BLACKWOOD, N.J. — Berkadia has arranged the $23 million sale of three multifamily properties totaling 208 units in Blackwood, a suburb of Philadelphia. Blackwood Falls, Blackwood Terrace and Foxcroft Apartments had a combined occupancy rate of 85 percent at the time of sale. Nat Gambuzza and Trevor Fiebel of Berkadia represented the seller, Penn Properties, in the transaction while also procuring the buyer, Silverstone Properties. The new ownership assumed the seller’s existing debt at Blackwood Falls and Blackwood Terrace and plans to implement capital improvements across the portfolio.
CONSHOHOCKEN, PA. — Morgan Properties has debuted its new, 70,100-square-foot office headquarters space at its Millennium Complex in Conshohocken, a northern suburb of Philadelphia. The locally based multifamily developer relocated its headquarters from its Kingswood Apartments & Townhomes development in nearby King of Prussia. The new space can support about 200 people and features tech-enabled meeting rooms and training facilities, a dining area, recreational activities, fitness center, a 9,500-square-foot event space and direct walking access to the Schuylkill River Trail.
NEW YORK CITY — Loeb Enterprises has signed an 18,056-square-foot office lease renewal in Midtown Manhattan. The venture capital firm will continue to house its corporate headquarters across the sixth and seventh floors of 712 Fifth Avenue, a 52-story, 545,000-square-foot building. Anthony Dattoma of CBRE represented Loeb Enterprises in the lease negotiations. Paramount Group owns the building.
SUFFOLK, VA. — Rockefeller Group and Matan Cos. have broken ground on the first phase of Port 460 Logistics Center, an industrial development that will comprise 5 million square feet in Suffolk, approximately 20 miles southwest of Norfolk with direct access to the Port of Virginia. The co-developers are completing the project in a joint venture with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC. The first phase will comprise 2.4 million square feet of industrial space across five buildings, with the first two buildings scheduled for completion next year. A second phase will deliver 2.6 million square feet of space. Gregg Christoffersen and Kristopher Kennedy of JLL are managing leasing at Port 460.
NASHVILLE, TENN. — The Preiss Co. (TPCO) has completed the development of Signature Music Row, a 105-unit multifamily community on Nashville’s Music Row. Located at 1005 16th Ave. S, the property was developed in partnership with Speedwagon Capital Partners. JLL arranged construction financing for the project through First Horizon. Signature Music Row offers apartments in one-, two- and three-bedroom layouts, with 3,000 square feet of amenity space. Monthly rental rates range from $1,450 to $3,846, according to Apartments.com. The property also includes 2,000 square feet of retail space, which will be occupied by Silver Fox Coffee, beginning in 2025. Amenities at the community include an outdoor pool, sky lounge, fitness center and electric vehicle charging stations.
FORT MYERS, FLA. — CBRE has brokered the $14.6 million sale of College Plaza, a retail center located at 7070 College Parkway in Fort Myers. An entity doing business as College Plaza Center LLC acquired the property from an entity doing business as College Venture 1 LLC. Jim Shiebler of CBRE represented both the buyer and seller in the transaction. Tenants at College Plaza, which totals 56,386 square feet, include Ada’s Natural Market, West Marine and Pet Supermarket. The center also features an outparcel occupied by Five Guys, Tijuana Flats and The Good Feet Store. College Plaza is situated within one mile of Florida Southern State College.
WALDORF, MD. — Marcus & Millichap has negotiated the $6.3 million sale of JSB Apartments, a 48-unit multifamily community located in Waldorf, a Maryland city near Washington, D.C. Marty Zupancic and Ryan Murray of Marcus & Millichap represented the seller, RGB Holding, in the transaction. JSB Apartments features one-bedroom units and is adjacent to the 150-acre Waldorf Station development, which will include a grocery store, fitness facility and retail space.
ROSWELL, GA. — Cushman & Wakefield has arranged a 55,869-square-foot lease renewal at Mansell Overlook, an office park located in Roswell, roughly 25 miles north of downtown Atlanta. Annie Gomez and Jon Mayeske of Cushman & Wakefield represented the tenant, SiteOne Landscape Supply Inc., in the lease negotiations. An entity doing business as Sun Belt Office I LLC is the landlord of Mansell Overlook, which comprises four buildings of Class A office space and is situated on 67 acres. Amenities at the property include outdoor seating, walking paths, a fitness center and a conference center.
DETROIT — Detroit-based Henry Ford Health and Ascension Michigan have unveiled plans to close their proposed joint venture on Sept. 30 and launch their newly combined organization on Oct. 1. The joint venture will bring Ascension’s southeast Michigan and Genesys healthcare facilities under the Henry Ford brand. The properties include eight hospitals and an addiction treatment center, according to Crain’s Detroit Business. Carol Schmidt, senior vice president of Ascension and CEO of Ascension Michigan, will support the first phase of transition and integration, partnering with Henry Ford Health President and CEO Bob Riney. The combined organization would employ approximately 50,000 team members at more than 550 sites across Michigan. Crain’s reports that Ascension is left with four hospitals in the state, all in the southwest area.
MICHIGAN — Chick-fil-A has unveiled plans to open approximately 25 to 30 new locally owned and operated restaurants across Michigan by the end of 2028. The new restaurants will create over 2,500 jobs across the state. Chick-fil-A first opened in Michigan in 2015, and currently operates 28 locations in the state. In metro Detroit, Chick-fil-A plans to open in Chesterfield Township, Roseville, Taylor and Fort Gratiot this fall or winter. Additional growth includes a licensed location in the First National Building, and locally owned and operated restaurants in Detroit, Auburn Hills, Lincoln Park, Orion Township, Clinton Township, Canton and Ann Arbor. Two restaurants are slated to open in 2025 in Lansing/Jackson, as well as one restaurant in Saginaw and another in Benton Harbor. Chick-fil-A is the third largest quick-service restaurant company in the United States with more than 3,000 restaurants across the U.S., Canada and Puerto Rico.