PARSIPPANY, N.J. — Siemens Corp. has signed a 43,138-square-foot office lease in the Northern New Jersey community of Parsippany. The German conglomerate and industrial manufacturer will occupy space at Two Gatehall Plaza, a 389,298-square-foot building that was originally constructed in 1985 and recently renovated. Jeff Schotz, Kevin Murphy, Sumner Putnam and Peter Kasparian of Newmark represented the landlord, New York-based Silverman Realty Group Inc., in the lease negotiations. Jeff Babikian and Conor Dolan of CBRE represented the tenant.
By Sarah Yaussi, vice president of business strategy, National Multifamily Housing Council What do renters want now? You might think that the latest and greatest tech upgrades would be at the top of their wish lists, or that fancy fixtures and finishes would be a powerful differentiator when choosing among their rental options. In reality, however, the most valued apartment features and community amenities for the 250,000 or so renters surveyed in the 2022 NMHC/Grace Hill Renter Preferences Survey Report were, in large part, far simpler. Those amenities and services that allowed them to simplify their to-do lists and take care of their families and their own health clocked in at the top of our list. About the Survey NMHC/Grace Hill survey respondents were asked about their levels of interest in a battery of apartment features and community amenities. Features are those design aspects contained within the unit or home itself. Amenities, on the other hand, are shared by residents of the community and most often refer to a rental community’s common areas. If respondents expressed interest, they were then asked how much more they would be willing to pay per month for an identical rental home that had that …
SOMERVILLE, MASS. — Newmark has arranged $514 million in construction financing for Phase I of Assembly Innovation Park, a life sciences tower spanning 485,000 square feet in the Boston suburb of Somerville. BioMed Realty, a San Diego-based subsidiary of Blackstone that focuses on life sciences real estate, is developing the 12-story tower and accompanying parking garage. The tower will be situated at the intersection of Middlesex Avenue and Foley Street, with visibility along I-93. According to the property website, Phase I of Assembly Innovation Park will feature an even split between office and laboratory space. Future phases of the three-building campus will include a cafe, conference center and a food hall. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark’s Boston office arranged the financing on behalf of BioMed Realty. The direct lender was not disclosed. Harrison Zucco of Cushman & Wakefield provided supporting financial analysis for the deal. Phase I of Assembly Innovation Park will incorporate tech-enabled sustainable features, including a high-performance curtain wall, high-efficiency chilled water and exhaust air systems and a rooftop photovoltaic array. BioMed Realty is aiming to achieve LEED Gold and WELL certifications at the property. The San Diego-based …
Memphis has seen a tight retail market for quality space and development opportunities since the COVID-19 pandemic. Our market sits at a 3.5 percent vacancy rate, according to CoStar Group analytics, and overall retail leasing activity is strong. Memphis has benefitted from a consumer base that is ready to return to the pre-pandemic rhythms of life. Retail sales have been healthy overall, with strong increases in sales of restaurants, particularly restaurants with a drive-thru. Rents for high-demand space have increased accordingly given the lack of quality opportunities for new-to-market or expanding retailers. Investment sales activity has been steady with an average cap rate around 7 percent, according to CoStar. Well-located and stable shopping centers are trading lower. A handful of high-profile institutional assets are either on the market or about to hit the market, and we expect those to trade at sub-7 percent cap rates. Ford Motors and SK Innovation’s new electronic vehicle (EV) and battery production facility in Stanton, Tenn., (25 miles east of Memphis) is anticipated to have a positive impact on the local economy. The $5.6 billion mega campus, called Blue Oval City, will add around 5,700 new jobs at its plant, with several more thousands indirectly …
OKLAHOMA CITY — JLL has negotiated the sale of 240 Penn Park, a 241,831-square-foot retail power center in Oklahoma City. Built on 22.2 acres in 2006, the center was 99 percent leased at the time of sale to tenants such as Marshalls, Ross Dress for Less, Michaels, PetSmart, Best Buy, Saltgrass, Lane Bryant, Five Below, Charleston’s Restaurant and GNC. Ryan Shore, Chris Gerard, Greyson Fewin and Pauli Kerr of JLL represented the seller, a partnership between New York-based DRA Advisors and private investment group RCG Ventures, in the transaction. Locally based investment firm Mazaheri Properties acquired the asset for an undisclosed price.
ROCKPORT, TEXAS — Marcus & Millichap has arranged the sale of Pearl Point, a 216-unit apartment complex in the southern coastal city of Rockport. Units at Pearl Point feature an average size of 906 square feet and are equipped with patios/balconies, walk-in closets and full-size washers and dryers. Amenities include a pool, open green space and a dog park. Kent Myers and Nico Bianchi of Marcus & Millichap represented the seller, a partnership between Rockport-based Uhr Real Estate Inc. and Iowa-based Frew Development Group, in the transaction. The duo also procured the buyer, Dallas-based RREAF Holdings.
SAN ANTONIO — Fairstead, an investment firm with three offices along the East Coast, has acquired Aurora Apartments, a 105-unit historic multifamily complex in San Antonio’s Tobin Hill neighborhood. The 11-story, 92-year-old building currently provides housing for low-income senior citizens. Fairstead plans to invest $15 million to rehabilitate Aurora Apartments and preserve the property’s affordability status. Renovations will include upgrades of pieces of building infrastructure such as the emergency generator, electrical panels and main switchgear, as well as the installation of a new sprinkler system, elevators and roofing. The units’ kitchens, bathrooms, HVAC units and appliances will also be upgraded. Construction is expected to begin this summer.
SAN DIEGO — JLL Capital Markets has arranged a $165 million refinancing for Genesis Science Center, a life sciences R&D campus located at 5510, 5550, 5580 and 5590 Morehouse Drive in San Diego. The four-building property features 252,000 square feet of space. The fully occupied asset offers a variety of amenities, including an outdoor eatery, fitness center and a conference center that can accommodate at least 100 people. Tim Wright, Todd Sugimoto and Daniel Pinkus of JLL Capital Markets arranged the three-year loan for the borrowers, Phase 3 Real Estate Partners and Bain Capital Real Estate, through a national bank.
GILBERT, ARIZ. — Thompson Thrift Residential has completed the disposition of The Wyatt, an apartment property in Gilbert. Decron Properties acquired the asset for $91 million, or $421,296 per unit. Completed in 2022, The Wyatt features 216 apartments with nine-foot ceilings, full-size washers/dryers and a 980-square-foot average unit size. Community amenities include a swimming pool and spa; pavilion with social seating and recessed fireplace; resident clubhouse; community courtyard; playground; covered parking; and detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
MODESTO, CALIF. — Faris Lee Investments has brokered the purchase of The Promenade Shopping Center, a community retail center in Modesto. A Modesto-based private family office acquired the property from an ownership group managed by Los Altos-based West Valley Properties for $25 million. Located at 3501 McHenry Ave., the 118,485-square-foot property was fully occupied at the time of sale. Current tenants include Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer in the transaction.