Property Type

The-Lofts-Pier-Village-Long-Branch-New-Jersey

Extell Development Tops Out 245-Unit Multifamily Project at Jersey Shore

by Taylor Williams May 22, 2019

LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.

May 22, 2019

Acquisitions Massachusetts Northeast Retail

HFF Negotiates Sale of 291,860 SF Retail Center Near Downtown Boston

by Taylor Williams May 22, 2019

BOSTON — HFF has negotiated the sale of Meadow Glen, a 291,860-square-foot retail center located near downtown Boston. A Wegmans grocery store anchors the property, which was redeveloped in 2017 and now houses other tenants such as Dick’s Sporting Goods, Marshalls and Petco. Coleman Benedict, Riaz Cassum, Jim Koury and Ben Sayles of HFF marketed the property on behalf of the seller, a private partnership. The team also procured the buyer, global investment manager DWS Group. The sales price was not disclosed. Meadow Glen, which was fully leased at the time of sale, is one of only six retail centers in Boston that is anchored by a Wegmans.

May 22, 2019

Affordable Housing Loans Multifamily New York Northeast

KeyBank Closes $42M in Financing for Renovation of Affordable Housing Property in The Bronx

by Taylor Williams May 22, 2019

NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.

May 22, 2019

Loans Mixed-Use New York Northeast

MRC Provides $30M Loan for Development of Mixed-Use Project in Queens

by Taylor Williams May 22, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $30 million loan for the development of a 17-story mixed-use project in the Flushing neighborhood of Queens. Proceeds will be used to cover various pre-construction costs. The project, located at the former site of the RKO Keith’s Theater, will ultimately feature 269 residential units, 17,000 square feet of retail space, 15,000 square feet of additional communal space and 305 parking spaces. MRC provided the loan to Xinyuan Real Estate, which plans to demolish the existing structure by February 2020 and commence construction shortly thereafter.

May 22, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $12.4M Sale of Connecticut Apartment Portfolio

by Taylor Williams May 22, 2019

WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.

May 22, 2019

Development Industrial Kentucky Southeast Top Stories

Georgia-Pacific Plans $100M Expansion of Dixie Manufacturing Facility in Kentucky

by Kristin Harlow May 22, 2019

BOWLING GREEN, KY. — Georgia-Pacific’s Consumer Products Group has unveiled plans to invest $100 million to expand its manufacturing facility in Bowling Green, a town in southern Kentucky. The investment will expand operations for the production of Dixie-branded plates and bowls. Construction has commenced and the project is slated for completion in the first half of 2020. “This expansion will help us continue meeting the needs of our customers, as demand continues to grow for high-quality, durable paper plates and bowls,” says Erik Sjogren, vice president and general manager of livingware at Georgia-Pacific. “We believe this expansion will also position our Bowling Green Dixie facility to remain competitive in the market and in the local community for the long-term.” The expansion will include a new building and the addition of a new printer and several new plate forming presses. The project will create more than 50 full-time jobs, increasing total employment at the plant to about 200 people. Originally built in 1991, the plant has been expanded several times. Production at the facility represents about 25 percent of all paper plates and bowls produced by Georgia-Pacific. The Atlanta-based company also operates a plant in Lexington, Ky. Within Kentucky, Georgia-Pacific currently …

