Property Type

Pearlmark Provides $10M Loan for Refinancing of Northern New Jersey Apartments

by Taylor Williams June 2, 2023

ELIZABETH, N.J. — Chicago-based lender and investment firm Pearlmark has provided a $10 million mezzanine loan for the refinancing of Vinty Apartments, a 267-unit multifamily property located in the Northern New Jersey community of Elizabeth. The five-story building includes 27,000 square feet of retail space that is 68 percent leased. The property offers studio, one- and two-bedroom units and amenities such as a game room, fitness center and a juice bar. Michael Klein and Steven Klein of JLL arranged the debt on behalf of the sponsor, a partnership between LeCesse Development Corp. and MAS Development Group. Vinty Apartments was 85 percent occupied at the time of the loan closing. Argentic Investment Management provided the senior loan, which totaled $97.2 million.

June 2, 2023

Acquisitions Massachusetts Northeast Retail

ShopOne Centers REIT Acquires 117,337 SF Retail Property in East Longmeadow, Massachusetts

by Taylor Williams June 2, 2023

EAST LONGMEADOW, MASS. — New York City-based ShopOne Centers REIT Inc. has acquired Heritage Park Plaza, a 117,337-square-foot retail property in East Longmeadow, located in Hampden County in western Massachusetts. Grocer Stop & Shop anchors the property, which was 98 percent leased at the time of sale. Other tenants at Heritage Park Plaza include Petco, orangetheory Fitness, Panera Bread, Dollar Tree, Pure Barre, 99 Restaurant & Pub and H & R Block. ShopOne Centers acquired the asset in a joint venture with Pantheon Group and an undisclosed institutional investor. The seller was also not disclosed.

June 2, 2023

Development Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions, Vector Group Break Ground on 100-Unit Seniors Housing Project in Howell, New Jersey

by Taylor Williams June 2, 2023

HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.

June 2, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus & Millichap Arranges $7M Sale of Industrial Property in North Attleborough, Massachusetts

by Taylor Williams June 2, 2023

NORTH ATTLEBOROUGH, MASS. — Marcus & Millichap has arranged the $7 million sale of a 48,000-square-foot industrial property in North Attleborough, located outside of Providence in the southern part of the Bay State. The property was built on seven acres in 2006 and features clear heights of 19 to 21 feet, 16 drive-in doors and 68 car parking spots. At the time of sale, the property was leased to tenants such as Tri-Alpha Gymnastics, Fastenal Co., Autopart International and Red Herring Motion Picture Lighting Inc. Harrison Klein and James Manning of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

June 2, 2023

Leasing Activity New York Northeast Office

Rising Ground Signs 29,566 SF Office Headquarters Lease in Midtown Manhattan

by Taylor Williams June 2, 2023

NEW YORK CITY — Locally based social services organization Rising Ground has signed a 29,566-square-foot office headquarters lease at 1333 Broadway in Midtown Manhattan. Rising Ground will occupy the entire eighth floor of the 12-story, 295,530-square-foot building, which recently underwent a capital improvement program. Lindsay Ornstein, Stephen Powers, Arthur Skelskie, Alexander Smith and Kendall Elliott of OPEN Impact Real Estate represented Rising Ground, which will take occupancy next year, in the lease negotiations. Robert Lowe and Ron Lo Russo of Cushman & Wakefield, along with internal agent Shanae Ursini, represented the landlord, Empire State Realty Trust.

June 2, 2023

Arizona Development Loans Mixed-Use Multifamily Top Stories Western

McBride Cohen Receives Financing for First Phase of 3.2 MSF Mixed-Use Project in Tempe, Arizona

by Jeff Shaw June 2, 2023

TEMPE, ARIZ. — The McBride Cohen Co. has received a $53.2 million mezzanine loan to develop the first phase of South Pier at Tempe Town Lake, a waterfront mixed-use project in Tempe. South Pier is a seven-phase project that will span 18 acres and 3.2 million square feet along the southern shoreline of Tempe Town Lake. The first phase of South Pier will consist of 724 multifamily units across three towers, as well as parking garage with 850 spaces, 280 spaces of surface parking and 26,500 square feet of ground-floor commercial space. Construction on the first phase began in January and is slated for completion by spring 2026. The Davis Experience is the architect for the project and Clayco is the general contractor. At full build-out, South Pier will offer 18 total buildings, including thousands of housing units, 600,000 square feet of high-rise office space, two hotels and South Pier Isle, an entertainment district providing dining, retail, night life and entertainment venues. South Pier Isle also includes the Arizona Amazing Wheel, an 80-meter-tall observation wheel. The development site is located adjacent to the main campus of Arizona State University. Pearlmark originated the mezzanine loan on behalf of Pearlmark Mezzanine Realty …

June 2, 2023

California Industrial Market Reports Western Western Market Reports

Supply Constraints Continue to Drive Value for LA’s Industrial Market

by Jeff Shaw June 2, 2023

— By Tony Solomon, Senior Vice President, District Manager, Marcus & Millichap — Industrial continues to be one of the most sought-after asset classes across the Los Angeles County commercial real estate market. This year, the metro will maintain its position as one of the tightest industrial markets in the nation. It also ranks fifth in rent growth among major markets west of the Mississippi. For the 17th time in the past 18 years, the Los Angeles metro’s industrial stock will increase by less than 1 percent, as 4.3 million square feet is slated for delivery. Supply additions will be concentrated in the South Bay and San Gabriel Valley, leaving less than 1 million square feet to come online in the rest of the county. While vacancy was below 2 percent in four of the metro’s biggest submarkets to start 2023, speculative completions and industrial users re-evaluating their space requirements will push vacancy to 3 percent by year end. This is a rate 80 basis points under the long-term mean. Rents are projected to grow by 7.6 percent as a result, bringing the average asking rate to $21 per square foot. Part of this rise in vacancy can also be …

June 2, 2023

Development Florida Mixed-Use Multifamily Retail Southeast

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

by Hayden Spiess June 1, 2023

CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.

June 1, 2023

Development Florida Multifamily Southeast

Crest Residential Breaks Ground on 251-Unit Multifamily Development in Palm Coast, Florida

by Hayden Spiess June 1, 2023

PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.

June 1, 2023

Development Multifamily Southeast Student Housing Tennessee

Landmark, Manulife to Develop 834-Bed Student Housing Project in Knoxville, Tennessee

by Hayden Spiess June 1, 2023

KNOXVILLE, TENN. — A joint venture between Landmark Properties and Manulife Investment Management has announced plans for an 834-bed student housing project in Knoxville, in the University of Tennessee market. Upon completion, the community will feature units in studio, one-, two-, three-, four- and five-bedroom layouts. Amenities at the property will include a rooftop pool, 24-hour study lounge, pickleball court, clubhouse, fitness center and a 25,000-square-foot courtyard with fire pits, grilling stations and hammock groves. Construction is scheduled to begin in June for a planned opening in August 2025. Landmark Construction will serve as general contractor on the project.

June 1, 2023

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