Property Type

SpringHill-Suites-Las-Vegas-Convention-NV

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works January 2, 2024

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

January 2, 2024

Acquisitions California Mixed-Use Western

Progressive Real Estate Partners Brokers $3M Sale of Mixed-Use Development Site in Rancho Cucamonga, California

by Amy Works January 2, 2024

RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a 1.73-acre parcel of vacant land at the northwest corner of Foothill Boulevard and Etiwanda Avenue in the Inland Empire city of Rancho Cucamonga. A Los Angeles County-based private investor sold the asset to a Los Angeles County-based private investor for $3 million. The land is zoned multi-use and is situated less than half a mile from Interstate 5. The buyer also owns the vacant land immediately adjacent and north of the property and is in the initial stages of planning and developing a mixed-use project that will encompass the multiple parcels. Neither a timeline nor specific details have been released. Chris Lindholm and Paul Galmarini of Progressive Real Estate Partners represented the seller in the deal.

January 2, 2024

Affordable Housing Loans Multifamily Northeast Pennsylvania

KeyBank Provides $90.7M in Financing for Affordable Housing Property Near Pittsburgh

by Taylor Williams January 2, 2024

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.

January 2, 2024

Industrial Leasing Activity Northeast Pennsylvania

Lecangs Signs 504,000 SF Industrial Lease in Whitehall, Pennsylvania

by Taylor Williams January 2, 2024

WHITEHALL, PA. — Lecangs, a third-party logistics company and subsidiary of Loctek, has signed a 504,000-square-foot industrial lease at 3585 Church St. in the Eastern Pennsylvania community of Whitehall. According to LoopNet Inc., the single-tenant property was built in 2001. Del Markward and Mike Capobianco of locally based brokerage firm Markward Group represented Lecangs in the lease negotiations. JLL represented the undisclosed landlord. Jeff Collins of Commercial Florida Realty Inc. also assisted in closing the deal.

January 2, 2024

Development Multifamily New Jersey Northeast

KRE Group Begins Leasing 212-Unit Multifamily Project in Bayonne, New Jersey

by Taylor Williams January 2, 2024

BAYONNE, N.J. — Locally based developer KRE Group has begun leasing the third and final phase of Bay 151, a 212-unit multifamily project in the Northern New Jersey community of Bayonne. Designed by Minno & Wasko Architects & Planners, Bay 151 now consists of 625 units in studio, one-, two- and three-bedroom formats, as well as 10,000 square feet of retail space. Amenities include a pool, fitness center, dog park, bocce ball court, outdoor grilling and dining areas, business center, media room and a children’s play area. Rents start at $2,170 per month for a studio apartment. Construction of the 213-unit Phase II began in October 2020.

January 2, 2024

Acquisitions Multifamily New Jersey Northeast

Hudson Atlantic Arranges $20M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 2, 2024

POMPTON LAKES, N.J. — Hudson Atlantic Realty has arranged the $20 million sale of Lakeside Residences, a 52-unit apartment complex located in the Northern New Jersey community of Pompton Lakes. Built in 2022, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, game room and a resident lounge. Adam Zweibel of Hudson Atlantic represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

January 2, 2024

Acquisitions New Jersey Northeast Retail

CBRE Brokers $13M Sale of Three Retail Buildings, Land Parcel in Voorhees, New Jersey

by Taylor Williams January 2, 2024

VOORHEES, N.J. — CBRE has brokered the $13 million sale of three standalone retail buildings totaling 62,358 square feet and an undeveloped land parcel in the Southern New Jersey community of Voorhees. The buildings are situated within the 366,000-square-foot Cedar Hill Shopping Center and are leased to tenants such as Starbucks Coffee, The Vitamin Shoppe, AT&T and Savers Thrift Store. Lowe’s, BJ’s Wholesale Club and Aldi anchor Cedar Hill Shopping Center. Matthew Gorman, Michael Shover, Thomas Finnegan and Rob Thompson of CBRE represented the seller and procured the buyer in the transaction.

January 2, 2024

Acquisitions California Office Top Stories Western

Carolwood Equities Purchases 62-Story Office Tower in Downtown Los Angeles for $153.3M

by John Nelson January 2, 2024

LOS ANGELES — Carolwood Equities LP, a real estate private equity firm based in Beverly Hills, Calif., has purchased Aon Center, a 62-story office tower in downtown Los Angeles. The 1.1 million-square-foot skyscraper is located at 707 Wilshire Blvd. in the city’s Financial District. The $153.3 million sale of Aon Center represents the largest office sale in fourth-quarter 2023 in the Western United States, according to Newmark. The deal is also the largest purchase in downtown Los Angeles last year but sold for 45 percent less than its last purchase price, according to the Los Angeles Business Journal. The media outlet reports that the seller, San Francisco-based Shorenstein Properties, had previously purchased the tower in 2014 for $269 million. Private investors Daniel Abrams and Adam Tischer are part of the new ownership group alongside Carolwood Equities. Tischer, vice president of Colliers’ Los Angeles office, was also part of the brokerage team for the buyer that also included Sean Fulp, vice chair of Colliers. “The ownership group’s acquisition of the iconic Aon Center exemplifies the flow of private capital into Los Angeles, seizing the opportunity created by market dislocation,” says Fulp. “With a new low basis and a well-capitalized owner, Aon Center …

January 2, 2024

Features Industrial

How 3PL Partnerships Allow Industrial Users to Expand with Confidence

by Taylor Williams January 2, 2024

By Eric Voyles, executive vice president and chief economic development officer, TexAmericas Center Pandemic-era supply chain challenges are improving, but obstacles still abound. From an uncertain economic climate to labor constraints, industrial companies are increasingly looking for streamlined and cost-effective solutions to minimize risk while encouraging growth. How can they make these business goals reality? One solution is to partner with third-party logistics (3PL) providers to strategically outsource efforts to keep business growing and thriving. For companies looking to grow and expand, knowing when to outsource 3PL services can lead to more efficient management of assets. Further, engaging in a 3PL partnership provides many perks to help businesses better manage risks associated with labor, warehousing and inventory management, allowing companies to test new markets more confidently. Additionally, companies that are ready to expand to new areas to accommodate growth can consider commercial real estate spaces that offer 3PL services — as well as other considerations to keep in mind when prospecting sites. When to Consider Outsourcing 3PL Services Although supply chain disruptions have improved since the height of the pandemic, challenges like factory shutdowns, snarled shipping routes, extreme weather and labor shortages remain. Economic issues like inflation, which impacts cost …

January 2, 2024

Acquisitions Georgia Retail Southeast

Publix Purchases Matt Town Center in Metro Atlanta for $30M

by John Nelson December 22, 2023

CUMMING, GA — Publix Super Markets Inc. has purchased Matt Town Center, an 81,077-square-foot shopping center located at 5310 Matt Highway in Cumming, roughly 40 miles northeast of Atlanta. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Marietta, Ga.-based Retail Planning Corp., in the $30 million transaction. Publix anchors the property, which was built in 2020. Matt Town Center was 95 percent leased at the time of sale to tenants including Domino’s, Great Clips, North Shore Dry Cleaners, Grand Nails, Sage Dental, Reveille Café, The UPS Store, EasyVet, Dunkin’ and Zaxby’s. The sale also included roughly 3.9 acres of adjacent, undeveloped land that is zoned for retail and office space.

December 22, 2023

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