Property Type

Suffolk University Buys 114-Room Ames Boston Hotel

by Alex Patton September 26, 2019

BOSTON — Suffolk University has purchased the 114-room Ames Boston Hotel, located in Financial District of the city, for $63 million. The historic property, located at 1 Court St., was originally built in 1893 and redeveloped in 2009. The university will rebrand the building as a student housing facility called the One Court Street Residence Hall, which will ultimately house approximately 280 students. The building will undergo minor renovations, which are slated for completion in fall 2020. Ted Wheatley and Robert Webster of JLL represented Suffolk University in the transaction. Denny Meikleham, Alan Suzuki and Matthew Enright of JLL represented the seller, Invesco Real Estate.

September 26, 2019

Acquisitions New Jersey Northeast Retail

CBRE Brokers Sale of 8-Acre Retail Property in Jefferson, New Jersey

by Alex Patton September 26, 2019

JEFFERSON, N.J. — CBRE has brokered the $1.9 million sale of an 8-acre vacant property in Jefferson, located about 45 miles west of New York City. The property, located at 757 State Route 15, originally housed a Pathmark grocery store. The buyer, 757 Route 15 Realty LLC, plans to develop the site into a Class A medical office building that is slated for completion in summer 2020. Thomas Mallaney and Denise Kokulak of CBRE represented the buyer in the transaction. Jefferson Sebastian-Parsippany LLC was the seller.

September 26, 2019

Leasing Activity New Jersey Northeast Retail

R.J. Brunelli Negotiates 24,000 SF Retail Lease in Old Bridge, New Jersey

by Alex Patton September 26, 2019

OLD BRIDGE, N.J. — R.J. Brunelli & Co. has negotiated a 24,000-square-foot retail lease for a Jersey Strong fitness center in Old Bridge, located about 35 miles south of New York City. The tenant will anchor the 84,900-square-foot Browntown Shopping Center along with a Walgreens. Danielle Brunelli and Richard Brunelli of R.J. Brunelli & Co. represented Jersey Strong in the lease negotiations, as well as the landlord.

September 26, 2019

Leasing Activity New York Northeast Office

AFHU Signs 11,000 SF Office Lease in Manhattan

by Alex Patton September 26, 2019

NEW YORK CITY — American Friends of Hebrew University (AFHU) has signed an 11,000-square-foot office lease in Manhattan. AFHU will move into a portion of the 11th floor of 199 Water Street in June 2020. Lauren Davidson, Lindsay Ornstein and Samantha Schrenker of Transwestern represented AFHU in the lease negotiations. Brett Greenberg and Adam Rappaport represented the landlord, Jack Resnick & Sons, on an internal basis.

September 26, 2019

Acquisitions Multifamily Southeast Virginia

JLL Negotiates $141M Sale of Transit-Oriented Apartment Community in Northern Virginia

by Alex Tostado September 26, 2019

ASHBURN, VA. — JLL has negotiated the $141 million sale of Atley on the Greenway, a 496-unit, transit-oriented apartment complex in Ashburn. The property is situated at 21827 High Rock Terrace, less than one mile from the Ashburn Metro Station and 30 miles west of downtown Washington, D.C. The community offers one-, two- and three-bedroom floor plans averaging 1,001 square feet. Forty of the units are designated affordable housing. Communal amenities include two swimming pools, an outdoor fireside lounge, poolside barbecue and picnic areas, playground, 24-hour fitness center, multi-station business center, indoor lounge with fireplace, demonstration kitchen and a dining area. Walter Coker and Brian Crivella of JLL represented the seller, Northwestern Mutual, in the transaction. The buyer was Fairfield Residential.

September 26, 2019

Development Georgia Multifamily Seniors Housing Southeast

Village Park Breaks Ground on 204-Unit Seniors Housing Community in Atlanta’s Buckhead District

by Alex Tostado September 26, 2019

ATLANTA — Village Park has broken ground on Corso Atlanta, a senior living community in Atlanta’s Buckhead neighborhood. Situated on a nine-acre site, the first phase of development will feature 82 independent living units, 21 independent living homes, 75 assisted units and 26 memory care units. Village Park, the developer and future operator of the facility, plans to partner with local farmers, florists, manicurists and chefs to operate the onsite amenities. The property is located across the street from Northside Medical Center. The development is scheduled for completion in late 2020 or early 2021. The architect is THW Architects, and the general contractor is Gilbane Building Co.

September 26, 2019

Acquisitions Maryland Multifamily Southeast

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

by Alex Tostado September 26, 2019

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.

September 26, 2019

Acquisitions Georgia Retail Southeast

Colliers Arranges Sale of Two Metro Atlanta Shopping Centers Totaling 147,444 SF

by Alex Tostado September 26, 2019

MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.

September 26, 2019

Acquisitions Florida Retail Southeast

Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Development Multifamily Texas

Oden Hughes Breaks Ground on 287-Unit Multifamily Community in Dallas

by Taylor Williams September 26, 2019

DALLAS — Austin-based developer Oden Hughes has broken ground on Phase I of Lenox Maplewood, a project that will add 275 apartments and 12 townhomes to the Dallas Medical District. Floor plans will include one- and two-bedroom apartments and three-bedroom townhomes. The first units are scheduled to open in late 2020. Oden Hughes has the ability to build at least one more phase, but the timing of any additional phases has not been determined. Zoning on the property allows the developer to build a total of up to 800 units on the site. BGO Architects is handling design of the project.

September 26, 2019

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