There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of the deal flow. — Multifamily investment sales are up by 4.5 percent compared to the first half of 2015. — An influx of new workers to fill the 92,500 new jobs added in the last year has heightened demand for multifamily units despite an abundance of new supply. With a low unemployment rate of just 4.1 percent and job growth far exceeding the national average, and at its highest point since December 2000, the Nation’s Capital is humming with activity. Last year, D.C.’s multifamily market saw staggering amounts of new construction deliver with net absorption levels that surpassed all expectations. Many of the young workers are interested in an urban live-work-play environment ripe with amenities and relish the opportunity to decrease commute times …
SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.
WALTHAM, MASS. — Colliers International has secured $40.4 million in permanent leasehold financing for 60 Tower Road, a 120,000-square-foot creative office property located at the 1265 Main project in Waltham. The borrower is a joint venture between 1265 Main Street LLC and a wholly owned subsidiary of Boston Properties LP. Jeff Black and Kevin Phelan of Colliers arranged the 15-year, fixed-rate loan with Sun Life Assurance Company of Canada for the borrower. The LEED Gold-certified building serves as the corporate U.S. headquarters of Clarks Americas, a subsidiary of C&J Clark International.
NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.
PHILADELPHIA — J.G. Petrucci Co. has received a $25 million loan for The Station at Manayunk, a multifamily property located at 1 Parker Road in Philadelphia’s Manayunk neighborhood. Jon Mikula of HFF arranged the 15-year loan with Principal Real Estate Investors. Loan proceeds were used to refinance the construction loan on the property. Completed in 2014, the property features 149 units with open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, washers and dryers, faux wood flooring and gourmet kitchens. Community amenities include a fitness center, bike share program and outdoor spaces with grilling stations.
MAHWAH, N.J. — NAI James E. Hanson has brokered the sale of an industrial building located at 211 Island Road in Mahwah. 211 Island Road Associates LP sold the 108,237-square-foot building to Mahwah 2016 LLC for an undisclosed price. The buyer will relocate and expand its current Rockland County, N.J.-based business to 32,547 square feet of space at the property. Kenneth Lundberg and Patrick Lennon of NAI James E. Hanson represented the seller in the deal.
LEOMINSTER, MASS. — The Stubblebine Co./CORFAC International has arranged the sale of a 227,422-square-foot industrial building located at 175 Pioneer Drive in Leominister. Star Realty sold the property to F&M Plastics for $5.1 million. David Stubblebine and James Stubblebine of The Stubblebine Co./CORFAC represented the seller, while Andrew Sacher of AIS Development represented the buyer in the transaction.
GIBSONTON, FLA. — Duke Realty Corp. has begun construction on the first warehouse within Tampa Regional Industrial Park (TRIP), a 1.1 million-square-foot development located at the northeast corner of Big Ben Road and U.S. Highway 41 in Gibsonton, a suburb of Tampa. TRIP has direct access to Interstate 75 and is situated 12 miles south of Interstate 4. The first building will span 337,447 square feet and will be the largest spec industrial building in Hillsborough County in eight years, according to Duke Realty. The cross-dock property will feature 64 dock doors, four 12- by 14-foot doors, 101 trailer storage positions, a 175-foot truck court, T5HO fluorescent lighting, an ESFR sprinkler system and 264 automobile parking spaces. The Indianapolis-based developer and owner has selected Newmark Grubb Knight Frank to market the building, which is slated for delivery in July.
MEDLEY, FLA. — CenterPoint Properties, an industrial developer and investor based in metro Chicago, has purchased a Class A distribution center located at 10400 N.W. 122nd St. in Medley, a town in Miami-Dade County. Christian Lee, Chris Riley and Jose Lobon of CBRE represented the seller, Charlotte-based Levine Properties, which developed the asset. Situated on 32 acres, the 306,703-square-foot facility features 30-foot clear heights, 70 dock-high doors, trailer parking and available land for future development. The distribution center is fully leased on a long-term basis to one of the largest delivery companies in North America, according to CenterPoint. The purchase price was not disclosed.
AUBURN, ALA. — Colliers International has brokered the $14.4 million sale of The Crossroads of Opelika, a 33,378-square-foot shopping center located at 2025 Interstate Drive in Auburn. The property’s tenant roster includes Chipotle Mexican Grill, Aspen Dental, Mattress Firm and AT&T. Bond Street Advisors Inc. purchased the center for more than $430 per square foot. Josh Randolph of Colliers International’s Birmingham office represented the undisclosed seller in the transaction.