EAST ORANGE, N.J. — Hudson Atlantic Realty has arranged the $15.6 million sale of a portfolio of four multifamily properties totaling 96 units in the Northern New Jersey community of East Orange. The sales price equates to $162,500 per unit. All four properties are located near the city’s downtown area and recently received renovations to their unit interiors, including new floors, upgraded kitchens and onsite laundry facilities. The buyer and seller were not disclosed.
SALEM, N.H. — Tuscan Brands has welcomed new tenants to Tuscan Village, its 170-acre flagship shopping, dining and entertainment destination located north of Boston in Salem, New Hampshire. Nike (15,000 square feet) and Chick-fil-A (5,000 square feet) both recently opened, and Mass General Brigham will open a primary and specialty care medical facility later this summer. The Container Store will launch a 15,000-square-foot store this winter. Other tenants that have committed to Tuscan Village include T-Mobile, Xfinity, Crumbl Cookies, Banfield Pet Hospital, LensCrafters and Bennett’s Sandwich Shop.
PASADENA, CALIF. — CBRE has brokered the sale of Tiffany and Shops, a 28,421-square-foot street-front retail property in Pasadena. Los Angeles-based Blatteis & Schnur and Hayward-based The Felson Cos. acquired the asset for $52.2 million, or approximately $1,838 per square foot. Jimmy Slusher, Philip Voorhees and Trent Steeves of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Los Angeles-based Rockwood Capital, in the transaction. Slusher, Voorhees and Steeves also represented the buyer. Tiffany & Co., Crate & Barrel and House of Hoops anchor the property under corporate-guaranteed leases. The asset is located at 64-68 Colorado Blvd.
NEW YORK CITY — Shawmut Design & Construction has signed a 27,015-square-foot office lease at 488 Madison Avenue in Midtown Manhattan. The lease term is 15 years. The 23-story building was originally designed in 1949 and was known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. David Hollander and Jared Freede of CBRE represented the tenant represented the tenant in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
WOODLAND, CALIF. — Arriba Capital has closed a $40.5 million ground-up construction loan for two adjacent hotel properties in Woodland. The three-year loan was features an 80 percent loan-to-cost ratio. The two hotel developments include a four-story, 95-room, extended-stay Home2 Suites by Hilton and a five-story, 109-room Courtyard by Marriott. Details of the financing, including the borrower’s name, were not released.
TUCSON, ARIZ. — Phoenix Commercial Advisors has arranged the sale of Paloma Village Center, a retail property located within the Catalina Foothills in Tucson. The asset traded for $18.4 million, or $480 per square foot. The names of the seller and buyer were not released. Situated on the 4.5 acres on the southeast corner of Campbell Avenue and Skyline Drive, the 38,347-square-foot property was 94 percent occupied at the time of sale. Current tenants include Starbucks Coffee, CVS/pharmacy and Fleming’s Steakhouse. Chad Tiedeman and Danny Gardiner of Phoenix Commercial Advisors represented the seller in the transaction.
VISTA, CALIF. — Lee & Associates has arranged the sale-leaseback of an industrial asset located at 1280 N. Melrose Drive in Vista. Exeter Property Group acquired the property from an undisclosed seller for $11.5 million. Built in 1982, the 45,214-square-foot property features 12 dock-high doors, two grade-level doors, heavy power and 20-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates – North San Diego County’s Williams Roth Group represented the buyer. Jim Benson of Kidder Mathews represented the seller in the transaction.
BAKERSFIELD, CALIF. — Faris Lee Investments has brokered the sale of a single-tenant retail property located at 1725 Golden State Ave. in Bakersfield. A Southern California-based private investor sold the asset to an undisclosed buyer for $10.8 million. Grocery store Smart & Final occupies the 26,237-square-foot building on a long-term, absolute triple-net lease basis with rental increases. Sean Cox and Alex Moore of Faris Lee represented the seller in the deal.
NASHVILLE, TENN. — Propst Development and Chartwell Hospitality have completed construction of the Conrad Nashville, Hilton International’s first luxury hotel in the city. Located at 1620 West End Ave. in the Midtown neighborhood, the 234-room property is slated to open to the public at the end of June. In addition to completing the hotel, the co-developers sold the asset to Northwood Investors, a Denver-based private equity investor with $8 billion in assets under management. The price was not disclosed. The Conrad Nashville features more than 11,000 square feet of meeting space, an outdoor terrace pool on the third floor, the Blue Aster restaurant and Thistle and Rye whiskey bar. Other amenities include a fitness center, business center, pet-friendly rooms, a concierge and complimentary Wi-Fi. According to the property website, prices for a suite with one king bed range from $285 per night during the week to $529 on the weekends. Prices for a suite with two queen beds range from $285 during the week to $636 on the weekends. The Conrad Nashville will employ more than 200 people once it’s fully operational, according to Bill Propst, chairman of Propst Development’s parent company, Propst Cos. The hotel anchors the $540 million …
In May, The White House announced its Housing Supply Action Plan to address rising housing costs by increasing the supply of housing in communities across the country over the next five years. The plan aims to create more housing of all asset types through new construction and preservation and singles out the importance of affordable housing, particularly in a time of high interest rates and inflation. The COVID-19 pandemic and the ensuing economic fallout have uniquely impacted renters unlike previous times of economic uncertainty. Renter demand and rental rates have increased at the fastest pace in decades, underscoring the importance and urgency of increasing the stock of affordable rental housing. The Housing Supply Action Plan does just that. Specifically, the plan seeks to finance more than 800,000 affordable rental units by expanding and strengthening the Low-Income Housing Tax Credit (LIHTC) program. Similar language was included in the Build Back Better Plan, which included a variety of actions aimed to bolster the lower and middle class with investments in housing, infrastructure and labor markets. This important piece of the proposed legislation would significantly increase resources that will ultimately expand the number of affordable units available. The Housing Supply Action Plan includes …