoover of Marcus & Millichap, represented both parties in the deal.

November 13, 2020

Development Industrial Texas

Johnson Development to Build 129,450 SF Spec Industrial Project in Arlington

by Taylor Williams November 13, 2020

ARLINGTON, TEXAS — South Carolina-based Johnson Development Associates Inc. will build Forum Commerce Center, a 129,450-square-foot speculative industrial project that will be located in the Great Southwest submarket in Arlington. Building features will include a cross-dock configuration, 32-foot clear heights, 24 dock doors, 84 car parking spaces (expandable) and nine trailer parking stalls. Cushman & Wakefield is handling leasing of the project, which is expected to be complete in the second quarter of 2021.

November 13, 2020

Industrial Leasing Activity Texas

Custom Ink Signs 90,200 SF Industrial Lease Renewal Near Fort Worth

by Taylor Williams November 13, 2020

FLOWER MOUND, TEXAS — Custom Ink, a provider of printing services for the apparel industry, has signed a 90,200-square-foot industrial lease renewal at Lakeside Commerce Center in the Fort Worth suburb of Flower Mound. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge, in the lease negotiations. Chris Stout of JLL represented the tenant.

November 13, 2020

Development Industrial Mississippi Southeast

Trammell Crow to Develop 700,000 SF Amazon Fulfillment Center Near Jackson, Mississippi

by Alex Tostado November 13, 2020

CANTON, MISS. — Trammell Crow Co. will develop a 700,000-square-foot Amazon robotics fulfillment center in Canton, about 26 miles north of Jackson along Interstate 55. The project is expected to house 1,000 employees who will pick, pack and ship small items such as books, electronics and toys to customers. This will be the third fulfillment center in the Magnolia State but the first to incorporate Amazon’s robotics technology. The Seattle-based e-commerce giant opened its first Mississippi facility in Byhalia in 2019 and its second in August in Olive Branch. According to Madison County officials, the Canton fulfillment center is expected to deliver in August 2021. Amazon expects to fill the 1,000 jobs by next holiday season.

November 13, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

JEM Holdings Sells Six Multifamily Properties in North Carolina, Georgia for $116.4M

by Alex Tostado November 13, 2020

NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.

November 13, 2020

District of Columbia Hospitality Southeast

AHLA Urges Congress to Pass COVID-19 Relief Bill as Survey Shows Most Americans Have No Holiday Travel Plans

by Alex Tostado November 13, 2020

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has urged the U.S. Congress to pass another COVID-19 relief bill, citing a lack of holiday travel plans by most Americans surveyed and a continuation of stymied business travel. Morning Consult conducted a survey of 2,200 adults from Nov. 2 to 4 on behalf of AHLA. The results found 69 percent of adults have no travel plans for Thanksgiving and 72 percent of adults don’t plan to travel over Christmas. According to research from STR, the national hotel occupancy for the week ending Oct. 31 was 44.4 percent, down from 62.6 percent a year ago. On the business travel side, 8 percent of survey respondents said they have stayed in a hotel overnight for work since March. Sixty-two percent of employed respondents said they have no plans to stay in a hotel for work in the next six months. “This holiday season will be an especially difficult time for all Americans, and our industry is no exception,” says Chip Rogers, president and CEO of the AHLA. “Fewer people will be traveling, and business travel remains nearly non-existent. That’s why it’s so important for Congress to pass a relief bill now. …

November 13, 2020

Development Florida Retail Southeast

Halvorsen Holdings Breaks Ground on Publix-Anchored Shopping Center in Southwest Florida

by Alex Tostado November 13, 2020

NAPLES, FLA. — Halvorsen Holdings has broken ground on Fiddler’s Creek Plaza, a 60,000-square-foot, Publix-anchored shopping center in Naples. The 48,000-square-foot Publix is one of the company’s newest prototype models, featuring a drive-thru pharmacy and an updated layout with a mezzanine level. There is 12,000 square feet of shop space available as well, including a 2,925-square-foot end-cap restaurant space with an outdoor patio. Three outparcels are available for sale or ground lease. The property is located at the intersection of U.S. Highway 41 and Sandpiper Drive, 12 miles southeast of downtown Naples. Boca Raton, Fla.-based Halvorsen Holdings expects to complete Fiddler’s Creek Plaza in summer 2021.

November 13, 2020

Loans Multifamily Southeast Virginia

NorthMarq Provides $41.8M Refinancing Loan for Apartment Portfolio in Southern Virginia

by Alex Tostado November 13, 2020

NEWPORT NEWS AND PRINCE GEORGE, VA. — NorthMarq has provided a $41.8 million refinancing loan for a three-property apartment portfolio in Newport News and Prince George. The 10-year Freddie Mac loan features a fixed interest rate below 3 percent, five years of interest-only payments and a 30-year amortization schedule. The 724-unit portfolio comprises the 232-unit Reserve at Deer Run Apartments and the 272-unit Newport Commons Apartments in Newport News, as well as the 220-unit Jefferson Pointe Apartments in Prince George. Bob Harrington and Paul Whalen of NorthMarq originated the loan on behalf of the undisclosed borrower.

November 13, 2020

Acquisitions Massachusetts Multifamily Northeast

Waterton Acquires 503-Unit Apartment Community in Metro Boston

by Taylor Williams November 13, 2020

RANDOLPH, MASS. — Chicago-based investment firm Waterton has acquired Rosemont Square at 2 Chestnut West, a 503-unit apartment community located in the southern Boston suburb of Randolph. The property comprises 20 three- and four-story buildings that were constructed in phases between 1982 and 2012. Units feature one and two-bedroom floor plans. Amenities include a pool, outdoor grilling stations and multiple playgrounds. The transaction, the seller in which was not disclosed, marks Waterton’s first multifamily acquisition in the greater Boston market. Waterton will also implement a value-add program to select unit interiors, common area and amenity spaces and pieces of landscaping.

November 13, 2020

481-Weston-Canal-Road-Somerset-New-Jersey

Industrial Leasing Activity NAI New Jersey Northeast

NAI DiLeo-Bram Negotiates 308,000 SF Industrial Lease in Somerset, New Jersey

by Taylor Williams November 13, 2020

SOMERSET, N.J. — NAI DiLeo-Bram has negotiated a 308,000-square-foot industrial lease at 481 Weston Canal Road in the Northern New Jersey city of Somerset. Bridge Development Partners recently completed the property, which is located within the three-building Bridge Point Somerset development. Building features include 36-foot clear heights, 78 trailer stalls, 50 loading docks and proximity to Interstate 287 and the New Jersey Turnpike. Eric Bram Johnston and Christopher Galiano of NAI DiLeo-Bram represented the tenant, an undisclosed furniture manufacturer that is relocating from Edison, in the lease negotiations. JLL represented Bridge Development Partners.

November 13, 2020

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