Property Type

JLL Arranges $23M Acquisition Loan for Southern New Jersey Industrial Property

by Taylor Williams December 21, 2023

LOGAN TOWNSHIP, N.J. — JLL has arranged a $23 million acquisition loan for a 209,437-square-foot industrial property in the Southern New Jersey community of Logan Township. The warehouse and distribution center was built in 2018 on a site that spans 88 acres, 17 of which can support future development. Building features include clear heights of 36 to 40 feet, 12 dock-high loading doors, two drive-in doors, 10,500 square feet of office space and parking for 336 cars and 22 trailers. Michael Klein, Max Custer and Michael Lachs of JLL arranged the fixed-rate loan through an undisclosed life insurance company on behalf of the borrower, foodstuffs provider Chelten House Products.

December 21, 2023

California Development Life Sciences Office Western

Healthpeak Properties Receives Entitlements for Additional 1.3 MSF Development at Vantage Lab Campus in San Francisco

by Amy Works December 21, 2023

SAN FRANCISCO — Healthpeak Properties has received approval of entitlements for Phases II and III of Vantage, a purpose-built lab development in South San Francisco. The new entitlements enable Healthpeak to deliver an additional 1.3 million square feet of lab space, bringing the campus to approximately 1.7 million square feet upon full build out. The 20-acre campus offers tenants a highly amenitized, world-class campus setting with access to multiple modes of transportation, including direct access to the Rails-to-Trails pathway. The new entitlements represent double the allowable density compared to when Healthpeak originally acquired the land. The long-term nature of the entitlements offers flexibility to deliver the balance of the development in phases to align with market demand. In 2022, Healthpeak started construction on Phase I of the Vantage campus, consisting of 343,000 rentable square feet across two buildings, as well as a 40,000-square-foot amenity building with multiple dining options, conferencing space and a fitness center. Phase I is currently 52 percent leased to Astellas Pharma, which took initial occupancy of its space in December 2023.

December 21, 2023

Development Industrial Northeast Pennsylvania

Lovett Industrial Buys 109,000 SF Manufacturing Facility in Philadelphia, Plans Redevelopment

by Taylor Williams December 21, 2023

PHILADELPHIA — Houston-based developer Lovett Industrial has purchased a 109,000-square-foot manufacturing facility in Philadelphia with plans to redevelop the property as a 176,000-square-foot warehouse and distribution center. The 14.5-acre site is located at the southeast corner of U.S. Highway 1 and Red Lion Road in northeast Philadelphia. The new facility will have a rear-load configuration, clear height of 36 feet, 185-foot truck court depths and ample trailer parking space. Cushman & Wakefield represented the undisclosed seller in the land deal. Lovett Industrial plans to begin demolitions next fall following the current manufacturing tenant’s vacating of the premises in the first quarter of next year.

December 21, 2023

Acquisitions Multifamily Seniors Housing Washington Western

SLIB Negotiates Sale of 119-Unit Seniors Housing Property in Seattle

by Amy Works December 21, 2023

SEATTLE — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerald City, a 119-unit assisted living and memory care community in Seattle. Emerald City features 99 assisted living and 20 memory care units. It was built in 2006 with renovations in 2017. The property totals 88,839 square feet on approximately 0.8 acres of land. The seller was an out-of-state private equity group with a third-party operator. The buyer was an experienced regional owner-operator looking to expand its footprint in the Seattle MSA. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.

December 21, 2023

Acquisitions California Multifamily Western

CBRE Arranges Acquisitions of Five Multifamily Properties in California Totaling $17M

by Amy Works December 21, 2023

TORRANCE AND LONG BEACH, CALIF. — CBRE has brokered the purchases of five multifamily properties in Torrance and Long Beach, totaling $17 million. The transactions fulfilled the buyer’s 1031 exchange requirement following the sale of a 3.8-acre property in Torrance. Dan Blackwell and Trey Mitchell of CBRE Multifamily SoCal represented the San Diego-based exchange buyer. The properties were sold by five different private sellers. The transactions include:

December 21, 2023

Acquisitions California Restaurant Retail Western

College West Partners Sells Raising Cane’s-Occupied Building in Santa Maria, California for $5.1M

by Amy Works December 21, 2023

SANTA MARIA, CALIF. — Tustin-based College West Partners has completed the sale of a restaurant building located at 485 Betteravia Road in Santa Maria. A Los Angeles-based private investor acquired the asset for $5.1 million, or $1,608 per square foot. Alexander Moore, Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller and the buyer in the deal. A Raising Cane’s Chicken Fingers double drive-thru restaurant occupies the 3,172-square-foot freestanding building, which was built in 2022 on a 0.8-acre pad. The property is located within Enos Ranch, a 110-acre mixed-use development.

December 21, 2023

Development Multifamily New York Northeast

Davis Cos. Breaks Ground on 97-Unit Multifamily Project in Harlem

by Taylor Williams December 21, 2023

NEW YORK CITY — Boston-based developer The Davis Cos. has broken ground on a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 percent of the residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. Completion is slated for late 2025.

December 21, 2023

Acquisitions Colorado Office Retail Western

John Propp Commercial Brokers $2.3M Sale of Office Building in Denver

by Amy Works December 21, 2023

DENVER — John Propp Commercial Group has arranged the sale of an office building located at 15 E. Iowa Ave. in Denver. South Gate Masonic Building Association acquired the asset from 25W BKM LLC for $2.3 million. The two-story, 21,258-square-foot building features ground-floor retail space, second-story office space and a single apartment. The buyer plans to renovate and reposition the property both for its own business occupy and to retain existing retail tenants. Joshua Cohen of John Propp Commercial Group represented the seller in the deal.

December 21, 2023

Connecticut Leasing Activity Northeast Retail

Whole Foods Market to Open 43,406 SF Store in South Windsor, Connecticut

by Taylor Williams December 21, 2023

SOUTH WINDSOR, CONN. — Whole Foods Market will open a 43,406-square-foot store at The Shops at Evergreen Walk in South Windsor, a suburb of Hartford, on Jan. 17. The store, which will be the Austin-based grocer’s fifth in the Hartford area, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.

December 21, 2023

Leasing Activity Life Sciences Northeast Pennsylvania

Zahav Biosciences Signs 8,200 SF Lease at Race Street Labs in Philadelphia

by Taylor Williams December 21, 2023

PHILADELPHIA — Zahav Biosciences, a developer of cancer treatments and therapies, has signed an 8,200-square-foot lease for its new headquarters at Race Street Labs, a 180,000-square-foot life sciences facility in Philadelphia. Patrick Kelley of Avison Young represented Zahav Biosciences in the lease negotiations. Brian Young and Paul Garvey of Cushman & Wakefield represented the landlord, Iron Stone Real Estate Partners.

December 21, 2023

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