AUSTIN, TEXAS — Chicago-based Brennan Investment Group has sold two industrial properties totaling 84,535 square feet in Austin. The first property is located at 4120 Commercial Center Drive near Austin-Bergstrom International Airport on the southeast side. The second building is located at 9210 Cameron Drive on the northeast side. The buyer was Texas-based investment firm Stonelake Capital Partners. Both buildings were fully occupied at the time of sale.
DALLAS — Rehrig Pacific Co., which manufactures and distributes plastic products for the food and agriculture industries, has signed a 127,789-square-foot industrial lease renewal at 613-625 Mockingbird Lane in Dallas. Canon Shoults of Holt Lunsford Commercial represented the landlord, Alpha Industrial, in the lease negotiations. Craig Jones of JLL represented the tenant.
SOUTH PLAINFIELD, N.J. — Edgewood Properties has purchased a 104,020-square-foot vacant office property in South Plainfield, just west of Staten Island. The property is located at 1001 Durham Ave. near I-287 and I-95, as well as Routes 1 and 22. The new ownership plans to either renovate the building and maintain its office use or redevelop the asset as an industrial distribution facility. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller, ConnectOne Bancorp Inc., in the transaction.
AVENEL, N.J. — Lee & Associates has brokered the sale of an 81,000-square-foot industrial warehouse in Avenel, just west of Staten Island. The property, located at 80 Essex Ave., includes 7,500 square feet of office space, 11 loading dock doors, (expandable to 19) and space for truck parking. The property offers direct access to the New Jersey Turnpike, Route 440, the Goethals Bridge and Garden State Parkway. Planned upgrades include new paving and a truck court. Crista Governara, Drew Maffey and Rick Marchisio of Lee & Associates represented the buyer, TA Realty, as well as the undisclosed seller, in the transaction.
BLUE BELL, PA. — Colliers International has negotiated a 52,000-square-foot office headquarters lease in Blue Bell, located outside of Philadelphia, for national landscaping firm BrightView. Located at 980 Jolly Road, the property recently underwent $6 million in renovations, including the addition of a new fitness center, conference space and café. John Susanin and Kyle Hilbert of Colliers represented BrightView, which will occupy the top two floors of the building, in the lease negotiations. Kairos Real Estate Partners is the landlord.
CALIFORNIA, WASHINGTON AND MICHIGAN — Madison Marquette and GFH Financial Group have acquired a portfolio of six private-pay senior living communities in California, Washington and Michigan. Although a specific purchase price was not provided, GFH described the deal as “exceeding $180 million in value.” The properties include: Chateau at River’s Edge and Chateau on Capitol Ave in Sacramento, Calif.; Callaway Gardens in Kennewick, Wash.; Summer Wood in Moses Lake, Wash.; Pine Ridge in Spokane, Wash.; and Independence Village in Brighton, Mich. The communities total 509 units and feature a mix of independent living, assisted living and memory care. The occupancy as of the first quarter was 92 percent, and GFH notes that most of the assets were recently renovated and able to attain above-market rents. Senior Resource Group, JEA Senior Living and Senior Village Management operate the properties. GFH, an investment firm from the tiny Middle Eastern island country of Bahrain, will serve as the investment manager while Madison Marquette will serve as the day-to-day manager of the portfolio. GFH will be 91 percent owner, while Madison Marquette will own 6 percent. The communities’ operators will own the remaining 3 percent stake. “Through our recent platform activities in the space, …
Bolstered by strong growth in its millennial population and high-paying jobs, Boston’s urban core continues to boast one of the lowest retail vacancy rates in the country. But this trend has also led to a wave of new development that could temper that good news for Boston retail owners. According to data from Marcus & Millichap, metro Boston’s retail vacancy rate is expected to rise by 40 basis points from 3.2 percent to 3.6 percent in 2019, a year in which 1.3 million square feet of new projects are slated for completion. By comparison, the national vacancy rate stood at 10.2 percent at the end of the first quarter, reports Reis. Marcus & Millichap predicts that the uptick in metro Boston’s retail vacancy will slow the pace of annual rent growth to 3.3 percent. Population growth is fueling demand for housing, which in turn spurs demand for retail to serve those new residents. Metro Boston’s population has grown by more than 112,000 people over the last five years, according to Marcus & Millichap, and the area boasts a median household income in excess of $90,000. While the local rate of population growth mirrors that of the United States as a …
PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.
SALEM, N.H. — KeyBank Real Estate Capital has provided $50 million in permanent Freddie Mac financing for a 256-unit mid-rise apartment complex in Salem, New Hampshire. The property, Tuscan Village North, was originally financed using a $38 million construction loan, and is projected to reach stabilized occupancy by October 2019. The loan is structured with an 11-year term, and subsequent to a 6-year interest only period. It amortizes on a 30-year schedule. Dirk Falardeau of KeyBank’s Commercial Mortgage group arranged the financing.
MONTCLAIR, N.J. — PMZ Realty Capital LLC. has arranged a $37.5 million bridge loan to finance a new MC Hotel in Montclair, New Jersey. The 159-unit property is part of the Autograph Collection by Marriott, an independently owned portfolio of upscale hotels. The hotel is scheduled to open August 2019, and includes a rooftop bar, over 8,500 square feet of event space, a restaurant and a lobby library. A public mortgage REIT funded the loan, which carries a three-year term with a floating rate based on LIBOR.