Property Type

JLL Negotiates $65.9M Sale of Multifamily Community in Durham

by Alex Tostado April 23, 2020

DURHAM, N.C. — JLL has negotiated the $65.9 million sale of Lodge at Croasdaile, a 320-unit, garden-style multifamily community in Durham. The property offers one-, two- and three-bedroom floor plans totaling 340,160 square feet of rentable commercial space. The community was developed in three phases and was completely delivered in 2019. Communal amenities include a saltwater pool, outdoor grilling areas, resident lounge with community kitchen and coffee bar, fitness center with yoga space, outdoor pavilion with games, private gardens and a dog park. The property is situated at 3130 Hillandale Road, six miles north of downtown Durham. Jeff Glenn, Andrea Howard, Allan Lynch, Caylor Mark, John Currin and Justin Good of JLL represented the seller, a joint venture between Boston-based The Davis Cos. and Gemini Partners LLC, in the transaction. The buyer was Virginia-based RST Development, which assumed management operations under its affiliate, Hercules Living.

April 23, 2020

Development Florida Loans Mixed-Use Retail Southeast

PEBB Enterprises, Banyan Development Receive $27M Construction Loan for Mixed-Use Development in Palm Beach County

by Alex Tostado April 23, 2020

BOYNTON BEACH, FLA. — PEBB Enterprises and Banyan Development have received $27 million in financing for their Mainstreet at Boynton mixed-use project underway in Boynton Beach. Buffalo, N.Y.-based M&T Bank provided the loan. The property is situated at 6405 W. Boynton Beach Blvd., 13 miles north of Boca Raton in Palm Beach County. A 26,000-square-foot Sprouts Farmers Market will anchor the project, which will also feature a Wawa on an outparcel. The retail portion is 85 percent preleased. A 158-bed, 117,000-square-foot co-living facility will also be a part of the project. Jupiter, Fla.-based general contractor Mason Construction expects to complete the project in second-quarter 2021.

April 23, 2020

Development Florida Multifamily Seniors Housing Southeast

Gates Construction Delivers Seniors Housing Community in Naples, Florida

by Alex Tostado April 23, 2020

NAPLES, FLA. — Gates Construction has delivered The Pineapple House at Sapphire Lakes, a two-story, 127-unit seniors housing community in Naples. The owner and operator is Senior Care Residence Sapphire Lakes at Naples LLC. The property spans 115,381 square feet and offers an open-air courtyard, fitness center, massage areas, hydrotherapy room, pool, beauty salon, theater room, library, chapel, craft room, private dining room, clubroom bar and dining options that will include a bistro and an open-air patio. The new community is located at 7901 Radio Road, seven miles east of downtown Naples. Michael Kerner, Development Consulting LLC and Phoenix Associates of South Florida Inc. designed the community.

April 23, 2020

Acquisitions Healthcare Maryland Office Southeast

KLNB Arranges $9.4M Sale of Medical Office Building Near Baltimore

by Alex Tostado April 23, 2020

ELLICOTT CITY, MD. — KLNB has arranged the $9.4 million sale of North Ridge Professional Center, a 38,894-square-foot medical office building in Ellicott City. The building was 97 percent leased at the time of sale to anchor Ellicott City Ambulatory Surgery Center, Howard County Government, Seton Medical Group (a division of St. Agnes Healthcare) and Infectious Disease Associates. The property is situated at 2850 N. Ridge Road, 15 miles west of downtown Baltimore. Don Schline, Craig Morrell and Brad Berzins of KLNB represented the seller, Foulger-Pratt, in the transaction. The buyer was not disclosed.

April 23, 2020

Acquisitions Industrial Massachusetts Northeast

JLL Arranges $19.3M Sale of Industrial Property in Winchester, Massachusetts

by Alex Patton April 23, 2020

BOSTON — JLL has arranged the $19.3 million sale of 45 Holton Street, a 180,000-square-foot industrial warehouse in the northwestern suburb of Boston of Winchester. The building features 26-foot clear heights, 33 loading docks, two drive-in doors and roughly 18,000 square feet office space, as well as convenient access to Interstates 95 and 93 and State Route 3. At the time of sale, the property was fully leased to Tighe Logistics Group and Archive America. Matt Sherry and Jamey Lipscomb led a JLL team that represented the seller, JG Holt Ltd. Partnership, in the transaction. Brett Paulsrud and Sam Campbell led the JLL debt placement team that arranged $13.3 million in acquisition financing through Harbor One Bank for the buyer, a partnership between Boston-based firms Bain Capital Real Estate and Oliver Street Capital.