May 22, 2019

Hospitality Market Reports Northeast Northeast Market Reports Rhode Island

Rhode Island — The Land of Hotels, Schools and Medical Properties

by Kristin Harlow May 22, 2019

Thus far in 2019, much of the growth and development in Rhode Island has been focused on downtown Providence. Much of this has to do with the colleges and hospitals, as well as the residential component in general. But Rhode Island continues to develop hotels, especially in downtown, due in part simply to having a vibrant, in-demand city. Officials want to create the ability for Providence to compete for and attract top-tier conventions. Hotel Development Wave With 1,000-plus hotel rooms coming on line over the next 18 to 24 months, along with another 1,000 residential units of new and redeveloped housing, the long sought-after downtown Providence residential market seems to be here. Examples of this hotel development include the following: • Procaccianti Group’s 176 room Marriott Residence Inn at the Convention Center, coming in the second half of 2019; • First Bristol & Paolino Properties’ 120-room Homewood Suites Extended Stay, which opened in April; • Hotel Beatrice, 28-32 Kennedy Plaza, 48 rooms, under construction; • Best Western Glo Hotel, 322 Washington Street, 76 rooms, commission/board review approved; • Aloft hotel, Innovation Complex, 170 rooms, commission/board review approved; • Holiday Inn, 371 Pine Street, 91 rooms, commission/board review approved; • Hotel …

May 22, 2019

Features Retail

Current Economic Expansion Could Become Longest Yet, Says Nadji

by Jeff Shaw May 21, 2019

LAS VEGAS — The reinvention of the retail sector now underway is getting a boost from a U.S. economic expansion that is nearly a decade old but which still has legs, says Hessam Nadji, president and CEO of brokerage services firm Marcus & Millichap. Meanwhile, demographic shifts have altered the retail landscape in profound ways and will continue to do so, Nadji believes. Every day, 10,000 Americans turn age 65. An even greater number, 12,000, reach the age of 21 on a daily basis. “It is the most incredible dual demographic movement of any developed country on the history of the planet. That has a lot to do with why the economy is doing well and why retail is reinventing itself.” The longest U.S. economic expansion on record spanned a decade, from 1991 to 2001. The current expansion is poised to surpass that high-water mark this July. The economy has added 21 million jobs since 2009, a modest 16 percent increase during that span, according to Nadji. Meanwhile, inflation has been held in check. The PCE (personal consumption expenditures) inflation rate has fallen 190 basis points since 2007 to 1.5 percent. The 10-year Treasury yield, the benchmark for long-term, permanent …

May 21, 2019

Development Georgia Mixed-Use Southeast

CIM Group Announces New Name for Downtown Atlanta’s Gulch District: Centennial Yards

by Alex Tostado May 21, 2019

ATLANTA — CIM Group has renamed downtown Atlanta’s Gulch district as Centennial Yards. CIM will develop Centennial Yards to include 12 million square feet of office, retail, apartment and hotel space. Local news outlets reported the site was up for consideration for Amazon’s national HQ2 search in 2017 and 2018. CIM Group expects the project to add 12 city blocks to the 16-acre site, which is currently a parking lot for nearby destinations including State Farm Arena and Mercedes-Benz Stadium. Los Angeles-based CIM bought the site in December for a reported $115 million. According to a press release, the term “Centennial” creates a clear geographical reference to the project’s location along Centennial Olympic Park Drive. Moreover, with over 100 years of rail and industrial history at the site, the moniker “Yards” pays homage to the rail history of the area. A timeline for construction of Centennial Yards was not disclosed.

May 21, 2019

Acquisitions Florida Hospitality Southeast

Cushman & Wakefield Arranges $39.6M Sale of Vacant Hotel in South Florida

by Alex Tostado May 21, 2019

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $39.6 million sale of The Palm House Hotel, a 79-room hotel in Palm Beach. The hotel was originally built in 1961 and expanded in 1981. In 2006, the hotel underwent renovations that halted in 2014. The hotel is now vacant. The buyer, an affiliate of London + Regional Properties, acquired the site via a Section 363 bankruptcy sale. Robert Given, Errol Blumer, Robert Kaplan and Michael Mulkern of Cushman & Wakefield represented 160 Royal Palm LLC, a bankruptcy court-appointed receiver managed by former Delray Beach Mayor Cary Glickstein, in the transaction. The Palm House Hotel sits on 1.4 acres at 160 Palm Royal Way on Palm Beach Island one block from the Atlantic Ocean.

May 21, 2019

Newer Posts

Older Posts