Property Type

KeyBank Provides $41.5M Refinancing Loans for Two Multifamily Properties in Charlotte

by Alex Tostado October 12, 2020

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided $41.5 million in Freddie Mac refinancing loans for two multifamily properties in Charlotte. The borrower, Ginkgo Residential LLC, received $23.1 million for the 260-unit Kimmerly Glen community and $18.4 million for the 220-unit Forest at Chasewood property. KeyBank structured the two loans, which feature 10-year terms with a five-year interest-only payment period and a 30-year amortization schedule. Ginkgo acquired Kimmerly Glen in 2014 and Forest at Chasewood in 2016. The locally based owner has invested $3 million in renovations across both properties during its ownership. Kimmerly Glen was built in 1986 and comprises 15 three-story buildings on 16 acres. Forest at Chasewood was built in 1985 and comprises 11 three-story buildings spanning 16 acres. Both properties offer one- and two-bedroom floor plans with communal amenities including dog parks, fitness centers, laundry facilities and community barbecue areas. Timothy DeWispelaere and Randy Rinderknecht of KeyBank originated the loans on behalf of the borrower.

October 12, 2020

Development Georgia Retail Southeast

Retail Planning Corp. Opens Publix-Anchored Shopping Center Near Atlanta

by Alex Tostado October 12, 2020

CUMMING, GA. — Retail Planning Corp. has opened a Publix grocery store within Matt Town Center in Cumming on Friday, Oct. 9. The 48,387-square-foot store is located at the intersection of Matt Highway and Bannister Road, 48 miles north of downtown Atlanta. Other tenants at the center include Reveille Café, Laredo’s Cantina & Taqueria, Peaches & Pine, Great Clips, Alpha Nail Salon and The UPS Store. Hill Foley Rossi & Associates LLC was the architect, and RW Smith Co. was the general contractor.

October 12, 2020

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Negotiates Sale of 562,758 SF Industrial Facility in Metro Orlando

by Alex Tostado October 12, 2020

LAKE MARY, FLA. — Cushman & Wakefield has negotiated the sale of Innovation Center at Lake Mary, a 562,758-square-foot industrial facility in Lake Mary. The property is located at 2452 Lake Emma Road, 18 miles north of downtown Orlando and three miles from Interstate 4. The asset features 28-foot clear heights, ESFR sprinklers, 50 dock-high doors and a 50-slip trailer parking lot. Innovation Center was 97 percent leased at the time of sale to tenants including recycling center A1 Assets Inc., Alliance Building Material Supply, Orlando Wedding & Party Rentals and Dream Maker Spas. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz, Ryan Jenkins, David Perez and Jared Bonshire of Cushman & Wakefield represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. ATCAP Partners acquired the asset. Jason Hochman and Mike Ciadella of Cushman & Wakefield arranged acquisition financing on behalf of the buyer. Terms of the loan and the sale were not disclosed.

October 12, 2020

Acquisitions Mississippi Retail Southeast

SRS Brokers $6.3M Sale of Walgreens-Occupied Property in Jackson, Mississippi

by Alex Tostado October 12, 2020

JACKSON, MISS. — SRS Real Estate Partners has arranged the $6.3 million sale of a single-tenant retail property triple-net leased to Walgreens in Jackson. The 14,550-square-foot building spans 1.7 acres and was built in 2015. There are 15 years remaining on the corporate-guaranteed lease. The Walgreens is situated at 310 Meadowbrook Road, four miles north of downtown Jackson. Matthew Mousavi, Patrick Luther and Parker Walter of SRS represented the seller, an undisclosed family office completing a 1031 exchange. Mark Ruble of Marcus & Millichap represented the undisclosed seller, which also developed the property, in the transaction.

October 12, 2020

Industrial Leasing Activity Southeast Virginia

Divaris Real Estate Arranges 60,262 SF Warehouse Lease in Virginia Beach

by Alex Tostado October 12, 2020

VIRGINIA BEACH, VA. — Divaris Real Estate has arranged a 60,262-square-foot warehouse lease for Adsync Technologies in Virginia Beach. The property is located at 5909 Thurston Ave., 10 miles west of the Virginia Ports Authority. Other tenants at the facility include Auto Glass Fitters, W&O Supply and Mygrant Glass Co. Krista Costa and Nicole Campbell of Divaris represented the tenant in the lease negotiations. The landlord was not disclosed.

