Property Type

Hanley Investment Group Brokers $21.2M Sale of El Dorado Shopping Center in Long Beach, California

by Amy Works February 6, 2023

LONG BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of El Dorado Shopping Center, a retail property located at 8105-8195 E. Wardlow Road in Long Beach. A partnership managed and represented by Orange-based Milan Capital Management acquired the asset from El Segundo-based DPI Retail for $21.2 million. Grocery Outlet and Dollar Tree anchor the 74,500-square-foot shopping center. Built in 1965 and renovated in 2003, the asset was 93 percent occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller in the transaction.

February 6, 2023

Acquisitions California Retail Western

Dunbar Real Estate Holdings Buys 92,640 SF Retail/Industrial Portfolio in Los Angeles County

by Amy Works February 6, 2023

GARDENA, CALIF. — El Segundo, Calif.-based Dunbar Real Estate Holdings LLC has acquired two freestanding retail and industrial buildings from T.A. Properties LTD for $22.7 million in an off-market transaction. The buildings are located at 1355-1361 W. 190th St. in Gardena. AutoZone, 3 Day Suit Broker, Off Broadway West and 4 Wheel Parts are tenants at the 92,640-square-foot asset. The property consists of two concrete tilt-up buildings situated on 3.7 acres. The buildings offer 18-foot and 19-foot clear heights, fire sprinklers, dock-high loading doors, private security fenced yards and ample grade-level parking. Chuck Brill of DAUM Commercial represented the buyer, while The Altemus Co. represented the seller in the deal.

February 6, 2023

Leasing Activity New York Northeast Office

CBS Broadcasting Signs 186,882 SF Office Lease Renewal in Manhattan

by Taylor Williams February 6, 2023

NEW YORK CITY — CBS Broadcasting has signed a five-year, 186,882-square-foot office lease renewal at 555 W. 57th St. in Manhattan’s Hell’s Kitchen neighborhood. The 20-story building, which was completed in 2005, was originally known as the Ford Motors Building due to the automotive giant’s showroom on the ground floor. BMW now occupies that space. Scott Gottlieb, Andrew Sussman and Rocco Laginestra of CBRE represented the tenant in the lease negotiations. The landlord, SL Green, was self-represented.

February 6, 2023

Development Multifamily New Jersey Northeast

Accurate Begins Leasing 105-Unit Apartment Complex in Bound Brook, New Jersey

by Taylor Williams February 6, 2023

BOUND BROOK, N.J. — Accurate has begun leasing Citizen Bound Brook, a 105-unit apartment complex in Northern New Jersey. Designed by Jarmel Kizel Architects & Engineers, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include a clubroom, fitness center and a landscaped terrace. The building also houses 5,000 square feet of street-level retail space. Rents start at approximately $1,600 per month for a studio

February 6, 2023

Acquisitions Colorado Industrial Western

Matrix Group Acquires 138,500 SF Industrial Property in Denver

by Amy Works February 6, 2023

DENVER — Matrix Group has purchased an industrial property, located at 4590 Jason St. in Denver, from The West 45th Warehouse for $12.5 million. The asset features 138,500 square feet of industrial space. Evan Makovsky and Matt Emmons of NAI Shames Makovsky represented the seller in the deal.

February 6, 2023

Acquisitions Colorado Healthcare Net Lease Office Western

Blue West Capital Arranges $5.6M Purchase of UCHealth-Occupied Medical Office Building in Erie, Colorado

by Amy Works February 6, 2023

ERIE, COLO. — Blue West Capital has negotiated the acquisition of a single-tenant medical office building located at 2970 Arapahoe Road in Erie, approximately 25 miles north of downtown Denver. An Arizona-based family in a 1031 exchange acquired the asset from a local developer for $5.6 million. UCHealth occupies the medical office building on a net-lease basis. Tom Ethington of Blue West Capital represented the buyer in the deal.

February 6, 2023

Loans Northeast Pennsylvania Retail

Axiom Capital Arranges $11M Loan for Refinancing of Retail Property in Altoona, Pennsylvania

by Taylor Williams February 6, 2023

ALTOONA, PA. — Commercial finance and advisory firm Axiom Capital Corp. has arranged an $11 million loan for the refinancing of a 222,139-square-foot, single-tenant retail property in Altoona, about 100 miles east of Pittsburgh. Walmart occupies the property, which houses a grocery store, auto care center, pharmacy and a hair salon. The names of the borrower, a private investment group, and direct lender, a bank, were not disclosed.

February 6, 2023

Acquisitions Connecticut Industrial Northeast

BEB Capital Acquires 32,745 SF Industrial Property in Wallingford, Connecticut

by Taylor Williams February 6, 2023

WALLINGFORD, CONN. — New York-based investment firm BEB Capital has acquired a 32,745-square-foot industrial property in Wallingford, a northern suburb of New Haven. The sales price was $2.3 million. James Panczykowski of JLL represented the seller, National Filter Media Corp., in the transaction. Ben Fischer, Dan Penaro and Keyvan Ghaytanchi represented BEB Capital on an internal basis.

February 6, 2023

Acquisitions Florida Hospitality Southeast Top Stories

JLL Arranges $835M Sale of Diplomat Beach Resort in Hollywood, Florida

by Taylor Williams February 6, 2023

HOLLYWOOD, FLA. — JLL has arranged the sale of Diplomat Beach Resort, a 1,000-room hotel located in the South Florida community of Hollywood. Brookfield Asset Management (NYSE: BAM) sold the beachfront property for $835 million, according to The Wall Street Journal. Diplomat Beach Resort is a twin-spired, 33-story hotel that sits on a 10-acre site. The property houses 200,000 square feet of meeting and event space, a 14,000-square-foot spa, eight restaurants and bars and multiple pools and cascading waterfalls. Guests also have access to kayak, paddleboard and jet ski rental services. The buyer, a joint venture between Credit Suisse Asset Management and Honolulu-based Trinity Fund Advisors, has entered into an agreement with Hilton Hotels & Resorts to operate the hotel under the chain’s Curio Collection by Hilton family of brands. According to the brokerage team, the deal marks the third-largest single-asset hotel sale in U.S. history by price. Diplomat Beach Resort underwent a $90 million capital improvement program in 2018. The Journal reports that the new ownership plans to make additional renovations and improvements to enhance the guest experience. Jeffrey Davis, Gregory Rumpel, Kevin Davis and Gilda Perez-Alvarado of JLL brokered the deal on behalf of the seller. The team …

February 6, 2023

California Market Reports Retail Western Western Market Reports

Is There a Supply Problem for Inland Empire Retail?

by Jeff Shaw February 6, 2023

— Brad Umansky, President, Progressive Real Estate Partners — The retail vacancy rate for the Inland Empire has dipped below 6 percent for the first time since 2008. But there is a dramatic difference between then and now. From 2006 to 2008, there was about 20 million square feet constructed, compared to only 2.8 million square feet from 2020 to 2022. Using Costar’s data, retail rents rose 5.7 percent in the past year, which was just under the 6 percent rent growth in 2021. These are the two highest years of rent growth in the past 15 years. In my opinion, the market has regained equilibrium, which is about where we were at in 2019 before the bottom fell out the following year. The substantial development of the early 2000s required almost a decade to fully absorb. COVID then created 1.5 million square feet of negative absorption in 2020, which has all been fully absorbed, plus another 3.3 million square feet of net absorption in 2021 and 2022. The Inland Empire added more than 74,000 jobs in the past year, and the region’s population continues to grow despite the decline in California’s overall population. People are attracted to the employment opportunities, lower cost of …

February 6, 2023

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