Property Type

Cushman & Wakefield Arranges $16.2M Sale of Mixed-Use Property in Manhattan

by David Cohen November 5, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $16.2 million sale of Bathhouse Studios, a 14,000-square-foot mixed-use building in the East Village of Manhattan. Located at 538 E. 11th St., the property includes studio and event space as well as a residential unit above. Built in 1905, the property is a former public bathhouse and was converted into a studio in 1995 by Pulitzer Prize-winning photographer Eddie Adams. The ground floor of the building features 20-foot ceilings with oak floors, exposed brick and antique frosted windows. The residence above possesses 16-foot ceilings with oak floors throughout and a 2,200 square-foot outdoor deck. Michael DeCheser, Andrew Berry, Mei Ling Wong and Bryan Hurley of Cushman & Wakefield represented the seller, Alyssa Adams, in the transaction. The buyer was 538 East Eleventh LLC.

November 5, 2018

Development Industrial Texas

Wholesale Grocer to Open 650,000 SF Distribution Center in Fort Worth

by Taylor Williams November 5, 2018

FORT WORTH, TEXAS — McLane Co. Inc., a supply chain firm owned by Berkshire Hathaway that specializes in groceries, will open a 650,000-square-foot distribution center within Carter Industrial Park in Fort Worth. According to The Fort Worth Star-Telegram, Associated Wholesale Grocers Inc. operated at the site until 2017, when it left the park and laid off more than 2,000 workers. McLane will invest at least $18 million in construction and upgrades to the existing site by January 1, 2020. Under the terms of an incentives package recently approved by the Fort Worth City Council, McLane will employ about 550 people at the facility, 30 percent of which must be Fort Worth residents.

November 5, 2018

Acquisitions New York Northeast Property Type Retail

Encore Real Estate Brokers $9.4 Million Sale of Retail Property Occupied by Rite Aid in Bronx

by David Cohen November 5, 2018

NEW YORK CITY — Encore Real Estate Investment Services has brokered the $9.4 million sale of a retail property occupied by Rite Aid in the Bronx. Brandon Hanna and Charles Slane of Encore represented the seller, a private developer and landowner in New York City, in the transaction. The buyer was undisclosed.

November 5, 2018

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $1.1M Sale of Apartment Building in New Jersey

by David Cohen November 5, 2018

SAYREVILLE, N.J. — Marcus & Millichap has negotiated the $1.1 million sale of a nine-unit apartment building in Sayreville. Located at 107 MacArthur Ave., the property was recently fully renovated, including all kitchens, bathrooms and windows. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

November 5, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 480-Unit Apartment Community in Plano

by Taylor Williams November 5, 2018

PLANO, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Legends at Ridgeview Ranch, a 480-unit multifamily community in Plano. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as two pools, grilling stations, a fitness center, basketball court, resident clubhouse, business center and a dog park. American Landmark will invest approximately $3.6 million in capital improvements to the unit interiors and certain amenity spaces. The seller of the property, which was 96 percent occupied at the time of sale, was not disclosed.

November 5, 2018

Development Healthcare Texas

Caddis Breaks Ground on 34,650 SF Healthcare Facility in Frisco

by Taylor Williams November 5, 2018

FRISCO, TEXAS — Dallas-based Caddis has broken ground on Frisco Medical Pavilion, a 34,650-square-foot healthcare facility that will be located in the northeastern Dallas metro of Frisco. The Class A, single-story building is expected to be complete by summer 2019. Texas Health Physicians Group will be the anchor tenant. Two Dallas-area firms, Corgan and Novel Builders, are serving as architect and general contractor, respectively, for the project.

November 5, 2018

Acquisitions Multifamily Texas

Timberland Partners Buys 228-Unit Multifamily Asset in Norman, Okla.

by Taylor Williams November 5, 2018

NORMAN, OKLA. — Minneapolis-based investment firm Timberland Partners has purchased The Renaissance at Norman, a 228-unit multifamily asset in Norman. Situated about three miles south of the University of Oklahoma, the property was built in 1999 and features one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, resort-style pool, an outdoor kitchen and a clubhouse. Allan Murow of N&M Brokerage Services and Ed Fleming of Colliers International represented the undisclosed seller in the transaction, which marks Timberland Partner’s third acquisition in Oklahoma and seventh of the year.

November 5, 2018

Springs-Juban-Crossing-Denham-Springs-LA

Development Louisiana Multifamily Southeast

Doster Construction Completes 272-Unit Multifamily Property Near Baton Rouge

by Amy Works November 5, 2018

DENHAM SPRINGS, LA. — Birmingham, Ala.-based Doster Construction Co. has completed the construction of Springs at Juban Crossings, a multifamily development located at 10077 Juban Crossing Blvd. in Denham Springs, about 17 miles east of Baton Rouge. Wisconsin-based Continental Properties is the developer. The townhome-style community features 272 units in a mix of studio, one-, two- and three-bedroom layouts with ground-level private entries. On-site amenities include a clubhouse, resort-style pool, 24-hour fitness center, business center, dog park and attached and detached garages.

November 5, 2018

Industrial Leasing Activity Oklahoma Texas

Distribution Firm Signs 90,000 SF Industrial Lease in Oklahoma City

by Taylor Williams November 5, 2018

OKLAHOMA CITY — Veritiv Operating Co., a provider of packaging, paper products and distribution services, has signed a 90,000-square-foot industrial lease at 5200 S.W. 36th St. in Oklahoma City. According to LoopNet Inc., the property was built in 1999 and features 12 dock-high doors. David Portman of CBRE represented the landlord, EIP OKC LLC, in the lease negotiations. Caitlin Mazaheri, Jason Hammock, John Herrmann and Travis Price, also of CBRE, represented Veritiv Operating Co.

November 5, 2018

Acquisitions Florida Industrial Southeast

Cabot Properties Acquires Industrial Portfolio in West Palm Beach for $25.8M

by Amy Works November 5, 2018

WEST PALM BEACH, FLA. — Cabot Properties has purchased a three multi-tenant warehouse and distribution portfolio located in Palm Beach County, Fla. McCraney Property Co. sold the asset for $25.8 million, or $148 per square foot. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in the transaction. Situated in West Palm Beach’s Vista Business Park, the 173,812-square-foot portfolio includes 2211, 2213 and 6935-6965 Vista Parkway. At the time of sale, all three buildings were fully leased. Notable tenants include Trane, Shred-It and United Subcontractors (USI). The buildings at 2211 and 2213 Vista Parkway span 44,234 square feet and 51,400 square feet, respectively, and feature 28 rear dock doors, two drive-in doors, 24-foot clear heights and an ESFR fire safety system. The two buildings share a 150-foot truck court and 106 car parking spaces. 6935-6965 Vista Parkway is a one-story, 77,177-square-foot light warehouse and distribution center, which was developed in 2008. The building features hurricane-impact glass, at least 18-foot clear heights, 10 rear-dock doors, seven drive-in doors, two ramps and an ESFR fire safety system.

November 5, 2018

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