Property Type

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.

January 3, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

FourPoint Arranges Sale of 446-Bed Student Housing Community Near Savannah College of Art and Design

by Alex Tostado January 3, 2020

SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.

January 3, 2020

Acquisitions Mixed-Use Southeast Virginia

Penzance Purchases 169-Unit Mixed-Use Building in Metro D.C.

by Alex Tostado January 3, 2020

HERNDON, VA. — Washington D.C.-based Penzance Management LLC has purchased The Mark, a 169-unit mixed-use apartment community in Herndon, a Washington, D.C., suburb in Northern Virginia. Jeff Kim and Allen Manesh of Ideal Realty Group (IRG) represented Penzance in the off-market transaction. Located at 2323 Dulles Station Blvd., The Mark is situated in the Dulles Technology Corridor and within walking distance of the future Innovation Center Metro Station. The Mark features more than 15,000 square feet of retail space leased to tenants such as Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. The property also has a 311-space secured parking garage and a resident-only pool and fitness center. Built in 2007, the building offers one- and two-bedroom units, as well as a clubhouse, business center, Zen garden and a barbecue and picnic area.

January 3, 2020

Development Florida Industrial Southeast Top Stories

Dalfen Industrial Acquires 243 Acres for 2.8 MSF Speculative Development in Orlando

by Alex Patton January 3, 2020

ORLANDO, FLA. — Dalfen Industrial has acquired a 243-acre undeveloped parcel in Orlando, where the company plans to build a 2.8 million-square-foot speculative industrial project. The Class A asset will be situated along State Road 417 near the interchange with Lee Vista Boulevard and Orlando International Airport. Dalfen plans to construct multiple facilities on the site, ranging from 100,000 to 1.5 million square feet. Total construction could exceed 3 million square feet when all phases are complete, according to the developer. The first building is scheduled for completion in the fourth quarter of 2021. The seller and price of the vacant property were undisclosed. “With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” says Jared Bonshire of Cushman & Wakefield, who represented Dalfen in the land sale transaction. “While there are projects of this scale along the I-4 Corridor in Davenport, Apopka and Lakeland, this development is the first of its kind for Orlando.” Dalfen Industrial is a Dallas-based buyer of industrial real estate, primarily focused on strategically located urban infill warehouses and distribution buildings. The developer recently acquired a 1.9 …

January 3, 2020

Development Mixed-Use New York Northeast

JLL Brokers $150M Sale of Brooklyn Waterfront Development Site

by Alex Patton January 3, 2020

NEW YORK CITY — JLL has brokered the $150 million sale of River Street Assemblage, a 3.2-acre waterfront development site in the North Williamsburg neighborhood of Brooklyn, to Two Trees Management Co. LLC. Located at One River Street, the property includes 285,020 square feet of buildable space and is zoned M3-1 for a variety of retail, office, manufacturing and mixed-use projects. The site also includes a portion of water, piers and platforms along the East River and River Street. Brendan Maddigan and Stephen Palmese led a JLL team that represented the seller, Con Edison, in the transaction.

January 3, 2020

Acquisitions Healthcare Northeast Office Pennsylvania

Norvin Healthcare Acquires 96,000 SF Medical Office Building in Philadelphia

by Alex Patton January 3, 2020

PHILADELPHIA — Norvin Healthcare has acquired 3 Crescent Drive, a 96,000-square-foot medical building in Philadelphia. The property is 100 percent leased to Thomas Jefferson University Hospitals Inc. and stands at the gateway of the Philadelphia Navy Yard. The 1,200-acre Navy Yard houses more than 165 businesses, including the South Philadelphia Sports Complex. Liberty Property Trust was the seller.

January 3, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

NKF Arranges Sale of 98-Unit Seniors Housing Community in Doylestown, Pennsylvania

by Alex Patton January 3, 2020

DOYLESTOWN, PA. — Newmark Knight Frank (NKF) has arranged the sale of and financing for Solana at Doylestown, a 98-unit seniors housing community in Doylestown, located approximately 35 miles north of Philadelphia. Solana at Doylestown opened in 2014 and provides assisted living and memory care services. The property was 96 percent occupied at the time of sale. Ryan Maconachy and Chad Lavender of NKF represented the seller, Atlanta-based Formation Development Group. A joint venture between LCS Senior Living and Nuveen acquired the property for an undisclosed price. Sarah Anderson and Brittany Robinson, also of NKF, secured the financing on behalf of the buyer.

January 3, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

M&T Provides $12.1M Financing for Seniors Housing Facility in Chatham, New Jersey

by Alex Patton January 3, 2020

CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance a 108-bed skilled nursing facility in Chatham, located approximately 25 miles west of New York City. The loan was completed under the U.S. Department of Housing and Urban Development’s Section 232/223(f) program. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley, Matt Pipitone and Jennifer Kooney of M&T Realty Capital led the transaction. Quigley also serves as the FHA/HUD program manager for M&T Realty Capital Corp.

January 3, 2020

Development New Jersey Northeast Retail

Pork Chop’s BBQ Opens 2,700 SF Restaurant in Ewing, New Jersey

by Alex Patton January 3, 2020

EWING, N.J. — Portuguese-inspired barbecue concept Pork Chop’s BBQ has opened a 2,700-square-foot restaurant at Capitol Plaza, a 355,000-square-foot retail center in Ewing, a northern suburb of Trenton. The restaurant will serve barbecue meats and seafood as well as a variety of sides and will also offer catering services. Capitol Plaza’s office segment, 1001 Spruce Office Center, anchors the retail center with hundreds of employees and visitors. Other tenants include Planet Fitness, Foot Locker, Marshalls and numerous retail and dining options. Levin Management Corp. handles leasing and management of the retail center.

January 3, 2020

Acquisitions Illinois Midwest Multifamily

Passco Acquires 260-Unit Multifamily Community in Vernon Hills, Illinois

by Kristin Harlow January 3, 2020

VERNON HILLS, ILL. — Passco Cos. has acquired The Atworth at Mellody Farm in Vernon Hills, a northern suburb of Chicago. The 260-unit multifamily community was developed in 2018 adjacent to Mellody Farm, a dining and retail destination. The Atworth’s seven-acre site is divided into several common areas in order to create a resort-style feel. The common areas include: The Conservatory, a two-story lounge with complimentary coffee, Wi-Fi, computer and televisions; The Courtyard, which features a pool and sundeck; The Game Loft, home to billiards, shuffle board, table tennis and foosball; and The Tasting Room, which features seating arrangements for casual or formal events. Additional amenities include a bike room, fitness center, yoga room and pet grooming stations. Units range in size from 556 to 1,465 square feet. The property was 97 percent occupied at the time of sale. A venture between AEW Capital Management, Focus and Atlantic Residential was the seller. Peter Evans and Richard Evans of Moran & Co. Midwest represented both parties in the transaction. Caleb Marten and Chris Black of KeyBank Real Estate Capital arranged $57.2 million in fixed-rate Fannie Mae financing for the acquisition.

January 3, 2020

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