Property Type

Kislak Cos. Brokers Sale of 48,000 SF Medical Office Building in West Orange, New Jersey

by Alex Patton April 29, 2020

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.

April 29, 2020

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 25,067 SF Retail Lease for Fitness Center in Yardville, New Jersey

by Alex Patton April 29, 2020

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.

April 29, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers Sale of 5,967 SF Net-Leased Retail Asset in Wilkes-Barre, Pennsylvania

by Alex Patton April 29, 2020

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.

April 29, 2020

Industrial Texas

Dallas-Fort Worth Remains National Leader in Industrial Construction Volume Amid COVID-19, Says CBRE

by Taylor Williams April 29, 2020

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 …

April 29, 2020

Development Office Texas

KDC Tops Out JPMorgan Chase’s 540,000 SF Office Expansion Project at Legacy West in Plano

by Taylor Williams April 29, 2020

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.

April 29, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 188-Unit Loop Apartments in Conroe, Texas

by Taylor Williams April 29, 2020

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.

April 29, 2020

Acquisitions Multifamily Texas

BoaVida Group Acquires Mobile Home Park in Northeast San Antonio for $11.2M

by Taylor Williams April 29, 2020

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.

April 29, 2020

Industrial Leasing Activity Texas

HBL Towing Signs 121,105 SF Industrial Lease Renewal in Dallas

by Taylor Williams April 29, 2020

DALLAS — Locally based firm HBL Towing & Recovery has signed a 121,105-square-foot industrial lease renewal at 5200 E. Grand Ave. in Dallas. Canon Shoults and Josh Barnes represented the landlord, Holt Lunsford Commercial Investments, on an internal basis. The representative of the tenant was not disclosed.

April 29, 2020

Features Student Housing

Student Housing CEOs Expect Lower International Enrollment, Changes to On-Campus Living for Fall Semester

by Jeff Shaw April 29, 2020

With summer break fast approaching, many universities are beginning to turn their attention to the upcoming academic year. The question lingering on the minds of many is: What will fall semester look like during a pandemic? Will international students return? Will enrollment numbers fall? And will campuses even host in-person classes? The answer to each of these questions begets an impact on student housing, both on and off campus. On Friday, April 17, Student Housing Business (SHB) released a complimentary webinar sponsored by Pavlov Media, during which four CEOs from some of the top companies in the student housing sector provided their perspective on the impact of COVID-19 on the industry. Rich Kelley, publisher of SHB, led the discussion with speakers including Wes Rogers, president and CEO of Landmark Properties; Rob Bronstein, president and founder of The Scion Group; Peter Stelian, CEO of Blue Vista Companies; and Christopher Merrill, co-founder and CEO of Harrison Street. Click here to listen to the full webinar: The CEO Perspective: COVID-19 and the Impact on Student Housing What will fall semester look like? Over the past week, a number of universities announced their plans for the fall semester. These announcements are expected to grow steadily in …

April 29, 2020

Acquisitions Hospitality Indiana Midwest

Thompson Thrift Retail Group Sells Hotel Pad Within $60M Mixed-Use Development Near Indianapolis

by Kristin Harlow April 29, 2020

FISHERS, IND. — Thompson Thrift Retail Group (TTRG) has sold the hotel pad site at The Stations, a $60 million mixed-use development in the Indianapolis suburb of Fishers. The buyer, Indiana-based Dunn Hospitality, plans to open a $20 million, 145-room Courtyard by Marriott hotel in late 2021. The Courtyard hotel will include meeting space, fitness facilities, an indoor pool and bistro bar. Later this year, TTRG plans to break ground on a Class A, four-story office building within The Stations. The company is also completing initial site work on the back portion of the project for Pulte Homes to begin development of 37 three-story, for-sale townhomes. The Stations is adjacent to Fishers District, a TTRG project with more than 100,000 square feet of retail and dining space, 260 multifamily units and a dual-branded Hyatt Place and Hyatt House hotel.

April 29, 2020

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