Orange Capital Advisors sold The Lively at Drayton Mills, a 297-unit apartment community to BridgeGaps. Located at 225 Milliken St. in Spartanburg, South Carolina, the property features studio, one-, two- and three-bedroom apartments and amenities inclide a walking/biking trail, dog park, bocce ball court, fitness center and swimming pool.
Newmark arranged a $77.2 million loan for the refinancing of Onyx Tower, a 28-story office tower in Aventura, Florida. The Onyx Tower, delivered in 2023, features amenities including a rooftop pool, fitness center and electric vehicle charging stations. Blanca Commercial Real Estate manages leasing for the property.
A joint venture between Third & Urban and TPG Angelo Gordon secured a $51.4 million loan to refinance three buildings and 250,000 square feet of Lower Tuck, an adaptive reuse office and retail project in Charlotte, North Carolina. Barings provided the floating-rate, full-term, interest-only loan, arranged by CBRE’s Brian Linnihan, Mike Ryan, Richard Henry and JP Cordeiro. The refinancing will support the development of speculative suites and enhance the 'live-work-play district' in West Charlotte. The project includes a 400,000-square-foot adaptive reuse initiative converting warehouse space into retail and office properties, with specific buildings at 929 Jay St., 1018 Jay St. and 800 Gesco St.
Ares Management expanded its industrial holdings in South Florida by acquiring the former Miami Herald headquarters in Doral from Panattoni Development for $25.9 million, a $4 million loss for Panattoni. Panattoni initially purchased the 9-acre site for $29.9 million with plans to redevelop it into warehouses but abandoned the project after partial demolition. The property, located at 3511 Northwest 91st Ave., was developed in 1997 as the headquarters for the U.S. Southern Command.
Genting Group sold the 0.8-acre land assemblage to a partnership led by SF QOZ Fund I. The partnership, which includes McCaffery Interests and Grandview Development, plans to develop a mixed-use apartment tower with luxury rentals, workforce housing and retail space. The project is incentivized by Florida's Live Local Act, which encourages developers to allocate at least 40% of residential units for workforce housing. The site is located in Miami's Arts & Entertainment District and is zoned for high-density development.
An affiliate of Austrian bank Bawag Group, in partnership with CP Group, placed the highest bid for the office park in Buckhead, Georgia. The 46-acre property has 14 office buildings. The transaction was an all-cash deal and the buyers plan to renovate lobbies and conference centers, expand fitness facilities, add food and beverage locations and update outdoor and common areas to focus on hospitality on the campus.
Mesa West Capital provided a the loan for the refinancing of The Ames, a 304-unit Class A apartment community in Summerville, South Carolina, a suburb of Charleston. The Ames, located at 3800 Zephyr Rd. within the Nexton community, offers a mix of studio, one-, two- and three-bedroom layouts with amenities including a resort-style pool, outdoor amphitheater and fitness center.
DS Graphics sold the 128,678-square-foot flex industrial asset in Lowell, Massachusetts, to the Finishing Trades Institute of the Northeast. This transaction marks the first change of ownership for the property in over 30 years. The facility is located at 120 Stedman St. and includes a two-level office component and is situated on nearly 6 acres. Built in 1972, the property features a 165-foot truck court and parking for 155 cars.
Kaiser Permanente sold its regional headquarters, a 222,462-square-foot office building at 2101 E. Jefferson St. in North Bethesda, Maryland. The seven-story building had been vacant since Jan. when Kaiser moved its headquarters to Hyattsville, Maryland. The property was completed on a 4 acre plot in 1985 and features 31,781-square-foot floorplates and 235 parking spots. It was previously acquired by Kaiser Foundation Health Plan of the Mid-Atlantic States in 1992 for approximately $20.4 million.
Cushman & Wakefield facilitated the sale of the vacant bank branches in Northern New Jersey, representing the regional and national banks selling the properties. The properties, located in Hillsborough, Franklin, Morganville, Elmwood Park, Montclair and Bayonne, present opportunities for repurposing or redevelopment. The the identities of the private buyers were not disclosed.
