SPRINGFIELD, VA. — Haverford Retail Partners has acquired Springfield Center, a 176,698-square-foot shopping center located at 6646 Loisdale Road in in Springfield, 14 miles south of Washington, D.C. The seller and sales price were not disclosed. Springfield Center was fully leased at the time of sale to eight tenants, including Barnes & Noble, DSW, Marshall’s and Bob’s Discount Furniture. The retail center represents Pennsylvania-based Haverford’s third property in the metro D.C. area.
CHEVY CHASE, MD. — A new wave of tenants have opened at The Collection at Chevy Chase, an upscale, multi-story mixed-use development in metro Washington, D.C.’s Friendship Heights district. Located on Wisconsin Circle in Chevy Chase, The Collection’s new tenants include Porsche Studio (3,756 square feet), Brooks Brothers (5,722 square feet), Bright Horizons (11,638 square feet) and a kiosk for Dunkin’ (400 square feet). The Chevy Chase Land Co. is the owner and landlord of The Collection. Built in 2006, the center is home to tenants including Tiffany & Co., Amazon Fresh, Capital One Bank, Giorgetti, Capital Laser & Skincare, Clyde’s Restaurant, The Hunter’s Hound, Junction Bistro, Bar & Bakery, Joy by Seven Reasons and Merritt Gallery, among others.
EAST CAMBRIDGE, MASS. — A partnership between Leggat McCall Properties and Granite Properties has completed the mixed-use redevelopment of a former courthouse building located at 40 Thorndike St. in East Cambridge. Formerly known as the Edward J. Sullivan Courthouse, the 20-story building now features 422,000 square feet of office space, 48 affordable housing units, retail, restaurant, childcare and meeting spaces, as well as parking for 362 cars and 20,000 square feet of public outdoor space. Elkus Manfredi Architects designed the project, and John Moriarty & Associates served as the general contractor. Bank OZK financed the project. Construction began in fall 2021.
RALEIGH, N.C. — Kane Realty Corp. has signed Weatherby Healthcare, a CHG Healthcare Co., to a 46,309-square-foot office lease at One North Hills Tower in Raleigh. The healthcare staffing company, which has offices in North Carolina and Florida, will occupy one-and-a-half floors at the 10-story, 264,000-square-foot office tower. Other tenants include Jewelers Mutual Group, JT International USA Inc., HNTB, Raymond James & Associates and The Starboard Holding Cos., including The Nautical Group and Nautical Advisory Services. Cheshire Webb of Foundry Commercial, along with independent broker Paul Anderson, represented Weatherby Healthcare in the lease transaction. Hooker Manning and Alex Mikels represented Kane Realty on an internal basis.
LELAND, N.C. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a 4,042-square-foot, freestanding retail property in Leland. Jiffy Lube fully occupies the property at 8962 Ocean Highway E on a 15-year, corporate-guaranteed lease that features rent increases in the initial term. The store was built in 2023 on a 1.3-acre lot roughly nine miles west of downtown Wilmington, N.C. Don McMinn and Andrew Koriwchak of Taylor McMinn Retail Group represented the seller, an undisclosed developer, and the buyer, an institutional investor, in the transaction. The sales price was also not disclosed. “Since the [Federal Reserve’s interest] rate cut, we are seeing institutions become more active and competitive buyers as their stock prices are going up and their cost of capital are coming down,” says McMinn.
WOODLAND PARK, N.J. — Locally based development and investment firm Prism Capital Partners will undertake a multifamily redevelopment project in the Northern New Jersey community of Woodland Park. The project will convert a 33-acre former corporate office campus at 385 Rifle Camp Road into a 400-unit apartment community. Twenty percent (80 residences) will be reserved as affordable housing. Jose Cruz, Jeremy Neuer and Ryan Robertson of JLL represented the undisclosed seller in the disposition of the site. Demolition work is underway, but a target completion date has not yet been established.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $9.8 million sale of a multifamily development site in The Bronx. The site at 36 Bruckner Blvd. is located on the borough’s Mott Haven neighborhood and is approved for the development of 99 apartments and some commercial space. Jason Gold and Gabriel Elyaszade of Ariel represented the seller, Yates Restoration, which has owned the property since 1982, in the transaction. The buyer was not disclosed.
NORWICH, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the sale of a 57,000-square-foot industrial building in Norwich. The sales price was $3.3 million. The building at 243 Vergason Ave. sits on 10 acres and was 53 percent leased at the time of sale, with IT and engineering firm American Systems Inc. occupying 30,000 square feet. Frank Hird and Will Braun of O,R&L represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
LYNDHURST, N.J. — Nemo Tile has signed a 30,046-square-foot industrial lease in the Northern New Jersey community of Lyndhurst. The lease term is 65 months. The building at 2 Terminal Road was recently renovated and features a clear height of 18 feet, seven truck parking spaces and 1,800 square feet of office space. Michael Schaible and Troy Wisse of Lee & Associates represented the landlord, Woodmont Industrial Properties, in the lease negotiations. Daniel Reider of Newmark represented the tenant.
The Louisville office market is at an interesting crossroads, to say the least. Historically, the sector has always skewed toward the suburban submarkets as east Jefferson County has been the go-to area for companies looking for office space. Over the past few years, the shift to the suburbs has become more pronounced than ever as Louisville’s office market experiences a dramatic contrast between the current state of the overall office market in the suburbs versus the central business district (CBD). In the suburban markets, the premier office buildings are experiencing low vacancy rates and record-setting growth in rental rates. On the opposite side, the CBD continues to struggle with increases in vacancy rates, which is expected to increase in the coming months. This trend reflects overall national office trends as companies focus on new, highly amenitized spaces to offer their employees. Suburban Louisville The suburban office market in Louisville has demonstrated reliable stability over the past four years. As of second-quarter 2024, the vacancy rate for Class A spaces stood at 12.7 percent, while Class B spaces recorded a higher rate of 17.2 percent. The suburban market has seen limited new construction deliveries thus far in 2024. The most notable …
