Property Type

Federal Realty Rebrands 551,000 SF Mercer Mall in Metro Philadelphia, Signs New Tenants

by Taylor Williams October 13, 2023

LAWRENCEVILLE, N.J. — Federal Realty Investment Trust has rebranded Mercer Mall in Lawrenceville, roughly 40 miles northeast of Philadelphia. Moving forward, the property, which totals 551,000 square feet, will be known as Mercer on One. Federal Realty has also signed leases with two new tenants at the property. J. Crew Factory will occupy 6,100 square feet, and Crate & Barrel has opened a 42,000-square-foot store. Additionally, DSW is currently undergoing a full remodel and façade upgrade. Ashton Design led the rebranding effort.

October 13, 2023

Acquisitions Hospitality Northeast Pennsylvania

DoveHill Capital Management Buys 329-Room, Dual-Branded Hotel in Philadelphia

by Taylor Williams October 13, 2023

PHILADELPHIA — Florida-based investment firm DoveHill Capital Management has acquired a 329-room, dual-branded hotel in Philadelphia’s Wynnefield Heights neighborhood. The Hilton hotel was built in 2000 and was fully renovated in 2016, while the Homewood Suites hotel was built in 2005 and fully renovated in 2022. The hotels share 26,000 square feet of amenity space, as well as 1,300 parking spaces, and have jointly benefited from over $10 million in capital investment since 2015. DoveHill’s subsidiary, The Wurzak Hotel Group, will manage the property.

October 13, 2023

Development Multifamily New York Northeast

Slate Property Group Tops Out 162-Unit Multifamily Project in Brooklyn

by Taylor Williams October 13, 2023

NEW YORK CITY — Locally based developer Slate Property Group has topped out a 162-unit multifamily project at 159 Boerum St. in Brooklyn’s East Williamsburg area. Designed by Aufgang Architects, the building will include 49 affordable apartments as well a parking garage, fitness center and a rooftop deck. Slate is developing the property in partnership with Avenue Realty Capital and SD Builders & Construction. Delivery is scheduled for summer 2025.

October 13, 2023

California Industrial Loans Western

JLL Arranges $32.9M Loan for Single-Tenant Industrial Building in San Dimas, California

by Amy Works October 13, 2023

SAN DIMAS, CALIF. — JLL Capital Markets has secured $32.9 million in financing for 300 East Arrow Highway, a single-tenant property in San Dimas, approximately 25 miles east of Los Angeles. Greg Brown, Peter Thompson, Kyle White and Allie Black of JLL Capital Markets’ debt advisory team arranged the nonrecourse loan for the borrower, CapRock Partners. Western Pacific Storage Solutions, a leader in the engineering and manufacturing of industrial storage solutions, shelving systems and material handling, occupies the 165,070-square-foot facility. The company has occupied the space for its manufacturing operations since 2001. Built in 1972 and expanded in 1989, 300 East Arrow Highway features 15 dock-high doors and one ground-level door, a 130-foot secured truck court and multiple points of ingress/egress. Additionally, the property offers ample parking, 4000A/480V power and 21,000 square feet of two-story office space.

October 13, 2023

Acquisitions California Industrial Western

DAUM Commercial Negotiates Sale of 43,540 SF Warehouse Facility in Compton, California

by Amy Works October 13, 2023

COMPTON, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of an industrial warehouse asset located at 1303 W. Walnut Parkway in Compton, just south of Los Angeles. A private investor acquired the property from an undisclosed seller for $16 million. Anthony Bergeman of DAUM Commercial represented the buyer, while Jeff Smart and Elizabeth Capati of Colliers represented the seller in the transaction. Situated on 1.8 acres, the 43,540-square-foot facility features two drive-in loading areas, six dock-high doors with ample turning radius for 53-foot truck loading, 93 parking spaces and a fenced yard. The new ownership plans to remove the excess mezzanine office space and implement extensive renovations to reduce and modernize the onsite office footprint.

October 13, 2023

Development Industrial Northeast Pennsylvania Self-Storage

SecureSpace Opens New Self-Storage Facility in Philadelphia

by Taylor Williams October 13, 2023

PHILADELPHIA — California-based SecureSpace Self Storage has opened a 120,260-square-foot facility at 2501 N. 15th St. in the Glenwood area of Philadelphia. The number of units was not disclosed. The facility will feature entirely climate-controlled space across multiple unit sizes and will add to SecureSpace’s two additional nearby developments and three operating stores in the greater Philadelphia area.

October 13, 2023

Acquisitions Multifamily Nevada Western

Avison Young Brokers $15.4M Sale of Madison at Green Valley Apartments in Henderson, Nevada

by Amy Works October 13, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, an apartment community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million, or $175,000 per unit. Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet. The community is located near the Sunset Station Hotel and Casino and Galleria at Sunset. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group facilitated the transaction for both the buyer and seller.

October 13, 2023

Spectrum Business Park in Federal Way, Wash., features 68,911 square feet of multi-tenant industrial space.

Acquisitions Industrial Washington Western

MCA Realty Divests of Spectrum Business Park in Federal Way, Washington for $13.7M

by Amy Works October 13, 2023

FEDERAL WAY, WASH. — MCA Realty has completed the sale of Spectrum Business Park, a six-building industrial campus in Federal Way, just northeast of Tacoma. A private investor purchased the asset for $13.7 million. Andy Miller and Matt McLennan of Kidder Mathews and Kyle Schipper of NAI Puget Sound Properties represented the seller, while Earney Velton of JSH Properties represented the buyer in the transaction. Built in 1978, Spectrum Business Park features 68,911 square feet of industrial space that was 100 percent leased at the time of sale. The park is located at 1620-1720 S. 341st Place. MCA Realty originally acquired the business park in September 2021 and spend $500,000 in capital improvements that included new paint, parking lot improvements, roof/gutter upgrades, interior improvements, electrical upgrades, landscaping and a new signage program. Spectrum Business Park is the fifth property sold within the MCA Realty Industrial Growth Fund.

October 13, 2023

Loans Massachusetts Multifamily Northeast

MMCC Arranges $5M Agency Acquisition Loan for Metro Boston Apartment Building

by Taylor Williams October 13, 2023

FRAMINGHAM, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million Freddie Mac acquisition loan for a 26-unit apartment building in Framingham, a western suburb of Boston. The property is known as The Grant Street Complex and houses a mix of one-, two- and three-bedroom units. Robert Bhat of MMCC originated the financing. The borrower and direct lender were not disclosed.

October 13, 2023

Acquisitions California Healthcare Office Western

Harbor Associates Sells 47,850 SF Medical Office Building in Upland, California

by Amy Works October 13, 2023

UPLAND, CALIF. — Harbor Associates has completed the disposition of 400 Mountain Avenue, a medical office property in the Inland Empire city of Upland. A local medical user bought the asset for $8.8 million. The three-story building features 47,850 square feet of medical office space with highway access to Los Angeles and Orange County. Sammy Cemo, Anthony DeLorenzo, Austin Reuland, Bryan Johnson and Nick Williams of CBRE Investment Properties represented the seller in the deal.

October 13, 2023

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