Property Type

Cushman & Wakefield Arranges Sale of Two Retail Centers Totaling 416,544 SF Near Buffalo

by Taylor Williams April 5, 2023

HAMBURG, N.Y. — Cushman & Wakefield has arranged the sale of two adjacent retail centers totaling 416,544 square feet in Hamburg, a southern suburb of Buffalo. The first center, BJ’s Plaza, is anchored by BJ’s Wholesale Club and was fully leased to 10 tenants at the time of sale. Home Depot anchors the second property, McKinley Milestrip, which was 94 percent leased to 20 tenants at the time of sale. The centers comprise 176,045 and 240,499 square feet, respectively. Gary Gabriel, David Bernhaut, Brian Whitmer, Frank DiTommaso and Max Helfman of Cushman & Wakefield, in association with Ben Borruso of Pyramid Brokerage Co., represented the seller, a joint venture between DRA Advisors and DLC Management Corp. New York City-based Northpath Investments acquired the properties for an undisclosed price.

April 5, 2023

Acquisitions Hospitality Montana Western

CBRE Brokers Sale of Two Marriott Hotels in Missoula, Montana

by Jeff Shaw April 5, 2023

MISSOULA, Mont. — CBRE Hotels has arranged the sales of the AC Hotel by Marriott, Residence Inn by Marriott and the Mercantile retail center in downtown Missoula. The buyer was a partnership between Evermore Partners and New Castle Hotels & Resorts. AC Hotel Missoula Downtown is located at 175 N. Pattee St. Built in 2021, the 105-room, six-story hotel has three food and beverage options, including a rooftop bar. The hotel also has a fitness center, meeting space and valet parking. Residence Inn Missoula Downtown and the Mercantile are located at 125 North Pattee St. Built in 2019, the 175-room, five-story hotel has two event spaces, a fitness center, valet parking, rooftop deck, indoor pool and breakfast area. The Mercantile, which is directly connected to the Residence Inn, is a retail center with restaurants, shops and an indoor cycling studio. Chris Burdett led CBRE’s Pacific Northwest hotel team in the transaction. Matthew Behrens represented the seller, HomeBase Partners. The price was not disclosed.

April 5, 2023

Acquisitions California Multifamily Western

Advanced Real Estate Purchases 156-Unit Edison Apartments in Long Beach, California

by Jeff Shaw April 5, 2023

LONG BEACH, CALIF. — Advanced Real Estate has acquired The Edison, a 12-story former office tower in downtown Long Beach. The property was originally built in 1960. It was converted to apartments in 2016. The space formerly served as the headquarters of the Edison Co., the Long Beach Police Department and city hall. The property was divided into 156 apartment units, with six added penthouses and a rooftop pool when it was converted. All electrical, mechanical, and plumbing systems were overhauled and structural enhancements were made. While the price was not disclosed, the acquisition required around $30 million of equity. Cushman & Wakefield’s Marc Renard represented both the seller and buyer in the transaction. Greystone provided a Freddie Mac loan in conjunction with the transaction.

April 5, 2023

Acquisitions Development Restaurant Retail Southeast Virginia

Uptown Alley to Open 64,000 SF Entertainment Venue in Williamsburg, Virginia

by John Nelson April 5, 2023

WILLIAMSBURG, VA. — Uptown Alley, an entertainment concept with four existing locations in the Mid-Atlantic, has purchased the former Yankee Candle building in Williamsburg. The multi-level, mixed-use building is located on a six-acre site at 2200 Richmond Road. Dawn Griggs and Rob Wright of Cushman & Wakefield | Thalhimer represented the seller, Fulton Bank, in the $4 million sale. Uptown Alley plans to open its fifth entertainment venue at the Williamsburg property, which will feature upscale bowling, duckpin bowling, an arcade and a chef-driven restaurant. The company plans to open the new venue before the end of the year.

April 5, 2023

Development Healthcare New Mexico Office Western

Meridian Buys 18 Acres in Santa Fe for Medical Office Development

by Jeff Shaw April 5, 2023

SANTA FE, N.M. — Meridian has purchased 18 acres in Santa Fe where it plans to build a 95,000-square-foot, multi-specialty medical office building and comprehensive cancer care center. The land is located at 4200 Beckner Road, near Presbyterian Santa Fe Medical Center in the Las Soleras Master Plan district. The overall investment in the site exceeds $100 million, according to Meridian. This is the company’s first project in Santa Fe. Completion is scheduled for July 2024.

