Property Type

Birchington to Break Ground on $93M Holiday Inn Express in D.C.

by Alex Tostado May 8, 2019

WASHINGTON, D.C. — Birchington LLC is set to break ground on a $93 million, 247-room Holiday Inn Express in Washington, D.C. The hotel is expected to open in late 2020. Birchington, which developer Habte Sequar owns, received a construction loan from Atlanta-based Stonehill Strategic Capital for the project. The 14-story hotel will be situated at the corner of 4th and K streets, three blocks from the historic Carnegie Library and the Walter E. Washington Convention Center. The design and management team include BBGM Architects, general contractor Kinsley Construction Inc. and property manager Urgo Hotels & Resorts.

May 8, 2019

Georgia Industrial Leasing Activity Southeast

Logistics Firm Signs 408,600 SF Industrial Lease in Atlanta

by Alex Tostado May 8, 2019

ATLANTA — Broadrange Logistics, a third-party logistics provider, has signed a full-building industrial lease for 408,600 square feet in Atlanta’s Fulton Industrial submarket. The Atlanta-based firm offers air, ocean, trucking and warehouse logistics services to several major companies including Amazon, Wayfair, Drive Medical, SP Richards and Smith Cooper. The facility is located at 105 Kendall Park Lane, 13 miles west of Atlanta Hartsfield-Jackson International Airport and 16 miles west of downtown Atlanta. Bob Robers and Brian Monaghan of Cushman & Wakefield represented the tenant in the lease transaction. LaSalle Investment Management is the landlord. Brian Alcorn of Cushman & Wakefield will oversee build-out of the space, though details of the build-out were not disclosed.

May 8, 2019

Florida Loans Multifamily Southeast

Grandbridge Provides $33.2M Refinancing for BayVue Apartments in Tampa

by Alex Tostado May 8, 2019

TAMPA, FLA. — Grandbridge Real Estate Capital has provided a $33.2 million refinancing loan for BayVue Apartments, a 368-unit, garden-style apartment community in Tampa. The Freddie Mac loan features a 10-year term, floating rate term and 30-year amortization schedule. BayVue Apartments is situated near Tampa International Airport and was built in 1988. The property comprises 29 two-story buildings spanning 23.4 acres. Community amenities include a clubhouse, two swimming pools, fitness center, business center, racquetball court and a car wash center. Alan Tapie of Grandbridge originated the loan on behalf of the undisclosed borrower.

May 8, 2019

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges 192,454 SF Warehouse Lease Renewal in Metro Miami

by Alex Tostado May 8, 2019

MIAMI LAKES, FLA. — Cushman & Wakefield has arranged a 192,454-square-foot warehouse and distribution lease renewal for Miami International Freight Solutions (MIFS) in Miami Lakes. MIFS fully occupies the facility, which is situated at 14100 NW 60th Ave. in Miami Lakes Business Park East, 10 miles north of Miami International Airport. The property was built in 1971 and sits on 13.2 acres. It offers numerous loading points, 10,000 square feet of executive offices and a fully secured truck staging and storage yard. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield represented MIFS in the lease negotiations. Carlos Velasquez and Rene Vivo of The Vivo Group represented the landlord, San Francisco-based Terreno Realty Corp.

May 8, 2019

Acquisitions Industrial North Carolina Southeast

CBRE|Raleigh Brokers $14.3M Sale of Eastgate 540 Industrial Park in North Carolina

by Alex Tostado May 8, 2019

KNIGHTDALE, N.C. — CBRE|Raleigh has arranged the $14.3 million sale of Eastgate 540, a 30-acre industrial site in Knightdale. The property houses a 150,000-square-foot industrial building with room for an additional 150,000-square-foot building on the parcel. Francini Marble occupied a portion of the existing building at the time of the sale. Eastgate 540 is situated at the intersection of Hodge Road and Spectrum Drive, 10 miles east of downtown Raleigh. Chester F. Allen, Barry Bowling, Carlton Midyette III and Tiffany Hilburn of CBRE|Raleigh represented the buyer, Trinity Capital, in the transaction. Scannell Properties was the seller.

