Property Type

CTO Announces New Retail Openings, Leases at Collection at Forsyth in Cumming, Georgia

by John Nelson December 2, 2024

CUMMING, GA. — CTO Realty Growth Inc. has announced a round of new retail openings and leases at The Collection at Forsyth, an open-air mixed-use development in Cumming, an Atlanta suburb in Forsyth County. Sephora and Kilwins opened new locations at The Collection in November, and boutique Pilates fitness concept Bodyrok and pickleball concept The Picklr have recently signed leases to join the tenant roster. Sherri Wilson of JLL handles the retail leasing at The Collection on behalf of CTO. Additionally, True Rest Float Spa and Bahama Buck’s are set to open in the coming weeks, joining existing tenants including J. Crew Factory, Mellow Mushroom, Hopdoddy Burger Bar, Pandora, Parsons Gifts, Le Macaron, Master Jewelers, Woof Gang Bakery, The Good Feet Store, Spavia and F45 Training. JLL launched repositioning and leasing efforts at The Collection in January 2023.

December 2, 2024

Acquisitions New York Northeast Office Top Stories

SL Green Agrees to Buy Former Pepsi Headquarters Building in Manhattan for $130M

by Taylor Williams December 2, 2024

NEW YORK CITY — Local real estate giant SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase the former PepsiCo. headquarters building in Manhattan for $130 million. A timeline for closing was not disclosed, nor was the name of the seller, although multiple news outlets report that the latter was Morgan Stanley. Designed by Skidmore, Owings & Merrill, the 11-story, 201,000-square-foot building is located at 500 Park Ave. at the corner of 59th Street. The property was originally constructed in 1960 as the beverage maker’s headquarters and has been institutionally owned and managed ever since. Tenants at 500 Park Ave. include Vera Wang, The Georgetown Co. and Friedland Properties. In addition, the building’s corner retail space is home to high-end furniture provider FRATO as its flagship New York City store and showroom. “Park Avenue is the best performing office market in New York City with historic low vacancy, and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents,” says Harrison Sitomer, SL Green’s chief investment officer. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark acted as advisors on the …

December 2, 2024

Industrial Market Reports Nevada Western Western Market Reports

Reno’s Industrial Market Is Positioned for Prosperity

by John Nelson December 2, 2024

— By Shawn Jaenson, executive vice president, Kidder Mathews — Reno’s industrial market has demonstrated remarkable resilience in the face of challenging economic conditions. Despite such uncertainties, the region has maintained a strong industrial presence, showcasing its ability to adapt and thrive. Overall, the market delivered more than 22 million square feet of new construction since the start of 2020 and has experienced more than 50 percent rent growth over the same period, rising from $0.55 (triple net) in fourth-quarter 2019 to $0.84 at mid-year 2024. As the nation grapples with inflation, supply chain disruptions and shifting consumer behaviors, Reno’s industrial sector has managed to effectively weather these challenges. The city’s strategic location and pro-business environment have positioned it as a critical logistics and distribution hub. These factors have allowed local businesses to remain competitive, even as national economic pressures mount. Sales activity has seen a recent uptick with four major sales occurring in the second quarter of this year. Prospect Ridge bought the four-building, 893,632-square-foot Airway Commerce Center from Tolles Development; CapRock bought a 707,010-square-foot building from Manulife; and Pure Development sold two buildings – one with 354,640 square feet and the other with 322,400 square feet – to Exeter …

December 2, 2024

Loans Multifamily Texas

Atlantic Pacific Cos. Receives $112.4M Agency Refinancing for Three DFW Multifamily Properties

by Taylor Williams November 27, 2024

MIAMI — An affiliate of Miami-based investment firm Atlantic Pacific Cos. has received Freddie Mac loans totaling $112.4 million for the refinancing of a trio of multifamily properties in the Dallas-Fort Worth (DFW) metroplex. The financing consists of a $40 million loan for Atlantic Stonebriar, a 294-unit property located in the northern Dallas suburb of The Colony; $42.3 million in debt for Atlantic McKinney, a 343-unit community that is also located on the northern outskirts of Dallas; and a $30.2 million loan for Atlantic Station, a 324-unit development in Fort Worth. Atlantic Pacific closed the loans in conjunction with fresh debt for four other properties, three of which are located in the Atlanta area and the fourth of which is located in Cary, N.C. The seven new mortgage loans are structured with five-year terms and fixed interest rates averaging approximately 5.1 percent.

