LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 135,770-square-foot industrial property located at 516 Broadway St. in Lawrence, located north of Boston. The sale included a 275-space parking lot. The property was originally built around the turn of the 20th century and upgraded over the years, most recently to include the additions of five new truck docks and an office showroom. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
PHILADELPHIA — A partnership between locally based REIT Brandywine Realty Trust (NYSE: BDN) and the Pennsylvania Biotechnology Center (PABC) will develop a 50,000-square-foot life sciences project in Philadelphia. The property will be located adjacent to Brandywine’s Schuylkill Yards mixed-use development in the University City area. Construction is scheduled to begin immediately and to be complete in the fourth quarter.
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Multifamily Investors Await Clarity on Nashville’s Economic Recovery
Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …
MENLO PARK, CALIF. AND NEW YORK CITY — Flexible office space provider WeWork has entered into an agreement with special purpose acquisition company (SPAC) BowX Acquisition Corp. (NASDAQ: BOWX) to be taken public at an initial valuation of $9 billion. A SPAC is a business entity with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring other companies. Menlo Park, Calif.-based BowX Acquisition Corp. is an affiliate of Bow Capital, a venture capital firm begun by Vivek Ranadive, the founder of TIBCO software and owner of the NBA’s Sacramento Kings. The transaction, which is expected to close by the third quarter, will provide New York City-based WeWork with approximately $1.3 billion of cash to fund future growth initiatives. The transaction will be funded with BowX’s $483 million of cash in trust, in addition to $800 million in private investment from capital sources such as Insight Partners, funds managed by Starwood Capital Group and others. SPACs have recently grown in popularity among private and institutional investors alike as vehicles for taking companies public. According to Forbes, which recently analyzed the U.S. activity of SPACs, these entities raised as much …
ARLINGTON, VA. — JBG Smith has started construction of two residential towers at 1900 Crystal Drive in National Landing, a massive development project just across the Potomac River from Washington, D.C. The buildings will total 808 multifamily rental units and around 40,000 square feet of street-level retail across two mixed-use buildings in Arlington. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will include 337 apartments. 1900 Crystal Drive will feature a private rooftop and green spaces, as well as a pedestrian-friendly street that will serve as a connection between 18th and 20th streets. The property will also have neighborhood improvements such as enhanced streetscapes, a grand staircase connecting to public open space and public bike facilities. National Landing comprises three neighborhoods: Crystal City, Pentagon City and Potomac Yard, that spread across Arlington and neighboring Alexandria. In 2018, online retail giant Amazon choose National Landing for its new headquarters, and JBG Smith was hired as developer, leasing agent and property manager for the project. Amazon says it plans to hire around 38,000 employees in National Landing. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people …
ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …
LEXINGTON, KY. — NAI Isaac has brokered the sale of 771 Corporate Drive, a 120,000-square-foot office building in Lexington. An entity doing business as Corporate Drive LLC sold the 10-story property was sold to a private, undisclosed buyer. Al Isaac of NAI Isaac represented the seller in the transaction. The price was not disclosed. The Corporate Plaza is located about four miles from Bluegrass Airport. The new property owner has retained NAI Isaac as the exclusive leasing agent and property manager for the building, marking over two decades of the local firm managing Corporate Plaza.
CHARLOTTE, N.C. — JLL will open its new office at 650 S. Tryon at Legacy Union in Uptown Charlotte. The office spans nearly two floors and 41,000 square feet at the mixed-use development. Jaime Boast, Bryan White and Chris Schaaf of JLL represented the company internally in the lease negotiations. Lincoln Harris is the developer and landlord of Legacy Union. JLL’s Charlotte team has grown 47 percent year-over-year since 2019. The firm’s new location consolidates four offices spread throughout the city, bringing together 150 professionals in a larger setting. The space can accommodate up to 200 employees, with additional options for future expansions available. Designed by Gensler, the new office will feature flexible furniture selections that can be reconfigured based on need, as well as floor plans that allow for social distancing, enhanced collaboration for in-person and remote workers and easy movement throughout the space. Charlotte-based Rodgers Builders was the general contractor of the new space, and JLL’s Project and Development Services group oversaw the build-out. Additionally, the new office will pursue both LEED Gold and WELL Silver certifications. While LEED focuses on sustainability within the building’s materials and processes, WELL seeks to increase employee productivity and happiness through biophilic …
CHARLOTTE, N.C. — McCraney Property Co. has purchased 150 acres in an off-market assemblage of four parcels at the intersection of Garrison Road and West Boulevard in Charlotte. This transaction is believed to be the last remaining premium parcel in Charlotte’s Southwest Airport industrial submarket. If the site plan is approved by the City of Charlotte, McCraney will build 485 Logistics Industrial Park, a speculative, Class A industrial park encompassing approximately 1.2 million square feet across five buildings. The new park would bring McCraney’s Charlotte portfolio to more than 2 million square feet. Christopher Skibinski and Chris Loyd of Avison Young represented one of the four sellers in the land transaction.
PLANO, TEXAS — California-based KBS has completed the renovation of Legacy Town Center, a three-building, 522,043-square-foot office complex in Plano. The property was developed in phases between 2001 and 2006 and offers amenities such as a fitness center, conference center, bike sharing program, car wash and a wellness room. KBS renovated the leasing office, conference center and locker rooms and added two new spec suites as part of the capital improvement program.