Property Type

Benchmark Industrial Signs 52,500 SF Headquarters Lease in Gahanna, Ohio

by Kristin Harlow May 14, 2019

GAHANNA, OHIO — Benchmark Industrial Inc. has signed a 52,500-square-foot headquarters lease at the Central Park of Gahanna, a 262,500-square-foot speculative warehouse currently under construction. Eric Shea of Newmark Knight Frank brokered the lease transaction on behalf of the property’s developer, Trevi Enterprises. Set for completion in September, the property will feature a clear height of 32 feet, 25 dock doors, five drive-in doors and ESFR sprinklers. Benchmark is a distributor of shipping and industrial packaging products, warehouse supplies, safety supplies and janitorial supplies.

May 14, 2019

Acquisitions Midwest Office Ohio

Historic Office Property Trades Hands in Downtown Columbus

by Kristin Harlow May 14, 2019

COLUMBUS, OHIO — CBRE has arranged the sale of a historic office building occupied by Carlile Patchen & Murphy LLP in downtown Columbus. The sales price was not disclosed. The new owner, 366 E. Broad LLC, plans to renovate the building, which is located at 366 E. Broad St. The three-story property, built in 1926, was designed by Richards, McCarty and Bulford and originally owned by the Ohio State Life Insurance Co. CPM Investments, an affiliate of Carlile Patchen & Murphy LLP, purchased the 29,672-square-foot building in 1986. Carlile Patchen & Murphy LLP plans to relocate to 950 Goodale Blvd. in the Grandview Yard development in spring 2020. David Hartsook of CBRE represented the seller. Todd Schiff of Robert Weiler Co. represented the buyer.

May 14, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian to Build $19M Senior Living Community in Lancaster, Pennsylvania

by Taylor Williams May 14, 2019

LANCASTER, PA. — Presbyterian Senior Living (PSL) will build LongCrest, a $19 million affordable seniors housing apartment complex in Lancaster, located roughly midway between Philadelphia and Harrisburg. A groundbreaking ceremony for the four-acre, 52-unit project is slated for today (Tuesday, May 14). Units will be available to residents earning between 20 to 60 percent of the area median income. LongCrest will also offer both fully handicap-accessible units, as well as units that are accessible for individuals with hearing and/or vision difficulties.

May 14, 2019

Development Multifamily New Hampshire Northeast

WinnCompanies Completes $18.7M Multifamily Rehabilitation Project in Lynn, Massachusetts

by Taylor Williams May 14, 2019

LYNN, MASS. — Multifamily development and management firm WinnCompanies has completed the $18.7 million rehabilitation of Cobbet Hill, an affordable housing community located in the northern Boston suburb of Lynn. The 18-month project upgraded the interior features of 117 units, created new common areas and amenity spaces and modernized the property’s security and utility systems. The building was originally constructed in the 1930s as a public school and converted to a residential use in 1988.

May 14, 2019

Village-at-Cedar-Heights-Mansfield-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers $15M Sale of Apartment Community in Mansfield, Massachusetts

by Taylor Williams May 14, 2019

MANSFIELD, MASS. — Colliers International has brokered the $15 million sale of Village at Cedar Heights, a 66-unit apartment community in Mansfield, located south of Boston. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the seller and developer, Turner Brothers, in the transaction. The buyer, Manhattan-based Corigin Real Estate Group, will implement a value-add program.

May 14, 2019

Industrial Loans New York Northeast Self-Storage

Cronheim Mortgage Secures $7M Loan for Self-Storage Facility in Nanuet, New York

by Taylor Williams May 14, 2019

NANUET, N.Y. — Cronheim Mortgage has secured $7 million in financing for a 51,815-square-foot self-storage facility in Nanuet, about 30 miles north of Manhattan. Self-storage REIT CubeSmart operates the facility, which was built in 1980 as a retail property and converted into self-storage in 2015. An undisclosed New Jersey bank provided the loan, which included a 4.74 percent interest rate, six months of interest-only payments and a 30-year amortization schedule. The borrower and owner of the facility is self-storage developer DealPoint Merrill. The facility has 685 climate-controlled units and was 83 percent occupied at the time of sale.

