Property Type

Avtex Signs 26,000 SF Office Lease Renewal at Northland Center in Metro Minneapolis

by Kristin Harlow August 12, 2020

BLOOMINGTON, MINN. — Avtex, a full-service customer experience consulting firm, has renewed its 26,000-square-foot office lease at Northland Center in Bloomington within metro Minneapolis. Northland Center is a two-building, 492,514-square-foot office property. Amenities include a fitness center, hair salon, farmer’s market, café, outdoor lounge area, laundry service, covered parking, bike storage and conference rooms. Bill Rothstein of Cushman & Wakefield provides leasing services for the property. KBS is the landlord. “There has been a lot of discussion as to whether or not companies will continue to lease space as a result of COVID-19 and the shift to remote working models,” says Rod Richerson, regional president with KBS. “This is not something we are seeing across our portfolio. In fact, we are continuing to see companies renew and sign new leases at several of our assets across our portfolio of more than 23 million square feet.”

August 12, 2020

Acquisitions Industrial New Jersey Northeast

High Street Logistics Acquires 432,000 SF Industrial Facility in Southern New Jersey

by Taylor Williams August 12, 2020

VINELAND, N.J. — Boston-based investment firm High Street Logistics Properties has acquired a 432,000-square-foot industrial facility located within the 2.7 million-square-foot Vineland Industrial Park, about 40 miles south of Philadelphia. The sales price was $23.2 million. Built in 1989 and expanded in 1997, the cross-dock property is fully leased to Ardagh Glass Inc., a provider of sustainable packing solutions. Building features include 28- to 34-foot clear heights, 24 dock doors, 18 trailer parking spaces, 54 automobile parking spaces and 110- to 120-foot truck court depths. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. CBRE local market advisors Ken Zirk, Robert Zwengler, Dan McGovern, Paul Touhey and Andrew Green also assisted on the sale.

August 12, 2020

Acquisitions Multifamily Northeast Pennsylvania

Rittenhouse Brokers Sale of 141-Unit Apartment Community in Philadelphia’s University City Area

by Taylor Williams August 12, 2020

PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of LVL 4125, a 141-unit apartment community located at 4125 Chestnut St. in the University City neighborhood of Philadelphia. Alterra Property Group developed the community, which features proximity to the University of Pennsylvania and Drexel University, in 2019. Units offer stainless steel appliances and individual washers and dryers, and amenities include a roof deck, fitness center, clubroom and a dog run. The buyer was not disclosed.

August 12, 2020

Acquisitions New York Northeast Office

CBRE Commits to Additional 44,612 SF at 200 Park Avenue Office Building in Manhattan

by Taylor Williams August 12, 2020

NEW YORK CITY — CBRE has committed to an additional 44,612 square feet of office space at 200 Park Avenue in Manhattan. The expansion gives the real estate firm a total footprint of more than 215,000 square feet at the 58-story, Class A property, which is known as the MetLife Building. In addition, CBRE will be leaving its 140 Broadway location to occupy space at the new Hana coworking space at 3 World Trade Center, which will open later this year. Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer, the owner of the building.

August 12, 2020

Leasing Activity New York Northeast Retail

Sour Patch Kids Opens 3,300 SF Flagship Store in New York City

by Taylor Williams August 12, 2020

NEW YORK CITY — Sour Patch Kids has opened a 3,300-square-foot flagship store for children at the corner of Bond Street and Broadway near the SoHo shopping district in New York City. IT’SUGAR, a retailer specializing in candy and similar confections and subsidiary of BBX Sweet Holdings LLC, will operate the store. In addition to offering a range of merchandise, the store will also feature entertainment activities for children, including the making of candy mix, posing for photos with Sour Patch Kids characters and enjoying reimagined sweets such as smoothies, cookies and ice cream.

August 12, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $9.7M Sale of Multifamily Portfolio in Jersey City

by Taylor Williams August 12, 2020

JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $9.7 million sale of a 57-unit multifamily portfolio in Jersey City. The sales price equates to roughly $171,000 per unit. The portfolio consists of two buildings that were both constructed around the turn of the 20th century. Niko Nicolaou of Gebroe-Hammer represented the seller, Kevelson Family LLC, in the transaction. Brad Domenico of Progress Capital provided acquisition financing on behalf of the undisclosed buyer.

