Property Type

Greystone Originates $12.3M Loan for Refinancing of Apartment Community in Marquette, Michigan

by Kristin Harlow April 1, 2022

MARQUETTE, MICH. — Greystone has originated a $12.3 million Fannie Mae loan for the refinancing of One Marquette Place in Marquette, a city in Michigan’s Upper Peninsula along Lake Superior. The 68-unit apartment community was constructed in 2019. The six-story property features a rooftop terrace, community room and exercise room. The community was built on former brownfield land that was utilized as industrial docks. Reuben Dolny and John Marr of Greystone originated the 10-year loan, which features a fixed interest rate and a 30-year amortization schedule.

April 1, 2022

Acquisitions Industrial New York Northeast Self-Storage

Storage Post Buys Four New York Self-Storage Facilities Totaling 3,900 Units

by Taylor Williams April 1, 2022

NEW YORK — Atlanta-based self-storge investment firm Storage Post has acquired four facilities totaling 3,900 units in the New York City area. Specifically, the properties, which span more than 370,000 gross square feet, are located in Garden City, Floral Park, Huntington Station and Yorktown Heights. Storage Post has operated the facilities on behalf of the seller, an undisclosed institutional investor, since 2016 and will continue to do so following the change in ownership.

April 1, 2022

Acquisitions California Office Western

Newmark Negotiates $145M Sale of Governor Park Office Portfolio in San Diego

by Amy Works April 1, 2022

SAN DIEGO — Newmark has arranged the sale of Governor Park Portfolio, an office campus with life sciences redevelopment potential located at 6200 and 6220 Greenwich Drive in San Diego. The buildings traded for $145 million. The portfolio comprises two office buildings situated on individual parcels. The building at 6200 Greenwich Drive offers 70,987 square feet and situated on 4.4 acres. The asset is 100 percent leased to University of California, San Diego (UCSD) through May 2026. The building at 6220 Greenwich Drive totals 141,214 square feet on a 6.2-acre parcel. The 6220 building is fully leased to Mitchell International through October 2025. The portfolio has been institutionally owned and operated since the buildings were originally developed. It is serviced by ample surface parking, as well as a five-story parking facility, providing an above-market-standard parking ratio. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the undisclosed seller in the deal.

April 1, 2022

California Development Multifamily Western

CEDARst Plans $74.4M Multifamily Project in San Diego

by Amy Works April 1, 2022

SAN DIEGO — CEDARst Cos. has announced plans to develop 4135 Park Blvd., a 205,000-square-foot, $74.4 million, ground-up residential development in San Diego’s North Park and Hillcrest neighborhoods. The seven-story building will feature 190 apartments, a café, fitness center, spacious lounge, game room and an exterior deck with a pool, hot tub, cabanas and communal kitchen. Completion is slated for 24 months after construction begins. 4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego area. Bridge Investment Group is an equity partner and BMO Harris Bank is the project leader. Suffolk Construction is serving as general contractor and Studio E is serving as architect.

April 1, 2022

Acquisitions Life Sciences Massachusetts Northeast

CBRE Investment Management Acquires Partial Interest in 432,932 SF Boston Life Sciences Building

by Taylor Williams April 1, 2022

BOSTON — CBRE Investment Management has acquired a partial interest in 100 Binney, a 432,932-square-foot life sciences building in Boston’s Kendall Square neighborhood. The percentage of the interest was not disclosed. The 10-story building was constructed in 2018 and was fully leased at the time of the sale, with pharmaceutical giant Bristol Myers Squibb serving as the anchor tenant. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed building owner/seller in the recapitalization deal and procured CBRE Investment Management as the buyer.

April 1, 2022

Acquisitions Office Washington Western

Swift Real Estate Partners Buys Office Building in Seattle’s South Lake Union for $39.5M

by Amy Works April 1, 2022

SEATTLE — Swift Real Estate Partners has acquired 425 Pontius, a boutique office building in Seattle’s South Lake Union neighborhood, from a local private partnership for $39.5 million. Located at 425 Pontius Ave. North, the building features four stories of office space, surface parking and two levels of underground parking. The building was originally constructed in 1982 with a renovation in 2018 of the budling’s three-story lobby. The 75,267-square-foot 425 Pontius is 60 percent leased to tenants in the fields of biotech, healthcare and professional services, with Fred Hutch Cancer Research Center as the building’s largest tenant. Swift plans to reposition the property with a rebrand and full renovation, including an exterior modernization and cosmetic upgrades to the lobby, elevators and common areas. Tom Pehl and Charles Safley of CBRE’s Pacific Northwest-based capital markets team advised the seller in the transaction. Brad Zampa and Mike Walker of CBRE’s Debt & Structured Finance group is advising Swift Real Estate Partners in securing new market-rate financing.

April 1, 2022

Acquisitions Arizona Multifamily Western

Rise Invest Acquires 96-Unit Sonoma Village Apartment Community in Mesa, Arizona

by Amy Works April 1, 2022

MESA, ARIZ. — Rise Invest has purchased Sonoma Village, a multifamily property located at 1318 S. Vineyard in Mesa. Built in 1973, Sonoma Village features 96 apartments, including 16 one-bedroom/one-bath units and 80 two-bedroom/two-bath units. Rise Invest plans to invest $3 million in capital improvements to reposition the property through enhanced curb appeal, upgraded amenities and unit interior renovations. The scope of work for the unit interior renovations includes the installation of in-unit washer/dryers, new countertops, vinyl flooring, stainless steel appliances and modern lighting/plumbing fixtures.

April 1, 2022

Acquisitions California Net Lease Office Western

Newmark Brokers $15M Sale of Office Building in Chatsworth, California

by Amy Works April 1, 2022

CHATSWORTH, CALIF. — Newmark has arranged the sale of 19900 Plummer, a single-tenant office building located at 19900 Plummer St. in Chatsworth. Korda Group sold the asset to Rexford Industrial for $15 million. Campbellsville University, a non-profit educator offering a master’s of marriage and family therapy program, fully occupies the 43,472-square-foot building on a net-lease basis. Ryan Plummer, Andrey Mindirgasov, Sean Fulp, Mark Schuessler and Chris Smith of Newmark facilitated the off-market transaction.

April 1, 2022

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of 60,000 SF Industrial Property in Pennsauken, New Jersey

by Taylor Williams April 1, 2022

PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.

April 1, 2022

Acquisitions Multifamily New York Northeast

Spur House Partners Negotiates $7M Sale of East Village Apartment Building

by Taylor Williams April 1, 2022

NEW YORK CITY — Locally based brokerage firm Spur House Partners has negotiated the sale of an apartment building in Manhattan’s East Village area that was originally built in 1930 and consists of four four-bedroom units and ground-floor retail space. Shlomo Gelernter of Spur House Partners represented the buyer, Highpoint Property Group, in the transaction. Jay Bernstein of Besen Partners represented the seller, an entity doing business as 166 1st Avenue Realty Group.

April 1, 2022

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