Property Type

Beacon Partners Signs Quantum Machinery Group to 37,972 SF Industrial Lease in Charlotte

by Alex Tostado April 15, 2020

CHARLOTTE, N.C. — Beacon Partners has signed Quantum Machinery Group to a 37,972-square-foot lease for the company to move its distribution headquarters to Metrolina Park in Charlotte’s Henderson Circle submarket. Quantum Machinery is a metalworking equipment supplier that was formerly based in California. The company is expected to move into the new space this summer. Metrolina Park, which is now fully leased, is a 2.5 million-square-foot distribution park situated at the intersection of N.C. Highway 115, Old Statesville Road and Gibbon Road, seven miles north of downtown Charlotte. Brad Cherry of JLL represented Quantum Machinery Group in the lease transaction.

April 15, 2020

Acquisitions Development North Carolina Retail Southeast

CBRE|Triad Brokers Land Sale in Kernersville for Planned Lightning McClean Car Wash

by Alex Tostado April 15, 2020

KERNERSVILLE, N.C. — CBRE|Triad has brokered the sale of a 3.3-acre lot at 811 N.C. Highway 66 in Kernersville. The buyer is Lightning McClean Car Wash, an express car wash company with locations in Durham, N.C.; and Lynchburg and Danville, Va. Lightning McClean offers a three-minute car wash and free vacuum use for customers. A timeline for construction was not disclosed. Brian Craven of CBRE|Triad represented the seller, Red Cherry Capital LLC, in the transaction. The seller sold the land for an undisclosed amount.

April 15, 2020

Development Multifamily Texas

Rastegar to Develop 270-Unit High-Rise Multifamily Community in Dallas

by Taylor Williams April 15, 2020

DALLAS — Austin-based Rastegar Property will develop a 270-unit high-rise apartment community at 1899 McKinney Ave. in Dallas. Units will feature fully equipped kitchens and washers and dryers, and amenities will include storage lockers, a pool, rooftop terrace and common areas on each floor. The property will also feature North America’s tallest living wall with over 40,000 estimated plants making up the structure. Rastegar has tapped San Francisco-based hospitality firm Sonder to operate the property, which is expected to be complete by early 2023.

April 15, 2020

Acquisitions Multifamily Texas

FourPoint Negotiates Sale of 300-Unit Stone Hill Apartments in Metro Austin

by Taylor Williams April 15, 2020

PFLUGERVILLE, TEXAS — FourPoint Investment Sales Partners has negotiated the sale of Stone Hill Apartments, a 300-unit multifamily community located in the northern Austin suburb of Pflugerville. Units at the property feature stainless steel appliances, hardwood floors and private balconies. Amenities include a pool, movie theater, fitness center and a dog park. Kevin Dufour and Kyle Peco of FourPoint represented the locally based seller, Journeyman Group, in the transaction. A Seattle-based investor acquired the asset for an undisclosed price.

April 15, 2020

Loans Multifamily Texas

Dougherty Provides $7.7M Loan for Refinancing of Denton Apartment Complex

by Taylor Williams April 15, 2020

DENTON, TEXAS — Dougherty Mortgage LLC has provided a $7.7 million Fannie Mae loan for the refinancing of Hollyhills, a 100-unit apartment complex in Denton. The property features a dog park, pool, grilling area and covered parking. Dougherty originated the loan, which was structured with a 12-year term and a 30-year amortization schedule, on behalf of the borrower, Holly Hills 76205 LLC.

April 15, 2020

Acquisitions Industrial Texas

Colliers Brokers Sale of 6.2-Acre Industrial Property in Houston

by Taylor Williams April 15, 2020

HOUSTON — Colliers International has brokered the sale of a 6.2-acre industrial property that houses 41,076 square feet of warehouse space in Houston. Tom Condon Jr. of Colliers represented the buyer, Tomball Economic Development Corp., in the transaction. Natalie Hurley of Register Real Estate Advisors represented the seller, South Live Oak Associates LP.

April 15, 2020

Acquisitions Multifamily New York Northeast

Jonathan Rose Cos. Acquires Tower West Apartments in Manhattan for $93.8M

by Alex Patton April 15, 2020

NEW YORK CITY — Local development and investment firm Jonathan Rose Cos. has acquired Tower West Apartments, a 217-unit multifamily property in Manhattan’s Upper West Side, for $93.8 million. Located at 65 W. 96th St., the 28-story building features a ground-floor terrace, community room, playground and onsite laundry facilities. The buyer plans upgrade the lobby, amenities and energy systems. The sale did not include the retail component of the asset. Rose Community Management has taken over management of the property. The seller was Starrett Corp., which originally developed the building in 1971.

April 15, 2020

Development Industrial Massachusetts New York Northeast

Skanska Begins $40M Rehabilitation Project for Amtrak in New York, Boston

by Alex Patton April 15, 2020

NEW YORK AND BOSTON — Swedish construction company Skanska has begun a $40 million rehabilitation project for railway company Amtrak. The project will include structural modifications and industrial equipment upgrades for three maintenance facilities located in Boston, New York and Washington D.C. Skanska originally built the facilities 20 years ago and was contracted again to upgrade them to accommodate the upcoming Acela 21 high-speed rail service trains. Construction is slated for completion in the first quarter of 2021, and the new trains will be placed into service late next year.

April 15, 2020

Industrial Leasing Activity Northeast Pennsylvania

TwinMed Signs 189,721 SF Industrial Lease in Bethlehem, Pennsylvania

by Alex Patton April 15, 2020

BETHLEHEM, PA. — Medical supplies distributor TwinMed has signed a 189,721-square-foot industrial lease in Bethlehem, an eastern suburb of Allentown. TwinMed will occupy a space at 1198 Feather Way in Steel City Trade Center, a partially completed Class A logistics facility. Construction of TwinMed’s facility moved forward amid halts related to the COVID-19 outbreak. Another speculative distribution center is planned for completion later this year, which will bring the total footprint of the development to 294,240 square feet. Mark Chubb, Michael Zerbe, Summer Coulter and Christopher Volkert of Colliers International represented TwinMed in the lease negotiations. Vincent Ranalli of CBRE represented the owner and developer, a joint venture between Dallas-based Trammell Crow and New York-based Clarion Partners.

April 15, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $10.8M Sale of Adjacent Multifamily Properties in Midtown Manhattan

by Alex Patton April 15, 2020

NEW YORK CITY — JLL has brokered the $10.8 million sale of 219-221 East 59th Street, two adjacent multifamily properties with ground-floor retail space in Midtown Manhattan. Each three-story building spans 10,560 square feet of space, including four residential units and 3,900 square feet of ground-floor retail space that were occupied by separate retail tenants at the time of sale. Tom Gammino and Clint Olsen led a JLL team that represented the seller, Gak Properties, in the transaction. Jeffrey Znaty of Kassin Sabbagh Realty represented the buyer, Cofinance Inc., the U.S. subsidiary of Cofinance Group SA.

April 15, 2020

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