East Capital Partners acquired the Airport Trade Center, a three-building light industrial property in Miami, from Link Logistics. The 371,976-square-foot property, located near Miami International Airport, was purchased by Link Logistics for $56 million in 2019. The site features climate-controlled buildings with cross-dock access, loading doors and dock bumpers and underwent renovations in 2014.
TruAmerica Multifamily acquired Chase Heritage Apartments, a 236-unit garden apartment community in Sterling, Virginia, from McDowell Properties. The company plans to renovate interiors and enhance common area amenities. The deal was facilitated by IPA Mid Atlantic senior managing directors Robert Dean and Jonathan Greenberg, who represented the seller. The property was built in 1986 on a 15-acre plot at 1212 Chase Heritage Circle.
Time Equities made its first NYC multifamily acquisition since 2015 by purchasing a rent-stabilized apartment building in Brooklyn from Lightstone Management. The acquisition was financed with a $9.2 million mortgage from M&T Bank. The 38-unit building at 323 E. 19th St. is 100% rent-stabilized.
Harbor Group acquired a portfolio of 3,590 garden-style units from a joint venture including David Werner, Onyx Partners and Carlton Associates. The properties are located in South Carolina, Louisiana, Georgia and Tennessee, with a 95% occupancy rate and 15% recently renovated.
JLL secured the financing for Rockrose's luxury multifamily property, located at 110 Horation St. in the West Village. The property, is 98.7% occupied with 152 renovated units, including 87 studios, 42 one-bedrooms, 18 two-bedrooms and five penthouse units. Amenities include a 24-hour attended lobby, landscaped roof terrace, lounge, bike room, laundry facility and fitness center.
Stanbery Development Group sold the Pinellas County property at 7590 Starkey Rd. to a private investor based in New Jersey. The property consists of a 28,461-square-foot building on a 3.6 acre lot. The building last sold for $5.24 million in 2019.
Princeton Sports sold the property at 6239 Falls Rd. to the local firm. Plans for the property, which includes a 15,000-square-foot, multi-level retail building and a 67-space parking lot on a 1-acre plot, were not made public.
A Boston-based private equity firm, Taurus Investment Holdings, acquired 12 Class-B industrial properties across three counties in Metro Atlanta, totaling 814,000 square feet, from Blackstone subsidiary Link Logistics. The properties are 96% occupied with 40 tenants and Taurus expects demand to rise due to high construction costs limiting new development. The price was undisclosed, but the properties were acuired by Link between 2014 and 2018 for $4 million to $11.5 million each. Properties in the portfolio include 2140 and 2150 Newmarket Pkwy.; 1000, 1100 and 1200 Williams Dr.; 300 Town Park; 11350 Old Roswell Rd.; and a four-building complex off Oakbrook Parkway in Norcross.
Faropoint, a New Jersey-based investment firm, acquired a 60,000-square-foot industrial flex building on a 4.7-acre site in Bristol, Pennsylvania, a northeastern suburb of Philadelphia. The property, located within Keystone Industrial Park, has been occupied by Estee Lauder for 30 years. The transaction was brokered by Jeff Licht and Jared Licht of NAI Mertz, with the seller remaining undisclosed.
The company acquired two distribution facilities situated within the Georgia International Trade Center in the Savannah market and two warehouse/distribution facilities located in Upton Crossing, a warehouse campus in Wilmington, Mass. The Davis Cos. sold both assets. Hines also acquired I-85 Logistics Center, an industrial property in the Greenville-Spartanburg metro in South Carolina's Upstate region from an undisclosed seller. The properties in Savannah and South Carlina were fully leased, and the properties at Upton Crossing in Wilmington were 81% leased.
The firm paid $74.7 million per acre for the site at 700-799 Brickell Ave. The seller, Swire Group, planned to build a 1,000-foot-tall office tower on the site before opting to sell. The Melo Group did not divulge its plans for the site.
