TACOMA, WASH. — Terrydale Capital has arranged a $9.4 million construction loan for the development of an 82-unit apartment building located in Tacoma. The borrower is a first-time ground-up investor. Culby Culbertson of Terrydale Capital’s Dallas office secured the loan, which features a 7.75 percent rate, interest-only structure for 18 months, 75 percent loan-to-cost ratio and no pre-payment penalty.
EAST BRUNSWICK, N.J. — Pennsylvania-based self-storage REIT CubeSmart has opened a 1,100-unit facility in the Northern New Jersey city of East Brunswick. New Jersey-based TFE Properties developed the facility, which spans more than 130,000 square feet of net rentable space. The facility is located along State Route 18 at the site of a former Kmart and is situated within TFE’s Junction Pointe retail project.
MAYNARD, MASS. — Market Basket has opened a 69,374-square-foot grocery store within Maynard Crossing on the western outskirts of Boston. The 730,000-square-foot mixed-use development is home to other retail tenants such as Eco Nails & Spa, Planet Fitness and Maynard Wine & Spirits. Capital Group Properties broke ground on the property in 2019. Other uses include The Vue at Maynard Crossing, a 180-unit multifamily community; Camellia Gardens, a 143-unit seniors housing community; Emerson Hospital Urgent Care; and outdoor spaces such as a dog park, walking paths and green space.
FREEHOLD, N.J. — CBRE has negotiated the $4.9 million sale of a 46,000-square-foot industrial building in Freehold, located in the central part of the state. The property was built on 10 acres in 1984. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, L&M Realty Associates LLC, which originally acquired the asset for $3.5 million in 2013. The team also procured the buyer, a New Jersey-based limited liability company.
By Taylor Williams Retail tenants with strong credit, sales and branding have long been the darlings of the net-lease investment market via their ability to unlock value in their underlying real estate. But as the COVID-19 pandemic has battered brick-and-mortar retailers in a plethora of categories, net-lease investors are placing added emphasis on the products and services that tenants offer when targeting new acquisitions. After nine months of the public health crisis, investors have a better sense of which tenants are flourishing in the net-lease space and which ones are languishing. This more targeted, stable approach to investing is joining forces with the unleashing of pent-up demand from the spring and summer months, when capital sources largely took to the sidelines. According to a third-quarter report from Avison Young, deal volume in the single-tenant net-lease (STNL) retail space rose by 13.8 percent from the second to third quarters of this year, though the period’s 329 trades fell well short of the first-quarter mark of 416 deals. As a result of elevated investment demand, cap rates in the market are starting to compress — again with a pronounced difference among retail assets based on their tenancy profiles. Avison Young’s report found …
HARTWELL, GA. — Nestlé Purina PetCare Co. has unveiled plans to invest $550 million to expand its pet food manufacturing facility in Hartwell, located in Northeast Georgia. The expansion, which is expected to create up to 130 jobs, comes just one year after the factory opened in November 2019. By expanding the facility, Purina will add more processing, packaging and warehousing capacity. The expansion is also part of a broader growth plan for Purina, which includes new factories recently announced in Williamsburg Township, Ohio, and Eden, N.C. Purina brands feed 49 million dogs and 66 million cats each year, according to the company. The Hartwell location produces several of the company’s flagship brands, including Fancy Feast. When Purina first announced plans for the Hartwell facility in 2017, it committed to investing $320 million and employing 240 people. Purina will now combine $320 million of refinanced bonds to a new $550 million investment, according to local paper The Hartwell Sun. Purina now expects to employ up to 370 people by the end of 2025, and the new jobs in Hartwell will include positions in manufacturing and assembly. Purina expects to complete construction of the expansion by the end of 2021. Currently, …
MEDLEY, FLA. — First Industrial Realty Trust has broken ground on First Park Miami, a 2.5 million-square-foot industrial campus in Medley. Phase I will comprise three buildings totaling 600,000 square feet. The facilities will feature 32- to 36-foot clear heights, ESFR sprinkler systems and 120- to 180-foot truck courts. Phase I is expected to be delivered in third-quarter 2021. Butters Construction & Development is the general contractor, while RLC Architects is the designer. At full buildout, First Park Miami will comprise 13 buildings spanning 2.5 million square feet. The property is situated on 126 acres along NW 87th Avenue between NW 80th and 90th streets, nine miles north of Miami International Airport and 14 miles northwest of PortMiami.
RESTON, VA. AND KENSINGTON, MD. — Arcland Property Co. has opened two self-storage facilities totaling 2,414 units. The first property is located at 1808 Michael Faraday Court in Reston. The four-story building is situated 20 miles west of downtown Washington, D.C. The property offers 1,100 climate-controlled and drive-up units. According to property manager Self Storage Plus, rents at the facility range from $31 to $443 per month. The second property is located at 4900 Nicholson Court in Kensington, 12 miles north of downtown D.C. The asset offers 68 drive-up and 1,246 climate-controlled units. Rents at the location range from $28 to $434 per month. Self Storage Plus will manage both properties, marking the Washington, D.C.-based company’s 44th and 45th managed facilities.
HERNDON, VA. — JLL has brokered the sale of Station on Silver, a 400-unit apartment complex in Herndon. The property, which was built in 2017, offers studio, one- and two-bedroom floor plans averaging 850 square feet. Communal amenities include a fitness center, pool, lounge, courtyard, media room, rooftop deck and an outdoor kitchen. The asset is situated at 2340 Carta Way, 26 miles west of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Woodfield Development, in the transaction. The buyer and sales price were not disclosed.
ROCKVILLE AND BEL AIR, MD. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which is located 30 miles northeast of downtown Baltimore. Washington, D.C.-based JCR purchased Bel Air Town Center for $19.3 million. JCR plans to sell pad sites at the 95,229-square-foot property. The seller(s) was not disclosed.