Property Type

Farley White to Develop 72,000 SF Office Building in Newington, New Hampshire

by Alex Patton October 4, 2019

NEWINGTON, N.H. — Farley White has begun development of 90 Arboretum Drive, a 72,000-square-foot speculative office building in Newington, located approximately 40 miles east of Concord. Farley White will develop the building adjacent to its 100 Arboretum Drive property, a 130,000-square-foot office building anchored by Long Term Care Partners. John Broderick and Stephen Horan of Colliers International secured a $29 million loan from Berkshire Bank to finance the property, which is slated for completion in early 2020.

October 4, 2019

Leasing Activity New York Northeast Retail

Brooklyn Harvest Market Signs 10,000 SF Retail Lease in New York City

by Alex Patton October 4, 2019

NEW YORK CITY — Grocery retailer Brooklyn Harvest Market has signed a 10,000-square-foot lease in the East Williamsburg neighborhood of Brooklyn. The grocer will move into the ground floor of a building at 781 Metropolitan Ave. in mid-2020 for a term of 20 years. In addition to produce and other groceries, the store will offer a full-service butcher, seafood counters and prepared meals. Brooklyn Harvest currently operates three stores, including two others already in Brooklyn and one in Astoria. Garry Steinberg and Richard Kave of Lee & Associates represented Brooklyn Harvest in the lease negotiations. Hymie Dweck of Newmark Knight Frank represented the landlord, Adam America.

October 4, 2019

Leasing Activity New Jersey Northeast Office

CBRE Negotiates 115,000 SF Office Sublease in Bridgewater, New Jersey

by Alex Patton October 4, 2019

BRIDGEWATER, N.J. — CBRE has negotiated a 115,000-square-foot sublease for health information and research company IQVIA in Bridgewater, 35 miles west of New York City. The property, located at 77 Corporate Drive, is a four-story office building with a café, conference center and walking trails. The transaction follows the 2017 merger between IMS Health and Quintiles, which resulted in the creation of IQVIA, and allows the company to consolidate multiple regional facilities. Remy deVarenne and Sean Morley of CBRE negotiated the sublease on behalf of the sublandlord, Legacy Investors.

October 4, 2019

Development Industrial Texas

TDC Breaks Ground on 833,720 SF Distribution Center in Houston

by Taylor Williams October 4, 2019

HOUSTON — Transwestern Development Co. (TDC) has broken ground on Sam Houston Distribution Center, an 833,720-square-foot industrial project in northwest Houston. The Class A development will consist of three buildings and is scheduled for completion in the second quarter of 2020. The front-load and cross-dock buildings will range from 138,720 to 494,800 square feet and can accommodate users from 35,000 to 833,720 square feet. The ceiling heights range from 32 to 36 feet. The property also offers land for added trailer storage or a build-to-suit opportunity, as well as ample car parking and trailer stalls.

October 4, 2019

Loans Multifamily Texas

Stratus Properties Refinances 448-Unit Apartment Community in Austin

by Taylor Williams October 4, 2019

AUSTIN, TEXAS — A subsidiary of Stratus Properties Inc., a publicly traded investment and development firm, has received a $75 million loan for the refinancing of The Santal, a 448-unit apartment community located in the Barton Creek area of Austin. ACRC Lender LLC provided the non-recourse loan, which carries a three-year term with two 12-month extension options and bears a 4.8 interest floor. A portion of the proceeds will be used to retire construction debt. The Santal features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and package handling service.

October 4, 2019

Loans Mixed-Use Texas

JLL Arranges $42M Refinancing for Century Square Mixed-Use Property in College Station

by Taylor Williams October 4, 2019

COLLEGE STATION, TEXAS — JLL has arranged a $42 million loan for the refinancing of Century Square, a mixed-use property in College Station. Built in 2018 and located adjacent to Texas A&M University’s campus, the development features 159,128 square feet of retail space, 57,204 square feet of office space, two hotels totaling 303 rooms and 249 multifamily units, as well as open green spaces. The refinancing did not cover the hospitality and residential components. Ares Management Corp. provided the nonrecourse loan to the borrower, a partnership between Houston-based Midway Cos. and Chicago-based Harrison Street. Colby Mueck, Timothy Joyce, Stephen Skok, Stuart Hepler, Katherine Miller and Charlie Strauss of JLL handled the transaction.

October 4, 2019

Development Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $35.4M Construction Loan for Retail-to-Multifamily Project in Florida Panhandle

by Alex Tostado October 4, 2019

MARY ESTHER, FLA. — Walker & Dunlop has provided a $35.4 million Department of Housing and Urban Development (HUD) loan for the construction of Renaissance Santa Rosa in Mary Esther, located on the Florida Panhandle. The borrowers and developers of Renaissance Santa Rosa, Rea Ventures Group LLC and Radiant Partners, will transform a former department store site connected to Santa Rosa Mall into a four-building, 229-unit multifamily community. The property will offer one-, two- and three-bedroom floor plans. Community amenities will include a two-story clubhouse, swimming pool, business center, game room, exercise facility, picnic areas, playground and a dog park. Frank Baldasare, Heather Olson, Al Rex and Marty McGrogan of Walker & Dunlop originated the 40-year loan on behalf of the borrowers.

October 4, 2019

Acquisitions Retail South Carolina Southeast

Stan Johnson Arranges $22.2M Sale of Oakbrook Station Shopping Center in Metro Charleston

by Alex Tostado October 4, 2019

SUMMERVILLE, S.C. — Stan Johnson Co. has arranged the $22.2 million sale of Oakbrook Station Shopping Center, a 138,166-square-foot, Lowes Food-anchored retail center in Summerville. The property was fully occupied at the time of sale to tenants including Lowes Food, Dollar Tree, OneMain Financial, State Farm Insurance and ATI Physical Therapy. Oakbrook Station is located at 10070 Dorchester Road, 21 miles northwest of downtown Charleston. Maggie Holmes, Joey Odom, Mike Sladich, and Mollie Alteri exclusively represented the seller, Charleston-based developer RealtyLink, in the transaction. Los Angeles-based LBX Investments acquired the center.

October 4, 2019

Acquisitions Office Southeast Virginia

Generation Income Acquires Two Office Buildings in Norfolk for $18.9M

by Alex Tostado October 4, 2019

NORFOLK, VA. — Generation Income Properties Inc. has acquired two office buildings totaling 106,621 square feet in Norfolk for $18.9 million. The portfolio included a 71,774-square-foot building occupied by a general services administration and international shipping company Maersk. The other property is a 34,847-square-foot office building fully leased to PRA Group. Scott Adams, Pat Mugler, Gray Randolph and Will Bradley of Colliers represented the seller, Virginia Beach-based Robinson Development Group, in the transaction.

October 4, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 733-Unit Self-Storage Portfolio in Tyler, Texas

by Taylor Williams October 4, 2019

TYLER, TEXAS — Marcus & Millichap has brokered the sale of a 733-unit portfolio of self-storage facilities located in and around Tyler, about 100 miles east of Dallas. The portfolio spans 103,582 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio also secured the buyer, a DFW-based owner-operator.

October 4, 2019

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