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3939-N-First-St-San-Jose-CA
AcquisitionsCaliforniaOfficeWestern

RMR Group Sells 64,000 SF R&D Office Building in Silicon Valley

by Amy Works

SAN JOSE, CALIF. — The RMR Group has completed the disposition of a research and development (R&D) office building in San Jose. A confidential buyer acquired the Silicon Valley asset for $10.8 million. Situated on 4.2 acres at 3939 N. First St., the 64,000-square-foot building features modernized interiors, including a lobby, tenant spaces, kitchen/breakroom area and extensive lab infrastructure. Additionally, the building offers 3,000 amps of power and rear-covered dock loading. Joe Moriarty, Michael Taquino, Kyle Kovac, Bob Steinbock and Kati Thabit of CBRE represented the seller in the deal.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Lalani Ventures, Exact Capital to Develop $160M Mixed-Income Multifamily Tower at Underground Atlanta

by John Nelson

ATLANTA — Lalani Ventures, owner of the historic Underground Atlanta development in downtown Atlanta, has formed a joint venture with New York-based Exact Capital to develop a $160 million multifamily high-rise project. The 30-story tower will feature a mix of 163 affordable housing units, with incomes restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments and community amenities. Lalani Ventures and Exact Capital are currently in the planning and design phases for the tower and have tapped architectural firm Niles Bolton to handle the unnamed tower’s design, engineering and permitting. The site for the tower is at Underground Atlanta’s fountain plaza, which is bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east and Upper Alabama Street to the south. The board at Invest Atlanta, the City of Atlanta’s economic development arm, voted yesterday to approve an inducement for a $40 million tax-exempt bond issuance to help finance the tower’s affordable housing units. The Invest Atlanta board will have an opportunity to review the project again before providing its final resolution in advance of the Lalani-Exact joint venture closing on its construction …

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Leasing ActivityNew YorkNortheastOffice

NYSUT Signs 15,000 SF Office Lease in Garden City, New York

by Taylor Williams

GARDEN CITY, N.Y. — The New York State United Teachers (NYSUT) has signed a 15,000-square-foot office lease in the Long Island community of Garden City. The federation of more than 1,200 labor unions is taking space at the 200,000-square-foot building at 100 Quentin Roosevelt Blvd., which was originally built in 1990 and was recently renovated. Jerry Guerra and Jeff Nemshin of The Paragon Group represented NYSUT in the lease negotiations. The landlord, The Feil Organization, was self-represented.

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DevelopmentIndustrialMarylandSoutheast

Rockefeller Group Breaks Ground on 136,500 SF Distribution Center Near BWI Airport

by John Nelson

LINTHICUM HEIGHTS, MD. — Rockefeller Group has broken ground on a 136,500-square-foot distribution center located at 1305 Furnace Road in Linthicum Heights. The New York City-based developer has dubbed the project “Rockefeller Group Logistics Center BWI” given its three-mile distance to Baltimore/Washington International Thurgood Marshall Airport (BWI Airport). The Class A property will feature 36-foot clear heights, 54- by 50-foot column spacing, a 60-foot-wide speed bay, 147 car parking spaces and 33 dock doors with two additional drive-in doors. The development will also feature one acre of industrial outdoor storage. The project team includes Morris & Ritchie Associates (civil engineer), Morgan Gick McBeath Associates (architect) and FCL Builders (general contractor). John Boote, Jarred Testa and McLane Fisher of Cushman & Wakefield will oversee leasing of the project on behalf of Rockefeller Group, which plans to deliver the facility in fourth-quarter 2025.

