Property Type

SRS Arranges $2.6M Ground Lease Sale for Bubba’s 33 Restaurant in Avon, Indiana

by Kristin Harlow June 22, 2023

AVON, IND. — SRS Real Estate Partners has arranged the $2.6 million ground lease sale for a 7,000-square-foot restaurant occupied by Bubba’s 33 in Avon, about 13 miles west of Indianapolis. The newly constructed property has a 15-year triple-net lease that is corporate guaranteed by parent company Texas Roadhouse Inc. Founded in 2013, Bubba’s 33 is an expanding sister brand of Texas Roadhouse. Morgan Merrill and Sarah Shanks of SRS represented the seller, Texas Roadhouse Inc. A California-based private investor was the buyer. The sales price represented a cap rate of 5.45 percent.

June 22, 2023

Loans New York Northeast Office

Black Bear Capital Arranges $58M Loan for Refinancing of Manhattan Office Building

by Taylor Williams June 22, 2023

NEW YORK CITY — Black Bear Capital Partners has arranged a $58 million loan for the refinancing of 503-511 Broadway, a five-story office building in Manhattan’s SoHo district. Built in the early 1900s, the property includes 111,164 square feet of office space and 10,000 square feet of ground-floor retail space, with the remainder consisting of storage space. The building was fully leased at the time of the loan closing. Bryan Manz, Emil DePasquale and George Pektor of Black Bear Capital Partners arranged the five-year, fixed-rate loan through Morgan Stanley on behalf of the borrower, HSR Corp.

June 22, 2023

Development Massachusetts Multifamily Northeast

Greystar Begins Leasing 330-Unit Mason Apartments in Everett, Massachusetts

by Taylor Williams June 22, 2023

EVERETT, MASS. — South Carolina-based developer Greystar has begun leasing Mason, a 330-unit apartment community located in the northeastern Boston suburb of Everett. Designed by CBT Architects, the property offers studio, one- and two-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, outdoor grilling and dining stations and a dog park. According to the property website, rents start at $2,200 per month for a studio apartment.

June 22, 2023

Colorado Development Loans Multifamily Western

Formativ, Argosy Real Estate Partners Receive Construction Financing for The Hunter Apartments in Colorado Springs

by Jeff Shaw June 22, 2023

COLORADO SPRINGS, COLO. — A joint venture between Formativ and Argosy Real Estate Partners has secured construction financing for The Hunter, a 214-unit multifamily development in Colorado Springs’ New South End neighborhood. The Hunter will offer studio, one- and two-bedroom floor plans. Amenities include a two-story tenant lounge, golf simulator, pool, fitness center, co-working space, bike storage, dog wash station and a parking garage. The seven-story building is scheduled for completion in late 2024. Rob Bova of JLL Capital Markets led the team that arranged the loan.

June 22, 2023

Acquisitions California Retail Western

JLL Brokers $29M Sale of Adams Marketplace in Huntington Beach, California

by Jeff Shaw June 22, 2023

HUNTINGTON BEACH, CALIF. — JLL Capital Markets has brokered the $29 million sale of Adams Marketplace, a 65,116-square-foot shopping center located in Huntington Beach, approximately 35 miles southeast of Los Angeles. Built in 1974 and renovated in 2022, the property was 98 percent occupied at the time of sale. Smart & Final Extra anchors the center, with other tenants including Petco, Starbucks Coffee, MemorialCare Medical and Wingstop. Jiffy Lube, 76 Gas and Carl’s Jr. are also located at the center and were not included in the sale. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Ti Kuruzar and Daniel Tyner of JLL represented the seller, affiliates of Fortress Investment Group and DJM Capital. A private, California-based buyer purchased the property.

June 22, 2023

Acquisitions California Industrial Western

Intersection Equities, Blue Buy Vista Riverside Business Park in Jurupa Valley, California for $19.5M

by Jeff Shaw June 22, 2023

JURUPA VALLEY, CALIF. — Intersection Equities and Blue Vista Capital Management have acquired Riverside Business Park, a 122,000-square-foot industrial park in Jurupa Valley, for $19.5 million. The park contains 30 suites ranging from 1,500 square feet to 11,000 square feet, offering a total of 30 drive-up doors. Intersection Equities plans to leverage its value-add strategy to make strategic capital improvements aimed at enhancing the attractiveness of the park for both existing and future tenants. Barret Woods of Lee & Associates represented the seller, Transition Properties, while Stefan Pastor of Stream Realty represented the buyers.

June 22, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $5.9M Sale of Townhome Community in Anaheim, California

by Jeff Shaw June 22, 2023

ANAHEIM, CALIF. — CBRE has arranged the $5.9 million sale of a 14-unit multifamily townhome community in Anaheim. An unnamed buyer acquired the asset for $5.9 million. This transaction sets a new benchmark for the city of Anaheim, with a price per unit of $421,000, according to CBRE. The community is located at 129 S. Olive St. in downtown Anaheim. Built in 1986, the property spans about 15,517 square feet and features two-bedroom/two-bathroom, townhome-style floor plans with vaulted ceilings, central air, patios and balconies. The community was recently renovated with fresh paint and exterior wood replacement. CBRE’s Dan Blackwell represented both the buyer and seller in this transaction.

June 22, 2023

Acquisitions California Retail Western

Hanley Arranges $4.1M Sale of Retail Pad in Perris, California

by Jeff Shaw June 22, 2023

PERRIS, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $4.1 million sale of a 5,303-square-foot retail pad in the Inland Empire city of Perris. Altura Credit Union and Little Caesars Drive-Thru occupy the property, which was built in 2022 as an outparcel to a shopping center anchored by Cardenas Markets. Bill Asher and Jeff Lefko of Hanley represented the seller, a California-based private partnership. Howard Rosenthal and Guy Excell of Rosenthal & Excell Commercial Real Estate represented the buyer, a California-based family office.

June 22, 2023

Acquisitions Northeast Pennsylvania Retail

Matthews Brokers $22M Sale of Shopping Center in Erie, Pennsylvania

by Taylor Williams June 22, 2023

ERIE, PA. — Matthews Real Estate Investment Services has brokered the $22 million sale of Northgate Commons, a 180,000-square-foot shopping center in Erie, located near the Pennsylvania-Ohio border. Tenants at the property, which was 95 percent occupied at the time of sale, include Quest Diagnostics, DaVita Dialysis, MedCare and Dollar General. Joseph Nelson of Matthews represented the seller, an undisclosed private investor, in the transaction. The buyer was also not disclosed.

June 22, 2023

Acquisitions Hospitality Northeast Pennsylvania

Berkadia Negotiates Sale of 103-Room Hampton Inn & Suites Hotel in Washington, Pennsylvania

by Taylor Williams June 22, 2023

WASHINGTON, PA. — Berkadia has negotiated the sale of a 103-room Hampton Inn & Suites hotel in Washington, about 30 miles southwest of Pittsburgh. The hotel is situated adjacent to Hollywood Casino at The Meadows and offers a pool, fitness center, business center and 648 square feet of meeting and event space. Dan Hawkins, Kyle Stevenson and Jake Pietras of Berkadia represented the undisclosed seller in the transaction. The buyer was also not disclosed.

June 22, 2023

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