Property Type

Bridge Industrial Completes 388,240 SF Bridge Point Silicon Valley Facility in Milpitas, California

by Amy Works September 1, 2021

MILPITAS, CALIF. — Bridge Industrial has completed Bridge Point Silicon Valley, a state-of-the-art industrial facility located at 205. N. McCarthy Blvd. in Milpitas. Bridge purchased the 34.5-acre site in 2019 and secured a long-term lease agreement with a major e-commerce company prior to groundbreaking, which occurred in spring 2020. The construction process was designed based on the lease agreement, which began in July 2021. The tenant will use the entire 34.5-acre site, which includes a 388,240-square-foot warehouse facility and surface parking, to help distribute goods throughout San Jose, Silicon Valley and the Greater Bay Area. To accommodate the tenant’s needs, Bridge completed a complex entitlement process that included the completion of an Environmental Impact Report Addendum through the City of Milpitas, which allowed for the approval of multiple variances to accommodate the tenant’s unique plans at the site.

September 1, 2021

Illinois Industrial Midwest

Monmouth Stockholders Reject Merger Offer from Equity Commonwealth

by Kristin Harlow September 1, 2021

CHICAGO AND HOLMDEL, N.J. — Based on a preliminary count of the votes cast at its special meeting of stockholders, Monmouth Real Estate Investment Corp. (NYSE: MNR) did not obtain the necessary stockholder votes to approve the previously announced merger with Sam Zell’s Equity Commonwealth (NYSE: EQC). Holmdel-based Monmouth says it remains open to all available options to maximize long-term stockholder value and realize the full potential of its industrial portfolio. Final results of the meeting will be filed with the Securities and Exchange Commission once they have been certified, which Monmouth expects to occur within the next few days. “While we recognize that stockholders have a wide range of views and differing time horizons and tax considerations, we are disappointed in the outcome of today’s vote,” said Michael Landy, president and CEO of Monmouth. “We continue to believe in the merits of a transaction that offers Monmouth stockholders the opportunity to continue to participate in the growth of the industrial real estate sector.” As a result of Monmouth’s announcement, Equity Commonwealth has terminated the merger agreement and has requested reimbursement of fees and expenses pursuant to its terms. Founded in 1968, Monmouth is one of the oldest public equity …

September 1, 2021

Illinois Midwest Retail

Walgreens to Begin Raising Starting Wages for Hourly Employees to $15

by Kristin Harlow September 1, 2021

DEERFIELD, ILL. — Walgreens plans to increase the starting hourly wage for employees to $15 per hour. The wage increase will take effect in phases beginning in October of this year and is expected to be fully implemented by November 2022. The Deerfield-based company operates roughly 9,000 locations. The current starting wage at Walgreens is $10 per hour, but about half of its 190,000 hourly workers already earn at least $15 per hour, according to CNBC. Since the beginning of the pandemic, Walgreens has made additional investments in support of its employees such as bonus payments and a significant hiring initiative, through which the company added 25,000 full-time and part-time pharmacy team members. Walgreens has also accelerated implementation of remote and digitalized pharmacy resources. Total investment to support the starting wage increase is anticipated to be roughly $450 million over the next three years, with one-third of the amount invested in fiscal-year 2022. The company anticipates that it will partially absorb the investment through the normal course of business. The stock price for Walgreens Boots Alliance Inc. (NASDAQ: WBA) closed at $50.74 per share on Tuesday, Aug. 31, up from $36.76 per share one year ago.

September 1, 2021

Development Multifamily New Jersey Northeast

Partnership Completes 199-Unit RIVET 26 Apartment Project in Jersey City

by Taylor Williams September 1, 2021

JERSEY CITY, N.J. — A partnership between New Jersey-based developer The Hampshire Cos., Claremont Development and Circle Squared Alternative Investments has completed RIVET 26, a 199-unit apartment project in Jersey City. The transit-served property features studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. In 2019, the partnership completed a 163-unit sister community across the street that is known as RIVET. Residents of both communities also have access to 75,000 square feet of shared amenity space that includes a 15,000-square-foot courtyard with a sundeck, gaming areas, grilling stations, an indoor lounge, pet spa and a fitness center with a yoga studio. The first move-ins at RIVET 26, which was designed by Netta Architects, began in June, and occupancy is now at roughly 50 percent. Monthly rents start around $1,500 for a studio unit.

