Property Type

Marcus & Millichap Brokers Sale of 100-Room Hotel in West Melbourne, Florida

by Julia Sanders March 22, 2022

WEST MELBOURNE, FLA. — Marcus & Millichap has brokered the sale of Holiday Inn Express & Suites, a four-story, 100-room hotel in West Melbourne. Leo Reilly, Robert Hunter and Scott Havericak of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. Reilly and Hunter also procured the buyer, a Massachusetts-based undisclosed limited liability company. The sales price was not disclosed. Built in 2018, Holiday Inn Express & Suites offers property amenities including an onsite business center, 24-hour fitness center, heated outdoor pool and whirlpool, shuttle service, a meeting space and laundry facilities. The property has standard room rates starting around $199 per night. Located at 2255 W Coastal Lane, the hotel property is located off US-192, Interstate 95 and Highway 500. The property is also located on Florida’s Space Coast and is 45.1 miles from the Kennedy Space Center.

March 22, 2022

Saint-Elizabeth-Medical-Center-Brighton-Massachusetts

Healthcare Loans Massachusetts Northeast

CBRE Arranges $1.7B Recapitalization, Refinancing of Massachusetts Healthcare Portfolio

by Taylor Williams March 22, 2022

NEW YORK CITY — CBRE has arranged the recapitalization and refinancing of a portfolio of eight acute care hospitals located throughout Massachusetts in a transaction valued at $1.7 billion. Specifically, the properties are located in the Brighton and Dorchester areas of Boston, as well as in Methuen, Haverhill, Brockton, Fall River, Taunton and Ayer. Steward Health Care System occupies the hospitals. Under the terms of the transaction, the owner of the portfolio, Medical Properties Trust Inc. (NYSE: MPW), will enter into a joint venture with an affiliate of Macquarie Asset Management, which will acquire a 50 percent interest. Keith Harris, Lee Asher, Chris Bodnar, Ryan Lindsley and Jordan Selbiger of CBRE negotiated the equity restructuring on behalf of Medical Properties Trust. James Millon of CBRE arranged a loan of an undisclosed amount for the refinancing of the existing debt on the portfolio.

March 22, 2022

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20M HUD Loan for Refinancing of Philadelphia Multifamily Property

by Taylor Williams March 22, 2022

PHILADELPHIA — Greystone has provided a $20 million HUD-insured loan for the refinancing of Croydon Hall Apartments, a 127-unit multifamily property near Philadelphia’s University City neighborhood. Originally built in 1925 and renovated in 2012, the property houses one, two- and three-bedroom units. Jason Yuen of Greystone originated the financing, which was structured with a fixed interest rate, 35-year term and a 35-year amortization schedule. The borrower was an entity doing business as 49th & Spruce Associates LP.

March 22, 2022

Acquisitions Industrial Northeast Pennsylvania

Realterm Acquires 45-Acre Parking Facility in Bethlehem, Pennsylvania

by Taylor Williams March 22, 2022

BETHLEHEM, PA. — Global logistics operator Realterm has acquired a 45-acre parking and maintenance facility in the Lehigh Valley community of Bethlehem. The site offers proximity to Interstate 78 and U.S. Route 22, as well as rail service from Lehigh Valley Rail Management. John Plower, Ryan Cottone, Chad Hillyer, Zach Maguire and Sean Christman of JLL represented the undisclosed seller in the transaction. The property was fully leased at the time of sale.

March 22, 2022

Industrial Leasing Activity New Jersey Northeast

SEKO Logistics Signs 164,000 SF Industrial Lease in Logan Township, New Jersey

by Taylor Williams March 22, 2022

LOGAN TOWNSHIP, N.J. — Global freight company SEKO Logistics has signed a 164,000-square-foot industrial lease at Building A at Logan North, a 3.2 million-square-foot speculative development in Southern New Jersey. Kevin Dudley, Nick Klackik and Jeff Kapcheck of CBRE represented the tenant in the lease negotiations. Nate Demetsky, Dean Torosian and Matt Kemery of JLL represented the landlord, a partnership between Advance Realty Investors and Greek Development.

March 22, 2022

Acquisitions Healthcare Northeast Rhode Island

Newmark Negotiates $7.1M Sale of Medical Office Building in Lincoln, Rhode Island

by Taylor Williams March 22, 2022

LINCOLN, R.I. — Newmark has negotiated the $7.1 million sale of a 40,037-square-foot medical office building in Lincoln, Rhode Island. At the time of sale, the recently renovated property was fully leased to tenants such as engineering firm BETA and cancer clinic LifeSpan. Michael Greeley, Joseph Alvarado and George Demoulas of Newmark represented the seller, a locally based affiliate of Blackstone, in the transaction. Boston-based Legacy Capital Ventures purchased the asset.

March 22, 2022

Acquisitions Arizona Development Industrial Western

Greystar Buys 154-Acre Industrial Development Site Near Phoenix Mesa Gateway Airport for $43.7M

by Amy Works March 22, 2022

MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million. Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity. Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million. Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.

March 22, 2022

Acquisitions California Net Lease Retail Western

Matthews Brokers $11.1M Acquisition of Shaw West Center Retail Property in Fresno, California

by Amy Works March 22, 2022

FRESNO, CALIF. — Matthews Real Estate Investment Services has arranged the purchase of Shaw West Center, a shopping plaza located at 2047-2097 W. Shaw Ave. in Fresno. A 1031 exchange buyer acquired the asset from an undisclosed seller for $11.1 million. Shaw West Center is occupied by national and regional tenants, with many under triple-net leases. Nabil Awada of Matthews Real Estate Investment Services represented the buyer in the deal.

March 22, 2022

Acquisitions California Office Western

Colliers Negotiates Sale of 27,440 SF Creative Office Building in Oakland

by Amy Works March 22, 2022

OAKLAND, CALIF. — Colliers has arranged the sale of a creative office property located at 1504 Franklin St. in downtown Oakland. Bullock Capital acquired the asset from SpringTide Franklin LLC for an undisclosed price. The two-story building features 27,440 square feet with 2,000 square feet of ground-floor retail space along 15th Street. The property was built in the 1920s, retrofitted in the 1960s, then restored, retrofitted and modernized in 2018. The most recent renovations included seismic upgrades, new building systems, tech-drive building security and high-end creative finishes. At the time of sale, the property was 81 percent leased. Comfy | Enlightened, a subsidiary of Siemens Real Estate, anchors the building. Will Cliff and Aileen Dolby of Colliers represented the seller in the transaction.

March 22, 2022

Acquisitions California Office Western

Sonata North Acquires 15,280 SF Office Building in Barstow, California

by Amy Works March 22, 2022

BARSTOW, CALIF. — Joseph W. Brady Inc., dba The Bradco Cos., has facilitated the sale of 2601 Barstow Road, an office building that the Bureau of Land Management formerly occupied in Barstow. Wells Fargo, representing The Constance Wallace Irrevocable Trust, sold the property to Sonata North LLC for an undisclosed price. Constructed in 1997 on 4.8 acres, the 15,280-square-foot building features several built-out offices, a breakroom, four restrooms, conference rooms, supply room, a mail room and open space for cubicles. Additionally, there are two roll-up doors for a storage warehouse on the back side of the building, a fenced yard in the rear of the property and ample covered and non-covered parking. The seller was a referral of Newmark Knight Frank.

March 22, 2022

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