Property Type

Rincon Partners Sells Madison Grove Apartment Complex in Phoenix for $51.3M

by Amy Works May 27, 2022

PHOENIX — Rincon Partners has completed the sale of Madison Grove, a multifamily community in Phoenix, to Brass Enterprises for $51.3 million, or $300,000 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Constructed in 1976, Madison Grove features 171 apartments with contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen TVs and dual-pane windows. Community amenities include a fitness center, pool, grilling stations and picnic seating, a fire pit, laundry care facility and a dog park. The garden-style property was recently renovated to include a complete unit interior redesign and property systems overhauls. Ownership also added new roofs, upgraded leasing and clubhouse spaces and a new fitness center and swimming pool.

May 27, 2022

Acquisitions California Office Western

Newmark Negotiates $39.3M Sale of Transit-Oriented Office Building in Palo Alto

by Amy Works May 27, 2022

PALO ALTO, CALIF. — Newmark has arranged the sale of 250 Cambridge, a three-story, transit-oriented office property in Palo Alto. Tarlton Properties sold the asset to an entity doing business as 250 Cambridge LP for $39.3 million. The new ownership plans to renovate the building. Steven Golubchik, Seth McKinnon, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. Ramsey Daya and Chris Mortiz, also with Newmark, arranged the acquisition financing for the buyer through a regional bank. The property features 34,558 square feet of office space along with a 29-stall onsite parking garage and is located near Stanford Research Park, a life sciences development that houses tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP.

May 27, 2022

Acquisitions Industrial Nevada Western

RealComm Advisors Brokers Sale of 30,483 SF Industrial Building in Henderson, Nevada

by Amy Works May 27, 2022

HENDERSON, NEV. — RealComm Advisors has brokered the sale of The Palms @ Green Valley Business Park, an industrial property in Henderson. Located at 6 and 8 Sunset Way, the asset features 30,483 square feet of space. Washington Street Development sold the property to S&S River Road LLC for $6.9 million. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.

May 27, 2022

Connecticut Development Multifamily Northeast

Hudson Meridian to Develop 398-Unit Apartment Community in New Haven, Connecticut

by Taylor Williams May 27, 2022

NEW HAVEN, CONN. — Developer and general contractor Hudson Meridian Construction Group will build a 398-unit apartment community at 201 Munson St. in New Haven. The unit mix will comprise 90 studios, 208 one-bedroom apartments, 78 two-bedroom residences and 22 three-bedroom townhome-style units. Amenities will include a pool, fitness center, clubhouse and outdoor grilling and dining areas. New York-based Paredim Partners will lease and manage the property upon completion, which is slated for November 2023. Tessera Partners and Capital & Venture Resources arranged an undisclosed amount of construction financing for the project through ACORE Capital and Sculptor Real Estate.

May 27, 2022

Affordable Housing Development Multifamily New York Northeast

Moinian Group, Bushburg Underway on 320-Unit Multifamily Redevelopment Project in Brooklyn

by Taylor Williams May 27, 2022

NEW YORK CITY — A partnership between locally based developer The Moinian Group and Bushburg is underway on a 320-unit multifamily redevelopment in Brooklyn. The project at 2840 Atlantic Ave. will convert the site of the former Empire State Dairy into a multifamily community with market-rate and affordable housing units, as well as 14,000 square feet of retail space. Units will be available in studio, one-, two- and three-bedroom formats, and amenities will include a rooftop terrace, fitness center, coworking space, tenant lounge and a children’s play area. Valley Bank and Cross Valley Bank provided $105 million in construction financing for the project. The development team expects the first units to be available for lease in the first quarter of 2024.

May 27, 2022

Industrial Loans New York Northeast

JLL Arranges $35M Loan for Refinancing of Long Island Industrial Facility

by Taylor Williams May 27, 2022

MELVILLE, N.Y. — JLL has arranged a $35 million loan for the refinancing of a 309,314-square-foot industrial facility located in the Long Island community of Melville. The property comprises a 213,914-square-foot warehouse and a 96,000-square-foot warehouse that are both undergoing capital improvements and were recently leased to an undisclosed national online retailer. Thomas Didio Jr., Matthew Pizzolato and Max Custer of JLL arranged the 10-year, fixed-rate loan through Provident Bank on behalf of the borrower, an undisclosed private investor.

May 27, 2022

Acquisitions Multifamily New Jersey Northeast

Invesco Acquires Majority Interest in 360-Unit Apartment Community in Roseland, New Jersey

by Taylor Williams May 27, 2022

ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.

May 27, 2022

Leasing Activity New York Northeast Office

Clayton, Dubilier & Rice Signs 70,000 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams May 27, 2022

NEW YORK CITY — Global private equity firm Clayton, Dubilier & Rice has signed an office lease renewal and expansion at The Seagram Building, a 38-story tower located at 375 Park Ave. in Manhattan. The company now occupies 70,000 square feet across four floors. Andrew Sachs and Ben Shapiro of Newmark represented the tenant, which has been headquartered at the building for nearly three decades, in the lease negotiations. A.J. Camhi and Paul Milunec internally represented the landlord, locally based investment firm RFR.

May 27, 2022

Illinois Industrial Leasing Activity Midwest

ML Realty Partners Negotiates Three Industrial Lease Renewals Totaling Nearly 200,000 SF in Chicagoland

by Kristin Harlow May 27, 2022

LOCKPORT, ELK GROVE VILLAGE AND BOLINGBROOK, ILL. — ML Realty Partners has negotiated three industrial lease renewals totaling 199,054 square feet at three of its properties in Chicagoland. Illinois Tool Works, a global manufacturer of engineered fasteners and components, renewed its 102,390-square-foot lease at 15901 W. 147th St. in Lockport. Consolidated Electrical Distributors, an electrical supply distributor, renewed its 79,528-square-foot lease at 2801 Busse Road in Elk Grove Village. Esmer Tile, a glazed ceramic and porcelain tile, metal and natural stone producer, will continue to occupy its 17,136-square-foot space at 100 E. Crossroads Parkway in Bolingbrook.

May 27, 2022

Leasing Activity Midwest Minnesota Office

Northwestern Mutual to Relocate Within Capella Tower in Downtown Minneapolis

by Kristin Harlow May 27, 2022

MINNEAPOLIS — The local Minneapolis firm of Northwestern Mutual will relocate within Capella Tower in downtown Minneapolis. The firm will swap its space on the 29th and 30th floors for newly designed space on the 44th and 45th floors spanning 34,000 square feet. Larissa Bodine and Ann Rinde of CBRE represented ownership, Shorenstein Properties, while Emily Nicoll and Erin Hoeg of CBRE represented the tenant. Shorenstein recently upgraded the 53-story Capella Tower to include a 5,500-square-foot sky deck, first-floor lounge, Mother Dough coffee, wine bar, health club, conference facilities and updates to both security and indoor air quality. More improvements are scheduled in the near future, but no details were provided regarding specific plans. Northwestern Mutual has occupied space at Capella Tower for the past 12 years.

May 27, 2022

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