Property Type

Arlington County Board Approves Incentive, Investment Packages for Amazon HQ2

by Alex Tostado March 19, 2019

ARLINGTON, VA. — The five elected members of the Arlington County Board unanimously approved the incentive and investment packages negotiated between the Commonwealth of Virginia and Amazon for the e-commerce giant to locate its second headquarters in Arlington’s National Landing. Through the incentives agreement, Amazon will receive up to $23 million if it creates 25,000 jobs with an average salary of $150,000 by 2025 and occupies 6 million square feet of office space in Arlington County by 2035. The money will be paid through allocating a portion of the anticipated increase in hotel tax revenues. According to the Arlington Economic Development Commission, the county will realize a $14 return for every $1 that Amazon earns in performance-based incentives. The additional tax revenues generated by Amazon’s headquarters will be used to invest in improvements to the county’s schools, affordable housing, parks and transportation network. Combined with Saturday’s Arlington Board vote, approval has now been secured for all of the government’s pledged support as part of a November 2018 Memorandum of Understanding with Amazon. In February, Amazon announced it was pulling out of its HQ2 deal with New York City, leaving Arlington as the only headquarters for Amazon outside of Seattle. Chevy …

March 19, 2019

Acquisitions Georgia Office Southeast

ESJ Capital Partners Acquires Office Park in Metro Atlanta for $24.3M

by Alex Tostado March 19, 2019

KENNESAW, GA. — ESJ Capital Partners LLC has acquired Barrett Business Center, a four-building, 187,373-square-foot office park located at 2015 Vaughn Road in Kennesaw, for $24.3 million. The Miami-based firm plans to invest more than $1 million in capital improvements, focusing mainly on updating the park’s common areas and business systems. The seller, Pope & Land Real Estate, which originally developed the asset between 1999 and 2008, has been retained by ESJ to continue property management and leasing. The property was 92 percent leased at the time of the sale to tenants including Airgas and CarMax. MetLife provided acquisition financing. Justin Parsonnet and Ryan Reethof of CBRE represented the seller in the transaction.

March 19, 2019

Development Georgia Industrial Southeast

Duke Realty to Develop 194,120 SF Industrial Facility for Logistics Firm in Savannah

by Alex Tostado March 19, 2019

SAVANNAH, GA. — Duke Realty is developing a 194,120-square-foot build-to-suit facility for Schilli Distribution Services, a logistics services provider, in Savannah. Schilli has entered into a long-term lease for the facility, which will sit on 12.1 acres at 276 Jimmy Deloach Parkway, about four miles west of Port of Savannah. Delivery is expected by this summer. Accessible via a CSX rail spur, the facility will include 32-foot clear heights, 43 nine-by-10-foot dock doors and two 12-by14-foot drive-in doors. Bob Luttrell and Ken Boyd with Newmark Frank Knight represented Schilli in the lease transaction while Duke Realty was represented internally by Brian Sutton.

March 19, 2019

Leasing Activity Maryland Office Southeast

Law Firm Signs 42,206 SF Office Lease for New Headquarters Near Bethesda

by Alex Tostado March 19, 2019

ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most of whom are expected to relocate to Rockville. Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant, and Kevin McGloon and Peter Rosan of Cushman & Wakefield represented the landlord, The Tower Cos., in the lease transaction.

March 19, 2019

Arkansas Loans Multifamily Southeast

Arbor Provides $9.4M Acquisition Loan for Multifamily Portfolio in Jonesboro, Arkansas

by Alex Tostado March 19, 2019

JONESBORO, ARK. — Arbor Realty Trust Inc. has provided a $9.4 million Fannie Mae loan for a multifamily portfolio in Jonesboro. Fox Run Apartments, a 76-unit property, was purchased for $5.2 million while Hidden Pointe Apartments, a 60-unit property, was bought for $4.2 million. The 12-year loan was underwritten with a fixed interest rate, an unspecified period of interest-only payments and a 30-year amortization schedule. Fox Run Apartments is a gated community that was built in 2011 and offers covered parking and in-unit washers and dryers. Hidden Pointe Apartments is also a gated community that was built in 2012. Jonathan Chaim of Arbor originated the loan. The borrower was not disclosed.

March 19, 2019

Acquisitions Mixed-Use New York Northeast

JLL Arranges $19M Acquisition Loan for Mixed-Use Property in Manhattan

by David Cohen March 19, 2019

NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.

March 19, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Orchestrates $19.2M Sale of Headquarters Building for BP Lubricants USA in New Jersey

by David Cohen March 19, 2019

WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.

March 19, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $6.6M Sale of Apartment Portfolio in Connecticut

by David Cohen March 19, 2019

EAST ROCK, CONN. — Northeast Private Client Group has brokered the $6.6 million sale of a two-building apartment portfolio in East Rock. The 33-unit portfolio consists of 420 and 431 Whitney Ave. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, Hadley Inc., in the transaction. The buyer was MOD Equities LLC.

March 19, 2019

Acquisitions New York Northeast Retail

Cushman & Wakefield Negotiates $4.7M Sale of Retail Unit in Manhattan

by David Cohen March 19, 2019

NEW YORK CITY — Cushman & Wakefield has negotiated the $4.7 million sale of a retail co-op unit in the SoHo neighborhood of Manhattan. Located at 150 Thompson St., the 7,800-square-foot property consists of the ground floor and basement of the five-story, mixed-use co-op. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Schiffini USA, in the transaction. The buyer was home furnishings company Safavieh.

March 19, 2019

Acquisitions Office Oregon Retail Western

Intercontinental Real Estate Buys 72,130 SF Office/Retail Building in Portland

by Amy Works March 19, 2019

PORTLAND, ORE. — Intercontinental Real Estate Corp., on behalf of its managed fund U.S. Real Estate Investment Fund, has acquired the 72,130-square-foot office and retail portion of the Heartline Condominium. The price was not disclosed. Located at 1241 NW Johnson St., Heartline is part of a master-planned, mixed-use residential and commercial development within Portland’s Pearl District. Completed in 2018, the property features 61,659 square feet of office space and 10,471 square feet of retail space. Vacasa, a company that manages vacation homes, occupies the entire office portion of the project in a long-term basis. Ground-floor retail tenants include Kure Juice Bar, Little Bean and QuickFish Poke Bar. Nick Kucha, James Childress and Bill DeLacy of Newmark Knight Frank represented the seller, Security Properties Development Co., in the deal.

March 19, 2019

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