PLYMOUTH, MASS. — A joint venture between Alliance Realty Partners and an undisclosed institutional investor has sold Marq at The Pinehills, a 220-unit apartment complex in Plymouth, located south of Boston. Built on seven acres in 2016 within the 3,200-acre Pinehills master-planned development, the property offers one- and two-bedroom units with an average size of just over 1,000 square feet. Amenities include a clubroom, outdoor heated pool with a sundeck, fitness center and coworking space. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the joint venture in the transaction. The buyer and sales price were not disclosed.
Property Type
LUMBERTON, N.J. — Dallas-based investment firm Dalfen Industrial has acquired a 219,123-square-foot industrial building in Lumberton, located outside of Philadelphia in Southern New Jersey. The building is located along State Route 38 and is demise-able for single or multi-tenant occupancy. Building features include a clear height of 40 feet and 35 fully dressed loading positions, and Dalfen is in the process of adding 2,500 square feet of office space to the facility. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based owner The Moinian Group has begun leasing ARIA, a 114-unit apartment building located at 90 John St. in Manhattan’s Financial District. Units come in studio and one-bedroom floor plans and are furnished with custom-built closets, granite countertops, stainless steel appliances and spa-inspired marble bathrooms. Amenities include a resident lounge, onsite laundry facilities and concierge services. Rents start at approximately $3,000 per month for a studio apartment.
ASHLAND, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the $21.2 million sale of a 99,601-square-foot shopping center located in the western Boston suburb of Ashland. Shaw’s Supermarket anchors the center, which was 94 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
WYCKOFF, N.J. — Marcus & Millichap has brokered the $4.3 million sale of a 10,912-square-foot retail center in Wyckoff, located near the New York-New Jersey border. Built in 1990 and renovated in 2020, the property at 403-411 Goffle Road is home to JAG-ONE Physical Therapy and several local service-oriented tenants. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
JLL Arranges $1.2B to Fund Construction of Four Northern Virginia Data Center Projects for BlackChamber
by John Nelson
WASHINGTON, D.C. — JLL’s Capital Markets group has arranged more than $1.2 billion over the course of 2024 to fund the construction of four data center campuses in Northern Virginia. Jamie Leachman and Drake Greer of JLL worked on behalf of the borrower, The BlackChamber Group, to arrange the funds. The direct lenders and the locations of the four campuses were not disclosed, but JLL mentioned the capital sources included bank balance sheet financing and private credit vehicles backed by insurance company funds. BlackChamber expects the new facilities to yield more than 740 megawatts of power capacity upon completion. The construction timeline for the new projects was also not released. Including these new facilities, BlackChamber’s Northern Virginia data center portfolio will comprise eight campuses offering nearly 1.5 gigawatts of power capacity across 6 million square feet of data center space.
SAN CLEMENTE, CALIF. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million. California-based CareTrust purchased the properties through a joint venture arrangement with an unnamed, third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The acquisition is Phase II of a larger $421 million portfolio transaction that ultimately involves 27 facilities in Tennessee.
Walker & Dunlop Originates $63.9M Loan for Multifamily Development in Johnson City, Tennessee
by John Nelson
JOHNSON CITY, TENN. — Walker & Dunlop has originated a $63.9 million FHA loan for the development of The Reserve at Johnson City, a 288-unit apartment development in East Tennessee. Located on a 14.4-acre site at 1084 W. Oakland Ave. in Johnson City, the property will serve as an addition to an existing 248-unit multifamily community that was delivered in 2015. Keith Melton and David Strange of Walker & Dunlop originated the financing on behalf of the developer, TDK Cos. Upon completion, The Reserve will feature 12 three-story walk-up buildings comprising one-, two- and three-bedroom apartments. Amenities will include a multi-level pool, outdoor kitchen with a gas fireplace, pet park, fitness center and a single-bay car wash and vacuum station.
TYSONS, VA. — Berkadia has brokered the sale of Hanover Tysons, a 412-unit multifamily community located at 1500 Westbranch Drive in Tysons, about 15 miles west of Washington, D.C. Chicago-based Mesirow Financial purchased the property from Hanover Co. and PCCP for an undisclosed price. The buyer has rebranded the community as The Jones at Tysons. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia represented the sellers in the transaction. Situated adjacent to Tysons Galleria and Tysons Corner Center, the apartment community features studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, greenspace courtyard, fitness center, resident clubhouse and a theater room.
AUBURN, ALA. — BWE has provided a $42.3 million Fannie Mae loan for The Glenn, a 270-unit garden-style apartment community located at 2568 E. Glenn Ave. in Auburn. The property comprises 14 residential buildings and offers studio, one-, two- and three-bedroom apartments, as well as a fitness center, beach-entry pool, grilling areas, pet park and a business center. Paul Harbor, Caleb Carter and Libby Davis of BWE originated the loan on behalf of the borrower, an undisclosed development firm based in Georgia. The borrower will use proceeds of the 10-year loan, which features a 35-year amortization schedule, to pay off construction debt obtained before The Glenn opened in 2022.