SOUTH LYON, MICH. — World Custom Alterations is relocating its shop from Northville to downtown South Lyon, about 16 miles northeast of Ann Arbor. The tenant has leased a 1,500-square-foot space on West Lake Street. Michael Murphy of Gerdom Realty & Investment represented the undisclosed landlord.
NEW YORK CITY — Locally based development and investment firm Fetner Properties has sold its remaining interest in The Victory, a 45-story apartment tower located at 561 10th Ave. in Manhattan’s Hell’s Kitchen neighborhood. The percentage and sales price were not disclosed. The building houses 417 units in studio, one- and two-bedroom formats and 12,000 square feet of commercial space. Empire State Realty Trust (NYSE: ESRT), which previously bought a majority stake in The Victory in late 2021, now owns the building outright.
WESTFIELD, MASS. — A partnership between two developers, Massachusetts-based WinStanley Enterprises and Kansas City-based NorthPoint Development, will build a 524,000-square-foot industrial project in Westfield, located outside of Springfield in the western part of Massachusetts. The 126-acre site of the project, which will be known as Falcon Landing, is adjacent to Westfield-Barnes Regional Airport and can support parking for 362 cars and 322 trailers. Infrastructural improvements to the site are underway, and a precise construction timeline is still being finalized.
SALEM, N.H. — Regional developer The Dolben Co. has completed Caro Tuscan Village, a 260-unit multifamily project in Salem, New Hampshire. The site spans 7.7 acres within Tuscan Village, a mixed-use destination that is a redevelopment of the former Rockingham Park horseracing complex. Units come in studio, one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, conference room, clubroom and outdoor grilling and dining stations. Boston-based HDS Architecture designed the project, and Pilot Construction served as the general contractor.
MOUNT LAUREL, N.J. — JLL has arranged the sale of a 117-room, Marriott-branded hotel located outside of Philadelphia in Mount Laurel. The SpringHill Suites by Marriott Voorhees Mt. Laurel/Cherry Hill hotel is a four-story building that offers amenities such as a pool, fitness center, business center and 375 square feet of meeting and event space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
TEANECK, N.J. — Vatech America, a manufacturer of dental imaging equipment, has signed a 16,262-square-foot office lease in the Northern New Jersey community of Teaneck. The space is located within the 670,000-square-foot, four-building Glenpointe mixed-use campus. Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson of Newmark represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Harlan Hollander of Savills represented the tenant.
FONTANA, CALIF. — JLL Capital Markets has arranged the $197 million sale of Commerce Way Distribution Center in Fontana, which is located about 50 miles east of Los Angeles in the Inland Empire. EQT Exeter was the buyer. Built in 2000, Commerce Way Distribution Center totals 819,004 square feet. Located on Santa Ana Avenue, the property features a cross-dock configuration and a clear height of 30 feet. JLL says the facility benefits from its location in the Inland Empire, the largest industrial market nationwide with immediate access to critical supply chain infrastructure and Southern California’s population of more than 25 million people. As of the fourth quarter of 2023, the vacancy rate for the Inland Empire industrial market was 5.9 percent, a 90-basis-point increase quarter-over-quarter due to a high volume of new industrial space delivered by developers, according to JLL. The market experienced positive net absorption despite the 10.5 million square feet of new space delivered in the quarter. Patrick Nally, Mark Detmer, Evan Moran and Makenna Peter of JLL represented the seller, Manulife Investment Management on behalf of clients, and procured the buyer. JLL’s debt advisory team on the deal included Kevin Mackenzie, Brian Torp and Samuel Godfrey. Mike …
— By John R. Read, senior vice president, CBRE Retail Investment Properties-West — Undoubtedly, 2023 proved to be a volatile year. It was marked by persistent inflationary pressures, four 25-basis-point interest rate hikes by the Fed and a surge in the 10-year U.S. Treasury yield (from the high 3 percent range in January to peak levels near 5 percent in October). These changes had a pronounced impact on retail real estate investors, businesses occupying retail centers and consumers who frequented these establishments. The real estate sector particularly grappled with the cost of financing in an environment of higher interest rates. While these challenges did temper Orange County’s retail market to some extent, it largely remained resilient due to its strong underlying fundamentals. These include a substantial population of high-income earners, flourishing industries like tourism and destination-oriented shopping centers, as well as a supply constrained retail property base with limited large-scale retail development. The unemployment rate in Orange County remained steady at 3.8 percent in December 2023, unchanged from November’s revised rate. This rate is notably higher than the year-ago estimate of 2.7 percent. In comparison, California’s unemployment rate stands at 5.1 percent rate, while the national rate during the same …
MIAMI — Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners. Baccarat Residences, which is currently 95 percent presold, is scheduled for completion in early 2028. Designed by Arquitectónica and managed by SH Hotels & Resorts, the tower will feature more than 75,000 square feet of high-end amenities, including a marina, spa, art installations and a health and fitness center.
ASHEVILLE, N.C. — TruAmerica Multifamily has acquired Westmont Commons, a 252-unit apartment community in Asheville, for $49.9 million. Rob Russell and Richard Kourbage of Greystone originated a Freddie Mac acquisition loan for the buyer. The seller was not disclosed. Westmont Commons was built in phases in 2003 and 2008. The new buyer plans to make capital improvements in every unit with modern finishes, including new washers and dryers. TruAmerica also plans to upgrade the property’s swimming pool, fitness center and clubhouse, as well as convert the laundry room to a pet spa.
