Property Type

Newmark Brokers Sale of 276-Unit Multifamily Asset in Northwest San Antonio

by Taylor Williams September 2, 2021

SAN ANTONIO — Newmark has brokered the sale of The Preserve at Westover Hills, a 276-unit apartment community in northwest San Antonio. The property features one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground, dog park, outdoor grilling areas and a package locker room. Patton Jones and Matt Michelson of Newmark represented the seller, Texas-based InvestRes, in the transaction. Kansas-based Cohen-Esrey Apartment Investors LLC purchased the value-add asset, which was 96 percent occupied at the time of sale.

September 2, 2021

Acquisitions Industrial Texas

Leon Capital Acquires 81,718 SF Industrial Building in Fort Worth

by Taylor Williams September 2, 2021

FORT WORTH, TEXAS — Dallas-based investment firm Leon Capital has acquired an 81,718-square-foot industrial building located at 3601 Conway St. in Fort Worth. James Mantzuranis and Adam Jones with Stream Realty Partners represented Leon Capital in the transaction. Seth Koschak and Forrest Cook, also with Stream, represented the sellers, Wayne Corbell and Bonnie Corbell.

September 2, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

HGI, Cammeby’s Acquire 5,302-Unit Workforce Housing Portfolio in New Jersey for $1B

by Taylor Williams September 2, 2021

NEW JERSEY — A joint venture between affiliates of Harbor Group International (HGI) and Cammeby’s International Group has acquired a portfolio of 41 workforce housing properties totaling 5,302 units for $1 billion. The properties are located across 14 different cities in various parts of New Jersey. The new ownership will invest approximately $46 million in capital improvements across the portfolio. Eastdil Secured brokered the sale and advised on the debt placement alongside New York City-based Meridian Capital Group. HGI will manage 10 of the properties. The seller was not disclosed.

September 2, 2021

Acquisitions Multifamily New York Northeast

Avison Young Brokers $61M Sale of Upper East Side Multifamily Portfolio

by Taylor Williams September 2, 2021

NEW YORK CITY — Avison Young has brokered the $61 million sale of a portfolio of 12 multifamily buildings totaling 261 units and two retail spaces on Manhattan’s Upper East Side. All properties in the portfolio are located between Second and York avenues and East 91st and East 73rd streets. James Nelson, Brandon Polakoff, David Shalom, Eric Karmitz and Bradley Rothschild of Avison Young represented the seller in addition to procuring the buyer in the transaction. Both parties requested anonymity.

September 2, 2021

Healthcare Life Sciences Mixed-Use Texas Top Stories

Texas Medical Center to Break Ground on $1.8B Life Sciences Campus in Houston

by Katie Sloan September 2, 2021

HOUSTON — The Texas Medical Center (TMC) is set to break ground on Phase I of TMC3, a $1.8 billion life sciences campus in Houston. The 37-acre TMC3 master plan, which will encompass approximately 6 million square feet of development, was designed by Boston-based Elkus Manfredi Architects. Groundbreaking is scheduled for the fourth quarter of this year. Phase I of the campus will include 950,000 square feet of space dedicated to research, anchored by a 700,000-square-foot facility developed by Beacon Capital Partners and strategic partner Braidwell; a 521-room hotel; 65,000 square feet of conference space; a 350-unit residential tower; over 2,000 parking spaces; and 18.7 acres of public space, including six parks designed by Mikyoung Kim Design. Upon full build-out, the development will also include six future industry and institutional research buildings and a mixed-use building with retail. The campus is expected to generate up to $5.4 billion in annual economic impact for the state of Texas, as well as 23,000 permanent jobs and 19,000 construction jobs. “It is an unprecedented time for life sciences and innovation in the U.S. and Houston has all the factors that are required for explosive growth in this space,” says Steve Purpura, president of …

September 2, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $29M Sale of Apartment Community in Avon, Connecticut

by Taylor Williams September 2, 2021

AVON, CONN. — Connecticut-based brokerage firm Chozick Realty has negotiated the $29 million sale of Avon Mill Apartments, a 186-unit multifamily community located on the western outskirts of Hartford. Built in 1978, the property sits on a 46.6-acre site that is fully approved for the development of an additional 250 apartments. Rick Chozick and David Chozick of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction. In addition to constructing new residences, the new ownership will implement a value-add program to the existing units.

