Property Type

Alterra Real Estate Advisors Acquires Office, Retail Building in Columbus for $3.1M in Sale-Leaseback

by Kristin Harlow May 23, 2023

COLUMBUS, OHIO — In a sale-leaseback transaction, Alterra Real Estate Advisors has acquired a 62,000-square-foot office and retail building in Columbus for $3.1 million. Constructed in 1986, the property is 85 percent occupied. The lobby and common areas were recently renovated, but Alterra plans to make additional improvements for energy efficiency such as LED lighting. The seller, Auto Owners Life Insurance Co., remains a tenant in the building. Some of the other tenants include BHM CPA Group, J Gilberts restaurant and Salon Lofts. Rob Sullivan of Kemba Financial Credit Union provided acquisition financing. Alterra will handle leasing and management of the building.

May 23, 2023

Leasing Activity Midwest Minnesota Office

Transwestern Negotiates Two Office Lease Renewals at SPS Tower in Downtown Minneapolis

by Kristin Harlow May 23, 2023

MINNEAPOLIS — Transwestern Real Estate Services has negotiated two office lease renewals for two separate wealth management companies at SPS Tower in Minneapolis. CAPTRUST signed a five-year renewal for its 6,800-square-foot space. Frank Sherwood of CBRE represented the firm. Strong Tower Wealth Management renewed its 3,500-square-foot lease for 15 months. John Lorence of CBRE represented the company. Jim Montez and Reed Christianson of Transwestern represented ownership, Sumitomo, in both leases. SPS Tower rises 31 stories and totals 655,070 square feet. The building features the Turf Club, the largest green space in the Minneapolis central business district, according to Transwestern. SPS Tower is currently 90 percent leased.

May 23, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Arranges $4.1M Sale of Bronx Multifamily Building

by Taylor Williams May 23, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty has arranged the $4.1 million sale of a 29-unit multifamily building located at 1342 St. Lawrence Ave. in the Soundview neighborhood of The Bronx. Built in 1928, the five-story building houses 23 one-bedroom units and six two-bedroom units.Zachary Fuchs of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the transaction.

May 23, 2023

Leasing Activity Life Sciences New Jersey Northeast

Generichem Corp. Signs 27,500 SF Life Sciences Lease in Towaco, New Jersey

by Taylor Williams May 23, 2023

TOWACO, N.J. — Pharmaceutical company Generichem Corp. has signed a 27,500-square-foot life sciences lease in the Northern New Jersey community of Towaco. According to LoopNet Inc., the building at 425 Main Road was constructed on 2.7 acres in 1984. Marc Trevisan and Tom Mallaney of CBRE represented the tenant in the negotiations for the full-building lease. Cushman & Wakefield represented the landlord, Schuster Bauman.

May 23, 2023

Arizona Loans Multifamily Western

Gantry Arranges $41.6M Refinancing for Lunaire Apartments in Goodyear, Arizona

by Jeff Shaw May 23, 2023

GOODYEAR, ARIZ. — Gantry has arranged a $41.6 million loan to refinance the Lunaire Apartments in Goodyear. The 240-unit community is located at 949 S. Goodyear Blvd. Amenities include modern unit interior finishes, recent landscape and exterior renovations, resort-style pool and spa, 24-hour fitness center, covered parking and EV charging stations. The five-year, fixed-rate loan was placed with Freddie Mac. It features an interest-only period and an interest rate below 5 percent.

May 23, 2023

California Development Multifamily Western

Legacy Partners Acquires Del Amo Village Multifamily Development Site in Torrance, California

by Jeff Shaw May 23, 2023

TORRANCE, CALIF. — Legacy Partners has purchased Del Amo Village, a development site located in the Los Angeles suburb of Torrance, for $18.3 million. The site comprises 2.8 acres located within Los Angeles County’s South Bay submarket at 1844 Plaza del Amo. The development plan for the project includes entitlements for 200 market-rate apartment units. Kevin Shannon, Ken White, Chris Benton, Michael Moore and Anthony Muhlstein of Newmark represented the sellers, which were PCCP, LaCaze, Muller Co. and Bentall GreenOak.

May 23, 2023

Acquisitions Montana Multifamily Western

Brinkman Real Estate Acquires 180-Unit Highline Apartments in Columbia Falls, Montana

by Jeff Shaw May 23, 2023

COLUMBIA FALLS, MONT. — Brinkman Real Estate has acquired The Highline, a 180-unit multifamily property in Columbia Falls, for an undisclosed price. Columbia Falls is located within Montana’s Flathead County in the northwest corner of the state. The Highline was built in 2020. Brinkman plans to renovate the community with new landscaping and signage, smart-home packages and laundry hookups to all units, and amenities such as a grilling area. According to the property website, community amenities currently include a playground, dog park and a clubhouse. Brinkman Real Estate’s capital market team, in partnership Brady O’Donnell, Jeff Halsey, Jill Huang and Alex Scott of CBRE’s Institutional Debt and Restructured Finance team, secured financing through Fannie Mae for the acquisition. Triad Real Estate Partners represented the undisclosed seller in the transaction.

May 23, 2023

Acquisitions Arizona Healthcare Office Western

Cypress West Partners Buys 30,000 SF Medical Office Building in Mesa, Arizona

by Jeff Shaw May 23, 2023

MESA, ARIZ. — Cypress West Partners purchased a 30,000-square-foot medical office building in Mesa. The single-story property is located at 6309 East Baywood Ave. The seller and price were not disclosed. The firm acquired the fully vacant building from a group of local physicians that originally developed the property in 2002. They had operated a practice there until recent retirement. A cardiology practice has signed a new lease for 20,000 square feet at the property, with plans to establish a flagship clinical location. Cypress West is investing more than $3 million in capital improvements to the building, including roof, mechanical and site improvements. It is also modernizing an existing 10,000-square-foot ambulatory surgery center to current licensure standards and code. The space will offer two operating rooms, with an ability to increase to four. The repositioning is scheduled for completion by September. Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.

May 23, 2023

Idaho Leasing Activity Retail Western

Wood Investments Cos. Adds Three Retail Tenants to Canyon Park West in Twin Falls, Idaho

by Jeff Shaw May 23, 2023

TWIN FALLS, IDAHO — Wood Investments Cos. has announced the addition of three new tenants to Canyon Park West, a 160,140-square-foot retail center in Twin Falls. Natural Grocers plans to open a 20,000-square-foot store at the property this fall. Additionally, Ashley HomeStore and Carter’s have signed leases totaling 18,000 and 4,084 square feet, respectively, and are now open at the center.

May 23, 2023

Development Kentucky Mixed-Use Southeast

Lincoln Property Co., Webb to Build 18-Acre Mixed-Use Project in Downtown Lexington, Kentucky

by John Nelson May 23, 2023

LEXINGTON, KY. — Lincoln Property Co. (LPC) and The Webb Cos. plan to develop an 18-acre mixed-use development in downtown Lexington. The site is situated across from Rupp Arena, the home arena for the University of Kentucky Wildcats men’s and women’s basketball teams. LPC and Webb signed a long-term ground lease with the landowner, Lexington Center Corp., after a competitive request for proposal (RFP) process. The duo’s plan for the site includes apartments, stores, restaurants, a hotel and offices, among other uses. The project’s name and construction timeline were not revealed.

May 23, 2023

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