Property Type

Berkadia Arranges Sale of 342-Unit Apartment Community in Metro Houston

by Taylor Williams May 20, 2020

SPRING, TEXAS — Berkadia has arranged the sale of Belvedere Springwoods Village, a 342-unit apartment community located within the Springwoods Village mixed-use development on the northern outskirts of Houston. Developed in 2014 by Fein Communities, the property features one-, two- and three-bedroom units with stainless steel appliances, walk-in showers and private balconies and patios in select units. Amenities include a pool with a sundeck and heated spa, outdoor kitchens and fire pits, a fitness center with a yoga studio, conference room, coffee bar and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged financing on behalf of the buyer, MLG Capital.

May 20, 2020

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 124,658 SF Industrial Facility in Fort Worth

by Taylor Williams May 20, 2020

FORT WORTH, TEXAS — NAI Robert Lynn has brokered the sale of a two-building, 124,658-square-foot industrial facility located at 4901 N. Beach St. in Fort Worth. According to LoopNet Inc., the property was built on 11.5 acres in 1981 and includes additional outdoor storage space. Todd Hubbard of NAI Robert Lynn represented the seller, G&W Ventures, in the transaction. Hubbard will also handle leasing of the space on behalf of the new owner, Dallas-based CanTex Capital. The new ownership will rebrand the property as Beach Industrial Park and will target e-commerce users for occupancy.

May 20, 2020

Development Industrial Self-Storage Texas

MCP to Develop 550-Unit Expansion Project at CubeSmart Self-Storage Facility in Kyle, Texas

by Taylor Williams May 20, 2020

KYLE, TEXAS — Dallas-based Montfort Capital Partners (MCP) will develop a 550-unit expansion project at its CubeSmart-operated self-storage facility located on Cromwell Drive in the Central Texas city of Kyle. The expansion building will span 55,000 square feet of net rentable space and will offer both climate- and non-climate-controlled units. The groundbreaking is scheduled for July, and the project is expected to be complete by early 2021.

May 20, 2020

Acquisitions Multifamily Texas

Rastegar Acquires 58-Unit Mueller Square Apartments in Austin

by Taylor Williams May 20, 2020

AUSTIN, TEXAS — Locally based development and investment firm Rastegar Property Co. has acquired Mueller Square Apartments, a 58-unit multifamily community located near the 700-acre Mueller mixed-use development in Austin. Rastegar acquired the property, which was originally built in 1967, in a joint venture with an unnamed insurance company based in Texas. The new ownership will renovate Mueller Square’s unit interiors, including kitchens, bathrooms, floors, counters and utility systems. The seller was not disclosed.

May 20, 2020

Development Industrial Northeast Pennsylvania

Duke Realty Nears Completion of 615,000 SF Build-to-Suit Industrial Project in Myerstown, Pennsylvania

by Alex Patton May 20, 2020

MYERSTOWN, PA. — Indiana-based REIT Duke Realty Corp. is nearing completion of Central Logistics Park 100, a 615,000-square-foot warehouse in Myerstown, approximately 35 miles east of Harrisburg. Located at 100 Fort Motel Drive, the building will feature 45-foot clear heights and 7,000 square feet of office space. The remaining acreage on the site can accommodate additional development of up to 584,820 square feet. The development is a build-to-suit project for wholesale tire distributor Max Finkelstein Inc. Duke expects to complete construction in late spring or early summer of 2020.

May 20, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $66M Sale of Multifamily Community in Tinton Falls, New Jersey

by Alex Patton May 20, 2020

TINTON FALLS, N.J. — JLL has brokered the $66 million sale of Avalon Tinton Falls, a 216-unit multifamily property in Tinton Falls, approximately 45 miles east of Trenton. Located at 100 Autumn Drive, the garden-style community features one-, two- and three-bedroom floor plans averaging 1,101 square feet. Amenities include a fitness center, swimming pool and outdoor lounge. The community was constructed in 2008. Jose Cruz and Michael Oliver led a JLL team that represented the seller, AvalonBay Communities Inc., in the transaction. A private investor purchased the property.

May 20, 2020

Development Multifamily New Jersey Northeast

Larken Associates Breaks Ground on 191-Unit Luxury Apartment, Retail Project in Hillsborough, New Jersey

by Alex Patton May 20, 2020

HILLSBOROUGH, N.J. — New Jersey-based developer Larken Associates has broken ground on Hillsborough Village Center, a 191-unit luxury apartment building in Hillsborough, approximately 25 miles north of Trenton. Located at 650 U.S. Highway 206, the nine-building community will feature one-, two- and three-bedroom floor plans and approximately 28,000 square feet of ground-level retail space. Amenities will include a fitness center and a standalone clubhouse with a business center, game room, theater and pool. Larken Associates expects te first units to be available for occupancy in mid-2021.

May 20, 2020

Industrial Leasing Activity New Jersey Northeast

NAI Mertz Negotiates 26,740 SF Industrial Lease in Mount Laurel, New Jersey

by Alex Patton May 20, 2020

MOUNT LAUREL, N.J. — NAI Mertz has negotiated a 26,740-square-foot industrial lease in Mount Laurel, an eastern suburb of Philadelphia. The tenant is an undisclosed, locally based food packaging company. The space is part of a 112,000-square-foot industrial building that is located at 103 Central Ave. The property features 17-foot clear heights and offers convenient access to Interstate 295 and the New Jersey Turnpike. Scott Mertz and Jonathan Klear of NAI Mertz represented the tenant in the lease negotiations. Core One Real Estate LLC represented the landlord, Burton Real Estate.

May 20, 2020

Leasing Activity New Jersey Northeast Retail

Stumpy’s Hatchet House Signs 14,194 SF Retail Lease in Upper Saddle River, New Jersey

by Alex Patton May 20, 2020

UPPER SADDLE RIVER, N.J. — Stumpy’s Hatchet House LLP, an entertainment concept that centers on axe-throwing, has signed a 14,194-square-foot retail lease in Upper Saddle River, approximately 30 miles northwest of New York City. The space is located in a 29,795-square-foot building at 107 Pleasant Ave that also houses The Gravity Vault, an indoor rock climbing concept. The store will be Stumpy’s sixth axe-throwing venue in New Jersey. Conor Ryan and Ryan Bednarski of JLL represented Stumpy’s in the lease negotiations. Samuel Bernhaut and Nicole Nannola of CBRE represented the landlord, Northbound Real Estate LLC.

May 20, 2020

Midwest Minnesota Retail

Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales

by Kristin Harlow May 20, 2020

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported a 10.8 percent increase in total sales during the first quarter, including digital sales growth of 141 percent. The Minneapolis-based retailer’s first quarter ended on May 2. While revenue rose 11.3 percent to $19.6 billion in the first quarter on a year-over-year basis, operating income fell 58.7 percent to $468 million during the first quarter. Target invested heavily in its response to COVID-19, spending roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees. Target also says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume” as shoppers turned to online purchases.

May 20, 2020

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