The buyer plans on turning the former 12-story hotel at 98 Montague St. into rental housing. The hotel was held by Beach Point Capital, which owned the debt on the 187,200-square-foot property at Hicks Street, and gained control of the site after being the winning bidder at a court-ordered foreclosure auction. SomeraRoad didn't release a timetable for the site revamp.
The loan is to refinance 110 Horatio Street, a 152-unit luxury multifamily property in Manhattan's West Village. Located just along the Hudson River, 110 Horatio Street is an eight-story building that opened in 1987. The complex was 98.7% occupied at the time of sale.
A JV between Parkway and Silverpeak sold a 705,000-square-foot facility at Lakeland Central Park, an industrial development in Lakeland, Florida. Ashley Furniture Industries purchased the building. Located on 48 acres at 1415 Winston Park Blvd., the cross-dock facility features a 40-foot clear height, as well as parking spaces for 444 cars and 183 trailers.
The loan is to refinance Westshore Palm Bay, a 248-unit luxury property in Palm Bay, Florida. Located on almost 13 acres at 2331 Commerce Park Dr. NE, the community consists of four three- and four-story buildings. Common-area amenities include a fitness center, clubhouse, swimming pool with sun shelf and a business center.
The firm scooped up a 170-unit luxury multifamily rental property in Long Branch, New Jersey. Completed in Dec. 2023, Ocean Gate includes a mix of upscale one-, two- and three-bedroom homes and amenities such as a 16,000-square-foot clubhouse, a heated pool, a tiki bar and a fitness center. The 11.63-acre property, located off Ocean Avenue, was sold by an undisclosed seller.
The firm purchased the 36,000-square-foot development site at 1800 Park Ave. The seller, The Durst Organization, bought the site in 2016 for $91 million, though plans to develop the site into residential units eventually fell through. Clipper Equity didn't comment on its plans for the site.
The company will use the loan to refinance 829 Garfield, a 110-unit apartment building in Jersey City. Built in 2022, the property offers fully-furnished two- and three-bedroom units. The property also includes 10,100 square feet of retail space.
A JV between Lincoln Property Co. and Ullico Investment Advisors used the loan to acquire a 138,852-square-foot industrial property in Hamilton, New Jersey. Built in 1990 and renovated in 2024, the facility sits on a 13.6-acre site at 861 Sloan Ave. The property features a clear height of 38 feet and 13 dock doors with the capacity to add five more, as well as parking for 210 cars and 10 trailers.
The organization purchased the Laburnum Park Shopping Center in Richmond, Virginia. Located at 4320, 4356, and 4396 S Laburnum Ave., the 61,060-square-foot shopping center features two in-line retail buildings, a standalone retail pad and a bank pad. The seller was a private citizen.
A JV between Fairstead, Alexandria Redevelopment and Housing Authority and The Communities Group will use the loan for the ground-up redevelopment of Old Town Alexandria's historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units with amenities.
The loan, for a JV between Woodfield Development and Flagler Realty & Development, is for a mixed-use project on leased land in West Palm Beach. The 6.5-acre site at 8111 S. Dixie Highway is under construction, set for completion in 2026, and is slated for 358 apartments and 19,000 square feet of retail space. Apartment complex amenities will include a pool, coworking space and a sky lounge.
The loan is for the developer's 247-unit The Park at SouthSide Works project, which was built in 2024. Located along the Monongahela River at 2695 South Water St., the seven-story development consists of a mix of one-bedroom apartments and two-bedroom townhomes. Community amenities include a pool, a courtyard with grilling area and a fitness center with yoga room.
The developer and operator secured the loan for Elevate Navarre, a 332-unit multifamily complex in Navarre, Florida. Located at 1900 Elevate Ave., the complex includes nearly a dozen three-story buildings holding one- to three-bedroom apartments, as well as 565 parking spaces. Amenities include a pool, a clubhouse, an on-site leasing center, a fitness center and a pet spa.
The firm purchased the storefront at 111 Mercer St. in SoHo. The property is a 4,000-square-foot, two-level berth and has been home to a women's apparel company for 16 years. The seller was Veracity Equities.
