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578 units in Washington D.C. Metro and Orlando, Florida Avanath acquires two affordable communities for nearly $100 Million

ISSUE HIGHLIGHTS Volume 31, Issue 23 December 13 - 26, 2019

PISCATAWAY, NJ — Rockefeller Group , a real estate developer, owner and operator, along with joint venture partner PCCP, LLC , announced that SHI Interna- tional, one of North America’s top 10 largest IT solutions providers, has purchased a 396,750 s/f building in Rock- efeller Group Logistics Center for $59.5 million. SHI will use Management, LLC , a private real estate investment manag- er and Registered Investment Adviser, has purchased two affordable apartment commu- nities with a combined total of 578 units in Alexandria, VA – a city in the Washington D.C. Metro area – and Orlando, FL. The assets were acquired for a combined total of $99.175 million, according to JohnWil- liams , president and CIO of Avanath Capital Management. “Both the Washington D.C. Metro and Orlando markets align well with Avanath’s in- vestment strategy of targeting markets with strong economic, job, and population growth where home affordability is be- coming increasing more difficult and market-rate rents continue to rise,” said Williams. “These A LEXANDRIA , VA and ORLANDO, FL — Avanath Capital

nine for specialized mechani- cal, electrical and plumbing equipment to support SHI’s data operation; and increased roof load to accommodate a solar rooftop application. The building is located at 400 Ridge Rd. in Piscataway. “This new facility allows SHI to scale with customer demand as organizations increasingly adopt and deploy hybrid cloud and data center technologies,” said Thai Lee, president and CEO of SHI International. “Rockefeller Group Logistics Center has the infrastructure in place to support our techni- cal needs and the location is ideal for our company as we continue to grow nationally. This state-of-the-art data cen- ter adds to our footprint in New Jersey, and positions SHI to have the largest IT integra- tion footprint east of Chicago.” Cushman & Wakefield’s Stan Danzig, Jules Nissim and Marc Petrella repre- sented the seller. Cushman & Wakefield’s Shawn Straka represented the buyer.  submarkets are undergoing significant growth, which Williams says is in part due to Amazon’s planned second headquarters in Crystal City, Virginia, less than 7 miles from Alexandria Station. Avanath Capital Manage- ment also purchased Brooke Commons, a 288-unit mixed income community in Orlando, FL for $46.5 million. Built in 2000, Brooke Com- mons is a 99% occupied family community comprising 36 two- story buildings. 5% of the units at the property serve residents that make 55% of AMI, 50% of the units serve residents who make 60% of AMI, and 45% of the units serve residents who make 60-80% of AMI. The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams. 

SPOTLIGHTS

CRE LAW

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CONTRIBUTING COLUMNIST

Alexandria Station Apartments

are some of the nation’s most cost-burdened markets with a demonstrated demand for affordable housing properties. They present opportunities for our firm to invest in proper- ties where we can preserve affordability for residents and produce steady returns for our investors.” Avanath Capital Manage- ment has acquired Alexandria Station, a 290-unit affordable

apartment community in Alex- andria, VA, for $52.675 million. Built in 1965 and renovated in 1998 and 2010, Alexandria Station is a 97% occupied af- fordable family community comprising 25 three-story structures. The property marks Ava- nath’s eighth investment in the D.C. Metro area, including Virginia and Maryland. Alex- andria and its surrounding

Jason Borofsky, CPA, MBA

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UPCOMING CONFERENCES December 17, 2019 6 th Annual NJ Capital Markets Conference December 18, 2019 4 th Annual Philadelphia Apartment Multifamily Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com

SHI International purchases 396,750 s/f building inRockefeller Group Logistics Center for $59.5M

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Rockefeller Group Logistics Center

the building primarily for IT configuration. “The addition of SHI to Rockefeller Group Logistics Center shows the growing diversity of logistics parks, that they can attract uses other than warehousing and distribution,” said Heath Abramsohn , Rockefeller Group vice president and regional director for the New Jersey and Pennsylvania re- gion. “SHI had a unique vision for their integration center,

and we were able to accom- modate them by developing a facility that could serve as a high-end IT configuration center with a large number of employees.” The 396,750 s/f building was developed specifically for an IT tenant. It features 36-foot clear ceiling heights; an 8,000 amp, primary service connection in- cluding a full building backup generator; a chiller plant for tenant data/software equip- ment; a steel platform mezza-

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