Property Type

JLL Provides $20.5M Agency Loan for Refinancing of Multifamily Asset in Jersey City

by Taylor Williams August 14, 2020

JERSEY CITY, N.J. — JLL has provided a $20.5 million Freddie Mac loan for the refinancing of Garabrant, a multifamily asset located in the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the six-story, 80-unit property features studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, hardwood floors and island kitchens. Amenities include a fitness center, rooftop terrace, outdoor grilling areas, a sauna and bike storage space. Matthew Pizzolato of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Point Capital Development LLC.

August 14, 2020

Acquisitions Connecticut Multifamily Northeast

CBRE Brokers $16.3M Sale of Multifamily Portfolio in Hartford

by Taylor Williams August 14, 2020

HARTFORD, CONN. — CBRE has brokered the sale of a $16.3 million multifamily portfolio in the Connecticut capital city of Hartford. The portfolio spans two properties, a 165-unit community at 873 West Blvd. and a 52-unit property at 748 New Britain Ave. Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley, David Gavin, Simon Butler and Biria St. John of CBRE represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, in the transaction. The team also procured the buyer, New York-based private investment firm 25th Century, which will implement a value-add program.

August 14, 2020

Leasing Activity Northeast Pennsylvania Retail

Versona Signs 10,000 SF Retail Lease at Shoppes at Montage Mountain in Moosic, Pennsylvania

by Taylor Williams August 14, 2020

MOOSIC, PA. — Apparel and jewelry retailer Versona has signed a 10,000-square-foot retail lease at The Shoppes at Montage Mountain, a retail center located in Moosic in the Wilkes-Barre/Scranton area. The official opening is slated for September 24. Approximately 95 percent of the center’s tenants that were affected by the pandemic have since reopened. U.S. Properties Group owns the center.

August 14, 2020

Alabama Development Industrial Southeast

Mazda Toyota Manufacturing to Invest Additional $830M in Huntsville Plant

by Alex Tostado August 14, 2020

HUNTSVILLE, ALA. — Mazda Toyota Manufacturing will invest an additional $830 million in its automotive plant in Huntsville. The two automakers originally formed a joint venture and announced the project in 2018. The total cost of the facility is now $2.3 billion, and the joint venture plans to train and house up to 4,000 employees at the property, having hired 600 employees to date. The new facility will have the capacity to produce up to 150,000 units of a future Mazda crossover model and up to 150,000 units of the Toyota SUV each year. The plant is situated 14 miles from Toyota’s existing manufacturing facility. Production is expected to begin in early 2021 with construction on roofing, siding, floor slabs, ductwork, fire protection and electrical now more than 75 percent complete.

August 14, 2020

Alabama Georgia Loans Multifamily Southeast Tennessee

KeyBank Provides $163M Refinancing Loan for Six-Property Multifamily Portfolio in Three Southeastern States

by Alex Tostado August 14, 2020

CLEVELAND — KeyBank Real Estate Capital has provided a $163 million Fannie Mae refinancing loan for a six-property multifamily portfolio in Tennessee, Georgia and Alabama. Dirk Falardeau, Steven Hamm and Matt Purtell of Cleveland-based KeyBank structured the 15-year loan with 10 years of interest-only payments on behalf of the borrower, Boston-based Panther Residential Management (PRM). In Tennessee, the portfolio comprises the 278-unit Integra Hills Apartments and the 270-unit Integra Hills Preserve Apartments in Ooltewah, as well as the 238-unit Villas at Houston Levee East and the 226-unit Villas at Houston Levee West in Cordova. The portfolio also includes the 280-unit Panther Riverside Parc in Atlanta and the 276-unit Huntsville Parc Apartments in Huntsville, Ala. The six properties were all built between 2008 and 2015.

