Property Type

Ashkenazy Acquires 380,000 SF Vernon Hills Shopping Center in Eastchester, New Jersey

by Alex Patton November 8, 2019

EASTCHESTER, N.J. — Ashkenazy Acquisition Corp. has acquired the 380,000-square-foot Vernon Hills Shopping Center in Eastchester, a northern suburb of New York City, for approximately $125 million. Medical tenants including Lawrence Hospital and its affiliates NY Presbyterian and Columbia Medical practices anchor the center. Retail tenants include Starbucks, New York Sports Club, Barnes & Noble, Gap and American Eagle. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso, Kyle Schmidt, Matt Lisk and Al Mirin of Cushman & Wakefield procured Ashkenazy as the buyer. The team also represented the seller, which was undisclosed.

November 8, 2019

Development Industrial New Jersey Northeast

CenterPoint Properties to Develop 185,856 SF Warehouse in Newark, New Jersey

by Alex Patton November 8, 2019

NEWARK, N.J. — CenterPoint Properties will develop a 185,856-square-foot warehouse facility at 49 Rutherford Street in Newark. The property will feature 45 dock doors, 80 trailer positions, 155 automobile parking spaces and a 40-foot clear heights. The location offers close access to the Port of Newark as well as immediate access to the New Jersey Turnpike. Construction is slated for completion in the fourth quarter of 2020.

November 8, 2019

Acquisitions Multifamily Texas

Denver Realty Group Buys 165-Unit Multifamily Portfolio Near Oklahoma City

by Taylor Williams November 8, 2019

NORMAN, OKLA. — Denver Realty Group has purchased Broadmoor 24 and Plaza 24, a two-property, 165-unit multifamily portfolio located in Norman, a southern suburb of Oklahoma City. Both properties were built around 1970 and feature one- and two-bedroom units as well as pools and onsite laundry facilities. The seller and sales price were not disclosed. With this acquisition, Denver Realty Group now has a portfolio of 768 residential units in Oklahoma

November 8, 2019

Acquisitions Delaware Multifamily Northeast

Greysteel Arranges $24.7M Sale of Multifamily Property in Newark, Delaware

by Alex Patton November 8, 2019

NEWARK, DEL. — Greysteel has arranged the $24.7 million sale of The Vinings at Christiana, a 220–unit multifamily property in Newark, located approximately 40 miles southwest of Philadelphia. The property comprises a mix of one-, two- and three-bedroom units, 125 of which are reserved for tenants earning 60 percent or less of the area median income, while the remaining 95 are rented at market rates. Ari Firoozabadi and Henry Mathies of Greysteel represented the seller, Alden Torch Financial, in the transaction. The team also procured the buyer, CAPREIT.

November 8, 2019

Development Multifamily Texas

TDC Acquires Land in Downtown Austin for 147-Unit Multifamily Project

by Taylor Williams November 8, 2019

AUSTIN, TEXAS — Transwestern Development Co. has acquired land across the street from the newly renovated Austin Community College campus for the development of a new multifamily project. The new community will feature 147 micro apartments and 3,600 square feet of ground-floor retail space. Construction is scheduled to begin in summer 2020 and to be complete in 2022. TDC is also developing Block 36, a micro-unit community between East Third and East Fourth streets in downtown Austin. Additionally, TDC completed The Indie, its first micro-unit project in Austin, in 2018.

November 8, 2019

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 16,970 SF Office Lease in Morristown, New Jersey

by Alex Patton November 8, 2019

MORRISTOWN, N.J. — CBRE has negotiated a 16,970-square-foot office lease for insurance company NFP at Mount Kemble Corporate Center, a Class A office complex in Morristown, located approximately 30 miles west of New York City. The property, located at 350-360 Mount Kemble Ave., offers a cafeteria, fitness center, walking path and conference center. Daniel Casey and Greg Barkan of CBRE represented the landlord, a partnership between The Birch Group and Vision Properties, in the lease negotiations. Jeffrey Babikian and Conor Dolan of CBRE represented NFP.

November 8, 2019

Acquisitions Industrial Texas

NAI Robert Lynn Arranges Sale of 68,676 SF Industrial Building in Metro Dallas

by Taylor Williams November 8, 2019

LEWISVILLE, TEXAS — NAI Robert Lynn has arranged the sale of a 68,676-square-foot industrial building in Lewisville, a northern suburb of Dallas. Ryan Lee and Jim Hancock of NAI Robert Lynn represented the undisclosed seller in the transaction. The buyer, SSC Properties LLC, will consolidate three of its existing locations into the facility.

November 8, 2019

Industrial Leasing Activity Texas

JLL Negotiates 67,427 SF Industrial Lease at Cedar Crossing Distribution Center in Metro Houston

by Taylor Williams November 8, 2019

BAYTOWN, TEXAS — JLL has negotiated a 67,427-square-foot industrial lease at Cedar Crossing Distribution Center in the eastern Houston metro of Baytown. According to LoopNet Inc., the property was built in 2014, spans 540,000 square feet and features 30-foot clear heights. Richard Quarles and David Holland of JLL represented the landlord, Mountain West, in the lease negotiations. The tenant was locally based firm Merih Cotton Corp.

November 8, 2019

Development Industrial Michigan Midwest

Two Longtime Real Estate Professionals Launch New Development Company With 230,000 SF Technology Park in Ann Arbor

by Kristin Harlow November 8, 2019

ANN ARBOR, MICH. — Cameron McCausland and Joe Vig have formalized their longtime development, construction and property management relationship with the formation of Portage Capital Partners. The company has unveiled its first project, a 230,000-square-foot life sciences and technology park in Ann Arbor. Known as The Tech Loop@Ann Arbor Research Park, the speculative project will be situated on 16.5 acres near I-94 and State Street. The first phase will consist of a 79,000-square-foot building followed by another 150,000 square feet across three additional buildings in Phase II. A timeline for completion was not disclosed.

November 8, 2019

Development Illinois Midwest Multifamily

McShane to Build 259-Unit Multifamily Community in Warrenville, Illinois

by Kristin Harlow November 8, 2019

WARRENVILLE, ILL. — McShane Construction Co. has been selected by Atlantic Residential to build a 259-unit multifamily community in Warrenville, a suburb of Chicago. Known as Everton Flats, the seven-building property will comprise sustainable features such as solar panels and LED lighting. Amenities will include a pool, grilling area, lounge and playground. Floor plans will range from studios to two-bedroom units. Completion is slated for summer 2021. HKM is the project architect.

November 8, 2019

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