WOOD-RIDGE, N.J. — Locally based brokerage firm Hudson Atlantic has arranged the $3.6 million sale of The Highlander, a 19-unit apartment complex in the Northern New Jersey community of Wood-Ridge. The undisclosed seller originally developed the property, which according to Apatments.com exclusively offers one-bedroom units, in 1977. Adam Zweibel and Dante Fusaro of Hudson Atlantic brokered the deal. The buyer was also not disclosed.
By Brad Jones of Cushman & Wakefield/EGS Commercial Real Estate Despite ongoing challenges facing the national economy, Birmingham’s commercial real estate landscape remains steady and consistent. Over the past seven years, encompassing both pre- and post-pandemic periods, the overall vacancy rate for Birmingham’s multi-tenant office market has exhibited fluctuations like most markets, ranging from 12.9 percent in 2017 to 19 percent in 2023, according to research from Cushman & Wakefield/EGS Commercial Real Estate. However, for perspective, Birmingham’s year-end vacancy rate of 19 percent remains below the national average vacancy rate of 19.7 percent recorded in 2023, according to research from Cushman & Wakefield. Office leasing activity in Birmingham has maintained momentum, experiencing a notable 12 percent year-over-year increase from 2022. Total leasing activity for 2023 totaled 718,219 square feet. Class A transactions dominated with 564,681 square feet leased, indicating a continued preference for Class A office space (i.e. a flight to quality). This is good news for Class A product in this supposed period of economic slowdown. Office investment sales activity in Birmingham has, however, decelerated in the current economic climate. The impending ripple of debt maturities poses challenges for large institutional owners and creditors. At the same time, it …
BOSTON — Basis Investment Group, a New York City-based commercial real estate debt and equity investment platform, has purchased an equity stake in Phase III of Innovation Square, a $416 million life sciences development in Boston’s Seaport District. The company purchased a minority stake of an undisclosed value from the developer, Related Beal, the Boston office of Related Cos. Located on a 1.8-acre site at 22 Drydock St., Phase III of Innovation Square will comprise a seven-story life sciences building totaling 340,000 square feet. Related Beal is leasing the site from the City of Boston for a 99-year term. The property’s life sciences space is fully preleased to Vertex Pharmaceuticals, a biopharmaceutical company based in Boston. The company also fully occupies Phase II of Innovation Square, a four-story life sciences building located at 6 Tide St. in Boston. In addition to laboratories and offices for Vertex, 22 Drydock will include dedicated lab space for Gloucester Marine Genomics Institute, a nonprofit that provides hands-on training for careers in labs to veterans and neighborhood high school students. Related Beal says the project is the first LEED Platinum and zero-net-carbon life sciences building in Boston. A net zero carbon building is a highly efficient …
Student housing’s strong occupancy rates and rent growth stand out as a bright spot when compared with the rest of commercial real estate sectors, many of which turned in a lackluster performance over the past year. Student housing rental rates at the nation’s top 175 universities increased an average of nearly 8 percent in the 2022-2023 academic year while occupancy in the fall of 2023 was 150 basis points higher than the average occupancy rate over the five preceding falls, according to Berkadia’s 2023 Student Housing Pipeline Report. Pre-leasing heading into the 2024-2025 academic year surpassed 40 percent in December, according to RealPage, and observers expect effective rents to increase an average of around 10 percent compared to around 9 percent in the 2023-2024 period. Meanwhile, fewer lenders are willing to provide construction financing, which is slowing the development pipeline. Developers could add 48,000 beds in 2024, an increase of 11 percent over 2023, but new supply is projected to decline steeply to 28,190 beds in 2025, Berkadia reports. Those metrics, along with growing enrollment at many top universities, are fueling student housing investment demand. The problem, of course, is that student housing faces the same challenges as other property categories …
WASHINGTON, D.C. — JLL Capital Markets has brokered the $95 million sale of 1099 New York Avenue, an 11-story office building located in Washington, D.C. Situated four blocks away from the White House, the property totals 180,878 square feet. The building, which was 95 percent leased to eight tenants at the time of sale, features floor plates averaging 17,500 square feet. A joint venture between affiliates of Quadrangle Development Corp. and FarmView Ventures acquired the property with plans to add a fitness center and reposition the rooftop. Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd of JLL represented the undisclosed seller in the transaction.
