Property Type

MC Real Estate, Tokyo Trust Acquire 416-Unit Apartment Community in Elmsford, New York

by Taylor Williams June 10, 2022

ELMSFORD, N.Y. — MC Real Estate Partners, an owner-operator of East Coast office and multifamily properties, and Tokyo Trust Capital have acquired The View on Nob Hill, a 416-unit apartment community located in the Westchester County city of Elmsford. The property sits on 24 acres and was 97 percent leased at the time of sale. Twenty percent of the units are reserved for households earning 60 percent or less of the area median income. Residences feature one-, two- and three-bedroom floor plans. The seller and sales price were not disclosed.

June 10, 2022

Acquisitions Massachusetts Northeast Office

Newmark Negotiates 375,058 SF Sale of Office Campus in Wellesley, Massachusetts

by Taylor Williams June 10, 2022

WELLESLEY, MASS. — Newmark has negotiated the sale of Park 9, a 375,058-square-foot office campus in Wellesley, a western suburb of Boston. The four-building development is leased to tenants such as Sun Life, Morgan Stanley and Boston Children’s Hospital and includes a 120,000-square-foot structure with immediate life sciences conversion potential. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, BentallGreenOak on behalf of Sun Life, in the transaction and procured the buyer, Beacon Capital Partners.

June 10, 2022

Acquisitions Northeast Office Pennsylvania

Endurance Real Estate Sells 130,942 SF Office Complex in Blue Bell, Pennsylvania

by Taylor Williams June 10, 2022

BLUE BELL, PA. — Pennsylvania-based investment firm Endurance Real Estate Group has sold a three-building, 130,942-square-foot office complex in Blue Bell, a northern suburb of Philadelphia. The property, which was built in 1988 and renovated in 2015, sold for $12.7 million. Mike Margolis, David Dolan, Ryan Guittare, Angelo Brutico and Jim Dugan of Newmark represented Endurance Real Estate in the transaction and procured the undisclosed buyer.

June 10, 2022

Acquisitions California Office Top Stories Western

Tishman Speyer Sells 719,037 SF Silicon Valley Office Complex Leased to Meta

by Jeff Shaw June 10, 2022

SUNNYVALE, CALIF. — Tishman Speyer has sold a 719,037-square-foot office campus in the Moffett Park submarket of Sunnyvale, just west of San Jose, to CommonWealth Partners. While the price was not disclosed, Tishman Speyer acquired the asset in April 2021 for $356 million, and soon leased the entire campus to Meta, the parent company of social media networks Facebook and Instagram. Google occupies a multi-building campus immediately adjacent to the site. The property features four modern office buildings, two parking structures and outdoor recreational space. Campus amenities include a gym with a basketball court, lockers and showers; outdoor volleyball court; executive briefing center; full-service cafeteria; multiple kitchens; break centers; phone rooms; and other common areas. This acquisition more than doubles CommonWealth Partners’ holdings in the Moffett Park submarket to over 1.2 million square feet of LEED Gold- or Platinum-certified trophy office space. “The sale and the lease demonstrate that Silicon Valley remains a global center of innovation,” says Rob Speyer, CEO of Tishman Speyer. “Moreover, this deal demonstrates that the market for highly collaborative, well-designed office space with accessible green space and top-level amenities is still strong.” Kevin Shannon, Steven Golubchik, Phil Mahoney, Jonathan Schaefler and Darren Hollak of Newmark …

June 10, 2022

Industrial Market Reports Texas Market Reports

Port Houston’s Growth Comes Full Circle

by Taylor Williams June 9, 2022

By Taylor Williams If ever there was a time to start a commercial real estate story with a line about how everything’s bigger in Texas, a 2022 update on Port Houston’s activity would surely be it. For that really is the case in and around Houston’s economic engine. The various pieces of infrastructural groundwork that the port began laying over the last decade-plus in anticipation of expanded activity are seeing heavier utilization. The channel itself, its shores lined with 900-ton cranes, are being deepened (from 45 to 46.5 feet) and widened (from 530 to 700 feet) at accelerated paces to accommodate the ever-growing volume of cargo passing through the port. And with the forward progress of all these projects and initiatives comes healthy demand for bigger industrial tracts to develop and spaces to lease. “We’re simply in a different place now than we were a decade ago,” says John Moseley, Port Houston’s chief commercial officer. “At that time, not everybody was convinced that Houston would become a massive import hub. But we saw demographic changes and felt that as a marine terminal operator, we controlled our own destiny. So we invested in our infrastructure and economic development to attract distribution …

