Property Type

Gebroe-Hammer Associates Arranges $43.4M Sale of Apartment Community in South Amboy, New Jersey

by Alex Patton May 18, 2020

SOUTH AMBOY, N.J. – Gebroe-Hammer Associates has arranged the $43.4 million sale of Bayside Cove, a 125-unit luxury apartment community in South Amboy, a southwestern suburb of New York City. Located at 100 Celecki Dr., the property was constructed in 2018 and features one- and two-bedroom floor plans as well as 106 townhomes. Joseph Brecher, Greg Pine and Stephen Tragash of Gebroe-Hammer represented the undisclosed seller in the transaction. The team also procured the buyer, a private investor.

May 18, 2020

Acquisitions Industrial Northeast Pennsylvania

Mountain Development Corp. Acquires 86,315 SF Industrial Building in Philadelphia

by Alex Patton May 18, 2020

PHILADELPHIA — Mountain Development Corp., a New Jersey-based developer, has acquired an 86,315-square-foot industrial building in Philadelphia. Located at 3445-3535 S. Front St., the property features clear heights ranging from 18 to 44 feet, 14 loading docks and a 10 percent office finish. The property offers convenient access to the CSX Rail Yard, the Philadelphia Nay Yard and Interstate 95. At the time of sale, plumbing supplies distributor Ferguson Enterprises was the sole tenant of the entire facility. Michael Oliver and Jose Cruz led a JLL team that represented the seller, The Hampshire Cos., in the deal. The sales price was undisclosed.

May 18, 2020

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers Sale of Two Office Buildings Totaling 77,464 SF in Mechanicsburg, Pennsylvania

by Alex Patton May 18, 2020

MECHANICSBURG, PA. — Marcus & Millichap has brokered the $8.2 million sale of a pair of office buildings totaling 77,464 square feet in Mechanicsburg, a western suburb of Harrisburg. The properties are located at 600 and 1000 Bent Creek Blvd. and were completed in 2006. At the time of sale, the properties were fully leased to a mix of medical and other professional office tenants. Craig Dunkle of Marcus & Millichap represented the buyer, a locally based limited liability company, in the transaction. Laura Martin of SVN Latus represented the seller, another limited liability company. Both parties requested anonymity.

May 18, 2020

Industrial Leasing Activity New Jersey Northeast

TriWire Signs 5,000 SF Industrial Lease in Hammonton, New Jersey

by Alex Patton May 18, 2020

HAMMONTON, N.J. — TriWire Engineering Solutions Inc. has signed a 5,000-square-foot industrial lease in Hammonton, New Jersey, approximately 40 miles southwest of Philadelphia. The space is located within a 105,000-square-foot industrial facility at 1001 South Grand Ave. The property offers convenient access to the Atlantic City Expressway and State Route 30. Ken Richardson and Nick Liggio Vantage Real Estate Services represented TriWire in the lease negotiations. Ben Grubner represented the landlord, 1001 Grant LLC, on an internal basis.

May 18, 2020

Loans Multifamily New Jersey Northeast

Dougherty Mortgage Provides $4 Million Fannie Mae Loan for Refinancing of Multifamily Property in Camden, New Jersey

by Alex Patton May 18, 2020

CAMDEN, N.J. — Dougherty Mortgage has provided a $4 million Fannie Mae loan for the refinancing of All American Gardens Apartments, an 86-unit multifamily property located in Camden, a western suburb of Philadelphia. The borrower was All American Gardens LLC. The loan carried a term of 10 years and a 30-year amortization rate. The property features 20 one-bedroom units, 56 two-bedroom units and 10 three-bedroom units across five residential buildings. Andrew LaSalla II with LSG Lending Advisors arranged the loan in collaboration with Dougherty Mortgage.

May 18, 2020

Georgia Leasing Activity Office Southeast

Microsoft Leases 523,000 SF in Atlanta’s West Midtown District, Expects to Create 1,500 Jobs

by Alex Tostado May 18, 2020

ATLANTA — Microsoft Corp. is investing $75 million for its new office space at Atlantic Station in West Midtown Atlanta. The software giant is leasing 523,000 square feet within Atlantic Yards, a two-building office project that Hines and Invesco Real Estate are developing and where Microsoft will be the sole office tenant. The company expects to open its new offices in summer 2021 and create 1,500 high-tech jobs. Microsoft plans for the new space to focus on artificial intelligence and cloud services and include retail space. In metro Atlanta, Microsoft currently operates a cloud computing engineering center in the Coda Building at Technology Square and maintains offices in Buckhead and at Avalon in Alpharetta, another project co-developed by Hines. Hines and Invesco Real Estate also co-developed T3 West Midtown within Atlantic Station, which has attracted other high-profile technology companies such as Facebook.

