LUMBERTON, N.J. — JLL has brokered the $25 million sale of Cross Roads Plaza, a 99,650-square-foot retail center in Lumberton, an eastern suburb of Philadelphia. A 70,818-square-foot ShopRite grocery store anchors the property, along with a Wawa convenience store and a Wells Fargo bank. Chris Munley, James Galbally, Jose Cruz and Colin Behr of JLL represented the seller, a partnership between Madison International Realty and SITE Centers Corp. Medipower Public Co. Ltd. purchased the asset.
NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 70,728-square-foot office lease for accounting firm Marcum LLP in Midtown Manhattan. The company will relocate its headquarters to 730 Third Avenue, a 665,110-square-foot office building, from its current space at 750 Third Avenue by early 2021. The owner, TIAA, is currently renovating the building with two new lobbies and a 35,000-square-foot amenity space with a food hall, fitness center and conference facility. Ross Perlman and Lee Brodsky of NKF represented Marcum in the lease negotiations. Neil King and Paul Amrich of CBRE represented TIAA.
NEW YORK CITY — Law firm Katsky Korins LLP has extended its 19,871-square-foot office lease at 605 Third Avenue, a 1.1 million-square-foot office building in Midtown Manhattan. Under the terms of the lease extension, the firm will remain in its space through mid-2032. The company has been a tenant of the building since 1988 and occupies the entire 17th floor. Oliver Katcher of Indigo Property Holdings LLC represented Katsy Korins in the lease negotiations. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.
MONTVALE, N.J. — Katz & Associates has secured a 3,699-square-foot retail lease for breakfast restaurant First Watch at The Shoppes at DePiero Farm, a 231,000-square-foot retail center in Montvale, a northwestern suburb of New York City. A 128,000-square-foot Wegmans grocery store anchors the property, along with a Starbucks, Wind Wellness and other tenants. Hugh Scullin and Amy Staats of Katz & Associates represented First Watch in the lease negotiations. Brian Silbert of Silbert Management represented the landlord, The S.Hekemian Group.
The Indianapolis industrial market somehow heated up even more throughout 2019, setting several all-time records along the way and setting the table for another strong year in 2020. Landlords and tenants showed just how strong the market remained throughout 2019, with absorption across all industrial property types besting its previous record by nearly a third. A total of 11.4 million square feet was absorbed throughout the market in 2019. That blew away what was a record at the time — 8.9 million square feet absorbed in 2018. Tenants were active all throughout the market, with 17.3 million square feet of space leased over the course of the year. That’s up from just under 14 million square feet that had been leased in 2018. While all sectors of the market attracted plenty of attention, the southwest and northwest Indianapolis markets saw the most action, with 5.3 million square feet leased in the southwest, and another 5 million square feet leased in the northwest. The activity applied to both small and large tenants, with new projects all over the metro leasing up quickly. The city’s largest deal was a 933,000-square-foot lease to Energizer at Franklin Tech Park within a year of Sunbeam …
MIDLOTHIAN, TEXAS — Locally based developer Hanover Property Co. has acquired 966 acres in the southern Dallas suburb of Midlothian for the development of a $950 million master-planned community. Current plans call for 2,000 single-family homes, 26 acres of commercial space and 42 acres of industrial space. Pre-development is underway, and the initial phase is expected to be complete in early 2022. Michael Swaldi, Larry McCorkle and Nick Hayden of JLL represented the seller, ECOM Real Estate, in the transaction. Paul Whitman, also with JLL, represented Hanover Property Co.
HOUSTON — Premier Tower LP will renovate Commerce Towers, a 25-story residential building located at 914 Main St. in downtown Houston. Originally built in 1928, the property features 140 condominiums for sale. Renovations will involve upgrades to the lobby and amenity spaces, including the pool deck, fitness center and party rooms, as well as exterior renovations to preserve the historic appeal of the building. The project team for the renovation was not disclosed.
SAN ANTONIO — Chicago-based NXT Capital has provided a $30 million acquisition loan for an undisclosed, Class B apartment community in San Antonio. The 300-unit property is located roughly 10 miles north of downtown San Antonio and features amenities such as a resident clubhouse, business center, fitness center and two pools. Tip Strickland, David Schwarz and Kevin Amend of Newmark Knight Frank placed the debt with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Locally based investment firm The Richland Cos. has acquired Corporate Centre Webster, a 49,793-square-foot office park located at 16969 Texas Ave. in Houston. The property was 84 percent leased at the time of sale and offers proximity to Clear Lake Medical Center, Johnson Space Center and Baybrook Mall. The seller was not disclosed.
LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of The Springs at Lake Jackson, a 153-unit apartment community in Lake Jackson, located south of Houston. Christian Mazzini and Jeffrey Fript of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Additional terms of sale were not disclosed.