June 9, 2022

Acquisitions Net Lease Office Washington Western

Truist Securities Buys Office Building in Federal Way, Washington for $93.5M

by Amy Works June 9, 2022

FEDERAL WAY, WA. — An entity of Atlanta-based Truist Securities has purchased an office building located at 3201 S. 323rd St. in Federal Way. DaVita Inc. sold the asset for $93.5 million in a sale-leaseback transaction. At the time of sale, the seller signed a long-term lease for the entire facility. Constructed in 2021 on 11.2 acres, the 160,493-square-foot property serves as DaVita’s primary revenue operations office, staffing roughly 800 employees. The mission-critical facility is located approximately 20 minutes south of Seattle-Tacoma International Airport. The property served to consolidate operations from around the region under one roof and was designed to be expanded by 40,000 square feet at the option of the occupant in the future. Scott Briggs of Stan Johnson Co. represented the seller in the deal.

June 9, 2022

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $40M in Financing for MorningStar of Kirkland Seniors Housing Community in Washington

by Amy Works June 9, 2022

KIRKLAND, WASH. — CBRE has arranged $40 million in financing for MorningStar of Kirkland, a 152-unit independent living community in Kirkland, a suburb of Seattle. The community, located on 3.6 acres, opened in February half a mile from the Evergreen Health Medical Center Kirkland, a 318-bed general hospital that provides residents with convenient access to healthcare. Also nearby is Totem Lake East, a regional shopping center that includes a Whole Foods, Trader Joe’s, movie theater and a variety of restaurants and retail outlets. The community is the first new, high-quality independent living asset built in the last 13 years in the high-barrier, affluent Kirkland submarket, according to CBRE. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. The use of the funds was not disclosed. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the financing. The nonrecourse, floating-rate loan features full-term interest-only payments. A national bank provided the funds.

June 9, 2022

Arizona Industrial Loans Self-Storage Western

Thorofare Capital Closes $20M Loan for 944-Unit Self-Storage Facility in Scottsdale

by Amy Works June 9, 2022

SCOTTSDALE, ARIZ. — Thorofare Capital has closed a $20 million loan for Raintree & Pima Self Storage Partners, an affiliate of Phoenix-based 1784 Capital Holdings. The funds will be used to complete construction of a Raintree Life Storage location in Scottsdale. The $20 million floating-rate financing carries an initial term of 1.5 years and includes two six-month extension options. Additionally, the loan features interest-only payments for its entire duration and is nonrecourse, subject to customary completion and carry guarantees. Situated on a 2.2-acre site facing Loop 101, the 81,435-square-foot facility features 944 climate-controlled self-storage units. Life Storage will handle the property operations upon the project’s delivery, which is slated for September 2022. Life Storage currently operates 5,887 self-storage units, totaling 618,881 square feet, within a 7.5-mile radius of the Raintree Life Storage. TLW Construction is serving as general contractor on the project, which is approximately 65 percent complete at the time of financing. RKAA Architects is serving as project architect.

June 9, 2022

Acquisitions Healthcare Net Lease Nevada Office Western

Avison Young Brokers $8.4M Sale-Leaseback of Two Medical Office Buildings in Las Vegas

by Amy Works June 9, 2022

LAS VEGAS — Avison Young has arranged the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas. Nashville, Tenn.-based Montecito Cos. acquired the assets from a group of six physician owners for $8.4 million, or $400 per square foot. Advanced Orthopedics and Sports Medicine fully occupy the two 21,000-square-foot properties. The seller signed a 15-year lease for the space. Built in 2009 and renovated in 2019 and 2020, the Class A properties feature orthopedic examination rooms, radiology and physical therapy spaces. The buildings are part of a three-building campus that includes an ambulatory surgery center building. Barton Hyde of Avison Young represented the seller in the deal.

June 9, 2022

Acquisitions Colorado Industrial Western

Tri-County Real Estate Acquisitions Sells 22-Acre Industrial Portfolio in Brighton, Colorado for $9.2M

by Amy Works June 9, 2022

BRIGHTON, COLO. — Tri-County Real Estate Acquisitions has completed the disposition of an industrial portfolio on three lots totaling 22 acres at 12628, 12706 and 12750 WCR 4 in Brighton. 12628 Brighton Partners LLC purchased the property for $9.2 million. Totaling 30,525 square feet, the portfolio was 100 percent leased to two tenants at the time of sale. Travis Ackerman of Cushman & Wakefield’s Fort Collins, Colo., office represented the seller in the deal.

June 9, 2022

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