ALPHARETTA, GA. — Neal Freeman will begin construction in May on Fairway Social, a golf and entertainment concept in Alpharetta. The 11,000-square-foot entertainment destination, Fairway Social, will be located in The Maxwell, a joint development between Mayfair Street Partners, LLC and The Providence Group of Georgia LLC. The Maxwell will include 44,000 square feet of retail, restaurant and office space, as well as 138 residential units. Seven sports simulators will offer virtual golfing on more than 80 notable courses, as well as provide simulated games for baseball, football, soccer, lacrosse, hockey, cricket and zombie dodgeball. The venue will also feature a section called Back Nine, which will have nine customizable holes on synthetic turf with synthetic sand traps, bridges and putting challenges. The indoor and outdoor bar area, named Par Bar, will be adjacent to seating for more than 80 diners in an area to be known as The Tee Room. There will also be an indoor-outdoor patio bar on the rooftop called Eagles Nest. The Maxwell is situated 25 miles north of downtown Atlanta.
ATLANTA — Harold Schumacher, founder of The Schumacher Group in Atlanta, died Saturday at the age of 72. Schumacher attended Michigan State University and moved to Atlanta as a public school teacher in the 1970s. He worked part-time as a restaurant critic for The Atlanta Journal-Constitution. Schumacher worked at The Shopping Center Group, now known as TSCG, as a broker for four years before founding The Schumacher Group in 1991. Some of Schumacher’s major clients include Verizon Wireless, Bruster’s, Metrotainment Cafes (Hudson Grill and Garrison’s), Varasano’s Pizza and Golden Corral. The firm also is part of the Retail Brokers Network, a national consortium of independent retail and restaurant pros.
FORT LEE, N.J. — Mack-Cali Realty Corp. has sold One Bridge Plaza, a 206,500-square-foot, Class A office building located in the northern New York City suburb of Fort Lee. The 10-story building was 69 percent leased at the time of the sale. The property offers direct access to the George Washington Bridge and the New Jersey Turnpike. Kevin Welsh, Brian Schulz and Jason Emran of Newmark Knight Frank represented Mack-Cali in the transaction. The team also procured the buyer, a private investor. The sales price was undisclosed.
WEST ORANGE, N.J. — The Kislak Cos. Inc. has brokered the sale of a 48,000-square-foot, Class B medical office building in West Orange, a western suburb of New York City. Located at 622 Eagle Rock Ave., the three-story building was constructed in 1988. JAG One Physical Therapy and Garden State Community Bank are the anchor tenants of the building. The property offers convenient access to State Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike. Matt Wilheimer of Kislak represented the seller, New York Community Bank, in the transaction. The buyer was 622 Eagle Rock Avenue Realty.
YARDVILLE, N.J. — R.J. Brunelli & Co. has negotiated a 25,067-square-foot retail lease for fitness chain Jersey Strong in Yardville, a southeastern suburb of Trenton. The fitness center will be located within Dover Park Plaza, a 56,000-square-foot retail center at 1-23 Sunnybrae Blvd. Other tenants include a CVS pharmacy and several restaurants. Robert Kwiatkowski of R.J. Brunelli represented Jersey Strong in the lease negotiations. Danielle Brunelli and Peter Miller, also with R.J. Brunelli, represented the landlord.
WILKES-BARRE, PA. — Marcus & Millichap has brokered the $3.7 million sale of a 5,967-square-foot retail asset in Wilkes-Barre, approximately 65 miles north of Allentown. Located at 989 Schechter Drive, the freestanding property is net-leased to Chick-Fil-A. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was undisclosed.
Dallas-Fort Worth Remains National Leader in Industrial Construction Volume Amid COVID-19, Says CBRE
LOS ANGELES — With roughly 24 million square feet of space under construction at the end of the first quarter of 2020, Dallas-Fort Worth (DFW) leads the nation’s major markets in terms of volume of new industrial development, according to a new report from Los Angeles-based CBRE. About 19 percent of that space has been preleased. The metroplex also led the nation in this category at the end of 2019 with 23 million square feet of space under construction, and with Texas deeming such projects as essential services, that title has remained intact amid the COVID-19 outbreak. Of the top 20 markets listed in the report, only four — Philadelphia, Oakland, Central New Jersey and Pennsylvania’s I-78/81 Corridor — have shut down industrial construction sites. The report projected that completions of speculative projects across the country would have only a “marginal” impact on the overall industrial vacancy rate in 2020, with many of these projects having been put on hold as debt markets have faced tightening capital reserves and uncertainty on how to accurately price risk. CBRE’s report also noted that while prices for construction materials are declining, developers are also encountering delays in getting materials to sites. Lastly, the …
PLANO, TEXAS — Local developer KDC has topped out Phase II of an office expansion project for JPMorgan Chase at the Legacy West mixed-use development in Plano. The investment banking giant opted to take an additional 540,000 square feet in a build-to-suit project following the completion of its initial 1 million-square-foot campus at Legacy West in 2017. With the inclusion of the new 12-story tower, which is expected to be complete in May 2021, JPMorgan Chase will be able to grow its workforce by an additional 4,000 employees. Campus amenities include training and conference space, a food court, dining area and coffee shop, health and wellness center, childcare center and a bank branch. HKS served as the project architect for Phase II, and Balfour Beatty is the general contractor.
CONROE, TEXAS — JLL has negotiated the sale of The Loop Apartments, a 188-unit multifamily community in Conroe, about 40 miles north of Houston. Built in 2017, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor entertainment area and a dog park. Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of JLL represented the seller, Apartment Advisors Inc., in the transaction. Tim Leonhard, Mary Davis and Eric Hightower of JLL arranged Fannie Mae acquisition financing for the undisclosed buyer.
SAN ANTONIO — The BoaVida Group, a California-based owner-operator of mobile home and RV parks, has acquired Lamplighter Mobile Home Park, a 232-site property in San Antonio. The sales price was $11.2 million. The property is located on the city’s northeastern side and features a pool, office and resident clubhouse. The seller was not disclosed.