October 12, 2020

Loans Multifamily New York Northeast

Greystone Provides $289M Loan for Refinancing of The Summit Apartments in Manhattan

by Taylor Williams October 12, 2020

NEW YORK CITY — Greystone has provided a $289 million Freddie Mac loan for the refinancing of The Summit, a 429-unit apartment community located at 222 E. 44th St. in Midtown Manhattan. About 25 percent of the residences are designated as affordable housing. Residential amenities include a fitness center, basketball and squash courts, indoor pool, sauna, theater room, game lounge and an outdoor entertainment area. Drew Fletcher, Matthew Klauer and Cassandra Connolly of Greystone originated the loan, which carried a 10-year term and a fixed interest rate, on behalf of the borrower, BLDG Management Co. Inc. Bank of China provided the original $251 million construction loan for the project in 2015.

October 12, 2020

Acquisitions Industrial Massachusetts Northeast

Cabot, Cabot & Forbes Acquires Industrial Flex Property in Cambridge for $49.6M

by Taylor Williams October 12, 2020

CAMBRIDGE, MASS. — Locally based developer Cabot, Cabot & Forbes has acquired a 66,964-square-foot industrial flex property located at 67 Smith Place in Cambridge for $49.6 million. The site is adjacent to The Quad, the firm’s master-planned development that includes 485 multifamily units, 60,000 square feet of retail space and 575,000 square feet of lab space. Cabot, Cabot & Forbes raised $21 million on CrowdStreet to help fund the acquisition and will implement a capital improvement program.

October 12, 2020

Acquisitions Industrial Northeast Pennsylvania

Binswanger Arranges Sale of 171,646 SF Industrial Property Near Philadelphia

by Taylor Williams October 12, 2020

MONTGOMERYVILLE, PA. — Binswanger Commercial Real Estate Services has arranged the sale of a 171,646-square-foot industrial property located at 425 Stump Road in Montgomeryville, a northern suburb of Philadelphia. The sales price was $8.5 million. Built on 9.8 acres in 1970, the property features 12 dock-high doors, 16-foot clear heights and 20,000 square feet of office space. Chris Pennington and Tim Pennington of Binswanger represented the seller, specialty gift maker Harriet Carter, in the transaction.

October 12, 2020

Leasing Activity New York Northeast Retail

Target to Open 130,000 SF Store at Former Sears Location in Yonkers, New York

by Taylor Williams October 12, 2020

YONKERS, N.Y. — Target plans to open a 130,000-square-foot store at Cross County Center, a 1.1 million-square-foot retail power center in Yonkers, located north of New York City. Target has signed a 40-year lease to backfill a space formerly occupied by Sears. A partnership between Marx Realty and Benenson Capital Partners owns Cross County Center, which features more than 80 retail and restaurant users. An opening date has not yet been determined.

October 12, 2020

Leasing Activity New Jersey Northeast Office

JLL Negotiates Two Office Leases Totaling 95,000 SF in Secaucus, New Jersey

by Taylor Williams October 12, 2020

SECAUCUS, N.J. — JLL has negotiated two office leases totaling 95,000 square feet at 500 Plaza Drive in the New York City metro of Secaucus. Hartz Mountain Industries signed a new lease for 54,000 square feet, and AXA Equitable Life Insurance Co. renewed its lease for 41,000 square feet at the Class A building. David Stifelman and Timothy Greiner of JLL represented the landlord, Manulife Investment Management, in both lease negotiations. Geoffrey Schubert of CBRE represented Hartz Mountain Industries, and Matthew Astrachan of JLL represented AXA Equitable Life Insurance. The 11-story, 461,525-square-foot building is located within the 200-acre Harmon Meadow development at the junction of the New Jersey Turnpike and State Route 3.

October 12, 2020

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