Property Type

IPA Arranges $75.1M Apartment Community Sale in Stamford

by Amy Works October 1, 2014

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Cornerstone at Bedford in Stamford. Delaware-based Cornerstone Apartments Property Owner LLC purchased the 368-unit apartment community for $75.1 million or $204,000 per unit. Located at 1425-1435 Bedford St., the 13-story property features a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills. Steve Witten and Victor Nolleti of IPA, along with Eric Pentore of Marcus & Millichap, represented the seller, Fairfield Bedford LLC, in the transaction.

October 1, 2014

Multifamily New York Northeast

JV Acquires Brooklyn Multifamily Property for $17.5M

by Amy Works October 1, 2014

NEW YORK CITY — A joint venture partnership between The Kalikow Group and MKRO I LLC, an equity venture fund between Massey Knakal and RiverOak Investment Corp., has acquired a six-story multifamily building located at 68 Richardson St. in Brooklyn’s Williamsburg neighborhood. The partnership purchased the asset for $17.5 million from Dabby Investments. Located near McCarren Park, the 32,500-square-foot property features 24 residential units and one ground-floor commercial space. The new owner plans to renovate the building’s façade and common areas, as well as the individual apartment units.

October 1, 2014

Northeast Pennsylvania Retail

CBRE Arranges Sale of 115,359 SF Shopping Center

by Amy Works October 1, 2014

KUTZTOWN, PA. — CBRE has arranged the sale of Weis Plaza, which is located at 15260 Kutztown Road in Kutztown. New York City-based Nassimi Realty LLC purchased the property from Cincinnati-based Phillips Edison Fund III for an undisclosed price. Constructed in 1972, the 115,359-square-foot shopping center is anchored by a 56,614-square-foot Weis Markets and was 77 percent leased at the time of sale. Additional tenants include Dollar General, Once Again Thrift Store, National Auto Stores and RadioShack. Brad Nathanson of CBRE’s Conshohocken, Pa., office represented the seller in the transaction.

October 1, 2014

Mixed-Use New Jersey Northeast

NAI Hanson Brokers Sale of 2,000 SF Mixed-Used Building

by Amy Works October 1, 2014

RIDGEFIELD PARK, N.J. — New Jersey-based NAI Hanson has brokered the sale of a mixed-use building located in Ridgefield Park. Korean District of the Christian and Missionary Alliance purchased the 2,000-square-foot property, which is located at 169 Main St., for an undisclosed price. The buyer plans to use the property to expand its ministry. The property features 1,000 square feet of ground-floor retail space and two second-floor residential apartments. Anthony Cassano of NAI Hanson represented the seller, Carol Avlon, in the transaction.

October 1, 2014

Florida Retail Southeast

Marcus & Millichap Brokers $22.5M Sale of Gateway to Miami Beach

by John Nelson October 1, 2014

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $22.5 million sale of The Gateway to Miami Beach, two net-leased retail buildings totaling more than 18,000 square feet in Miami Beach. The property is located at 1100 5th St. on the southeast corner of 5th Street and Alton Road in South Beach’s South of Fifth (SOFI) neighborhood. The two net-leased buildings are fully leased to Pier 1 Imports and Burger King. Scott Sandelin of Marcus & Millichap’s Miami office represented the seller, a Miami Beach-based limited liability company, in the transaction. Jonathan Gerszberg of Marcus & Millichap’s Miami office secured the buyer, a private investor based in New York.

October 1, 2014

Florida Multifamily Southeast

Related Development Breaks Ground on Four Multifamily Projects

by John Nelson October 1, 2014

MIAMI — Related Development LLC has begun construction on four multifamily projects in Florida totaling 1,129 units. The four developments include SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive. Related Development has more than 4,700 units in the development pipeline for completion and/or groundbreaking in the next 12 months.

October 1, 2014

Florida Office Southeast

Riviera Point Development to Build EB-5 Funded Office Building in South Florida

by John Nelson October 1, 2014

MIRAMAR, FLA. — Riviera Point Development Group plans to develop the $18 million Riviera Point Corporate Center, a 72,000-square-foot office building located at Southwest 145th Avenue and Southwest 27th Street in Miramar. This is the third office building funded through the U.S. Immigrant Investor program, also known as EB-5. Riviera Point Development has retained Stiles Realty to lease the project, which was designed by Corrales Group Architects. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Corporate Center is $500,000.

October 1, 2014

Florida Industrial Southeast

McCraney Property Inks Lease with FedEx Ground in Orlando

by John Nelson October 1, 2014

ORLANDO, FLA. — McCraney Property Co. has signed a lease with FedEx Ground to occupy 60 percent of the 142,638-square-foot Building 3 in the John Young Business Park in Orlando. The 25-acre John Young Business Park consists of a three-building portfolio totaling 393,000 square feet. Construction was recently completed on Buildings 2 and 3, which were built speculatively. JLL represented FedEx Ground in the lease transaction, and David Murphy of CBRE represented McCraney.

October 1, 2014

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Philadelphia: What’s Thriving in the City & What’s Driving the Suburbs?

by Jaime Lackey October 1, 2014

Accessibility, amenities and coworking spaces are driving the suburban and urban real estate markets in Philadelphia. While suburban office tenants prefer to have access to transit and amenities, Center City office tenants seek experiences and collaboration with new coworkers. Suburban Perspective The Philadelphia suburban market consists of 59.4 million square feet comprising 13 distinct submarkets. The majority of this inventory consists of dated commodity office space, mostly built prior to 1990. With an overall vacancy rate of 20.8 percent and average asking rents of $24.90 per square foot, the Philadelphia suburban market has been less dynamic than its Center City counterpart. Although many older properties suffer from functional obsolescence, well-maintained assets with access to major roadways/public transit and amenities outperform the market average. For example, the Radnor, Conshohocken and Bala Cynwyd submarkets remain the three strongest submarkets in the region. Vacancy rates in these markets range from 2 to 14 percent, with average asking rents ranging from $30.75 to $37.00 per square foot. All three of these submarkets have immediate access to major roadways, public transit and amenities. Suburban office developers have taken note of the strong fundamentals in these areas as well as Center City Philadelphia. They have created …

October 1, 2014

Florida Office Southeast

Berger Arranges $24M Sale of Palm Beach Office Portfolio

by Jaime Lackey September 30, 2014

BOYNTON BEACH AND DELRAY BEACH, FLA. — Berger Commercial Realty has brokered the $24 million purchase of a portfolio of office buildings in Palm Beach County. Kendall Properties purchased the 280,000-square-foot portfolio from LouJA Realty. The portfolio consists of the Delray Office Park in Delray Beach; Woolbright Corporate Park in Boynton Beach; Gulfstream Professional Building in Delray Beach; and Woolbright Professional Building in Boynton Beach.

September 30, 2014

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