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600-Columbus-Manhattan
AcquisitionsMultifamilyNew YorkNortheast

Partnership Acquires Manhattan Apartment Building for $120M

by Taylor Williams

NEW YORK CITY — A partnership between locally based investment firm Slate Property Group, KABR Group and Avenue Realty Capital has acquired 600 Columbus, a 166-unit apartment building on Manhattan’s Upper West Side. The sales price was $120 million. The 14-story building, which occupies an entire city block between 89th and 90th streets, houses 27,500 square feet of retail space that is leased to ACE Hardware, Atmosphere Kitchen & Bath, Round Star Soccer and Columbus Pre-School. Apollo Global Management provided a $68 million acquisition loan for the deal. The name of the seller and original developer of the property was not disclosed. Bob Knakal of JLL brokered the deal. The new ownership plans to implement a capital improvement program.

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Marcal-Paper-Factory-Elmwood-Park-New-Jersey
DevelopmentIndustrialNew JerseyNortheast

Crow Holdings Begins Vertical Construction on 206,826 SF Industrial Project in Northern New Jersey

by Taylor Williams

ELMWOOD PARK, N.J. — Texas-based Crow Holdings has begun vertical construction on a 206,826-square-foot industrial project in Elmwood Park, located in Northern New Jersey’s Bergen County, that is a redevelopment of the former Marcal Paper factory site. Crow Holdings acquired the 11.8-acre site in 2022, three years after a fire destroyed the majority of the historic structure. The new building will house a clear height of 40 feet, 32 loading docks, two drive-in doors and parking for 56 trailers and 198 cars. Construction is slated for a third-quarter completion. JLL is marketing the facility for lease.

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ConnecticutDevelopmentIndustrialNortheast

Condyne Capital to Develop 185,600 SF Industrial Facility in Windsor, Connecticut

by Taylor Williams

WINDSOR, CONN. — Metro Boston-based developer Condyne Capital will build a 185,600-square-foot industrial facility in Windsor, a northern suburb of Hartford. The project, which will be situated on a 20.6-acre site, represents an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 58). Construction is scheduled to begin late this year and be complete in the second quarter of 2024.

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LoansNortheastOfficePennsylvaniaRetail

Prestige Group Arranges $20M Loan for Refinancing of Office, Retail Property in Jenkintown, Pennsylvania

by Taylor Williams

JENKINTOWN, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged a $20 million loan for the refinancing of an 81,500-square-foot office and retail property in Jenkintown, a northern suburb of Philadelphia. The property comprises a 42,000-square-foot retail building occupied by LA Fitness, a 35,500-square-foot vacant office building and a 4,000-square-foot restaurant. Richard Natow of Prestige Group arranged the loan through an undisclosed regional bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

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IndustrialLeasing ActivityLee & AssociatesNew JerseyNortheast

Easton Coach Signs 160,000 SF Industrial Lease in Union, New Jersey

by Taylor Williams

UNION, N.J. — Easton Coach Co., a provider of ground transportation services, has signed a 160,000-square-foot industrial lease at in the Northern New Jersey community of Union. The property sits on 7.5 acres at 601 Lehigh Ave. and was constructed in 1966. Joseph Komitor and Scott Deutchman of Lee & Associates represented the tenant in the negotiations for the full-building lease. Jordan Metz and Eric Koons of Bussel Realty represented the landlord.

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AcquisitionsMultifamilyWashingtonWestern

MG Properties Buys Artesia Apartments in Everett, Washington for $61.6M

by Jeff Shaw

EVERETT, WASH. — MG Properties has purchased Artesia, a 192-unit apartment property in the Seattle suburb of Everett. RISE Properties sold the asset for $61.6 million.  Built in 1990 and updated between 2018 and 2022, Artesia’s units feature quartz countertops, stainless steel appliances, tile fireplace surrounds and reclaimed wood mantles. Giovanni Napoli Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA) represented the seller and procured the buyer. IPA Capital Markets team members Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged the acquisition financing. 

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DevelopmentMultifamilyOregonSeniors HousingWestern

Ryan Cos., Cogir, Harrison Street to Build 107-Unit Seniors Housing Community in Tigard, Oregon

by Jeff Shaw

TIGARD, ORE. — Ryan Companies US Inc., Cogir Senior Living and Harrison Street have formed a joint venture to build Cogir of Tigard, a 107-unit seniors housing community in Tigard, approximately 10 miles southwest of Portland.  The joint venture has already closed on financing and started construction of the high-end community. The Tigard market area’s senior population is expected to grow by nearly 28 percent over the next five years, according to ESRI.  Cogir of Tigard is Ryan’s first senior living project in Oregon. The community will total 119,506 square feet in a three-story building offering assisted living and memory care services.  Ryan is the builder and developer of the project. Upon project completion, Cogir will lead day-to-day operations. Harrison Street is the capital partner of the project. CBTWO Architects is the architect of record.  This is the first Cogir location in Oregon and 35th in the western United States, with eight additional communities in development.

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AcquisitionsArizonaRetailWestern

Westwood Financial Sells 125,716 SF Ahwatukee Mercado Shopping Center in Phoenix

by Jeff Shaw

PHOENIX — Westwood Financial has sold Ahwatukee Mercado, a 125,716-square-foot retail center in Phoenix. A private buyer bought the asset for an undisclosed price.  Built in 1985, Safeway anchors the property. Other tenants at the center, which was 95 percent leased at the time of sale, include Great Clips, H&R Block, Subway, Dogtopia and Biscuits Restaurants.  Westwood acquired the center in 2019.

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CaliforniaDevelopmentMultifamilySeniors HousingWestern

Sunrise Senior Living Opens 75,000 SF Community in Orange, California

by Jeff Shaw

ORANGE, CALIF. — Sunrise Senior Living has opened Sunrise of Orange in Orange, approximately 30 miles southeast of downtown Los Angeles.  Although the number of units was not disclosed, Sunrise says the property can serve more than 100 residents and offers assisted living and memory care accommodations.  The 75,000-square-foot, three-story property sits on a 1.5-acre site adjacent to Eisenhower Park. HPI Architecture designed the community, which general contractor W.E. O’Neil Construction built.

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