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LoansSeniors HousingSoutheastWest Virginia

Live Oak Bank Closes $39M Loan for Seniors Housing Community in Morgantown, West Virginia

by John Nelson

MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $8M Sale of New Retail Strip Center in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $8 million sale of Legacy Shoppes, a 10,744-square-foot, multi-tenant strip retail center located at 942 Heritage Pass in Davenport. Patrick Nutt and William Wamble of SRS represented the seller, a private development firm based in Florida, in the transaction. The buyer was a private investor that is also based in Florida. Legacy Shoppes was fully leased at the time of sale to three tenants — Another Broken Egg, Orlando Health and Encore Nails — all of which have 10-year triple-net leases in place. The property was delivered earlier this year and sits on a 3.4-acre site roughly 26 miles southwest of Orlando.

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AcquisitionsMississippiMultifamilySoutheast

Marcus & Millichap Arranges Sale of 56-Unit Apartment Community in Ocean Springs, Mississippi

by John Nelson

OCEAN SPRINGS, MISS. — Marcus & Millichap has arranged the sale of Dominion Apartments, a 56-unit community located at 310 Holcomb Blvd. in Ocean Springs, a little over four miles east of Biloxi. Built in 2008, Dominion Apartments sits on 3.1 acres and features a mix of one-, two- and three-bedroom floor plans. The property represents the first Mississippi acquisition for the buyer, 3H Management. Preston Cooper and Matt Smith of Marcus & Millichap’s Birmingham office represented the seller, Hattiesburg, Miss.-based Dearman Properties, in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record for Mississippi in the deal.

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AcquisitionsIllinoisIndustrialMidwest

JLL Negotiates Sales of Two Industrial Buildings Totaling 335,806 SF in Metro Chicago

by Kristin Harlow

CAROL STREAM AND ELMHURST, ILL. — JLL Capital Markets has negotiated the sales of two Class A industrial assets in Chicago’s North DuPage County submarket for undisclosed prices. Carol Stream Logistics Center in Carol Stream totals 185,796 square feet, while I-290 Distribution Center in Elmhurst spans 150,010 square feet. Kurt Sarbaugh, Ed Halaburt, Sean Devaney and John Huguenard of JLL represented the seller in both transactions. Brian Walsh, Lucas Borges and Matt Stewart of JLL arranged acquisition financing through a life insurance company for I-290 Distribution Center. Constructed in 2020, Carol Stream Logistics Center features a clear height of 32 feet, 190-foot truck court depth, full concrete parking lots, ESFR fire protection and ample trailer parking capacity. The building, situated in the Carol Point Business Center, is fully leased to a single tenant with approximately five years of lease term remaining. Prologis was the buyer. The I-290 Distribution Center, completed in 2022, features a clear height of 32 feet, separate ingress/egress for truck and car traffic, ESFR fire protection, LED motion sensors, a 130-foot truck court, 15 dock-high doors and 138 parking spaces. The property is fully leased to a global packaging manufacturing company.

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LoansMichiganMidwestRetail

Bernard Financial Group Arranges $10.5M Loan for Refinancing of Midwest Retail Portfolio

by Kristin Harlow

SOUTHFIELD, MICH. — Southfield-based Bernard Financial Group (BFG) has arranged a $10.5 million loan for the refinancing of a 27,819-square-foot retail portfolio across several states in the Midwest. The properties are located in Carthage, Mo.; Clinton Township, Mich.; Mountain Iron, Minn.; Westerly, R.I.; Mount Pleasant, Iowa; and Norfolk, Neb. Starbucks and T-Mobile are two of the major tenants within the portfolio. Joshua Bernard of BFG arranged the loan through Symetra Life Insurance Co.  

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of Three-Building Industrial Portfolio in Bolingbrook, Illinois

by Kristin Harlow

BOLINGBROOK, ILL. — Colliers has brokered the sale of a three-building industrial portfolio totaling 187,485 square feet in the Chicago suburb of Bolingbrook for an undisclosed price. The properties are located on Territorial Drive within the heart of the I-55 Corridor, which links the Joliet intermodal yards to metro Chicago. The buildings are fully leased to two tenants with a weighted average lease term just under two years. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate investor. The buyer was an institutional real estate private equity fund.

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