Property Type

LRC Properties Purchases 1.9MSF Distribution Facility in Georgia

by John Nelson August 17, 2016

NEWNAN, GA. — LRC Properties has purchased a 1.9 million-square-foot distribution facility located at 60 Herring Road in Newnan for an undisclosed price. The company also recently signed Variety Wholesalers to a long-term lease at the facility for 1.4 million square feet. LRC plans to upgrade the facility’s roof and parking lot and renovate the interior to accommodate multiple tenants. The former Kmart distribution center is LRC’s first purchase in Georgia. The company now manages roughly 5 million square feet of industrial space on the East Coast.

August 17, 2016

Industrial Loans Southeast Tennessee

Cohen Financial Secures $19M Acquisition Loan for Industrial Portfolio in Metro Nashville

by John Nelson August 17, 2016

GOODLETTSVILLE, TENN. — Cohen Financial has closed a $19 million acquisition loan for two industrial parks totaling 13 buildings and 980,000 square feet in Goodlettsville, a suburb of Nashville. The properties, Space Park North and Old Stone Bridge, are situated a mile apart along I-65. The assets are currently leased to more than 50 tenants combined. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the fixed-rate, 10-year, CMBS loan through Morgan Stanley on behalf of the borrower, an affiliate of Chicago-based Kaufman Jacobs.

August 17, 2016

Florida Loans Retail Southeast

NorthMarq Arranges $10.4M Refinancing of Publix Market Square in Gainesville

by John Nelson August 17, 2016

GAINESVILLE, FLA. — NorthMarq Capital has arranged the $10.4 million refinancing of Publix Market Square, a 71,007-square-foot, Publix-anchored shopping center located at 2625-2835 S.W. 91st St. in Gainesville. Bob Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through an unnamed life insurance company on behalf of the borrower, Mega A LLC.

August 17, 2016

university-station-westwood-massachusetts

Massachusetts Mixed-Use Northeast Retail Top Stories

American Realty Advisors Purchases 400,000 SF Retail Center Near Boston for $206M

by Haisten Willis August 17, 2016

WESTWOOD, MASS. — American Realty Advisors, an institutional real estate investment manager, has acquired the shops at University Station, a newly constructed, 400,000-square-foot retail asset in the Boston suburb of Westwood. Located within a 130-acre mixed-use development, the purchase price was $206 million. Wegmans, a regional supermarket chain, anchors the retail portion of University Station. Other tenants include Nordstrom Rack, Marshalls and PetSmart. “The average term of in-place leases for the property is approximately 15 years, while 95 percent of the asset’s total income is generated from its national tenant base,” says Shelley. “We believe these characteristics will provide stabilized, risk-adjusted returns for our investors over time.” University Station services a 13-town area with 214,700 residents and an average annual household income in excess of $121,000. The property is situated 15 miles from downtown Boston near I-95 and Route 128, which draw 140,000 vehicles per day. It is located across the street from the area’s sole Amtrak/MBTA commuter rail station, which transports 1.3 million travelers annually. New England Development will continue to serve as the management and leasing agent for the retail center. Robert Griffin Jr., who was with Cushman & Wakefield and is now with Newmark Grubb Knight Frank, …

August 17, 2016

Maine Market Reports Northeast Northeast Market Reports Office

Availability Continues to Tighten in Greater Portland, Maine, Office Market

by Jaime Lackey August 17, 2016

The real estate environment in the Greater Portland region has been incredibly strong this year. On top of the favorable vacancy rates in the industrial, retail, and multifamily sectors, the office market vacancy in the region continues to dwindle, following the trend we’ve seen over the last five years. In a state with a geographic footprint that could nearly fit the rest of New England, the bulk of office inventory is concentrated in the southern region. Specifically, the supply is in the Greater Portland area, which comprises seven cities and towns. This region features just over 10.5 million square feet of Class A and Class B office space, with an additional 1.25 million square feet of medical space. Of that, 40 percent is located in downtown Portland. Portland is in the midst of a renaissance of sorts. Demand and desirability to live and work here, especially downtown, has grown significantly in recent years. We’ve become a “foodie” destination with a surge of new high-end restaurants and hotels. This coupled with beautiful water views and a unique way of life has attracted a younger demographic. Baby boomers and empty nesters are also relocating to this area from the suburbs. The movement …

August 17, 2016

Mixed-Use Northeast Office Retail Vermont

Cypress Equities Acquires 488,975 SF Retail/Office Property in Vermont for $90M

by Amy Works August 16, 2016

WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

August 16, 2016

Multifamily New Jersey Northeast

Joint Venture Sells 316-Unit Apartment Community in New Jersey for $91.5M

by Amy Works August 16, 2016

EAST RUTHERFORD, N.J. — A partnership between a New Jersey-based developer and an institutional owner has completed the disposition of The Monarch, a Class A apartment community located at 100-120 Schindler in East Rutherford. A private group acquired the property for $91.5 million. Situated on 15.8 acres across from the MetLife Stadium, the property features 316 units averaging 922 square feet. Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with fire pits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered parking and a two-story lobby with 24/7 concierge. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny of HFF represented the seller in the deal.

August 16, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $15.1M Sale of Commercial Building in Tribeca

by Amy Works August 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 73 Hudson St. in Tribeca. An undisclosed buyer acquired the five-story building for $15.1 million, or $1,315 per square foot. The building contains 11,500 square feet as built and offers approximately 2,800 square feet of unused development rights. The building features a ground-floor retail unit and four floor-through units above, which were delivered vacant upon sale. Will Suarez, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed sellers, while Alex Pisa of The Corcoran Group represented the buyer.

August 16, 2016

Multifamily New Jersey Northeast

Augustus Cos. Brokers $9.2M Sale of 28-Unit Multifamily Property in New Jersey

by Amy Works August 16, 2016

WEST NEW YORK, N.J. — Augustus Cos. has arranged the sale and acquisition of Jaclyn Heights, a multifamily property located at 5805 Jefferson St. in West New York. An undisclosed buyer acquired the 28-unit property from Shrewsbury, N.J.-based Jaclyn 28 LLC for $9.2 million. Lodi, N.J.-based Augustus Cos. represented the seller and buyer in the deal.

August 16, 2016

Office Texas

Method Architecture Completes Interior Renovation of Historic Office Building in Downtown Houston

by Haisten Willis August 16, 2016

HOUSTON — Method Architecture has completed an interior renovation of Level Office, located in downtown Houston’s Scanlan Building. Constructed in 1909, the Scanlan Building reaches 11 stories, situated at the intersection of Main and Preston streets. Purchased in late 2013 by Chicago-based Level Office, the three-story renovation project includes revitalizing office suites and common areas and establishing a co-working facility. Geared toward freelancers, entrepreneurs and small businesses, the suites offer an entry receptionist, card reader security and access to shared spaces including a common lounge, kitchen and conference facilities. Method Architecture preserved the building’s original marble and wood flooring and paired those elements with exposed ceilings, wrought iron columns and Edison bulb lighting. Burton Construction was the general contractor on the project.

August 16, 2016

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