Property Type

River Chase Apartments Temple Terrace The Park at Valenza

Blue Rock Premier Purchases Apartment Community in Metro Tampa for $70M

by John Nelson June 8, 2016

TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.

June 8, 2016

Maryland Retail Southeast

Black Oak Associates Completes $60M Redevelopment of Eldersburg Commons in Maryland

by John Nelson June 8, 2016

ELDERSBURG, MD. — Black Oak Associates has completed the $60 million redevelopment of Eldersburg Commons, a 300,000-square-foot shopping center formerly known as Carrolltown Mall. The retail development is located at 6400 Ridge Road in Eldersburg in Carrolltown County. The official grand opening and ribbon cutting ceremony is set for June 16. The project is anchored by a 190,000-square-foot Walmart Supercenter, which opened last fall. The redevelopment has attracted 17 new retailers, including AT&T, Chipotle Mexican Grill, Dental Care at Eldersburg Commons, Jimmy John’s, MOD Pizza, Noodles & Co., Olympia Sports, Petco, Sleepy’s, T.J. Maxx, Ulta Beauty and The Vitamin Shoppe. Other tenants opening later this year include Hair Cuttery, Luxury Nails & Spa, Menchie’s Frozen Yogurt and Sunny’s Fine Wines & Liquors. Eagle Realty served as Black Oak’s lending partner for the redevelopment. The project team includes leasing broker KLNB Retail, civil engineer Development Design Consultants, general contractor Glen Arm Building Co., traffic engineer The Traffic Group, traffic consultant Lenhart Traffic Consulting, architect Banta Campbell Architects and civil engineer Kimley-Horn.

June 8, 2016

Retail Southeast Virginia

Simon Breaks Ground on Norfolk Premium Outlets

by John Nelson June 8, 2016

NORFOLK, VA. — Simon Property Group has begun construction on Norfolk Premium Outlets, a 332,000-square-foot outlet mall located at I-64 and Northampton Boulevard in Norfolk. Set to open in summer 2017, the property will feature 85 designer and name-brand retailers, as well as a Market Hall with multiple dining options. Simon expects the new outlet mall to create 500 full-time construction jobs and 800 full- and part-time jobs upon completion. Norfolk Premium Outlets will serve the Norfolk, Virginia Beach, Chesapeake and Hampton Roads markets in Virginia.

June 8, 2016

Georgia Office Southeast

Hines, Cousins Sign Microsoft to Lease Office Space in Avalon Development

by John Nelson June 8, 2016

ALPHARETTA, GA. — Hines and Cousins Properties have signed Microsoft Corp. to a 43,000-square-foot office lease at 8000 Avalon, a 224,000-square-foot, Class A office development under construction in Alpharetta. With the Microsoft lease, 8000 Avalon is now 19 percent pre-leased with initial occupancy slated for the second quarter of 2017. Hines and Cousins are co-developing the $72 million project, which is the only office building in Phase II of Avalon. Pete Shelton and Drew Levine of Colliers International’s Atlanta office represented Microsoft in the lease transaction.

June 8, 2016

Loans Maryland Multifamily Southeast

Walker & Dunlop to Purchase HUD Servicing Portfolio for $45M

by John Nelson June 8, 2016

BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.

June 8, 2016

Connecticut Massachusetts Northeast Retail

Phillips Edison Grocery Center REIT II Acquires Retail Properties in Massachusetts, Connecticut

by Amy Works June 8, 2016

RAYNHAM, MASS., AND MONTVILLE, CONN. — Phillips Edison Grocery Center REIT II has acquired two grocery-anchored shopping centers in Massachusetts and Connecticut. The REIT purchased Shaw’s Plaza, a 175,842-square-foot retail center in Raynham, a suburb 30 miles south of Boston. The property is occupied by national and regional tenants, including Jo-Ann Fabrics, Marshalls, CVS/pharmacy, Sovereign Bank, Dress Barn, Gamestop, Panera Bread, Bank of America, PetSmart, SuperCuts, GNC, Spring and Cardi’s Furniture. The acquisition adds the first Shaw’s grocery-anchored shopping center to the company’s portfolio. Additionally, the REIT acquired Montville Commons, a 117,916-square-foot shopping center in Montville. The property is occupied by Stop & Shop, Anytime Fitness, Subway, Sweet Frog, Sleep’s, Hair Cuttery, Gamestop, GNC, Chili’s Bar & Grill and AT&T. Terms of the sales, including the sellers’ names and acquisition prices, were not released.