April 23, 2020

Acquisitions Northeast Office Pennsylvania

Colliers Brokers Sale of 33,000 SF Office Building in Bethlehem, Pennsylvania

by Alex Patton April 23, 2020

BETHLEHEM, PA. — Colliers International has brokered the $3 million sale of a 33,000-square-foot office building located at 257 Brodhead Road in Bethlehem, an eastern suburb of Allentown. The seller, First Commonwealth Federal Credit Union (FCFCU), previously used the building as its corporate headquarters and will move to a new space within the Trexler Business Center development currently under construction in Trexlertown, Pennsylvania. An undisclosed new tenant has already been procured. Derek Zerfass of Colliers represented FCFCU in the transaction. Ryan Dietrick and Kelly Berfield, also of Colliers, represented the buyer, Brodhead Road Holdings LLC.

April 23, 2020

Acquisitions New Jersey Northeast Office

First National Realty Partners Acquires 29,178 SF Office Building in Red Bank, New Jersey

by Alex Patton April 23, 2020

RED BANK, N.J. — First National Realty Partners (FNRP) has acquired The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, a southern suburb of New York City. Located at 151 Bodman Place on the Navesink River, the property offers convenient access to State Highway 35 and the Garden State Parkway. At the time of sale, tenants included Conklin Office Services LLC, Hudson Canyon Investment Counselors and The Pat Menna Law Firm. The building was constructed in 1982 and underwent lobby renovations in 2013. First National acquired the building in an off-market transaction and plans to improve the property with targeted upgrades focused on green initiatives and technology. The sales price was undisclosed.

April 23, 2020

Industrial Leasing Activity Texas

Transport, Logistics Firm Geodis Signs 280,000 SF Industrial Lease in Southwest Dallas

by Taylor Williams April 23, 2020

DALLAS — International transport and logistics firm Geodis has signed a 280,000-square-foot industrial lease at 5450 W. Kiest Blvd. in southwest Dallas. According to LoopNet Inc., the site is located within Southwest Distribution Center, a 500,000-square-foot development that was completed in 1999. Ann Huntington of CBRE represented the tenant in the lease negotiations. Kacy Jones and Trapper Graff of CBRE represented the landlord, Kiest Blvd LLC.

April 23, 2020

Development Industrial Texas

Trammell Crow, Clarion Complete 85,000 SF Distribution Center for FedEx in Austin

by Taylor Williams April 23, 2020

AUSTIN, TEXAS — A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has completed construction of an 85,000-square-foot, build-to-suit distribution center for FedEx in Austin. The Class A building is situated on 13 acres at 8233 Industry Way on the city’s southeast side and has been operational since March. The project represents Phase II of Park 183, a Class A industrial development that currently totals 330,000 square feet. A third phase consisting of 300,000 square feet has been announced and is expected to be complete by the third quarter of 2021.

April 23, 2020

Development Mixed-Use Texas

Legend Communities, Tiki Time to Develop Mixed-Use Project Near Galveston

by Taylor Williams April 23, 2020

TIKI ISLAND, TEXAS — Austin-based developers Legend Communities and Tiki Time LLC have acquired six acres on Tiki Island, located near Galveston, for the development of a mixed-use community. Tiki Island Residences & Boathouse Resort will feature 75 condominium residences, five penthouses, a waterfront restaurant, retail space and a boathouse structure with the capacity to lodge more than 200 boats. Construction of Phase I, which includes the commercial components, is expected to begin by the fall. The developers expect to break ground on Phase II, which will deliver the residences, in summer 2021. NAN Properties Developer Services has been named as the exclusive listing agent for the residential component.

April 23, 2020

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