KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and sales price were not disclosed.
MCKINNEY, TEXAS — Craft beer producer TUPPS Brewery has received a $11.3 million grant from The McKinney Community Development Corp. to remodel a 120-year-old grain mill in the northern Dallas suburb for its new location. The brewer’s new campus will span 4.5 acres and will consist of a 25,000-square-foot production brewery and a communal shopping area. TUPPS has occupied 17,000 square feet at the historic McKinney cotton mill at 721 Anderson St. for the past five years.
MECHANICSBURG, PA. — Pet food provider Nestlé Purina will invest $167 million in the expansion of its manufacturing and distribution facility in Mechanicsburg, located southwest of Harrisburg. The project will add new processing and packaging lines to the operation. Purina, which currently employs about 320 people at this facility, expects to hire about 95 more workers following the completion of the expansion. A construction schedule was not released.
ROCHELLE PARK, N.J. — Locally based development and management firm Tulfra Real Estate has begun construction of an 816-unit self-storage facility within Village Center at Rochelle Park, located northwest of New York City. The facility spans 113,000 gross square feet and is being constructed on a 1.4-acre site that formerly housed an AT&T data center. Mancini Duffy is designing the project, and The Lane Group is the general contractor. Completion is slated for the first quarter of next year.
BRANCHBURG, N.J. — Lollicup USA, a manufacturer and distributor of hospitality and foodservice products, has purchased a 187,500-square-foot industrial facility in Branchburg, about 45 miles west of New York City. J.G. Petrucci Co. developed the facility, which is situated on 18.4 acres and features 31 loading docks, 36-foot clear heights and ample trailer and automobile parking spaces. Joel Lubin and Brian Golden of JLL represented J.G. Petrucci in the sale. Mindy Lissner and David Gheriani of CBRE represented Lollicup USA.
LOGAN TOWNSHIP, N.J. — Logistics firm Champions Services has signed a 151,600-square-foot, full-building industrial lease at 1 Warner Court in Logan Township, located south of Philadelphia. The property is located within Pureland Industrial Park, just off Interstate 295 and near the Ports of Camden (New Jersey) and Philadelphia. Marc Isdaner of Colliers International represented the landlord, Boston-based GFI Partners, in the lease negotiations. Scott Mertz of NAI Mertz represented the tenant.
NEW YORK CITY — Black Bear Capital Partners has arranged $62 million in permanent financing for a portfolio of nine multifamily properties totaling 432 units in The Bronx. Bryan Manz, Rob Serra, Emil DePasquale and Brandon Harris of Black Bear Capital Partners arranged the financing on behalf of the borrower, Finkelstein Timberger East Real Estate, an owner-operator with roughly 3,500 New York City-area units in its portfolio.
NASHVILLE, TENN. — Brasfield & Gorrie has completed the $90 million Peabody Plaza at Rolling Mill Hill, a nine-story, 280,000-square-foot office building in Nashville’s Rolling Mill Hill neighborhood. The Birmingham, Alabama-based general contractor built the project on behalf of the owner, Eakin Partners. The building sits on the site of a former surface parking lot at 10 Lea Ave., one mile south of downtown Nashville. Peabody Plaza features a 6,000-square-foot amenity deck overlooking downtown Nashville and the Cumberland River, as well as a nearly one-acre park between the building and Cumberland River. It was built with a five-story, below-grade parking deck offering 1,000 parking spaces. Tenants at the site include Concord Music, Guaranty Home Mortgage Corp. and Fourth Capital corporate offices as well as a ground-floor bank branch. Peabody Plaza also features space for a coffee shop and a full-service restaurant. There was 156,000 square feet of office space available for lease at the time of the opening. Nashville-based Hastings Architecture designed the building. Hastings also designed the interior space for Guaranty Home Mortgage and Fourth Capital. Lines Inc. was the architect for Concord. Peabody Plaza is the sixth office building that locally based Eakin Partners and Brasfield & Gorrie …
Five months into the pandemic, fissures are beginning to form in the foundation of the multifamily market. Through the spring leasing season, liquidity from enhanced unemployment insurance benefits and a yearning for stability in uncertain times were enough to maintain occupancy near pre-coronavirus levels and to provide something of a buttress for rents. As spring turned to summer, however, winds seemed to change direction, tenant patience began to fray and property performance waned. West Coast cities with high technology exposure were the first to exhibit material revenue attrition. Reduced employment and income prospects led many renters to reconsider the efficacy of paying the highest rents in the country. Many tenants chose instead to relocate to more affordable areas when leases expired (as many do during the spring leasing season) or simply vacated and broke existing leases. Rents in the San Francisco Bay Area have declined by about 4 percent since the beginning of the year, and as much as 9 percent over the last 12 months. More affordable markets, including Portland, also experienced softening, but to a lesser degree. While fleeing tenants apparently generated a “renter’s market” in San Francisco, absorption in a sample of 919 Portland properties surveyed by …
NASHVILLE, TENN. — The Dinerstein Cos. has begun construction on Aspire Gulch, a 10-story, 360-unit multifamily community in Nashville’s Gulch district. Communal amenities will include a rooftop pool, soundproof room for musicians and a 507-space parking deck. The property will offer one through three-bedroom floor plans. Aspire Gulch is situated at 805 Division St., one mile from downtown Nashville. The Houston-based developer expects to open the community in summer 2022. Hoar Construction is the general contractor, and Nile Bolton Associates is the architect.