Property Type

American Landmark Acquires 329-Unit Multifamily Property Near Charleston

by Alex Tostado October 29, 2019

SUMMERVILLE, S.C. — American Landmark Apartments has acquired Alta Brighton Park, a 329-unit multifamily property in Summerville. American Landmark will invest $800,000 and rename the property Elevate at Brighton Park. The property offers one- through three-bedroom floor plans. Communal amenities include a saltwater swimming pool, outdoor lounge area with grills, 24-hour fitness center and a resident clubhouse. Alta Brighton Park is located at 115 Great Lawn Drive, 25 miles north of downtown Charleston. Alex Okulski, Sean Wood, John Heimburger, Dean Smith, John Munroe and Jason Kon of Newmark Knight Frank (NKF) represented the seller in the transaction. Bill Weber, Matt Mense, Ari Schwartzbard and Henry Stimler of NKF arranged acquisition financing on behalf of American Landmark. Further details of the transaction were not disclosed.

October 29, 2019

Acquisitions Multifamily New York Northeast Pennsylvania

Morgan Properties Acquires 18,000-Unit Multifamily Portfolio in Northeast

by Alex Patton October 29, 2019

KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.

October 29, 2019

Development Industrial New Jersey Northeast

Rockefeller Group Opens 2.1 MSF Logistics Center in Piscataway, New Jersey

by Alex Patton October 29, 2019

PISCATAWAY, N.J. — Rockefeller Group has opened Rockefeller Group Logistics center, a 2.1 million-square-foot industrial park in Piscataway, a southwestern suburb of New York City. The property comprises five buildings, the largest of which is a 725,000-square-foot distribution center with 36-foot clear ceiling heights preleased to Best Buy. Other tenants include Fujitsu General America Inc., Humanscale, KISS Products, SHI and Kuehne + Nagel.

October 29, 2019

Development Industrial New Jersey Northeast

CT Realty Completes 95,808 SF Industrial Facility in Jersey City

by Alex Patton October 29, 2019

JERSEY CITY, N.J. — CT Realty has completed construction of a 95,808-square-foot industrial facility in Jersey City, an eastern suburb of New York City. The property, located at 79 Thomas McGovern Drive, offers 36-foot ceiling heights, eight dock doors and approximately 2,000 square feet of office space. CBRE is leasing the property on behalf of CT Realty.

October 29, 2019

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Brokers $4M Sale of Two Multifamily Properties in New Jersey

by Alex Patton October 29, 2019

JERSEY CITY AND NORTH BERGEN, N.J. — Redwood Realty Advisors has brokered the combined $4 million sale of two multifamily properties in Jersey City and North Bergen, two western suburbs of New York City. The Jersey City property, 481-487 Communipaw Avenue, is an eight-unit community comprised of two- and three-bedroom duplexes. The original developer sold the property. The North Bergen asset, 7328 Kennedy Boulevard, comprises 17 apartment units in two-bedroom floor plans. Steven Matovski of Redwood Realty Advisors procured sellers and buyers in both transactions. Individual sales prices were undisclosed.

October 29, 2019

Leasing Activity New Jersey Northeast Retail

NAI James Hanson Negotiates 3,900 SF Retail Lease for Martial Arts Studio in Englewood, New Jersey

by Alex Patton October 29, 2019

ENGLEWOOD, N.J. — NAI James Hanson has negotiated a 3,900-square-foot retail lease for Tiger Schulmann’s Martial Arts in Englewood, an eastern suburb of New York City. The space is situated within l28-46 South Dean Street, a 41,000-square-foot building anchored by New York Sports Club, which occupies 20,500 square feet on the second floor. Ronald Fotiu and Anthony Cassano of NAI James Hanson represented the landlord, JPM 2006 – LDP8 24-42 S. Dean St., in the lease negotiations.

October 29, 2019

Loans Mixed-Use Texas

Joint Venture Secures Construction Financing for 66-Story Mixed-Use Tower in Austin

by Taylor Williams October 29, 2019

AUSTIN, TEXAS — A joint venture between Kairoi Residential, Lincoln Property Co. and DivcoWest has secured an undisclosed amount of construction financing for 6xGuadalupe, a 66-story mixed-use tower in downtown Austin. According to the property website, 6xGuadalupe will feature ground-floor retail space, 349 multifamily units and roughly 588,000 square feet of office space. The office component also includes a 35,000-square-foot terrace and 11,500 square feet of amenities including a conference room, tenant lounge and fitness center. Construction is underway with the demolition of the existing Extended Stay hotel on the site set for Tuesday, Oct. 29. Gensler is the project architect.

October 29, 2019

Acquisitions Industrial Texas

CBRE Brokers Sale of 157,000 SF Industrial Facility in Oklahoma City

by Taylor Williams October 29, 2019

OKLAHOMA CITY — CBRE has brokered the sale of a 157,000-square-foot industrial facility located on 18 acres near Interstates 35 and 240 in Oklahoma City. The buyer, Spiers New Technologies, a provider of services for advanced battery packs used in hybrid and electric car charging, occupies four buildings across the city and will consolidate its operations to the new facility. The site has the capacity to house more than 200,000 square feet of additional office and manufacturing space. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the transaction. Allan Meadors of Cushman & Wakefield represented the undisclosed seller.

October 29, 2019

Development Industrial Texas

McCarthy Underway on 141,000 SF Expansion Project for Southwest Airlines in Dallas

by Taylor Williams October 29, 2019

DALLAS — McCarthy Building Cos. is underway on a 141,000-square-foot expansion project in Dallas for Southwest Airlines’ Leadership & Aircrew Development Center at the company’s Dallas headquarters campus. The project will add space for eight additional flight simulators — up from its current 18 simulators — additional room for briefing rooms and space for smaller flight training devices. The opening is slated for fall 2020.

October 29, 2019

Acquisitions Multifamily Texas

Origin Investments, F&B Capital Buy 250-Unit Apartment Community in Metro Austin

by Taylor Williams October 29, 2019

GEORGETOWN, TEXAS — A joint venture between Chicago-based Origin Investments and Austin-based F&B Capital has purchased Anatole at Westinghouse, a 250-unit apartment community located in the northern Austin suburb of Georgetown. Built on 13 acres in 2015, the property comprises 148 one-bedroom units, 96 two-bedroom units and six three-bedroom units equipped with modern appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool with outdoor grilling areas, a fitness center, business center and a dog park. The seller and sales price were not disclosed.

October 29, 2019

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