DEDHAM, MASS. — JLL has arranged the recapitalization of Legacy Place, a 580,000-square-foot retail power center in Dedham, a southwestern suburb of Boston. The open-air center was built on 37 acres in 2009 and was 99 percent leased at the time of recapitalization to tenants such as Whole Foods Market, Apple, Lululemon, Nike and L.L. Bean. Chris Angelone, Zach Nitsche and Hugh Doherty of JLL represented Nuveen Real Estate, which sold its unquantified interest in the property to Madison International Realty, in the transaction. WS Development remains the principal owner of Legacy Place.
SOUTHAVEN AND OLIVE BRANCH, MISS. — JLL Capital Markets has brokered the sale of two distribution centers totaling 589,598 square feet in the Mississippi suburbs of metro Memphis. The properties include Stateline Building K in Southaven and Crossroads Building L in Olive Branch. Tulsa-based real estate firm Sealy & Co. was the buyer. The sales price was not disclosed. Motivational Fulfillment & Logistics Services leases the 347,604-square-foot Stateline K facility, and American Music Supply occupies the 241,994-square-foot Crossroads L property. Both assets feature 32-foot clear heights, ESFR sprinkler systems, parking spaces and flexible layouts to accommodate single or multi-tenant uses. Matt Wirth, Britton Burdette, Dennis Mirtchell and Jim Freeman of JLL represented the seller, IDI Logistics LLC, in the transaction. Jack Wohrman of JLL handles leasing efforts for the property.
RICHMOND, VA. — Cushman & Wakefield has brokered the sale of White Oak Village Center, a 397,605-square-foot shopping center located at 4501-4591 S. Laburnum Ave. in Richmond. Pennsylvania-based Triple BAR Group acquired the property, which was 94 percent leased at the time of sale, from an undisclosed seller. The sales price was also not disclosed. Publix, Michaels, PetSmart and JCPenney anchor the center. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented the seller in the transaction.
WILMINGTON, N.C. — Flagship Healthcare Properties has purchased a 153,526-square-foot office building located at 3601 Converse Road in Wilmington. The Charlotte-based company acquired the property through Flagship Healthcare Trust for an undisclosed price. The seller was also not disclosed. The three-story office building was built as a single-tenant property and was formerly home to Verizon Wireless. Flagship is underway on the conversion of the office building into an outpatient healthcare campus dubbed Flagship Medical Plaza. Novant Health has signed a lease to occupy two floors at the project beginning in 2025. The tenant’s planned services at the clinic will include specialized physicians, lab services, imaging and infusion therapy, according to Ernie Bovio, president of Novant’s coastal region. Novant operates the Novant Health New Hanover Regional Medical Center hospital, which is located two miles from Flagship Medical Plaza.
GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.
WHIPPANY, N.J. — Coldwell Banker Realty New Homes has begun leasing 34 Eden, an 81-unit apartment complex located in the Northern New Jersey community of Whippany. Units come in one-, two- and three-bedroom formats and range in size from 690 to 1,500 square feet. Amenities include a pool, fitness center, resident lounge, business center and a pet wash station. The first move-ins will begin in August. Rents start at roughly $3,000 per month for a one-bedroom apartment. The owner/developer was not disclosed.
‘Conference Season’ is Underway and Early Feedback Shows Concern Over Low Deal Volume, Office Sector
By Brennen Degner of DB Capital Management The early part of the real estate industry’s “conference season” brings many quality catch-up conversations, and those talks have included concerns. The biggest takeaways from the expert exchanges regarding the broader market are stagnation in transaction volume, office becoming a four-letter word and, most worrying, the limited number of active deals getting re-traded as though it were the new industry standard. Regarding transaction volume, the majority of individuals I had the pleasure of connecting and reconnecting with maintain that the first quarter will be slow as all eyes are on the February and March moves to be made by the Federal Reserve. The consensus seems to be a couple additional 25 basis point rate increases — modest compared to what was seen through the second half of 2022 — and then some pricing stability while the Fed monitors the impact now making its way into the capital markets from its 2022 moves. Once that leveling off occurs, transaction volume should increase rather quickly as there is significant idle capital that needs to be put to work, along with sellers sitting on the sideline waiting for capital market stability. Regarding office real estate woes, …
KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the high school’s original 1908-era building are being preserved and restored, as are the original hardwood floors and …
HOUSTON — Impact Networking, an Illinois-based provider of cloud-based cybersecurity and marketing services, has signed a 16,000-square-foot office lease at East River, a 150-acre mixed-use development in Houston’s Historic Fifth Ward. Locally based developer Midway is underway on vertical construction of the first phase of East River, which includes office, retail and restaurant space. A timeline for Impact Networking’s move-in was not disclosed. Midway also recently announced an initial slate of retail and restaurant tenants that have committed to East River.
WILKES-BARRE, PA. — Colliers International has arranged the sale of a 50,000-square-foot office building in Wilkes-Barre, located approximately 100 miles north of Philadelphia. Situated at 15 South Franklin St., the 10-story office building was completed in 1920. The buyer plans to convert the building to apartments or condos, possibly with commercial or office components. Law firm Rosenn, Jenkins & Greenwald has operated its headquarters at the building since 1954 and will relocate to Cross Creek Pointe at 1065 Route 315 in Plains. Jeff Algatt and John Susanin of Colliers represented the seller, a group of locally based private investors. The buyer was Franklin Downtown LLC, based in Somerset, New Jersey. The sales price was undisclosed.
Newer Posts