September 1, 2021

Acquisitions Multifamily Washington Western

Colliers Brokers $6.3M Sale of Terri Ann Apartments in Seattle’s First Hill Neighborhood

by Amy Works September 1, 2021

SEATTLE — Colliers has arranged the sale of Terri Ann Apartments, a multifamily building located at 1331 Terry Ave. in Seattle’s First Hill neighborhood. Seattle-based Cadence Real Estate acquired the property from a local investor for $6.3 million. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers represented the seller and sourced the buyer in the deal. Originally built in 1967, Terri Ann Apartments features 25 residential units.

September 1, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $2.5M Sale of Agave Apartment Building in Phoenix

by Amy Works September 1, 2021

PHOENIX — Marcus & Millichap has arranged the sale of Agave, a multifamily property located at 6801 N. 17th Ave. in Phoenix. A private investor acquired the asset for $2.5 million in an all-cash transaction. The name of the seller was not released. Built 1966, Agave features 11 apartments, including seven completely renovated units, one lightly renovated unit and three unrenovated units. Additionally, eight units have private back patios. Paul Bay of Marcus & Millichap’s Phoenix office represented both parties in the transaction. Jonathan Weir and Stefan Ignjatovic of Marcus & Milichap’s South Bay office referred the buyer in the deal.

September 1, 2021

Acquisitions Midwest Retail Wisconsin

Matthews Brokers $5.1M Sale of Two-Tenant Retail Property in Menasha, Wisconsin

by Kristin Harlow September 1, 2021

MENASHA, WIS. — Matthews Real Estate Investment Services has brokered the $5.1 million sale of a two-tenant retail property in Menasha, just south of Appleton. Located at 1151 E. Midway Road, the property is home to Piggly Wiggly and Dollar Tree. Edward DeSimone, Josh Bishop and Maxx Bauman of Matthews brokered the 1031 tax-deferred exchange transaction. The undisclosed buyer exchanged out of a four-property Dollar General portfolio.

September 1, 2021

Iowa Loans Midwest Multifamily

Colliers Mortgage Provides $3.8M Loan for Refinancing of Iowa Multifamily Property

by Kristin Harlow September 1, 2021

SPIRIT LAKE, IOWA — Colliers Mortgage has provided a $3.8 million Fannie Mae loan for the refinancing of Tallgrass Village II in northern Iowa’s Spirit Lake. Built in 2019, the 49-unit multifamily property consists of one two-story apartment building and three two-story townhome buildings. The 10-year loan features a 30-year amortization schedule. An entity doing business as Tallgrass Village II LLC was the borrower.

September 1, 2021

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Brokers $27M Sale of Five Multifamily Buildings in Manhattan

by Taylor Williams September 1, 2021

NEW YORK CITY — Cushman & Wakefield has brokered the $27 million sale of five multifamily buildings in Manhattan. The properties are part of a portfolio of assets owned by Metro Management. Two buildings at 320-326 and 329-333 W. 55th St. totaling 63 units sold to an undisclosed buyer for $11.5 million, and two buildings located at 357 W. 22nd St. and 359 W. 22nd St. in Chelsea sold to Lockhill Properties for $8 million. The final property at 335 W. 19th St. comprises 45 units and fetched a sales price of $7.5 million. Cushman & Wakefield’s Robert Shapiro, Nicholas Kontos, Andrew Berry, Michael Gembecki, Charlie Gravina and Austin Fabel represented Metro Management in the transactions. The firm also represented the buyers in the dispositions of the first four assets.

September 1, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $3M Condo Bulk Sale in Uptown Chicago

by Kristin Harlow September 1, 2021

CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.

September 1, 2021

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