June 8, 2016

New Jersey Northeast Office

Bergman Real Estate Group Buys 120,000 SF Office Building in New Jersey

by Amy Works June 8, 2016

LYNDHURST, N.J. — Bergman Real Estate Group has acquired 1099 Wall Street West, an office building located in Lyndhurst’s Meadowlands submarket. A private equity fund sold the property for an undisclosed price. Situated on 7.5 acres, the three-story building comprises 120,000 square feet of office space. At the time of sale, the property was 50 percent leased to more than 30 companies. M&T Bank provided a flexible acquisition loan for the purchase. Rick Steel and Mark Zurlini with M&T Bank arranged the loan. Patrick Arangio and Christopher McGlone of CBRE’s National Loan & Portfolio Advisory Group, in collaboration with Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE Institutional Properties, represented the seller in the deal.

June 8, 2016

Delaware Industrial New York Northeast

GTJ REIT Purchases Two Industrial Properties in New York City, Delaware

by Amy Works June 8, 2016

NEW YORK CITY, AND NEWARK, DEL. — GTJ REIT Inc. has acquired two industrial properties in two separate transactions. In the first transaction, the REIT purchased a 58,000-square-foot warehouse/garage situated on 1.2 acres in Brooklyn’s East New York neighborhood. The property is currently leased to The City of New York for the Department of Sanitation through 2025. In the second deal, GTJ REIT acquired a 208,000-square-foot warehouse distribution facility situated on 12.4 acres in Newark. Built in 1999, the property is fully leased to Valassis Communications Inc. through 2025. The tenant uses the property to sort and distribute print ad materials from Maine to Northern Virginia on behalf of its customers. Terms of the transactions, including the sellers’ names and acquisition prices, were not released. With these two acquisitions, GTJ now owns 47 properties, consisting of close to 5.5 million square feet on approximately 350 acres of land.

June 8, 2016

Northeast Pennsylvania Retail

PH Retail Acquires Controlling Interest in Two Properties in Center City Philadelphia

by Amy Works June 8, 2016

PHILADELPHIA — PH Retail, an affiliate of Post Brothers, has acquired a controlling interest of two properties located at 1501-1505 Walnut St. and 1520-1522 Chestnut St. in Philadelphia’s Center City. The total project is valued at more than $50 million and adds 70,000 square feet of prime commercial space to PH Retail’s portfolio. Totaling 30,000 square feet of retail/restaurant space, 1501-1505 Walnut St. is occupied by AT&T Mobility’s flagship location and Club Monaco and has one 2,848-square-foot unit of space available. 1520-1522 Chestnut features 27,000 square feet of above-grade space and 13,000 square feet of below grade space. James Galbally of JLL represented the seller, PREIT, in the transaction.

June 8, 2016

New York Northeast Office

1776 Expands to New York City with Campus at Brooklyn Navy Yard

by Amy Works June 8, 2016

NEW YORK CITY — 1776, a public benefit corporation that scouts and funds high-growth startups, plans to open its first New York City campus on the top floor of Building 77 at Brooklyn Navy Yard. The company will become the anchor tenant of the 1 million-square-foot building that is currently undergoing a $185 million renovation. Slated to open in 2017, Building 77 will feature a 60,000-square-foot food manufacturing hub on the ground floor. Additionally, the project will support 3,000 new jobs. 1776 New York City will convene institutions, policymakers and startups to revitalize critical industries like education, energy, food, health, smart cities, transportation and financial services.

June 8, 2016

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