Property Type

Beacon Partners to Build 1.2M SF Industrial Park in Charlotte

by John Nelson July 13, 2016

CHARLOTTE, N.C. — Beacon Partners has closed on the purchase of a 95-acre site in north Charlotte known as The Metrolina Expo Center for the development of Metrolina Park, a 1.2 million-square-foot manufacturing and logistics campus. Beacon Partners purchased the site from Linda Pistone for an undisclosed price. The industrial park will be situated off Statesville Road nearly one mile from I-77. Phase I of the development features two spec facilities totaling more than 600,000 square feet, as well as infrastructure and pre-grading on three additional lots to accommodate an additional 600,000 square feet. The two facilities include a 140,634-square-foot rear-load building fronting Statesville Road and a 495,950-square-foot cross-dock facility located near the park’s entrance. Beacon Partners plans to deliver both properties in the second quarter of 2017. The development team includes general contractor Edifice, civil engineer Orsborn Engineering Group and architect Merriman Schmitt. Wells Fargo provided construction financing on behalf of Beacon Partners.

July 13, 2016

Industrial Kentucky Southeast

Dermody Properties Breaks Ground on 546,000 SF Industrial Facility in Metro Louisville

by John Nelson July 13, 2016

SHEPHERDSVILLE, KY. — Dermody Properties has begun construction on LogistiCenter at 480, a 546,000-square-foot industrial facility located in Shepherdsville, about 20 miles south of Louisville near the Louisville International Airport and the UPS Worldport air hub. The project will be situated within Cedar Grove Business Park on Park Loop Road, less than two miles from the I-65 and Kentucky Highway 480 interchange. Users within Cedar Grove Business Park include Amazon, Best Buy, Clorox, eBay, Gordon Foods, UPS and Zappos. LogistiCenter at 480 will include 36-foot clear heights, 49 dock doors, 63 trailer stalls and 320 parking stalls. Dermody and general contractor Gordian Design and Construction expect to deliver the asset by the end of the year. Dermody has selected Kevin Grove and Doug Butcher of CBRE to lease the asset, which Dermody thinks will be well-suited for an e-commerce user.

July 13, 2016

Restaurant Retail Southeast Virginia

JBG Signs Seven Tenants to Join Stonebridge at Potomac Town Center in Metro D.C.

by John Nelson July 13, 2016

WOODBRIDGE, VA. — The JBG Cos. has signed seven new retailers and restaurants at Stonebridge at Potomac Town Center, a 482,631-square-foot retail center located in the Washington, D.C., suburb of Woodbridge. The new tenants include a 4,026–square-foot Brew Republic Bierwerks; a 2,256-square-foot Duck Donuts; a 2,693-square-foot BurgerFI; a 1,255-square-foot Sushi Jin Next Door; a 5,561-square-foot Lane Bryant; a 3,201-square-foot Massage Envy; and a 3,354-square-foot Sleep Number. BurgerFI, Sushi Jin Next Door, Lane Bryant and Massage Envy are already open. Brew Republic Bierwerks, Duck Donuts and Sleep Number will open later this summer. Stonebridge at Potomac Town Center is now 93 percent leased to tenants such as Apple, REI, DSW Shoe Warehouse, Orvis, Uncle Julio’s and South Moon Under.

July 13, 2016

Connecticut Northeast Retail

Midwood Investment & Development Sells Retail Center in Connecticut for $29M

by Amy Works July 13, 2016

AVON, CONN. — Midwood Investment & Development has completed the disposition of Shops at Nod Brook, a grocery-anchored shopping center located at 315 W. Main in Avon. A joint venture between Wilder Cos. and Principal Real Estate Investors acquired the 99,788-square-foot property for $29 million. At the time of sale, the property was 91.5 percent occupied by The Fresh Market, Marshalls, Michaels, Top Nail, Music & Arts, Lane Bryant and Great Clips. Jim Koury of HFF represented the seller in the deal. Additionally, Porter Terry and Lauren O’Neil of HFF arranged a five-year, fixed-rate acquisition loan for $16.2 million through a global life insurance company for the buyer.

