Property Type

Bayside Ventures Sells Multifamily Complex in Tampa for $23.3M

by Alex Tostado December 21, 2018

TAMPA, FLA. — Bayside Ventures V LLC has sold The Avenue Apartments in Tampa for $23.3 million. The Avenue Apartments LLC, a partnership led by a local investor with Canadian equity partners, purchased the 216-unit property. The Avenue Apartments was built in 1984 and is situated about three miles from the University of South Florida. Amenities include a swimming pool, fitness center, laundry facility and a resident clubhouse. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.

December 21, 2018

Acquisitions Mixed-Use South Carolina Southeast

CapRocq Sells Retail, Multifamily Space in Downtown Greenville for $9.4M

by Alex Tostado December 21, 2018

GREENVILLE, S.C. — An affiliate of Arkansas-based CapRocq has sold 14,414 square feet of retail space and 22 multifamily units within the Wells Fargo Center in downtown Greenville for $9.4 million to an undisclosed buyer. The retail and multifamily space is situated on the second and third floors. The Wells Fargo Center is a mixed-use development leased to Charles Schwab, Sully’s Steamers, Sticky Fingers and Port City Java. The selling entity, CapRocq Greenville LLC, still owns the remainder of Wells Fargo Center. Scott Burgess and Lance Byars of Colliers International represented the seller in the transaction. Furthermore, Colliers retains the leasing and property management of the portion of the center still owned by CapRocq Greenville.

December 21, 2018

Leasing Activity Office Southeast Virginia

WeWork Signs 83,294 SF Lease in Metro D.C. Mixed-Use Tower

by Alex Tostado December 21, 2018

ROSSLYN, VA. — WeWork has signed an 83,294-square-foot lease for office space at CEB Tower at Central Place in Rosslyn. WeWork will occupy the 25th through 28th floors. The 31-story mixed-use tower was delivered earlier this year and is now 93 percent leased to tenants including Gartner and Accenture. CEB Tower is located about three miles east of downtown Washington, D.C., and includes 45,000 square feet of dining and retail space along with an outdoor public plaza. Greg Lubar, Andy O’Brien and Zach Boroson of JLL represented WeWork in the lease transaction. Jill Goubeaux, Terry Reiley, Caroline Bour and Anna Faktorow of CBRE represented the landlord, JBG Smith. WeWork plans to open its space in the second quarter of 2019.

December 21, 2018

Acquisitions Industrial New Jersey Northeast Property Type

LBA Logistics Purchases Industrial Building in New Jersey for $10.7M

by David Cohen December 21, 2018

DELRAN, N.J. — LBA Logistics has acquired 400 Delran Parkway, a 174,000-square-foot, industrial building in Delran. The sales price was $10.7 million. Located inside the Swedes Run Business Park, the property is situated on more than 16 acres. The building, which is currently vacant, was previously home to a Fortune 500 company. John Plower, Larry Maister, Dean Torosian and Nate Demetsky of JLL Capital Markets represented the undisclosed seller in the transaction.

December 21, 2018

Acquisitions Development Hospitality Maine Northeast

HFF Brokers Sale of Hotel Development Site in Portland, Maine

by David Cohen December 21, 2018

PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops. The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Reger Dasco Properties, in the transaction. The buyer and developer was Norwich Partners.

December 21, 2018

Acquisitions Massachusetts Northeast Retail

Linear Retail Properties Acquires Retail Property in Boston for $5M

by David Cohen December 21, 2018

BOSTON — Linear Retail Properties has acquired a three-story, 8,131 square foot retail building in the Downtown Crossing neighborhood of Boston. The sales price was $5 million. Located at 19-21 School St., the entire building is currently vacant. Linear plans to lease up the property with a full-building retail tenant or restaurant operator. Mike Edward, Jake Golden and Jon Gifford of Perry Brokerage Associates represented the seller, Envision Bank, in the transaction.

December 21, 2018

Acquisitions Industrial New Jersey Northeast

Colliers Negotiates $3.1M Sale of Industrial Facilities in New Jersey

by David Cohen December 21, 2018

PENNSAUKEN TOWNSHIP, N.J. — Colliers International has negotiated the $3.1 million sale of two industrial properties inside the 2 million-square-foot Airport Industrial Park in Pennsauken Township. The two-buildings total 55,037 square feet and are located at 7203 and 7239 Browning Road. At the time of sale, the industrial park was fully leased. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was undisclosed.

December 21, 2018

Acquisitions Multifamily New York Northeast Property Type

Venture Capital Properties Orchestrates $1.3M Sale of Multifamily Building in Brooklyn

by David Cohen December 21, 2018

NEW YORK CITY — Venture Capital Properties has arranged the $1.3M sale of a multifamily building in the Bushwick neighborhood of Brooklyn. Located at 279-281 Evergreen Ave., the property contains six units, two of which were vacant at the time of sale. The remaining four units are rent stabilized. Jacob Stavsky, Kevin Darouvar & Roy Oskar of Venture Capital Properties represented the buyer, the Rosilio family, and the undisclosed seller in the off-market transaction.

December 21, 2018

Development Hospitality Michigan Midwest

Bedrock, Shinola Open World’s First Shinola Hotel in Detroit

by Kristin Harlow December 21, 2018

DETROIT — Bedrock and Shinola have opened the world’s first Shinola Hotel in Detroit. The hotel, operated by Mac&Lo, features food and beverage offerings from NoHo Hospitality and design from Gachot Studios and Kraemer Design Group. The 129-room property is situated on the site of two restored buildings, the T.B. Rayl & Co. department store and a former Singer sewing machine store, as well as three new buildings. Onsite retail tenants include Madewell, Le Labo, Drought and Good Neighbor. Shinola Hotel is a partnership between Detroit-based watch and leather goods manufacturer Shinola and Bedrock, the real estate arm of billionaire businessman Dan Gilbert. Nightly room rates start at $195.

December 21, 2018

Loans Midwest Missouri Office

Tremont Mortgage Trust Provides $29.5M Bridge Loan for Acquisition of Office Portfolio in St. Louis

by Kristin Harlow December 21, 2018

ST. LOUIS — Tremont Mortgage Trust has provided a $29.5 million bridge loan for the acquisition of a three-building office portfolio in St. Louis. The portfolio includes West Park I, West Park II and Pine View Point. The buildings span a total of 299,000 square feet. The three-year, floating-rate loan includes a future funding allowance of $3.1 million for property improvements and leasing capital. The loan-to-value ratio is 71 percent. The borrower was not disclosed.

December 21, 2018

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