The firm successfully closed a $22 million loan to refinance a 145-unit multifamily property in Tampa, Florida. The apartment community offes one-, two- and three-bedroom units with amenities including a fitness center, swimming pool and communal green spaces, catering to a diverse tenant base. The loan was structured to retire existing debt and provide the borrower with additional capital for property improvements and operational flexibility.
The firm acquired office and retail property in Pittsburgh's Strip District, which includes 94,580 square feet of office space and 31,405 square feet of retail space. Located outside of downtown Pittsburgh, the property is fully leased to four tenants. The property was originally a warehouse but was redeveloped into a flexible, energy-efficient space to house multiple tenants.
CenterSquare Investment Management bought the Village at Causeway shopping center at 10284 Causeway Blvd. in Brandon. The seller was Bisset-Hayes McGrath Dillion, which paid $1.48 million for the property in 1984. The center was built in 2019, sits on 6.59-acres and is fully leased.
Virginia Commonwealth University (VCU) paid for $7.2 million for the six-level garage at 1410 E. Cary St. in Richmond, Virginia. The seller was Jim Farinholt, a former investment banker who developed the deck in the 1980s. With around 890 spaces, the deck is one of the largest stand-alone parking decks in the city, and the seller regularly leased it out to local businesses.
The loan is for the company's Logistics 16 at Ottawa Farms, a 1 million-square-foot industrial complex near Savannah, Ga. Located at 610 Bloomingdale Rd., the property opened in 2024 with three industrial buildings and is currently over 80% leased. McCraney plans to add six more buildings to the complex.
The firm acquired three retail properties at 224, 232 and 234 Canal St., in New York City's Chinatown, from George Terranova. The three retail buildings comprise a total of 52,764 square feet, with 224 Canal standing at seven stories, 232 Canal at eight stories and 234 Canal at two stories. All properties are fully leased.
The loan is for the acquisition of an office and mixed-use property in Tinton Falls, New Jersey. One Commvault Way is a 277,000-square-foot asset serving as the corporate headquarters of cybersecurity firm Commvault. The seller was undisclosed and the buyer plans to upgrade coworking, restaurants, retail and recreation spaces.
The refinancing loan is for Ridge Avenue Apartments, a 32-unit multifamily project in Philadelphia. The five-story building includes 8,000 square feet of ground-floor retail space and amenities including a fitness center and a rooftop terrace, as well as off-street parking. A portion of the loan will be used to complete the project's construction.
The company acquired a 5.8-acre industrial service and outdoor storage property in Lincoln Park. Located at 131 Beaverbrook Rd., the property includes a 33,000-square-foot maintenance facility and warehouse and a 10,000-square-foot ancillary office building. Ridgecut Road plans to renovate the exterior lighting, repave and patch the asphalt parking lot, refresh the office space and repaint the buildings' interior and exterior. The terms of the deal, including the seller and sales price, weren't disclosed.
Sites the companies sold include 2160 Bolton St., a 6-story, 71-unit Art Deco rental near the Bronx Zoo; 3013 Valentine Ave., a 49-unit postwar offering; and 2780 University Ave., a 101-unit mixed-use version with a retail space. The company was a JV between PH Realty Capital and Rockledge. The 34 properties, which have 2,021 total units in neighborhoods such as Wakefield, Norwood and University Heights, were acquired in 2014 for $253.4 million.
The developer bought the 27-story office tower at 6 East 43rd St. from Milstein Properties. Vanbarton plans to convert the roughly 300,000-square-foot office property into 450 to 500 rental apartment units. The fate of the businesses stationed in the building has yet to be decided.
The firm acquired The Palms at Edgewater, a 288-unit multifamily community located in Summerville, South Carolina. Built in 2023, URS says The Palms at Edgewater features modern amenities, strong in-place occupancy and day-one cash flow. The seller was undisclosed.
The firm acquired a 125,000-square-foot mixed-used property located in Pittsburgh's Strip District for $43.8 million. The former warehouse has been redeveloped to include 94,580 square feet of office space and 31,405 square feet of retail. The property, unloaded by an undisclosed seller, is fully leased.
