Property Type

O,R&L Commercial Negotiates $1.5M Sale of Former Medical Building in East Hartford

by David Cohen April 20, 2018

EAST HARTFORD, CONN. — O,R&L Commercial has negotiated the sale of a 30,544-square-foot, former medical building in East Hartford for $1.5 million. The buyer, Ash Street Holdings LLC doing business as KIA of East Hartford Inc., plans to completely renovate and expand the building, which is located at 99 Ash St. After renovations, Kia of East Hartford will move from its current location, 540 Connecticut Blvd. Jay L. Morris and Luke Massirio of O,R&L Commercial represented the seller in the transaction, Ash Realty Associates LLC. Colliers International represented the buyer. The vacant property was built in 1981 and is the former home of UCONN Health.

April 20, 2018

Acquisitions Industrial New York Northeast

Equilibrium Equities Acquires 270,000 SF Industrial Facility in Upstate New York

by David Cohen April 20, 2018

NEW YORK CITY — Investment and development company Equilibrium Equities has acquired a 270,000-square-foot distribution center at 340 Upper Oakwood Ave. in Elmira Heights for an undisclosed price. The multi-tenant property was constructed in 1962 as a grocery distribution warehouse and includes 45 tailgate loading doors and a clear height of up to 28 feet. Equilibrium acquired the property from a former owner of Horwitz Paper, which was a large wholesale distributor of paper products and janitorial supplies that acquired the building in 2001. The facility will be rebranded by Equilibrium as the Victory Business Center. Michael Manzari of Cushman & Wakefield represented the seller in the transaction. At the time of sale, the property was 70 percent leased.

April 20, 2018

Development Mixed-Use Texas

Maker Bros. Breaks Ground on $120M Mixed-Use Development in Austin

by Taylor Williams April 20, 2018

AUSTIN, TEXAS — Maker Bros. has broken ground on St. Elmo Public Market, a mixed-use development in Austin that is valued at approximately $120 million, according to the Austin American-Statesman. Project features include a 40,000-square-foot public market, 103,380 square feet of office space, 380 apartment units and a 156-room hotel. The development, which is situated on a 12.5-acre site at 4329 S. Congress Ave. on the city’s south side, is expected to open in May 2019.

April 20, 2018

Development Retail Texas

Northwood Begins Renovation of 169,229 SF Shopping Center in Dallas

by Taylor Williams April 20, 2018

DALLAS — Northwood Retail, an affiliate of national investment advisory firm Northwood Investors, has begun the renovation of Hillside Village, a 169,229-square-foot shopping center in Dallas. Northwood is upgrading the facades, lighting and roofs of the spaces, as well as delivering a new parking and sidewalk system. The renovation project is expected to be complete by year’s end. New tenants joining the property, which was built in 1954, include Session Pilates, Villa Nail Spa and Hillside Tavern.

April 20, 2018

Development Office Texas

Flower Mound City Council Approves 120,000 SF Spec Office Project

by Taylor Williams April 20, 2018

FLOWER MOUND, TEXAS — The Flower Mound City Council has approved an agreement with FM 2499 Office Venture LLC, an affiliate of Irving-based Realty Capital, to develop a 120,000-square-foot speculative office building in the northern Dallas suburb. The city will commit $25 million to the four-story, Class A project, which has a target completion date of late 2022. The project will include the development of a 480-space parking structure.

April 20, 2018

Loans Multifamily Office Texas

LMI Capital Arranges $9.5M Acquisition Financing for Three Houston-Area Apartment, Office Assets

by Taylor Williams April 20, 2018

HOUSTON — LMI Capital has closed three acquisition loans totaling $9.5 million for two apartment communities and one office building located throughout the greater Houston area. The properties include a 65-unit apartment asset in Galveston County, an 80-unit apartment community in the Spring Branch submarket and a 23,000-square-foot office building located near The Woodlands. Kurt Dennis of LMI Capital placed the loans for the Galveston and Woodlands properties and Jamie Mullin of LMI Capital placed the loan for the Spring Branch property.

