Property Type

Valley-National-Bank-Morristown-New-Jersey

SJP, Scotto Underway on 120,000 SF Headquarters Project for Valley National Bank in Morristown, New Jersey

by Taylor Williams March 3, 2022

MORRISTOWN, N.J. — A partnership between New York City-based SJP Properties and locally based developer Scotto Properties is underway on a new headquarters project for Valley National Bank in the Northern New Jersey community of Morristown. The development team has commenced demolition work of the existing structures on the site, and vertical construction will begin later this spring. Upon completion, which is slated for May 2023, Valley National Bank will relocate from Wayne, N.J. The company ultimately plans to employ about 660 people at its new campus, which will also house 14,500 square feet of retail space. Gensler designed the project.

March 3, 2022

Acquisitions Industrial New Jersey Northeast

Oxford Properties, EverWest Buy 113,079 SF Warehouse in Edison, New Jersey

by Taylor Williams March 3, 2022

EDISON, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 113,079-square-foot warehouse in Edison, about 35 miles south of Manhattan. The sales price was $21 million. Building features include clear heights of 20 to 24 feet, 11 dock-high doors and 100-foot truck court depths. The joint venture acquired the property via a sale-leaseback with the seller/tenant, food products supplier ISC Gums.

March 3, 2022

Acquisitions Massachusetts Northeast Retail

Linear Retail Acquires Two Buildings Totaling 17,000 SF in Wellesley, Massachusetts

by Taylor Williams March 3, 2022

WELLESLEY, MASS. — Linear Retail Properties LLC has acquired two buildings totaling 17,000 square feet in Wellesley, located west of Boston in Norfolk County, for a combined price of $12.2 million. The two-story building at 25-35 Central St. houses 8,500 square feet of retail space that is leased to Footstock, Laurel Grove, Marika’s Salon, Skinscapes and Winston Flowers, as well as 2,500 square feet of residential space. The building at 53-61 Central St. spans 6,000 square feet of retail space that is leased to Cocobeet, Eileen Fisher, Lacrosse Unlimited, O’Neil Jewelers and Wellesley Toy Shop. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed sellers in the transactions.

March 3, 2022

Acquisitions Company News Northeast Retail Southeast Top Stories

Cedar Realty Trust to Sell Retail Portfolio, Company in Various Transactions Totaling $1.2B

by Katie Sloan March 3, 2022

MASSAPEQUA, N.Y. — Cedar Realty Trust (NYSE: CDR) has agreed to sell the company and its portfolio of assets through several transactions totaling $1.2 billion. The Massapequa-based firm’s portfolio includes 53 properties with approximately 7.6 million square feet of gross leasable space. Properties are predominantly located across high-density markets in New York, New Jersey, Connecticut, Pennsylvania, Massachusetts, Washington, D.C., Virginia, Maryland and Delaware. A fund managed by DRA Advisors and KPR Centers will acquire a portfolio of 33 grocery-anchored shopping centers from the company for $840 million. Cedar also agreed to sell its Revelry redevelopment project in Philadelphia for $34 million and its Northeast Heights redevelopment project in Washington, D.C., for $46.5 million to undisclosed buyers. In the event the sales are not completed prior to closing of the grocery-anchored shopping center portfolio acquisition, the DRA-KPR joint venture has agreed to acquire both projects at an aggregate price of $80.5 million. The company and its remaining assets are set to be acquired by Virginia Beach, Va.-based Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) in an all-cash merger valued at $291.3 million. Upon completion of the transaction, Cedar will be wholly owned by Wheeler and the company’s common stock …

March 3, 2022

California Industrial Market Reports Western Western Market Reports

Lack of Supply Drives New Industrial Development in Orange County

by Jeff Shaw March 3, 2022

By Garrett McClelland, Vice President, JLL With a global pandemic still in flux, strong demand for Orange County industrial remained constant throughout 2021. As we start the New Year, signs of a slowdown are nowhere in sight. Orange County’s overall vacancy was at 2 percent last quarter, which ranks among the lowest nationally. Demand continues to outpace supply — with limited inventory bringing the vacancy rate down and driving rents to historic highs. With very few viable options, tenants are forced to settle for anything that will satisfy their needs, or renew. Given this, developers have gotten creative to find solutions and build new industrial product in primary submarkets. The primary target for industrial developers in Orange County has been Class B and C office buildings located on industrial-zoned parcels. For example, Duke Realty recently bought a primarily vacant 100,000-plus-square-foot office building in Brea. The building is situated on 5.8 acres and is planned for a new modern warehouse industrial facility. According to JLL Research, out of the 12 conversion projects announced last year, nine were office to industrial. This shouldn’t come as a surprise as we’ve seen rapid rent growth in the industrial sector over the past 24 months. This has made office-to-industrial …

