BINGHAMTON, N.Y. — Houlihan-Parnes Realtors LLC has arranged a $19.4 million loan for the refinancing of a 602-unit multifamily portfolio in the Binghamton area. The portfolio consists of 13 properties that range in size from eight to 144 units and include both garden-style suburban communities and urban buildings. The nonrecourse loan was structured with a fixed interest rate of 2.98 percent for five years. The undisclosed borrower intends to use a portion of the proceeds to fund capital improvements. Ed Graf and Ted Sannella led the transaction for Houlihan-Parnes.
JERSEY CITY, N.J. — Locally based printing and mailing firm LOGON has signed a 41,000-square-foot industrial lease renewal and added 30,000 square feet to its footprint at the Lackawanna Warehouse Building, a 1.5 million-square-foot industrial property in Jersey City. Dan Reider, Justin Pollner and John Crawford represented the tenant, which has occupied space at the property since 2004, in the lease renewal and expansion negotiations. Jeremy Modest represented the landlord, Solil Management Co., on an internal basis.
FAIR LAWN, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a 4,416-square-foot retail property that is ground-leased to Bank of America in the Northern New Jersey community of Fair Lawn. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
By Andrew Dickson, managing director, Newmark Almost daily, Newmark’s Central Texas multifamily capital markets group speaks with investors looking to enter the Austin multifamily market. With headlines aplenty about corporate relocations to the city, investors are often looking to trade tax-burdensome environments for business-friendly ones like Texas. What is driving the interest, and what is it actually like buying multifamily assets in Central Texas today? Economic Synopsis According to data from Opportunity Austin, the economic initiative of the Greater Austin Chamber of Commerce, more than 100 companies have made relocation or expansion announcements in Austin, resulting in over 15,000 jobs pledged through June 2021. Opportunity Austin tracked 22,114 new jobs announced in 2020 — a record-breaking year — and the city is presumably on its way to another record-setting year in 2021. It is worth noting that many of the jobs announced in 2019 and 2020 are still forthcoming. Like many industries, tech firms often cluster together. Whether relocation announcements are due to existing synergies with other firms or cost-reduction strategies, we anticipate the trend of tech or tech-adjacent companies moving to Central Texas to continue. Due to these local shifts, as well as macroeconomic housing impacts, the single-family housing …
MEMPHIS, TENN. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, an over 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. The development of MVP3 Studios will take four phases to complete. Phase I began in July, which is when the main theater, dining and reception areas were opened. The first phase is expected to be complete by the fall or winter of 2021. Phase II will include movie theaters that will show blockbuster films, restaurants, retail shops, an art gallery and a museum. In Phase III, the development team will build movie sound stages, a music recording studio, production offices and conference spaces. Lastly, Phase IV will kick off the completion of ATWEC Technology & Indoor Sports Center, as well as a hotel and an indoor theme park. This …
SEATTLE — Amazon (NASDAQ: AMZN), the Seattle-based e-commerce giant, is planning to open a chain of department stores to boost its sales in clothing, household items, electronics and other areas. The news comes from a Wall Street Journal report citing “people familiar with the matter.” The first stores are expected to open in Ohio and California and, at around 30,000 square feet, will be smaller than a typical department store. “It is unclear what brands Amazon will offer in the stores, although the company’s private-label goods are expected to feature prominently,” the Journal reports. This is not Amazon’s first foray into brick-and-mortar retail, despite being perhaps the largest e-commerce disruptor of the sector. Amazon made big waves in 2017 by purchasing high-end grocery chain Whole Foods Market for nearly $14 billion. It has also, in recent years, experimented with concepts such as small-scale, checkout-free grocery stores.
LAS VEGAS — Waterton has purchased a two-community apartment portfolio in the Centennial Hills master-planned community in Las Vegas. Situated 15 minutes northwest of downtown Las Vegas, the portfolio offers a total of 624 apartments in a mix of one-, two and three-bedrooms layouts. The acquisition includes Ely at Centennial Hills, a 312-unit property at 5900 Sky Pointe Drive, and Pointe at Centennial Hills, a 312-unit property at 5850 Sky Pointe Drive. Waterton plans to rebrand the assets as one community: The Paisley & Pointe at Centennial Hills. A portion of the residences and amenity spaces at both properties have undergone cosmetic upgrades. However, Waterton still plans to implement a value-add strategy across the assets. Amenities at the properties include clubhouses, picnic and barbecue areas, playgrounds, fitness centers, resort-style pools and in-unit washers/dryers. Ely at Centennial Hills also includes a dog park, shuffleboard and billiards, while Pointe at Centennial Hills features basketball and tennis courts. Terms of the acquisition were not released.
ANAHEIM, CALIF. — Faris Lee Investments has arranged the $20.5 million sale of three multi-tenant retail pad sites known as Anaheim Gateway Retail in Anaheim. Scott DeYoung and Jeff Conover of Faris Lee represented the undisclosed buyer in the transaction. The seller was also not disclosed. The three buildings total 15,356 square feet and are anchored by Starbucks Coffee, Habit Burger and California Fish Grill.
SANTA FE, ALBUQUERQUE AND RIO RANCHO, N.M. — Titan Development has completed the disposition of four self-storage assets in New Mexico. Extra Space Storage Inc. (NYSE: EXR) acquired the 380,000-square-foot portfolio for an undisclosed price. The properties are the 88,000-square-foot Extra Space Storage Vegas Verde and the 101,000-square-foot Extra Space Storage Rodeo Business Park in Santa Fe; the 103,000-square-foot Extra Space Storage Ladera Road and Unser Boulevard in Albuquerque; and the 88,000-square-foot Extra Space Storage Corrales and 528 in Rio Rancho. The facilities were the final four self-storage assets within Titan’s inaugural fund, Titan Real Estate Development Fund I (TDREF I), a $112 million private-equity real estate fund established in 2017 to raise and invest capital in $350 million of Titan’s investment opportunities across the industrial, multifamily, self-storage and seniors housing sectors.
KAILUA-KONA, HAWAII — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well as some outstanding partnership debt. The borrower, a Washington-based owner-operator, previously managed the building on behalf of the seller. At the time of purchase, occupancy was well below its potential due primarily to capital expenditure needs. As part of the remodel, the buyer addressed all deferred maintenance, updated the common areas and installed solar panels for both electricity and hot water. As a result, the new owner was able to push rents and bring occupancy up to 87 percent, a number which is expected to continue to increase as COVID-depressed occupancy improves across the sector.