April 20, 2018

Loans Multifamily North Carolina Southeast

Berkeley Point Provides $59.4M Fannie Mae Loan for Refinancing of Charlotte Apartment Asset

by Camren Skelton April 20, 2018

CHARLOTTE, N.C. — Berkeley Point Capital has provided a $59.4 million Fannie Mae loan for the refinancing of Autumn Park Apartments, a 586-unit multifamily community in Charlotte. Mitch Clarfield and Joshua Braceros of Berkeley Point originated the 15-year loan with 10 years of interest-only payments through Fannie Mae’s Green Rewards program. The borrower, Rambleside Real Estate Capital, originally acquired the property in 2012 for $56.3 million. During its ownership, the firm has invested $3.3 million in exterior and common area improvements, as well as unit interior upgrades. Autumn Park Apartments features two swimming pools with a fire pit and poolside cinema, a tennis court, dog park, grilling areas, playground and a fitness center with a yoga studio, spin room and a rowing room.

April 20, 2018

Florida Loans Multifamily Southeast

EIG Receives $57.8M Construction Loan for New Multifamily Community in Miami

by Camren Skelton April 20, 2018

MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with work-from-home options. Community amenities will include a pool with sundeck and private cabanas, gaming room, theater room, fitness center, jogging trail, dog park and a children’s playground. EIG expects to wrap up construction on the community in mid-2019. Soleste Twenty2 comes on the heels of other recent EIG developments, including the $59 million Soleste West Gables II and the 330-unit Soleste Blue Lagoon, which broke ground in November.

April 20, 2018

Development Florida Retail Southeast

Publix to Anchor Retail Portion of Latitude Margaritaville in Daytona Beach

by Camren Skelton April 20, 2018

DAYTONA BEACH, FLA. — Sutton Properties has signed Publix to anchor Latitude Landings, the 200,000-square-foot retail portion of Latitude Margaritaville Daytona Beach, an active adult community. Margaritaville Holdings and Minto Properties are developing the community, and Sutton Properties is developing and leasing the project’s retail portion, dubbed Latitude Landings. Publix will occupy 48,000 square feet at the shopping center, which will be located on LPGA Boulevard, adjacent to the development’s residential community and accessible by golf cart. Slated to open in the second quarter of 2019, the new grocery store will include grab-and-go prepared meals, an in-store café and a Publix Liquors store. The first phase of Latitude Margaritaville includes 378 home sites. Current plans call for 3,000 homes, with the possibility to expand to a total of 6,000 homes at full build-out. The community is designed for adults ages 55 and older.

April 20, 2018

Industrial Leasing Activity Maryland Southeast

MRP Industrial Signs 220,800 SF Lease with La-Z-Boy at Industrial Park Near D.C.

by Camren Skelton April 20, 2018

BOWIE, MD. — MRP Industrial has signed La-Z-Boy to a 220,800-square-foot, full-building lease at 16101 Queen’s Court, located within Bowie’s Collington Park industrial development. Delivered in 2016, the facility is located roughly 18 miles northeast of Washington, D.C. The national furniture manufacturer will transfer its distribution and logistics operation, currently located in Odenton, Md., to the new facility this fall. Lisa Goodwin of MRP Industrial and Lance Schwarz of NAI Michael arranged the lease on behalf of the building owner, a partnership between MRP Industrial and AEW Capital Management LP. Rob Tamillo, Zak Mirkowski, Todd Hughes and Greg Ferraro of JLL represented La-Z-Boy. Situated on 13 acres, 16101 Queen’s Court features 32-foot clear heights, 40 dock doors, two overhead drive-in doors, a 185-foot truck court and seven-inch, unreinforced concrete flooring. La-Z-Boy currently operates five manufacturing plants and six regional distribution centers throughout the country. The Bowie location will contain manufacturing, delivery and repair services, and will also offer customers the option to pick up furniture purchases instead of having their orders delivered.

April 20, 2018

Newer Posts

Older Posts