Property Type

Rent the Runway to Open 300,000 SF Distribution Center in Arlington

by Taylor Williams March 5, 2018

ARLINGTON, TEXAS — Rent the Runway, a New York City-based online clothing rental company, will open a 300,000-square-foot distribution center along West Bardin Road in Arlington, according to the City of Arlington. Development of the facility, which is slated to open at the end of the year, is expected to create an additional 600 construction jobs over the next 12 months. A general contractor has not yet been named to the project, which represents Rent the Runway’s second distribution center in the United States, the first being located in Secaucus, N.J.

March 5, 2018

NKF Negotiates Sale of 788,000 SF Industrial Portfolio in Connecticut

by Amy Works March 5, 2018

MERIDEN AND CHESHIRE, CONN. — NKF Capital Markets has arranged the sale of a three-asset industrial portfolio in Meriden and Cheshire. A financial institution sold its 100 percent interest in the 788,000-square-foot portfolio to Sky Management Services for an undisclosed price. The portfolio includes a 241,000-square-foot facility located at 160 Corporate Court in Meriden that is fully occupied by Sports Direct; a 338,000-square-foot property located at 550 Research Parkway in Meriden that is leased by Medline Industries; and a four-building, 209,000-square-foot industrial complex located at 611-617 W. Johnson Ave. in Cheshire. Kevin Welsh, Brian Schulz and Jason Emrani of NKF Capital Markets, along with Matt O’Hare of CBRE, represented the seller in the deal. Additionally, Jordy Roeschlaub, Dustin Stolly and Robert Tonnessen of NKF Capital Markets’ Debt & Structured Finance secured acquisition financing for the purchase.

March 5, 2018

Massachusetts Multifamily Northeast

Samuels & Associates Opens Residential Tower in Boston

by Amy Works March 5, 2018

BOSTON — Samuels & Associates, in partnership with Landsea, has announced the grand opening of Pierce Boston, a residential tower located at the intersection of Brookline Avenue and Boylston Street in Boston’s Fenway-Kenmore neighborhood. Designed by Arquitectonica, the 30-story tower features 190 condominium units, 240 apartment units and more than 20,000 square feet of street-level dining and retail space. Amenities at the tower include The Levity Lounge, a top-floor lounge with sky top pool, seating areas, a private dining room and a library; a 24/7 doorman and concierge service; a fitness room with yoga studio; parking and private sky cabanas for purchase.

March 5, 2018

Multifamily New York Northeast

Cushman & Wakefield Arranges $8.2M Sale of Development Site in Queens

by Amy Works March 5, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 11-35 31st Drive in the Astoria neighborhood of Queens. Blue Mountain Capital purchased the site from Kenneth Trading Corp. for $8.2 million, or $241 per buildable square foot. The property allows for a maximum of 33,982 buildable square feet for residential development. A 10,000-square-foot warehouse building, which is net leased through March 2019, is currently on the site. Stephen Preuss and Andreas Efthysmiou of Cushman & Wakefield represented the seller in the deal.

March 5, 2018

Hospitality New York Northeast

Westbridge Realty Brokers Sale of Development Site in Brooklyn, 92-Room Hotel Planned

by Amy Works March 5, 2018

NEW YORK CITY — Westbridge Realty has arranged the sale of a vacant lot located at 187 Cook St. in Brooklyn’s Williamsburg neighborhood. Nehalkumar Gandhi, a New Jersey-based developer, purchased a 99-year ground lease at the site for $1.3 million from Loketch Group and Joyland Group. The developer plans to build a more than 26,000-square-foot, 92-key hotel on the site. The brand of the hotel has not been announced. Hen Vaknin of Westbridge Realty represented the buyer and seller in the off-market transaction.

March 5, 2018

Connecticut Northeast Office

FactSet Leases 173,000 SF of Office Space in Norwalk, Connecticut

by Amy Works March 5, 2018

NORWALK, CONN. — FactSet, a global provider of integrated financial information, analytical applications and services, has signed a lease for office space at 45 Glover Avenue, a 264,500-square-foot Class A office building located in Norwalk. The company will relocate its global headquarters from Merritt 7 Office Complex in Norwalk to 173,000 square feet at the building. Building and Land Technology (BLT) owns the property, which is now fully leased. FactSet is slated to move into the new space in the last quarter of 2019. Tim Rorick and Torey Walsh of Newmark Knight Frank represented BLT, while Joseph Cabrera and Michael Gordon of Colliers International represented the tenant in the deal.

March 5, 2018

Loans Multifamily Texas

S2 Capital Refinances 512-Unit Apartment Community in Metro Dallas

by Taylor Williams March 5, 2018

MESQUITE, TEXAS — S2 Capital LLC, an investment firm specializing in Class B multifamily assets, has refinanced Forty200, a 512-unit multifamily community located in the eastern Dallas metro of Mesquite. The property offers one- and two-bedroom units and amenities including a fitness center, pool and tennis and basketball courts. The loan, the amount of which was not disclosed, features a fixed 4.2 percent interest rate, a 75 percent loan-to-value (LTV) ratio and four years of interest-only payments. Nathan Stone, Brad Mason and Guy Griffith of Berkadia secured the financing through Fannie Mae.

March 5, 2018

Multifamily Texas

ARA Newmark Brokers Sale of 230-Unit Apartment Community in Austin

by Taylor Williams March 5, 2018

AUSTIN, TEXAS — ARA Newmark has brokered the sale of Lakeshore Pearl, a 230-unit multifamily community located adjacent to Oracle’s office campus in Austin’s East Riverside area. The property, which features a pool, fitness center, business center, theater room and storage space, was 93 percent occupied at the time of sale. Pat Jones of ARA Newmark represented the seller, an affiliate of Chicago-based Inland Private Capital. Austin-based investment firm Cypress Real Estate Advisors acquired the asset for an undisclosed price.

March 5, 2018

Mixed-Use Texas

Transwestern Brokers Sale of 2.7-Acre Site for Future Mixed-Use Project in Dallas

by Taylor Williams March 5, 2018

DALLAS — Transwestern has brokered the sale of approximately 2.7 acres at 2105 and 2211 W. Davis St. in the Oak Cliff area of Dallas for the development of a mixed-use project. Headed by GroundFloor Development, the project will feature an undetermined amount of retail space and multifamily units. The site is currently zoned for the development of 20 townhomes and a five-story apartment building with ground-floor retail. Other terms of the land sale were not disclosed.

March 5, 2018

Industrial Texas

NAI Partners Negotiates 22,719 SF Industrial Lease Near Houston’s Hobby Airport

by Taylor Williams March 5, 2018

HOUSTON — NAI Partners has negotiated an industrial lease at 8301 W. Monroe Road near William P. Hobby Airport in southeast Houston. The tenant, IPS Pump Services Inc., will occupy 22,719 square feet. Jake Wilkinson and Darren O’Conor of NAI Partners represented the landlord, Lawrence Investments LLC, in the lease negotiations.

March 5, 2018

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