May 14, 2019

Industrial Leasing Activity Massachusetts Northeast

Unitex Signs 188,653 SF Industrial Lease in Lawrence, Massachusetts

by Taylor Williams May 14, 2019

LAWRENCE, MASS. — Unitex Healthcare Laundry Services has signed a 188,653-square-foot industrial lease at 155 Shepard St. in Lawrence, located just south of the New Hampshire border. The property previously served as a plant for beverage can manufacturer Crown Cork & Seal. Greg Klemmer, Tim Brodigan, Tim Allen and Daniel Driscoll of Colliers International represented Elmsford, New York-based Unitex in the lease negotiations. James Lipscomb, Michael Ciummei and Joe Fabiano of JLL represented the landlord, The Seyon Group, which will raise the building’s clear height from 17 feet to 32 feet to accommodate the needs of the new user.

May 14, 2019

Features Multifamily

The Case for the Continued Strength of the Multifamily Sector in 2019

by Kristin Harlow May 14, 2019

Capital One’s survey conducted at the National Multifamily Housing Council’s annual conference earlier this year offered a lot of food for thought regarding the outlook for the multifamily sector in 2019. The vast majority of respondents — 70 percent — believe that we’re nearing the end of the current economic cycle. But despite that notion and despite the 70 percent who are concerned about either rising costs or interest rates, plenty of optimism remains. To this point, 37 percent cited strong fundamentals and 29 percent pointed to an abundance of capital to deploy as drivers of another strong year in this all-important segment this year. Indeed, Freddie Mac predicts multifamily origination volume will grow to $317 billion this year, driven by solid market fundamentals and strong investor demand for properties. The 2019 figure will exceed by 3.9 percent the $305 billion in originations that had been estimated for 2018. Nowhere is this trend more visible than in the New York multifamily market, where demand continues to boom. We see this pattern play out in places like Long Island’s Nassau County, where there’s a definite lack of multifamily inventory in locations like Garden City and New Hyde Park, and where new …

May 14, 2019

Industrial Market Reports Texas Texas Market Reports

McAllen Industrial Market Sees Greater Diversity Among Users

by Taylor Williams May 14, 2019

The agriculture industry, long an economic staple of the Rio Grande Valley (RGV), has been at the forefront of the region’s industrial expansion and is seeing its role elevated with more product coming from Mexico. Over the last several years, road and bridge infrastructure improvements throughout Mexico’s southwestern regions have laid the groundwork for increased traffic of produce-carrying trucks headed northeast to the border area. Ports of entry throughout the RGV have become the top destinations for agricultural imports, surpassing the longtime leader of Nogales, Ariz. This has heightened cross-border trade activity throughout the South Texas ports of entry. Most notably, the Pharr, Texas, port of entry has increased the most in terms of activity, which has led to greater absorption and development of industrial product throughout the McAllen metro area. The prime example of this infrastructural development is the Baluarte Bicentennial Bridge. The 3,700-foot, cable-stayed bridge opened in 2013, connecting the Mexican coastal city of Mazatlan to the inland port of Durango and shortening delivery times for product en route to the U.S. border by four to six hours. As a result, a significant amount of the new industrial development in recent years has centered on cold storage facilities. …

May 14, 2019

Development Maryland Mixed-Use Southeast Top Stories

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

by John Nelson May 14, 2019

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion of Chapter 1 will feature a 13,000-square-foot open-air market and food hall, 50,000 square feet of ground-level retail, a 12,000-square-foot meeting facility and a 15,000-square-foot rooftop event space. Rye Street Market will span four buildings totaling 275,000 square feet. At full buildout, Chapter 1 is slated to include approximately 1.4 million square feet of office space, 337,450 square feet of retail, 976,667 square feet of residential space and 285,000 square feet of hotel space. “The Port Covington of today is a completely different place than what it was just a few short years ago, and we are just getting started,” said Marc Weller, founding partner of Weller Development, during the event …

May 14, 2019

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