Property Type

Cushman & Wakefield Brokers $1.8M Sale of Retail and Office Building in Queens

by Amy Works July 6, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail building located at 92-06/08 Jamaica Ave. in the Woodhaven neighborhood of Queens. The 7,760-square-foot building sold for $1.8 million, or $238 per square foot, in an all-cash transaction. The property features 3,200 square feet of first-floor retail space and two 2,280-square-foot office/storage spaces on the second and third floors. Brian Sarath of Cushman & Wakefield arranged the transaction. The names of the seller and buyer were not released.

July 6, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.1M Sale of Apartment Building in Brooklyn

by Amy Works July 6, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a multifamily building located at 2405 Tilden Ave. in Brooklyn. The six-unit property sold for $1.1 million. The property sold within 99 percent of the asking price. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

July 6, 2015

New York Northeast Retail

Colt Equities Buys 3,800 SF Retail Space in Tribeca

by Amy Works July 6, 2015

NEW YORK CITY — Colt Equities has acquired a two-level retail condominium at 158 Franklin St. in Tribeca for an undisclosed price. The 3,800-square-foot space includes 20 feet of frontage on Franklin Street, a 2,000-square-foot ground-level retail space with 12-foot ceilings, a skylight and hardwood floors and a lower level with 10-foot ceilings and a private outdoor patio. The name of the seller was not released.

July 6, 2015

Northeast Office Pennsylvania

Rubenstein Partners Closes Three Office Leases Totaling 36,738 SF in Philadelphia

by Amy Works July 6, 2015

PHILADELPHIA — Rubenstein Partners has closed three new office leases, totaling 36,738 square feet, at One Washington Square in Philadelphia’s Center City. Berkshire Hathaway HomeServices Fox & Roach REALTORS has relocated to 20,443 square feet; The Foundation for Individual Rights in Education Inc. has leased 12,605 square feet; and AKRF Inc. has leased 3,690 square feet at the 850,000-square-foot office property. Affiliates of Rubenstein acquired the property in late 2013 and launched a rebranding campaign, as well as a capital investment program, for the property. Jack Soloff, Jim Mullarkey and Les Haggett of Newmark Grubb Knight Frank represented Rubenstein Partners in the transaction. Berkshire Hathaway HomeServices Fox & Roach was represented by Jim Wilson of Mahoney Realty Group; The Foundation for Individual Rights in Education was represented by Neil Brazitis and Sid Smith of Newmark Grubb Knight Frank; and AKRF was represented by Cindy Weiner of The Flynn Company.

July 6, 2015

Florida Industrial Southeast

The Carlyle Group Acquires 50-Acre Yacht Repair Facility in Fort Lauderdale

by John Nelson July 6, 2015

FORT LAUDERDALE, FLA. — The Carlyle Group has acquired the Lauderdale Marine Center, the nation’s largest yacht repair facility in terms of volume capability. The project is located at 2001 S.W. 20th St. in Fort Lauderdale. The global asset manager purchased the 50-acre facility via Carlyle Realty Partners VII, a U.S. real estate investment fund. The facility features a boatyard, marina and marine service center with 19 covered sheds, three marine travel lifts and 156 wet slips. The marine center’s offices and work stations are leased to 60 on-site contractors that provide services such as fiberglass repair, electrical, painting, brokerage and insurance. The Carlyle Group plans to add more pavement to allow more yacht repair space, complete renovations to an adjacent boatyard to incorporate into the facility and develop a new management and leasing office on-site. Julie Fisher Berry of Stiles Realty represented the sellers, Selvin Passen and business partner Morio Mito, in the transaction. The sales price was not disclosed, but the Sun-Sentinel reports that the transaction could have totaled $140 million to $150 million.

