Property Type

Boulder Group Brokers $2.1M Sale of Retail Property Leased to Sherwin-Williams in Joliet, Illinois

by Kristin Harlow October 30, 2024

JOLIET, ILL. — The Boulder Group has brokered the $2.1 million sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Joliet. The single-tenant building is located along Plainfield Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. The buyer was a Southeast-based real estate investor. There are over eight years remaining on the lease with three five-year renewal options. The lease features 10 percent rental escalations every five years.

October 30, 2024

Leasing Activity Retail Texas

Midway Welcomes Three New Retailers to CITYCENTRE in West Houston

by Taylor Williams October 30, 2024

HOUSTON — Midway has welcomed three new retailers to its CITYCENTRE mixed-use development in West Houston. Apparel retailers American Threads (1,800 square feet) and Southern Tide (1,500 square feet), as well as ear-piercing salon Rowan (1,000 square feet), are all now officially open. The new leases were inked as part of the rejuvenation of the north side of the 47-acre development. The deals were announced this spring.

October 30, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 376,462 SF Grocery-Anchored Retail Portfolio in Coastal New Jersey

by Taylor Williams October 30, 2024

OCEAN COUNTY, N.J. — CBRE has brokered the sale of a portfolio of three grocery-anchored retail centers located in Ocean County. ShopRite anchors the centers, which include Bay Plaza in Toms River, Jackson Plaza in Jackson Township and Lacey Mall in Lacey Township. Bay Plaza was built in 1994. Tenants at the 87,721-square-foot center include Citizens Bank, Little Gym and Manhattan Bagel. Tenants at Jackson Plaza, which was built in 2002 and comprises 114,753 square feet, include AT&T, Advance Auto Parts and McDonald’s. Other tenants at Lacey Mall, which totals 173,988 square feet, include T.J. Maxx, Mattress Firm, Firestone, Hand & Stone, UPS, Dollar Tree, Dunkin’, Popeyes and Verizon Wireless. The portfolio was roughly 94 percent leased at the time of sale. Chris Munley, Colin Behr, Ryan Sciullo, Casey Smith, RJ Mirabile and Michael Pascavis of CBRE represented the seller, Pasbjerg Development Co., which developed the properties, in the transaction.

October 30, 2024

Loans Multifamily New Jersey Northeast Seniors Housing

Mesa West Capital Provides $57M Loan for Refinancing of Seniors Housing Property in Montvale, New Jersey

by Taylor Williams October 30, 2024

MONTVALE, N.J. — Mesa West Capital has provided a $57 million loan for the refinancing of Thrive at Montvale, a 203-unit seniors housing community in Northern New Jersey. Thrive at Montvale features 88 independent living, 83 assisted living and 32 memory care units. Amenities include resident lounges, a beauty salon, multiple dining rooms, courtyards, a fitness center, physician’s office, theater and a pickleball court. The loan carried a five-year term and a floating interest rate. The borrower is a joint venture between AEW Capital Management, Atlanta-based owner-operator Thrive Senior Living and New Jersey-based Pike Construction.

October 30, 2024

Acquisitions Connecticut Northeast Retail

Phillips Edison Buys 101,105 SF Shopping Center in Bethel, Connecticut

by Taylor Williams October 30, 2024

BETHEL, CONN. — Phillips Edison & Co., a Cincinnati-based shopping center REIT, has purchased the 101,105-square-foot Bethel Center in Connecticut’s Fairfield County. Anchored by Big Y Supermarket, Bethel Center was 91 percent leased at the time of sale. Other tenants include Starbucks, Dollar Tree, Great Clips, Quest Diagnostics and Casa Tequila. Nat Heald, Jeffrey Dunne and David Gavin of CBRE represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

October 30, 2024

Leasing Activity New Jersey Northeast Restaurant Retail

Tropical Supermarket Opens 15,800 SF Store in South Plainfield, New Jersey

by Taylor Williams October 30, 2024

SOUTH PLAINFIELD, N.J. — Ethnic grocer Tropical Supermarket has opened a 15,800-square-foot store at Clinton Corners, a retail center in South Plainfield, about 35 miles south of Manhattan. Vanessa Kelty of Levin Management Corp. represented the landlord in the lease negotiations. The tenant was self-represented. Kelty also recently arranged a 2,145-square-foot lease with Mexican restaurant Blue Habanero at Clinton Corners. Diomaris Rosado with Keller Williams Premier represented the tenant in that deal. Levin Properties owns Clinton Corners.

