Property Type

Coldwell Banker Commercial Brokers $3.6M Sale of Medical Office Property in Vero Beach, Florida

by Julia Sanders April 13, 2022

VERO BEACH, FLA. — Coldwell Banker Commercial has brokered the sale of a medical and professional office property in Vero Beach. The sales price was $3.6 million. Andrew Gonzalez and Linda Gonzalez of Coldwell Banker Commercial Paradise represented the undisclosed seller in the transaction. Built in 1986, the two-story, 40,000-square-foot building is situated on 4.2 acres of land and has onsite parking. Located at 333 17th St., the property is 79.5 miles from the Palm Beach International Airport.

April 13, 2022

Acquisitions Connecticut Northeast Retail

Colliers Brokers Sale of 175,000 SF Liberty Rock Shopping Center in Milford, Connecticut

by Taylor Williams April 13, 2022

MILFORD, CONN. — Colliers has brokered the sale of Liberty Rock Shopping Center, a 175,000-square-foot shopping center in Milford, located in the southern central part of the state. Tenants at Liberty Rock Shopping Center include Ocean State Job Lot, Dollar Tree, Walgreens and Taco Bell. John Cafasso and Ian Hunt of Colliers represented the seller and procured the buyer, a locally based development and investment firm, in the transaction. Both parties requested anonymity.

April 13, 2022

Loans New York Northeast Retail

Cronheim Mortgage Arranges $13M Loan for Refinancing of Long Island Retail Property

by Taylor Williams April 13, 2022

WOODBURY, N.Y. — New Jersey-based Cronheim Mortgage has arranged a $13 million loan for the refinancing of a 55,000-square-foot retail property on Long Island. Located along the Jericho Turnpike in the community of Woodbury, the property is fully occupied by grocer Stop & Shop. Andrew Stewart and Dev Morris of Cronheim Mortgage arranged the 10-year, nonrecourse loan, which carried a fixed interest rate and four years of interest-only payments. The borrower was full-service firm Woodpath Associates LLC. Texas-based Aurora National Life Assurance Co. provided the loan.

April 13, 2022

Arizona Development Industrial Western

VanTrust Real Estate Breaks Ground on 150-Acre Peoria Logistics Park in Arizona

by Amy Works April 13, 2022

PEORIA, ARIZ. — VanTrust Real Estate has broken ground on Phase I of Peoria Logistics Park, a 150-acre Class A industrial park in Peoria. Situated two miles east of Loop 101, Peoria Logistics Park will consist of up to eight buildings ranging from 100,000 square feet to 600,000 or more square feet. The first phase will feature a 157,000-square-foot distribution center, built for a Fortune 500 company, which is slated to open in early 2023. The 17.5-acre site will feature a modern industrial warehouse with the ability to accommodate future expansion. Willmeng Construction is serving as general contractor for Phase I. Cooper Fratt and John Werstler of CBRE represented VanTrust in the lease transaction and Ted Liles of Cresa represented the landlord. Butler Design Group is serving as architect for the project.

April 13, 2022

Acquisitions California Retail Western

Faris Lee Investments Negotiates $19.7M Acquisition of Value-Add Shopping Center in Temecula, California

by Amy Works April 13, 2022

TEMECULA, CALIF. — Faris Lee Investments has negotiated the sale of a value-add shopping center located at 32881-32965 Temecula Parkway in Temecula. California-based Centers Dynamic Partners and United Growth acquired the property from Vail Commercial for $19.7 million. Best Buy and Fitness 19 are tenants at the 70,418-square-foot shopping center, which is situated on 7.6 acres. Joe Chichester and Matt Brooks of Faris Lee Investments represented the buyer in the transaction.

April 13, 2022

California Industrial Loans Western

PSRS Arranges $3.8M Refinancing for Industrial Property in San Diego

by Amy Works April 13, 2022

SAN DIEGO — PSRS has arranged the $3.8 million cash-out refinancing of a multi-tenant industrial property in San Diego’s Miramar neighborhood. Built in 1985, the 30,355-square-foot asset is 100 percent leased. Jennifer Mustard of PSRS secured the credit union execution, which provided the undisclosed borrower a 3.5 percent interest rate, 10-year term and $1 million cash out for other investments.

