As America’s brick-and-mortar retail sector continues to come to grips with the impact of e-commerce on its long-term future, it is worthwhile to track the progress of the growing number of retailers who have chosen to step away from a web-only platform. These retailers are establishing an omni-channel presence by setting up operations in physical stores, and many are showing signs of success. Many such retailers are choosing to set up shop along the streets of New York City, with its massive and steadily growing population and its broad demographic mix. Despite the recent, well-publicized increase in the city’s available inventory of retail space, New York City remains the preferred market to launch a brand with aspirations of building a meaningful national profile. Considering the more-youthful and trendy profile of a large proportion of online shoppers, these “adding-bricks-to-our-clicks” companies are gravitating toward New York City submarkets that deliver this coveted, younger demographic. Moreover, e-commerce players possess a ton of data profiling their customers — including their buying behavior and their browsing interests and habits — and retailers tap this intelligence when making decisions about where to locate stores as well as how they should be merchandised to best cater to …
PLAINSBORO, N.J. — New York-based development and management firm Kushner has acquired Quail Ridge Apartments, a 1,032-unit multifamily community located in Plainsboro, roughly midway between Philadelphia and New York City, for $190 million. The garden-style property is situated on 52 acres at 2005 Quail Ridge Drive, approximately six miles from Princeton University. Amenities include two pools, basketball and tennis courts, a playground, 24-hour fitness center and an on-site dog park. American International Group Inc. (AIG) provided acquisition financing for the transaction. The sale is in line with Kushner’s larger strategy of acquiring multifamily properties with high investment potential. Most recently, Kushner closed on the $520 million purchase of a portfolio of 5,517 multifamily units in Maryland. The company says it will continue to target similar investment opportunities throughout the Northeast and Mid-Atlantic areas. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multifamily portfolio while helping to improve an already-great community,” says Laurent Morali, president of Kushner. “It reflects our strategy of vigorously pursuing investment where we see significant value.” Kushner’s recent acquisition activity also includes The Watchtower, an 830,000-square-foot property in Brooklyn that it plans to convert into a corporate campus, as well as 203,000 square …
DALLAS — A partnership between Boston-based Cabot Properties Inc and Stream Realty Partners has broken ground on International Logistics Center, a 646,796-square-foot industrial asset located near the Dallas-Fort Worth International Airport. The property consists of three buildings: a 118,634-square-foot rear-load building, a 203,476-square-foot front-load building and a 324, 686-square-foot cross-dock building. International Logistics Center also offers access to State Highways 360 and 183. A timetable for completion has not yet been established
CYPRESS, TEXAS — HFF has arranged the sale of Villages at Cypress Creek, a 384-unit, Class A apartment community located in the northwest Houston suburb of Cypress. The property, which was 95 percent occupied at the time of sale, offers amenities such as two pools, a spa and massage room, media room, coffee bar and dog park. Todd Marix and Chris Curry of HFF represented the undisclosed seller in the transaction. Cortney Cole and Jordan Finch of HFF arranged an undisclosed amount of acquisition financing through a life insurance company on behalf of the purchaser, Hilltop Residential.
HOUSTON — CBRE has arranged the sale of Casa Verde Apartments, a two-story, 384-unit multifamily community located at 2 Goodson Drive on Houston’s north side. Clint Duncan and Matt Phillips of CBRE represented the seller, Goodson Avenue Investors LLC. Trinity Casa Verde LLC purchased the garden-style community for an undisclosed price.
DENISON, TEXAS — Oklahoma-based HeyDay Entertainment will open a roughly 50,000- square-foot location in the North Texas city of Denison. Situated within the 200,000-square-foot Shops at Gateway Village, the location will offer bowling, laser tag, mini-golf, a ropes course and a full-service bar and grill. The Denison location will be HeyDay’s third overall location and its first in Texas. The property is expected to open in fall 2018.
RICHARDSON, TEXAS — Colliers International has closed the sale of an 83,140-square-foot office/warehouse property located at 1501 Plano Road in Richardson. Lizzy Blake of Colliers represented the seller, Addison-based investment firm Silver Tree Partners, and procured the buyer, Prattco Creekway Industrial. The property was 60 percent leased at the time of sale.
WILMINGTON, DEL. — HFF has brokered the sale of Brandywine Hundred Apartments, a multifamily property located at 400 and 402 Foulk Road in the Brandywine Hundred neighborhood of Wilmington. A joint venture between CenterSquare Investment Management and Korman Residential Properties sold the property to a regional private buyer for an undisclosed price. Situated on 10.6 acres, the property features units averaging 946 square feet, a swimming pool with sundeck, tennis courts, a fitness center with televisions, a resident lounge with Wi-Fi, a business center and covered parking. Mark Thomson, Jose Cruz, Carl Feibig and Francis Coyne of HFF, along with Robert Stella of Financial Consulting Services, represented the seller in the transaction.
MONTGOMERY, N.Y. — GJT REIT has purchased an industrial building located at 201 Neelytown Road in Montgomery for an undisclosed price. Situated on 43 acres, the 248,370-square-foot distribution facility is leased to FedEx Ground on a 10-year term. GTJ REIT now owns 49 properties, totaling approximately 6 million square feet, in the Tri-State area. The name of the seller was not released.
NEWBURYPORT, MASS. — Valencia Realty Capital has arranged $4.5 million in acquisition financing for a cold-storage warehouse facility in Newburyport. The financing covers nearly 100 percent of the acquisition cost. The undisclosed borrower acquired the vacant 89,000-square-foot facility, located at 2 Opportunity Way, from a national REIT. Built in 1994 and expanded in 2008, the property features 26-foot clearance heights and approximately 14 percent of the building is office space. Stephen Smeke of Valencia secured the financing from a commercial lender for the borrower.