Property Type

Method Co. Opens 33-Room Hotel in Philadelphia’s East Falls Neighborhood

by Taylor Williams March 21, 2024

PHILADELPHIA — Method Co., a development and management firm specializing in apartment hotels, has opened Roost Kelly Drive, a 33-room hotel in Philadelphia’s East Falls neighborhood. The complex is located within The Driftway, a 133-unit residential building. Rooms come in studio, one- and two-bedroom floor plans. Morris Adjmi Architects designed Roost Kelly Drive in conjunction with Method’s in-house team. The company developed the property in partnership with Mexican investment firm Cimbra Partners.

March 21, 2024

Acquisitions Multifamily Northeast Pennsylvania

Greysteel Arranges $8.3M Sale of Eastern Lofts Apartments in Philadelphia

by Taylor Williams March 21, 2024

PHILADELPHIA — Greysteel has arranged the $8.3 million sale of Eastern Lofts, an apartment complex in Philadelphia’s Brewerytown neighborhood. According to Apartments.com, the property was built in 2016, totals 37 units in one-, two- and three-bedroom floor plans and houses an onsite daycare and pet play area. Greysteel represented the locally based seller, Mazzarini Real Estate, in the transaction. The locally based buyer requested anonymity.

March 21, 2024

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $3.1M Sale of Apartment Building in Lowell, Massachusetts

by Taylor Williams March 21, 2024

LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

March 21, 2024

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 12,500 SF Office Lease in Midtown Manhattan

by Taylor Williams March 21, 2024

NEW YORK CITY — Cushman & Wakefield has negotiated a 12,500-square-foot office lease at 277 Park Avenue in Midtown Manhattan. The tenant, ERM Engineering & Consulting Inc., will occupy part of the 20th floor of the 1.8 million-square-foot building. Mark Boisi, Bryan Boisi and Stephen Bellwood of Cushman & Wakefield represented the landlord, The Stahl Organization, in the lease negotiations. Kirill Azovtsev of Savills represented the tenant.

March 21, 2024

Healthcare Leasing Activity New Jersey Northeast

Hackensack Meridian Health Opens 5,550 SF Primary Care Office in Fort Lee, New Jersey

by Taylor Williams March 21, 2024

FORT LEE, N.J. — Regional provider Hackensack Meridian Health has opened a 5,550-square-foot primary care office practice in the Northern New Jersey community of Fort Lee. Five physicians who specialize in family medicine, internal medicine and cardiology will staff the facility, which is located at 301 Bridge Plaza North. An undisclosed physician and his family own the building.

March 21, 2024

California Development Industrial Loans Western

Partnership Receives $756M Financing Package for Speedway Commerce Center Logistics Development in Fontana, California

by Amy Works March 21, 2024

FONTANA, CALIF. — A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, has received a $756 million financing package for the construction of Phase I of Speedway Commerce Center in the Inland Empire city of Fontana. Located at 9300 Cherry Ave., Speedway Commerce Center will be a multi-building logistics project with highly functional, larger scale buildings offering 40-foot clear heights, cross-docked loading, 185-foot concrete truck courts, employee parking, optimal circulation and more than 100 acres for excess trailer parking. Construction is underway at the site, which is entitled for up to 6.6 million square feet of logistics space. The first two buildings are slated for completion in early 2025. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE are handling leasing efforts for the development.

March 21, 2024

California Loans Retail Western

CBRE Arranges $43M Refinancing for El Paseo Shopping Center in South Gate, California

by Amy Works March 21, 2024

SOUTH GATE, CALIF. — CBRE has secured a $43 million refinancing for El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Located at 8634 Garfield Ave., the property features 300,000 square feet of retail space. Current tenants include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE secured the five-year, full-term interest-only, nonrecourse loan for the undisclosed borrower.

March 21, 2024

Acquisitions Colorado Retail Western

M&J Wilkow, MetLife Purchase Chapel Hills East Retail Property in Colorado Springs

by Amy Works March 21, 2024

COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.

March 21, 2024

Loans Multifamily Seniors Housing Utah Western

CFG Provides $16.3M Acquisition Financing for Two Skilled Nursing Facilities in Utah

by Amy Works March 21, 2024

UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The properies, which are in Utah, support a total of 220 beds. The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.

March 21, 2024

Acquisitions California Office Western

Big Sunday Acquires Office Building in Hollywood for $5.4M

by Amy Works March 21, 2024

LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.

March 21, 2024

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