Property Type

Renaissance Management Acquires Long Island Multifamily Property for $232.5M

by Alex Patton March 2, 2020

PATCHOGUE, N.Y. — Renaissance Management, a New York-based investment firm, has acquired La Bonne Vie, a 915-apartment community on Long Island for $232.5 million. The property features 626 market-rate apartments and 289 age-restricted (55-plus) apartments and amenities such as indoor and outdoor pools, a gym, libraries and tennis courts. The buildings were completed in the mid-1970s and 1980s and have been preserved in their original conditions. Jeffrey Dunne, Jeremy Neuer and Gene Pride led a CBRE team that represented the building owners, an undisclosed consortium of partnerships, in the transaction. Shawn Rosenthal, Jason Gaccione and Thomas Didio of the Midtown Manhattan Debt & Structure Finance group arranged the financing for Renaissance Management’s acquisition and future planned renovations of La Bonne Vie. The team secured a $200.7 million senior loan from TPG Real Estate Finance. The three-year loan includes the option for three one-year extensions.

March 2, 2020

Development Mixed-Use Texas

RedLeaf, City of Cedar Park Form Partnership to Develop $350M Mixed-Use Project Near Austin

by Taylor Williams March 2, 2020

CEDAR PARK, TEXAS — Locally based developer RedLeaf Properties has entered into a public-private partnership with the City of Cedar Park, located north of Austin, to redevelop an area along Bell Boulevard into a mixed-use destination. The project, which will be branded The Bell District, is expected to have a total price tag of $350 million. The first phase of development is expected to include multiple acres of communal green space integrated with the new public library and restaurants, as well as two blocks of high-density residential buildings with ground-floor retail space. The second phase will feature residential and office development. RedLeaf plans to begin demolishing the existing structures on the site following the completion of the realignment of a section of U.S. Highway 183, a project that is expected to run through 2021.

March 2, 2020

Development Industrial Texas

Trammell Crow, Clarion Begin Work on 352,000 SF Distribution Center in North Houston

by Taylor Williams March 2, 2020

HOUSTON —A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has begun construction on Rankin 45 Distribution Center, a 352,000-square-foot industrial project in Houston. Designed by Powers Brown Architecture, the Class A property will be located at the northeast corner of Rankin Road and Interstate 45 on the city’s north side. Building features will include 32-foot clear heights, 259 parking spaces and 23 trailer parking spaces. Other project partners include A&F General Contractors and CBRE as the leasing agency. Completion of Rankin 45 Distribution Center is scheduled for August.

March 2, 2020

Development Oklahoma Retail Texas

Simon Breaks Ground on 340,000 SF Tulsa Premium Outlets

by Taylor Williams March 2, 2020

JENKS, OKLA. — Simon Property Group Inc. has broken ground on Tulsa Premium Outlets, a 340,000-square-foot, open-air retail and dining destination. The property is located just off the Creek Turnpike in Jenks, a southern suburb of Tulsa, and will be Simon’s 91st Premium Outlets development. Construction of the property is expected to generate 400 jobs, and the opening of the center is anticipated to create 800 new full- and part-time jobs. A completion date was not released.

March 2, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 44,800 SF Industrial Lease in Arlington

by Taylor Williams March 2, 2020

ARLINGTON, TEXAS — Lee & Associates has negotiated a 44,800-square-foot industrial lease at 400 International Parkway in Arlington. According to LoopNet Inc., the property features 22-foot clear heights, 88-foot truck court depths and 2,351 square feet of office space. Corbin Blount and Adam Graham of Lee & Associates represented the tenant, Go Green Industries, a provider of recycling services, in the lease negotiations. Mark Graybill and Colton Rhodes, also with Lee & Associates, represented the landlord, Lightning Propco II.

March 2, 2020

Leasing Activity Retail Texas

Emler Swim School to Open 4,900 SF Facility in Metro Houston

by Taylor Williams March 2, 2020

KATY, TEXAS — Emler Swim School will open a 4,900-square-foot facility at 6823 S. Fry Road in the western Houston suburb of Katy on May 4. The Katy school, which will be the company’s sixth in the Houston area, will feature a maximum four-foot deep and year-round 90-degree saltwater pool and heated air. Emler Swim School, which was founded in 1975, offers more than 20 classes and levels for students as young as two months old.

March 2, 2020

Development Mixed-Use Northeast Pennsylvania

Keystone Tops Out 520,000 SF Mixed-Use Development in Conshohocken, Pennsylvania

by Alex Patton March 2, 2020

CONSHOHOCKEN, PA. — Keystone Property Group has topped out its 520,000-square-foot SORA West mixed-use development in Conshohocken, a northwestern suburb on Philadelphia. The development will include a 13-story, 429,000-square foot office building, which will house the corporate headquarters of AmerisourceBergen. The office building will also include a fitness center, a 16,000-square-foot rooftop terrace and an 80,000-square-foot parking facility. Other components of the development include a 165-room hotel with restaurant space and a 467,000-square-foot parking structure. The Harman Group is serving as structural engineers of the project. Gensler and The DLR Group are serving as the project architects, and Intech Construction Inc. is the general contractor. Keystone expects to complete construction in 2021.

March 2, 2020

Acquisitions New Jersey Northeast Retail

First National Acquires Walmart-Anchored Shopping Center in Hamilton, New Jersey, for $19.2M

by Alex Patton March 2, 2020

HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.

March 2, 2020

Leasing Activity New York Northeast Office

Kayne Anderson Signs 11,000 SF Office Lease in Midtown Manhattan

by Alex Patton March 2, 2020

NEW YORK CITY — Kayne Anderson Capital Advisors L.P. has signed an 11,000-square-foot office lease in Midtown Manhattan. The company will occupy an entire floor at 477 Madison Avenue, a Class A office building, beginning later this year. Kayne Anderson is relocating from 655 Madison Avenue. Mitti Liebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the lease negotiations. A.J. Camhi, Rob Weller and Ryan Silverman led a team that represented the building owner, RFR Holding, on an internal basis.

March 2, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $8M Sale of Retail Property in Collingdale, Pennsylvania

by Alex Patton March 2, 2020

COLLINGDALE, PA. — Marcus & Millichap has brokered the $8 million sale of a retail property in Collingdale, an eastern suburb of Philadelphia. Located at 910 Macdade Blvd., the single-tenant property is owned by Wawa, a convenience store and gas station company. Wawa sold the property to move to a different building across the street and add a gas component to its site. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the buyer, a limited liability company.

March 2, 2020

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