August 12, 2020

Market Reports Multifamily Texas Texas Market Reports

Texas Lenders Express Optimism for Second Half

by Taylor Williams August 12, 2020

By Taylor Williams Decreased acquisition activity across virtually all asset classes is among the most visible impacts that COVID-19 has had on commercial real estate, but capital markets professionals say there’s reason to believe deal volume will rebound sharply toward the end of the year. According to data from Real Capital Analytics (RCA), the total sales volume of commercial properties in the country was approximately $44.7 billion during the second quarter. This figure represents a staggering year-over-year decrease of 68 percent and the lowest quarterly total in more than a decade. In terms of income streams, some asset classes are faring much better than others. Social distancing mandates and stay-at-home orders, while disastrous for retail and hotel properties, have elevated demand for e-commerce, as well as manufacturing of essential goods and services. The latter trend ensures that for many industrial owners, rent collection is not a major concern. But current and future economic uncertainty are causing investors across the board to pause new acquisitions. “We saw a significant decline in demand for acquisition financing when the pandemic began,” says Jeff Erxleben, executive vice president and regional managing director of NorthMarq’s Dallas office. “There were major unknown factors coming in all …

August 12, 2020

Florida Retail Southeast Top Stories

Stein Mart Files for Chapter 11 Bankruptcy, Plans to Close Most Stores

by Kristin Harlow August 12, 2020

JACKSONVILLE, FLA. — Discount retailer Stein Mart Inc. (NASDAQ: SMRT) has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Middle District of Florida. The motion is an effort to maintain operations, including “the payment of employee wages and benefits without interruption, payment of suppliers and vendors in the normal course of business and the use of cash collateral.” Jacksonville-based Stein Mart expects to close a significant portion, if not all, of its brick-and-mortar stores. The company has launched a store closing and liquidation process but will continue to operate in the near term. Stein Mart says it is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property. In its fiscal first quarter that ended May 2, Stein Mart reported a net loss of $65.7 million. In addition, a merger agreement with an affiliate of Kingswood Capital Management LP terminated in April due to “uncertainty caused by the COVID-19 pandemic,” according to Stein Mart’s quarterly report. “The combined effects of a challenging retail environment coupled with the impact of the COVID-19 pandemic have caused significant financial distress on our business,” says Hunt Hawkins, Stein Mart CEO and …

August 12, 2020

Acquisitions Industrial Video

Video: Credit Union Structure Allows Alliant to Finance Deals and Look to the Future

by Sarah Daniels August 11, 2020

Left: Paul Letourneau, Manager of Commercial Loan Originations, Alliant Credit Union. Right: Randall Shearin, Senior Vice President, France Media. Flexibility and Lending in the Midst of Pandemic Listen to Paul Letourneau, Manager of Commercial Loan Originations at Alliant Credit Union describe why his company has been able to continue lending in the midst of the pandemic. COVID-19 has forced many capital providers to pull back, but Alliant’s flexibility and adaptability has allowed it to source deals discerningly. Tune in to hear a concise conversation on what balance sheet lenders have to offer borrowers and how Alliant is able to look to the future of financing. Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is the largest credit union in Illinois and one of the largest in the nation. Their excellent online, mobile and phone banking services, combined with their full suite of competitive products, make banking simpler for their 500,000 members nationwide.

August 11, 2020

Development Florida Mixed-Use Southeast

Red Apple to Develop 1.3 MSF Mixed-Use Building in Downtown St. Petersburg

by Alex Tostado August 11, 2020

ST. PETERSBURG, FLA. — Red Apple Real Estate is moving forward with its development of a 1.3 million-square-foot mixed-use development in downtown St. Petersburg. The New York City-based developer filed foundation plans with the City of St. Petersburg and the Federal Aviation Administration (FAA) issued a “No Hazard Letter” for the project, meaning the project did not exceed obstruction standards and marking/lighting is not required. The 46-story development will include 300 condominiums; a 233-room hotel; 25,000 square feet of retail and restaurant space; and 20,000 square feet of office space. The condos, known as The Residences at 400, will offer one- to four-bedroom floor plans and a select number of penthouses. Amenities will include a fitness and wellness center, resident lounge, coworking space, library, theater room, seventh-floor rooftop terrace with a pool and spa, putting green, bocce court, outdoor kitchen, dog walking area and a fire pit. Residents will also have access to a glass-enclosed observatory on the 46th floor. Red Apple recently established a sales gallery across the street from the site at 465 Central Ave. Design work is underway, and Red Apple is planning for permitting of preliminary site work. The developer expects to break ground in 2021.

August 11, 2020

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