August 14, 2020

Affordable Housing Development Multifamily Southeast Virginia

Woda Cooper to Develop Affordable Housing Complex in Portsmouth, Virginia

by Alex Tostado August 14, 2020

PORTSMOUTH, VA. — Woda Cooper Cos. will develop Holley Pointe, a 50-unit affordable housing complex in Portsmouth. The Columbus, Ohio-based developer expects the project to cost $10.9 million and to be complete in summer 2021. The Virginia Housing Authority provided Low-Income Housing Tax Credits to support the development, which will offer two- and three-bedroom floor plans. The community will be open to families, singles and seniors earning 80 percent or less of the area median income (AMI). Rents are projected to range from $710 and $1,135 per month. In addition, there will be 6,500 square feet of commercial space on the ground level. Hooker DeJong Architecture designed the building, Hoggard-Eure Associates is the civil engineer and Woda Construction Inc. is the general contractor. Woda Cooper’s management division will oversee day-to-day operations.

August 14, 2020

Development Florida Hospitality Southeast

St. Joe, BRW MidGrove to Build Boutique Hotel in Panama City Beach

by Alex Tostado August 14, 2020

PANAMA CITY BEACH, FLA. — The St. Joe Co. and BRW MidGrove LLC will build The Lodge 30A, a boutique hotel in Panama City Beach. The property will be situated on Scenic County Highway 30A adjacent to the planned mixed-use development Greenway Station. Amenities at the three-story hotel will include a fitness center and a pool. St. Joe Resort Operations LLC will manage the property. Site development on The Lodge 30A is expected to begin immediately, and the parties anticipate the hotel will open in early 2022.

August 14, 2020

District of Columbia Retail Southeast

Retail Sales Rise 1.2 Percent in July, Says Commerce Department

by Alex Tostado August 14, 2020

WASHINGTON, D.C. — Retail sales in July rose 1.2 percent on a month-over-month basis, the U.S. Commerce Department reported in its advanced estimate this morning. Total sales for the month clocked in at $536 billion, up from $529.4 billion in June. The Commerce Department reported sales reached $527 billion in February, marking the first time during the pandemic that retail sales have exceeded pre-pandemic levels. Furthermore, the Commerce Department revised its May to June growth up 90 basis points to 8.4 percent. Despite the growth, the total volume of retail spending wasn’t as robust as economists surveyed by Dow Jones expected. Economists forecast a 2.3 percent increase from June. A major reason for the sales coming in lower than expected was due to auto sales falling behind. The Commerce Department reports that excluding auto sales, retail would have grown 1.9 percent. Though the growth is slowing, the National Retail Federation (NRF) says the July figures add to the turnaround seen since the spring’s decline, namely when sales dipped 16.4 percent in April. “Retail sales for July were another positive step in the right direction as our economy continues to slowly reopen,” says Matthew Shay, CEO and president of the NRF. …

August 14, 2020

Development Industrial Kansas Midwest

Great Plains, Kubota Unveil Plans for $53M Expansion Project in Salina, Kansas

by Kristin Harlow August 14, 2020

SALINA, KAN. — Great Plains Manufacturing Inc., a wholly owned subsidiary of Kubota North America Corp., has unveiled plans for a $53 million expansion project and 750,000-square-foot building purchase. The effort is to further invest in the company’s Salina operations in support of growing demand for Kubota construction equipment. The existing building will become available for occupancy after July 2021. The company plans to launch operations by the end of 2021 in a phased-in approach. Great Plains expects to add approximately 130 new manufacturing jobs to its existing 1,450-person Kansan employee base.

August 14, 2020

Development Healthcare Kansas Midwest

McCarthy Completes $21M Johnson County Medical Examiner Facility in Kansas

by Kristin Harlow August 14, 2020

OLATHE, KAN. — McCarthy Building Cos. Inc. has completed construction of the new Johnson County medical examiner facility in Olathe. The 32,000-square-foot, single-story building is located at 11894 S. Sunset Drive in the heart of the Johnson County Government Campus. The $21 million project was designed to meet the highest standards of the National Association of Medical Examiners. The facility will help increase autopsy rates and provide data for public health officials to assist in identifying trends and emerging diseases. The project team included PGAV Architects, SmithGroup, Henderson Engineering, McClure Engineering and Confluence.

August 14, 2020

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