Property Type

Madison Realty Provides $300M Construction Loan for Mixed-Use Tower in Manhattan

by Amy Works August 7, 2017

NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.

August 7, 2017

Multifamily New York Northeast

Sugar Hill Capital Partners Acquires Apartment Building in Manhattan for $41M

by Amy Works August 7, 2017

NEW YORK CITY — Sugar Hill Capital Partners has purchased a six-story multifamily building located at 200 Haven Ave. in Manhattan’s Washington Heights neighborhood. Rudd Realty Management sold the property for $41 million, or $328.55 per square foot. The 125,789-square-foot building features 95 apartment units, an indoor parking garage for 50 vehicles, laundry facilities and storage. Lazer Sternhell, Peter Vanderpool and Elan Teichman of Cignature Realty represented the buyer and seller in the deal.

August 7, 2017

Industrial Northeast Pennsylvania Retail

Hinerfield Commercial Arranges Sale of 51,000 SF Warehouse Building in Hazelton, Pennsylvania

by Amy Works August 7, 2017

HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.

August 7, 2017

Multifamily New York Northeast

Cushman & Wakefield Negotiates $26.7M Sale of Residential Property in Manhattan

by Amy Works August 7, 2017

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the residential portion of 1 Coesnties Slip, as known as 66 Pearl Street, in Manhattan. An undisclosed buyer acquired the six-building multifamily asset for $26.7 million. Totaling 32,843 square feet, the property features 42 residential units. The property’s 34 free-market apartments recently underwent an extensive renovation and upgrade program. Bob Knakal, Will Suarez, Jonathan Hageman, George D’Ambrosio, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the deal.

August 7, 2017

Industrial Massachusetts Northeast

Kelleher & Sadowsky Brokers Sale of 40,754 SF Industrial Space in East Brookfield, Massachusetts

by Amy Works August 7, 2017

EAST BROOKFIELD, MASS. — Kelleher & Sadowsky has arranged the sale of an industrial space located at 545-555 E. Main St. in East Brookfield. The undisclosed buyer plans to convert the 40,754-square-foot former Howe Lumber facility into a micro-brewery under the Timberyard Brewing brand. Paul Matt of Kelleher & Sadowsky brokered the sale. The name of the seller and acquisition price were not released.

August 7, 2017

Industrial North Carolina Southeast

Strategic Capital Partners to Develop $60M Industrial Project in Research Triangle Park

by Camren Skelton August 7, 2017

DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital, Berkshire Realty and First Tennessee Bank, which is providing construction financing. Patriot Park is the third major development in the Raleigh-Durham metro for Indianapolis-based Strategic Capital.

August 7, 2017

Industrial Southeast Virginia

Panattoni to Deliver 1 MSF Industrial Warehouse in Richmond

by Camren Skelton August 7, 2017

RICHMOND, VA. — Panattoni Development Co. Inc. has unveiled plans to develop a 1 million-square-foot speculative warehouse situated along Commerce Road in Richmond. CBRE | Richmond represented California-based Panattoni in the acquisition of the 62.3-acre parcel of land. Dubbed Virginia I-95 Distribution, the project will be developed in two phases. Each phase will feature a 461,700-square-foot cross-dock warehouse with 36-foot clear heights, LED lighting and multiple trailer drops. Phase I is slated for completion in summer 2018. Matt Anderson of CBRE | Richmond will handle the property’s leasing.

August 7, 2017

Industrial North Carolina Southeast

Monmouth Real Estate Acquires Industrial Building in Metro Charlotte for $40.6M

by Camren Skelton August 7, 2017

CONCORD, N.C. — Monmouth Real Estate Investment Corp. has acquired a 354,482-square-foot industrial building located at 4350 Fortune Ave. in Concord, roughly 25 miles north of Charlotte, for $40.6 million. The building is net-leased to FedEx for 15 years and sits adjacent to Monmouth’s recently constructed FedEx SmartPost facility. With this acquisition, the company owns a two-property campus in the Charlotte submarket totaling 685,200 square feet on 116 acres.

August 7, 2017

Georgia Multifamily Southeast

Brand Properties Breaks Ground on 295-Unit Apartment Community in Metro Atlanta

by Camren Skelton August 7, 2017

PEACHTREE CORNERS, GA. — Brand Properties has broken ground on Echo Lakeside, a 295-unit multifamily property located at 510 Guthridge Court in Peachtree Corners, roughly 22 miles north of Atlanta. In addition to Atlanta-based Brand Properties, the project team includes architect Niles Bolton & Associates, general contractor Oxford Construction, landscape architect HGOR and property management firm Woodward Management Partners. Echo Lakeside will include one- and two-bedroom floor plans with rents ranging from $1,000 to $1,900. Situated on 14.5 acres, the property will feature a clubhouse, fitness center, pool with a sun terrace, dog park and hiking and biking trails. The project is slated for completion in summer 2018.

August 7, 2017

Office Southeast Virginia

Divaris Brokers $13.2M Sale of Office Portfolio in Virginia Beach Area

by Camren Skelton August 7, 2017

CHESAPEAKE AND VIRGINIA BEACH, VA. — Divaris Real Estate Inc. (DRE) has arranged the $13.2 million sale of two office buildings in the Virginia Beach area: Southeastern Virginia Training Center, a 36,277-square-foot property located at 2100 Steppingstone Square in Chesapeake, and Probation and Parole Office Building, an 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach. Jason Oliver and Alex Divaris of Virginia Beach-based DRE represented the seller, Armada Hoffler Properties Inc. The Virginia Beach-based real estate company developed both properties as build-to-suits for the Commonwealth of Virginia.

August 7, 2017

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