Property Type

Endurance, Blue Vista Sell 1 MSF Distribution Center in Pittston, Pennsylvania for $96M

by Taylor Williams October 30, 2020

PITTSON, PA. — A partnership between Endurance Real Estate Group LLC and Blue Vista Capital has sold the 1 million-square-foot Interstate Distribution Center in Pittston, located south of Scranton, for $96 million. The partnership purchased the 225-acre former Techneglas manufacturing site in 2012 and redeveloped the property into a modern bulk warehouse/distribution asset. The new cross-dock building features 40-foot clear heights, 193 dock doors, 421 car parking spaces and 129 truck parking spaces. Gerry Blinebury and Dan Walsh of Cushman & Wakefield represented the partnership in the sale. Jason Webb and Kris Bjorson of JLL represented the undisclosed buyer.

October 30, 2020

Development Massachusetts Multifamily Northeast

Mill Creek Begins Leasing Two Boston-Area Apartment Communities Totaling 518 Units

by Taylor Williams October 30, 2020

BOSTON — Mill Creek Residential has begun leasing Modera Framingham and Modera Marshfield, two apartment communities totaling 518 units in the Boston area. Modera Framingham offers studio, one-, two- and three-bedroom homes and amenities such as a central courtyard, 24-hour fitness studio, media room, clubhouse with coffee bar, a pet park and pet spa, cyber café and a game room. Modera Marshfield offers the same unit mix and a similar suite of amenities. Mill Creek has six communities in the Boston area including these two properties. According to Apartments.com, rents start at $1,995 per month for a studio apartment at Modera Framingham and $2,225 per month for a one-bedroom at Modera Marshfield.

October 30, 2020

Development Industrial New York Northeast

Simone Unveils Plans for Repositioning of 60,000 SF Industrial Asset in Carle Place, New York

by Taylor Williams October 30, 2020

CARLE PLACE, N.Y. — Simone Development Cos. has unveiled plans for the repositioning of a 60,000-square-foot industrial property in Carle Place, located on Long Island. Simone Development acquired the vacant light industrial/warehouse property this summer from Ansaco Properties LLC. The building was constructed in 1962 and served as the longtime home of Johnson & Hoffman, a metal stamping operation. Simone will renovate the property to suit a single tenant, adding additional loading docks and developing 2.7 acres of additional paved parking area to accommodate tractor trailer, delivery truck and additional vehicular parking.

October 30, 2020

Development Multifamily New Hampshire Northeast Seniors Housing

Edgewood Senior Solutions Buys Land in Londonderry, New Hampshire, for 190-Unit Community

by Taylor Williams October 30, 2020

LONDONDERRY, N.H. — Edgewood Senior Solutions Group has acquired land in Londonderry’s Woodmont Commons to build a senior living community called The Baldwin. Project plans call for 190 independent living apartments. Several of the community’s amenities, including a spa and salon, a convenience store and multiple dining venues, will be open to the public. Edgewood plans to market The Baldwin as a continuing care retirement community by offering a medical clinic for acute needs, as well as priority access to personal care and home healthcare services, small-home model assisted living and memory support residences, short-term rehabilitation and more.

October 30, 2020

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Arranges $8.7M Sale of Industrial Property in Fairfield, New Jersey

by Taylor Williams October 30, 2020

FAIRFIELD, N.J. — Sheldon Gross Realty has arranged the $8.7 million sale of a 77,983-square-foot industrial property located in the Northern New Jersey city of Fairfield. The property offers proximity to Routes 46 and 80, as well as the Garden State Parkway. The buyer was Ridgewood, N.J.-based Stro Cos., and the seller was undisclosed. Bob Nathin of Sheldon Gross Realty brokered the deal.

