Property Type

ATLANTA — CBRE has brokered the sale of Glenridge Point, a two-building, Class B office campus located at 100 and 200 Glenridge Point Parkway in Atlanta’s Central Perimeter submarket. Richmond Honan Development acquired the five-story buildings, which total 185,402 square feet. Jay O’Meara, Justin Parsonnet, Will Yowell, Ryan Reethof and Lee Asher of CBRE arranged the transaction on behalf of the seller, a partnership between Pope & Land and Noro. The pair originally acquired the property at 62 percent occupancy in 2015. At the time of sale, the campus was 99 percent leased to tenants including eVestment and Northside Hospital’s IT division. Glenridge Point is located less than a half-mile from the Medical Center MARTA station.

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CONWAY, ARK. — Binswanger has brokered the sale of a 288,137-square-foot industrial building located at 1800 Sturgis Road in Conway. Holmes Davis of Binswanger arranged the transaction on behalf of the seller, Nucor Corp. Eliken Property Management acquired the asset for an undisclosed price. The single-story facility was constructed in 1995 and features reinforced concrete floors, insulated metal panel walls, an insulated metal roof, eight dock-high doors, 21,149 square feet of office space, lighted parking for approximately 200 cars and a 300-foot interior rail spur with service provided by Union Pacific Railroad. The building is located roughly 10 miles form Conway Regional Airport and 30 miles from Little Rock Adams International Airport.

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BOCA RATON, FLA. — Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital have acquired 38 acres at the intersection of Glades Road and 95th Avenue South in Boca Raton for a $200 million mixed-use project. Dubbed Uptown Boca Raton, the 1.1 million-square-foot, pedestrian-friendly project will feature 150,591 square feet of retail space and 456 apartment units. Lucky’s Market and Silverspot Cinema will anchor the development, which will also house tenants such as Chick-fil-A and BankUnited. Katz & Associates is handling the project’s leasing assignment. “We are pleased to close on the property and to have the opportunity to deliver to West Boca Raton a lifestyle and entertainment project that will serve as a much-needed destination for the local community,” says Brian Schmier, CEO of Schmier Property Group. Developers will break ground on Uptown Boca Raton this month, with a projected retail opening in summer 2019. The multifamily portion of the project is expected to open in early 2020. Giles Capital Group is a real estate investment and development firm focused on multifamily communities in Florida. Founded in 1977, Boca Raton-based Rosemurgy Properties is a privately owned commercial real estate development, investment and management firm. Portfolio assets include multifamily, self-storage, …

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After several years of strong absorption in leasing and robust sales volume, there’s no question that Miami’s industrial real estate market is the desired location for national tenants and institutional investors alike. But many insiders are questioning if sustaining that level of growth is possible and if there are still profitable transactions to be found. The answer is a resounding yes. There is little indication that the Miami industrial real estate market will slow down with vacancy rates hovering in the low 4 percent range. The rise of e-commerce, strong population growth and the region’s role as the gateway to Latin America all bode well for continued leasing growth and have solidified the region as a top-tier industrial real estate market. It’s been exciting to watch Miami earn a rightful place among the nation’s top brass. The keys to staying relevant in Miami’s increasingly competitive and sophisticated market are to search for opportunities that support the demand for large-scale industrial space for single-users, take a closer look at previously passed over deals, get creative about a parcel’s potential and remain focused on infill strategies. Although Miami’s growth will continue, there will likely be fewer buildings to purchase. According to the …

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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.

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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.

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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.  

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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.

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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.

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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.

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