Property Type

JLL Arranges $105M Loan for Refinancing of Jersey City Apartment Community

by Taylor Williams April 4, 2022

JERSEY CITY, N.J. — JLL has arranged a $105 million loan for the refinancing of a two-building, 362-unit apartment community in Jersey City. The buildings, which are branded Rivet and Rivet 26, feature studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Both buildings offer amenities such as fitness centers with yoga studios, indoor and outdoor lounges, pet spas and cybercafés. Jon Mikula, Michael Klein and Gerard Quinn of JLL arranged the nonrecourse loan through Franklin BSP Realty Trust Inc. on behalf of the borrower, a joint venture between The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments. The loan carried a two-year term and a floating interest rate. Electra Capital provided a $19 million mezzanine loan for the deal to supplement the $86 million senior loan.

April 4, 2022

Acquisitions California Industrial Western

Mohr Capital Sells 102,466 SF Industrial Building in Gilroy, California

by Amy Works April 4, 2022

GILROY, CALIF. — Dallas-based Mohr Capital has completed sale of an industrial building located at 8190 Murray Ave. in Gilroy. Four Springs Capital Trust acquired the property for an undisclosed price. Crothall Healthcare fully occupies the 102,466-square-foot property, which serves as a mission-critical facility providing laundry processing services to Northern California hospital systems. Kevin Moul of Colliers San Jose represented the seller in the deal.

April 4, 2022

Acquisitions California Retail Western

SRS Real Estate Partners Brokers Sale of 102,546 SF Ramona Plaza in Hemet, California

by Amy Works April 4, 2022

HEMET, CALIF. — SRA Real Estate Partners has arranged the sale of Ramona Plaza, a retail center located at 1300-1480 E. Florida Ave. in Hemet. A Southern California-based investor sold the asset to a California-based private investor for $13.9 million. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while The Visintainer Group represented the buyer in the transaction. Built in 1974 on 6.4 acres, Ramona Plaza features 102,546 square feet of retail space. At the time of sale, the property was 88 percent occupied. Current tenant includes Grocery Outlet, Planet Fitness, Dollar Tree, Aaron’s, Leslie’s Poolmart, Subway and Little Caesars Pizza.

April 4, 2022

Acquisitions Florida Multifamily Southeast

Trion Acquires Apartment Community in Altamonte Springs, Florida for $49.1M

by Julia Sanders April 4, 2022

ALTAMONTE SPRINGS, FLA. — Los Angeles-based Trion Properties has acquired Altamonte at Spring Valley, a 250-unit multifamily community in Altamonte Springs, for $49.1 million. Ryan Moody, Scott Ramey and Paul Grant of Newmark represented the undisclosed seller in the transaction. Built in 1974, Altamonte at Spring Valley includes 250 one- and two-bedroom apartments averaging 924 square feet. Community amenities include two pool decks with grills and cabanas, a sports and tennis court, fitness center and a dog park. The community was 99 percent occupied at the time of sale. Located at 693 Wymore Road, the property is situated 9.4 miles north of Orlando and 29.2 miles from Orlando International Airport.

April 4, 2022

Acquisitions Arizona Retail Western

Cushman & Wakefield | PICOR Negotiates Sale of 45,556 SF Retail Space in Tucson, Arizona

by Amy Works April 4, 2022

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space situated on six acres at 770 N. Kolb Road in Tucson. VRE Storage Tucson Kolb LLC acquired the asset from Century Theaters for $4 million. Greg Furrier of Cushman & Wakefield|PICOR represented the seller, while James Montgomery of Verdad represented the buyer in the deal. The asset features 45,556 square feet of retail space. It was formerly a discount movie theater that closed in March, according to the Arizona Daily Star.

April 4, 2022

Loans Massachusetts Multifamily Northeast

CIT Provides $35.6M Acquisition Loan for Two Metro Boston Multifamily Properties

by Taylor Williams April 4, 2022

HAVERHILL AND LOWELL, MASS. — Los Angeles-based CIT Group has provided a $35.6 million acquisition loan for two multifamily properties totaling 107 units in Boston’s North Shore area. The Heights at Haverhill is located about 40 miles north of the state capital, while Thorndike Exchange is located about 30 miles northwest of Boston in Lowell. Both properties include ground-floor commercial space. The borrower was not disclosed.

April 4, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $14.3M Sale of Multifamily Building in Elizabeth, New Jersey

by Taylor Williams April 4, 2022

ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $14.3 million sale of Elizabeth Towers, a 193-unit multifamily building in Northern New Jersey. The elevator-served, 13-story building houses 72 studios, 120 one-bedroom units and one two-bedroom apartment, all of which are subject to either age or income restrictions. Joseph Keenan and Jeff Squires of Kislak represented the seller, Marshall & Moran Inc., in the transaction. Joni Sweetwood, also with Kislak, represented the buyer, an entity doing business as Elizabeth Towers TG LLC.

April 4, 2022

Company News Georgia Leasing Activity Restaurant Retail Southeast

Whataburger Opens Two Restaurants in Metro Atlanta, Plans Six More Around Georgia

by Julia Sanders April 4, 2022

CORPUS CHRISTI, TEXAS — Whataburger, a Corpus Christi-based fast food burger chain, is opening its first metro Atlanta restaurants this year. The two locations will be situated at 705 Town Park Lane NW in Kennesaw and 9766 GA-92 in Woodstock. At its Kennesaw location, Whataburger plans to hire 180 employees, and to employ more than 1,400 employees in the metro Atlanta area restaurants by the end of 2023. In 2023, other Whataburger locations will open around metro Atlanta including at 503 Lakeland Plaza in Cumming; SEQ Buford Drive and Exchange Drive in Buford; 3321 Lexington Road in Athens; 3201 Atlanta Highway in Athens; 100 Pottery Road in Commerce; and 15 Wallace Blvd. in Dawsonville. Whataburger currently has one Georgia restaurant in Thomasville. The burger chain has over 880 locations across 14 states.

April 4, 2022

Leasing Activity New York Northeast Office

Sigma Computing Signs 15,500 SF Office Lease in Midtown Manhattan

by Taylor Williams April 4, 2022

NEW YORK CITY — Sigma Computing Inc., a provider of data analytics software, has signed a 15,500-square-foot office lease at Zero Irving, a 21-story building in Midtown Manhattan. The tenant will occupy space on the ninth floor of the for five years. Jeff Rodgers, Stephen Cisarik and Brent Ozarowski of Newmark represented Sigma Computing in the lease negotiations. JLL represented the landlord, a partnership between RAL Development and Junius Real Estate Partners.

April 4, 2022

Acquisitions Midwest Missouri Multifamily

CBRE Arranges Sale of 126-Unit Luxury Apartment Community in Downtown Kansas City

by Kristin Harlow April 4, 2022

KANSAS CITY, MO. — CBRE has arranged the sale of Arterra, a 126-unit luxury apartment community in Kansas City’s Crossroads Arts District. An affiliate of a Florida-based sovereign wealth fund purchased the property from Arterra LLC, a joint venture between St. Louis-based Altus Properties and Kansas City-based Copaken Brooks. The sales price was undisclosed. Jeff Stingley and Max Helgeson of CBRE represented the seller. Arterra features amenities such as a sun terrace deck, infinity pool, Luxor package system, fitness center and attached parking structure.

April 4, 2022

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