October 30, 2020

Acquisitions Florida Georgia Industrial North Carolina Southeast

Nuveen Global Investments Acquires Six-Property Industrial Portfolio in Southeast for $272M

by Alex Tostado October 30, 2020

KANSAS CITY, MO. — Nuveen Global Investments LLC, a TIAA company, has acquired a six-property industrial portfolio in the Southeast for $272 million. McCraney Property Co. and Northwestern Mutual sold the 3.5 million-square-foot portfolio, which was built on a speculative basis. Chris Riley, Frank Fallon, and Trey Embrey of CBRE represented the sellers, Northwestern Mutual and McCraney Property Co., in the transaction. The portfolio features four Florida properties, including Country Line Logistics Center, which totals 1.1 million square feet in Plant City; Park 27, which spans 602,972 square feet in Davenport; 27 Logistics Park, which comprises 207,676 square feet in Davenport; and I-4 Commerce Center, which totals 45,340 square feet in Lake Mary. The remaining two properties are the 611,698-square-foot 985 Lanier Logistics in Buford, Ga.; and the 350,687-square-foot Airport South in Charlotte. All six buildings were fully leased at the time of sale.

October 30, 2020

Company News Kentucky Retail Southeast

Yum Brands Reports 8 Percent Revenue Growth in Third Quarter

by Alex Tostado October 30, 2020

LOUISVILLE, KY. — Yum Brands reported third-quarter revenue of $1.45 billion, up 8 percent from the same period a year ago. Taco Bell reported the highest positive year-over-year growth, recording $501 million in sales, a 2 percent increase from third-quarter 2019. Pizza Hut’s sales also grew, reaching $243 million, a 1 percent increase. Though KFC recorded the highest company sales total, reaching $583 million for the quarter, it was still a 4 percent decrease from the $609 million total recorded in the third quarter of 2019. Additionally, Louisville-based Yum Brands sold its stake in GrubHub, a food delivery service, for $206 million. The buyer was not disclosed.

October 30, 2020

Acquisitions Retail Southeast Tennessee

Stan Johnson Co. Arranges $18.5M Sale of Retail Property in Metro Memphis Leased to Whole Foods Market

by Alex Tostado October 30, 2020

GERMANTOWN, TENN. — Stan Johnson Co. has arranged the $18.5 million sale of a retail property in Germantown leased to Whole Foods Market. An undisclosed private investor acquired the asset at a 4.6 percent cap rate. The 36,570-square-foot freestanding grocery store is located at 7811 Poplar Ave., 15 miles east of downtown Memphis and near other retailers such as Hobby Lobby, T.J. Maxx, Starbucks and Kroger. The location was delivered in 2015 and is situated on 5.2 acres. Pat Weibel of Stan Johnson Co. represented the seller, a private equity group based in Memphis, in the transaction.

October 30, 2020

Acquisitions Georgia Multifamily Southeast

Auerbach Funds, Dunross Capital Purchase 220-Unit Townhome Community in Southwest Atlanta’s College Park

by Alex Tostado October 30, 2020

COLLEGE PARK, GA. — A partnership between Auerbach Funds and Dunross Capital has purchased The Life at Avery Park, a 220-unit townhome community in College Park. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, grilling area and a playground. The buyers plan to implement an upgrade plan at the community, which will include renovating the unit interiors and communal space. The Life at Avery Park was originally built in 1970 and most recently renovated in 2001. The asset is situated at 2609 Charlestown Drive, 11 miles southwest of downtown Atlanta. The seller and sales price were not disclosed.

October 30, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Frampton Construction Delivers 101-Unit Seniors Housing Community in Greenville

by Alex Tostado October 30, 2020

GREENVILLE, S.C. — Frampton Construction Co. has completed work on The Blake at Hollingsworth Park, a 101-unit seniors housing community in Greenville. Cardinal Ventures is the developer of the community. The property features 68 assisted living and 33 memory care suites. The 86,000-square-foot assisted living and memory care facility is in the Hollingsworth Park area of Verdae, a master-planned community. Young, Wier + Boerner Architecture completed the design for the building, and Hoyt + Berenyi was civil engineer for the project. This is Frampton’s fifth Blake-branded assisted living project.

October 30, 2020

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