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IndustrialLeasing ActivityNew JerseyNortheast

DSV Global Transport & Logistics Signs 355,000 SF Industrial Lease in Carteret, New Jersey

by Taylor Williams

CARTERET, N.J. —DSV Global Transport & Logistics has signed a 355,000-square-foot industrial lease in the Northern New Jersey community of Carteret. The Danish freight company will occupy the entirety of the building at 300 Salt Meadow Road, which is located within the 1.2 million-square-foot Crow Holdings at Carteret development. Jules Nissim, Stan Danzig and Kimberly Bach of Cushman & Wakefield represented Crow Holdings in the lease negotiations. Mindy Lissner, also with Cushman & Wakefield, represented the tenant. The deal brings the development to roughly 45 percent occupancy following last fall’s 188,000-square-foot lease with Hong Kong-based Weida Freight Systems.

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AcquisitionsFloridaRetailSoutheast

Colliers Brokers $68.5M Sale of Lee Vista Promenade Shopping Center in Orlando

by John Nelson

ORLANDO, FLA. — Colliers has brokered the $68.5 million sale of Lee Vista Promenade, a 313,981-square-foot regional power retail in Orlando. Brad Peterson, Whitaker Leonhardt and Eric AmRhein of Colliers represented the seller, SITE Centers, in the transaction. Donald Jennewein, also with Colliers, arranged an undisclosed amount of acquisition financing through City National Bank on behalf of the buyer, Dundas Real Estate Investments. Situated on 74.2 acres in Orlando’s North Airport submarket, Lee Vista Promenade was 95.5 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Epic Theaters, Ross Dress for Less, HomeGoods, Michaels, Bealls Outlet, Petco, Ulta Beauty, Five Below and Famous Footwear. The shopping center was built in 2016 and also features three development parcels totaling 18.1 acres. A little more than one-third of the shopping center’s revenue is generated from restaurant tenants, according to Colliers.

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LoansMassachusettsNortheastOfficeRetail

Capital Properties Receives $19M Loan for Refinancing of Office, Retail Building in Boston

by Taylor Williams

BOSTON — Locally based investment and management firm Capital Properties has received a $19 million loan for the refinancing of The S.S. Pierce Building, a 72,790-square-foot office and retail building located in the Brookline area of Boston. Originally constructed in 1898 for grocer S.S. Pierce, the building currently features street-level retail space and three levels of office space. Brookline Bank is a retail tenant, and the office component includes users in the financial services and behavioral health fields, among others. Patrick Boyle, Kevin Phelan and Rose Liu of Colliers arranged the fixed-rate loan through an undisclosed balance sheet lender on behalf of Capital Properties.

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AcquisitionsFloridaIndustrialSoutheast

State of Florida Acquires 423,000 SF Warehouse in Auburndale for Emergency Response Hub

by John Nelson

AUBURNDALE, FLA. — The State of Florida has purchased a 423,000-square-foot warehouse within Midpoint Florida Logistics Center in Auburndale, a Central Florida city near Lakeland. Dalfen Industrial sold the newly delivered property for an undisclosed price. Florida’s Division of Emergency Management plans to use the facility, situated near I-4, as a hub for the storage and movement of emergency supplies during emergency activation and response throughout the state. Delivered in second-quarter 2023, the warehouse features 36-foot clear heights and 400 trailer parking spaces.

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AcquisitionsOfficeSoutheastVirginia

Finmarc Management Purchases Northern Virginia Office Portfolio for $39.4M

by John Nelson

CENTREVILLE, VA. — Finmarc Management Inc. has purchased Trinity Centre, a four-building office portfolio in Centreville, for $39.4 million. Cushman & Wakefield represented the seller, a joint venture between Spear Street Capital LLC and Partners Group, in the transaction. Bethesda, Md.-based Finmarc was self-represented. The nearly 500,000-square-foot portfolio is located roughly 26 miles west of Washington, D.C., and comprises two 152,000-square-foot buildings and two 93,000-square-foot buildings. Trinity Centre was approximately 71 percent leased at the time of sale to tenants including Parsons Corp., CARFAX, Aerovironment, Microautomation, Specialized Carriers & Rigging Association, Systematic and TriVir.