July 13, 2016

Industrial Loans New Jersey Northeast

G.S. Wilcox & Co. Closes Two Loans Totaling $19.5M for Industrial Properties in New Jersey

by Amy Works July 13, 2016

SECAUCUS AND WHIPPANY, N.J. — G.S. Wilcox & Co. has secured two loans totaling $19.5 million for two industrial properties located in Secaucus and Whippany. The company arranged a five-year, fixed-rate loan for $13.5 million that includes a 30-year amortization schedule. The loan was secured by a 202,148-square-foot warehouse building in Secaucus. Additionally, G.S. Wilcox also arranged a $6 million, fixed-rate loan for seven years. The loan, which features a 30-year amortization schedule, was placed on a 100,626-square-foot industrial building in Whippany. Gretchen Wilcox and Al Raymond of G.S. Wilcox & Co. arranged the financing through Kansas City Life Insurance Co. The names of the borrowers were not released.

July 13, 2016

Loans Massachusetts Multifamily Northeast

Canyon Partners Provides $12.7M Investment for Residential Condo Project in Boston

by Amy Works July 13, 2016

BOSTON — Canyon Partners Real Estate has provided a $12.7 million investment in subordinate financing to fund the development of The Boulevard, a 12-story residential condominium project located at 110 Broad St. along Rose Kennedy Greenway in Boston. A team led by New Boston Ventures is developing the property, which will feature 31 market-rate units, five artist live-work units, 3,550 square feet of retail space and 48 parking spaces. Construction commenced in May with completion slated for early 2018.

July 13, 2016

Industrial New York Northeast

HelmsleySpear Arranges $10.5M Sale of Warehouse Property in Queens

by Amy Works July 13, 2016

NEW YORK CITY — HelmsleySpear LLC has arranged the sale of a commercial building located at 19-40 Flushing Ave. in the Ridgewood section of Queens. Farmville, Va.-based Tri-Boro Shelving acquired the 25,234-square-foot warehouse for $10.5 million, or $416.10 per square foot. The warehouse features 17-foot ceilings, eight loading docks and 8,000 square feet of outdoor parking. The buyer plans to renovate the property. Gregg Slotnick of HelmsleySpear represented the undisclosed seller in the transaction.

July 13, 2016

Multifamily New York Northeast

Redwood Realty Negotiates $6.3M Sale of 37-Unit Apartment Property in New York

by Amy Works July 13, 2016

PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.

July 13, 2016

Multifamily Top Stories Washington Western

Kennedy Wilson Acquires 430-Unit Multifamily Property in Metro Seattle for $81M

by Haisten Willis July 13, 2016

AUBURN, WASH. — Global real estate investment company Kennedy Wilson has purchased a 430-unit multifamily property in the Seattle suburb of Auburn for $81 million. Belara at Lakeland is a garden-style apartment community built in 2006 on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool and playground and is located in the Dieringer school district. “We are excited to expand our footprint in the Seattle area,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.” Auburn is located at the convergence of the SR-18, SR-167 and I-5, offering access to Seattle, Bellevue and Tacoma. Kennedy Wilson invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.6 percent to acquire the property. Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The company has an ownership interest in 9,893 units across 39 communities in the state of Washington. — Haisten Willis

July 13, 2016

Market Reports Northeast Northeast Market Reports Office Pennsylvania

The Lehigh Valley Office Sector Welcomes New Tenants and New Developments

by Jaime Lackey July 13, 2016

The Lehigh Valley has seen no shortage of success stories in recent months when it comes to the region’s office sector. The third-largest metropolitan area in Pennsylvania, the Lehigh Valley is located 60 miles north of Philadelphia and 90 miles west of New York City. The region consists of 62 municipalities within Lehigh and Northampton counties, including the cities of Allentown, Bethlehem, and Easton. Last year, Guardian Life Insurance, one of the nation’s largest mutual life providers, announced it would establish a three-story corporate office building in Hanover Township, Northampton County. That 281,680-square-foot facility is expected to be completed by late 2016 and will house 1,500 employees. In March, Paychex Inc., a provider of payroll, human resources, retirement, and insurance services, announced it will undertake a $1.3 million expansion of its facility in South Whitehall Township, Lehigh County. That project will nearly double the company’s square footage and will create 100 new jobs. Many economic factors have contributed to the growth in Lehigh Valley’s office sector. These include its central location, well-developed transportation infrastructure, availability of suitable office space, high relative broadband rank, access to markets, and strong workforce. All these factors led Atlanta-based Garner Economics to identify high-value business …

July 13, 2016

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