Property Type

NewPoint Provides $153.6M Agency Loan for Refinancing of Jersey City Apartment Tower

by Taylor Williams March 27, 2023

JERSEY CITY, N.J. — NewPoint Real Estate Capital has provided a $153.6 million Freddie Mac loan for the refinancing of The One, a 35-story apartment tower located in Jersey City’s waterfront district. Built in 2015, The One features 451 units in studio, one-, two- and three-bedroom formats, with 10 percent of the units reserved as affordable housing. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, children’s playroom, theater room, golf simulator, game room and a dog park. Carol Shelby and Eric Schleif of Meridian Capital Group placed the loan, which carried a seven-year term and a 35-year amortization schedule, with NewPoint on behalf of the borrower and developer, BLDG Management. The One was 98 percent occupied at the time of the loan closing.

March 27, 2023

Acquisitions Industrial Iowa Midwest Self-Storage

Area Commercial Real Estate Services Brokers Sale of 68,000 SF Self-Storage Facility in Des Moines

by Kristin Harlow March 27, 2023

DES MOINES, IOWA — Area Commercial Real Estate Advisors has brokered the sale of a CubeSmart Self Storage facility in Des Moines for an undisclosed price. The property was formerly a Gordmans department store that was converted into self-storage space in November 2021. The facility features roughly 68,000 rentable square feet of climate-controlled space. Tom Flannigan, Alex Ihrke and Matt Haugen of Area brokered the sale and serve as the Minnesota, Iowa and North and South Dakota broker affiliates for Argus Self Storage Advisors. U-Haul was the buyer.

March 27, 2023

Leasing Activity Midwest Minnesota Office

Law Firm Husch Blackwell Inks 9,300 SF Office Lease in Minneapolis

by Kristin Harlow March 27, 2023

MINNEAPOLIS — Husch Blackwell has signed a 9,300-square-foot office lease at IDS Center in downtown Minneapolis. The office marks the law firm’s first Twin Cities location. Adam Barrett and Sven Sykes of Colliers represented the tenant. Accesso owns the property, which totals 1.4 million square feet and rises 57 stories.

March 27, 2023

Acquisitions Massachusetts Northeast Retail Rhode Island

Atlantic Capital Partners Negotiates $70M Sale of Retail Portfolio in Massachusetts, Rhode Island

by Taylor Williams March 27, 2023

BOSTON — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has negotiated the $70 million sale of a portfolio of four grocery-anchored retail assets in Massachusetts and Rhode Island. The properties, all of which are master-leased to regional operator Stop & Shop, total 272,542 square feet and are located in the Massachusetts communities of Framingham, Malden and Swampscott, with the fourth in Bristol, R.I. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.

March 27, 2023

Development Multifamily New Jersey Northeast

Hornrock Properties Begins Leasing 221-Unit Apartment Complex in Hackensack, New Jersey

by Taylor Williams March 27, 2023

HACKENSACK, N.J. — Locally based developer Hornrock Properties has begun leasing Ivy & Green, a 221-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects, the six-story building houses studio, one- and two-bedroom units. Amenities include coworking spaces, private conference rooms, a gaming lounge, speakeasy bar, demonstration kitchen, theater and music studio, a children’s playroom, fitness center, pet spa and package lockers. Monthly rents start in the $2300s. A second phase of Ivy & Green totaling 168 units is also in the development pipeline.

March 27, 2023

Acquisitions Hawaii Retail Western

Watumull Properties Purchases Niumalu Marketplace in Kailua, Hawaii for $66M

by Jeff Shaw March 27, 2023

KAILUA, HAWAII — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million. Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.

March 27, 2023

California Development Multifamily Seniors Housing Western

MorningStar Completes Renovations at 144-Unit Seniors Housing Community in Pasadena, California

by Jeff Shaw March 27, 2023

PASADENA, CALIF. — MorningStar Senior Living has reopened its 144-unit community in Pasadena. Soon after assuming management in December 2020, MorningStar, a Denver-based senior living owner and operator, began a complete renovation of the four-story community. Aneka Interiors led the redesign, which included the addition of memory care services to the community. MorningStar is planning an expansion building next door to the existing community that will offer additional independent living, which is scheduled to open in early 2025.

March 27, 2023

Acquisitions Colorado Loans Mixed-Use Office Retail Western

Essex Arranges $32M Acquisition Financing for Mixed-Use Property in Denver

by Jeff Shaw March 27, 2023

DENVER — Essex Financial Group has secured $32 million in financing for the purchase of 2nd & Josephine, a 105,253-square-foot mixed-use property in Denver. Comprising four buildings, the development was fully leased at the time of sale. Bank of America anchors the property, which features retail and office space, as well as 260 parking spaces. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the seven-year, fixed-rate loan through an undisclosed life insurance company on behalf of the buyer.

March 27, 2023

Acquisitions California Retail Western

Longpoint Acquires Cardenas Marketplace in Montclair, California for $22.7M

by Jeff Shaw March 27, 2023

MONTCLAIR, CALIF. — Longpoint has acquired Cardenas Marketplace, a shopping center in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.

March 27, 2023

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $16M Sale of Manhattan Apartment Building

by Taylor Williams March 27, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16 million sale of a 47-unit apartment building located at 153 Norfolk St. on Manhattan’s Lower East Side. The six-story, elevator-served building houses one- and two-bedroom units. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.

March 27, 2023

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