Property Type

MacKenzie Arranges Sale of 35,500 SF Facility Occupied by Harley-Davidson Dealership in Delaware

by David Cohen June 15, 2018

NEW CASTLE, DEL. — MacKenzie Commercial Real Estate Services has arranged the sale of 2160 New Castle Avenue, a 35,500-square-foot commercial property on 5.7 acres in New Castle, five miles south of Wilmington. The sales price was not disclosed. The seller, Rommel Harley-Davidson, is an operator of multiple Harley-Davidson dealerships throughout the Mid-Atlantic region. Rommel Harley-Davidson will transition the New Castle operations to a recently announced new dealership to be built in Middletown. Chris Bennett and Chris Walsh of MacKenzie represented the seller in the transaction. Sean Langford of MacKenzie represented the buyer, a Baltimore-based private investment group. The buyer plans to redevelop the site to include multiple pad sites, one of which will contain a Royal Farms convenience store.

June 15, 2018

Acquisitions Multifamily New Jersey Northeast

NAI Hanson Negotiates Sale of 48-Unit Condominium and Mixed-Use Development Site in New Jersey

by David Cohen June 15, 2018

PATERSON, N.J. — NAI James E. Hanson has negotiated the sale of Silk City Lofts, a 48-unit condominium building located at 175 Broadway, and an adjacent development site that has been approved for 195 rental units at 105 Fair St. in Paterson. Anthony Cassano of NAI Hanson represented the seller, Great Falls Realty LLC and the buyer, JCM Investors, in the transaction. Silk City Lofts features 48, one- and two-bedroom condominium units and was converted from a former silk mill. The property also features a 9,500-square-foot, ground-level commercial condominium that is currently vacant. An adjacent development site was also included in the transaction and has been approved for 195 rental units as well as ground-level retail.

June 15, 2018

Loans Multifamily New Hampshire Northeast Seniors Housing

Ziegler Arranges $110.5M in Bonds for Senior Living Development in New Hampshire

by David Cohen June 15, 2018

DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent bonds, $45.4 million in temporary bonds, and a $12.1 million subordinated note. The bonds are tax-exempt, non-bank qualified bonds issued through the New Hampshire Health and Educational Facilities Authority. RiverWoods Exeter, another property from the same owner-operator, will provide the taxable subordinated note. TD Bank and SunTrust Bank were selected as co-lead banks and People’s United Bank was selected as participant bank for the financing package.

June 15, 2018

Acquisitions Hospitality New York Northeast

Developer Sam Chang Acquires Site for Possible Hotel in Long Island City for $6.5M

by David Cohen June 15, 2018

NEW YORK CITY — New York-based developer Sam Changhas acquired a 9,983-square-foot lot in Long Island City with plans to build a branded hotel on the site. The sales price for the property, located at 38-15 9th St., was $6.5 million. Construction of the hotel is expected to begin this year. Cushman & Wakefield represented the seller, BNC Hospitality, in the transaction. The development site allows up to 49,917 buildable square feet for commercial or hotel development.

June 15, 2018

Acquisitions Massachusetts Northeast Office

R.W. Holmes Brokers $6.9M Sale of Office Building in Suburban Boston

by David Cohen June 15, 2018

HUDSON, MASS. — R.W. Holmes Realty has brokered the $6.9 million sale of 1 Cabot Road, a 69,272-square-foot office building in Hudson, about 30 miles west of Boston. Craig Johnston, Garry Holmes, and Jim Bartholomew of R.W. Holmes represented the seller, K & L Realty, in the transaction. The buyer was Creative Cabot LLC. The property features a fitness center with showers, a lobby and two retail stores.

