ROCHELLE PARK, N.J. — Cushman & Wakefield has brokered the $17.8 million sale of Park 17, a 105,000-square-foot office building in the Northern New Jersey community of Rochelle Park. The five-story building is home to tenants such as the Bergen County Board of Social Services and St. Joseph’s University Medical Center. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zuidema of Cushman & Wakefield represented the seller, GHP Office Realty LLC, in the transaction. The buyer was not disclosed.
BELLEVILLE, N.J. — New Jersey-based intermediary Cronheim Mortgage has arranged an $11.5 million permanent loan for a 70,450-square-foot shopping center in the Northern New Jersey community of Belleville. Grocer ShopRite anchors the center. Allison Villamagna and Andrew Stewart placed the 12-year loan through Farm Bureau Life Insurance Co. on behalf of the undisclosed borrower.
VISTA AND CARLSBAD, CALIF. — Wimatex has purchased a multi-tenant office portfolio in Vista and Carlsbad from Thibodo LLC and CCSD LLC for $13.9 million. At the time of sale, the two-building, 70,262-square-foot portfolio was fully leased. The first property, located at 1800 Thibodo Road in Vista, is a three-story building featuring 23,690 square feet of Class A office space that is fully leased to nine tenants. The second building, situated at 1959 Palomar Oaks Way in Carlsbad, is a three-story property featuring 46,572 square feet of Class A office space that is fully leased to four tenants. Aric Starck, Drew Dodds and Matty Sundberg of Cushman & Wakefield represented the sellers in the deal.
WOODINVILLE, WASH. — Gantry has secured $12.5 million in permanent financing for a private real estate investor’s purchased of a single-tenant industrial property in Woodinville. Mike Wood and Alex Saunders of Gantry secured the 10-year, fixed-rate loan through one of the firm’s life company lenders. Redapt, a technology service provider, occupies the 66,000-square-foot facility for its corporate office and production facility. The property is located at 14051 NE 200th St.
LA MESA, CALIF. — Pacific Coast Commercial has negotiated the sale of a medical office property located at 8530 La Mesa Blvd. in Las Mesa. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided acquisition financing.
AURORA, COLO. — Peakview Realty has acquired Shoppes at Parker Commons, a retail center located at 2701-2787 S. Parker Road in Aurora. Special Servicer LNR Partners LLC sold the asset for $8.2 million, or $255 per square foot. Built in 1987, the 32,297-square-foot property was 92 percent at the time of sale. Tenants include H Mart, H&M Dental, Farmers Insurance, O’Hair Salon, Volcano Tea House, Neo Lashes and Nails, and QQ Massage. Jason Schmidt of JLL Retail Capital Markets Investment Sales and Advisory led the team that represented the seller in the deal.
GLENDALE, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.4 million loan for the acquisition of a mixed-use property located at 202 E. Wilson Ave. in Glendale. The name of the borrower was not released. Bradley Buzil of MMCC’s West Los Angeles office secured the financing for the borrower. The 27,080-square-foot building features a 51-key hotel that can be converted into apartments and six ground-floor retail spaces.
CLEVELAND — A partnership between Detroit-based developer Bedrock and the City of Cleveland has unveiled plans for the Cuyahoga Riverfront, an initiative that will feature 3.5 million square feet of new development and adaptive reuse projects across 35 acres of publicly and privately owned waterfront land. According to multiple news outlets including The Plain Dealer and Spectrum News, the project is valued at $3.5 billion. Preliminary plans for the site call for the addition of approximately 2,000 residential units, 850,000 square feet of office space and 12 acres of open public space, as well as hospitality, retail and restaurant uses. The development team is targeting a 15- to 20-year timeline for full buildout and transformation of the site. In addition, Bedrock partnered with Sherwin-Williams Co. to acquire Landmark Office Towers and the Breen Technology Center. Specific plans regarding the future use of these buildings were not immediately disclosed. The development team — which includes master architect David Adjaye, local firm Osborn Engineering and urban planning firm MKSK — views the site as a natural connective bridge between the Cuyahoga River and downtown Cleveland. Adjaye spent the last several months in Cleveland cultivating a plan to make that vision a reality. …
Increased interest rates and challenging insurance costs would normally stifle a multifamily market. However, an inventory constrained by a lack of land, supply chain issues, labor shortages and the increased cost of homeownership have contributed to a further stabilization of the metro New Orleans multifamily market. The overall vacancy factor for our seven primary submarkets that make up metro New Orleans are in the 5 to 6 percent range. We anticipate occupancy rates to steadily increase going forward as new construction has stalled and rising interest rates have delayed many tenants from transitioning to homeownership. Overall rental rates in the metro average in the $1,250 to $1,350 per month range. The rents represent a 3.5 percent increase over the past 12 months. It should be noted that some submarkets have seen considerably higher increases. The highest rental rates reported in the metro for garden-style communities are in Eastern St. Tammany Parish, where the newest inventory exists. The highest rents in New Orleans are downtown in the CBD/Warehouse District. These communities comprise mid-rise and high-rise developments and command rents exceeding $2.50 per square foot. The downtown market experienced some softness during the COVID-19 pandemic but made a robust recovery once restrictions …
ATLANTA — SJC Ventures has topped out the second phase of The Interlock, a $750 million mixed-use project located in Atlanta’s West Midtown district. The second phase, built by Choate Construction and anchored by a 42,000-square-foot Publix, features 275,000 square feet of commercial space and 670 units of student housing for Georgia Tech students. Construction on the second phase began in May 2021. Additionally, four new retailers have inked leases at The Interlock. Pinky Promise Champagne Bar, The X Pot — a Korean barbecue and hot pot restaurant, City Nails and GoodVets will join the tenant lineup. Previously announced tenants include Starbucks Coffee, Kura Revolving Sushi Bar, Salon Lofts and Five Guys. Stream Realty Partners is managing leasing for the office space at the development on behalf of SJC Ventures.