KING OF PRUSSIA, PA. — NAI Mertz has brokered the $9.3 million sale of a 97,000-square-foot industrial flex building located at 780 Fifth Ave. in King of Prussia, a northern suburb of Philadelphia. Scott Mertz and John Adderly of NAI Mertz represented the seller, Fifth Avenue KOP LP, an affiliate of New Jersey-based Rudner Real Estate, in the transaction. The buyer was an affiliate of Philadelphia-based Velocity Ventures Partners. The property was 89 percent leased at the time of sale.
AUBURN, MAINE — Boston-based mortgage banking firm Fantini & Gorga has arranged a $7.5 million loan for the refinancing of Auburn Mall Apartments, a 168-unit multifamily asset in Auburn, located north of Portland. The property was built in phases during the 1980s and features one- and two-bedroom units. Derek Coulombe and Ryan Maddaluna of Fantini & Gorga placed the debt on behalf of the undisclosed borrower, a Maine-based developer and investor. An agency lender provided the nonrecourse loan, which carried a sub-3-percent interest rate and a period of interest-only payments.
JERSEY CITY, N.J. — Englewood Health, a New Jersey-based healthcare provider, has signed a 19,892-square-foot lease expansion at 2 Journal Square in Jersey City. The expanded space will allow the provider to add a new orthopedic clinic, an urgent care, breast and women’s imaging center and medical offices for treating oncology and diabetes patients. CBRE’s Greg Barkan, Remy deVarenne and Sam Bernhaudt represented Englewood Health, which originally signed a 53,222-square-foot lease this summer, in the lease negotiations. GAIA Real Estate owns the building.
WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.
MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …
Strong job and population growth over the last decade have steadily elevated demand for affordable housing throughout Texas, and the incoming Biden administration is likely to enact policies that will help developers expand the supply needed to meet that demand, according to a panel of industry experts. The combination of no state income tax and a pro-business climate has driven scads of major companies to relocate to Texas, in many cases from California. At least before the COVID-19 pandemic, the arrival of these high-paying jobs — and the housing to support them — tended to fuel demand for retail, restaurant and hospitality development. It’s within the operations of these properties that many renters who qualify for affordable or workforce housing make their living. Immigrants from Mexico and Central America further add to demand in Texas. But from an economic standpoint, development of affordable housing is rarely feasible without some sort of aid from the state or federal government (or both). In terms of the latter, some professionals in Texas believe that the incoming Biden administration intends to prioritize affordable housing growth through a variety of mechanisms. Announcing: Texas Affordable Housing Business magazine. Click here for complimentary subscription. A panel of …
By Steve Kimball, emersion Design The impact of COVID-19 on workplaces will continue long after the virus has subsided. A majority of large corporations have embraced remote working, with many in the technology space such as Google, Twitter and Microsoft announcing they’ll keep a majority of employees permanently working from home. But it’s not just big technology companies that are taking this approach. New research from Harvard Business School cites at least 16 percent of the U.S. workforce will be remote moving forward. Additionally, a study by 451 Research shows that number could go as high as 67 percent being remote. Jobs in technology, healthcare, customer service, education, accounting and sales are considered the most likely to shift permanently to remote work. What does that mean for traditional office space? There will still be robust office environments, although changes are coming. These vary from what is in the office to where it will now be located. Downsize, upgrade Cost savings achieved by less square footage needs will enable companies to relocate to a more desirable location, offer additional amenities onsite and upgrade the office environment. While less space is required, companies can use the savings to upgrade the office with …
MADISON, ALA. — Knighthead Funding LLC has provided a $27.3 million construction loan to Chase Creek Holdings for the development of The Views at Chase Creek in Madison . The non-recourse loan has a 24-month term. Upon completion, The Views at Chase Creek will offer 228 one-, two- and three-bedroom floor plans. The borrower/developer expects to deliver the property, which will comprise 10 two-story buildings, in the second quarter of 2022. Unit interiors will feature stainless steel appliances, stone finishes, walk-in closets and a washer and dryer. The Views at Chase Creek will be situated at 248 Old Glory Road, 13 miles west of downtown Huntsville.
Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year
WASHINGTON, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, clothing and accessories stores and sporting goods stores all reported decreased sales. The home improvement and food and beverage sectors grew 1.1 and 1.6 percent, respectively. Matthew Shay, president and CEO of the National Retail Federation (NRF), says the monthly decline is due to consumers holding steady amid rising COVID-19 cases and congressional gridlock. “Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” says Shay. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final …
DULUTH, GA. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including the portion of the mall that houses most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, which are tenant-owned. Additionally, the former Sears building, which Northwood Ravin acquired in 2018, was not part of the sale. Gwinnett Place Mall was originally completed in 1984. The mall has been used in the film industry in recent years as the setting for movies and TV shows including “Stranger Things,” “Holidate,” “Ozark,” “I, Tonya” and “Greenleaf.” Gwinnett County Board of Commissioners chairwoman Charlotte Nash says the county has been attempting to acquire the land for several years and will redevelop the parcel that has “incredible opportunity.” Gwinnett County will engage the County Department of Planning and Development, the Gwinnett Place Community Improvement …