Property Type

CorLiving Sells Industrial Warehouse in Tolleson, Arizona for $20M

by Jeff Shaw April 18, 2023

TOLLESON, ARIZ. — CorLiving has sold a 100,000-square-foot warehouse in Tolleson to a 1031 exchange buyer for $20 million. The community is located at 705 South 94th Ave., just west of Phoenix. It is a state-of-the-art, single-tenant, front-loaded, mid-bay distribution warehouse with a secured truck court. Silver Rafter D5 LLC, a private investor from California, purchased the property with no financing contingencies. The transaction was a sale-leaseback with CorLiving, which has occupied the property for more than eight years. Kidder Mathews’ Mike Ciosek and Eric Bell represented CorLiving, a home furnishing company, in the transaction.

April 18, 2023

California Healthcare Loans Multifamily Seniors Housing Western

CFG Provides $10.9M HUD Refinancing for Skilled Nursing Facility in California

by Jeff Shaw April 18, 2023

CALIFORNIA — Capital Funding Group (CFG) has provided $10.9 million in financing, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing is for a 99-bed skilled nursing facility in California. Further details were not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction for the company.

April 18, 2023

Acquisitions California Retail Western

Hanley Arranges $3.5M Sale of Fast5Xpress Car Wash-Occupied Building in Ontario, California

by Jeff Shaw April 18, 2023

ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant property located in Ontario. Bill Asher and Jeff Lefko of Hanley represented the seller, Evergreen Development, in the $3.5 million transaction. Fast5Xpress Car Wash occupies the property, which comprises a 4,446-square-foot building situated on 1.2 acres, on a 35-year, absolute triple-net ground lease.

April 18, 2023

California Development Multifamily Seniors Housing Western

Griffin Living Receives $3M Loan for Seniors Housing Land Site Acquisition in Santa Clarita, California

by Jeff Shaw April 18, 2023

SANTA CLARITA, CALIF. — Griffin Living has received $3 million in financing from Hankey Capital. The funds support the company’s acquisition of an assisted living and memory care development site in Santa Clarita, about 35 miles northwest of Los Angeles. The new community will be located at the corner of Camino Del Arte and Copper Hill Drive, in close proximity to a range of high-end retail and dining options. The approved plans by the city will result in capacity for more than 100 residents. Griffin plans to begin construction this year and open the community in 2024.

April 18, 2023

Acquisitions Multifamily New York Northeast

Stav Equities, Invictus Arrange $3.7M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams April 18, 2023

NEW YORK CITY — Locally based brokerage firms Stav Equities LLC and Invictus Property Advisors have arranged the $3.7 million sale of a multifamily development site at 48 Somers St. in the Bedford-Stuyvesant area of Brooklyn. The site is approved for the construction of a seven-story building that will house 24 apartments, a community center and a retail space. Jacob Stavsky of Stav Equities and Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus, represented both undisclosed parties in the transaction.

April 18, 2023

Leasing Activity New York Northeast Retail

VITAL to Open 45,000 SF Fitness Center at Essex Crossing in Manhattan

by Taylor Williams April 18, 2023

NEW YORK CITY — VITAL, a full-service fitness and climbing gym, will open a 45,000-square-foot facility at Essex Crossing, a mixed-use development on Manhattan’s Lower East Side. The three-story facility will offer bouldering, yoga, cycling, open weightlifting, fitness classes and climbing instruction. The opening is slated for spring 2024. A joint venture between Taconic Partners, L+M Development Partners, BFC Partners, The Prusik Group and Goldman Sachs Asset Management owns Essex Crossing.

April 18, 2023

Leasing Activity New York Northeast Office

Law Firm Signs 17,862 SF Office Lease in Midtown Manhattan

by Taylor Williams April 18, 2023

NEW YORK CITY — Law firm Cohen Clair Lans Greifer & Simpson LLP has signed a 17,862-square-foot office lease at 919 Third Ave. in Midtown Manhattan. The lease term is 10 years. The 47-story, 1.5 million-square-foot building was originally constructed in 1970 and recently underwent a capital improvement program. Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callaghan, Alex D’Amario and Nicole Marshall of CBRE represented the landlord, SL Green, in the lease negotiations. Craig Reicher and James Ackerson, also with CBRE, represented the tenant.

