NEEDHAM, MASS. — Locally based firm SSG Development has completed a 986-unit self-storage facility at 540 Hillside Ave. in the southwestern Boston suburb of Needham. Westport Properties Inc. will manage and operate the Class A property, which totals 123,000 square feet of climate- and non-climate-controlled space, under its U.S. Storage Centers brand.
HACKENSACK, N.J. — The Kislak Company Inc. has brokered the $3.3 million sale of The Overlook, a 140-unit apartment building in the Northern New Jersey community of Hackensack. The property offers one- and two-bedroom units, most of which have private patios and garages. Daniel Lanni of Kislak represented the undisclosed seller in the transaction. The newly constructed building was fully occupied at the time of sale.
LAWRENCE, MASS. — Unitex, a provider of commercial laundry services, has opened a 90,000-square-foot industrial facility, located north of Boston, in a move that is expected to add about 200 new jobs to the local economy. The facility is located at the site of the former plant of can manufacturer Crown Holdings and will be used to service the metro Boston life sciences and healthcare industries. Seyon Group, a Boston-based investment firm, owns the building in which the facility is situated.
HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …
TYSONS, VA. — JLL Capital Markets has arranged a $50 million loan for Eastboro V, a 222,989-square-foot, Class A office building in Tysons. Paul Spellman, Dan McIntyre, Rob Carey and Drake Greer of JLL arranged the five-year, floating-rate loan on behalf of the borrower, The Meridian Group. The lender was an unnamed national bank. Eastboro V is located at 8251 Greensboro Drive, adjacent to the Greensboro Metrorail station in Northern Virginia. The property is fully leased to Booz Allen Hamilton, which uses the property as its global headquarters. The property was completed in 1996 as a build-to-suit for the tech consultant firm, whose clients include members of the defense industry and intelligence agencies. Eastboro V features a rooftop deck, fitness center, conference center, tenant-only outdoor sports court, electric bikeshare program, concierge service, tenant lounge, exterior patio and two onsite cafes. The property is positioned within walking distance of The Boro, a 4.3 million-square-foot mixed-use project that was developed by Meridian. The Meridian Group is an office, residential, hotel and mixed-use developer and investor based in Bethesda, Md.
RIDGELAND, MISS. — Carter Multifamily has acquired The Gables, a 168-unit apartment community in suburban Jackson, for approximately $26.6 million. The property is located just north of downtown Jackson and approximately two miles off Interstate 55 in the suburb of Ridgeland. The seller was not disclosed. The Gables features one-, two- and three-bedroom floorplan options. Community amenities include a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, fitness center and an onsite laundry facility. The buyer intends to enchance the community’s amenity package and complete interior and exterior upgrades. Carter Multifamily is private, value-add multifamily investment firm based in Tampa.
DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.
SPARTANBURG, S.C. — CNC Cabinetry, a manufacturer and distributor of kitchen and bathroom cabinetry and countertops in the Northeast, has leased 109,000 square feet of newly built speculative industrial space in Spartanburg. The landlord, Atlanta-based Rooker, has developed 559,000 square feet of Class A industrial space within Spartan Ridge Logistics Center since 2018. Following the CNC Cabinetry lease, only 176,800 square feet remains available for lease within the development. The speculative industrial space is located at 2000 Nazareth Church Road near Exit 66 of Interstate 85. Dillon Swayngim of Colliers International represented CNC Cabinetry in the lease transaction. Travis Hicks and Chase Clancy of Colliers’ Austin office referred the tenant. Trey Pennington and Jeff Benedict of CBRE represented the landlord. CNC Cabinetry will bring approximately 30 jobs to the Upstate South Carolina area, with warehouse and distribution operations beginning at the new facility this spring. More jobs may need to be filled as manufacturing and assembly are added at this location in the future.
ASHEVILLE, N.C. — Mitchell Gold + Bob Williams Home Furnishings Outlet has opened at Asheville Outlets, an outlet mall located at the intersection of Interstate 40 and Interstate 26 in Asheville. The furniture retailer occupies a 14,900-square-foot space that formerly housed Forever 21. The property is situated at 800 Brevard Road, roughly five miles southwest of downtown Asheville. New England Development is the owner and operator of Asheville Outlets, which opened in May 2015. Asheville Outlets includes more than 70 retailers and restaurants, including J. Crew, Nike Factory Store, Under Armour and Tommy Hilfiger. The new Mitchell Gold + Bob Williams store is the largest authorized factory-direct outlet for the North Carolina-based brand. Mitchell Gold + Bob Williams offers furniture including sofas, sleepers, sectionals, accent chairs, beds, chests, nightstands, bookcases, media consoles, bar carts and dining tables.
GARLAND, TEXAS — New York City-based investment firm Lightstone has acquired a 649,361-square-foot manufacturing and distribution facility in the northeastern Dallas suburb of Garland. Built in 1960 and renovated in 2016, the property features clear heights ranging from 12 to 40 feet, 40 loading docks, 18 overhead doors, six drive-in doors, a low office finish and substantial truck and vehicle parking space. The facility was 97 percent leased to five tenants in the retail and logistics industries at the time of sale. Peter Rotchford, Cullen Aderhold, Alex Staikos, Ross Crawford and Bo Beidleman of JLL arranged a $14.4 million acquisition loan through RGA Reinsurance Co. for the transaction. The loan was structured with a seven-year term and a fixed interest rate.
