NEW YORK CITY — Cedar, a locally based healthcare financial technology firm, has signed a 66,753-square-foot office lease at 32 Avenue of the Americas in Manhattan’s Tribeca neighborhood. The lease term is five years, and the space encompasses the entire 18th and a portion of the 17th floors of the 1.2 million-square-foot building. Cedar is quadrupling its 17,000-square-foot footprint at 95 Morton Street and plans to take occupancy of its new space in the fourth quarter. Mitti Liebersohn and Evan Foley of Avison Young represented the tenant in the lease negotiations. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.
ATLANTA — The beginning of the COVID-19 pandemic made everyone question the future, and for investors and owners in the seniors housing business sector, things were rocky. The National Investment Center for Seniors Housing and Care reported the occupancy rate in seniors housing facilities decreased 680 basis points in 2020 to record lows. In 2021, there has been a renewed confidence in the economy as people return to working in an office and many Americans have been fully vaccinated against COVID-19. Additionally, occupancy rates in seniors housing properties have continued to rise. Now that things seem to be getting marginally better, the question many investors may be asking themselves is if they should buy, sell or hold assets in the current market? At the InterFace Seniors Housing Southeast conference in Atlanta, Ga. on Wednesday, Aug. 18, a group of industry-related leaders discussed the tips and tricks to survive in today’s market, as well as their predictions for the seniors housing sector in the future, during the “Investment Panel.” In a discussion lead by Marcus Van Ameringen, vice president of business development at 12 Oaks Senior Living, many of the investors in the panel mentioned the importance of making deals with …
MetLife, Norges Bank Acquire One Memorial Drive Office Tower in Cambridge, Massachusetts for $825.1M
CAMBRIDGE, MASS. — MetLife Investment Management, the institutional asset management business of MetLife Inc., and Norges Bank Investment Management, the asset management division of Norges Bank, have acquired One Memorial Drive, a Class A office building in Cambridge, for $825.1 million. Oxford Properties Group and a fund advised by J.P. Morgan Global Alternatives sold the property for over $2,000 per square foot. Located on the Charles River about 0.7 mile from the Massachusetts Institute of Technology, One Memorial Drive is a 17-story building with 409,422 square feet of leasable space. Built in 1986 and renovated in 2018, the fully occupied property has two long-term tenants, InterSystems Corp., a Cambridge-based data technology provider, and Microsoft Corp., a Redmond, Wash.-based computer software and electronics retailer. In 2017, the previous owner increased the leasable area of the building by more than 10 percent by converting an entire floor of underutilized parking into office space. The new transformed office space was then leased to InterSystems. “We continue to see significant areas of opportunity within the commercial real estate sector despite the challenges posed by the pandemic over the last 18 months,” says Robert Merck, global head of real estate and agriculture at MetLife Investment …
By Terrison Quinn, Managing Principal, SRS Real Estate Partners Despite a recent uptick in vacancy from 4.07 percent to 4.5 percent and a softening of rents from $32.99 to $32.55 per square foot, Orange County remains Southern California’s tightest retail market. And retail investors remain bullish for good reasons. Theaters, gyms and other uses shuttered by the pandemic have reopened to greater-than-expected customer demand. In fact, several health club chains have reported they are back to pre-COVID membership numbers. A multitude of entertainment groups and theaters are also communicating positive messages about demand and expressing an interest in expanding. Theater operators have generally said their limitation is more related to content than demand. The reopening success is even more obvious in categories like grocery stores and drive-thru restaurants. This is apparent in nearly every Orange County city as parking lots are visibly impacted and cars continue to spill out of fast food drive-thru lanes. Most notably, Amazon Fresh is aggressively opening new stores, while fast feeders like Raising Cane’s, Chick-fil-A and Starbucks can’t seem to open new stores fast enough. Sit-down restaurants have also experienced a resurgence in demand with many national and regional groups setting record same-store sales. Clearly, …
SAN JOSE, CALIF. — Grosvenor Americas has acquired Orchard-Trimble, an office and R&D campus located at Orchard Parkway and West Trimble Road in North San Jose’s Golden Triangle. The acquisition price and name of the seller were not released. Toshiba America Electronic Components, the U.S. storage and semiconductor division of Toshiba Corp., occupies the 218,645-square-foot property, which features R&D lab space. The campus is near San Jose International Airport and provides access to downtown San Jose via the VTA Light Rail.
FOUNTAIN VALLEY, CALIF. — Paragon Commercial Group and Canyon Partners Real Estate have purchased Village Center, a multi-tenant shopping center located in Fountain Valley. An undisclosed seller sold the asset for $14.8 million. Originally built in 1965 and owned by the same family until this purchase, Village Center features 92,386 square feet of retail space. Current tenants include Big Lots, Rite-Aid, Dollar Tree and Bank of America. Additionally, Sprouts Farmer’s Market is slated to join the roster as an anchor tenant. The ownership plans to implement an extensive capital improvement program that will update and modernize the shopping center, which has not been significantly updated in more than 50 years. This acquisition marks the eighth investment completed by Paragon through its joint venture with Canyon Catalyst Fund.
GOODYEAR, ARIZ. — CIM Group has purchased a newly constructed industrial building, located at 2250 S. Litchfield Road adjacent to Phoenix Goodyear Airport in Goodyear. Terms of the transaction were not released. The 450,619-square-foot, cross-dock facility features 36-foot clear heights, 190-foot truck courts and ample auto and trailer parking on a 29.2-acre site. Additionally, the property is the largest available site with rail access east of Loop 303.
LONG BEACH, CALIF. — Tourmaline Capital has purchased Marina Center, a retail strip center located at 6200-6252 Pacific Coast Highway in Long Beach. A private investor, who owned the asset for more than 23 years, sold the property for $16.2 million. The 32,757-square-foot property was 84 percent leased at the time of sale. Current tenants include Ortho Mattress, Belmont Shore Veterinary Hospital, Subway, Image Rx, Audio Concepts, Lavender Nails, Golden State Tanning, Honey’s Cleaners, Enrique’s Mexican Restaurant and First Bank. Gleb Lvovich and Daniel Tyner of JLL Retail Capital Markets represented the seller in the deal.
COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of a net-leased retail property located at 400 E. 17th St. in Costa Mesa. A Newport Beach-based investor sold the asset to Massachusetts-based Henley Enterprises (dba Valvoline) for $3.1 million, or $3,454 per square foot. Since 2000, Valvoline has occupied the 902-square-foot building. The property was triple-net leased to the tenant, which is now the owner-operator. Michael Walseth of Kidder Mathews Walseth Net Leased group represented the seller, while the buyer was self-represented in the transaction.
GRAND PRAIRIE, TEXAS — Locally based development and investment firm Westmount Realty Capital has sold Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility located in the central metroplex city of Grand Prairie. The warehouse features 16 dock doors, five drive-in doors and 17.5-foot clear heights, and the entire facility offers 219 parking spots with the capacity for expansion to 532 spaces. Westmount first purchased the property in 1988. Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant at Fountain Parkway for many years until the property became a multi-tenant facility in 2007. Reed Parker and Adam Graham of Lee & Associates represented Westmount in the sale. The buyer was not disclosed.