April 18, 2023

Crossroads-Commerce-Center-North-Brunswick

Industrial Market Reports New Jersey Northeast Northeast Market Reports Pennsylvania

Industrial Developers in Northeast Reckon with New Underwriting Parameters

by Taylor Williams April 18, 2023

By Taylor Williams “Numbers never lie; they simply tell different stories depending on the math of the tellers.” Mexican-American poet Luis Alberto Urrea may not have been talking about commercial real estate development and investment when he wrote that line, but the implications of that statement are undeniably applicable to those fields. The use of numerical projections in commercial development and investment is different from employing sabermetrics in sports or using predictive analytics to diagnose illnesses in medicine. Hard costs are what they are, and the formulas that developers and investors rely on to make critical decisions tend to be well-established in their rigidity, even if their inputs can and do change. Respecting the time-tested veracity of these formulas can make the difference between coasting through a down cycle or being crushed by it. Yet this is a world in which complex equations, algorithms and computations increasingly influence key business decisions. And so the ability to accurately forecast, control and manipulate numerical inputs is beyond valuable. Underwriting represents the piece of the real estate development or acquisition process in which these numerical details are shoved under the microscope and relentlessly finagled in hopes of keeping a development or deal alive. …

April 18, 2023

Company News Northeast Pennsylvania Retail Top Stories

David’s Bridal Files for Bankruptcy Protection Ahead of Potential Sale

by John Nelson April 18, 2023

CONSHOHOCKEN, PA. — David’s Bridal LLC and some of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. Both the brand’s nearly 300 physical stores, as well as its online platforms, will remain open and operational, according to the company. The Conshohocken-based retailer is seeking customary “first-day” relief authorizations from the United States Bankruptcy Court for the District of New Jersey to continue payment of employee wages and benefits, maintain certain customer programs and honor vendor obligations. The company had previously filed for bankruptcy in November 2018 and re-emerged under new ownership in early 2019. The retailer’s current ownership group comprises lenders led by global investment manager Oaktree Capital Management. Also in 2019, Brookfield Asset Management acquired a majority stake in Oaktree Capital Management. David’s Bridal has retained Gordon Brothers to assist with inventory sales. The company will also continue to evaluate its physical footprint and explore the sale of some or all of its assets. “Our business continues to be challenged by the post-COVID environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward,” says James Marcum, CEO of David’s …

April 18, 2023

Cliff McDaniel Lument Affordable Housing

Acquisitions Affordable Housing Content Partner Features Lument Midwest Northeast Southeast Texas Video Western

Higher Interest Rates Cause Affordable Housing Values to Return to Old Norms

by Sarah Daniels April 18, 2023

Rising interest rates dinging commercial real estate and multifamily assets have plunged low-income housing tax credit (LIHTC) properties back into reality, especially those coming to the end of their 15-year compliance periods. “There were some huge profits made in the affordable housing space over the last two or three years,” says Cliff McDaniel, a managing director with Lument, which is representing Harmony Housing in the $1.4 billion sale of its affordable housing portfolio to the Michaels Organization. “We sold a lot of properties for $60,000 a unit or even $120,000 a unit, and the debt was $40,000 a unit. But the mania over that type of profitability is over, and values are going back to where they were before.” Up until about five years ago, the phrase “huge profits” and “affordable housing” would rarely if ever have occurred in the same sentence. Or even in the same story. Prior to that, affordable housing properties typically had very little value at the end of their initial 15-year compliance periods, and limited partners who provided equity to the project by buying tax credits routinely agreed to sell their interest to the general partner for a nominal fee. At that point, the …

April 18, 2023

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