BALA CYNWYD, PA. — Newmark Knight Frank (NKF) has brokered the $8.9 million sale of 130 Monument Road, a 5.2-acre development site in Bala Cynwyd, a northwestern suburb of Philadelphia. The site is zoned and approved for the development of 205 multifamily units with a mix of studio, one-bedroom and two-bedroom apartments, along with a parking garage and a leasing office. Mike Margolis, Dave Dolan, Dave Garonzik and Jeff Mack of NKF represented the seller, Roseland Residential Trust, in the transaction. Woodfield Development of Chevy Chase was the buyer. Further details and the schedule of the construction were undisclosed.
BRIDGEWATER, N.J. — Pet supplies retailer Pupcakes & Pawstries Barkery and Shoppe has signed a 2,500-square-foot retail lease in Bridgewater, located approximately 40 miles west of New York City. The space is situated within Somerset Shopping Center, a 219,000-square-foot retail center with tenants including Barnes & Noble, Gap and Men’s Wearhouse. The company has already relocated from its previous space in Basking Ridge, New Jersey. Vanessa Fernandez-Kelty of Levin Management Corp. internally represented the landlord in the lease negotiations.
PAWTUCKET, R.I. — Fortuitous Partners has unveiled plans for Tidewater Landing, a $400 million mixed-use development along Pawtucket’s waterfront. The project will include office, residential and hotel space, as well as a 7,500-seat soccer stadium and sports complex for a future United Soccer League (USL) team. Fortuitous Partners will fund the project, while public investment from both the city and state will primarily focus on infrastructure and other non-stadium components of the development plan. “This is an opportunity of a lifetime for the City of Pawtucket, the Blackstone Valley and the State of Rhode Island,” says Pawtucket Mayor Donald Grebien. “This $400 million investment in one of Pawtucket’s Opportunity Zones will create jobs and be a transformative economic development at the gateway into our state.” Upon completion, Tidewater Landing will comprise more than 200 housing units, 100,000 square feet of retail space, a 200-room hotel, an indoor sports event center and 200,000 square feet of office space. The project is currently focused on the Tidewater and Division Street sites that are owned by National Grid and the city, respectively. The final development sites, phasing, construction costs and schedule for the project will be finalized during an upcoming due diligence period, …
With the major markets of Texas adding thousands of new apartments every year, multifamily management firms are increasingly relying on technology to accelerate leasing activity, grow renewal rates and handle requests from tenants — all in the name of keeping their properties competitive and their investor clients happy. As beneficiaries of strong job and population growth throughout this cycle, Dallas-Fort Worth (DFW), Houston and Austin have all watched their multifamily supply levels increase. According to CoStar Group, DFW, a national leader in apartment development, has added more than 20,000 units per year in each of the last three years. Houston has also seen its supply of multifamily product grow over the past several years as natural population growth has worked to offset hiring slumps brought on by depressed energy prices. Austin and San Antonio are also facing demand for more housing via the strong population growth occurring throughout the region. Multifamily supply growth means that renters have more options on where to live and can afford to be more selective, not only with regard to rental rates, but also in terms of services. To the latter point, management professionals have taken on an added element of customer service that …
Both on- and off-campus, today’s student housing developments are providing more than just a place for students to rest their heads. Off campus, new communities are featuring everything from fashion boutiques and restaurants, to office and event space, while residence halls are bringing academics to student’s doorsteps with built-in incubator space and classrooms. While the addition of a mix of uses may seem like the perfect fit for ground floor space, careful planning and consideration is imperative to ensure that the development is a success — especially when it comes to retail. Choosing The Right Mix On the development side, successful mixed-use space should begin with thoughtful deliberation. Developers must consider not only the needs of the student population, but the community at large. “At the outset, we evaluate whether there is true retail market demand in locations where we target development,” says JJ Smith, president of CA Student Living. “If there isn’t a sufficient population base, it can be difficult for even the best businesses to survive, much less thrive. We don’t want to force retail in locations that simply don’t make sense.” Wes Rogers, president and CEO of Landmark Properties, knows firsthand how important careful planning can be when …
HOUSTON — A partnership between Seefried Industrial Properties and USAA Real Estate has broken ground on Ella West Crossing, a 221,393-square-foot industrial project located within Pinto Business Park in North Houston. The property will offer proximity to Bush Intercontinental Airport and Interstate 45 and will feature cross-dock and front-load spaces that can accommodate users with requirements as small as 40,000 square feet. Additional building features will include 32-foot clear heights, 185-foot truck court depths, 67 trailer parking spaces and an ESFR sprinkler system. Completion is scheduled for July 2020. Powers Brown Architecture is designing the project, and Rosenberg Construction is the general contractor. Avison Young will handle leasing.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of The Apartments at Fountains Center, a 418-unit multifamily community in Fort Worth. The property spans 62 buildings across 18.5 acres and offers proximity to Hulen Mall, Texas Christian University and downtown Fort Worth. Al Silva of Marcus & Millichap represented the seller, WAK Management, in the transaction. Silva also procured the buyer, a Texas-based private investment firm.
LUBBOCK, TEXAS — The Multifamily Group (TMG) has brokered the sale of Lubbock Lakeway, a 120-unit multifamily property in West Texas. The community offers one-, two- and three-bedroom units and amenities such as a pool, basketball court, tennis court and onsite laundry facilities. Paul Yazbeck, Bryce Smith, Jon Krebbs and Chibuzor Nnaji Jr. of TMG represented the seller, a Dallas-based investment group, in the transaction. Other terms of sale were not disclosed.
IRVING, TEXAS — Avenger Flight Group LLC has signed a 116,640-square-foot industrial lease at Valley View at DFW Center, a 294,795-square-foot property in Irving, for its second flight simulation training center in North Texas. The deal represents an expansion for the company, which entered the market three years ago with a 40,000-square-foot lease in Fort Worth. Joe Santaularia and Brock Wilson of Bradford Commercial Real Estate Services represented Avenger Flight Group in its site selection and lease negotiations.
ROUND ROCK AND SAN ANTONIO, TEXAS — Capital Square 1031 has purchased two healthcare facilities totaling 35,000 square feet in Central Texas. The first property is a 15,000-square-foot building located in the northern Austin suburb of Round Rock, and the second building is a 20,000-square-foot asset in San Antonio. Both properties were purpose-built in 2018 for NeuroRestorative to use as a post-acute, neuro-rehabilitation facility for people with brain, spinal cord and medically complex injuries.