Property Type

Hall Structured Finance Provides $37.5M Construction Loan for New Hotel in Downtown Atlanta

by Alex Tostado February 1, 2019

ATLANTA — Hall Structured Finance has provided a $37.5 million construction loan for a new Reverb Hotel in downtown Atlanta. Amenities will include a five-story parking garage; meeting space, a restaurant and a business center on the ground floor; and a rooftop bar with observation deck on the 11th floor. The 195-room hotel is expected to be delivered in February 2020 and will become part of Castleberry Park, a mixed-use development adjacent to Mercedes-Benz Stadium, home of the Atlanta Falcons and Atlanta United. Reverb Hotel is a Hardrock Hotels product. Will James of NorthMarq Capital arranged the loan on behalf of the borrower, Bolton Atlanta LP, a hotel owner and developer based in Atlanta.

February 1, 2019

Development Georgia Office Southeast

Logistics Firm Breaks Ground on Future 80,000 SF Headquarters Near Atlanta

by Alex Tostado February 1, 2019

PEACHTREE CITY, GA. — Logistics firm SMC3 has broken ground on its future 80,000-square-foot corporate headquarters in Peachtree City. The new headquarters is situated about 36 miles southwest of downtown Atlanta and is expected to deliver in March 2020. SMC3 is a shipping logistics company that specializes in LTL (less than truckload) shipping. Jefferson Browne Gresham Architects designed the building and South-Tree Enterprises will build it. The site will feature a three-story atrium, smart glass, acoustical metal decks to improve sound absorption and extensive natural lighting.

February 1, 2019

Acquisitions Retail Southeast Virginia

Big V Property Group Acquires 180,845 SF Shopping Center in Richmond

by Alex Tostado February 1, 2019

RICHMOND, VA. — Big V Property Group has acquired Pocono Crossing, a 180,845-square-foot shopping center located at 10400 Midlothian Turnpike in Richmond for $12.3 million. Situated about 11 miles west of downtown Richmond, Pocono Crossing was 84 percent leased at the time of sale to tenants including Burlington, Tuesday Morning, Chuck E. Cheese’s, Catherines, Hong Kong Buffet and Boost Mobile. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

February 1, 2019

Acquisitions Industrial New Jersey Northeast

JLL Arranges $61M Sale of Former Ballantine Brewery in Newark, New Jersey

by David Cohen February 1, 2019

NEWARK, N.J. — JLL has arranged the $61 million sale of the former Ballantine Brewery in Newark. Located at 424 E. Ferry St., the 1.1 million-square-foot industrial property includes five buildings across 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. Currently, the property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet. Thomas Walsh, Joseph Garibaldi and Katelyn Borovsky of JLL represented the seller, RAR Development Associates, in the transaction. The buyer was a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

February 1, 2019

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Breaks Ground on Atria Community in New City, New York

by David Cohen February 1, 2019

NEW CITY, N.Y. — Capitol Seniors Housing has started construction of Atria New City, an assisted living and memory care community in the affluent hamlet of New City in Clarkstown. Located approximately 30 miles north of Manhattan, the $30 million, three-story, 70,000-square-foot community features 80 residential suites. Atria Senior Living is the operator. Atria New City is scheduled to open in the first quarter of 2020. Meyer Senior Living Studio designed the community. Capitol Seniors Housing also is constructing Stonegate at Greenburgh, an assisted living and memory care community in nearby Greenburgh.

February 1, 2019

Acquisitions Development Lee & Associates Multifamily New York Northeast

Lee & Associates Orchestrates $11.5M Sale of Development Site in Queens

by David Cohen February 1, 2019

NEW YORK CITY — Lee & Associates has arranged the $11.5 million sale of a 25,473-square-foot development site in the Astoria neighborhood of Queens. Located at 26-24 and 26-26 4th St., the property consists of two lots, which are zoned residential. One of the lots features a 20,000-square-foot warehouse. The properties allow for a total of 67,982 buildable square feet. Alfonso Holloman of Lee & Associates represented the buyer, Bruman Realty, and the undisclosed seller, in the transaction.

February 1, 2019

Acquisitions Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 46,000 SF Warehouse in New Jersey

by David Cohen February 1, 2019

BURLINGTON TOWNSHIP, N.J. — NAI Mertz has brokered the sale of a 46,000-square-foot warehouse in Burlington Township. The price was not disclosed. Located at 308 Connecticut Drive, the property features 21-foot clear heights and is situated alongside Interstate 295. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller, Merchant & Evans Industries, will remain as a tenant in the building.

February 1, 2019

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Property in Brooklyn

by David Cohen February 1, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 1, 2019

Acquisitions Office Texas

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Retail Texas

Houston Area to Add 2.5 MSF of New Shopping Center Space in 2019, Says Wulfe & Co.

by Taylor Williams February 1, 2019

HOUSTON — Wulfe & Co., a Houston-based full-service firm specializing in retail properties, has released its annual retail survey stating that approximately 2.5 million square feet of new shopping center space will open in the Houston area in 2019. The survey noted that average annual deliveries over the last decade were roughly 2.7 million square feet, and that overall retail occupancy should remain around 95 percent this year. The report also notes that according to the Greater Houston Partnership, the city added more than 111,000 new jobs in 2018 and is currently sitting at 3.9 percent unemployment.

February 1, 2019

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