July 6, 2015

Georgia Retail Southeast

Earth Fare to Open First Store in Atlanta

by John Nelson July 6, 2015

ATLANTA — Earth Fare, a specialty organic and natural foods grocery chain, is set to open its first Atlanta store on Wednesday, July 8. The new 24,782-square-foot store is located at 1578 Avenue Place in Emory Point, a mixed-use development in Atlanta’s Druid Hills neighborhood. This is Earth Fare’s second location in the Atlanta metro area and fourth in Georgia. The store will feature Earth Fare’s first-ever urban concept design, which puts an emphasis on freshly prepared foods such as sandwiches, wraps, juices, smoothies, salads, coffee and in-house sushi. The location will also have a 50-seat indoor/outdoor café with free Wi-Fi. Ray Uttenhove, Steve Gunning and Sarah Williams of SRS Real Estate Partners represented Earth Fare in its lease. Darryl Bonner is the in-house representative for the landlord, Cousins Properties.

July 6, 2015

Georgia Retail Southeast

Marcus & Millichap Brokers $10.4M Sale of Shopping Center in Metro Atlanta

by John Nelson July 6, 2015

ROSWELL, GA. — Marcus & Millichap has brokered the $10.4 million sale of Crossville Village, a 74,790-square-foot shopping center located in Roswell, a northern suburb of Atlanta. Built in 1978 and remodeled in 2004, the shopping center is located at the intersection of Alpharetta Highway and Holcomb Bridge Road. The buyer, a private investment group led by John Perlman of Adams & Co. Real Estate Inc., assumed existing CMBS financing in the transaction. Zach Taylor and Don McMinn of Marcus & Millichap’s Atlanta office and principals of the Taylor-McMinn Team represented the seller and procured the buyer.

July 6, 2015

Industrial Southeast Tennessee

Automotive Firm Leases 231,625 SF of Industrial Space in Chattanooga

by John Nelson July 6, 2015

CHATTANOOGA, TENN. — Yanfeng USA Automotive Trim Systems, an automotive product supplier, has leased a 231,625-square-foot industrial property located at 7463 Bonnyshire Drive in Chattanooga. The lease term is 10 years for the Chattanooga facility, which is Yanfeng USA’s fourth U.S. location. L. Mason Capitani CORFAC International and its CORFAC affiliate in Nashville, Chas. Hawkins CORFAC International, represented Yangeng USA in the lease transaction.

July 6, 2015

Florida Industrial Southeast

McCraney Property Co. Signs Event Service Firm to Industrial Lease in Orlando

by John Nelson July 6, 2015

ORLANDO, FLA. — McCraney Property Co. has secured a new lease for 99,214 square feet at Bent Oak Industrial Park in Orlando. The industrial park sits on 39 acres and consists of two Class A industrial buildings at 1701 and 1801 Boice Pond Road, spanning 703,920 square feet. Shepard Exposition Services, an Atlanta-based national event service enterprise, will occupy space at Building 200. With this transaction, the asset is close to 50 percent leased prior to construction completion. Matt Sullivan of Cite Partners represented McCraney Property Co. in the lease transaction.

July 6, 2015

Georgia Market Reports Office Southeast Southeast Market Reports

Surging Atlanta Office Market Attracts Heightened Investor Interest

by John Nelson July 6, 2015

The Atlanta office market continues to gain steam. Although Atlanta was slower to rebound from the recession than many U.S. markets, it was only a matter of time before the city’s numerous strengths — including its low cost of living, pro-business environment, excellent labor pool, above-average household income and strong university systems — placed it on a path of sustained recovery. The Atlanta office market has posted 13 consecutive quarters of occupancy gains. Strong absorption and limited development are exerting upward pressure on rental rates, particularly in the Class A market. There are also some significant new trends. While there was previously a clear “flight to quality” that enabled tenants to take advantage of rent bargains and concessions at Class A properties, diminishing space options and the pricier rental rate environment are causing tenants to consider Class B properties as a more economically viable alternative. Still, it is yet another sign of the overall recovery in Atlanta’s office sector that we are seeing an increase in rental rates and a decrease in landlord concessions in the Class B sector as well. The rebound of Atlanta’s office sector is not lost on investors. Strong tenant demand and the rise in rental …

July 6, 2015

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