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Suwanee Depot Suwanee Atlanta Georgia
GeorgiaRetailSoutheast

CBRE Brokers $7.5M Sale of Shopping Center in Metro Atlanta

by John Nelson

SUWANEE, GA. — CBRE has brokered the $7.5 million sale of Suwanee Depot, a 68,409-square-foot shopping center in Suwanee, a northern suburb of Atlanta in Gwinnett County. The shopping center is 91 percent leased to a 20,000-square-foot Office Depot, 22,000-square-foot Georgia Fitness, Jackson Hewitt, Lenny’s Subs, Sylvan Learning and a mix of local service and restaurant tenants. Craig Taylor of CBRE’s Atlanta office represented the sellers, Atlanta-based Columbia Properties and New York-based Red Starr. Taylor brokered the sale in conjunction with Auction.com. The buyer was Mahesh Marjani.

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1010 Brickell Miami
FloridaRetailSoutheast

Mattoni Group Acquires Ground-Floor Retail Space at 1010 Brickell in Miami

by John Nelson

MIAMI — Miami-based Mattoni Group has purchased more than 11,000 square feet of retail space at 1010 Brickell, a 50-floor, 387-unit condominium project in Miami’s Brickell district. Mattoni purchased all the ground-floor commercial units and is planning to lease those spaces to major retailers. 1010 Brickell’s developers, 13th Floor Investments and Key International Development, plan to complete the property in fall 2017. The development is positioned near the Tenth Street Metromover station on the Brickell Loop.

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GeorgiaOfficeSoutheast

Lincoln Property Co. Southeast Arranges Volkswagen’s Office Lease Renewal in Alpharetta

by John Nelson

ALPHARETTA, GA. — Lincoln Property Co. Southeast has brokered Volkswagen Group of America’s long-term renewal of its 16,557-square-foot office lease in Alpharetta. The automaker renewed its lease at Two Northwinds, a six-story, 146,972-square-foot Class A office building located at 2520 Northwinds Parkway in Atlanta’s North Fulton submarket. Hunter Henritze and Michael Howell of Lincoln Property Co. Southeast represented the landlord, Equity Office, in the lease transaction. Shannon Newell of JLL represented Volkswagen.

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Wood-Partners-Andover-Mass
MassachusettsMultifamilyNortheast

Wood Partners Breaks Ground on 224-Unit Multifamily Development

by Amy Works

ANDOVER, MASS. — Wood Partners LLC has broken ground on a mixed-income rental community on the former site of the Rolling Green Golf Course on Wood View Way in Andover. The 224-unit development will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units, 56 of which will be affordable units. Leasing is expected to being in April 2016 and construction is slated for completion in July 2016. Interior finishes will include granite countertops, stainless steel appliances, wood cabinets, upgraded lighting and plumbing fixtures and wood-plank style flooring. Additionally, each residential building will include a fitness center with cardio and weigh-training and yoga/stretching space. The community clubhouse will feature gaming and media functions, wireless connectivity, a coffee bar and serving kitchen. Other on-site amenities include a saltwater pool, expansive sundeck, two courtyards with grilling stations and outdoor dining space, a multi-use recreational field, half basketball court, children’s outdoor play equipment and a dog park. The property will be managed by Wood Residential Services, Wood Partners’ property management division. WP East Builders is the general contractor, BlackRock is the equity partner, and Chelsea, Mass.-based The Architectural Team designed the community.

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Mixed-UseMultifamilyNew YorkNortheast

City Urban Realty, MRC Buy Greenwich Village Mixed-Use Property for $27.5M

by Amy Works

NEW YORK CITY — City Urban Realty and Madison Realty Capital have acquired a mixed-use residential and commercial property located at 14-16 Fifth Ave. in Greenwich Village. The partnership purchased the asset for $27.5 million from an undisclosed seller. The five-story, 20,219-square-foot building features 18 residential units, two commercial spaces and 52 feet of frontage along Fifth Avenue. The property also features 43,000 square feet of additional residential development rights. The buyers plan to renovate the existing apartments, lease-up vacant units and explore potential redevelopment options for the property. Additional terms of the transaction were not disclosed.

