Property Type

Tri Properties | NAI Carolantic Arranges $25M Sale of Life Sciences Portfolio in Raleigh-Durham

by Alex Tostado December 18, 2020

CARY, N.C. — Tri Properties | NAI Carolantic has arranged the $25 million sale of 13000 Weston and 14001 Weston Parkway, a two-building, 137,759-square-foot life sciences portfolio in Cary. Michigan-based Alidade Capital acquired the assets from JPB Raleigh Holdings. The Park City, Utah-based company acquired the properties in 2015 and 2016 and made capital improvements during its ownership. The buildings were 96 percent leased at the time of sale to tenants including healthcare company McKesson Corp., World Courier Management Inc. and biorepository company Kryosphere. Jimmy Barnes of Tri Properties | NAI Carolantic represented the seller in the transaction.

December 18, 2020

Acquisitions Georgia Retail Southeast

SRS Brokers $10.2M Sale of Big Lots-Anchored Shopping Center Near Atlanta

by Alex Tostado December 18, 2020

NEWNAN, GA. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Richmond, Va.-based Hackney Real Estate Partners acquired the asset.

December 18, 2020

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M

by Amy Works December 18, 2020

TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Both properties are located on West Linda Vista Boulevard in Northwest Tucson. Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet. Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.

December 18, 2020

Goodman-Logistics-Center-Fontana-III-Fontana-CA

California Development Industrial Western

Goodman Starts Construction of 1.1 MSF Logistics Center Fontana III in Inland Empire

by Amy Works December 18, 2020

FONTANA, CALIF. — Goodman has started construction of Goodman Logistics Center Fontana III, a logistics facility located in Fontana. Slated to open in summer 2021, the property will provide infrastructure to meet the demand for logistics space with access to large consumer markets. Totaling 1.1 million square feet, Goodman designed the campus to accommodate tenant requirements from 212,420 square feet to 453,020 square feet. The site provides access to 18 million consumers within a same-day drive time, with a combined consumer purchasing power of $215 billion annually, according to the developer. Goodman recently completed and leased two additional logistics centers located adjacent to the Fontana III property. Amazon and eFulfill, an e-commerce furniture supplier, are the tenants of those assets.

December 18, 2020

California Company News Retail Western

Court Approves Guitar Center’s Exit from Chapter 11 Bankruptcy

by Jeff Shaw December 18, 2020

WESTLAKE VILLAGE, CALIF. — Just over three weeks after filing for Chapter 11 bankruptcy, Guitar Center appears ready to already emerge from the process. In its original filings, the Westlake Village-based musical instrument and supplies retailer reported its business of instrument purchases, rentals, repairs and music lessons suffered amid the upheaval stemming from government-mandated shutdowns in response to the COVID-19 pandemic. At a virtual hearing Thursday, U.S. Bankruptcy Judge Kevin Huennekens, based in Richmond serving the Eastern District of Virginia, approved Guitar Center’s bankruptcy plan, according to Bloomberg. The retailer expects to emerge from the Chapter 11 process before the end of next week, reducing its debt load by around $800 million. The company worked out a restructuring support agreement that includes new financing from existing creditors, $165 million in new equity from owner Ares Management Corp., Carlyle Group and Brigade Capital Management, Bloomberg reports. Recently sold bonds will also help pay for the move. The judge noted that creditors will still be paid in full as a result of the new structure, and creditors unanimously supported the deal. No plans were released regarding Guitar Center’s 297 brick-and-mortar locations. When it originally filed for bankruptcy, the company also hired A&G …

December 18, 2020

Acquisitions Industrial Northeast Pennsylvania

KKR Acquires 600,000 SF Warehouse, Distribution Facility in Lehigh Valley

by Taylor Williams December 18, 2020

SHOEMAKERSVILLE, PA. — Global investment firm KKR has acquired a 600,000-square-foot warehouse and distribution facility within Hamburg Commerce Park in the Lehigh Valley community of Shoemakersville. Built in 2020, the 38.6-acre property features 36-foot clear heights, 50 dock-high doors, 169 trailer stalls and an ESFR sprinkler system. John Plower, Pete Pittroff, Rob Kossar, Jeff Lockard and Ryan Cottone of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. The sales price was not disclosed.

December 18, 2020

Acquisitions Healthcare New Jersey Northeast

Atkins Cos., Capital Solutions Sell 95,000 SF Medical Office Building in Bridgewater, New Jersey

by Taylor Williams December 18, 2020

BRIDGEWATER, N.J. — A joint venture between New Jersey-based Atkins Cos. and private equity firm Capital Solutions has sold a 95,000-square-foot medical office building located in the Northern New Jersey city of Bridgewater. At the time of sale, the building was fully leased to Bank of America and MidJersey Health Corp., a joint venture between regional healthcare providers Hunterdon Healthcare and Atlantic Health System. Ben Appel, Jay Miele, John Nero and Michael Greeley of Newmark represented the seller in the transaction. The buyer was not disclosed.

December 18, 2020

Connecticut Industrial Leasing Activity Northeast

Simone Development Lands Two Tenants at 118,500 SF Industrial Facility in Stamford, Connecticut

by Taylor Williams December 18, 2020

STAMFORD, CONN. — New York City-based Simone Development Cos. has signed two tenants at its 118,500-square-foot industrial facility located at 316 Courtland Ave. in Stamford. Beacon Exterior Products, a distributor of roofing and other building supplies, inked a deal to occupy 45,000 square feet. That lease consists of 25,000 square feet of warehouse and office space and 20,000 square feet of yard space for parking and additional storage. In addition, electronics manufacturer Amphenol Nexus Technologies signed a lease for 31,134 square feet of indoor space.

December 18, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $13.8M Sale of Apartment Complex in Methuen, Massachusetts

by Taylor Williams December 18, 2020

METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.

December 18, 2020

Development Maine Northeast Office

Local Developer Breaks Ground on Office Project for Sun Life in Portland, Maine

by Taylor Williams December 18, 2020

PORTLAND, MAINE — Portland Foreside Development Co. has broken ground on an office project for financial services provider Sun Life in the city’s downtown area. The waterfront building will house as many as 700 employees of Sun Life and its subsidiary FullscopeRMS, which expect to have a total footprint of about 77,000 square feet. The property will also feature retail and restaurant space, as well as public plazas. Completion is slated for 2022.

December 18, 2020

Newer Posts

Older Posts