Property Type

Prism Capital Partners Opens 300-Unit Multifamily Community in New Jersey

by David Cohen September 6, 2018

WEST ORANGE, N.J. — Prism Capital Partners has opened The Residences at Edison Lofts, a 300-unit multifamily community in West Orange. The property is a redevelopment of the 100-year-old Thomas Edison Invention Factory and Commerce Center. The residences at Edison Lofts range from 590 to 1,500 square feet with rental rates starting at $1,625 per month. Designed by Minno & Wasko Architects and Planners, Edison Village features 16-foot ceiling heights and 10-foot windows to let in natural light. Amenities at the complex include a private fitness center, indoor swimming pool, bike storage, a media room, business center, private dining room, doorman and concierge service.

September 6, 2018

Development Georgia Industrial Southeast

Automotive Supplier to Invest $72M to Expand Manufacturing Facility Near Atlanta

by Camren Skelton September 6, 2018

COVINGTON, GA. — Nisshinbo Automotive Manufacturing Inc. (NAMI), a manufacturer and supplier of brake pads, will invest $72 million to expand its facility in Covington, Georgia Gov. Nathan Deal announced on Tuesday, Sept. 4. The expansion will create 100 production and administration jobs at the facility, which is located roughly 35 miles southeast of Atlanta. NAMI, a subsidiary of Japan-based Nisshinbo Group, has maintained a presence in Covington for 20 years. The Covington facility produces friction materials for automotive manufacturers and develops environmentally friendly, copper-free brake pads. According to the governor’s office, Japanese-affiliated companies currently operate more than 500 facilities in Georgia, employing approximately 30,000 people.

September 6, 2018

Acquisitions Retail Southeast Tennessee

CBRE Arranges $54M Sale of Parking Garage in Downtown Nashville

by Camren Skelton September 6, 2018

NASHVILLE, TENN. — CBRE has arranged the $54 million sale of Public Square Garage, a 12-story, 1,069-space parking garage located at 350 Deaderick St. in downtown Nashville. Douglass Johnson, Morgan Hillenmeyer and Nicole Filkins of CBRE arranged the transaction on behalf of the seller, a joint venture between RBN Equities and a fund managed by Jadian Capital. Nashville Garage LP, an affiliate of Stolz Real Estate Partners, acquired the property. In addition to parking, Public Square Garage features 37,000 square feet of retail and office space on the lower two floors.

September 6, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers Sale of 414,472 SF Office Park in Orlando

by Camren Skelton September 6, 2018

ORLANDO, FLA. — Cushman & Wakefield has brokered the sale of Millenia Lakes I, II and III, a 414,472-square-foot office park in Orlando. The portfolio is part of a 450-acre master-planned development that includes office, apartments, a hotel and retail space. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, Barings Real Estate, an affiliate of Barings LLC. An affiliate of Starwood Capital Group acquired the assets for an undisclosed price. The three buildings in the park were built in phases between 2001 and 2007. On-site amenities include a fitness center, café and a walking/jogging path surrounding a lake. The buildings are located adjacent to the Mall at Millenia, a regional shopping mall. The Millenia Lakes portfolio was 91.2 percent leased at the time of sale to tenants such as Prudential and AXA Equitable Life Insurance.

September 6, 2018

Acquisitions Louisiana Retail Southeast

HFF Secures $27.5M Sale of Power Shopping Center in Houma, Louisiana

by Camren Skelton September 6, 2018

HOUMA, LA. — HFF has secured the $27.2 million sale of Houma Shopping Center, a 204,879-square-foot shopping center in the southern Louisiana community of Houma, approximately 57 miles southwest of New Orleans. Jim Hamilton, Barry Brown, Andrew Levy, Ryan Shore, Brad Buchanan, Michael Allison and Ryan Stoffer of HFF arranged the transaction on behalf of the seller, Viking Partners LLC. Gregg Shapiro of HFF arranged a five-year, $16.2 million acquisition loan through Goldman Sachs on behalf of the undisclosed buyer. Houma Shopping Center was fully leased at the time of sale to tenants such as Marshalls, HomeGoods, Planet Fitness, Office Depot, Petco, Pro Nails, Burger King, Outback Steakhouse and Chili’s Bar & Grill. Walmart Supercenter shadow-anchors the center.

