Property Type

Contegra Completes $26M Distribution Facility Near St. Louis

by Kristin Harlow May 15, 2018

EDWARDSVILLE, ILL. — Contegra Construction Co. has completed a new $26 million distribution facility at Gateway Commerce Center near St. Louis. Dubbed Gateway East 594, the 593,940-square-foot property features a clear height of 36 feet, 66 dock doors and two drive-in doors. This is the fifth distribution facility jointly developed by TriStar Properties and PCCP at Gateway Commerce Center, which now spans more than 15.2 million square feet. Ed Lampitt of Cushman & Wakefield is handling lease-up of the property. Gray Design Group was the project architect while Stock & Associates Consulting Engineers Inc. was the civil engineer.

May 15, 2018

Industrial Loans Michigan Midwest Self-Storage

KeyBank Provides $18.8M CMBS Loan for Refinancing of Self-Storage Portfolio in Michigan

by Kristin Harlow May 15, 2018

MICHIGAN — KeyBank Real Estate Capital has provided an $18.8 million CMBS loan for the refinancing of an eight-property self-storage portfolio in Michigan. Known as Berger U-Store Portfolio, the assets total 3,176 units and 431,755 square feet. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the 10-year loan, which will be used to refinance existing debt on seven of the properties and acquire the remaining property.

May 15, 2018

Development Mixed-Use New Jersey Northeast

Joint Venture Breaks Ground on 119,000 SF Mixed-Use Project in Hackensack

by David Cohen May 15, 2018

HACKENSACK, N.J. — The Hampshire Companies, along with joint venture partners Claremont Cos., NAI James E. Hanson and construction lender Provident Bank, have broken ground on a 119,000-square-foot mixed-use project in Hackensack at 383-389 Main St. The five-story building will consist of 82 residential units and feature 3,500 square feet of retail space. The target date for completion is fall 2019. Amenities will include a gym, indoor lounge areas, public outdoor terrace and bicycle storage. Designed by architect Minervini Vandermark, the project will be known as 389 Main. The project is part of Hackensack’s Rehabilitation Plan, a long-term redevelopment plan developed by city officials, local business leaders and real estate professionals. The plan designated a 163-acre area of the city that encompasses 389 properties in need of rehabilitation as a redevelopment zone to attract real estate investment to the city across the retail, residential, office and mixed-use sectors.

May 15, 2018

Acquisitions Industrial Massachusetts Northeast

Stubblebine/CORFAC Negotiates $6.9M Sale of Industrial Facility Near Worcester

by David Cohen May 15, 2018

WEST BOYLSTON, MASS. — The Stubblebine Co./CORFAC International has negotiated the $6.9 million sale of 180 Shrewsbury Street, a 149,000-square-foot industrial building in West Boylston, about eight miles north of Worcester. David and James Stubblebine represented both the seller, WRT Management, and the buyer, 180 Shrewsbury Street LLC, in the transaction. The high-bay distribution building is leased on a long-term basis to Bunzl Distribution.

May 15, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers Sale of $1.5M Multifamily Portfolio in Poughkeepsie

by David Cohen May 15, 2018

POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the sale of a mixed-use portfolio in Poughkeepsie for $1.5 million. The portfolio consists of three buildings: 509-513 Main St., a 12-unit mixed-use building; 30 Kelsey Road, a five-unit residential property; and 82-84 Garden St., a six-unit apartment building. Chip Collins of Marcus & Millichap represented the buyer and seller in the transaction, both private investors.

May 15, 2018

Acquisitions Connecticut Northeast Office

Northeast Private Client Group Arranges $3.4M Sale of Office Building in Milford

by David Cohen May 15, 2018

MILFORD, CONN. — Northeast Private Client Group has arranged the sale of 57 Plains Road, a 17,346-square-foot office building in Milford, for $3.4 million. The property traded at a price that equates to approximately $195 per square foot at a capitalization rate of 7.6 percent. Special features of the property include executive suite floor plans, front and rear parking lots and newly renovated lobby and common areas. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, 57 Plains Road LLC, in the transaction. The buyer was Plains Professional Center LLC.

May 15, 2018

Loans Multifamily Southeast Virginia

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

by Camren Skelton May 15, 2018

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Secures Sale of 56,954 SF Office Building in Triangle

by Camren Skelton May 15, 2018

CARY, N.C. — CBRE | Raleigh has arranged the sale of One Harrison Park, a 56,954-square-foot office building located at 401 Harrison Oaks Blvd. in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Ed Pulliam and John Brewer of CBRE | Raleigh arranged the transaction on behalf of the seller, Griffin Partners Inc. Priam Capital acquired the building for an undisclosed price. One Harrison Park was 91 percent leased at the time of sale to tenants such as Trilliant, Biosignia, Keys & Fox, Leukemia & Lymphoma Society and Bainbridge.

May 15, 2018

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