Property Type

Walker & Dunlop Arranges $134.6M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams January 12, 2023

PHILADELPHIA — Walker & Dunlop has arranged a $134.6 million construction loan for Northern Liberties, 360-unit multifamily project that will be located at 200 Spring Garden St. in Philadelphia. The transit-served building will offer a pool, fitness center, coworking lounge, conference center and a party room, as well as 23,070 square feet of retail space. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Mo Beler of Walker & Dunlop arranged the loan through insurance company Ullico on behalf of the borrower and developer, a partnership between Kushner Real Estate Group and National Real Estate Advisors.

January 12, 2023

Acquisitions Georgia Restaurant Southeast

Palomar Group Brokers $2.8M Sale of Augusta Restaurant Leased to Steak N Shake

by John Nelson January 12, 2023

AUGUSTA, GA. — The Palomar Group has brokered the $2.8 million sale of a 3,512-square-foot restaurant located at 4329 Belair Frontage Road in Augusta. The property is triple-net-leased to Steak N Shake, a diner chain that serves burgers, fries and milkshakes. Steak N Shake has approximately 15 years remaining on its lease term, which features a 10 percent rental increase every five years. The restaurant is situated at a signalized intersection off I-20 and near Fort Gordon Army Base. An investment firm based in New Britain, Conn., purchased the restaurant from an entity based in Aiken, S.C. Both parties requested anonymity.

January 12, 2023

Industrial Leasing Activity Massachusetts Northeast

Cushman & Wakefield Negotiates 260,150 SF Industrial Lease in Taunton, Massachusetts

by Taylor Williams January 12, 2023

TAUNTON, MASS. — Cushman & Wakefield has negotiated a 260,150-square-foot industrial lease in Taunton, located about 40 miles south of Boston. The tenant, Ferguson Plumbing Supply, will occupy space at Taunton Trade Center, a 584,640-square-foot speculative development. The newly built complex features a clear height of 40 feet, 112 loading docks, 546 car parking spaces and 132 trailer parking stalls. Philip Verre, Rob Byrne, Pete Whoriskey and Paul Leone of Cushman & Wakefield represented the landlord, Martignetti Cos., in the lease negotiations. CBRE represented the tenant.

January 12, 2023

Development Florida Industrial Leasing Activity Southeast

Lumber Supplier Signs 75,000 SF Industrial Lease in Punta Gorda, Florida

by John Nelson January 12, 2023

PUNTA GORDA, FLA. — Dakota Premium Hardwoods, a hardwood lumber and cabinet product supplier based in Waco, Texas, has signed a 75,000-square-foot industrial lease at 9450 Piper Road in Punta Gorda. The tenant will occupy space within Florida Gulf Coast Logistics Center, a 378,000-square-foot speculative facility being developed within Enterprise Charlotte Airport Park. Dan Miller of Colliers represented the landlord, Equus Capital Partners Ltd., in the lease transaction. Rian Smith of CBRE represented the tenant. Dakota Premium Hardwoods expects to move into its new warehouse and distribution space in September, according to Colliers.

January 12, 2023

Westfall-Town-Center-Matamoras-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

Larken Associates Acquires 203,907 SF Shopping Center in Matamoras, Pennsylvania

by Taylor Williams January 12, 2023

MATAMORAS, PA. — New Jersey-based investment firm Larken Associates has acquired Westfall Town Center, a 203,907-square-foot shopping center in Matamoras, located at the nexus of the New York-New Jersey-Pennsylvania border. The sales price was $28.6 million. A 73,000-square-foot ShopRite grocery store anchors the property, and other tenants include Flagship Cinemas, T.J. Maxx, Planet Fitness, Dollar Tree and Wendy’s. The seller was Chicago-based CenterPoint Properties. Derek Zerfass and Scott Horner of Colliers represented both parties in the transaction.

