Property Type

JLL Arranges $30M Sale of Wendover Commons Shopping Center in Greensboro, North Carolina

by Alex Tostado January 9, 2020

GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Havertys Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, as well as medical tenants. Moseley Real Estate Advisors manages Wendover Commons.

January 9, 2020

Acquisitions Maryland Office Southeast

Hubris Capital Purchases Two Downtown Baltimore Office Properties for $29.2M

by Alex Tostado January 9, 2020

BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.

January 9, 2020

Acquisitions North Carolina Office Southeast

Bridge Acquires Two Office Properties in Raleigh

by Alex Tostado January 9, 2020

RALEIGH, N.C. — Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group LLC, has purchased two office buildings in Raleigh. The properties include Capital Center, a seven-story, 161,698-square-foot building located at 5511 Capital Center Drive in west Raleigh. The other asset is Somerset Corporate Center, a two-building property totaling 168,310 square feet located at 4505 Falls of Neuse Road. The sales price was not disclosed. Capital Center was 93 percent leased at the time of sale to tenants including Plexus Services Corp., K4Connect, MyComputerCareer and Certara USA Inc. The property’s amenities include an onsite conference facility, outdoor common area and a fitness center. Bridge plans to invest nearly $3 million in capital improvements for the office building, including renovations for corridors and restrooms, the outdoor plaza and the entryway. Somerset Corporate Center was recently renovated with a new conference center and business hub. Capital improvements were also made to corridors, lobbies and restrooms. Somerset was 90 percent leased at the time of sale to tenants including KCI Technologies Inc., TowneBank Mortgage, Care Services LLC and Select Bank & Trust. Bridge plans to invest an additional $2.6 million to further improve corridors and restrooms and add spec suites in the …

January 9, 2020

Development Office Southeast Virginia

Hana to Open 39,000 SF Coworking Space in JBG Smith’s National Landing in Arlington, Virginia

by Alex Tostado January 9, 2020

ARLINGTON, VA. — Hana, a coworking office operator and subsidiary of Los Angeles-based CBRE Group Inc., will lease 39,000 square feet of space within JBG Smith Properties’ National Landing development, home of Amazon’s future HQ2 campus. Hana will occupy 2451 Crystal Drive, an 11-story, nearly 400,000-square-foot office building in Arlington. The National Landing location, five miles south of Washington, D.C., will be one of Hana’s six announced offices in the United States and United Kingdom. The property’s amenities include an onsite childcare facility, fitness center with showers and locker rooms, restaurants, café and bike storage/repair. 2451 Crystal Drive is less than one mile from the Virginia Railway Express Crystal City station and the Crystal City Washington Metro station. Hana expects to open the National Landing location this year. The first Hana concept opened in Dallas in August and three additional locations have been announced in London, as well as one in Irvine, Calif.

January 9, 2020

Acquisitions Massachusetts Northeast Office

JLL Brokers $46.1M Sale of Office Building in Boston

by Alex Patton January 9, 2020

BOSTON — JLL has brokered the $46.1 million sale of 15 Broad Street, a 77,678-square-foot office building in Boston. Originally constructed in 1910 as the Marshall Building, the property is a landmark in downtown Boston, situated within walking distance of Fairlane Park and multiple transit stations. The property also features street-level retail space. Coleman Benedict, Lauren O’Neil and Matthew Sherry led a JLL team that represented the seller, Brookfield Properties, in the transaction. The team also procured the buyer, TA Realty

January 9, 2020

constitution-professional-park-newington-conn

Acquisitions Connecticut Healthcare Northeast Office

Jacobson Properties Arranges Sale of 31,198 SF Medical Office Complex in Newington, Connecticut

by Alex Patton January 9, 2020

NEWINGTON, CONN. — Jacobson Properties has arranged the $8.8 million sale of Constitution Professional Park, a 31,198-square-foot medical office complex in Newington, a southern suburb of Hartford. Hartford Hospital Eye Surgery Center anchors 55 percent of the three-building complex. Other tenants include Starling Physicians and Select Physical Therapy. Lisa Menin of Jacobson Properties represented the seller, Newington Realty, in the transaction. A national healthcare real estate investor was the buyer.

January 9, 2020

Loans New Jersey Northeast Retail

Procida Provides $10M Construction Loan for Amusement Pier in Seaside Heights, New Jersey

by Alex Patton January 9, 2020

SEASIDE HEIGHTS, N.J. — Procida Funding has provided a $10 million construction loan to The Mabie Group to finance the reconstruction of the Belle-Freeman Amusement Pier in Seaside Heights. The coastal city is located about 65 miles east of Philadelphia. Dating back to the early 1920s, the pier was previously home to a number of small eateries, arcades, amusement games and rides but was ravaged by Superstorm Sandy in 2012 and finally destroyed by a fire in 2013. Proposed plans call for the transformation of the currently vacant boardwalk into an entertainment destination featuring a 17,500-square-foot multi-tier bar and restaurant, a concert venue and several small retail buildings. The construction schedule has not been disclosed.

January 9, 2020

Development Multifamily Texas

Wayfinder Breaks Ground on 321-Unit Apartment Community Near Downtown Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Wayfinder Real Estate has begun construction on The Troubadour, a 321-unit apartment community located within the University Park master-planned development in Austin. The six-story property will be situated one mile north of downtown at the southwest corner of Concordia Avenue and Interstate 35, the former site of Concordia University. Set to open in late 2021, The Troubadour will offer one-, two- and three-bedroom floor plans, as well as a resort-style pool, 24-hour fitness center, indoor bike storage and maintenance facility and two rooftop decks, one of which will be equipped for outdoor movie screenings. The Troubadour represents the first development for Wayfinder, an Austin-based firm founded by real estate veterans Mac McElwrath and Chris Sipes. The project team includes general contractor Oden Hughes Construction, architect Davies Collaborative, civil engineer Jones Carter, landscape architect Blu Fish Collaborative, MEP engineer MEP Delta Design and interior designer PPDS. Vantage Bank provided construction financing on behalf of Wayfinder.

January 9, 2020

Leasing Activity New York Northeast Office

NKF Negotiates 10,008 SF Office Lease in Manhattan

by Alex Patton January 9, 2020

NEW YORK CITY — Newmark Night Frank has negotiated a 10,008-square-foot office lease on behalf of collegiate sports marketing firm Learfield IMG College in the NoMad neighborhood of Manhattan. The space is located on the 17th floor of 183 Madison Avenue, a 275,413-square-foot office building close to the Grand Central and Penn Station transit stations. Andrew Sachs, Tim Gibson, Josh Gosin and Brittany Silver of NKF represented the landlord, APF Properties, in the lease negotiations. Jack Senske and Brian Given of Colliers International represented Learfield.

January 9, 2020

Acquisitions Multifamily Texas

Waterton Acquires 809-Unit Multifamily Portfolio in Metro Houston

by John Nelson January 9, 2020

HOUSTON — Waterton, a multifamily and hospitality owner and operator based in Chicago, has nearly doubled its multifamily holdings in the Houston area with the purchase of three apartment communities totaling 809 units. The properties include Reserve by the Lake in Houston, Madison on the Meadow in Stafford and Summerwind in Pearland. Waterton plans to make capital improvements at all three properties, including all unit interiors, existing clubhouses and common areas. Each unit will be upgraded with new stainless steel appliances, cabinet resurfacing and hardware, as well as upgraded lighting and plumbing packages. Exterior upgrades will include new paint and modernized clubhouses, pool areas and other common area amenities. The seller(s) and sales price were not disclosed.

January 9, 2020

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