Property Type

Industrial Development Shifts Westward From Port

by Taylor Williams October 2, 2019

Demand for industrial space is roaring throughout the submarkets surrounding the Port of New York and New Jersey, propelled by the port’s handling of a record amount of cargo thus far in 2019. As a result of the healthy demand, as well as more product coming in and out of the port, landlords are enjoying positive rent growth accentuated by a limited supply of quality industrial space. The port experienced record growth in cargo volume handled during the first six months of 2019, according to internal data from the organization. The number of 20-foot equivalent units (TEUs) handled by the port has already exceeded 3 million for the year and surpassed 611,000 in June alone. This figure represents an all-time record for the port during the first half of the year, enabling it to surpass the Port of Long Beach for the first time in 20 years. Increasing amounts of inventory coming in and out of the port translates to greater demand for industrial space to store, process and ship product. But the port submarket has but a meager supply of real estate to meet the demand. Due to a limited space available for lease, the industrial submarket experienced negative …

October 2, 2019

Acquisitions Hospitality Illinois Midwest Top Stories

Blackstone to Acquire 65 Percent Stake in Great Wolf Resorts, Form $2.9B JV With Centerbridge

by Kristin Harlow October 2, 2019

CHICAGO AND NEW YORK CITY — Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX), is acquiring a 65 percent controlling interest in Great Wolf Resorts Inc. Although the specific price of the investment was not disclosed, Blackstone and existing owner Centerbridge Partners LP will form a new $2.9 billion joint venture to own the company. Chicago-based based Great Wolf is an owner and operator of family-oriented entertainment resorts, with 18 locations around the country. Each lodge contains a full-service hotel, indoor waterpark, recreational activities and various food and beverage offerings. A new resort in Northern California is slated to open next year. “Great Wolf has enriched the guest experience and opened seven new lodges since 2015,” says Tyler Henritze, head of U.S. acquisitions for Blackstone. “We look forward to investing in these properties to further deliver for guests and grow the company.” Murray Hennessy, CEO of Great Wolf, says that the company stands to benefit greatly from Blackstone’s insights and expertise in hospitality. The sale comes at a time when theme park companies are benefitting from higher consumer spending on travel and leisure, according to Bloomberg. Blackstone has previously invested in SeaWorld Entertainment Inc. and helped buy …

October 2, 2019

Leasing Activity New York Northeast Office

WeWork Signs 362,197 SF Office Lease in Manhattan

by Alex Patton October 1, 2019

NEW YORK CITY — WeWork has leased a 362,197-square-foot office lease at 437 Madison Avenue in Manhattan. The company will move into floors two through 12, as well as a portion of the 14th floor, in January 2021. Other tenants at the 850,000-square-foot building include Citizens Bank, communications firm Kekst CNC and law firm Wiggin and Dana LLP. Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster of JLL represented the landlord, the William Kaufman Organization (WKO), in the lease negotiations. Michael Lenchner of Sage Realty Corp., the leasing and management division of WKO worked with JLL to represent the landlord. Peter Riguardi and Howard Hersch of JLL represented WeWork.

October 1, 2019

Connecticut Development Loans Mixed-Use Northeast

JLL Arranges $97.5M Construction Loan for Mixed-Use Project in Stamford, Connecticut

by Alex Patton October 1, 2019

STAMFORD, CONN. — JLL has arranged a $97.5 million construction loan for the development of the second phase of Atlantic Station, a mixed-use project in Stamford, located approximately 35 miles northeast of New York City. Bank OZK provided the floating-rate loan. The first phase of Atlantic Station was completed in 2018 and comprised 325 rental units, 321 parking spaces and 16,000 square feet of retail space. The second phase will include 325 condominium units, approximately 48,000 square feet of retail space and a 534-space parking garage. Mike Tepedino, Michael Gigliotti and Scott Findlay of JLL arranged the loan on behalf of the developer and borrower, RXR Realty. Construction of Phase II is slated for completion by 2021.