The loan is for the refinancing of a 115,084-square-foot industrial facility located at 500 W. Main St. in the Northern New Jersey community of Wyckoff. Built in 1966, the shallow-bay property features a clear height of 21 feet, six dock doors, nine drive-in doors and 115 parking spaces. The facility was fully leased to 12 tenants across manufacturing, distribution and service industries.
The firm sold 354 and 356 State St. in the Brooklyn neighborhood of Boerum Hill to Penn South Capital. The adjacent properties, completed in 1920, each stand five stories tall and have 40 rental units across them. Neither of the buildings have any available units.
The company bought the 41-story building at 590 Madison Ave. from the State Teachers Retirement System of Ohio for nearly $1.1 billion, with neither company commenting on the purchase. RXR will take over the landmarked office property, known as the IBM Building, in one of the biggest sales in New York City for an office property since the pandemic. Current tenants of the office tower include luxury retailer LVMH, financial services firm E.F. Hutton and private equity firms Crestview Partners and Apollo Global Management.
The loan refinances the Ritz Carlton resort on Miami's Key Biscayne. The 275,000-square-foot property at 455 Grand Bay Dr. closed last week for renovations and is scheduled to reopen in December. The upgrades to the 17-acre property will be mostly cosmetic, such as adding soft beige tones and lush greenery to "evoke the sand and seas."
A JV between PEBB Enterprises and Banyan Development sold The Shoppes at the Heart of Tradition, a 71,000-square-foot shopping center located within the master-planned community of Tradition. Tenants at the shopping spot include ALDI, Papa Johns Pizza and a mix of assorted retail, restaurant and beauty products outlets. The buyer was 4Y Plaza.
The Village at Causeway, a 27,860-square-foot retail center located in Tampa, was sold by an unnamed private developer to an unnamed strip center investor. Built in 2019, the center holds 13 tenants, including Canopy Road Cafe, Game Over Tampa, Jimmy John's, Strandhill Social, OneZo and PT Solutions. The center is situated on 6.6 acres.
The firm sold 522 Fifth Avenue, a 600,000-square-foot office building in Midtown Manhattan. The 23-story building was originally constructed in 1896 and previously served as the corporate headquarters facility for both JPMorgan and Morgan Stanley. RFR acquired 522 Fifth Avenue for $350 million in 2020 and redeveloped the building, enlarging the windows and creating over 17,000 square feet of outdoor space. The undisclosed buyer also plans to occupy the building.
The loan is to refinance Meridia Roselle Park, a 325-unit mixed-income multifamily property located in Roselle Park, New Jersey. Built in 2021 and located at 10 Westfield Ave., Meridia Roselle Park 10 has on-site parking, in-unit washer/dryers and keyless entry. Greystone, the lender, says the loan allows Capodagli to cash out at a lower cost of capital and focus on lease-up without urgency.
The firm purchased Building 5 at Mid Florida Logistics Park, a 246,460-square-foot cross-dock facility in Apopka, Florida. The seller was Dogwood Industrial Properties. Fully leased to Kramer America, the facility is located at 3040 Shelby Industrial Dr. and features 36-foot clear heights, four drive-in doors, dock-high doors, a 184-foot-deep truck court and nearly 45 vehicle parking spots.
The firm bought the six-story building at 243 East 13th St. from Thirteen Limited Partnership. The building features ground-floor retail, with all the available space leased, with apartments taking up the remaining floors above. The buyer didn't comment on the purchase or its plans for the building.
A JV between Casco Real Estate Partners and Berkeley Partners sold 295 Union St., a 85,159-square-foot industrial property located in Walpole. Stockbridge acquired the asset.295 Union is leased to a mix of high-credit tenants, including Tesla, Home Depot and Goodyear.
The Reserve at Sawmill, a 149-unit multifamily property in Milford, traded hands from an undisclosed seller to an undisclosed buyer. The property was constructed in 1984 and renovated in 2008. Featuring one-, two- and three-bedroom apartments, as well as five townhomes, the property was fully occupied at the time of sale.