November 27, 2024

Acquisitions Office Texas

Newmark Brokers Sale of 807,354 SF Office Property in Richardson, Texas

by Taylor Williams November 27, 2024

RICHARDSON, TEXAS — Newmark has brokered the sale of Lakeside Campus, a two-building, 807,354-square-foot office property located in the northeastern Dallas suburb of Richardson. The 18-acre property comprises a 16-story and four-story office buildings, as well as a structured parking deck and a landscaped pond with walking trails. Real estate data and analytics firm RealPage anchors the campus, which was 69 percent leased at the time of sale, and the overall tenant roster carries a weighted average remaining lease term of about four years. Chris Murphy, Robert Hill, Gary Carr and Stephen Schwalb of Newmark represented the seller, Trigild, in the transaction. The buyer was Provident Realty Advisors.

November 27, 2024

Acquisitions Multifamily Texas

AvalonBay Buys 126-Unit Multifamily Property in Bee Cave, Texas

by Taylor Williams November 27, 2024

BEE CAVE, TEXAS — AvalonBay Communities (NYSE: AVB), a Virginia-based REIT, has purchased Brisa Townhomes, a 126-unit multifamily property located on the western outskirts of Austin in Bee Cave. Built in 2022, Brisa Townhomes offers three- and four-bedroom residences with direct-access, two-car garages. Amenities include a pool, fitness center, conference room and outdoor grilling and dining stations. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. The new ownership has rebranded the property as Avalon Townhomes at Bee Cave.

November 27, 2024

Leasing Activity Office Texas

Buckner International Signs 20,100 SF Office Lease at Lakeside Square in North Dallas

by Taylor Williams November 27, 2024

DALLAS — Buckner International has signed a 20,100-square-foot office lease at Lakeside Square in North Dallas. The nonprofit organization plans to relocate from Plaza of the Americas in downtown Dallas to the 409,544-square-foot building in the second quarter of 2025. Tyler Howarth and John Armes of Holt Lunsford Commercial represented the tenant in the lease negotiations. Trevor Franke, Gini Rounsaville and Hudson Neuhoff of JLL represented the landlord, Acram Group.

November 27, 2024

Leasing Activity Restaurant Retail Texas

Rice Real Estate Welcomes Three New Tenants to Namesake Shopping Center in Houston

by Taylor Williams November 27, 2024

HOUSTON — Rice Real Estate Co., the property investment arm of Rice University, has welcomed three new tenants to Rice Village, a 300,000-square-foot shopping, dining and entertainment destination located southwest of downtown Houston. The new tenants are New Orleans-based eyewear brand KREWE (941 square feet), boys’ boutique apparel retailer ParkerJoe (1,975 square feet) and Jeni’s Splendid Ice Creams (1,603 square feet). KREWE will open in early December, and ParkerJoe and Jeni’s will open in early 2025.

November 27, 2024

Loans Mixed-Use New York Northeast Walker & Dunlop

Deutsche Bank Provides $148.5M Loan for Refinancing of Brooklyn Mixed-Use Property

by Taylor Williams November 27, 2024

NEW YORK CITY — Deutsche Bank has provided a $148.5 million bridge loan for the refinancing of Admirals Row, a 696,000-square-foot mixed-use property located within the Brooklyn Navy Yard. The eight-acre development houses a Wegmans supermarket, more than 350,000 square feet of light industrial and manufacturing space that is master-leased to the Brooklyn Navy Yard Development Corp, additional retail space, a community facility and surface and structured parking totaling over 700 spaces. Jonathan Schwartz, Aaron Appel, Keith Kurland, Adam Schwartz, Michael Diaz and William Herring of Walker & Dunlop arranged the debt on behalf of the borrower, Steiner NYC.

November 27, 2024

Candlewood-Industrial-Park-Bay-Shore-New-York

Acquisitions Industrial Northeast

Cushman & Wakefield Brokers Sale of 560,719 SF Industrial Property in Bay Shore, New York

by Taylor Williams November 27, 2024

BAY SHORE, N.Y. — Cushman & Wakefield has brokered the sale of Candlewood Industrial Park, a two-building, 560,719-square-foot development located in the Long Island community of Bay Shore. Built in 1999, the structure at 145 Candlewood Road spans 313,246 square feet and features a clear height of 40 feet. Completed in 2013, the building at 158 Candlewood Road totals 247,473 square feet and features a clear height of 38 feet. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction, and procured the buyer, NorthBridge Partners. Cushman & Wakefield has also been retained as the leasing agent.

November 27, 2024

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