Property Type

KLNB Arranges $14.5M Sale of Warehouse in Suburban Maryland

by Alex Tostado April 21, 2020

COLUMBIA, MD. — KLNB has arranged the $14.5 million sale of Mike’s Train House, a 123,000-square-foot warehouse in Columbia. The property is situated at 7020 Columbia Gateway Drive within the Columbia Gateway Business Park. Mike’s Train House is the only distribution center within the park. The building offers 20-foot clear heights and the option to add more loading doors. Chris Kubler and Don Schline of KLNB represented the seller, MPW Enterprises LLC, in the transaction. The buyer was not disclosed.

April 21, 2020

Florida Loans Multifamily ORIX Southeast

Hunt Real Estate Capital Provides $8.2M Refinancing Loan for Multifamily Community in South Florida

by Alex Tostado April 21, 2020

HIALEAH, FLA. — Hunt Real Estate Capital has provided an $8.2 million Fannie Mae refinancing loan for Oceanmar Park Apartments in Hialeah. The 104-unit community was built in 1967 and comprises 26 two-story buildings. The borrower, Oceanmar Park Apartments LLC, plans to invest $330,000 for new paint, new appliances and air conditioners, a security system, new garbage enclosure and repaving. The proposed plans will span a four-year period. The 15-year term loan features interest-only payments for the full term. The property is situated at 7155 W. 14th Court, 17 miles northwest of downtown Miami.

April 21, 2020

Florida Leasing Activity Retail Southeast

Bromley Signs Joffrey’s Coffee to Lease within Midtown Tampa Mixed-Use Development

by Alex Tostado April 21, 2020

TAMPA, FLA. — Bromley Cos. has signed Joffrey’s Coffee & Tea Co. to a 1,500-square-foot lease within Midtown Tampa. The coffeehouse, which has been headquartered in Tampa since 1984, will open the flagship location near Midtown Commons, a central greenspace within the mixed-use project. Joffrey’s will serve a wide variety of coffee and tea beverage options including espresso, lattes, cold brew, nitro cold brew, ready-to-drink offerings, as well as premium iced and hot teas. Additionally, customers will be able to “create” latte art from pre-selected images, selfies and uploaded designs of their choosing with a Ripple machine. Bromley Cos. is developing Midtown Tampa, a planned $500 million mixed-use development. The Whole Foods Market-anchored project is 75 percent preleased and is expected to open in early 2021, which is slightly ahead of schedule even in the midst of the COVID-19 crisis.

April 21, 2020

Development Massachusetts Multifamily Northeast

Toll Brothers, Carlyle Group to Develop 289-Unit Apartment Community in Woburn, Massachusetts

by Alex Patton April 21, 2020

WOBURN, MASS. — A joint venture between Toll Brothers Inc. and The Carlyle Group will develop Emblem 120, a 289-unit apartment community in Woburn, a northern suburb of Boston. The six-story building will feature 9,390 square feet of retail space and amenities including a resident lounge, coworking space, fitness center and pool. Wells Fargo Bank provided construction financing for the project. Toll Brothers Apartment Living will manage the development and leasing of the property. The construction schedule was undisclosed.

April 21, 2020

Acquisitions Industrial New Jersey Northeast

Endurance Real Estate, PCCP Acquire Industrial Portfolio in New Jersey for $43M

by Alex Patton April 21, 2020

WAYNE, N.J. — A partnership between New Jersey-based developer Endurance Real Estate Group LLC and California-based Pacific Coast Capital Partners LLC (PCCP) has acquired the Southern New Jersey core infill portfolio for $43 million. The warehousing and distribution portfolio includes seven buildings across Swedesboro, Delran and Mount Laurel totaling 553,548 square feet. At the time of sale, the portfolio was 88 percent leased to 22 tenants, including Food Sciences Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group. Scott Mertz of NAI Mertz represented the buyer in the transaction. Michael Hines and Brad Ruppel led a CBRE team that represented the undisclosed seller.

April 21, 2020

Development Massachusetts Northeast Retail

Architectural Heritage Foundation Underway on 15,574 SF Retail Redevelopment in Boston

by Alex Patton April 21, 2020

BOSTON — Architectural Heritage Foundation is underway on the redevelopment of Charles River Speedway in Boston, a project that will deliver a 15,574-square-foot retail complex. The site is located in the Allston-Brighton neighborhood of Boston and includes the former racetrack administrative building and garage facility, which is a registered historic property. Local craft brewery Notch Brewing will anchor the project with a full brewery, taproom and beer garden, along with other restaurant and retail tenants and event spaces. Construction is slated for completion in December.

April 21, 2020

Development New Jersey Northeast Retail

Restoration Hardware Plans to Convert Historic Mansion in New Jersey Into Store, Restaurant

by Alex Patton April 21, 2020

MORRISTOWN, N.J. — Restoration Hardware (RH) has unveiled plans to transform the 42-room Alnwick Hall mansion in Morristown, a western suburb of New York City, into an upscale home improvement store, restaurant and wine bar. The renaissance revival-style mansion was built in 1904 and modeled after a 16th-century British manor. The Morris Township Committee designated the property, which has been vacant for several years, as a non-condemned area in need of redevelopment in 2018. Next steps include receiving project approval from a local planning board, officially naming RH as the developer and establishing a construction schedule.

April 21, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 1,880 SF Office Lease Renewal in Livingston, New Jersey

by Alex Patton April 21, 2020

LIVINGSTON, N.J. — NAI James Hanson has negotiated a 1,880-square-foot office lease renewal for legal practice The Durkin Firm in Livingston, a western suburb of New York City. The space is located at 345 Eisenhower Parkway, a 157,500-square-foot office building that offers a café, fitness center, lounge and conference facility. Joshua Levering of NAI James Hanson represented The Durkin Firm in the lease negotiations. Eastman Management is the landlord.

April 21, 2020

Development Industrial Texas

Conor Commercial Breaks Ground on 198,000 SF Skyline Commerce Center Project in Dallas

by Taylor Williams April 21, 2020

DALLAS — Conor Commercial Real Estate has broken ground on Skyline Commerce Center, a 198,000-square-foot industrial project located about seven miles from downtown Dallas. The property will feature frontage along Interstate 30 and will consist of a 135,000-square-foot building and a 62,000-square-foot building. Completion is scheduled for the fourth quarter. Stream Realty Partners is handling leasing of the project. Conor Commercial is the development and investment arm of The McShane Cos., headquarters in suburban Chicago.

April 21, 2020

Civic Development Texas

McCarthy Completes 124,674 SF Renovation, Expansion Project at Texas Woman’s University in Denton

by Taylor Williams April 21, 2020

DENTON, TEXAS — McCarthy Building Cos. has completed the renovation and expansion of the Student Union at Hubbard Hall at Texas Woman’s University (TWU) in Denton. The project featured renovations of 100,754 square feet of meeting, event and dining space, as well as 23,920 square feet of structural additions to the building. Landscaping, irrigation and site utilities systems were also upgraded. McCarthy began the project in March 2018. The company previously completed construction of TWU’s Oakland Complex, a parking garage and an adjoining office building that houses campus police headquarters, human resources administrative spaces, a testing center, retail food service vendor and outdoor patio space. Texas Woman’s University is a public co-educational institution with about 13,000 students at its Denton campus.

April 21, 2020

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