Property Type

Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

by John Nelson December 21, 2020

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …

December 21, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson December 21, 2020

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

December 21, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $4.2M Sale of Orlando Gas Station Leased to Wawa

by John Nelson December 21, 2020

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

December 21, 2020

Leasing Activity Maryland Mixed-Use Restaurant Retail Southeast

KLNB Arranges Four Retail Leases at The Can Company Building in Baltimore

by John Nelson December 21, 2020

BALTIMORE — KLNB has brokered four retail leases totaling 9,000 square feet within The Can Company building in Baltimore’s Canton neighborhood. Ryan Wilner led the KLNB team that represented the landlord, a joint venture between MCB Real Estate, Angelo Gordon and JMC Holdings LLC, in all four transactions. The new tenants include HalfSmoke, Kisner’s Salon & Barber, uBreakiFix and AllCare Family Medicine and Urgent Care. HalfSmoke is a Washington, D.C.-based restaurant that will occupy 4,000 square feet at The Can Company building. This will be the restaurant’s first location in Baltimore and third overall. Kisner’s will occupy 1,300 square feet, marking the second location for the 14-year-old company. This will also be the first location in Baltimore City for uBreakiFix, an electronics repair store. The chain, specializing in iPhone, Samsung, PC, Mac and other phones and tablets, has 10 stores in Maryland. Lastly, AllCare will occupy 2,275 square feet. This will be the medical office’s first site in Baltimore and sixth in Maryland. The Can Company is a 205,865-square-foot mixed-use building situated at 2400 Boston St., two miles southeast of downtown Baltimore. MCB Real Estate completed renovations at the property in 2018. The asset, which was originally built in 1895, …

December 21, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Acquires Two Apartment Communities Totaling 408 Units Near Boston

by Taylor Williams December 21, 2020

WESTFORD, MASS. — North Carolina-based investment firm Bell Partners has acquired Hanover Westford Valley and Hanover Westford Hills, two adjacent apartment communities totaling 408 units. The properties are located about 35 miles northwest of Boston and include 12 townhomes. Units feature stainless steel appliances, tile backsplashes, custom cabinets, full-size washers and dryers and private balconies. Communal amenities include two pools, outdoor lounge areas with fire pits, a dog park, pet spa, fitness center, resident clubhouse, private media room with theater-style seating, conference room and private workstations. The seller and sales price were not disclosed.

December 21, 2020

Acquisitions Industrial Northeast Pennsylvania

Endurance, Thackeray Sell 174,572 SF Industrial Facility in York, Pennsylvania

by Taylor Williams December 21, 2020

YORK, PA. — A partnership between an affiliate of Endurance Real Estate Group and Thackeray Partners has sold a 174,572-square-foot industrial building located at 2075 Loucks Road in York. The sales price was $11.3 million. Built in 1980, expanded in 1986 and renovated in 1996, the building features 18- to 30-foot clear heights and proximity to Interstates 76 and 81. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller and procured the undisclosed buyer. The property was 100 percent leased to York Wallcoverings at the time of sale.

December 21, 2020

Powdermill-Village-Westfield-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

by Taylor Williams December 21, 2020

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade balconies, decks, kitchens and bathrooms of the one-, two- and three-bedroom units. The majority of the units (184) are reserved for renters earning 60 percent or less of the area median income.

December 21, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.6M Agency Acquisition Loan for Multifamily Asset in Bensalem, Pennsylvania

by Taylor Williams December 21, 2020

BENSALEM, PA. — Greystone has provided a $20.6 million Freddie Mac acquisition loan for Grandview Gardens, a 226-unit multifamily property located in the Lehigh Valley city of Bensalem that was originally built in 1965. Dan Sacks of Greystone originated the floating-rate loan, which features a 10-year term and 30-year amortization schedule with four years of interest-only payments. Jack Miller of Platinum Capital Group arranged the loan on behalf of an undisclosed borrower.

December 21, 2020

Acquisitions Multifamily New York Northeast Retail

JLL Negotiates $11.4M Sale of Multifamily, Retail Building on Manhattan’s Upper West Side

by Taylor Williams December 21, 2020

NEW YORK CITY — JLL has negotiated the $11.4 million sale of a multifamily and retail building located at 57 W. 86th St. on Manhattan’s Upper West Side. The property is located less than a block from Central Park and consists of 12 residential units and 6,300 square feet of retail space. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait of JLL represented the seller, Endeavor Guidance, in the transaction. The buyer was Michael Herzog LLC.

December 21, 2020

Features Office

OfficeSpace Survey: 71 Percent of Employed Americans Eager to Return to the Office

by Katie Sloan December 21, 2020

ATLANTA — The trend of working remotely swept the nation as a result of the COVID-19 pandemic this year. While some are relishing the opportunity to test drive their home offices, a large number of Americans are ready to return to the workplace. According to a recent survey of employed Americans commissioned by OfficeSpace Software, 71 percent of respondents currently working from home are eager to move back to the office once it is safe to do so. Over 70 percent indicated that they feel more engaged and more productive in the office, and 80 percent indicated that they miss in-person collaboration with their coworkers. The novelty of virtual meeting programs like Zoom — a boon for keeping colleagues connected during the pandemic — has also worn thin, with 57 percent of respondents indicating that they are tired of meeting through video. The survey, which was conducted online by The Harris Poll in early December, canvassed 1,206 employed U.S. adults above the age of 18. Fewer than half of the respondents indicated that they are going into the workplace each day, with 17 percent having returned to their offices on a staggered schedule. Safety First While many are ready to …

December 21, 2020

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