Property Type

M. David Properties Delivers 136,000 SF Industrial Building in North Charlotte

by Alex Tostado January 29, 2020

CHARLOTTE, N.C. — M. David Properties has delivered a 136,000-square-foot industrial building within SilverPark North in north Charlotte. The building is the first of three speculative properties to be delivered in the planned 300,000-square-foot park. The new building features a rear-loading configuration, 32-foot clear heights, 40 dock doors, two drive-in bays, ESFR sprinklers and additional storage for 35 trailers. Brad Cherry and Matthew Greer of JLL are marketing the building on behalf of M. David Properties to distribution and/or manufacturing users that could occupy 35,000 square feet or more.

January 29, 2020

Acquisitions Georgia Retail Southeast

Berkeley Capital Arranges $43.8M Sale of GreenWise-Anchored Shopping Center in Metro Atlanta

by Alex Tostado January 29, 2020

MARIETTA, GA. — Berkeley Capital Advisors has arranged the $43.8 million sale of Sandy Plains Marketplace, a 72,913-square-foot shopping center in Marietta. GreenWise Market, the smaller footprint organic grocery concept from Publix, anchors the property, which includes other tenants such as Hollywood Feed, Thrive Affordable Vet Care, Pacific Dental Services, MOD Pizza, First Watch, Bad Daddy’s, Synovus Bank and Panda Express. The seller, Atlanta-based Fuqua Development, delivered the asset at the beginning of January. The buyer was not disclosed.

January 29, 2020

Georgia Industrial Southeast

JLL Negotiates Equity Financing for Goodyear Distribution Center Near Atlanta

by Alex Tostado January 29, 2020

NEWNAN, GA. — JLL has negotiated equity terms on behalf of Prologis Inc. to bring on Stonemont Financial Group as a partner to fully fund the construction of the 1.5 million-square-foot Goodyear Distribution Center in Newnan. Upon completion, Stonemont Financial Group will own the building. San Francisco-based Prologis expects to deliver the building in March 2021. Goodyear Distribution Center is the largest build-to-suit industrial property under construction in metro Atlanta, according to JLL. The property is situated on 147 acres at the intersection of Interstate 85 and Ga. Highway 16, 35 miles southwest of downtown Atlanta. Britton Burdette, Matt Wirth, Pete Pittroff, Dennis Mitchell and Patrick Nally of JLL represented Prologis in the discussions.

January 29, 2020

Development Mixed-Use Multifamily New York Northeast

Lambrou, Bridges to Develop 218,000 SF City Harbor Mixed-Use Development in Ithaca, New York

by Alex Patton January 29, 2020

ITHACA, N.Y. — A partnership between Lambrou Real Estate and Bridges Development Group will develop City Harbor, a 218,000-square-foot mixed-use development in the Upstate New York city of Ithaca. The property will be located at 101 Pier Road, formerly the site of Johnson Boat Yard, on the southern shore of Finger Lake. A multifamily component of the project will feature 158,000 square feet of residential space with 156 one- and two-bedroom units, a fitness center, restaurant and other amenities. The project will also feature a 60,000-square-foot medical building and a 1,700-foot shoreline promenade. HOLT Architects is designing the project, and Edger Enterprises Inc. is the general contractor. The development team expects to break ground in May and to complete the first phase about 18 months later.

January 29, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

ESI Negotiates $18.2M Sale of Seniors Housing Community in Sellersville, Pennsylvania

by Alex Patton January 29, 2020

SELLERSVILLE, PA. — Evans Senior Investments (ESI) has negotiated the $18.2 million sale of a 94-unit seniors housing community in Sellersville, located approximately 30 miles north of Philadelphia. Hidden Meadows on the Ridge features 54 assisted living units, while The Laurels features 40 memory care units. Built in 2007 and renovated in 2018, the community recently underwent a capital improvements program that delivered new flooring, full facility furniture replacement and new dining options. The two facilities had a combined occupancy rate of 94 percent at the time of sale. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was an undisclosed REIT based on the East Coast.

January 29, 2020

Acquisitions Multifamily New York Northeast

CW Realty Acquires 20,000 SF Multifamily Development Site in Brooklyn

by Alex Patton January 29, 2020

NEW YORK CITY — CW Realty has acquired 251 Front Street, a 20,000-square-foot development lot in the Vinegar Hill neighborhood of Brooklyn, for $20 million. CW plans to build a five-story multifamily building comprising 59 units, a fitness center and a parking garage. Construction is slated to begin in June. Brendan Maddigan and Ethan Stanton of JLL represented the seller, Tocci Brothers, in the transaction. The team also procured CW Realty as the buyer.

January 29, 2020

Leasing Activity New York Northeast Office

Cantor Fitzgerald Renews 56,170 SF Office Lease in Manhattan

by Alex Patton January 29, 2020

NEW YORK CITY — Financial services firm Cantor Fitzgerald has renewed a 56,170 square-foot office lease at 499 Park Avenue in the Plaza District of Midtown Manhattan. The company signed a 16-year lease for the space. The leasing is part of a larger headquarters spanning two buildings. Jared Horowitz, Neil Goldmacher and Jason Perla of Newmark Knight Frank represented Cantor Fitzgerald in the lease negotiations. Michael Jones of Cole Schotz P.C. advised Cantor Fitzgerald in the renewals of the lease agreements. Paul Amrich of CBRE represented the landlord, American Realty Advisors.

January 29, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers Sale of Two Industrial Properties in Northborough, Massachusetts

by Alex Patton January 29, 2020

BROCKTON, MASS. — CBRE has brokered the sale of two industrial properties located at 1150 and 1120 W. Chestnut St. in Brockton, about 25 miles south of Boston, for $7.7 million and $1.4 million, respectively. The first property is a 100-square-foot warehouse that was 89 percent leased to two tenants at the time of sale. The second property is a 1.7-acre lot that was fully leased for truck and vehicle parking at the time of sale. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, a partnership between CIP 1120 Realty LLC and MA Industrial Brockton LLC. The team also procured the buyer, Northbridge Partners.

January 29, 2020

Acquisitions Multifamily Texas

Bell Partners Acquires Two Apartment Communities Totaling 722 Units in Frisco

by Taylor Williams January 29, 2020

FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.

January 29, 2020

Development Office Texas

VanTrust Real Estate to Develop 210,000 SF Spec Office Building at Frisco Station

by Taylor Williams January 29, 2020

FRISCO, TEXAS — VanTrust Real Estate will develop The Offices Three at Frisco Station, a 210,000-square-foot office building located within the 242-acre Frisco Station mixed-use development north of Dallas. Construction of the six-story, speculative building will begin this week and is expected to be complete in 2021. Amenities will include structured parking, a fitness center, conference center and a tenant lounge. VanTrust previously developed Offices One at Frisco Station, which is 98 percent leased, and has completed shell construction of Offices Two at Frisco Station, which is 35 percent preleased. HKS Inc. is the project architect, and Manhattan Construction is the general contractor. Cushman & Wakefield will handle leasing.

January 29, 2020

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