NEW YORK CITY — Avison Young has negotiated the $15 million sale of a mixed-use building in Queens. The property at 92-40 Queens Blvd. consists of 60 residential units, five retail spaces and two office spaces. At the time of sale, the property was 97 percent leased across all its residential and commercial components. James Nelson, Neil Helman, Charles Kingsley, Jon Epstein, Frederick Richter and Bradley Rothschild of Avison Young represented the seller, The Feil Organization, in the transaction. Aaron Jungreis of Rosewood Realty Group represented the buyer, A&E Real Estate Holdings.
LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
NEW YORK CITY — New York City-based investment firm iStar Inc. (NYSE: STAR) has entered into an agreement to sell its portfolio of net-leased office, industrial and entertainment properties for roughly $3 billion. The properties are located in various markets throughout the country and total approximately 18.3 million square feet. The buyer is an affiliate of New York City-based private equity firm Carlyle Group. The deal is expected to close before the end of the first quarter. The stock price of iStar Inc. closed at $24.94 per share on Wednesday, Feb. 2, the first full day of trading after the deal was announced. The stock price is currently up more than 50 percent from its mark of $15.81 a year ago.
FOXBOROUGH, MASS. — The Kraft Group has selected Boston-based general contractor Suffolk as its construction partner for the redevelopment of Gillette Stadium, the home of the NFL’s New England Patriots and MLS’ New England Revolution. The stadium was built in 2002 and is located south of Boston in Foxborough, Mass. The redevelopment will feature a redesigned plaza leading into the stadium, including an enhanced lighthouse. In addition, the north end of the stadium will be renovated with 75,000 square feet of hospitality and event spaces that bridge the gap between the East and West Putnam Clubs, the Dell Technologies Suite Levels and the upper concourse. The development team expects to complete the project in advance of the 2023 NFL season.
YONKERS, N.Y. — Callahan Construction Managers has broken ground on a 440-unit multifamily project at 57 Alexander St. in the northern New York City suburb of Yonkers. Designed by Perkins Eastman and developed by Rose Associates, the seven-story waterfront community will offer a mix of studio, one- and two-bedroom units. Amenities will include a pool, fitness center, outdoor grilling and dining areas, golf simulator, coworking lounge and a game room. The development team expects to deliver the project in phases throughout 2023.
MAHWAH, N.J. — CBRE has negotiated the $17.5 million sale of an industrial development site located at 1000 MacArthur Blvd. in the Northern New Jersey community of Mahwah. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, Matthew Saker and Patrick Cavanagh of CBRE represented the seller, TD Bank, in the transaction. The team also procured the buyer, a partnership between Russo Development and PGIM. The new ownership has secured approvals to develop a 200,000-square-foot building. Demolition of the existing 60,000-square-foot structure on site is set to begin in the coming days.
UNION, N.J. — New Jersey-based developer Landmark Cos. has received approval from The Union Township Planning Board to develop an 85-unit multifamily project in the Northern New Jersey community. The project, which includes a two-story parking garage with spaces designated for both public and resident use, represents Phase V of the company’s CENTURION Union Center development. Upon completion of this phase, the transit-oriented property will feature approximately 320 residential units and 27,000 square feet of retail space.
PHILADELPHIA — Equus Capital Partners has acquired a 5.4 million-square-foot industrial portfolio located across the Sun Belt and East Coast. The properties were purchased from Prologis for $900 million, according to the Philadelphia Business Journal. The 75-property portfolio primarily comprises multi-tenant, infill, shallow-bay assets located across seven major distribution markets in Texas, Florida, Georgia, South Carolina and Virginia. The acquisition was made on behalf of the company’s sponsored value-add fund, Equus Investment Partnership XII L.P. The portfolio was 98 percent leased to 250 tenants at the time of sale, which included e-commerce, logistics providers, manufacturing, business-to-business and business-to-consumer users. Equus made headlines with another large-scale industrial acquisition in October of last year, buying a 7.3 million-square-foot industrial portfolio in Arizona for $1.1 billion. “We remain disciplined in our approach to appropriately scaling our industrial holdings across the U.S. on behalf of our investment partners,” says Kyle Turner, partner and director of investments for the Philadelphia-based firm. “This most recent investment further diversifies our platform holdings in the industrial sector and provides access to dynamic distribution locations poised to benefit from improving industrial fundamentals and sustained population growth,” he continues. Kyle Turner, Tim Feron, Laura Brestelli, Joe Felici, Scott Miller and Ryan Klancic …
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Web-Based Multifamily Valuation Enhances Speed, Builds Better Predictions
The future of multifamily valuation requires flexibility and the use of technology to process data faster and more reliably. Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop, spoke to Finance Insight about why multifamily valuations in particular are well suited to a web-based machine learning approach, resulting in faster appraisals with increased reliability. Finance Insight: How does the Walker & Dunlop Apprise program differ from traditional residential valuation programs? Czechowski: We’re focused on multifamily with our tech-enabled process. Most appraisal reports on the commercial side (multifamily included, that is, five units and up) are completed using a web-based database, and those databases are typically blank slates. When you’re entering sale comparables, rent comparables or other data, most people are starting from scratch and usually using an analyst to record that comparable information that then feeds into a database. The Apprise team of appraisal experts uses our Apprise application, which is a proprietary web-based system. It uses the property record database; therefore, it is not a blank slate. It has over 2.5 million multifamily records flowing into it from a public record aggregator and various industry resources like REIS, RCA and Yardi, using direct integration and …