Property Type

NAI Mertz Secures Sale-Leaseback for 55,000-SF Industrial Building in Swedesboro, N.J.

by Haisten Willis March 9, 2017

SWEDESBORO, N.J. — NAI Mertz has secured a sale-leaseback transaction at 509 Heron Drive, a 55,000-square-foot industrial building in Swedesboro. A subsidiary of Burton Real Estate purchased the building. NAI Mertz’s Jonathan Klear and Fred Meyer were the sole brokers in the transaction. Located within Pureland Industrial Complex, 509 Heron Drive features a crane-served warehouse and an existing two-story office, as well as a computer room, and reception and kitchen areas. Situated on a 14.7-acre lot, the building features two drive-in doors, five loading docks and one drive-thru service bay. The warehouse includes 22-foot clear ceiling heights and 40-foot by 40-foot column spacing. The warehouse area also includes five cranes. Offering access to Exit 10 of I-295, Pureland Industrial Complex is home to tenants such as Amazon, Home Depot and Mitsubishi.

March 9, 2017

Northeast Pennsylvania Retail

Colliers Arranges $7.4M Sale of Multi-Building Retail Parcel in Metro Philadelphia

by Haisten Willis March 9, 2017

SPRINGFIELD, PA. — Colliers International has arranged the $7.4 million sale of a multi-building, 5.5-acre retail parcel located at 5202 Baltimore Pike in Springfield. BET Investments bought the property, which is situated on a signalized corner at Baltimore Pike and Oak Avenue. Burlington Stores Inc. was the seller. Plans call for the site to be redeveloped for retail uses. The Colliers retail team of Todd Sussman and Josh Goldfine represented Burlington Stores. Colliers’ Rich Weitzman represented BET Investments.

March 9, 2017

Retail Southeast Virginia

Regency Centers Begins Construction on $44.5M Wegmans-Anchored Shopping Center in Metro D.C.

by John Nelson March 9, 2017

CHANTILLY, VA. — Regency Centers Corp. has broken ground on The Field at Commonwealth, a $44.5 million, 180,000-square-foot shopping center located at the intersection of U.S. Highway 28 and Westfields Boulevard in Chantilly, roughly 25 miles west of Washington, D.C. The project will be anchored by a 120,000-square-foot Wegmans, a Rochester, N.Y.-based chain that operates large, upscale supermarkets. Regency Centers plans to deliver the shopping center in 2018.

March 9, 2017

Mixed-Use Southeast Virginia

Edens, Gables Residential Break Ground on Mixed-Use Project in Alexandria

by John Nelson March 9, 2017

ALEXANDRIA, VA. — Edens and Gables Residential have broken ground on a new mixed-use project located at 530 First St. in Alexandria. The groundbreaking ceremony was attended by principals of Edens and Gables Residential, as well as Alexandria Mayor Allison Silberberg and members of the city government. The project will include 232 apartment residences and 50,000 square feet of commercial space. The property will also feature an enhanced streetscape, public art on-site and a Capital Bikeshare station. Edens and Gables Residential plan to open the 530 First Street project in 2019.

March 9, 2017

Georgia Seniors Housing Southeast

McShane to Build Affordable Seniors Community Near Atlanta

by John Nelson March 9, 2017

CHAMBLEE, GA. — McShane Construction Co. has been selected to build Mercy Housing at Mercy Park, a 79-unit affordable seniors housing community in the Atlanta suburb of Chamblee. Mercy Housing, a Colorado-based affordable housing developer and operator, is leading the project. The property will feature 57 one-bedroom units and 22 two-bedroom units, as well as 4,000 square feet of amenity space, on a 1.6-acre plot. McShane expects to complete construction by January 2018. Smith Dalia Architects provided architectural services.

March 9, 2017

Industrial New Jersey Northeast Office

Stafford Smith Realty Arranges $5.5M Sale of 75,000 SF Office/Warehouse Building in Eatontown, N.J.

by Haisten Willis March 9, 2017

EATONTOWN, N.J. — Ray Smith of Stafford Smith Realty has arranged the $5.5 million sale of 40 Christopher Way, Block 3901, Lot 46 in Eatontown to Victory International. The building formerly served as the headquarters of DSCI, a government defense contractor. Victory International is a distributor of cosmetics and perfumes and is relocating from Edison, N.J. Stafford Smith Realty was the broker for both the seller and the buyer. Stafford Smith marketed the property with Keen Associates for Bank of America. The building sits on seven acres and consists of 45,000 square feet of offices and 30,000 square feet of warehouse space.

March 9, 2017

Georgia Loans Office Southeast

MetLife Provides Refinancing for 348,000 SF Office Tower in Atlanta

by John Nelson March 9, 2017

ATLANTA — MetLife Real Estate has provided a loan for the refinancing of Buckhead Tower, a 348,000-square-foot, Class A office building located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. The 19-story office tower is situated on two acres and is directly connected to Lenox Square Mall and the JW Marriott Hotel. The property features a full-service café, fitness center, structured parking and 24/7 access. Ed Coco and Matt Casey of HFF placed the loan through MetLife Real Estate on behalf of the borrower, a partnership managed by Parmenter Realty Partners. Details of the financing were not released.

March 9, 2017

Arkansas Multifamily Southeast

BSR Trust Acquires Apartment Community in Fayetteville, Arkansas

by John Nelson March 9, 2017

FAYETTEVILLE, ARK. — Little Rock-based BSR Trust LLC has completed the acquisition of Mountain Ranch Apartments, a 360-unit apartment community located in Fayetteville. Built in 2009, Mountain Ranch contains a mix of one-, two- and three-bedroom residences and sits on 15 acres across Interstate 49 from the University of Arkansas campus. BSR Trust owns more than 9,200 units in Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed.

March 9, 2017

Industrial New York Northeast

Cushman & Wakefield Brokers $4.5M Sale of Land in Brooklyn

by Haisten Willis March 9, 2017

NEW YORK CITY — On behalf of Li & Associates Development, Cushman & Wakefield has brokered the sale of a 16,500-buildable-square-foot development site at 296-300 St. Nicholas Ave. in Bushwick, Brooklyn to 300 St. Nicholas LLC. The all-cash transaction was valued at $4.5 million or approximately $273 per buildable square foot.

March 9, 2017

Maryland Office Southeast Top Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson March 9, 2017

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

March 9, 2017

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