Property Type

Atlantic | Pacific Buys 324-Unit Apartment Community in Fort Worth

by Taylor Williams July 11, 2018

FORT WORTH, TEXAS — A private equity fund affiliated with Miami-based investment firm Atlantic | Pacific Cos. has acquired Avana Point, a 324-unit multifamily community in Fort Worth. The property, which has since been rebranded as The Atlantic Station, features one-, two- and three-bedroom units. Amenities include a pool, fitness center, dog park, outdoor grilling areas, business center and a clubhouse. The transaction marks the company’s third acquisition of a multifamily property in Texas in the last 90 days. The seller was not disclosed.

July 11, 2018

Acquisitions Massachusetts Northeast Office

JLL Negotiates $107.7M Sale of Creative Office Campus Near Boston

by David Cohen July 11, 2018

BEDFORD, MASS. — JLL has negotiated the sale of the Xchange at Bedford, a 479,000-square-foot creative R&D and life science campus in Bedford. The property sold for $107.7 million. JLL represented the seller, The Davis Companies, in the transaction. A partnership between Jumbo Capital Management and Sound Mark Partners purchased the eight-building office campus. The Xchange was 89 percent leased to five tenants at the time of sale. The campus is anchored by iRobot’s 272,000-square-foot long-term lease, which runs through 2030. iRobot is an advanced technology company that produces the Roomba Robot Vacuum.

July 11, 2018

Acquisitions Mixed-Use New Jersey Northeast

HFF Brokers Sale of 27,000 SF Mixed-Use Property in Red Bank, New Jersey

by David Cohen July 11, 2018

RED BANK, N.J. — HFF has brokered the sale of a 27,000-square-foot mixed-use property in Red Bank. The three-story building is located at 2-10 Broad St. in downtown Red Bank, 25 miles south of New York City. HFF represented the seller, Broad Street Realty Association, in the transaction. Saxum Real Estate purchased the property for an undisclosed sum. The property consists of ground-floor retail, which is fully leased to Urban Outfitters, as well as upper-floor office space. Amenities include views of the Navesink River from the upper floor and a rear terrace.

July 11, 2018

Acquisitions New York Northeast Retail

Petrakis Properties Acquires Six 7-Eleven Locations in Upstate New York for $2.7M

by David Cohen July 11, 2018

UPSTATE NEW YORK — Petrakis Properties has acquired six 7-Eleven convenience and fuel locations in Upstate New York. The properties are located in Attica, Warsaw, Elmira Heights, Corning, Hornell and Rochester. Jesse Tufariello of Silber Investment Properties represented the seller, Saunders Management Co., in the transaction. All six properties were previously acquired as part of a larger deal and converted by Saunders to 7-Eleven convenience and fuel stations. The total square footage of the properties is 15,118 square feet.

July 11, 2018

Acquisitions Office Texas

Coworking Firm Acquires Dallas Gym, Will Offer Tenants Fitness Options

by Taylor Williams July 11, 2018

DALLAS — Common Desk, a Dallas-based coworking and office amenities provider, has acquired The Gym of Social Mechanics, a fitness concept that revolves around body weight movements, yoga and cardio. The east Dallas-based gym was founded in 2013. Common Desk will offer similar fitness services to occupants at the buildings it serves, giving landlords an alternative to developing full-service gyms.

July 11, 2018

Industrial Leasing Activity Texas

HLC Negotiates 98,489 SF Industrial Lease in Dallas

by Taylor Williams July 11, 2018

DALLAS — Holt Lunsford Commercial (HLC) has negotiated a 98,489-square-foot industrial lease at 7601 Ambassador Row in Dallas. The distribution-oriented property was built in 1958 and totals 185,220 square feet. Canon Shoults and Josh Barnes of HLC represented the landlord, Frontier Equity, in the lease negotiations. Craig Jones of JLL represented the undisclosed tenant.

July 11, 2018

Development Hospitality New York Northeast

Hilton Opens First Tapestry Collection Property in New York City

by David Cohen July 11, 2018

NEW YORK CITY — Hilton has opened its first tapestry collection property in New York City. The Bernic Hotel New York City, Tapestry Collection by Hilton is now open in the Midtown East neighborhood of Manhattan at 145E 47th St. The 96-room hotel features floor-to-ceiling windows in every room, heated bathroom floors and walk-in rain showers as well as a rooftop lounge, open from May through October with 180-degree, panoramic views of the city. Hilton launched the tapestry collection brand in 2017 as a lineup of original upscale hotels.

July 11, 2018

Acquisitions Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Arranges Sale of 16-Unit Apartment Building in Philadelphia

by David Cohen July 11, 2018

PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of a 16-unit apartment building in the Northern Liberties neighborhood of Philadelphia. The property, which is located at 938-940 New Market St., features digitally controlled lights and locks as well as a video intercom system. The building is located near a grocery store, several healthcare providers, fitness studios and numerous popular bars, restaurants and cafes. Rittenhouse represented the seller, a local developer, in the transaction. JOSS Realty Partners represented the buyer, a family office investor who purchased the property for an undisclosed price.

July 11, 2018

Acquisitions Illinois Midwest Office

Echo Development Purchases 93,000 SF Office Building in Chicago for $14M

by Kristin Harlow July 11, 2018

CHICAGO — Echo Development Group Inc. has purchased 2401 W. Grace on Chicago’s northwest side for just under $14 million. AT&T Services Inc., a subsidiary of AT&T, occupies the single-tenant office building. AT&T has completed a renovation of the 93,000-square-foot property and recently announced the addition of 500 call center jobs at the site. The seller was not disclosed.

July 11, 2018

Development Illinois Midwest Multifamily

Albion Residential, Clark Construction Break Ground on Two Apartment Projects in Suburban Chicago

by Kristin Harlow July 11, 2018

EVANSTON AND OAK PARK, ILL. — Albion Residential, along with general contractor Clark Construction, has broken ground on two apartment projects in suburban Chicago. Albion Evanston will include 268 apartment units with 6,800 square feet of retail space. Existing buildings on the development site will be demolished this month with construction slated to begin in August. The property is scheduled to open in the third quarter of 2019. The Northwestern Mutual Life Insurance Company provided project financing. Albion Oak Park will include 265 apartment units and 8,000 square feet of retail space. Construction of the building’s foundation is underway. CIBC and Associated Bank provided project financing. Hartshorne Plunkard Architecture is designing both projects.

July 11, 2018

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