BOYNTON BEACH, FLA. — Foundry Commercial has purchased 30 acres at 3800 S. Congress Ave. in Boynton Beach, with plans to develop a 457,000-square-foot logistics center at the site. Upon completion, the development — dubbed Egret Point Logistics Center — will feature two rear-load warehouses with 180-foot truck courts, 32-foot clear heights, parking and ESFR sprinkler systems. The Orlando-based developer plans to demolish the existing 126,000-square-foot office and warehouse building currently occupying the site to make way for the new project. Construction is scheduled to be completed in spring 2025.
HARVEY, LA. — Colliers has arranged the sale of The Waters at Manhattan, an apartment community located in Harvey, approximately seven miles outside of downtown New Orleans. Developed in 2022 by the seller, Stoa Group, the property comprises 360 units. New York-based Four Corners Development Group acquired the community for an undisclosed price. Albert Elmore of Colliers led a team that represented both the buyer and seller in the transaction.
DAHLONEGA, GA. — Marcus & Millichap has negotiated the $4.4 million sale of Goldmine Village, a 28,000-square-foot retail center located in Dahlonega, about 65 miles north of Atlanta. Walmart shadow-anchors the property, which was fully occupied at the time of sale. Eric Abbott and Zach Taylor of Marcus & Millichap represented the buyer, an entity doing business as AGW Goldmine LLC, in the transaction. “This is a great long-term investment for our client,” says Abbott. “Dahlonega is a unique market in that it is directly in North Atlanta’s path of growth, but it’s tough to find inventory due to the limited retail space and barriers to entry posed by the topography.”
ALEXANDRIA, VA. — JBG Smith has announced the cancellation of Potomac Yards, an entertainment district project that would have comprised 9 million square feet within the National Landing neighborhood in Alexandria, roughly eight miles south of Washington, D.C. A partnership between the developer and Monumental Sports & Entertainment (MSE) first proposed the development — which would have been anchored by a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards — in December of last year. Completion of the project, including a global corporate headquarters for MSE, a media studio, a practice facility for the Wizards, performing arts venue and an e-sports facility, was scheduled for the end of 2028. According to JBG Smith, “discussions between Monumental, Alexandria and the Commonwealth of Virginia have been terminated.” Shortly after JBG Smith’s announcement, MSE and Washington, D.C. Mayor Muriel Bowser inked a deal to keep the Capitals and Wizards at their current home, Capital One Arena in D.C., until at least 2050. In a press release, the developer says that “the opportunity was derailed largely due to partisan politics.” About a week before these announcements, D.C. Attorney General Brian Schwalb wrote a letter to MSE informing the organization that …
KINGWOOD, TEXAS — High Street Residential is nearing completion of Residences at Kingwood, a 289-unit multifamily project on the northern outskirts of Houston. High Street Residential is developing the project, which consists of 240 apartments and 49 townhomes, in partnership with Japanese homebuilder Daiwa House Group. Residences come in one-, two- and three-bedroom formats and are furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Select units also feature private balconies/patios and garages. Amenities include a pool, grilling areas, fitness center with a yoga/Pilates studio, an outdoor workout area, resident lounge with an art gallery and an entertaining kitchen and a conferencing and remote-work suite. Residents also have access to a putting green, bocce ball courts, pickleball court, multiple outdoor dining areas and the Kingwood Greenbelt trail system. W Partnership is the development’s architect, and Robinson & Co. led the landscape design. Cadence McShane served as the general contractor. The first move-ins at Residences at Kingwood will begin in the coming weeks.