Property Type

Skanska Acquires Development Site for 201,000 SF Planned Office Building in Downtown Arlington

by Alex Tostado October 16, 2019

ARLINGTON, VA. — Skanska has acquired 3901 N. Fairfax Drive, the development site for a nine-story, 201,000-square-foot office building in downtown Arlington. The building will include 10,280 square feet of ground-level retail space. CallisonRTKL designed the building to include floor-to-ceiling windows on all four sides, a 4,000-square-foot rooftop terrace, fitness center, indoor amenity space and a second-floor terrace. The site is located within the Rosslyn-Ballston corridor, five miles west of downtown Washington, D.C. An investment affiliate of Bernstein Management Corp. sold the property for an undisclosed price. A timeline for completion was not disclosed.

October 16, 2019

Development Georgia Industrial Southeast

Southeastern Mills Opens 140,000 SF Distribution Center in North Georgia

by Alex Tostado October 16, 2019

ROME, GA. — Southeastern Mills has opened a 140,000-square-foot distribution center in Rome. The center is expected to handle more than 300 shipments per month for the Rome-based food company. The facility also offers a video conferencing system and automated doors with trailer restraints. Rome is situated 65 miles north of downtown Atlanta.

October 16, 2019

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $73M Sale of Multifamily Portfolio in Metro Birmingham

by Alex Tostado October 16, 2019

HOOVER, ALA. — Newmark Knight Frank (NKF) has arranged the $73 million sale of two multifamily properties in Hoover: The Falls of Hoover and Woods of Hoover. Together, the properties total 696 units and were 94 percent occupied at the time of sale. The two communities offer one- through three-bedroom floor plans. The Falls of Hoover and Woods of Hoover were built in three phases between 1996 and 2002. Communal amenities include three swimming pools, fitness centers, clubhouses, a playground, and three tennis courts. Bo Flurry and Justin Uffinger of NKF represented the seller, Heritage Income Properties, and the buyer, BH Equities, in the transaction.

October 16, 2019

Acquisitions Florida Retail Southeast

JLL Negotiates $23.3M Sale of The Shoppes at Southside in Jacksonville

by Alex Tostado October 16, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $23.3 million sale of The Shoppes at Southside, a 112,613-square-foot retail center in southern Jacksonville. The property was fully leased at the time of sale to tenants including anchors Best Buy and Urban Air Trampoline, as well as Adventure Park, David’s Bridal, Cold Stone Creamery, Deerwood Jewelers, Moe’s Southwest Grill and three separate parcels leased to Starbucks, Chick-fil-A and Aspen Dental. Situated on 12.9 acres at 9930-9990 Southside Blvd., the center is located 14 miles south of downtown Jacksonville. Brad Peterson, Whitaker Leonhardt and Michael Brewster of JLL represented the seller, Brixmor Property Group, in the transaction. Core Investment Management acquired the property.

October 16, 2019

Development Multifamily Northeast Pennsylvania

HSR, Northwestern Mutual Complete 319-Unit Multifamily Building in Pittsburgh

by Alex Patton October 16, 2019

PITTSBURGH — High Street Residential, the multifamily development arm of Dallas-based Tramell Crow Co., and Northwestern Mutual have completed construction of Glasshouse, a 319-unit multifamily building in Pittsburgh’s South Shore neighborhood. The five-story property offers junior, one- and two-bedroom apartments ranging in size from 610 to 1,300 square feet and 3,000 square feet of ground-floor retail space. Amenities include a fitness center, clubroom and pool. Hord Coplan Macht designed the building and landscaping, and Rycon Construction was the general contractor.

October 16, 2019

Loans Multifamily New York Northeast

Greystone Provides $37M Loan for Refinancing of Multifamily Property in Queens

by Alex Patton October 16, 2019

NEW YORK CITY — Greystone Capital Advisors has arranged a $37 million permanent loan for the refinancing for 14-01 Broadway, an 82-unit multifamily building in the Astoria neighborhood of Queens. Amenities include a fitness center, roof terrace and outdoor lounge Greystone provided the 10-year Fannie Mae loan, which carried a fixed interest rate, for an affiliate of the Shirian Family’s Lions Group. The loan replaced a previous construction loan that was provided by Bank Leumi. Drew Fletcher, Matthew Klauer and Bryan Grover of Greystone handled the transaction.

October 16, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $3.6M Sale of Two Multifamily Properties in Boston

by Alex Patton October 16, 2019

BOSTON — Marcus & Millichap has brokered the $3.6 million sale of 338-342 Warren Street and 74-76 Rockland Street, two multifamily properties located in the Roxbury neighborhood of Boston. The asset at 338-342 Warren St., which comprises six three-bedroom apartments and two commercial spaces, sold for $2.2 million. The asset at 74-76 Rockland St., which comprises six apartments in two- and three-bedroom floor plans, sold for $1.3 million. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap brokered both sales. The deal closed at a capitalization rate of 6.11 percent.

October 16, 2019

Development Northeast Pennsylvania Retail

Victory Brewing Co. to Open 14,000 SF Brewery, Taproom in Philadelphia

by Alex Patton October 16, 2019

PHILADELPHIA — Victory Brewing Co. will open a 14,000-square-foot brewery and taproom in the Logan Square neighborhood of Philadelphia’s Center City. The facility will feature a production brewing system, kitchen, three bars, street-level outdoor seating and a rooftop patio. Victory’s first location in Downingtown opened in 1996, and the company operates two other locations in Parkesburg and Kennett Square. The Philadelphia brewery will function as a new flagship taproom as well as an innovation hub for new beers. Local development firm Pearl Properties owns the building, and Gerner Kronick + Valcarcel is designing the facility in collaboration with Victory. The facility is slated to open in late 2020.

October 16, 2019

Leasing Activity New Jersey Northeast Pennsylvania Retail

Wingstop Signs Two Retail Leases in Philadelphia, Ewing, New Jersey

by Alex Patton October 16, 2019

PHILADELPHIA AND EWING, NEW JERSEY — Dallas-based fast casual restaurant Wingstop has signed retail leases in Philadelphia and Ewing, New Jersey. Wingstop will open a 1,650-square-foot store in Philadelphia’s Morrell Plaza, a 103,251-square-foot retail center with tenants including ShopRite and T-Mobile. The company will also open a 2,200-square-foot store in Ewing, New Jersey’s Capitol Plaza, a 354,993-square-foot shopping center with tenants including Marshalls, Dollar Tree and Planet Fitness. David Dunkelman of Soloff Realty & Development Inc. represented Wingstop in the Philadelphia negotiations, and Sidney Singer of Levin Management Corp. (LMC) represented the landlord. Marta Villa of JLL represented Wingstop in the Ewing negotiations , and Andrea Kyriacou of LMC represented the landlord.

October 16, 2019

Development Illinois Midwest Multifamily Student Housing

Opus Completes 14-Story Student Housing Building Adjacent to University of Illinois at Urbana-Champaign

by Kristin Harlow October 16, 2019

CHAMPAIGN, ILL. — The Opus Group has completed Seven07, a new student housing building near the campus of the University of Illinois at Urbana-Champaign. The 14-story building is home to 218 units with 548 beds. Amenities include a fitness center, indoor basketball court, spa, lounge, café and study areas. The fourth-floor clubroom features pin ball machines, shuffle board and ping pong tables. The project was a joint venture between Opus and The Carlyle Group. Opus served as developer, design-builder, architect and structural engineer. Creative License was the interior designer. Asset Living will manage the property. SunTrust Commercial Real Estate provided project financing.

October 16, 2019

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