The 337,892-square-foot property consists of 16 three-story buildings. Waypoint Residential recently upgraded all unit interiors, which resulted in a notable rent increase and therefore now presents a strong value-add opportunity for the new ownership, according to Cushman & Wakefield.
The campus is currently used for administrative functions of the New York State Office for People with Developmental Disabilities, which occupies four buildings on the site as well as the on-site power plant. In March 2017, ESD issued a Request for Expressions of Interest for the site.
Darby, the president and CEO of The Beach Co., a full-service real estate brokerage, development, management and construction services business, says office tenants are looking for space that is fully-equipped and with all the amenities that will keep their respective workforces productive and happy.
The Court Square City View Tower project at 23-14 44th Drive is being developed by Xu's United Construction & Development and partners Henry Yeung, Brian Pun of FSA Capital and Risland U.S. Holdings, LLC.
The transaction in Huntersville, which closed on July 5, is the largest financing deal for Trez Forman in North Carolina this year. So far in 2018, Trez Forman has lent approximately $98 million in construction and acquisition financing for North Carolina residential projects.
The portfolio Sweden-based Hemfosa will acquire includes office, warehouse and logistic assets and totals approximately 460,000 square meters or nearly 5 million square feet.
Meanwhile, the vacancy rate in the District rose to 14% in Q2 -- an increase of 170 basis points (bps) year over year and the city's highest vacancy rate since 2014.