SOUTHGATE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 14,238-square-foot strip retail center in Southgate, approximately 15 miles southwest of Detroit, for an undisclosed price. Metropolitan Real Estate – Wyandotte LLC sold the multi-tenant building, located at 16134-16146 Eureka Road, to Southgate Property LLC for an undisclosed price. The property was built in 1963. Greg Hornby of Friedman represented both parties in the transaction.
SUNBURY, OHIO — The Cooper Commercial Investment Group has brokered the $1.3 million sale of a building net leased to Starbucks in Sunbury, approximately 25 miles north of Columbus. An Ohio-based private investor sold the approximately 1,613-square-foot asset to a Florida buyer in an all-cash transaction. The asset sold for 98 percent of the list price at a 5.1 percent capitalization rate.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has arranged a 6,300-square-foot office lease in downtown Grand Rapids. Modustri, a digital precision measurement tool company, will occupy the entire sixth floor at the 35 Oakes building. Mary Anne Wisinski-Rosely and Hillary Woznick of NAI Wisinski of West Michigan represented the landlord, Project 35 LLC, in the transaction. Adam Vranian of North Star Commercial represented Modustri.
NORTH ANDOVER, MASS. — The Hampshire Companies has completed the sale of an industrial building located at 351 Holt Road in North Andover. Atlantic Management Corp. acquired the 248,500-square-foot property for an undisclosed price. At the time of sale, the property was fully leased by, but no longer occupied by, Solo Cup Co. Situated on 27.7 acres, the facility features 26-foot ceiling heights, eight tailboard doors, three drive-in doors, two rail-car doors, 150 automobile parking spaces, 30 trailer parking spaces and 9,000 square feet of office space. Mark Reardon, Bruce Lusa and David Corkey of CBRE represented the seller in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a five-story loft building located at 51 White St. in Tribeca. 51 White Street LLC acquired the property from R.A Cohen & Associates for $22 million, or $1,064 per square foot. The 20,670-square-foot building features 12.5-foot ceiling heights, oversized windows and a sub-cellar, as well as a roof top with views of the Empire State Building and One World Trade Center. At the time of acquisition, the property was vacant. James Nelson, Will Suarez and David Shalom of Cushman & Wakefield represented the seller, while David Friedman of Vertex Realty Group represented the buyer.
NEW YORK CITY — Besen & Associates has arranged the sale of an industrial warehouse building located at 780 E. 135th St. in the Mott Haven neighborhood of the South Bronx. An undisclosed buyer acquired the six-story property for $14 million, or $165 per square foot. Built in 1912, the building features 84,650 square feet of industrial warehouse space. Ronnie Shaban of Besen & Associates represented the undisclosed seller and procured the buyer.
PATERSON, N.J. — Marcus & Millichap has brokered the sale of Oak and Redwood Apartments, located at 441-443 10th Ave. and 374-376 10th Ave. in Paterson. A private investor acquired the asset for $2.8 million. Located within three blocks of each other, the two three-story walk-up properties feature a total of 34 apartment units. Brian Hosey led the Marcus & Millichap team that represented the seller, a private investor, and secured the buyer in the deal.
BAYONNE, N.J. — NAI James E. Hanson has arranged the lease of 105,097 square feet of industrial warehouse space at 99 Hook Road in Bayonne. Tramo@Home, a fine furniture and antique transportation company, will relocate to the space from 51 Hook Road. The 500,166-square-foot industrial facility features 24-foot ceiling heights, 100 trailer spaces and 31 loading spaces. Tom Vetter and Jeff DeMagistris of NAI Hanson represented the tenant in the transaction.
ATLANTA — Cousins Properties (NYSE: CUZ) and Parkway Properties (NYSE: PKY) have agreed to a $1.95 billion stock-for-stock merger. The deal will simultaneously spin off of both companies’ Houston-based assets, creating a new publicly traded REIT called HoustonCo. The combined company will operate under the Cousins Properties name and continue to own Class A office towers in Sun Belt markets. The combined portfolio will include 41 properties totaling 15.8 million square feet of space in Atlanta; Austin, Texas; Charlotte, N.C.; Phoenix; and Orlando and Tampa, Fla. Although Parkway currently owns properties in Jacksonville, Fla., a Cousins investor presentation about the merger implied those buildings will be sold. Under the agreement, Parkway shareholders will receive 1.63 shares of Cousins stock for each share of Parkway stock they own. The combined company will create HoustonCo via a special dividend distributed to its shareholders once the merger is complete. Jim Heistand, Parkway’s CEO, will head HoustonCo after the spin-off. Cousins and Parkway shareholders will own about 52 percent and 48 percent, respectively, of both Cousins and HoustonCo. Both companies’ boards of directors approved the transactions unanimously. Affiliates of TPG, which own about 21 percent of Parkway’s outstanding common stock, have also agreed to …
Ten years ago, the urban Nashville multifamily inventory consisted of a small handful of institutional-sized assets, offering sparse amenities and unit finishes that left much to be desired. Fast forward to 2016 and the seemingly insatiable demand by residents to live in the eclectic, urban enclaves that Nashville offers has resulted in more than 5,000 units delivered over the last few years, with nearly 8,000 additional units set to deliver over the next two years. The standard of the assets being delivered continues to raise the bar, as developers look for a competitive edge and renters have demonstrated their willingness to pay a premium, with rents in top locations flirting with $3.00 per square foot. Demand The absorption pace has accelerated each year, seemingly limited only by the number of units being delivered to the market. When looking at the entire metro area, not just the urban submarkets, absorption topped 6,000 units in 2015, with new supply totaling approximately 5,960 units. A significant portion of this demand is from Millennials, who traditionally prefer to live in urban neighborhoods, and with Nashville ranked as a top 10 destination for Millennial in-migration, this trend is likely to continue. Fueling the urban residential …
