WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.
PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.
SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …
The growth of large distribution facilities for e-commerce users and third-party logistics providers (3PLs) symbolizes the evolution of Houston’s industrial market. Consequently, developers are leaping into action to secure well-located infill sites that are squarely in the pathways of natural population growth, the rise of new industries and infrastructural upgrades. According to data from office and industrial brokerage firm Lee & Associates, there was roughly 18 million square feet of distribution space under construction throughout the Houston area at the end of 2019. This figure represents a 20 percent increase above the previous high of 15 million square feet in 2015, the approximate time at which the price of oil — the longtime foundation of Houston’s economy — began to tumble. The sheer size and number of these projects has catapulted Houston into the No. 3 spot nationally for industrial product under construction behind Dallas-Fort Worth (DFW) and California’s Inland Empire, according to the latest data from CoStar Group. CoStar notes that there is roughly 27 million square feet of industrial space across all sub-types of industrial product under construction throughout Houston. The market also took the bronze medal for new deliveries in 2019. Older, smaller industrial properties that were …
DETROIT — In response to the COVID-19 pandemic, TCF Center in Detroit has been designated by Michigan Gov. Gretchen Whitmer and the Federal Emergency Management Agency (FEMA) as a temporary alternate care facility. Mobilization has already begun, and construction will be performed by the TCF Center workforce and union labor. The temporary site is planned for COVID-19 patients to relieve the burden on local hospitals treating patients with the virus. The temporary care site may be used for as long as six months, according to local media. As of late Sunday, the Michigan Department of Health and Human Services reported 5,486 cases of the coronavirus and 132 deaths. Consequently, the 2020 North American International Auto Show, which was set to take place at TCF Center, formerly Cobo Hall, has been cancelled. The annual show, one of the largest in North America, was scheduled to take place June 9-20 and will now be postponed until June 11-26, 2021.
LEXINGTON, S.C. — Magnus Development Partners LLC has delivered Midway IV, a speculative 200,000-square-foot industrial building within Lexington County Industrial Park (LCIP). There is currently one tenant in the building, occupying 50,000 square feet. LCIP spans 350 acres nine miles south of downtown Columbia. Magnus broke ground on Midway IV in March 2019. The asset features 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus broke ground on Midway V, also within LCIP, in November.
YOUNGSVILLE, LA. — Greystone has provided a $25.3 million HUD 221(d)(4) loan for the construction of Sugar Mill Villas Apartments, a planned 164-unit multifamily community in Youngsville. The non-recourse, fixed-rate loan will fund 85 percent of the project. The loan will automatically convert to a 40-year, fully amortizing permanent loan upon stabilization. The community will be situated at 1931 Chemin Metairie Parkway, within the master-planned Sugar Mill Pond neighborhood. Sugar Mill Villas will also be located near the Youngsville Sports Complex, a $20 million, 70-acre development. A timeline for construction of Sugar Mill Villas was not disclosed. The borrower was also not disclosed.
ORANGE PARK, FLA. — Berkadia has arranged the $10.6 million sale of Promenade Park Avenue, a 105-unit apartment complex in Orange Park. The property was originally built in 1974 and offers two-bedroom floor plans. Communal amenities include a swimming pool. The asset is situated at 606 Park Ave., 14 miles south of downtown Jacksonville. Cole Whitaker and Greg Rainey of Berkadia represented the seller, New York City-based Quad Property Group, which acquired the property for $6.7 million in December 2017. The buyer was not disclosed.
LADY LAKE, FLA. — Marcus & Millichap has brokered the $3.1 million sale of Old Dixie Portfolio, a 43,255-square-foot building that features 30 rental townhomes and 7,500 square feet of office space. The property is located at 102 S. Old Dixie Highway in Lady Lake, 50 miles northwest of downtown Orlando. The multifamily community, called Christine’s Place Apartments, offers two- and three-bedroom floor plans averaging 1,192 square feet. The community was built in 1997. The office space, Chelsea Plaza, was built in 1999 and comprises seven suites that are leased to a mix of medical, professional and technology tenants. Casey Babb, Ryan Wooden, Luis Baez and Shawn Rupp of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also procured the buyer, a limited liability company.
TALLAHASSEE, FLA. — Colliers International has negotiated the $3.2 million sale of Villages at Apalachee, a 9,026-square-foot retail strip center in Tallahassee. The property is situated at 1435 E. Lafayette St., two miles east of downtown Tallahassee and across the street from Governor’s Square Mall. Villages at Apalachee was fully leased to Uncle Maddio’s Pizza, Allure Nails, Vape Haven and Aveda-Soleil Hair Salon at the time of sale. Mike Milano, Sean Glickman, Chris Smith and Brandon Rapone of Colliers represented the seller, Shuler Properties, in the transaction. EM Real Estate Development Florida LLC, which is affiliated with an investment firm based in California, acquired the asset.