Property Type

Cushman & Wakefield | Thalhimer Arranges $56M Sale of Newly Renovated Office Building in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.

January 21, 2019

Industrial Leasing Activity Texas

NAI Partners Secures 21,750 SF Industrial Lease in Metro Houston

by Taylor Williams January 21, 2019

KATY, TEXAS — NAI Partners has secured a 21,750-square-foot industrial lease at 1430 Vanderwilt Lane in the western Houston suburb of Katy. The property was built in 2005. Shaffer Braun of NAI Partners represented the undisclosed landlord in the lease negotiations. The tenant was Florida Water Products, which serves swimming pool builders, retailers and service companies throughout Florida and Texas.

January 21, 2019

Acquisitions Florida Industrial Southeast

McCraney Sells 498,487 SF of Industrial Space in South Florida to Cabot Properties

by Alex Tostado January 21, 2019

WEST PALM BEACH, FLA. — McCraney Property Co. has sold a total of 498,487 square feet of industrial space in two separate transactions to Cabot Properties in West Palm Beach. The first deal was for a warehouse and distribution portfolio totaling 173,812 square feet within Vista Business Park. The second transaction included four of the five industrial buildings with Turnpike Business Park totaling 324,675 square feet. Turnpike Business Park spans 35 acres, and notable tenants include Primestones Granite, XPO Logistics, TCI, Summit Retail Solutions, Intellico Solutions, Stanley Stephens Flooring, United Water, MasTec Advanced Technologies, Contents Only and RENCO Construction. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in both transactions. The sales prices were not disclosed.

January 21, 2019

Acquisitions Retail Texas

Hanley Completes $1.9M Sale-Leaseback of Restaurant Leased to Bush’s Chicken in Metro Austin

by Taylor Williams January 21, 2019

GEORGETOWN, TEXAS — Hanley Investment Group has completed the $1.9 million sale-leaseback of a 2,567-square-foot restaurant building leased to Bush’s Chicken in Georgetown, a suburb of Austin. Austin Blodgett and Eric Wohl of Hanley Investment Group represented the local seller in the deal. Sam Sheikh with Realty Austin represented the buyer, an Austin-based private investor. Both parties requested anonymity.

January 21, 2019

Leasing Activity Lee & Associates Office Texas

Lee & Associates Negotiates 13,297 SF Office Lease in Dallas

by Taylor Williams January 21, 2019

DALLAS — Lee & Associates has negotiated a 13,297-square-foot office lease at 750 N. St. Paul St. in Dallas. Nathan Denton of Lee & Associates represented the tenant, Mayer LLP, in the lease negotiations. Ben Davis, Jackie Marshall and Fletcher Cordell of CBRE represented the landlord, Quadrant.

January 21, 2019

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Brokers $33.2M Sale of Multifamily Portfolio in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.

January 21, 2019

Loans Retail Southeast Virginia

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

Loans Mixed-Use North Carolina Southeast

Trez Forman Closes $20.5M Construction Loan for Mixed-Use Project in Burlington, North Carolina

by Alex Tostado January 21, 2019

BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.

January 21, 2019

Acquisitions Multifamily New Jersey Northeast

HFF Negotiates $34.9M Sale of Apartment Complex in Rahway, New Jersey

by David Cohen January 21, 2019

RAHWAY, N.J. — HFF has negotiated the $34.9 million sale of Park Square, a 159-unit apartment complex in downtown Rahway. Park Square consists of two adjacent four-story buildings completed in 2009 and 2011. The property also includes 6,000 square feet of ground-floor retail space. Jose Cruz, Kevin O’Hearn, Stephen Simonelli and Mark Mahasky of HFF represented the seller, Roseland Residential Trust, in the transaction. The buyer was One Wall Partners.

January 21, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 302,500 SF Industrial Facility in New Jersey

by David Cohen January 21, 2019

KEASBEY, N.J. — Cushman & Wakefield has brokered the sale of a 302,500-square-foot industrial facility in Keasbey. The sales price was undisclosed. Located at 19 Crows Mill Road, the property features 50-by-72 foot column spacing as well as an on-site truck repair shop. A Cushman & Wakefield team of New Jersey industrial specialists represented the seller, Lefcourt Associates, in the transaction. The buyer was Liberty Property Trust. Cushman & Wakefield also secured a long-term, full-property lease with Gilbert Co., which will take occupancy in the first quarter of this year.

January 21, 2019

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