September 6, 2018

Acquisitions Net Lease Retail Southeast Virginia

Calkain Negotiates $15.6M Sale of Property Net Leased to Publix in Northern Virginia

by Camren Skelton September 6, 2018

FREDERICKSBURG, VA. — Calkain Cos. LLC has arranged the $15.6 million sale of a property net leased to Publix in Fredericksburg, a town in northern Virginia. The 49,098-square-foot store, located at 9601 Jefferson Davis Highway, opened in July. The store is located within Cosner’s Corner shopping center, which is home to tenants such as Super Target and Kohl’s. Jonathan Hipp of Calkain arranged the transaction on behalf of the seller, Silver Cos. Publix Super Markets acquired the asset, exercising its Right of First Refusal. The property is net-leased to Publix for 20 years and is the furthest north store for the Lakeland, Fla.-based grocer.

September 6, 2018

Loans Massachusetts Multifamily Northeast

TD Bank Provides $10.2M Construction Loan for Multifamily Development in Boston

by David Cohen September 6, 2018

BOSTON — TD Bank has provided a $10.2 million construction loan for The Clarion, a 39-unit unit, mixed-income residential development in the Roxbury neighborhood of Boston. The project will include 27 affordable housing units for low- or moderate-income working families earning between 30 percent and 60 percent of Boston’s area median income. The remaining 12 units will be workforce housing units reserved for middle-income families earning between 100 percent and 120 percent of the median income. The borrower, Community Builders Inc., is a non-profit real estate developer based in the Northeast. Construction on the project is slated for completion by the start of 2019.

September 6, 2018

Leasing Activity Northeast Pennsylvania Retail

CBRE Secures 65,000 SF Lease at Shopping Center Near Trenton

by David Cohen September 6, 2018

FAIRLESS HILLS, PA. — CBRE has arranged a 65,000-square-foot lease for indoor entertainment center Funzilla at the Fairless Hills Shopping Center in Fairless Hills, located about six miles southwest of Trenton, New Jersey. The adventure park offers a range of activities that include multi-level indoor go-karts, wall-to-wall trampolines, arcade games, climbing walls, ninja obstacles, dodgeball and a three-level playground. Jay Miller and Jim Creed of CBRE represented the property owner, The Klein Group, and the tenant, in the transaction. Funzilla is slated to open for business this winter. The indoor facility will be open seven days a week. Other tenants at the shopping center include Big Lots! and Retro Fitness.

September 6, 2018

Acquisitions California Office Western

StarPoint Properties Buys 12-Story Beverly Hills Office Building for $193M, Plans Renovations

by Amy Works September 6, 2018

BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The original owner sold the 12-story asset for $193 million. StarPoint plans to renovate the property, which was built in 1972 and is known as Wells Fargo Building due to the banking tenant’s rooftop signage. The 207,432-square-foot building has not been renovated in 15 years and falls 25 percent below the market’s average rent of $48.24 per square foot — creating an opportunity for StarPoint, which specializes in acquiring and repositioning undervalued properties. Renovation plans, although not finalized, include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.

September 6, 2018

Acquisitions California Development Industrial Western

Dermody Properties Acquires 14-Acre Parcel in Northern California for Industrial Development

by Amy Works September 6, 2018

VACAVILLE, CALIF. — Dermody Properties has purchased a 14-acre land parcel on Icon Way in Vacaville for an undisclosed price. The company plans to develop LogistiCenter at Vacaville on the site, with construction scheduled to begin in October and finish in June 2019. The facility will feature 252,160 square feet of Class A space for industrial and logistics tenants, featuring 36-foot clear heights, and extra trailer and car parking to accommodate e-commerce companies. LogistiCenter at Vacaville will be located midway between the San Francisco Bay area and the Sacramento markets, offering access to interstates 550 and 80. Jason Ovadia of JLL represented Dermody in the land transaction, which was facilitated by Tom Schaal of Schaal Realty Advisors. The name of the seller was not released.

September 6, 2018

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