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DevelopmentLeasing ActivityRestaurantRetailSouth CarolinaSoutheast

SJC Ventures Completes Phase II of West Ashley Station Shopping Center in Charleston

by John Nelson

CHARLESTON, S.C. — Atlanta-based SJC Ventures, along with general contractor Hill Construction, has completed Phase II of West Ashley Station, a shopping center located at 1125 Savannah Highway in Charleston’s West Ashley neighborhood. Spanning 29,000 square feet, the second phase is fully leased to tenants including Hollywood Feed, Hand & Stone, Another Broken Egg, Pacific Dental, GoodVets, Jersey Mike’s Subs, Nothing Bundt Cakes, CAVA, Nikita Hair Salon, House of Sage (a women’s boutique retailer) and Serotonin Centers. Several tenants in the second phase are already open. SJC Ventures expects all tenants to be open by February 2025. John Orr and Lindsey Halter of Carolina Retail Experts marketed West Ashley Station for lease. Phase I of the property includes a 45,062-square-foot Whole Foods Market that opened in 2018.

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ConnecticutLoansNortheastRetail

Cronheim Mortgage Arranges $5M Permanent Loan for Shopping Center in Fairfield, Connecticut

by Taylor Williams

FAIRFIELD, CONN. — New Jersey-based intermediary Cronheim Mortgage has arranged a $5 million permanent loan for Fairfield Shopping Center in southern coastal Connecticut. The 72,000-square-foot center was built in 1955. Anchored by Restoration Hardware Outlet, which recently backfilled a 35,000-square-foot space formerly occupied by Bob’s Stores, the center is also home to tenants such as T-Mobile, The UPS Store, Village Bagels and HobbyTown USA. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim arranged the debt on behalf of the owner, the firm of late local developer Albert Phelps.

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AcquisitionsGeorgiaLoansRetailSoutheast

MMCC Arranges $9.1M Acquisition Loan for Shopping Center in Peachtree Corners, Georgia

by John Nelson

PEACHTREE CORNERS, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million acquisition loan for Spalding Woods, an 84,000-square-foot shopping center located at 4015 Holcomb Bridge Road in Peachtree Corners, a northeast suburb of Atlanta. Garrett Fierstein of MMCC’s Orlando office, along with Simon Grigoryan of Marcus & Millichap’s Jacksonville office, arranged the financing through an out of state credit union on behalf of the borrower, an undisclosed, privately held investor. The 10-year loan was underwritten with a 25-year amortization schedule, 65 percent loan-to-value (LTV) ratio and flexible prepayment options. Spalding Woods’ tenant roster includes Dollar Tree, Peachtree Corners Eye Clinic, KFC/Taco Bell, Dunkin’ and Clean Eatz. Additional spaces are available for build-out, according to MMCC.

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AcquisitionsNortheastPennsylvaniaRetail

Marcus & Millichap Brokers $3.8M Sale of Sheetz Gas Station in Manchester, Pennsylvania

by Taylor Williams

MANCHESTER, PA. — Marcus & Millichap has brokered the $3.8 million sale of a 6,129-square-foot gas station in Manchester, a southern suburb of Harrisburg, that is occupied by fuel station and convenience store operator Sheetz. The newly built facility sits on a 3.3-acre site next to East Manchester Village Centre shopping center. Derrick Dougherty and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which were Pennsylvania-based entities that requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastOffice

Hazen & Sawyer Inks 44,000 SF Office Lease Extension in Manhattan’s Times Square

by Taylor Williams

NEW YORK CITY — Hazen & Sawyer has inked a 44,000-square-foot office lease extension at 498 Seventh Ave. in Manhattan’s Times Square area. The engineering firm will continue to house its headquarters across the entire 11th floor of the 960,000-square-foot building through 2035. Curtis Dean of CD Commercial Real Estate Services represented Hazen & Sawyer, which has been a tenant at the building since 1999, in the lease negotiations. Matt Coudert and Andrew Conrad internally represented the landlord, George Comfort & Sons.

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