April 13, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Health Completes $3M Seniors Housing Renovation Project in Point Pleasant, New Jersey

by Taylor Williams April 13, 2022

POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center, located near the Jersey Shore. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of an activities of daily living suite. Other renovations included a lobby/reception area redesign and expansion, reconfigured and updated dining area and lounges and updates to resident rooms.

April 13, 2022

Acquisitions Midwest Minnesota Multifamily Top Stories

CBRE Investment Management Acquires The Berkman Luxury Apartment Complex in Rochester, Minnesota for $187.6M

by Kristin Harlow April 13, 2022

ROCHESTER, MINN. — CBRE Investment Management has acquired The Berkman, a 350-unit luxury apartment complex in Rochester, a city in Southeast Minnesota. The purchase price was $187.6 million, according to local media reports. The sellers were Kayne Anderson Real Estate and Alatus LLC. Located at 217 14th Ave. SW, The Berkman sits across the street from the Mayo Clinic’s Saint Marys Campus, which is the nation’s largest intensive care unit. The property is also less than one mile from the Mayo Clinic’s downtown campus. The community opened in 2020. The Berkman features several environmentally friendly components, including low-flow plumbing fixtures, efficient electric heat pumping technology and sustainable building materials. David Selznick, chief investment officer with Kayne Anderson, says the objective of the development was to provide an environmental, social and governance (ESG)-oriented community to support the Mayo Clinic’s staff, patients and overall Rochester resident base. “We believe that this asset’s proximity to the area’s elite base of education, research and world-renowned medical institutions, combined with strong demographic fundamentals, will position this property as a quality asset that will capitalize on durable demand from ‘eds and meds,’” says Benjamin Green, managing director of residential transactions at CBRE Investment Management. Community amenities …

April 13, 2022

Market Reports Nevada Retail Western Western Market Reports

Reno Retail Sets Record Highs, Lows

by Jeff Shaw April 12, 2022

By Bret Nicholson, Retail Specialist, Marcus & Millichap Reno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the continued absorption of retail vacancies in Reno. On a local level, Reno now has roughly 150 percent more six-figure jobs compared to 2015. This allows for more discretionary retail spending. In addition, very high construction costs and development delays have forced businesses to consider repurposing existing retail space. For example, a 24 Hour Fitness shuttered at 6155 Neil Road, leaving behind a vacant 24,000-square-foot special-use building. Not long after the health club’s exit, the Coral Academy of Science began renovating the space and is now an operational elementary school. Despite many vacancies having been repurposed and filled since 2020, demand for retail space in Reno continues. About 265,000 square feet of new construction is expected to be completed in 2022, which will be …

April 12, 2022

Acquisitions Arizona Industrial Western

ABI Multifamily Brokers $33.5M Sale of Park Central Luxury Townhomes in Phoenix

by Amy Works April 12, 2022

PHOENIX — ABI Multifamily has arranged the sale of Park Central Luxury Townhomes, a rental property located at 917 W. Glendale Ave. in Phoenix. Arizona-based FSO Capital Partners acquired the asset from California-based Next Wave Investors for $33.5 million, or $598,214 per unit. Completed in 2020, Park Central Townhomes features 56 townhomes residences spread across 28 two-story buildings on 3.3 acres. The property offers 54 three-bedroom/two-and-a-half bath and two four-bedroom/three-and-a-half bath units. Unit amenities include individual hot water heaters and HVAC units; quartz countertops; tile and hardwood flooring; walk-in closets; soft-close cabinets; backyards and walk-out balconies; washers/dryers; fully equipped kitchens; and attached direct-access two-car garages. Community amenities include gated access and a pool. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily Institutional Apartment Group represented the buyer and seller in the deal.

April 12, 2022

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