Property Type

CBRE Arranges $2.4M Sale of Multifamily Property in Huntington Beach, California

by Amy Works December 22, 2023

HUNTINGTON BEACH, CALIF. — CBRE has arranged the purchase of a multifamily property in Huntington Beach. A San Diego-based 1031 exchange buyer acquired the asset from a Huntington Beach-based private investor for $2.4 million, or $479,000 per unit. Located at 7872 Liberty Drive, the two-story, 3,604-square-foot building features five apartments in a mix of one-, two- and three-bedroom layouts. All units feature spacious floorplans with patios or balconies. The property also offers garage parking and a laundry facility. Recent improvements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. Dan Blackwell and Amanda Fielder of CBRE represented the buyer in the transaction.

December 22, 2023

Acquisitions Retail Texas

NewQuest Properties Sells 14,487 SF Retail Strip Center in Manvel, Texas

by Taylor Williams December 22, 2023

MANVEL, TEXAS — Locally based owner-operator NewQuest Properties has sold The Shops at Sedona Lakes, a 14,487-square-foot retail strip center located in the southern Houston suburb of Manvel. The center was built on 1.6 acres in 2020 and was 91.5 percent leased at the time of sale. Marc Peeler, Rick Ragan, Thomas Turner and Dakota Workman represented NewQuest in the transaction on an internal basis. Johnny Yun represented the buyer, HousKor Realty & Management LLC, also on an internal basis.

December 22, 2023

Industrial Leasing Activity Texas

RAM Surgical Supplies Signs 11,799 SF Industrial Lease in DeSoto, Texas

by Taylor Williams December 22, 2023

DESOTO, TEXAS — RAM Surgical Supplies has signed an 11,799-square-foot industrial lease at Falcon Centre, a 68,098-square-foot complex located in the southern Dallas suburb of DeSoto. Brian Pafford and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, OMO Bros Enterprises, in the lease negotiations. Sarah Mitchell of Mote & Associates represented the tenant, which plans to move in on Jan. 1, 2024.

December 22, 2023

Acquisitions Affordable Housing Development Hospitality Multifamily New York Northeast

Slate, RiseBoro Buy 350-Room Hotel Near JFK Airport, Plan Affordable Housing Conversion

by Taylor Williams December 22, 2023

NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.

December 22, 2023

Delaware Development Northeast Retail

Reybold Group Provides Updates on 17.2-Acre Retail Development in Newark, Delaware

by Taylor Williams December 22, 2023

NEWARK, DEL. — Locally based developer Reybold Group has provided updates on Pencader Corporate Center, a 17.2-acre retail development in Newark. Wawa recently opened a 5,000-square-foot store at the property, and Great New Beginnings will open a 10,000-square-foot early learning center next fall. Pencader Corporate Center will also feature a 12,000-square-foot, multi-tenant retail building, construction of which is expected to begin in March.

December 22, 2023

Acquisitions Development Multifamily New Jersey Northeast

CBRE Brokers $6.1M Sale of Multifamily Project in Bayonne, New Jersey

by Taylor Williams December 22, 2023

BAYONNE, N.J. — CBRE has brokered the $6.1 million sale of a multifamily project that is roughly midway through construction in the Northern New Jersey community of Bayonne. The site at 90 Ave. E will eventually house a 70-unit building. Fahri Ozturk, Richard Gatto and Zach McHale of CBRE represented the seller and developer, Brooklyn-based EOM Realty Group, in the transaction. Hudson Realty represented the buyer, an undisclosed, locally based developer.

December 22, 2023

Industrial Leasing Activity NAI New Jersey Northeast

NAI DiLeo-Bram Arranges Two Industrial Leases Totaling 27,500 SF in Piscataway, New Jersey

by Taylor Williams December 22, 2023

PISCATAWAY, N.J. — Locally based brokerage firm NAI DiLeo-Bram has arranged two industrial leases totaling 27,500 square feet in the Northern New Jersey community of Piscataway. Stelton Sports signed a deal for 17,500 square feet at 527 Stelton Road with plans to open a recreational facility with four pickleball courts, two badminton courts and batting cages for baseball/softball and cricket. The Commencement Group, a supplier of flowers and graduation-related products, is relocating from Newark to a 10,000-square-foot space at 547 Stelton Road. Kelly Bayer and Robert V. DiLeo of NAI DiLeo-Bram represented ownership in both sets of lease negotiations.

December 22, 2023

Leasing Activity New York Northeast Office

JLL Negotiates 13,815 SF Office Lease at 860 Broadway in Midtown Manhattan

by Taylor Williams December 22, 2023

NEW YORK CITY — JLL has negotiated a 13,815-square-foot office lease at 860 Broadway in Midtown Manhattan. The six-story building was originally constructed in 1926 and underwent a capital improvement program in 2019. Seth Hecht and Thomas Swartz of JLL represented the landlord, Gordon Property Group, in the lease negotiations. Michael Movshovich and Troy Elias of Cushman & Wakefield represented the tenant, mortgage servicing platform Valon Technologies, which will occupy the entire fourth floor.

December 22, 2023

Loans Midwest Minnesota Multifamily

JLL Arranges $60.1M in Construction Financing for Minnesota Multifamily Property

by Kristin Harlow December 22, 2023

INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged mezzanine and construction financing totaling $60.1 million for Avalon Apartments and Townhomes in Inver Grove Heights, a southeast suburb of Minneapolis. The apartment and townhome project is set to break ground immediately and will include 244 luxury units as well as 193 parking spaces. Units will come in studios through three-bedroom floor plans. Amenities will include a pool, barbecue area, pickleball court, playground, yoga room, community room, speakeasy lounge, fitness center, golf simulator, business center, rooftop patio and dog run. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson of JLL arranged a $45 million construction loan through Alerus, a provider of business and consumer banking products based in North Dakota. JLL also sourced $15.1 million in mezzanine financing from Centerspace, a real estate investment trust focused on apartment communities throughout the Midwest and Mountain West.

December 22, 2023

Acquisitions Hospitality Midwest Ohio

ADR Signature Acquires 216-Room Embassy Suites Hotel in Beachwood, Ohio for $10.2M

by Kristin Harlow December 22, 2023

BEACHWOOD, OHIO — ADR Signature has acquired the 216-room Embassy Suites by Hilton Cleveland Beachwood hotel for $10.2 million. The property is located at 3775 Park East Drive in Beachwood, a southeast suburb of Cleveland. Amenities include an indoor pool, business center, fitness center, meeting rooms, complimentary breakfast and an onsite restaurant. Starwood Capital Group was the seller.

December 22, 2023

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