April 5, 2023

Acquisitions Office South Carolina Southeast

Colliers, Ten-X Facilitate Auction Sale of 143,865 SF Piedmont Center Office Park in Greenville

by John Nelson April 5, 2023

GREENVILLE, S.C. — Colliers has partnered with online auction giant Ten-X to facilitate the sale of Piedmont Center, a suburban office park in Greenville spanning 143,865 square feet. A regional office investment firm with multiple assets in the market purchased the park via a Ten-X auction. Taylor Allen, Brantley Anderson and Bailey Tollison of Colliers procured the buyer in the transaction. The seller and sales price were not disclosed. Situated on an 8.6-acre parcel at 33 and 37 Villa Road, Piedmont Center comprises two office buildings standing four and five stories.

April 5, 2023

Loans Multifamily Washington Western

Gantry Arranges $53.5M Financing for Cypress Apartments in Seattle

by Jeff Shaw April 5, 2023

SEATTLE — Gantry has arranged $53.5 million of permanent financing for Cypress Apartments in Seattle’s Yesler Terrace community. The 237-unit, Class A apartment complex was completed in 2019 as part of the Yesler public housing redevelopment, which created a 30-acre public housing community that includes 5,000 new housing units for all income types. Gantry’s Michael Taylor and Alex Saunders worked in conjunction with Russ Cree of Glacier Real Estate Finance to secure the financing on behalf of the borrower, a private real estate entity that Gantry has worked with for more than 20 years. The five-year, fixed-rate loan was secured through a credit union.

April 5, 2023

Bohler Florida Leasing Activity Office Southeast

CP Group, PCCP Add 14 New Tenants at Downtown Miami Office Tower

by John Nelson April 5, 2023

MIAMI — CP Group and PCCP LLC have added 14 new office tenants to join One Southeast Third Avenue, a 31-story office tower in downtown Miami. The new tenants span multiple industries, including real estate, legal and tech, and combined represent 47,533 square feet in new leases. Additionally, Bohler, a civil engineer firm, has expanded its footprint at the 440,000-square-foot building, which was formerly known as SunTrust International Center. Cristina Glaria, Harrison Mischel, Jon Blunk and Laurel Oswald of TCRE represented CP Group and PCCP in all leasing negotiations. In addition to traditional office space, One Southeast Third Avenue offers three floors of CP Group’s worCPlaces flexible office concept for tenants and entrepreneurs seeking short-term accommodations. Additionally, another floor of speculative suites is currently being built out at the tower.

April 5, 2023

Acquisitions California Industrial Western

Classic Cosmetics Employees Buy Manufacturing Campus in Chatsworth, California for $20M

by Jeff Shaw April 5, 2023

CHATSWORTH, CALIF. — Two cosmetic manufacturing sites in Chatsworth that were previously home to the Classic Cosmetics brand have sold to the company’s previous employees for a total of $20 million. The sites are located at 9530 De Soto Ave. and 9533 Irondale Ave. They contain two freestanding buildings. The employees purchased the sites through ISAM LLC and BRI & ISA LLC. They plan to revitalize the company, which gave Gilberto Amparo, a chemical engineer from Mexico, his start in the U.S. cosmetics manufacturing industry. Amparo and the Classic Cosmetics brand will occupy the contiguous sites. Scott Caswell and Erica Balin of Lee & Associates – LA North/Ventura represented the buyers, along with Mike Hooker of Delphi Business Properties as a co-representative. John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the sellers, 9526 MYOB and NPP 9533.

April 5, 2023

Development Leasing Activity Multifamily North Carolina Restaurant Southeast

Portman Signs Night Swim Coffee at 34-Story Apartment Tower in Charlotte’s South End

by John Nelson April 5, 2023

CHARLOTTE, N.C. — Portman has signed local coffeeshop concept Night Swim Coffee to anchor the ground level retail space at 2161 Hawkins, a 34-story apartment tower under construction in Charlotte’s South End district. The coffeeshop is expected to open in third-quarter 2024 and will activate the space between 2161 Hawkins and The Line, Portman’s adjacent Class A office tower that will include Sycamore Brewery, GritBox Fitness, Chapter 6 and Savi Provisions. The Night Swim Coffee space represents the 15th location for Black Rock Hospitality, the team behind local purveyors Not Just Coffee and Undercurrent Coffee. In addition to the coffeeshop, the 370-unit apartment development will house Bar One South End, which is expected to open in fourth-quarter 2024. Foundry Commercial is handling the retail leasing assignment at 2161 Hawkins. Portman has also enlisted local artists Eva Crawford and Caroline Simas to transform the temporary Rail Trail protection at 2161 Hawkins into a new public art installation.

April 5, 2023

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