Property Type

Natixis Provides $73.6M Acquisition Loan for Mansion at Bala Apartments in Philadelphia

by Taylor Williams July 5, 2022

PHILADELPHIA — French investment bank Natixis has provided a $73.6 million acquisition loan for Mansion at Bala, a 276-unit apartment community in northwest Philadelphia. Built in 2010, the property offers one-, two- and three-bedroom units with an average size of 1,059 square feet. Amenities include a pool, resident clubhouse, business center and a fitness center. Robert Lipson, T.J. Piper and Jeremy Lynch of Berkadia arranged the five-year, floating-rate loan on behalf of the borrower, Rose Valley Capital, an affiliate of Hampshire Properties.

July 5, 2022

Acquisitions Industrial New Jersey Northeast

Seagis Property Group Buys Northern New Jersey Industrial Facility for $24M

by Taylor Williams July 5, 2022

METUCHEN, N.J. — Locally based investment firm Seagis Property Group has purchased a 158,641-square-foot industrial facility located in the Northern New Jersey community of Metuchen. The front-load building features a clear height of 21 feet, 20 tailgate doors, two drive-in ramps and parking for 25 trailers. The seller was New Jersey-based trucking company P&V Warehouse Distribution. Steve Bussel of Bussel Realty Corp. represented both parties in the transaction. Seagis plans to implement a multimillion-dollar value-add program.

July 5, 2022

Development Industrial Northeast Office Pennsylvania

Westrise Capital Completes 60,000 SF Redevelopment Project in Pittsburgh

by Taylor Williams July 5, 2022

PITTSBURGH — Developer Westrise Capital has completed Launchpad, a 60,000-square-foot redevelopment project located in between Pittsburgh’s downtown and West Oakland areas. The site at 304 Jumonville St., which previously housed an industrial laundry facility that served a local hospital, can now support office, technology, life sciences, research and development or light manufacturing and assembly uses. JLL is marketing the property for lease.

July 5, 2022

Acquisitions Industrial New Jersey Northeast

Temco Logistics Signs 57,076 SF Industrial Lease in East Rutherford, New Jersey

by Taylor Williams July 5, 2022

EAST RUTHERFORD, N.J. — California-based Temco Logistics has signed a 57,076-square-foot industrial lease in the Northern New Jersey community of East Rutherford. The space features a clear height of 24 feet, two drive-in ramps and 4,700 square feet of office space. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented the tenant in the lease negotiations. Monte Radfar and Eric Lewin of Team Resources represented the landlord, Safer Development & Management.

July 5, 2022

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers $7.3M Sale of Industrial Portfolio in Hackensack

by Taylor Williams July 5, 2022

HACKENSACK, N.J. — Cushman & Wakefield has brokered the $7.3 million sale of the Burlews Industrial Portfolio, a collection of seven industrial buildings totaling 44,500 square feet in Hackensack. Andrew Schwartz, Jordan Sobel and André Balthazard of Cushman & Wakefield represented the seller, Brentwood Realty, and procured the buyer, private investor Dave Goldberg, in the transaction. The portfolio was fully leased to 11 tenants at the time of sale.

July 5, 2022

Features Heartland Feature Archive Restaurant Retail

Retail, Restaurant Industries Embrace Post-Pandemic Design Shifts

by Kristin Harlow July 5, 2022

By Kristin Hiller As the nation emerges on the other side of the pandemic, the retail and restaurant industries are tasked with adapting their store designs and business models to match consumer behavioral shifts. Shoppers and diners alike want to make purchases easily with multiple options for ordering and pickup. Border Foods, one of the largest privately held Taco Bell franchisees in America, enlisted the services of Minneapolis-based design consultancy Vertical Works Inc. in 2020 to create a new restaurant design. The result was Defy, a two-story concept with four drive-thru lanes situated below the restaurant kitchen. The 3,000-square-foot restaurant, which is located in the Minneapolis suburb of Brooklyn Park, recently opened. Josh Hanson, founder and CEO at Vertical Works and WORKSHOP, says his team set out to reimagine the drive-thru experience and create a concept that would solve many of the issues related to traditional drive-thrus. “By elevating kitchens and operations and adding multiple drive-thru lanes underneath, the Defy concept is able to increase efficiency and profitability within the same footprint and at the same cost as a traditional drive-thru,” he states. Defy customers will be able to place orders online via the Taco Bell app or traditionally …

