SOUTHBRIDGE, MASS. — Regional brokerage firm Chozick Realty has arranged the $11.1 million sale of Southbridge Fair, a 113,500-square-foot shopping center located along the Massachusetts-Connecticut border. Big Y World Class Market anchors the center, which was originally built on 13 acres in 1972 and renovated in 1996. The center was fully leased at the time of sale, and other tenants include Advance Auto Parts, Aubuchon Hardware, McDonald’s, Family Dollar and Great Clips. Tom Boyle of Chozick Realty represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CALVERTON, N.Y. — Corniche Capital, a New York-based real estate investment and private equity firm, has purchased a 189,631-square-foot industrial property in the Long Island hamlet of Calverton. The sales price was $15.2 million. The site at 901-931 Burman Blvd. spans 20 acres and can support future expansion, and the building features a clear height of 48 feet, oversized drive-in doors and ample outdoor storage space. JLL represented the seller, KABR Group, in the transaction.
MELVILLE, N.Y. — The Long Island Board of Realtors has signed a 24,585-square-foot office lease in Melville, about 25 miles east of Queens. The lease term is 15 years. The space is located on the third floor of the building at 1305 Walt Whitman Road, which according to LoopNet Inc. was originally built in 1955 and totals 165,310 square feet. Harvey Kolin of Corporate Commercial Realty LLC represented the tenant in the lease negotiations. Tim Parlante and Andrew Wiener internally represented the landlord, The Feil Organization.
WESTFIELD, N.J. — REDCOM Design & Construction has completed a 22-unit supportive housing project in Westfield, about 25 miles southwest of Manhattan. The building at 1003 N. Avenue W houses one-bedroom units that are reserved for formerly homeless and at-risk veterans, who as residents will have access to mental health and career training services. REDCOM partnered with The Foundation for Sustainable Veteran Housing and American Legion on the project, with the Westfield chapter of the latter entity being the owner.
SAN DIEGO — MG Properties has acquired Park 12 Apartments, a 35-story multifamily tower located in downtown San Diego, for $309 million. The transaction is the largest multifamily acquisition in San Diego since 2020 and the third-largest multifamily acquisition in the city’s history, according to the locally based buyer. Built in 2018, the community is located adjacent to Petco Park, home of the San Diego Padres Major League Baseball team, and within the Ballpark Village master-planned community. The property offers a mix of studio, one-, two- and three-bedroom units, including penthouse apartments with exclusive access to a lounge on the 32nd floor. Shared amenities include saltwater and heated pools with poolside event space, a 24-hour fitness center, golf simulator and putting green, sun deck and spa, dog park, coffee and herbal tea bar, clubroom, sports lounge, game room and courtyards with outdoor seating, grilling areas and fire pits. Joseph Smolen and Geoff Boler of Eastdil Secured represented the seller, Charleston, S.C.-based Greystar, in the transaction. Greg Stampley and Lee Redmond, also with Eastdil Secured, originated a Fannie Mae acquisition loan of an undisclosed amount on behalf of MG Properties. San Diego-based MG Properties is a privately owned real estate firm specializing …
By Mike Stromberg, Opus Kansas City made the list of emerging industrial markets back in 2016, and over the last nine years has more than proven itself to be a viable, profitable and competitive environment for development. Many rightly attribute the market’s continued growth to its central location within the U.S. as well as its transportation infrastructure, which includes the city’s location on the largest navigable inland waterway, at the cross-section of three interstate highways and in the middle of cross-country rail corridors running from Canada to Mexico and from coast to coast. These are unquestionably appealing features for businesses that want and need to quickly distribute products and access customers. Other qualities often lauded include a strong skilled labor pool with an estimated 2.4 million people — nearly 23 percent between the ages of 18 to 34 — living within a 50-mile radius of the city; a cost of living up to 14 percent lower than the national average; a historically low unemployment rate; and increasing wages above the national average. What really puts Kansas City on the map for developers, though, is how the state of Missouri has created a pro-business environment that leverages and advances these strengths. …
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Lee & Associates Report: Final Quarter 2024 Net Absorption Trends in Industrial, Office Likely Temporary; Multifamily, Retail Net Absorption Trajectories Stickier
Lee & Associates’ 2024 Q4 North America Market Report looks back at the tenant demand, absorption rates and vacancy trends for industrial, office, retail and multifamily sectors nationwide to extrapolate what might be on the horizon for 2025 and beyond. While net absorption in industrial and retail is down from the same period in 2023, the reasons — too much supply in the pipeline versus too little — are opposite for each sector. Similar mirroring due to reverse factors can be seen in the net positive absorption last quarter in office and multifamily. Net industrial absorption was down 45 percent in the last quarter of 2024, compared to the same quarter in 2023. However, vacancy rates are likely to decline this year due to a lower volume of construction starts completing in 2025. New in-office policies among prominent companies contributed to the office market’s second consecutive quarter of positive absorption, but overall, office vacancy numbers are expected to continue rising until 2026. Low vacancy and factors challenging development meant very few options for retail tenants seeking new, high-quality space. Retail tenants in the food and beverage arena have been taking advantage of increased national spending on food outside the home …
NEW BRAUNFELS, TEXAS — Discount wholesale retailer Costco will open a new store in New Braunfels, a northeastern suburb of San Antonio, according to reports from multiple local news sources, including Community Impact Newspaper and My San Antonio. According to the former publication, the store will span about 158,000 square feet and will be located within Mayfair, an 1,800-acre master-planned development by Southstar. The latter publication reports that construction of the store carries a $33.8 million price tag and is expected to be complete in March 2026.
ADDISON, TEXAS — JLL has brokered the sale of Quorum II Plaza, a 77,319-square-foot shopping center in the northern Dallas metro of Addison. Built on 5.7 acres in 1981, the center is home to tenants such as Verizon Wireless, Salata, Tasty Tails, Sellinger’s Powergolf, Tiff’s Treats and Jimmy John’s. Adam Howells, Barry Brown, Chris Gerard and Erin Lazarus of JLL represented the seller, Los Angeles-based Westwood Financial Corp., in the transaction. Last Mile Investments purchased the center for an undisclosed price.
FORT WORTH, TEXAS — Sunon Furniture has signed a 34,175-square-foot industrial lease in North Fort Worth. The Asian furniture manufacturer will use the space within Building 4 at the 61.4-acre Basswood 35 Business Park as a national distribution center. Todd Lambeth and Luke Clardy of Bradford Commercial Real Estate Services represented Sunon Furniture in the site selection and lease negotiations. Todd Hubbard and Joe McLiney of NAI Robert Lynn represented the landlord, Mississippi-based EastGroup Properties.