June 15, 2018

Acquisitions Florida Office Southeast

KKR, Parkway Acquire 30-Story Sabadell Financial Center in Miami’s Brickell District for $250M

by Camren Skelton June 15, 2018

MIAMI — KKR and Parkway Property Investments LLC have acquired Sabadell Financial Center, a 30-story office tower located at 1111 Brickell Ave. in Miami’s Brickell submarket. PGIM Real Estate Investors sold the asset for $250 million after acquiring the building in 2013 for $184.3 million, according to The Real Deal. Square Mile Capital Management LLC originated acquisition financing on behalf of the new owners. The building was constructed in 2000 in conjunction with the adjacent JW Marriott Hotel. The tower features panoramic views of Miami and Biscayne Bay, roughly 18,000 square feet of green space, an onsite café and deli, fitness center and an airport shuttle service. KKR and Parkway plan to renovate the building’s common areas. The building houses tenants including Sabadell United Bank, Telefonica USA, Ferragamo, Hunton & Williams, Baker & McKenzie, Regus and Barclays.

June 15, 2018

Development Georgia Mixed-Use Southeast

Varner Developers Submits Plan for $65M Mixed-Use Project in Metro Atlanta

by Camren Skelton June 15, 2018

KENNESAW, GA. — Varner Developers has submitted plans to the City of Kennesaw for a $65 million mixed-use project located at the current site of Kennesaw Crossing, a shopping center located roughly 27 miles northwest of Atlanta in Kennesaw. The proposed project would include a 140-room hotel, two single-story retail buildings totaling 22,000 square feet, three multifamily buildings with a total of 274 units, two office condominium buildings totaling 9,750 square feet and the positioning of future pedestrian connectivity to the Noonday Trail and other planned pedestrian infrastructure. If approved, Kennesaw Crossing would be completely demolished to make way for the new development. Applications are scheduled to be heard and considered by the mayor and city council for final action on Monday, June 18.

June 15, 2018

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $47.8M Sale of Two-Story Distribution Building in Jacksonville

by Camren Skelton June 15, 2018

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $47.8 million sale of One Imeson Distribution Center, a two-story, 1.7 million-square-foot industrial building located within Jacksonville’s Imeson Industrial Park. The property includes a 12.3-acre container storage area, as well as a 24.2-acre site that can accommodate an expansion or future build-to-suit development. Mike Davis, Karl Johnston, Tyler Newman, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, GIV Imeson LLC. Arsenault Holdings LLC acquired the asset. One Imeson includes 1.5 million square feet of industrial space and 248,317 square feet of office space. The building was 74 percent leased at the time of sale to tenants such as Bacardi, General Dynamics, Komyo America (Honda), Venus Swimware, the Jacksonville Supervisor of Elections and Samsonite. The property was constructed in 1974 and was last renovated in 2015. Improvements included an entire new roofing system, new chillers, lighting upgrades and various cosmetic improvements.

June 15, 2018

Development Kentucky Retail Southeast

Brown-Forman Opens $45M Distillery on Louisville’s Whiskey Row

by Camren Skelton June 15, 2018

LOUISVILLE, KY. — Louisville-based Brown-Forman Corp. has opened Old Forester Distilling Co. at 119 W. Main St. on Louisville’s famed Whiskey Row. The 70,000-square-foot distillery represents a $45 million investment and is housed in the same building that the brand called home in the early 1900s. The distillery features a 44-foot-tall copper column still, designed and constructed by Vendome Copper & Brass Works. The new distillery will add production capacity of approximately 100,000 gallons annually and will be open for tours seven days a week, with tastings available in the Old Forester Tasting Room. Old Forester Distilling joins 10 other distilleries as an official member of the Kentucky Bourbon Trails tour. In addition to Old Forester, Brown-Forman Corp. produces Jack Daniel’s Tennessee Whiskey, el Jimador and Woodford Reserve.

June 15, 2018

Loans North Carolina Office Southeast

Alliant Credit Union Provides $26M Refinancing for New Office Building in Charlotte

by Camren Skelton June 15, 2018

CHARLOTTE, N.C. — Alliant Credit Union has provided a $26 million loan for the refinancing of a 120,000-square-foot office building in Charlotte’s Arysley submarket. According to the Charlotte Business Journal, the property, known as One Silver Crescent, opened in February and is fully leased to Jeld-Wen, a window and door manufacturer. The name of the borrower was not disclosed.

June 15, 2018

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