May 18, 2020

Development Florida Healthcare Southeast

Tampa General, Kindred Healthcare Unveil Plans for New $35M Rehabilitation Hospital in Tampa

by Alex Tostado May 18, 2020

TAMPA, FLA. — Tampa General Hospital and Kindred Healthcare have formed a joint venture to develop and operate a $35 million, 59-bed hospital in Tampa. The building will be located on West Kennedy Boulevard between Oregon and Willow avenues, two miles west of downtown Tampa and one mile west of the University of Tampa. The joint venture plans to break ground this summer with an expected completion date in fall 2021. Kindred will operate the day-to-day operations of the hospital. The developers expect to employ more than 140 people. The new inpatient rehabilitation hospital will care for adults recovering from conditions such as stroke, neurological disease, injury to the brain or spinal cord and other debilitating illnesses or injuries. The new facility will feature all private rooms and will also have a secured brain injury unit with private dining and a therapy gym.

May 18, 2020

Development Industrial Louisiana Self-Storage Southeast

Brookwood Properties to Open 1,100-Unit Self-Storage Facility Near Baton Rouge in June

by Alex Tostado May 18, 2020

DENHAM SPRINGS, LA. — Brookwood Properties LLC will open a 1,100-unit self-storage facility the first week of June in Denham Springs. The four-story building will span 130,000 square feet and offer climate-controlled units. The Baton Rouge, La.-based developer broke ground on the project in May 2019. Baton Rouge-based Rosehill Construction LLC is the general contractor. Buffalo, N.Y.-based Life Storage will manage the property upon completion. The facility is located at 100 Rushing Road, 15 miles east of downtown Baton Rouge. This will be Brookwood’s 50th facility in its portfolio.

May 18, 2020

Development Florida Loans Multifamily Southeast

Berkadia Arranges $9.1M Construction Loan for Multifamily Development in Downtown Fort Lauderdale

by Alex Tostado May 18, 2020

FORT LAUDERDALE, FLA. — Berkadia has arranged a $9.1 million construction loan for The Forge, a 35-unit multifamily community within FATVillage in downtown Fort Lauderdale. The developer and borrower, Urban Street Development, expects to break ground this year and open the seven-story complex in late 2021. An undisclosed bank provided the loan at a 55 percent loan-to-value ratio. The Forge will offer one- and two-bedroom loft-style floor plans ranging from 781 to 1,350 square feet. Apartments will feature 12- to 14-foot ceilings, finished concrete floors, Bauhaus-inspired windows, open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking and shared access to the Foundry Loft’s pool deck next door. Additionally, the property is located one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach. FATVillage (Flagler + Arts + Technology Village) is a neighborhood that includes dozens of eateries, markets, boutiques and galleries.

May 18, 2020

Georgia Office Southeast

New York Life Earns LEED Gold Certification for Prominence in Buckhead Office Tower in Atlanta

by Alex Tostado May 18, 2020

ATLANTA — New York Life Real Estate Investors has earned a Leadership in Energy and Environmental Design (LEED) Gold Certification for its Prominence in Buckhead office tower in Atlanta. The 433,237-square-foot property is situated at 3475 Piedmont Road in Atlanta’s Buckhead district, nine miles north of downtown Atlanta. In order to achieve the certification, the owner enhanced the building ventilation to improve indoor air quality, completed a lighting project in the parking garage that reduced electricity by 65 percent and implemented a recycling program that diverted 50 percent of waste from the building from landfills. Onsite amenities include a newly renovated fitness center, conference facility, café and covered parking. New York Life acquired the asset in 2018, and according to LoopNet Inc., it was built in 1999. State Farm Arena in downtown Atlanta was the most recent building in Georgia to receive the award after a 2019 renovation project was completed.

May 18, 2020

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