Property Type

Trammell Crow, Diamond Realty to Develop 403,648 SF Industrial Property Near Atlanta

by Alex Tostado March 23, 2020

NEWNAN, GA. — A joint venture between Trammell Crow Co. and Diamond Realty Investments will develop Innovation Business Center, a two-building, 403,648-square-foot industrial property in Newnan. The North Building will span 201,740 square feet and the South Building will include 201,908 square feet. The developers expect the property to be completed at the end of the year. The single-story buildings are situated at 185 and 195 Innovation Way, 36 miles southwest of downtown Atlanta and 27 miles from Hartsfield-Jackson Atlanta International Airport. Each building will feature 32-foot clear heights, 60-foot dock bays, a 185-foot truck court with 115 trailer spaces, 375 automobile parking spaces and an ESFR fire sprinkler system. Ware Malcomb is the project’s architect, Catamount Constructors is the general contractor, Eberly & Associates is the civil engineer and landscape architect, Haines Gipson & Associates is the structural engineer and Jordan & Skala Engineers is the MEP engineer. Mark Hawks, Todd Barton and Joanna Blaesing of CBRE are handling the marketing and leasing of the property.

March 23, 2020

Features Hospitality Industrial Multifamily Office Restaurant Retail

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

by Jeff Shaw March 23, 2020

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — new filings for unemployment insurance — could hit 2 million or 3 million. The Labor Department will release the latest figures on Thursday morning. Before the coronavirus hit, weekly jobless claims hovered around 215,000. Though no one knows the true fallout yet — because we’re still in the thick of it. “The impact of the crisis on the commercial real estate market has been dramatic so far, and we are only in the beginning,” says Alex Zikakis, president and founder of Capstone Advisors, a real estate investment, development and asset management company in Carlsbad, Calif. “Many small businesses, especially in retail, are facing extreme pressure as people social distance and only shop for absolute necessities. I …

March 23, 2020

Development Florida Multifamily Southeast

BCDC, Ventures Development Break Ground on 185-Unit Multifamily Community in Jacksonville

by Alex Tostado March 23, 2020

JACKSONVILLE, FLA. — Batson-Cook Development Co. (BCDC) and Ventures Development Group have broken ground on a 185-unit multifamily community in Jacksonville’s St. Johns River neighborhood. The property is situated at 841 Prudential Drive, along the bank of the St. Johns River and next to Jacksonville’s medical campus. Communal amenities at the yet-to-be-named complex will include a clubroom, community kitchen, green space, playground, dog park and a pool and deck on the third floor overlooking the river. The developers expect to open the community in early 2022. Niles Bolton is the architect, and Summit Contracting Group is the general contractor. Erik Bjornson and Tyler Nilsson of Newmark Knight Frank (NKF) arranged the land sale of the 2.9-acre plot. Cadence Bank provided a senior construction loan, and Nationwide Realty Investors provided preferred equity. Patterson Real Estate Advisory Group assisted BCDC and Ventures Development with sourcing the debt and equity.

March 23, 2020

Acquisitions Office Southeast Virginia

Office Properties Income Trust Sells Building in Northern Virginia for $22.2M

by Alex Tostado March 23, 2020

FAIRFAX, VA. — Office Properties Income Trust has sold an 83,130-square-foot office building in Fairfax for $22.2 million. The building is situated at 3920 Pender Drive, 21 miles west of downtown Washington, D.C. The office building was originally constructed in 1981. The Newton, Mass.-based REIT will use the proceeds of the sale to pay off a $13.2 million mortgage loan and put the rest toward general business purposes. The buyer was not disclosed.

March 23, 2020

Florida Loans Multifamily Southeast

Berkadia Provides $17.8M Acquisition Loan for Apartment Complex in Tampa

by Alex Tostado March 23, 2020

TAMPA, FLA. — Berkadia has provided a $17.8 million Freddie Mac acquisition loan for Southern Cove, a 180-unit apartment complex in Tampa. The property was built in 1974 at 8741 Grove Terrace, nine miles northeast of downtown Tampa. The community offers two-bedroom units and townhomes. Communal amenities include a business center, clubhouse, dog park, swimming pool, tennis courts and a laundry facility. Mitch Sinberg, Wes Moczul and Brad Williamson of Berkadia originated the loan on behalf of the borrower, San Francisco-based 29th Street Capital. The three-year value-add loan offers a floating interest rate.

March 23, 2020

Acquisitions Florida Leasing Activity Retail Southeast

SRS Arranges Sale-Leaseback of Chuck E. Cheese in Central Florida

by Alex Tostado March 23, 2020

ALTAMONTE SPRINGS, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding retail property in Altamonte Springs leased to Chuck E. Cheese. The seller, Irving, Texas-based CEC Entertainment, will lease back the property on a newly signed, 20-year lease. The property is situated at 541 W. State Road 436, 10 miles north of downtown Orlando. Michael Walseth of SRS represented the seller and buyer, a private Florida-based investor, in the sale-leaseback transaction. Further details were not disclosed.

March 23, 2020

Hospitality Northeast Pennsylvania

Cambridge Landmark Completes $30M Renovation of Sheraton Philadelphia Downtown Hotel

by Alex Patton March 23, 2020

PHILADELPHIA — Hospitality owner Cambridge Landmark has completed a $30 million renovation of its 760-room Sheraton Philadelphia Downtown hotel in the Center City area of Philadelphia. The project upgraded the hotel’s guestrooms and 2,071-square-foot fitness center, which now features four Peloton bikes, among other new fitness equipment. The renovation also delivered a new 60,000-square-foot event space with two dining options.

March 23, 2020

Acquisitions Industrial Northeast Pennsylvania

Advanced Industrial Acquires 25,000 SF Property in Manchester, Pennsylvania

by Alex Patton March 23, 2020

MANCHESTER, PENN. — Advanced Industrial Services Inc. has acquired a 25,000-square-foot property in Manchester, located approximately 20 miles south of Harrisburg. Located at 45 Devco Drive, the property was constructed in 1988 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer. The sales price was undisclosed.

March 23, 2020

Hospitality Loans New York Northeast

Helmsley Spear Arranges $9.5M Refinancing Loan for Kings Hotel in Brooklyn

by Alex Patton March 23, 2020

NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the financing.

March 23, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $7.5M Sale of Multifamily Property in Toms River, New Jersey

by Alex Patton March 23, 2020

TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.

March 23, 2020

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