CRANFORD, N.J. — Locally based brokerage firm Hudson Atlantic Realty has negotiated the $14.6 million sale of Riverside Gardens, a 46-unit apartment complex located in the Northern New Jersey community of Cranford. The sales price equates to roughly $318,000 per unit. The property was originally constructed in the 1940s and offers one- and two-bedroom apartments, as well as onsite parking and laundry facilities. The buyer and seller were not disclosed.
AVON, MASS. — DH Property Holdings has purchased a 70,337-square-foot industrial property located at 54 Bodwell St. in Avon, a southern suburb of Boston. Brockton Furnace & Duct Distributors Inc. formerly owned and occupied the facility, which sits on 4.6 acres and is currently vacant. Building features include a clear height of 16 feet, 13 loading docks, two drive-in doors and 85 parking spaces. The new ownership plans to implement a value-add program.
MANCHESTER, N.H. — Maryland-based development and investment firm Realterm and the Manchester-Boston Regional Airport (MHT) have completed a 65,000-square-foot, multi-tenant air cargo facility in Manchester, located in the southern part of the Granite State. Amazon Air has launched daily cargo service at the facility, which features three aircraft parking positions with the option to expand to a fourth.
TUCSON, ARIZ. — Sheiner Group/Living Well Homes has completed the disposition of Eastyn Park, an apartment property in Tucson. Greenwater Investments acquired the asset for $42.5 million, or $152,329 per unit. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Constructed in 1973, Eastyn Park features 279 apartments averaging 895 square feet per unit spread across 33 residential buildings. The community features a fitness center, two swimming pools, business center and picnic areas with barbecue grills. Apartments offer all-electric kitchens, wood-style plank flooring and oversized closets.
THORNTON, COLO. — Greystone has provided a $30.4 million Fannie Mae Delegated Underwriting & Servicing loan to refinance the 206-unit Parkview Terrace Apartments in Thornton. Dale Holzer of Greystone’s Newport Beach, Calif., office originated the financing for Milky Way Apartments LLC. Constructed in 1972, Parkview Terrace offers 60 one-bedroom, 138 two-bedroom and eight three-bedroom units. The loan is a permanent exit from bridge acquisition financing that Greystone provided in July 2021. The non-recourse, fixed-rate financing carries a seven-year term with full-term interest-only payments.
PHOENIX — Cushman & Wakefield has arranged the sale of a single-tenant office building in Phoenix’s Camelback Corridor. McCarthy/MRL Properties Arizona sold the asset to a joint venture between Crowne Point Equity, Corsair Management and A-1 Legacy Properties for $14.5 million. Located at 6225 N. 24th St., McCarthy Building Cos. fully occupies the three-story, 41,982-square-foot building. The property features a shaded garden-level patio with picnic tables; outdoor cooking and seating; multiple conference, break and recreation/game rooms; and a fully equipped kitchen. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital team, in collaboration with Mark Seale of Avison Young, represented the seller in the transaction.
ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.
PERRIS, CALIF. — Westport Properties has released plans for a Class A industrial building at the corner of Ramona Expressway and Brennan Avenue in Perris. The company acquired the land in September 2022. Construction for the single-tenant, 99,910-square-foot facility is slated to begin in third-quarter 2023. The building will feature 36-foot clear heights, secured truck court, ESFR sprinklers, 11 dock doors and 6,000 square feet of office space. Completion is scheduled for third-quarter 2024. Alex Smith and Herrick Johnson of Lee & Associates are handling leasing for the property.
GARNER, N.C. — Gantry has arranged $180 million in construction financing for the development of a 250,000-square-foot medical office facility in Garner, a suburb just south of Raleigh. The U.S. Department of Veterans Affairs (VA) has fully pre-leased the property as a community-based outpatient clinic (CBOC) in a long-term agreement. Construction at the 17-acre site is scheduled to begin early next year. Gantry’s George Mitsanas, Peter Hillakas and Austin Ridge secured the construction-to-permanent loan on behalf of a private real estate investment company. One of Gantry’s correspondent life company lenders provided the 22-year loan, which features a fixed rate for the entirety of the loan. The rate was locked earlier this year at time of application. Gantry will act as the loan servicer throughout the loan term. The loan is the fifth in a series of financings this year that Gantry secured on behalf of a sponsor specializing in the construction of VA medical centers, with new loans totaling nearly $500 million in 2022. During the past three years, Gantry has completed over $1.1 billion of project financings for VA medical facilities with various borrowers. “The VA facilities program is part of a strategic effort to expand access to and …
By Chip Colvill, executive vice president, Cushman & Wakefield Like many U.S. cities in the post-pandemic world, Houston’s office sector faces a long road to recovery. Historically, office demand follows office job creation — and job growth has been a bright spot of the Houston economy in 2022. Unfortunately, the U.S. economy seems to be slowing, and the outlook remains highly uncertain. Odds of a recession have risen; inflation and wage pressures remain elevated, and higher interest rates are impacting various parts of the economy, including commercial real estate. Throughout the United States as well as in Houston, the correlation between job growth and office demand is tenuous, given that many businesses are still recalibrating workplace strategies to allow remote and hybrid work schedules. However, new jobs — even more flexible, hybrid jobs — will necessitate various types of workspaces, including demand for office and flexible office space. Newer office buildings across Houston have thrived despite the market’s elevated Class A vacancy rate of approximately 26 percent. Each new quarter of data continues to confirm the flight-to-quality trend and the existence of a bifurcated office sector between older and newer office product. Higher-quality and newer office space is dominating as …