January 12, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $13.5M in Financing for Affordable Seniors Housing Complex in Metro Boston

by Taylor Williams January 12, 2023

MEDFORD, MASS. — MassHousing has provided $13.5 million in financing for Riverside Towers, a 199-unit affordable seniors housing complex in Medford, located north of Boston. Built in 1979, Riverside Towers consists of 161 one-bedroom and 38 two-bedroom units in a 14-story building. The borrower, a partnership between metro Boston-based Schochet Cos. and Jonathan Rose Cos., will use the proceeds to fund capital improvements, enhance resident services and preserve the property’s affordability status.

January 12, 2023

Arizona Development Multifamily Western

Thompson Thrift to Develop 252-Unit Maddox Apartment Community in Buckeye, Arizona

by Amy Works January 12, 2023

BUCKEYE, ARIZ. — Thompson Thrift has released plans for The Maddox, a multifamily property located in the Phoenix suburb of Buckeye. Construction started this month with completion slated for late 2024. Located at the intersection of West Yuma Road and South Waterson Road, The Maddox will consist of seven three-story buildings with 80 detached garages. The community will feature 252 apartments in one-, two- and three-bedroom layouts with quartz countertops, tile backsplashes, stainless steel appliances, designer fixtures and finishes, an Alexa-compatible smart hub to integrate all smart devices, smart thermostats, smart door locks, walk-in closets and full-size washers/dryers. Units are available with patio, balcony and private yard options. Onsite amenities will include a clubhouse, heated swimming pool, 24-hour fitness center, Amazon Package Hub, courtyards, grilling stations, outdoor game area, firepits with seating areas, dog park, pet spa with grooming station, and a pickleball court. The community is situated on 10.6 acres within walking distance of Buckeye’s core retail corridor, including Fry’s Signature grocery store, Walmart, Lowe’s Home Improvement Warehouse and multiple dining options.

January 12, 2023

Leasing Activity Lee & Associates New York Northeast Restaurant Retail

Scores Sports Bar to Open 9,000 SF Restaurant in Midtown Manhattan

by Taylor Williams January 12, 2023

NEW YORK CITY — Score Sports Bar will open a 9,000-square-foot restaurant in Midtown Manhattan. The tenant has committed to a three-story space at 416 Eighth Avenue, which is located adjacent to Madison Square Garden, for 15 years. Brad Schwarz and James Ficelman of Lee & Associates represented the landlord, Riese Organization, in the lease negotiations. Spencer Planit of Winick Realty represented Scores Sports Bar.

January 12, 2023

Colorado Development Loans Multifamily Western

Trailbreak Partners Receives $24.3M Construction Loan for Multifamily Project in Denver

by Amy Works January 12, 2023

DENVER — Trailbreak Partners has received $24.3 million in construction financing for the development of 32nd and Eliot Apartments, a Class A multifamily community in Denver’s Highlands neighborhood. Located at 3245 N. Eliot St., the three-story 32nd and Eliot will feature 124 apartments in a mix of studio, one- and two-bedroom units averaging 647 square feet. Twelve of the units will be designated as affordable, reserved for residents earning up to 80 percent of area median income. Units will offer in-unit washers/dryers, balconies, large windows, stainless steel appliances, custom cabinetry, luxury vinyl plank flooring and walk-in closets. Community amenities will include a clubhouse, resort-style plunge pool, hot tub, courtyard, roof deck, remote working spaces, a fitness center and sub-grade parking garage. Rob Bova led the JLL Capital Markets team that secured the senior construction loan through FirstBank.

January 12, 2023

Acquisitions California Retail Western

Tova Capital Acquires Shopping Center in Long Beach, California for $6.2M

by Amy Works January 12, 2023

LONG BEACH, CALIF. — Tova Capital has purchased a fully occupied retail complex in downtown Long Beach for $6.2 million in an off-market transaction. Located at 205-233 E. Anaheim St., the property features 34,500 square feet of retail space. The asset consists of two 17,000-square-foot single-story buildings that Trademark Brewing and Long Beach Rising, a climbing gym, occupy under long-term leases. Tova Capital plans a long-term hold of the retail property, which is its first investment in Long Beach. Jared Swedelson from NAI Capital represented Tova, while Sheva Hosseinzadeh of Coldwell Banker Commercial BLAIR represented the undisclosed seller in the deal.

January 12, 2023

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