Property Type

CitizenM, Miami Worldcenter Associates Break Ground on 351-Room Downtown Hotel

by John Nelson December 2, 2019

MIAMI — Netherlands-based hotel chain citizenM and developer Miami Worldcenter Associates have broken ground on a new citizenM hotel in downtown Miami. The hotel will be part of a $4 billion mixed-use development called Miami Worldcenter. Owner, operator and developer citizenM and master developer of the mixed-use campus Miami Worldcenter Associates will make the 700 NE 2nd Ave. property into a 12-story, 351-room hotel spanning 128,000 square feet. According to plans from general contractor Suffolk Construction and architectural firm Gensler, the hotel will feature a sundeck and rooftop bar, as well as 1,850 square feet for societyM, citizenM’s branded creative spaces and meeting rooms. The site is located across the street from the MiamiCentral terminal and adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. Miami Worldcenter is a 27-acre “city within a city” delivering in phases. It will feature residential, commercial and hospitality uses, as well as of 300,000 square feet of retail, restaurant and entertainment space. The project’s first phase includes the recently completed Paramount Miami Worldcenter that features 513 upscale condominiums; the 444-unit Caoba apartment tower, which opened earlier this year; and the 434-unit Luma rental tower, now underway. In addition, Hines is preparing to build a new …

December 2, 2019

Acquisitions Georgia Multifamily Southeast

Greystone Brown Facilitates $36.5M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson December 2, 2019

AUSTELL, GA. — Greystone Brown Real Estate Advisors has brokered the $36.5 million sale of a three-property, 490-unit multifamily portfolio in Austell, a suburb of Atlanta in Cobb County. Taylor Brown, Chandler Brown, Barden Brown and Walter Miller of Greystone Brown represented the seller, HKP Austell LLC, in the sale. Greystone & Co.’s Leor Dimant originated a $30 million acquisition loan on behalf of the undisclosed buyer. The three properties are adjacent to one another and less than five miles from downtown Austell. Built in 1988, Hunter’s Grove comprises 200 one- and two-bedroom units. Kingsley Village, which was built in 1974, includes 146 units, and Parkview Apartments, built in 1971, features 144 units. Both Kingsley Village and Parkview Apartments offer one-, two- and three-bedroom floor plans. All three apartment complexes feature access to nearby Interstate 20, several industrial parks and Six Flags Over Georgia.

December 2, 2019

Acquisitions Retail Southeast Virginia

KLNB Brokers $21M Sale of Maplewood Center in Manassas, Virginia

by John Nelson December 2, 2019

MANASSAS, VA. — KLNB has brokered the $21 million sale of Maplewood Center, a 135,674 square-foot grocery-anchored retail center located at 8300-8370 Centreville Road in Manassas. Andy Stape, Vito Lupo and Stephen Porter of KLNB’s Retail Investment Sales Group represented the undisclosed seller and procured the unnamed purchaser for this transaction. Anchored by Megamart Supermarket, a Mid-Atlantic supermarket chain, Maplewood Center was 98 percent leased at the time of sale. Other notable tenants include Dollar General, McDonald’s, Popeyes and Pizza Hut.

December 2, 2019

Acquisitions Arkansas Industrial Office Southeast

NAS Acquires 27,465 SF Flex Building in Springdale, Arkansas Leased to BNSF Logistics

by John Nelson December 2, 2019

SPRINGDALE, ARK. — Real estate investment company NAS Investment Solutions has acquired a newly constructed, 27,465 square-foot flex building fully occupied by BNSF Logistics in Springdale, less than six miles north of Fayetteville. Located at 2708 S. 48th St. the facility completes the second phase of BNSF’s property expansion that serves as the company’s regional headquarters. National Asset Services (NAS) will assume responsibility for asset and property management for the newly acquired property. NAS currently manages the 30,339-square-foot Phase I building and will assume management responsibilities for the newly created campus. BNSF Logistics is a third-party supply chain management firm based in Flower Mound, Texas. The company is a subsidiary of BNSF Railway but works with all major and secondary railroad lines.

December 2, 2019

Acquisitions Mississippi Net Lease Retail Southeast

Boulder Group Arranges $1.6M Sale of Mississippi Store Leased to Dollar General

by John Nelson December 2, 2019

QUITMAN, MISS. — Investment real estate service firm The Boulder Group has arranged the $1.6 million sale of a single-tenant store leased to Dollar General located at 403 S. Archusa Ave. in Quitman, 25 miles south of Meridian. The 12,596-square-foot property is located along Mississippi Highway 18. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a commercial real estate investment firm based in the Southwest United States, in the transaction. The buyer, a private West Coast investor, purchased the store in a 1031 exchange. The property was built in 2013 and Dollar General has nine years remaining on the lease, expiring in 2028. The lease features rental escalations in year 11 and in each of the five 5-year renewal option periods. The absolute triple-net lease has zero landlord responsibilities, according to Boulder Group.

December 2, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Arranges Sale of 180-Unit Seniors Housing Community in Metro Philadelphia

by Alex Patton December 2, 2019

WYNDMOOR, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, a northern suburb of Philadelphia. The building totals 214,288 square feet. A regional buyer acquired the property for an undisclosed price with plans to reposition it. Steve Thomes, Michael Segal and Dan Mahoney of Blueprint were the lead advisors on the transaction.

December 2, 2019

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

OREC Securities Brokers Sale of Pleasant Bay Nursing and Rehabilitation Center on Cape Cod

by Alex Patton December 2, 2019

BREWSTER, MASS. — OREC Securities has brokered the sale of Pleasant Bay Nursing and Rehabilitation Center in the Cape Cod town of Brewster. The community houses 135 skilled nursing beds and 59 assisted living units. Although the original plan was to split the community into two separate sales, a regional owner-operator bought the properties as a single asset. Laca Wong-Hammond, Chad Elliott, Kevin Laidlaw and Aaron Becker led the transaction for OREC. The seller and price were not disclosed.

December 2, 2019

New Jersey Northeast Retail

Toys ‘R’ Us Opens 6,500 SF Store in Paramus, New Jersey

by Alex Patton December 2, 2019

PARAMUS, NJ. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access an online directory of additional inventory through touch screen displays. Toys ‘R’ Us plans to open a second store of similar design in Houston, Texas, on Saturday, Dec. 7.

December 2, 2019

Leasing Activity New York Northeast Office

ABS Partners Negotiates 13,832 SF Office Lease on Long Island

by Alex Patton December 2, 2019

RIDGEWOOD, N.Y. — ABS Partners Real Estate has negotiated a 13,823-square-foot office lease for music rehearsal space provider Pirate Studios at the Box Factory, an office and retail center in Ridgewood, Long Island. The U.K.-based company provides rehearsal and production space to musicians in sound-treated rooms. Ben Waller of ABS Partners represented Pirate Studios in the lease negotiations. Waller also represented the landlord, a partnership between Hornig Capital Partners and Brickman.

December 2, 2019

Industrial Leasing Activity Northeast Pennsylvania Retail

Gobrands Inc. Signs Two Industrial, Retail Leases Totaling 7,560 SF in Philadelphia

by Alex Patton December 2, 2019

PHILADELPHIA — Gobrands Inc. has signed two separate leases totaling 7,560 square feet for adjacent buildings in Aramingo Village, a shopping center in Philadelphia. The buildings will house the company’s digital convenience delivery service goPuff, utilizing 6,060 square feet for warehouse and distribution space and 1,500 square feet as a beer retail store. Richard Soloff of Soloff Realty & Development Inc. represented Gobrands in the lease negotiations. Soloff also represented the undisclosed landlord.

December 2, 2019

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