May 8, 2019

Acquisitions Industrial New York Northeast

H.I.G. Capital Acquires Industrial, Flex Portfolio in New York Area for $487M

by Taylor Williams May 8, 2019

NEW YORK — An affiliate of Miami-based H.I.G Capital, which has offices in the United States, Europe and South America, has acquired a portfolio of industrial and flex assets located throughout the New York City metropolitan area for $487 million. The portfolio spans approximately 3.1 million square feet, comprises 56 properties and is leased to about 260 tenants across a diverse range of industries. With this transaction, H.I.G. Capital now has more than $30 billion of assets under management. Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn, Andrew Scandalios, Stephen Simonelli and Michael Oliver of HFF represented the seller, Mack-Cali Realty Corp., in the transaction. In addition, Mike Tepedino, Peter Rotchford, Scott Findlay and Jackie Ferrer of HFF arranged $400 million in floating-rate acquisition financing through Bank of America for the deal.

May 8, 2019

Development Hospitality New York Northeast

Bellefield to Develop 150-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams May 8, 2019

HYDE PARK, N.Y. — Bellefield Development Partners, an affiliate of New York City-based T-Rex Capital Group LLC, plans to develop a 150-room hotel at Bellefield at Historic Hyde Park, a $500 million hospitality and dining destination in Hyde Park. Bellefield partnered with owner-operator Shaner Hotel Group and Marriott International on an earlier hotel project, a 133-room Residence Inn, and will continue that partnership with this new project. Amenities at the new hotel will include a spa, conference center, sports facility and indoor and outdoor pools. A construction timeline has not yet been released. Bellefield at Historic Hyde Park includes farm-to-table restaurants, culinary shops, an event barn and an educational center.

May 8, 2019

California Development Mixed-Use Western

Brookfield Properties to Develop 5M, a Four-Acre Mixed-Use Development in San Francisco

by Amy Works May 8, 2019

SAN FRANCISCO — Brookfield Properties plans to break ground this summer on 5M, a four-acre mixed-use project in downtown San Francisco. In partnership with Hearst Corp., Brookfield is transforming empty parking lots and underutilized warehouses into a mix of residential, office and retail space, as well as restoring historic buildings and public open spaces. Scheduled to break ground this summer, 415 Natoma St. will feature 640,000 square feet of Class A office space, plus ground-floor space for retailers and restaurants. Additionally, Brookfield will break ground on a 302-unit apartment building with 91 affordable units. The two buildings and ground-level open space is slated to open in mid-2021. Upon completion of the full project, 5M will features 702 residential units, including units designated for middle-income households, seniors and formerly homeless families. Also included in the plan are more than 50,000 square feet of parks, rooftop gardens, play areas and open space programmed to include community arts and cultural events. The historic Chronicle Building will be renovated and the historic Camelline Building and Dempster Building, a former printing house, will be repurposed as signature features on the site. Hearst will retain full ownership of the existing Chronicle and Examiner buildings, which will continue …

May 8, 2019

Industrial Leasing Activity New York Northeast

JLL Negotiates 103,000 SF Industrial Lease on Long Island

by Taylor Williams May 8, 2019

SYOSSET, N.Y. — JLL has negotiated a 103,000-square-foot industrial lease at 225 Underhill Blvd. in Syosset, a city on Long Island. The property, located about 32 miles east of Midtown Manhattan, features 19-foot ceiling heights and more than 3,000 square feet of office space. Max Omstrom, Doug Omstrom and Kyle Crennan of JLL represented the tenant, One Stop Properties, a real estate development firm based in Long Island City. The landlord, Balrich Realty Corp., was represented internally.

May 8, 2019

Acquisitions Connecticut Multifamily Northeast

Rittenhouse Arranges Sale of 140-Unit Apartment Community Near Wilmington, Delaware

by Taylor Williams May 8, 2019

ELSMERE, DEL. — Philadelphia-based Rittenhouse Realty Advisors has arranged the sale of Parklynn Apartments, a 140-unit multifamily complex located in Elsmere, a western suburb of Wilmington. The garden-style property is located near a major shopping center and several employment hubs, including Wilmington VA Medical Center and the University of Delaware-Wilmington campus. Units include hardwood floors, oversized closets and onsite laundry facilities. The buyer and seller were not disclosed.

May 8, 2019

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