CHICOPEE, MASS. — Stream Capital Partners has arranged a $34.4 million industrial sale-leaseback for National Convenience Distributors, which serves the convenience store industry, in the western Massachusetts city of Chicopee. The transaction encompassed five properties totaling 381,355 square feet. Daniel Macks, Chelsea Mandel and Jeff Lizzo of Stream Capital Partners represented National Convenience Distributors, the seller and tenant, in the transaction. The buyer was an undisclosed REIT.
BOSTON — Newmark has brokered the $11.9 million sale of a 27,930-square-foot retail and medical office building located at 226 Harvard Ave. in the Allston neighborhood of Boston. The property was 94 percent leased at the time of sale to Urban Outfitters, Steward Medical Group and Unleashed by Petco. Robert Griffin, Geoffrey Millerd, Frank Nelson, Michael Greeley, Jonathan Martin, Paul Penman, Mathew Adler, Christopher Huesgen and Coley Cannon of Newmark represented the seller, National Development, in the transaction. The team also procured the buyer, Charlotte-based investment firm Asana Partners.
PRINCETON, N.J. — Avison Young has negotiated a 48,511-square-foot office headquarters lease for immunotherapy company CytoSorbents Corp. at 305 College Road East in Princeton. The tenant is relocating from Monmouth Junction. Thomas Giannone, Ronald Ganter, Edward English, Paul Errigo III and Tracey Kasper of Avison Young represented CytoSorbents in the lease negotiations. The representative of the landlord, National Business Parks, was not disclosed.
MEDFORD, MASS. — Inkbit, a technology firm known for its innovations in 3D printing, has signed a 38,300-square-foot office lease for its new headquarters at One Cabot Road in Medford, a northern suburb of Boston. Joseph Pearce and Michael Frisoli of Newmark represented the tenant in the lease negotiations. Debra Gould and Rory Walsh, also with Newmark, represented the landlord, locally based investment firm The Davis Cos.
By Taylor Williams The past 12 months have thrown multifamily developers a full nine innings’ worth of curveballs, and while many owner-operators have successfully adjusted to the various challenges brought on by the pandemic, they are still tasked with figuring out how much staying power these disruptions will ultimately have. To be sure, the major markets of Texas remain well-positioned for multifamily growth. Even amid a global health crisis, the Lone Star State has maintained its status as a national leader in population growth, having added 374,000 residents between July 2019 and 2020, according to the most current data from the U.S. Census Bureau. The reporting of final census numbers for 2020 has been delayed by the pandemic. But the Texas Legislature has already committed to a redistricting plan that is likely to increase the state’s number of congressional representatives in the coming years — a significant and visible response to its exceptionally healthy population growth. In terms of jobs, no city has garnered more attention for major moves in the past 12 months than Austin, first landing the $1 billion Tesla Gigafactory that will come on line later this year, then receiving a commitment from Oracle to relocate its …
WILMINGTON, N.C. — Edgewater Ventures is co-developing with McKinley Building Corp. the Wilmington Trade Center, a three-building, Class A industrial park that will total 425,000 square feet upon completion. Construction is underway on Building 1, a 157,610-square-foot facility that will feature tilt-up concrete construction with extensive glass lines, 32-foot clear heights, an ESFR sprinkler system and a 180-foot deep truck court. The property is slated to deliver in early September and will accommodate tenants ranging in size from 22,000 to 157,610 square feet. Wilmington Trade Center is situated on Highway 421 near the interchange at Interstate 140. The development is 4.2 miles from downtown Wilmington, 6.7 miles from Wilmington International Airport and 8.7 miles from the Port of Wilmington.
MIAMI GARDENS, FLA. — Bridge Development Partners has signed City Furniture to a 286,991-square-foot lease at Bridge Point Commerce Center in Miami Gardens. The Fort Lauderdale-based home furnishing retailer signed a long-term lease to fully occupy Building C and will utilize the space as a new distribution center. Located on a 185-acre site at 4310 NW 215th St., Bridge Point Commerce Center offers Florida Turnpike frontage. The park is located 21 miles from Miami International Airport and 19 miles from Fort Lauderdale. Phase I of the Class A industrial park, which includes three buildings totaling 1.1 million square feet, was delivered in January 2021 and is now more than 80 percent leased. HapCor, a grocery distributor and retailer to the Caribbean and Latin America, is another tenant in the project’s first phase. Site work is underway for Phase II, which encompasses two buildings totaling 1.5 million square feet. Bridge Development expects to complete the second phase in early 2023. Divisible to 40,000 square feet, the first two buildings in Phase I total 286,991 square feet and feature 32-foot clear heights, and the third building is a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Divisible to 80,000 square feet, Phase II …
JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue. Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion. The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.
LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.
HOUSTON — Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) will renovate West Medical One, a 168,790-square-foot medical office building located on the HCA Houston Healthcare West campus. The project will add new patient drop-off areas, dining spaces, a tenant lounge and medical spec suites, as well as upgrade the lobby and other common areas. Healthpeak is in the process of securing permits and expects to complete the renovations in the first quarter of 2022. Identity Architects is designing the project, and E.E. Reed Construction is the general contractor.