March 3, 2022

Market Reports Midwest Midwest Market Reports Minnesota Retail

Work-from-Home Boosts Suburban Minneapolis Retail Market

by Kristin Harlow March 3, 2022

The metro Minneapolis retail real estate market is healthy overall coming out of 2021, with suburban submarkets on fire in many cases and urban submarkets generally subdued. A major overhang of supply was absorbed across the region last year as construction slowed dramatically, pushing retail vacancies down, rents up and sales prices of single and multi-tenant assets higher overall. It’s a testament to the market’s overall stability and resilience given the multiple waves of COVID, and events surrounding the George Floyd case that was prosecuted last year in the city. Work-from-home effect With many white-collar professionals still working from home and the center-cities tougher on mask mandates and vaccine requirements, the suburbs have shone the brightest. Vacancies were as low as 6 percent in some areas, with the overall market at 8.2 percent at year-end, according to the Minnesota Commercial Association of Real Estate/Realtors (MNCAR). Among the strongest performing submarkets have been Apple Valley, Maple Grove, Coon Rapids and Woodbury. The metro’s eight regional malls are generally faring well, unlike in some other markets across the U.S. that are more over-supplied. That said, there’s some adaptive reuse going on, including in the northwest suburb of Maple Grove where a freestanding …

March 3, 2022

Acquisitions Idaho Multifamily New Mexico Washington Western

Kennedy Wilson Buys Three Multifamily Properties in Idaho, Washington, New Mexico for $264M

by Amy Works March 2, 2022

MERIDIAN, IDAHO, SHORELINE, WASH., AND ALBUQUERQUE, N.M. — Kennedy Wilson has acquired more than 905 apartment units across three separate transactions in Idaho, Washington and New Mexico. The transactions totaled $264 million, excluding closing costs. The names of the sellers were not released. The communities are the 180-unit Central Park Commons in Meridian, the 221-unit Paceline in Shoreline and the 504-unit AYA ABQ in Albuquerque. Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Kennedy Wilson expects to implement value-add asset management plans at the three properties, which will include renovating unit interiors, refreshing common areas and enhancing amenities.

March 2, 2022

Acquisitions California Hospitality Mixed-Use Retail Western

Stockdale Capital Acquires 186,000 SF Los Angeles Athletic Club

by Amy Works March 2, 2022

LOS ANGELES — Stockdale Capital Partners has purchased Los Angeles Athletic Club, a 186,000-square-foot club in downtown Los Angeles, for an undisclosed price. The name of the seller was not released. The 12-story club, which opened at its current location at the corner of Seventh and Olive streets in 1912, features Beaux-Arts architecture, 72 hotel rooms, 17,200 square feet of ballrooms, meeting and event space and rooftop facilities. The property also includes an indoor swimming pool, track, basketball court, racquetball courts, handball courts, squash courts, yoga, kickboxing, aerobics, Pilates studios and spa and wellness facilities. Since 2015, the property has undergone $29.3 million in capital improvements. The acquisition includes the adjacent Olive Park Garage, an eight-story structure with 421 parking spaces, 12,000 square feet of office and retail space and a 114-space surface parking lot.

March 2, 2022

Arizona Development Industrial Western

ViaWest Breaks Ground on Airport 48 Industrial Development in Central Phoenix

by Amy Works March 2, 2022

PHOENIX — ViiaWest Group and Stevens-Leinweber Construction, as general contractor, have broken ground for the development of Airport 48 Industrial, a Class A industrial building situated on one of the last infill parcels in Central Phoenix. Located on nearly 10 acres at 3232 S. 48th St., Airport 48 will offer 146,526 square feet of industrial space. Delivery is slated for fourth-quarter 2022. McCall & Associates is serving as project architect and Kimley-Horn is civil engineer. Isy Sonabend and Drew Eisen of NAI Horizon are handling leasing for the property.

March 2, 2022

Acquisitions Arizona Office Western

Marcus & Millichap Brokers $18.2M Sale of Brookstone Office Complex in Phoenix

by Amy Works March 2, 2022

PHOENIX — Marcus & Millichap has arranged the purchase of Brookstone Office Complex, an office property located at 340 and 350 E. Palm Lane in Phoenix. Pete Katz of Katz Real Estate, a San Diego-based private investor, acquired the asset from a Phoenix-based investment group for $18.2 million. The asset includes two buildings offering a total of 126,806 square feet of office space and a parking lot. The buildings feature brick design; lobbies and balconies; and gardens with courtyards, mature landscaping and koi ponds. At the time of sale, the property was 69 percent leased to a variety of local, regional and national professional office and medical tenants. Nicholas Totah of The Totah Group of Marcus & Millichap represented the buyer in the deal.

March 2, 2022

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