MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of McKinney Self Storage, a 586-unit facility located about 25 miles north of Dallas. The 72,485-square-foot property features 402 climate-controlled units and 184 drive-up units. Brandon Karr and Danny Cunningham of Karr Self Storage, a division of Marcus & Millichap, represented the seller, a private investor. A California-based self-storage owner/operator purchased the asset for an undisclosed price.
BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.
NASHVILLE, TENN. — FD Stonewater has purchased Aramark Global Business’ operations property, an 89,000-square-foot office building fully leased to Aramark. The asset is situated at 5880 Nolensville Pike, about 12 miles south of downtown Nashville. Aramark, a global food services, facilities management and uniform services provider, has occupied the space since 2013. This is FD Stonewater’s fourth acquisition in Nashville in seven years. The seller and sales price were not disclosed, but The Tennessean reported that New York-based Gramercy Property Trust purchased the asset in 2014 for $16.5 million.
THE WOODLANDS, TEXAS — Energy giants Entergy and ExxonMobil have both signed office leases at Lake Front North in Hughes Landing, a mixed-use development by The Howard Hughes Corp. (NYSE: HHC). The property is located in The Woodlands, about 30 miles north of Houston. Entergy’s new lease totals 54,010 square feet and ExxonMobil’s new lease spans 26,103 square feet. Entergy assumed occupancy in November 2018 and ExxonMobil expects to move in this month.
FRISCO, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) will open CUT! by Cinemark, a 10-screen theater that will be located at 6969 U.S. Highway 380 in the northern Dallas suburb of Frisco. The venue will offer original cuisine, a full-service bar with handcrafted cocktails and oversized recliners, as well as patio and lounge space. The opening is scheduled for Thursday, March 7.
WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s average weighted lease term is 10 years, according to Brent Smith, president and chief investment officer of Piedmont. “The sale of One Independence reduces Piedmont’s exposure to the Southwest D.C. submarket and disposes of a fully stabilized asset,” explains Smith. “The net sales proceeds will be used in the short-term to pay down our line of credit as we evaluate our pipeline of acquisition candidates.” After undergoing a major renovation in 2013, One Independence now features a rooftop terrace, modern fitness center, café and an updated lobby. Saban Real Estate and its affiliates own real estate assets in three sectors: student housing, government office and self-storage. The company owns a portfolio of 30 student housing properties containing 20,000 beds, seven office buildings spanning 1.4 million square feet and 34 …
The short answer: absolutely. You don’t need to be a savvy commercial real estate professional to notice the impact multifamily has on Raleigh’s urban landscape. Areas like North Hills/Midtown, Downtown and Hillsborough Street are typically at the forefront of everyone’s mind when they think of new Raleigh developments, but it’s not just Class A development in the city’s urban core that has seen a boom. Class B and C suburban product have seen the most significant rent growth through the cycle that continues to increase each quarter. Moreover, we are seeing new construction intensify along our suburban corridors. It’s also no secret that Raleigh has one of the healthiest economies in the country. The Milken Institute reported recently that Raleigh ranks No. 2 in the nation for creating and keeping quality jobs. Economic factors like wage and employment growth, quality of life, proximity to higher education and a bustling tech sector have created a perfect storm of dynamic economic activity. Much to their chagrin, Raleigh natives haven’t done a very good job of keeping this a secret, and the number of fresh new faces coming to the Triangle continues to rise. In fact, the Raleigh-Durham market grew by nearly 60,000 …
LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million. The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties. The following properties were included in the portfolio: Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971; Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951; Cambridge Village in Levittown, an 82-unit property that was completed in 1969; Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973; Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975; Southern Meadows, a 452-unit asset in Bayport that was completed in 1970; Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972 All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s …
NEW YORK CITY — CIM Group has sold Gilman Hall Tower, a 24-story, 146,000-square-foot building in Manhattan. The sales price was undisclosed. Located at the corner of First Avenue and East 17th Street, the building was one of three properties that CIM acquired from Mount Sinai Beth Israel Hospital in March 2017. The building, which was built in 1969, was previously used to house medical residents of Mount Sinai Beth Israel.
PENNSVILLE, N.J. — Marcus & Millichap has brokered the $3.5 million sale of Cranberry Plaza, a 106,165-square-foot shopping center in Pennsville. Located at 233 S. Broadway, the 18-acre center features a tenant roster that includes Save A Lot, Metro PCS and local tenant PV Pets and Tap & Bottle. Michael Cebula represented the seller, a private investor in the transaction. The buyer was a New Jersey-based private investor.