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TGM-Halstead-West-Chester-PA
MultifamilyNortheastPennsylvania

HFF Arranges Sale of 198-Unit Apartment Community in West Chester

by Amy Works

WEST CHESTER, PA. — HFF has arranged the sale of Halstead, an apartment and townhome community in West Chester. TGM Associates sold the 198-unit property to Metropolitan Management Corp. for an undisclosed price. Situated on 11 acres at 812 Goshen Road, the property consists of six two-story courtyard buildings containing 48 one-bedroom flats, 109 two-bedroom townhomes and 41 three-bedroom townhomes with flat-style units averaging 770 square feet each and townhomes averaging 1,076 square feet. Community amenities include a newly renovated clubhouse, fitness center and bark park. Mark Thomson, Zac Pierce and Jose Cruz of HFF represented the seller in the transaction.

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Pittston-Township-Distribution-Center-PA
IndustrialNortheastPennsylvania

Meridian Design Build to Coordinate Construction for 304,317 SF Distribution Center

by Amy Works

PITTSTON TOWNSHIP, PA. — Scannell Properties has selected Meridian Design Build’s National Projects Group to coordinate the construction of a 304,317-square-foot package and sorting distribution center in Pittston Township. Situated on 60 acres, the facility will include 99 loading docks, 238 interior van loading positions, 586 auto parking stalls, 375 exterior trailer stalls, 15,618 square feet of office space, a 3,135-square-foot gateway building and a 5,180-square-foot maintenance shop. Precept Design LLC is providing architectural services and Kimley-Horn providing civil engineer services for the project. The facility is being constructed on a build-to-suit basis for a leading provider of global shipping and information services.

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MultifamilyNew YorkNortheast

Marcus & Millichap Arranges $5.4M Sale of Brooklyn Apartment Building

by Amy Works

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 729 Lafayette Ave. in Brooklyn. Bart Zimmerman of the Barcel Group purchased the 17-unit property for $5.4 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds from Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company in the transaction.

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Market ReportsMultifamilyNortheastNortheast Market ReportsPennsylvania

Debt and Equity Options Fuel Greater Philadelphia’s Multifamily Market

by Jaime Lackey

How long will the scorching hot multifamily market hold up? The transactional markets continue to be bolstered by low interest rates, as well as an insatiable appetite from both private and institutional equity. I don’t believe the multifamily market will cool off in 2015. Our HFF multifamily team in Philadelphia will soon be shattering price per unit records in both the suburbs and in Center City Philadelphia. Interestingly enough, half of our transactions will be purchased by new buyers, meaning buyers new to our market, new start-up companies, or established funds that are new to the multifamily arena. As is typically the case, attractive debt and abundant equity are fueling the fire. With respect to multifamily debt, it has been encouraging to see some true competition back in the market. We enter 2015 with an extremely robust debt environment wherein the agencies are being forced to compete with regional banks, life companies and CMBS options. Back in October, HFF brokered the sale of Yardley Crossing in Bucks County. This 196-unit, Class B asset, built in the early 1970s, was priced slightly below a 6 percent cap rate and roughly $170,000 per unit, but still commanded 25 tours and 15 offers. …

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MultifamilyOregonWestern

Jory Trail at the Grove Apartments in Portland Sell for $59M

by Nellie Day

PORTLAND, ORE. — M&C Properties has acquired the 324-unit Jory Trail at the Grove apartments in Portland for $59 million. The community is located at 8750 Southwest Ash Meadows Road. The property sits adjacent to Interstate 5 in the Wilsonville submarket, which is less than 20 miles south of Downtown Portland. It is situated within the Grove master-planned community. Notable employers in the area include Xerox, Mentor Graphics, Fir Systems and Rockwell Collins. Jory Trail was completed in 2012. It is currently 94 percent leased. Community amenities include walking trails, Wi-Fi access in all units and public spaces, a 24-hour fitness center, pool and sundeck with heated hydrotherapy spa. The seller, a partnership between Holland Partner Group and the Carlyle Group, was represented by HFF’s Ira Virden and Kerry Hughes. HFF also secured a $44.2-million, fixed-rate loan for M&C through Freddie Mac’s (Federal Home Loan Mortgage Corporation) CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program. The HFF debt placement team was led by Charles Halladay, Tom Wilson, Sebastian Trujillo and Charlie Watson.

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