ORADELL, N.J. — Locally based brokerage firm SAGE Investment Real Estate Advisors has arranged the sale of a 24-unit apartment building in the Northern New Jersey community of Oradell. The property was built in the 1960s and offers one- and two-bedroom units. Greg Pine and Steve Tragash of SAGE represented the seller, an entity doing business as Oradell Associates LLC, in the transaction. The duo also procured the buyer, an undisclosed private investor.
NEW YORK CITY — Yaupon Capital Management has signed a 6,917-square-foot office lease at 340 Madison Avenue in Manhattan. The investment management firm is taking space on the third floor of the 750,000-square-foot building. Ben Friedland and Hugh McDonald of CBRE represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
Sometimes smaller is better. “Sometimes” is of course the operative term in that controversial and wholly non-salacious statement. But in the context of industrial real estate, it’s becoming increasingly clear that at this point in the cycle, smaller buildings make more sense for developers to deliver as e-commerce and distribution users actively consolidate their footprints. “Most leases in New Jersey and Pennsylvania over the last 12 months were for less than 500,000 square feet, with 50,000 to 200,000 square feet being the ‘sweet spot,’ for leasing,” says Anthony Amadeo, executive vice president at New Jersey-based developer Woodmont Industrial Partners. “There is strong demand [for that product type], but other developers are now building it too, so we’re going to see some elevated competition in that space.” This activity is occurring across the country in varying degrees. But in markets like New Jersey and Eastern Pennsylvania, where sites that can support large-scale developments are extremely scarce and entitlement and permitting processes tend to be long and arduous, the trend is perhaps even more pronounced. Yet those longstanding characteristics of the Garden State and Lehigh Valley industrial markets are only partial reasons as to why new developments and deals are effectively downsizing. …
CINCINNATI AND BOISE, IDAHO — Cincinnati-based The Kroger Co. and Boise, Idaho-based Albertsons Cos. Inc. have announced plans to sell an additional 166 grocery stores to C&S Wholesale Grocers in a divestiture package. This marks an amendment to an existing agreement with the buyer, which will now acquire a total of 579 stores in a $2.9 billion deal. The original divestiture package was announced in September of last year, in connection with a proposed merger between Kroger and Albertsons. In February, the Federal Trade Commission (FTC) sued to block Kroger’s $24.6 billion acquisition of Albertsons (which was originally announced October 2022), citing anticompetition concerns. The FTC alleged in a press release that a merger between the companies would create a “monopoly” as well as “lead to lower quality products and services” and threaten “the ability of employees to secure higher wages, better benefits and improved working conditions.” The deal would mark the largest supermarket merger in U.S. history, with Kroger and Albertsons operating thousands of stores nationally. Colorado and Washington also filed measures at the state level to block the merger. The companies hope to assuage the concerns of federal and state antitrust regulators with the enhanced divestiture package. According to …
LEWISVILLE, TEXAS — Locally based developer JPI has broken ground on Jefferson Castle Hills, a 761-unit multifamily project that will be located within the 2,900-acre Castle Hills master-planned development in the northern Dallas suburb of Lewisville. Bright Realty owns Castle Hills. Designed by Preston Partnership, Jefferson Castle Hills will be developed in two phases and will offer one-, two- and three-bedroom units. Residences will be equipped with stainless steel appliances, walk-in closets, individual washers and dryers and private yards or balconies. Amenities will include a pool, fitness center, dog park, private courtyards and dedicated parking garages. Construction of Phase I is slated for a fourth-quarter 2025 delivery.
FORT WORTH, TEXAS — The Gettys Group Cos., a Chicago-based hotel design and development firm, has completed the $50 million renovation of the 403-room Sheraton Fort Worth Downtown Hotel. The hotel originally opened in 1974. The capital improvement program upgraded all the bedding, furniture and bathrooms of all guestrooms and expanded the number of suites from 25 to 37. In addition, the project team upgraded the entryway, lobby and amenity spaces, which include private and conference-style workspaces and 30,000 square feet of event space. Lastly, ownership introduced a revamped lineup of food-and-beverage offerings. Dallas-based HKS Architects designed the renovation, and an entity doing business as 1701 Commerce Acquisitions owns the hotel.
LEANDER, TEXAS — Minneapolis-based developer Ryan Cos. has begun leasing Oak House Apartments, a 347-unit multifamily community located north of Austin in Leander. Oak House consists of 10 buildings that house one-, two- and three-bedroom units on a 20-acre site. Amenities include a pool, fitness center, outdoor grilling and dining areas, clubroom, coffee bar and a dog park. Ryan Cos. developed the property in a joint venture with Denver-based Brue Baukol Capital Partners. Dallas-based Humphreys & Partners Architects designed the project, and Cadence McShane Construction served as the general contractor. First Horizon Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom apartment. The first move-ins will begin this summer.
NORTHLAKE, TEXAS — The Dallas Stars professional hockey team will develop a 225,000-square-foot multi-sport training facility in Northlake, located north of Fort Worth. According to D Magazine, the project is valued at $45 million. Scheduled to open in 2025, the facility will feature two National Hockey League (NHL) regulation sheets of ice and eight basketball courts that can be converted to 16 volleyball courts. Lee Lewis Construction Inc. is the general contractor for the project, which will be the third of its kind for the Stars, joining facilities in Farmers Branch and Lewisville, Texas.
AUSTIN, TEXAS — Austin Pickle Ranch, a locally based operator of pickleball courts, will open a 50,000-square-foot venue along Braker Lane on the city’s north side. The space formerly housed a store for athletic equipment and accessories retailer Golfsmith. The venue will be the second for Austin Pickle Ranch and will feature 16 courts, indoor and outdoor lounge areas and a food-and-beverage component. The opening is scheduled for May.
WEBSTER, N.Y. — The Coca-Cola Co. (NYSE: KO) has broken ground on a $650 million production facility for its dairy brand Fairlife in the Central New York community of Webster, located just west of Rochester. About 250 people are expected to work at the 745,000-square-foot facility, which will source from local milk co-operatives to produce its line of dairy-based beverages before distributing them to retailers across the region. Completion is slated for the fourth quarter of 2025. Empire State Development provided $21 million in assistance for the project through the performance-based Excelsior Jobs Tax Credit Program in exchange for job creation commitments. The Atlanta-based soft drink giant acquired Fairlife in 2020.