October 1, 2019

Development Massachusetts Mixed-Use Northeast

Callahan Breaks Ground on 410,000 SF Mixed-Use Development in Amesbury, Massachusetts

by Alex Patton October 1, 2019

AMESBURY, MASS. — Callahan Construction Managers has broken ground on Maples Crossing, a 410,000-square-foot mixed-use development in Amesbury, located approximately 40 miles north of Boston. Developed by Global Property Development Corp., the 70-acre entertainment and lifestyle center will be anchored by six ice hockey rinks. The Daily News of Newburyport reports that the development costs $70 million and will also include an office building, restaurant and hotel. Andrus Architecture is designing the project, which is slated for completion by the end of 2020.

October 1, 2019

Development Hospitality Massachusetts Northeast

Choice Opens 159-Room Cambria Hotel in South Boston

by Alex Patton October 1, 2019

BOSTON — Choice Hotels International Inc. has opened Cambria Hotel Boston, Downtown-South Boston, a 159-room hotel in the South Boston or “Southie” neighborhood. The hotel features a food and beverage service called Six \ West that serves breakfast, lunch and dinner in a ground-floor restaurant and extends service to a rooftop 4,000-square-foot rooftop lounge. Other amenities include a 2,400-square-foot gym, business meeting space and close access to mass transit lines. City Point Capital is developing the hotel, and Meyer Jabara will manage the property.

October 1, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $7.2M Sale of Multifamily Building in Brooklyn

by Alex Patton October 1, 2019

NEW YORK CITY — GFI Realty Services LLC has brokered the $7.2 million sale of 8678 Bay Parkway, a 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. Originally constructed in 1915, the 30,960-square-foot property offers one-, two-, three- and four-bedroom units. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family. Erik Yankelovich, also with GFI Realty, represented the seller, Meridian Properties.

October 1, 2019

Company News Development Georgia Mixed-Use Southeast

Integral Group Adds Three Developers, Alamo Drafthouse to Assembly Yards Project in Metro Atlanta

by Alex Tostado October 1, 2019

DORAVILLE, GA. — The Integral Group has added three development partners at Assembly Yards, a 165-acre mixed-use redevelopment of the former General Motors plant in Doraville. Paces Properties has joined the development team as the retail partner, StreetLights Residential will serve as the multifamily partner and Ashton Woods Homes as the single-family home builder. Additionally, Alamo Drafthouse Cinema, a Texas-based chain of movie theaters with in-house dining and bar service, will open its first Georgia location at Assembly Yards in 2021. Paces Properties expects to build 125,000 square feet of retail space, including a 16,000-square-foot food hall. Dallas-based StreetLights Residential will construct 300 multifamily units, while Ashton Woods will deliver 150 townhomes. The partnerships with Paces, StreetLights and Ashton Woods combined will add $175 million of development to the site. The first set of retail openings is scheduled for early 2021. In May, Serta Simmons Bedding also celebrated the grand opening of its new 250,000-square-foot headquarters at Assembly alongside Georgia Gov. Brian Kemp and Doraville Mayor Donna Pittman. At the same time, NAVYA launched an autonomous shuttle, the first-of-its-kind in the region.

October 1, 2019

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 360-Unit Multifamily Community in Panama City Beach

by Alex Tostado October 1, 2019

PANAMA CITY BEACH, FLA. — Cushman & Wakefield has arranged the sale of Ashley Breakfast Point, a 360-unit multifamily community in Panama City Beach. Built in 2007, the property is located two miles from the beach and less than two miles from downtown Panama City Beach. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling station, boat and RV parking, fire pit, bark park and scenic pond. Coastal Ridge Real Estate and H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the sellers in the transaction.

October 1, 2019

Acquisitions Florida Office Southeast

JLL Negotiates $31.5M Sale of Office Park in Jacksonville

by Alex Tostado October 1, 2019

JACKSONVILLE, FLA. — JLL has negotiated the $31.5 million sale of Midtown Centre, a 31-building office park totaling 750,156 square feet in Jacksonville. The property is located at 3947 Boulevard Centre Drive, two miles south of downtown Jacksonville. The buildings are spread across 48 acres and were 64 percent leased at the time of sale to local and national tenants, including multiple government and nonprofit agencies. Robbie McEwan, Manny de Zárraga and Hermen Rodriguez of JLL represented the seller, The Dubon Group, in the transaction. Nova Capital Partners LLC acquired the property.

October 1, 2019

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