PHOENIX — A private investor has acquired Georgia, a 52-unit apartment community in Phoenix, from a private investor for $8.5 million. Paul Bay and Darrell Moffitt of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal. Located at 2534-2548 W. Georgia Ave., Georgia features 26 one-bedroom and 26 two-bedroom residences.
HOUSTON — Baker Katz has arranged three retail leases in the Houston area for EōS Fitness. The tenant has committed to 51,130 square feet in Sugar Land, 42,000 square feet in Atascocita and 51,130 square feet in Katy. The Sugar Land gym will open in 2024, and the Atascocita and Katy facilities will open in 2025. Jason Baker of Baker Katz represented EōS Fitness in all three sets of lease negotiations. Wendell Nault of Whitestone REIT, Jarrett Adame with First Hartford Realty and Clay McDaniel of Excel Commercial Real Estate respectively represented the landlords in each deal.
WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.
BORDENTOWN, N.J. — JLL has arranged a $40 million acquisition loan for a 274,197-square-foot warehouse located at 201 Elizabeth St. in the Northern New Jersey community of Bordentown. The facility sits on 34 acres and features clear heights of 22 to 24 feet, 16 dock-high doors, 215-foot truck court depths, 116 car parking spaces and 67 trailer parking spaces. Michael Klein, Max Custer and Ryan Carroll of JLL arranged the three-year, floating-rate loan through First Citizens Bank on behalf of the borrower, an affiliate of Connecticut-based Penwood Real Estate Investment Management. The new ownership plans to implement a value-add program.
WEST HARTFORD, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of the state capital. Tenants at the center, which is anchored by a 59,000-square-foot Target, include Marshalls, HomeGoods, The Paper Store, Mattress Firm, Orangetheory Fitness, AT&T, Bank of America, TD Bank, Noodles & Co., GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.
PORT CHESTER, N.Y. — Locally based developer Regency Commercial has received site plan approval from the Village of Port Chester, located about 30 miles north of Manhattan, for a 185-unit multifamily project. The site spans 221,000 square feet at 208-216 King St. The 12-story building will house studio, one-, two- and three-bedroom units, and amenities will include a rooftop pool, resident lounge, coworking spaces, fitness center and a dog park. About 10 percent of the apartments will be earmarked as affordable housing. Regency is now seeking a partner to either take over or co-develop the property.
BRIDGEWATER, N.J. — New Jersey-based investment and development firm Treetop has acquired a 112,000-square-foot office building and two adjacent land sites in the Northern New Jersey community of Bridgewater for $27 million. The sites span a combined 27 acres. Elli Klapper, Charles Berger, Jeremy Wernick, Mark Silverman and Donald Sperling of CBRE represented the seller, Bridgemark Hospitality, in the transaction. Treetop plans to implement a value-add program at the existing building.
NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …
By Taylor Williams Success in today’s office sector is all about creating incentives. Some companies, from small professional services outfits to tech giants like Salesforce and Airbnb, have completely capitulated to remote work and have aggressively slashed their office footprints. Others remain dogged in their commitments to nonresidential (and nonretail) workspaces. What works for one company may not work for its competitors, and there remains a fundamental need for at least some traditional office space across all major markets. Against this backdrop, what separates the winners from the losers is the ability to create a draw, to give people legitimately good reasons to get up earlier, spend more time getting ready, endure traffic, put costly mileage on their cars, then deal with whatever quirky goings-on define their office experience. Needless to say, this can be a tough sell, especially for employees with families and suburban commutes. Which is why owners, both of businesses and of the office buildings that house them, are getting creative. These corporate leaders and landlords are working in tandem to ensure that the spaces meet the precise needs of their workforces, from design and layout within the suite to access to onsite amenities and surrounding retail, …
WASHINGTON, D.C. — Confidence in the market for new multifamily housing development notably declined in the third quarter of 2022, according to results from a survey of 63 multifamily builders conducted by the National Association of Home Builders (NAHB), which is based in Washington, D.C. The survey is conducted quarterly and produces two separate indices — new multifamily production and multifamily rental occupancy in the current versus preceding quarter. “Although demand for multifamily housing remains strong in many parts of the country, some multifamily developers are starting to see signs of a slowdown,” says Sean Kelly, chairman of NAHB’s Multifamily Council. “The ongoing problems of scarcity and high cost of land and materials are making it difficult to go forward with certain projects, particularly affordable housing projects.” Confidence in Multifamily Production Decreases The Multifamily Production Index (MPI) measures builder and developer sentiments regarding current production conditions in the market — including the construction of affordable housing units, market-rate units, and for-sale units or condominiums — on a scale of 0 to 100. A number below 50 indicates that more respondents reported that conditions in the market are worsening than reported conditions are improving. All three components of the MPI saw …
