CAPRE’s Commercial Real Estate Headlines for November 7, 2019

Check out the latest deals and developments in commercial real estate for November 7, 2019:

  • Blaze Partners Sells The Bluestone Apartments in Bluffton, SC: Blaze Partners has announced the sale of The Bluestone, a 360-unit, Class A apartment community in the Bluffton submarket of Hilton Head, on behalf of its affiliates. Located at 4921 Bluffton Parkway, The Bluestone was acquired in August 2016. Upon purchasing the asset, Blaze quickly set out on an extensive value-add campaign focused on enriching the resident experience and unlocking embedded value at the community.  Property upgrades included a new state-of-the-art clubhouse, redesigned exterior amenities, and premium renovations of interior units. In addition, the asset was rebranded to reposition market perception and reflect the upgraded resident experience. These improvements combined with the strong fundamentals of the Hilton Head market made the property a highly sought-after acquisition target.
  • Newmark Knight Frank Represents Panattoni in $24 Million USD Industrial Land Acquisition in Miami, FL: Newmark Knight Frank has represented Panattoni Development Company in its $24 Million USD acquisition of a 20-acre industrial site in Miami. The deal paves the way for a new infill development project, to be named Gratigny Logistics Park, in a highly sought-after market known for its scarcity of developable land. Panattoni purchased the property at 3000 NW 123rd Street from a NY-based financial services firm. The property is currently home to a vacant dairy plant. PDC plans to immediately redevelop the site with new speculative warehouse space, adding to its growing industrial portfolio in the submarket. Just east of the subject property, PDC is completing construction at Eastview Commerce Center, a new $100 million, 800,000-square-foot Class A business park at NW 24th Avenue and NW 119th Street. The project is more than 50% pre-leased and is expected to become one of South Florida’s premier “last-mile” hubs.
  • SquareFoot Raises $16 Million in Series B Funding to Modernize Commercial Real Estate: SquareFoot has announced a $16 Million USD Series B funding round led by DRW VC. Existing investors, including Triangle Peak Partners, RRE, Rosecliff, and senior real estate executives, also joined the round. The investment brings the company’s total funding to more than $29 Million USD. The new investment will go toward advancing SquareFoot’s mission of delivering creative solutions and tailored options for growing companies in search of new office space. SquareFoot meets clients where they are by offering transparency and education on its online platform and by responding nimbly and adeptly to the needs of today’s businesses. Earlier this year, SquareFoot announced the acquisition of PivotDesk, an office-sharing marketplace that pairs hosts with guests for unused office space. Then, in June, it introduced FLEX by SquareFoot, a first-of-its-kind solution for companies seeking flexibility on lease terms. Thanks to FLEX, doubt and uncertainty for growing companies around signing long-term leases with landlords become a remnant of the past.
  • AirBnb Loses Jersey City Fight in Local Election: The residents of Jersey City have approved restrictions on short-term rental companies in an expensive referendum by an almost 70% to 30% spread. CNBC is reporting that “the regulations will require strict strict permits to operate short-term rentals, as well as impose limitations on which properties are eligible for short-term rental, prohibit using a propert as a short-term rental for more than 60 nights a year if the owner is not present, ban rent-controlled properties from short-term eligibility and create permit fees for operators.”
  • Stellar Management and AKI Development Acquire Queens Property: Stellar Management and AKI Development have jointly purchased a 6,775 square foot parcel of land earmarked for the development of retail and office real estate located at 35-01 36th St, an opportunity zone in Astoria, Queens for $5 Million USD. “Coming off the success of our ground-up development at OTTO Greenpoint, we look forward to breaking ground on this project with the AKI Development team,” said Adam Roman, a Principal and Chief Operating Officer at Stellar Management. “AKI has close ties to the Astoria community and a proven track record that includes six developments in the market.” The building will eventually be comprised of ten floors of Class-A product, ranging from 3,000 square feet to 8,000 square feet.

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