JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 238-242 Garfield Ave. in Jersey City. A limited liability company purchased the 44-unit property for $4.4 million. Built in 1928, the four-story building was 95 percent occupied at the time of sale. Steven Matovski of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the transaction.
SPRINGFIELD AND SUMMIT, N.J. — NAI James E. Hanson has brokered two deals along the Route 124 commercial corridor in the northwest section of New Jersey’s Union County. In the first transaction, Gary Sauerborn and Jill Gordon of NAI Hanson represented the seller, Colvin-Friedman Realty LLC, in the sale of a 5,000-square-foot industrial facility located at 697 Morris Turnpike in Springfield. Brixmor Operating Partnership purchased the facility for an undisclosed price. In the second deal, Gordon and Thomas Ryan, also of NAI Hanson, represented landlord, Paul Schmidt, in the leasing of space to Tide Dry Cleaners at 26 Morris in Summit. The tenant, which has 12 locations throughout the county, will occupy 2,763 square feet at the location, which was previously occupied by Bank of America.
PARSIPPANY, N.J. — Colliers International has expanded and relocated its New Jersey headquarters to Morris Corporate Center 1 in Parsippany. The firm signed a long-term lease for 10,414 square feet of office space at 300 Interpace Parkway. The headquarters are relocating from 119 Cherry Hill Road in Parsippany. Robert Martie of Collier International represented the firm in-house, while CBRE Group Inc. represented the landlord, an affiliate of Brookwood Financial Partners LLC, in the transaction. Terms of the lease were not released.
ALPHARETTA, GA. — The city of Alpharetta has chosen a team led by MidCity Real Estate Partners and Morris & Fellows to develop Alpharetta City Center, an $80 million mixed-use project in downtown Alpharetta. The public-private partnership will develop 75,000 square feet of restaurant/retail space, 33,000 square feet of office space and 220 units of residential housing. Located across Main Street from the historic district, the development is bound by Main Street, Academy Street and Haynes Bridge Road. The site includes Alpharetta’s new City Hall, a new Fulton County library, public parking deck, city park and Town Green located within new grid streets completed by the city. The project team includes South City Partners, Hedgewood Homes and architect Smallwoods, Reynolds, Stewart, Stewart & Associates. The development team is set to break ground in the third quarter.
RALEIGH, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Creek, a 214-unit multifamily community in Raleigh’s North Wake submarket. The property will be part of the 2,000-acre Heritage master-planned development, which upon completion will feature a golf course, three public schools, a private school, a charter school, multifamily housing an multiple office and retail facilities. Patterson arranged construction financing through RBS Citizens for Capital Creek. TWO Capital Partners expects construction to last roughly 16 months with lease-up starting in early 2016.
CORAL SPRINGS, FLA. — CPAC Royal University LLC, a joint venture between principals of CREC and Lubert Adler Real Estate Funds, has closed on the $26 million acquisition of Royal University Plaza in Coral Springs. The shopping center is a 98,500-square-foot property located at 2556 N. University Drive. Royal University Plaza is currently 45 percent leased to tenants such as Petco, Nick’s New Haven Style Pizzeria & Bar, Jimmy John’s and Brooklyn Water Bagel Co. The new ownership group will implement a series of capital improvements to the shopping center. Alan Esquenazi and Sabrina Meerbott of CREC will oversee the retail leasing and marketing efforts of Royal University Plaza.
CHARLOTTE, N.C. — First Capital Realty has brokered the $26.4 million sale of Belle Haven, a 176-unit, Class A apartment community in northeast Charlotte near UNC-Charlotte. The property was delivered in 2014 and has received LEED Silver certification. Rick Shinberg and Jeff Coles of First Capital Realty represented the seller, an undisclosed national developer, in the transaction.
SAVANNAH, GA. — BC Wood Properties has purchased Eisenhower Square, a 126,320-square-foot shopping center located at the corner of Eisenhower Drive and Waters Avenue in Savannah. The property’s tenant roster includes Save-A-Lot Market, Manpower, H&R Block, Springleaf Financial, Sushi Zen, Sit & Sleep Mattress, Frozen Yogurt, Clutter and Asian River Restaurant & Bar. The property was purchased via BC Wood Real Estate Fund LP, BC Wood’s first sponsored private equity fund, which has acquired 13 properties totaling 1.8 million square feet since October 2012. BC Wood plans to renovate the existing Spotlight Theater at Eisenhower Square into an upscale theater with recline seating and restaurant services.
As 2015 begins, the Raleigh-Durham market continues to see heavy investment and development interest in the multifamily sector. Strong fundamentals, including an influx of young professionals lured by healthy job growth, an emergent live-work-play atmosphere and an economy that has continued to outpace its national counterpart, justify the area’s reign as one of the most attractive non-gateway markets in the country. The healthy, long-term fundamentals are challenged by an apartment construction pipeline that is among the nation’s most active, but so far the market is performing remarkably well. Construction starts in the area have exploded during the last two years, and there are now 8,835 units under construction throughout the Triangle area, with an additional 4,919 units proposed, according to Real Data. Whether demand can keep up with supply has been a widely debated topic among real estate analysts. The high number of units delivered represents an increase in supply of 9.3 percent over the past 24 months. Strong demand has shielded the region from notable occupancy declines. In the first half of 2014, 2,453 units were absorbed and 2,642 new units were completed, providing a differential of only 189 units, according to Real Data. Average vacancy ticked up to …
DALLAS — CBRE has brokered the sale of Citymark, a Class A office building in Dallas’ Uptown submarket. The asset is located at 3100 McKinnon St. on a 3.7-acre site and compromises an 11-story office tower, four-level parking garage and half-acre developable parcel with roughly 200 feet of frontage along McKinnon Street. The office asset offers a total of 218,926 rentable square feet and is 73.6 percent leased. Bradford Commercial Real Estate Services purchased the asset from Hines Real Estate Investment Trust Inc. for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the seller. On-site amenities include a full-service deli with indoor and outdoor seating, a fitness center and a landscaped plaza with a half-court basketball court and jogging trail. Citymark houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.