July 5, 2022

Acquisitions Florida Office Southeast Top Stories

CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami

by John Nelson July 5, 2022

MIAMI — A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower traded for $163.5 million, a significant decrease from the $220 million price tag Sumitomo paid six years ago. Built in 1987 as offices for CenTrust Bank, Miami Tower spans 636,000 square feet and features a tiered glass façade and an exterior LED lighting system. The property features 37 floors of offices, 10 levels of parking, street-level retail space, an onsite Miami Metromover station, sky terrace and a 13,100-square-foot event lobby on the 11th floor. The new ownership plans to make significant capital improvements at Miami Tower, which was 67 percent leased at the time of sale. Transwestern, which handled leasing at Miami Tower under the previous owner, recently executed leases with firms including AST & Science, World Wide Express, LKLSG, ABKD Group, Best Buddies, AWE Medical Group and Pardo Jackson Gainsburg PL totaling more than 40,000 square feet. …

July 5, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Multifamily Market Sees Record Rent Growth, Investment Sales Activity

by John Nelson July 5, 2022

As Charlotte continues to expand its economy and population, its multifamily market is reporting unprecedented levels of activity. The market has experienced a tremendous rebound from the artificial pandemic performance in terms of investor demand, in-migration and rent growth. The market recorded double-digit rent growth in 2021, extremely tight vacancies across submarkets, record lease-up velocity and a modest supply of new deliveries. All these signs clearly point to a landlord’s market, and investors have taken notice. This year looks to be another solid one for Charlotte’s multifamily investment market, coming off a record-setting 2021 with nearly $6.4 billion in transactions (compared to $3.5 billion in 2020 and $3.7 billion in 2019). So far in 2022, pricing remains strong and sales are ahead of the pace set at the start of last year ($1 billion in first-quarter 2022 vs. $566 million in first-quarter 2021). Companies and residents are flocking to Charlotte, which is increasingly recognized as a high-growth market. It is business-friendly, offers a great lifestyle and is a talent magnet. Lowes, USAA and Centene are examples of companies expanding their footprints and hiring thousands of employees, all who need a place to live. Moreover, these are high-paying jobs ($100,000-plus), targeting …

July 5, 2022

Development Office Washington Western

Patrinely Group, Dune Real Estate Partners Break Ground on 484,000 SF Office Tower in Downtown Bellevue

by Amy Works July 1, 2022

BELLEVUE, WASH. — Patrinely Group, in partnership with affiliates of Dune Real Estate Partners, has broken ground on FOUR106, an office tower in downtown Bellevue. The 21-story building will feature approximately 484,000 rentable square feet of office space with average floor plate sizes of 24,000 rentable square feet, along with 6,500 square feet of street-level retail space. FOUR106 will feature a fully equipped fitness center with shower and locker facilities, hands-free entries, delivery dispatch, hands-free elevators and hands-free restrooms. The project is designed to meet LEED Gold standards for core and shell. The project team includes CollinsWoerman, Mortenson Construction, DCI and Gensler. Paul Sweeney, Jason Furr and Colin Tanigawa of The Broderick Group are leasing FOUR106 on behalf of Patriney Group and Dune.

July 1, 2022

Acquisitions Arizona Development Office Western

George Oliver Acquires Biltmore Commerce Center in Phoenix, Plans $52M Renovation

by Amy Works July 1, 2022

PHOENIX — Phoenix-based George Oliver has purchased Biltmore Commerce Center, a landmark office building in Phoenix’s Camelback Corridor. A joint venture between Lincoln Property Co. and Oaktree Capital Management sold the asset for an undisclosed price. Located at 3200 E. Camelback Road, the 260,878-square-foot Biltmore Commerce Center features a three-story central atrium, large floorplates, multiple common areas and outdoor amenity spaces, conference facilities and a bronze-colored metal building exterior. George Oliver will deploy more than $52 million in capital improvements at the three-story building. George Oliver Design leads the architectural team. Ryan Timpani of JLL wills serve as the project’s leasing broker, while Arcadia Management Group will serve as the onsite property manager. Ben Geelan and Will Mast of JLL represented the sellers in the deal.

July 1, 2022

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