September 2, 2021

Market Reports Midwest Midwest Market Reports Ohio Retail

Demand Rises for Convenient, Quality and Affordable Retail in Cleveland

by Kristin Harlow September 2, 2021

By Catherine Lueckel and Allison Giomuso, Matthews Real Estate Investment Services In nearly every major metro in the Midwest, the most active retailers expanding, leasing or developing involve grocers, discounters and drive-thru tenants. Most of the activity in the Midwest is reflective of the broader trend in shifting consumer demands, away from wants and more toward needs and services. Discount retailers It’s no surprise that discount retailers rose in popularity among shoppers during economic uncertainty, as they offer products for a fraction of the price. This trend is very apparent in the Midwest, with consumers focusing on value through the wake of the economic recovery. While discount retailers offer the best value in their products, they equally search for the best value in their real estate. Their expansion goals align closely with their financial goals; therefore, they target the Midwest, where deals are not overvalued and produce a higher rate of return. The Midwest boasts cheaper real estate compared with other regions, and more robust growth due to the affordable cost of living and lower costs of doing business. Discount-oriented retailers dominated Ohio’s leasing activity, specifically in Cleveland, where they accounted for the most move-ins and top leases in 2020. …

September 2, 2021

Connecticut Loans Northeast Retail

Axiom Capital Arranges $11M CMBS Loan for Redevelopment of Retail Property in Fairfield, Connecticut

by Taylor Williams September 2, 2021

FAIRFIELD, CONN. — Axiom Capital Corp. has arranged an $11 million CMBS loan for the redevelopment of a retail property in Fairfield, located in the southern coastal part of the state. Kohl’s formerly occupied the asset, which is being converted into a multi-tenant property that will house stores of German discount grocer Aldi and Atlanta-based home improvement retailer Floor & Décor. The nonrecourse, fixed-rate loan was structured with a 10-year term and 10 years of interest-only payments. The borrower was an undisclosed private developer.

September 2, 2021

Leasing Activity New York Northeast Office

Adyen Signs 30,415 SF Office Lease at 71 Fifth Avenue in Manhattan’s Union Square

by Taylor Williams September 2, 2021

NEW YORK CITY — Adyen, a Dutch provider of digital payment platforms, has signed a 30,415-square-foot office lease at 71 Fifth Avenue in Manhattan’s Union Square neighborhood. The tenant will occupy 15,177 square feet on the entire 10th floor and 15,238 square feet on the entire 11th floor of the building, which was originally constructed in 1907. Rory Murphy and Thomas Hines of Transwestern represented Adyen in the lease negotiations. Mitchell Konsker, Dan Turkewitz and Ben Bass of JLL, along with internal agents Joseph Jacobson, Jonathan Ratner and Cindy Chang, represented the landlord, Madison Capital.

September 2, 2021

Development Office Southeast Virginia

Skanska to Build $129M Office Development in Arlington, Virginia

by Julia Sanders September 1, 2021

ARLINGTON, VA. — Skanska USA will invest $129 million to build 3901 Fairfax, an office development in Arlington. Construction is expected to begin this month, and the project is slated for completion in 2023. 3901 Fairfax will be a nine-story, approximately 204,514-square-foot office building and will include a private rooftop deck, conference center, ground floor fitness center, 250-space parking garage with electric car charging stations, ground-floor retail space and a public plaza. Skanska USA received WELL Core Pre-certification for the project and will try to get LEED and WiredScore Gold certifications, as well as an Energy Star certification.

September 1, 2021

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