Property Type

CBRE Arranges $6.3M Sale of Multifamily Community in Fontana, California

by Amy Works August 2, 2023

FONTANA, CALIF. — CBRE has brokered the sale of an apartment property located at 8919 Mango Ave. in Fontana. A local private investor acquired the asset from an undisclosed private seller for $6.3 million. Built in 1973, the community features 25 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 787 square feet. Units offer high-speed internet access, air conditioning, heating and kitchen appliances. Onsite amenities include laundry, carport and surface parking, a secure entry gate and landscaping. Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and seller in the deal.

August 2, 2023

Development Net Lease Nevada Restaurant Retail Western

Bojangles Signs Development Agreement for 20 Restaurants in Las Vegas

by Amy Works August 2, 2023

LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.

August 2, 2023

Development Multifamily New York Northeast Office Top Stories

JLL Arranges $220M in Financing for Conversion of Manhattan Office Tower into Apartments

by Kristin Harlow August 2, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …

August 2, 2023

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Pace of Growth Slows Throughout Boston Retail Market

by Taylor Williams August 2, 2023

By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …

August 2, 2023

Loans Multifamily Texas

NewPoint Provides Agency Loan for Refinancing of 338-Unit Apartment Community in Houston

by Taylor Williams August 1, 2023

HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.

August 1, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Houston

by Taylor Williams August 1, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Holliday Boat & RV Storage, a 292-unit facility that is situated on a two-parcel, 5.2-acre site in Houston. The property, which was constructed in phases between 1990 and 1994, consists of 243 non-climate-controlled units and 49 outdoor parking spaces for a total of 73,993 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.

August 1, 2023

Acquisitions Industrial Texas

STRIVE Arranges Sale of 50,769 SF Industrial Building in Irving

by Taylor Williams August 1, 2023

IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 50,769-square-foot industrial building located at 1440 Corporate Drive in Irving’s Las Colinas district. At the time of sale, the building was fully leased to JVCKenwood, a Japanese multinational electronics company. Parker Tims and Jennifer Pierson of STRIVE represented the seller, a Pennsylvania-based investor, in the transaction. The buyer and sales price were not disclosed.

August 1, 2023

Leasing Activity Retail Texas

Flix Brewhouse Signs 40,000 SF Retail Lease in Mansfield, Texas

by Taylor Williams August 1, 2023

MANSFIELD, TEXAS — Flix Brewhouse has signed a 15-year lease to open a 40,000-square-foot theater at The Shops at Broad, a retail center located in the southern metroplex suburb of Mansfield. Scheduled to open this fall, the venue will feature nine auditoriums and offer in-theater dining service. Sam Kartalis of Younger Partners and John Weber of Weber & Co. negotiated the lease on behalf of the landlord, Trez Capital. The venue will be the fifth in Texas and 10th nationwide for Flix Brewhouse.

August 1, 2023

Industrial Leasing Activity Texas

Partners Real Estate Negotiates 15,000 SF Industrial Lease in Metro Houston

by Taylor Williams August 1, 2023

MISSOURI CITY, TEXAS — Partners Real Estate has negotiated a 15,000-square-foot industrial lease in the southwestern Houston suburb of Missouri City. According to LoopNet Inc., the property at 1519 Industrial Drive was built in 2019 and features 28-foot clear heights and 2,000 square feet of office space. Darren O’Conor of Partners represented the landlord, Bison Warehouse LLC, in the lease negotiations. The tenant was nutritional supplements provider Ekkovision LLC.

August 1, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus Partners Sells 1 MSF Industrial Portfolio in Metro Boston for $167M

by Taylor Williams August 1, 2023

BOSTON — Locally based investment firm Marcus Partners has sold a portfolio of six industrial buildings that total roughly 1 million square feet and are located throughout the greater Boston area. The sales price was $167 million. Three of the buildings are located in Franklin, and the other three are located in Sutton, Peabody and Avon. Chris Skeffington, Scott Dragos and Roy Sandeman of CBRE represented Marcus Partners in the transaction and procured the undisclosed buyer.

August 1, 2023

Newer Posts

Older Posts