Property Type

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

NEW YORK CITY — Digital marketing agency Huge Inc. has signed a 71,000-square-foot office headquarters lease at Dock 72, a 675,000-square-foot waterfront office building located within the Brooklyn Navy Yard. The tenant will relocate from 45 Main Street to the top two floors of Dock 72 in the first quarter of 2023, joining existing tenants WeWork and Food52. Cara Chayet, David Hollander, Liz Lash and Ken Rapp of CBRE, along with internal agent Winter Stockwell, represented Huge in the lease negotiations. Joe Cirone, Ron Lo Russo, Patrick Dugan and Pierce Hance of Cushman & Wakefield, along with Sacha Zarba and Freddie Fackelmayer of CBRE and internal agents Andrew Levin and Robert Steinman, represented the landlord, a partnership between Boston Properties and Rudin.

August 4, 2022

Leasing Activity New York Northeast Office

Digital Marketing Agency Signs 71,000 SF Office Headquarters Lease at Brooklyn Navy Yard

by Taylor Williams August 4, 2022

August 4, 2022

Loans New York Northeast Retail

Axiom Capital Arranges $12.3M Acquisition Loan for Upstate New York Shopping Center

by Taylor Williams August 4, 2022

SARATOGA SPRINGS, N.Y. — Financial advisory firm Axiom Capital Corp. has arranged a $12.3 million permanent loan for the acquisition of a 62,980-square-foot neighborhood shopping center in the upstate New York community of Saratoga Springs. The center sits on a 5.4-acre site, includes 298 parking spaces and is home to tenants such as Hello Nails and The UPS Store. The names of the locally based borrower, a family-owned development and management group, and direct lender, a local bank, were not disclosed.

August 4, 2022

Acquisitions Industrial Washington Western

Dalfen Industrial Buys 137,266 SF Olympic Logistics Center in Tukwila, Washington

by Amy Works August 4, 2022

TUKWILA, WASH. — Dalfen Industrial has purchased Olympic Logistics Center, an industrial property in Tukwila, a suburb of Seattle. Terms of the off-market transaction were not released. Rainier Industries fully occupies the 137,266-square-foot facility. The property is in close proximity to interstates 5 and 405 and State Route 176 and offers access to Seattle-Tacoma International Airport, Port of Seattle and Port of Tacoma. The acquisition brings Dalfen’s Seattle footprint to approximately 850,000 square feet.

August 4, 2022

Acquisitions Arizona Multifamily Western

IPA Arranges $38.5M Sale of Metro Tucson Apartment Community in Arizona

by Amy Works August 4, 2022

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale Metro Tucson, a multifamily property located in Tucson. Vertical Street Ventures acquired the community for $38.5 million, or $165,948 per unit. Constructed in 1984, Metro Tucson offers 232 apartments spread across nine garden-style residential buildings, a swimming pool, laundry facilities and pet areas. Apartment amenities include wood-style vinyl plank flooring, dishwashers and private patios or balconies. Select units, approximately 22, have been upgraded with stainless steel appliances, carpeting in living spaces and bedrooms and kitchen cabinetry with brushed nickel hardware. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA represented the seller, a private party, and procured the buyer in the deal.

August 4, 2022

Acquisitions Industrial Oregon Western

Clarion Partners Divests of 590,770 SF Marine Drive Distribution Center in Portland

by Amy Works August 4, 2022

PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single-tenant and three multi-tenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors, as well as ample parking. At the time of sale, the buildings were fully triple net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing team is handling leasing of the property.

August 4, 2022

Acquisitions Multifamily Washington Western

6th & Alder Partners Sells Multifamily Property in Tacoma, Washington for $46.2M

by Amy Works August 4, 2022

TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities includes an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.

August 4, 2022

Acquisitions Multifamily Nevada Western

Davlyn Investments Acquires Rancho Destino Apartments in Las Vegas for $65.5M

by Amy Works August 4, 2022

LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.

August 4, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in Cambridge, Massachusetts

by Katie Sloan August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has started construction of One Canal by Breakthrough, a life sciences development in Cambridge, roughly two miles from downtown Boston. The property, situated along the city’s First Street corridor facing Canal Park and the Charles River in the East Cambridge neighborhood, is located adjacent to CambridgeSide — an enclosed regional mall that is being redeveloped to include 650,000 square feet of office, life sciences and residential space — and the 4.5 million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year, and is updating it to feature 105,000 square feet of high-quality research and development space. The property will feature a ground-floor lounge, private outdoor gathering spaces, concierge, fitness center, on-site retail and adjacent parking. A timeline for the redevelopment — which is targeting Fitwel, WELL and LEED Gold certifications — was not announced. A flurry of life sciences development is underway in the Boston metropolitan area. Recently announced projects include Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail and multifamily project in the Allston neighborhood of …

August 4, 2022

Development Life Sciences Massachusetts Northeast Top Stories

Breakthrough Properties Begins Construction of One Canal Life Sciences Property in East Cambridge, Massachusetts

by Jeff Shaw August 4, 2022

CAMBRIDGE, MASS. — Breakthrough Properties, a joint venture between Tishman Speyer and Bellco Capital, has begun construction of One Canal by Breakthrough, a life sciences development project in Cambridge, about two miles from downtown Boston. The property is located on the city’s First Street Corridor overlooking Canal Park and the Charles River in the East Cambridge neighborhood and is adjacent to CambridgeSide – a gated regional mall that is being redeveloped and includes 650,000 square feet of office, life sciences and residential space — and the 4.5-million-square-foot Cambridge Crossing innovation hub. Breakthrough acquired the four-story building last year and is modernizing it to provide 105,000 square feet of high-quality research and development space. The property will feature a ground floor lounge, private outdoor meeting spaces, concierge, fitness center, on-site shops and adjacent parking. A timeline for the redevelopment — which aims for Fitwel, WELL and LEED Gold certifications — has not been announced. A flurry of life sciences developments are underway in the Boston metro area. Recently announced projects include Phase I of Assembly Innovation Park, a 485,000-square-foot life sciences tower in the Boston suburb of Somerville; and Allston LabWorks, a 580,905-square-foot life sciences, retail, and multi-family development in Boston’s …

August 4, 2022

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