October 30, 2024

Connecticut Leasing Activity Northeast Office

Norseland Inc. Signs 11,353 SF Office Lease in Norwalk, Connecticut

by Taylor Williams October 30, 2024

NORWALK, CONN. — Norseland Inc., a subsidiary of Norway’s largest dairy cooperative, has signed an 11,353-square-foot office lease in the coastal Connecticut city of Norwalk. The company is relocating its U.S. headquarters from nearby Darien to Merritt 7 Corporate Park. John Hannigan and James Riffice of locally based brokerage firm Choyce Peterson represented the tenant in the lease negotiations. Betsy Buckley, Ed Tonnessen and Gil Ohls of JLL, along with internal agent JoAnn McGrath, represented the landlord, a partnership between Clarion Partners and Marcus Partners.

October 30, 2024

Acquisitions Industrial Texas Top Stories

MDH Partners Acquires New Industrial Park Leased to Tesla in Metro Austin

by Hayden Spiess October 30, 2024

KYLE, TEXAS — MDH Partners has acquired Kyle 35 Logistics Park, a newly built, 1.4 million-square-foot industrial park located in Kyle, approximately 20 miles southwest of Austin. Houston-based Alliance Industrial Co. sold the property for an undisclosed price. Delivered in 2023, Kyle 35 Logistics Park comprises five Class A industrial buildings ranging in size from 140,300 to 474,397 square feet. Electric vehicle manufacturer and technology company Tesla Inc. fully occupies the development. Situated along I-35, the buildings feature 35- to 40-foot clear heights, ESFR sprinkler systems and ample parking. The property offers connectivity between Mexico, San Antonio, Austin and the Dallas-Fort Worth metro. According to a press release issued by JLL, the city of Kyle has roughly doubled in population over the past decade, with more than 25 million people located within a five-hour drive of the industrial park. Trent Agnew, Witt Westbrook, Kyle Mueller, Charlie Strauss and Tom Weber of JLL Capital Markets represented the seller in the transaction. “Kyle 35 Logistics Park represented an exceptional opportunity to acquire a newly built, fully leased industrial asset in one of the fastest growing corridors in Central Texas,” says Agnew. “The property’s high-quality construction, investment grade tenancy and strategic location generated …

October 30, 2024

Industrial Loans Texas

Cushman & Wakefield Arranges $99.8M Loan for Refinancing of Metro Dallas Industrial Campus

by Taylor Williams October 29, 2024

WILMER, TEXAS — Cushman & Wakefield has arranged $99.8 million loan for the refinancing of Core45, a 1.6 million-square-foot industrial campus located in the southern Dallas suburb of Wilmer. The development was completed earlier this year and comprises two buildings totaling approximately 1 million and 616,000 square feet on an 88.4-acre site. Building features include cross-dock configurations, 40-foot clear heights, 900 car parking spots, ESFR sprinkler systems and speculative office space. In addition, roofing, insulation and composite materials provider Owens Corning has already signed a 292,680-square-foot lease at Core45. Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschman of Cushman & Wakefield arranged the loan on behalf of the borrower, a joint venture between Grandview Partners and TRG Development. Benefit Street Partners provided the loan, which retires existing construction debt.

October 29, 2024

Development Industrial Texas

VanTrust Real Estate Completes 413,000 SF Industrial Project in San Antonio

by Taylor Williams October 29, 2024

SAN ANTONIO — Dallas-based developer VanTrust Real Estate has completed Cornerstone Commerce Center, an approximately 413,000-square-foot industrial project in northeast San Antonio. Cornerstone Commerce Center comprises two buildings that span 222,439 and 190,734 square feet on a 60-acre site. An undisclosed manufacturer of automotive accessories has leased 104,514 square feet at the first building, with CBRE representing both the tenant and landlord in the lease negotiations. VanTrust also purchased an additional 33 acres for Phase II of the project, which can accommodate up to an additional 400,000 square feet of new development. The project was first announced in April 2022.

October 29, 2024

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