Property Type

WashREIT Acquires 1,685-Unit Multifamily Portfolio in Northern Virginia for $379.1M

by Kristin Harlow May 1, 2019

ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …

May 1, 2019

Acquisitions Retail Southeast Virginia

Armada Hoffler to Acquire Two Retail Centers in Virginia Beach for $105M

by Alex Tostado April 30, 2019

VIRGINIA BEACH, VA. — Armada Hoffler will acquire Red Mill Commons and Marketplace at Hilltop in Virginia Beach for a combined $105 million from local retail developer Venture Realty Group. As part of the acquisition, Armada Hoffler will exchange 4.1 million operating partnership units each valued at $15.55, as well as the assumption of $36 million in debt and $5 million in cash. Red Mill Commons is a 374,000-square-foot retail center that was 98 percent leased at the time of sale to more than 90 tenants, including T.J. Maxx, HomeGoods, Dollar Tree, Outback Steakhouse, Walgreens, Panera Bread, Buffalo Wild Wings, Starbucks Coffee and Chipotle Mexican Grill. Walmart, Target and The Home Depot shadow anchor the property, which is located five miles from both Sandbridge Beach and Naval Station Oceana, the second largest employer in the city. Marketplace at Hilltop is a 118,000-square-foot center that features tenants such as Total Wine, Michaels, Panera Bread, Chick-fil-A and Arby’s. The shopping center is 100 percent occupied and adjacent to the only Whole Foods Market in the city. Venture Realty Group has been retained to lease and manage both properties. Armada Hoffler expects both deals to close this quarter.

April 30, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

Hospitality Loans New York Northeast

Avana Capital Provides $65M Construction Loan for AC Marriott Hotel in Manhattan

by Taylor Williams April 30, 2019

NEW YORK CITY — Arizona-based Avana Capital has provided a $65 million loan for the construction of a 26-story AC Marriott Hotel in the Chelsea neighborhood of Manhattan. Designed by Danny Forster & Architecture, the 168-room hotel will be located at 842 Sixth Ave. and will be the tallest hotel in the world to feature modular construction. The borrower was locally based firm 842 Enterprises Inc. Bloomberg reports that guest rooms will be assembled in Poland and shipped to New York, with the opening of the property slated to occur some time next year.

April 30, 2019

Development Maryland Retail Southeast

Whole Foods Market to Anchor $350M Mixed-Use Development in Metro Baltimore

by Alex Tostado April 30, 2019

TOWSON, MD. — Developers Greenberg Gibbons and Caves Valley Partners have signed Whole Foods Market to anchor the retail component of Towson Row, a $350 million mixed-use development in downtown Towson. Whole Foods will occupy 45,000 square feet and include a 6,200-square-foot mezzanine and outdoor dining terrace. Construction on the store is expected to begin this winter and take 18 months to complete. Amenities will include a two-story parking deck and covered walkways leading to the store. Towson Row is currently under construction on a five-acre site, 10 miles north of downtown Baltimore. The 1.2 million-square-foot development will include over 75,000 square feet of retail/restaurant space, 150,000 square feet of Class A office space, 300 student housing units, 200 luxury high-rise residential units and a 220-room hotel.

April 30, 2019

Development Retail South Carolina Southeast

Topgolf Opens 50th U.S. Venue in Greenville

by Alex Tostado April 30, 2019

GREENVILLE, S.C. — Topgolf has opened its 50th venue in the United States this past Friday in Greenville. The three-tier, 55,000-square-foot driving range and bar is located at 201 Clifton Court, 10 miles from downtown Greenville and directly off Interstate 85. The new Topgolf features a chef-driven menu, top-shelf drinks, big screen TVs, flexible private event spaces and music in climate-controlled hitting bays. More than 350 full- and part-time employees were hired in advance of the opening. The new Topgolf will host a summer academy for children ages 6 through 12 as well as events like College Night for local college students.

April 30, 2019

Industrial Leasing Activity Northeast Pennsylvania

Colliers Negotiates 200,000 SF Industrial Lease in Philadelphia

by Taylor Williams April 30, 2019

PHILADELPHIA — Colliers International has negotiated a 200,000-square-foot industrial lease at 7601 State Road in northeast Philadelphia for JAKO Enterprises, an urban footwear and apparel company. According to LoopNet Inc., the property was built in 1968 on 8.3 acres and offers proximity to I-95. JAKO Enterprises will relocate its regional warehousing and distribution operations from 12000 Roosevelt Blvd., a site that formerly served as a baking facility for Nabisco. Richard Gorodesky of Colliers represented JAKO Enterprises, which operates 64 stores throughout the mid-Atlantic region, in the lease negotiations. Pennsylvania-based Roddy Inc. represented the undisclosed landlord.

April 30, 2019

Acquisitions Industrial Northeast Pennsylvania

ASB, Endurance Acquire Industrial Complex Near Pittsburgh for $38M

by Taylor Williams April 30, 2019

SEWICKLEY, PA. — A joint venture between Washington, D.C.-based ASB Real Estate Investments and an affiliate of Endurance Real Estate Group LLC has acquired a 408,000-square-foot industrial complex in Sewickley, roughly 10 miles northwest of Pittsburgh, for $38 million. The seven-building complex was 99 percent leased at the time of sale to companies such as Amazon, Verizon and Chrysler. CBRE represented the seller, Bentall Kennedy, a subsidiary of Sun Life Investment Management, in the transaction. The sale included three undeveloped parcels for future expansion.

April 30, 2019

Acquisitions Connecticut Industrial Northeast Office

Sheldon Gross Realty Brokers $30M Sale of Seven Office, Industrial Buildings in Fairfield, Connecticut

by Taylor Williams April 30, 2019

FAIRFIELD, CONN. — West Orange, New Jersey-based brokerage firm Sheldon Gross Realty has closed the $30 million-plus sale of seven office and industrial buildings totaling 315,800 square feet in the coastal Connecticut city of Fairfield. The buyer was an institutional investment firm and the seller was undisclosed. Robert Nathin of Sheldon Gross Realty, which has also managed the properties for the past two decades, brokered the deal.

April 30, 2019

Industrial Leasing Activity South Carolina Southeast

Liberty Property Trust Signs Two Tenants to Industrial Leases in Upstate South Carolina

by Alex Tostado April 30, 2019

DUNCAN, S.C. — Liberty Property Trust (LPT) has signed Rochling Automotive USA and XPO Logistics to industrial leases at Hillside Industrial Park in Duncan. Hillside Industrial Park is situated near U.S. Highway 290, less than a mile from the Interstate 85 interchange. Rochling Automotive has renewed its 124,800-square-foot, full-building lease at 265 East Parkway. The German-based automotive company designs and engineers components and system solutions in the fields of aerodynamics, propulsion and new mobility for automotive manufacturers globally. Bobby Lyons of Lyons Industrial represented the tenant in the lease transaction. Bryan Blythe represented LPT internally. The industrial REIT also signed XPO Logistics to a 32,000-square-foot lease at 170 Parkway West. Russell Perry and Russell Perry Jr. of R.E. Perry Co. represented XPO Logistics in the lease transaction. Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer represented LPT.

April 30, 2019

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