NEW YORK CITY — Cushman & Wakefield has negotiated a 16,749-square-foot, 16-year office lease renewal at 250 Hudson St. in Lower Manhattan. The tenant, Writers Guild of America East Inc., will remain in its space on the seventh floor of the 400,000-square-foot building, which it has occupied since 2010. David Hoffman and Sam Hoffman of Cushman & Wakefield represented the tenant in the lease negotiations. Adam Rappaport and Brett Greenberg represented the landlord, Jack Resnick & Sons, on an internal basis.
ELLENSBURG, WASH. — Community Preservation Partners (CPP) has purchased Crestview Terrace, an affordable housing development in Ellensburg, approximately 110 miles southeast of Seattle. Terms of the transaction were not released. CPP plans to renovate the 168 units at Crestview Terrace, which was built in 1970 and last renovated in 2008. Comprising 76 single-story buildings, the community offers 95 one-bedroom, 36 two-bedroom, 26 three-bedroom and nine four-bedroom units. The property is restricted to residents earning between 40 percent and 50 percent of area median income. Interior upgrades will include the installation of new kitchen cabinets, countertops, flooring, Energy Star refrigerators, dishwashers, ranges, hoods, sinks faucets, low-flow toilets and showerheads, mini-split HVAC units, water heaters, ceiling fans and LED lighting. Exterior upgrades will include window replacement, new roofing and siding, sealcoat and striping of the parking lot, landscape improvements, ADA unit conversions and path-of-travel improvements, as well as the addition of a dog park and community garden. Construction is scheduled to begin this month, with completion slated for July 2025. Each household will be temporarily relocated for seven to 10 days at no cost to the tenants, after which they will return to a fully renovated apartment. The property’s affordability status was set …
FOUNTAIN VALLEY AND SANTA ANA, CALIF. — Northmarq has provided $60 million in loans to Advanced Real Estate for the refinancing for two multifamily properties in Orange County. Alex Kane, Joe Giordani, Brendan Golding and Alvin Cao of Northmarq’s Newport Beach Debt + Equity team arranged the financing through Northmarq’s Freddie Mac Optigo seller-servicer platform. The permanent, fixed-rate loans were structured on 10-year terms with full-term interest-only payments. Northmarq funded $40 million in refinancing for Serena Vista Apartments (built in 1970) in Fountain Valley and $20 million in refinancing for Villa del Sur (built in 1969) in Santa Ana. Totaling 284 apartments, the communities offer one- and two-bedroom floor plans.
PARAMOUNT, CALIF. — CBRE has arranged the sale of Paramount Business Center, a multi-tenant industrial park at 6407-6431 Alondra Blvd. in Paramount, just south of Los Angeles. A local private investor acquired the asset from a publicly traded REIT for $7.6 million. The 30,224-square-foot center features 11 units, ranging in size from 2,025 square feet to 3,794 square feet, with each unit offering 18-foot clear heights, one grade-level door and a high-image storefront. Situated off Interstate 710, the building is 15 miles from both the Ports of Los Angeles and Long Beach. Mark Shaffer, Gerard Poutier, Anthony DeLorenzo, Bryan Johnson and Dylan Rutigliano of CBRE Investment Properties, along with Barbara Perrier and Eric Cox of CBRE’s National Partners, represented the seller in the transaction.
SACRAMENTO, CALIF. — Madera Finra Properties has acquired 1 & 3 Wayne Court, a two-building industrial asset in Sacramento. Terms of the transaction were not released. At the time of sale, the 52,800-square-foot warehouse facilities were 45.5 percent leased. Ryan Sitov, Melinda Marino and Mark Detmer of JLL Capital Markets represented the undisclosed seller in the transaction.
TWENTYNINE PALMS, CALIF. — Marcus & Millichap has arranged the sale of Dollar Tree, a net-leased retail property in Twentynine Palms, just north of Joshua Tree National Park in Southern California. An individual/personal trust sold the asset to an undisclosed buyer for $2.1 million. The 15,506-square-foot Dollar Tree is located at 71737 29 Palms Highway. Dollar Tree has committed to four and a half years on the lease, having recently exercised its five-year option period. There are two additional five-year extension options. The asset occupies a 1.5-acre lot within a 90,000-square-foot retail plaza featuring Stater Bros., Burger King and Total Fitness Gym. Michael Grandstaff and Christopher Hurd of Marcus & Millichap represented the seller, while Karl Markarian of JohnHart Corp. represented the buyer in the deal.
By Taylor Williams Everybody loves a good underdog success story, but sometimes the Goliaths of the world just have too much going for them to get beat by the Davids. All retail owners worth their salt recognize the unique draws that boutique, original concepts bring to their shopping centers. But landlords’ fiduciary responsibilities often dictate that they bring in heavier proportions of national credit tenants that can afford top-dollar rents — all other factors being held equal. And in a market defined by (relatively) high costs of capital, low vacancy, healthy demand for space and rising operating expenses, established brands have the edge. “The market definitely favors national credit tenants that are well-financed and have hundreds if not thousands of locations,” says Will Majors, senior vice president in CBRE’s Austin market. “At minimum, it favors franchised locations with national corporate offices that support the franchisees.” According to data from CBRE, the direct availability rate for retail space in Dallas (not the metroplex as a whole) stood at 4.8 percent at the end of the first quarter, essentially unchanged from a year ago. In Austin, the availability rate currently clocks in at 3.4 percent, just 10 basis points higher on a …
QUEEN CREEK, ARIZ. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the development of 54,000 square feet of restaurant, retail, residential and office space. The retail portion of the development will include a 3,800-square-foot Postino wine café and an 11,900-square-food restaurant called The Porch, which will include an expansive outdoor patio. Creation plans to break ground on the multi-phase project later this year. Phase I is scheduled for completion in early 2026. The development team includes Dallas-based architect GFF Design and general contractor LGE Design Build. Creation is a real estate development firm with dual headquarters in Phoenix and Dallas. The company has a $4.5 billion pipeline of ground-up development currently underway across six states. — Katie Sloan
John Ramous, Nevada region partner at Dermody Properties, discusses how the southern part of the state’s various regions have evolved into industrial hubs — and what the firm is doing to capitalize on this. WREB: What is it about Las Vegas and its fundamentals that have made it an ideal place for industrial? Ramous: There are several key fundamentals driving Las Vegas’ — or Southern Nevada’s — growth as a comprehensive industrial and regional logistics hub. It’s strategically located near Southern California and other major West Coast markets, maintains a business and tax-friendly environment, has a supportive infrastructure, a streamlined permitting process, a focus on sustainability and a large, talented workforce with competitive labor costs. All these factors make this region an ideal place for industrial and logistics, as well as a very attractive location to work, live and conduct business. WREB: Can you tell me more about your Apex project? Ramous: Apex Industrial Park is becoming a primary center for larger and scalable logistics facilities, advanced manufacturing, technology and other distribution uses. Located in North Las Vegas off Interstate 15, it is luring major companies to the region, benefiting the entire Southern Nevada market. Trucks are arriving full …
FLOWER MOUND, TEXAS — Dallas-based Realty Capital will develop a 181-room hotel in Flower Mound, located in the northern-central part of the metroplex. The 12-story hotel will be located within the 160-acre Lakeside Village mixed-use development and will be operated under the Autograph by Marriott family of brands. The property will also include 21 for-sale residences across the top three floors. Amenities will include a pool, spa, ballrooms, fitness center, a lakefront wedding chapel, an outdoor music amphitheater and several lakefront restaurants.