WAUSAU, WIS. — Marcus & Millichap has brokered the $1.9 million sale of The Plaza hotel in Wausau. The 225-room hotel is located at 201 N. 17th Ave. The five-story property includes 23,000 square feet of banquet and conference space as well as a restaurant and lounge. Allan Miller, Chris Gomes, Ebrahim Valliani and Michael Klar of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a partnership. Wausau is located in central Wisconsin.
Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 basis points to 5.2 percent. Part of what is driving the tremendous growth in Las Vegas is the billions of dollars in commercial developments. This includes several major resort renovations (Palms, Monte Carlo, Caesars), several new resort developments (Paradise Park, The Drew, Resorts World), and the $1 billion expansion of the Las Vegas Convention Center. There is also the $1.9 billion football stadium that is helping usher the city into a new era of professional sports. On the capital side, multifamily properties continue to be highly sought after by both private and institutional buyers. Although transaction volume slowed in the first quarter of 2018 compared to the same period a year ago, total volume was more than $350 million in the first quarter, marking …
PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …
NORWALK, CONN. — Avison Young has arranged the sale of the Matrix Corporate Center in Norwalk. The sales price was not disclosed. Located at 535 Connecticut Ave., the five-story property is currently 74 percent leased to a tenant roster that includes Crius, UBM and Belvoir. Sean Cahill, Gary Lyons and Blake Thomas of Avison Young represented the seller, Matrix Norwalk LLC, in the transaction. The buyer was Hanover Norwalk Investors LLC.
GILBERTSVILLE, PA. — HFF has brokered the $5.9 million sale of a single-tenant retail building in Gilbertsville. The building was completed in 2015 and is leased to convenience retail store chain Wawa. The 2.7-acre property is located at 1111 Grosser Road, approximately 42 miles northwest of Philadelphia. Marc Mandel and Steve Schrenk of HFF represented the buyer, a private investor, in the transaction. The seller was undisclosed.
WESTFORD, MASS. — Horvath & Tremblay has negotiated the $5.7 million sale of a retail building in Westford. The 14,820-square foot property is fully occupied by Walgreens pharmacy. Located at 145 Littleton Road, the building is approximately 25 miles northwest of Boston. Bob Horvath and Todd Tremblay represented the undisclosed seller in the transaction. The buyer was also undisclosed. Walgreens has 13 years remaining on the initial lease term with 10, five-year renewal options. Nearby retailers include Whole Foods, CVS, Rite Aid, Marshalls, Home Goods, Petco, Panera Bread, Chipotle and Five Guys.
NEW YORK CITY — Ariel Property Advisors has arranged the $3.4 million sale of a development site located at 1408 Cromwell Ave. in the Bronx. The vacant lot is situated in the Jerome Avenue District, which was recently rezoned to residential under New York City’s affordable housing plan. The rezoning covers 92 blocks and is expected to generate approximately 4,600 new units of housing. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PISCATAWAY, N.J. — Ergonomic office solutions provider Humanscale has signed a 155,000-square-foot lease at the Rockefeller Group Logistics Center, currently under construction in Piscataway. The 2.1-million-square-foot logistics center will be comprised of five buildings ranging in size from 200,000 to 725,000 square feet. Cushman & Wakefield represented the owners, Rockefeller Group and joint venture partner PCCP LLC, in the transaction. Humanscale was represented by Lennard Commercial Realty.
BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.
MARIETTA, GA. — Publix Super Markets Inc. has announced plans to open the fifth location for its new-format GreenWise Market in Marietta, a suburb roughly 20 miles north of Atlanta. The store will be located at the southeast corner of Sandy Plans and Shallowford roads. Atlanta-based developer Fuqua Development inked the lease with Publix Super Markets. Owned and operated by the Lakeland, Fla.-based grocer, GreenWise Market is a specialty, natural and organic store that features house-prepared meals, grab-and-go items and groceries under its GreenWise brand. The first GreenWise market is scheduled to open in Tallahassee, Fla., next month. Other announced locations include Mount Pleasant, S.C., and Lakeland and Boca Raton, Fla. The Mount Pleasant and Lakeland stores are expected to open in 2019. An opening date for the Marietta location was not released.