ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of The Quarters at Rochester for $7.2 million. The 63-unit apartment building is located at 826 21st Ave. SE near the Rochester Community and Technology College in Rochester. The property was constructed in 1986 and renovated in 2015. Chris Collins, David Wallace, Evan Miller and Matthew Shide of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
ROSEVILLE, MINN. — Shake Shack and Panera Bread have signed leases at Rosedale Center, a nearly 1.3 million-square-foot shopping center in Roseville, a suburb of the Twin Cities. Shake Shack will occupy 3,500 square feet, while Panera Bread will lease 4,000 square feet. Both establishments are scheduled to open in winter 2023 and will feature drive-thru service in addition to indoor and patio seating. Holly Rome and Lane Walsh of JLL, along with Robin Sande of Newmark, secured the tenants. Rosedale Center is home to roughly 160 retailers.
BAYONNE, N.J. — JLL has negotiated the $49.6 million sale of 19 East, a 138-unit apartment community in the Northern New Jersey community of Bayonne. Built in 2018, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, game room and multiple business centers and terraces. Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce of JLL represented the seller, a partnership between Ingerman Group and Verde Capital, in the transaction. Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran of JLL arranged $35 million in fixed-rate acquisition financing through Kearny Bank on behalf of the borrower, locally based private equity firm KABR Group.
MOONACHIE, N.J. — Faropoint, a locally based investment firm, has acquired a 62,000-square-foot industrial property in the Northern New Jersey community of Moonachie for $17.7 million. David Schechtman, David Benharouch and Ikey Betesh of Meridian Capital Group brokered the sale, the seller in which was not disclosed. The deal follows Faropoint’s $132.5 million acquisition of a portfolio of 10 industrial buildings in Northern New Jersey from Kushner Cos.
NEW YORK CITY — Locally based brokerage firm B6 Real Estate Advisors has arranged the $12.3 million sale of a 15,550-square-foot office building located at 8 E. 41st St. in Midtown Manhattan. The eight-story building includes 1,550 square feet of retail space. Christopher Cavorti of The Corcoran Group represented the buyer, Piyush Golia, in the transaction. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors, along with Nancy Cibrano of The Wings Group, represented the seller, Meir Levy.
NORWOOD, N.J. — Phoenix Aromas & Essential Oils has signed a 79,466-square-foot industrial lease renewal at 355 Chestnut St. in the Northern New Jersey community of Norwood. Owned and developed by Alfred Sanzari Enterprises, the property features six loading docks and a clear height of 20 feet. Mitch Helfman of MRH Real Estate Services represented the tenant in the lease negotiations. Steve Jennings represented the landlord on an internal basis.
SCARSDALE, N.Y. — New York City-based bridge lender Emerald Creek Capital has provided a $9.3 million loan for the refinancing of a 14,225-square-foot office and retail building in Scarsdale, located north of the city. The property was fully leased at the time of the loan closing. Jeff Seidler of Emerald Creek Capital originated the financing. The borrower was not disclosed.
GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …
By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite the headwinds facing the Orange County retail property sector in 2021, retailers experienced record sales, while shopping center owners realized all-time-high property values. Orange County’s retail vacancy rate also decreased in 2021 from 4.58 percent to 4.32 percent as compared to 2020, according to CoStar. Meanwhile, rents increased from $33.12 per square foot, per year to $34.55 per square foot, per year — back to pre-pandemic levels. There are many reasons for these impressive numbers, though less stringent COVID rules and the solid job market may be two key drivers. Orange County remained less restrictive on businesses than neighboring Los Angeles County. The county also seems to have been the economic benefactor given the less severe climb out of the vacancy and unemployment challenges that were experienced through the pandemic. Orange County’s job market was hit hard during the pandemic with its large employment base in hospitality and leisure. However, it bounced back quickly with Disneyland re-opening and others hiring thousands of workers amongst robust consumer demand. Orange County’s job market is also recognized as one of the more diverse and higher paying counties in Southern California. Investors Continue to Eye Orange County as the Gold Standard …
DALLAS — Los Angeles-based investment firm ShainRealty Capital has purchased LBJ Station, a 249-unit apartment community in the Northwood Heights area of Dallas, for $51 million. The property was built in 2017. Units average 767 square feet and feature one- and two-bedroom floor plans. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, coffee bar, clubhouse, two dog parks and a package handling system. Chris Deuillet of CBRE brokered the sale. Alpha Barnes Real Estate sold the property, and Rialto Capital provided $42 million in acquisition financing. ShainRealty Capital plans to invest $1.8 million in renovations and rebrand the property as Infinity on the Point.