NEW YORK CITY — Locally based brokerage firm GFI Realty Services has negotiated the $19.9 million sale of a 143-unit multifamily building located in the Westchester Village area of The Bronx. The six-story building at 2501 Tratman Ave. was originally constructed in 1928 and houses 39 studios, 54 one-bedroom apartments, 45 two-bedroom units and five three-bedroom apartments. Zachary Fuchs and Matt Sparks of GFI represented the seller, the Sacchetti Family, in the transaction. Moshe Gelbstein and Joseph Landau, also of GFI Realty, represented the buyer, an undisclosed local investor.
NEW YORK CITY — Mulligan Security, a provider of technology-based security services, has signed a 9,087-square-foot office lease at 7 Penn Plaza in Manhattan. The lease term is 10 years. Originally constructed in 1921, the 17-story, 411,000-square-foot building sits at the nexus of the Chelsea and Hell’s Kitchen neighborhoods. David Hollander and David Katz of CBRE represented Mulligan Security in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis. Mulligan plans to relocate from its current space at 2 Penn Plaza in August.
PHOENIX — New York-based Time Equities has purchased Paradise Village Office Park in Phoenix from Sterling Equities and Lincoln Property Co. for an undisclosed price. Located at 11811 N. Tatum Blvd., the five-story property offers 268,516 square feet of Class A office space. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center and a yoga/fitness room. At the time of sale, the asset was 72 percent leased to a mix of national, regional and local tenants. Barry Gabel and Chris Marchildon of CBRE represented the sellers, which co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, leasing agents for the site, also assisted in the sale.
DENVER — A joint venture between Continuum Partners and Clarion Partners has obtained $130 million in refinancing for Market Station, a Class A mixed-use property in Denver’s LoDo neighborhood. Eric Tupler and William Haass of JLL Capital Markets secured the 12-year, fixed-rate loan through a life insurance company. Completed in 2021, Market Station features 225 apartments split into two residential concepts, Fourteen45 and The Flats; 126,000 square feet of office space that is 70 percent leased; 52,000 square feet of retail space; and 320 mechanically stacked parking stalls. The residential components offer studio, one- and two-bedroom units, a fitness center, two clubhouses, a rooftop terrace with pool and grills, outdoor dog runs and dog washing stations. The retail portion wraps around the entire property and features a collective of like-minded sellers that share a passion for the outdoors, along with some traditional retail concepts.
CHENEY AND SPOKANE, WASH. — Colliers has brokered the sales of two industrial buildings for a total consideration of $62 million. Bill Condon and Matt McGregor of Colliers oversaw the two separate transactions. In the first deal, Bridge Investment Group acquired a 306,000-square-foot building located at 9212 W. Hallet Road in Cheney for $40.4 million. The Class A industrial facility was fully leased to a long-term, high-credit tenant at the time of sale. In the second deal, Dogwood Industrial Properties purchased a 111,000-square-foot facility at 15909 E. Marietta Ave. in Spokane for $21.6 million. The Class A property is fully leased to four long-term tenants, including Keystone Automotive.
GILBERT, ARIZ. — San Diego-based Intersection has purchased KeyWest Plaza, a multi-tenant flex industrial property in Gilbert for $13.2 million. Golden Key Industrial Park LLC sold the asset in an off-market transaction. Leroy Breinholt, David Bean, Cory Sposi, Cory Breinhold and Kelli Jelinek of Commercial Properties’ Phoenix office represented the seller in the transaction. Located at 700-734 N. Golden Key St., the asset features 92,750 square feet of multi-tenant flex industrial space. Intersection plans to complete renovations at the property that will improve curb appeal and the overall tenant experience. Improvements will include new paint and upgrades to the parking lot and landscaping. The new owners will also implement a signage program providing tenants with greater visibility. Commercial Properties will continue to manage and lease the property for Intersection.
LAGUNA NIGUEL, CALIF. — Faris Lee Investments has brokered the $10.3 million sale of Shops at Crown Valley, a grocery- and pharmacy-anchored retail center in Laguna Niguel. A Los Angeles-based private family office sold the asset to a Riverside-based buyer. Located at 30262-30272 Crown Valley Parkway, Shops at Crown Valley features 23,315 square feet of retail space. Planet Fitness, Smart & Final, Rite Aid and The UPS Store are tenants at the fully occupied property. Sean Cox, Alex Moore, Chris DePierro, Matt Brooks and Joe Chichester of Faris Lee represented the seller and procured the buyer for the transaction.
CLEMSON, S.C. — Core Spaces and Tom Winkopp Development have formed a joint venture to develop Clemson Student Village at The Pier, a 4,000-bed student housing community located on a 140-acre plot near Clemson University. The project is an extension of The Pier, a project that has already added 1,400 beds to Clemson’s student housing supply. Amenities at the new project include athletic and fitness facilities, pools, outdoor grills, student clubhouses, beachfront access to Lake Hartwell and waterfront trails. Once fully constructed, the site will feature “a new downtown locale that is walkable, charming and accessible to all students and the local community,” according to the developers. “This project is among the most ambitious in our history,” says Daniel Goldberg, president of Core Spaces. “Clemson, South Carolina has experienced significant population growth due to its high quality of living, affordability, picturesque downtown and favorable year-round climate, as well as Clemson University’s strong enrollment rates.” In addition to the more traditional student housing beds, the development will feature clusters of single-family homes for rent as the builders seek to create student neighborhoods within the project. Each of these will feature nine bedrooms. The student village is one piece of a larger …
By Taylor Williams The combination of dwindling vacancies and skyrocketing construction costs is beginning to have a marginally negative impact on the confidence that industrial brokers across major U.S. markets have in their chosen property type, according to the latest sentiment report from the Society of Industrial & Office Realtors (SIOR). For the first time in the report’s history, the average sentiment of industrial brokers that carry the designation, while still very bullish overall, dropped below eight on a scale of one to 10. Specifically, overall sentiment fell from 8.2 in the fourth quarter of 2021 to 7.7 in the first quarter of 2022. The report also identified an environment of rising interest rates as an additional detractor on industry sentiment, though that factor is not unique to the industrial sector. With industrial users heavily investing in their supply chains amid the pandemic and e-commerce boom, there’s simply very little Class A space to be had, especially within infill locations in core markets. Disruptions within those same supply chains have helped drive costs of construction materials and timelines for projects to way-above-average levels, putting further downward pressure on supply growth. As a result, overall industrial leasing activity has slowed. According …
FORT LAUDERDALE, FLA. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $55 million bridge refinance loan for The Stellar at Emerald Hills, a 197-unit apartment community in Fort Lauderdale. The 24-month loan featured two six-month extension options. The borrower was not disclosed. Delivered in the first quarter of this year, the gated property is situated on 7.2 acres and consists of three three-story buildings spanning approximately 567,000 square feet. The community is near several golf courses, shopping and dining destinations, Dania Beach and Interstate 95, giving tenants access to major employers like American Airlines and Publix Super Markets. The Stellar at Emerald Hills includes in-unit washers and dryers, private balconies and bay windows. Common area amenities include a clubhouse, fitness center with a yoga and spin studio, pet play area, pet washing station and a pool. The property is certified National Green Building Standard (NGBS) and includes green, smart features such as EV car charging stations and energy-efficient gas appliances.