MORRISTOWN, N.J. — Colliers has negotiated a 16,500-square-foot office lease extension and expansion at Headquarters Plaza in the Northern New Jersey community of Morristown. The tenant, PLT Health Solutions, develops and markets organic ingredients for the food industry and is expanding by 6,500 square feet. Samuel Horowitz, Chris Hovanec and Ray Iodice of Colliers represented PLT Health Solutions, which has been a tenant at Headquarters Plaza for 30 years, in the lease negotiations. Robert Donnelly and Benjamin Brenner of Cushman & Wakefield represented the undisclosed landlord.
M&T Realty Capital Corp. is beginning 2022 with ambitious plans to increase its multifamily financings as part of an effort to double its real estate loan volume over the next two to three years. To achieve those goals, it is leveraging a new leadership structure and a recently announced strategic partnership with the Marcus & Millichap Capital Corp. M&T Realty Capital, M&T Bank’s commercial mortgage banking subsidiary, recorded $5.1 billion in loan volume in 2021, a level that was just below its high watermark of $5.2 billion in 2019, says Michael Berman, CEO of M&T Realty Capital. Multifamily loans made up of the lion’s share of financings, he adds, and the sector provides a significant growth opportunity going forward. “Multifamily is a hot a sector right now — everyone is trying to invest in it,” he says. “It’s just an extraordinarily healthy asset class because of its supply and demand dynamics.” Indeed, the U.S. apartment market enjoyed a banner year in 2021 across all measures. Investment volume reached a record $335.3 billion, nearly 75 percent above the record volume of $193.1 billion posted in 2019, according to commercial real estate brokerage CBRE. Meanwhile, renters absorbed 617,500 apartment units in 2021, …
NASHVILLE — Xenia Hotels & Resorts (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to acquire the 346-room W Nashville hotel for $328.7 million. The sales price equates to roughly $950,000 per room. The seller and developer of the 14-story hotel, which opened in October 2021 in the city’s Gulch neighborhood and is part of the Marriott family of brands, was not disclosed. The deal is scheduled to close by the end of the first quarter. The W Nashville features six food and beverage options, including two concepts by Chef Andrew Carmellini, as well as rooftop and pool bars. The property also offers 18,000 square feet of indoor meeting and event space and 26,000 square feet of outdoor amenity space, including a 10,000-square-foot pool deck and terraces contiguous with meeting, food and beverage and event spaces. The hotel’s offering of guestrooms includes 60 suites, representing about 17 percent of the total room count. “We are thrilled to have reached an agreement to acquire an outstanding, newly constructed luxury lifestyle hotel located in the desirable Gulch neighborhood in the heart of Nashville,” says Marcel Verbaas, Xenia’s chairman and CEO. “The W Nashville is extremely well-designed and perfectly situated to attract year-round …
By: Jamie Rash, Regional Director, Keystone Development + Investment Talk about a spark. When Spark Therapeutics announced plans at the end of last year to develop a $575 million gene therapy manufacturing plant in Philadelphia, it ignited the city’s evolution into a destination for the largest, most innovative life sciences firms in the world. Over $1 billion in venture capital (VC) investment is pouring into more than 50 Philadelphia life sciences companies that employ some 20,000 people, generating unprecedented demand for lab space. Supply is limited — even with 1 million square feet of lab space in development — and this supply shortage is driving some developers to capitalize on the demand by converting existing building stock. Moving Beyond Meds & Eds Philadelphia is a long-reputed “meds and eds” city, meaning it’s home to anchor institutions of higher learning and world-leading medical facilities that are known for innovation and opportunity. These institutions are major drivers of economic growth throughout the city. Previously, much of the activity in pharmaceuticals and biotechnology occurred in labs in suburban office parks and sprawling corporate campuses. In 2017, the city celebrated two cutting-edge, FDA-approved gene and cell therapies to treat specific types of cancer and …
PHOENIX — Tide Equities and CIM Group have acquired Del Mar Terrace, a multifamily community located at 7007 W. Indian School Road in Phoenix’s West Valley submarket. Del Mar Terrace Apartments LLC, an entity of Heers Development, sold the asset for $255 million, or $251,976 per unit. Built in 1986, Del Mar Terrace features 1,012 apartments in a mix of four one- and two-bedroom floorplans that range in size from 626 square feet to 885 square feet. The pet-friendly property features a swimming pool, fitness center and daycare center. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the buyer in the deal. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heinkenfeld of Northmarq’s Dallas Debt & Equity team secured bridge loan financing and buyer’s equity for the acquisition.
AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.
PROVO, UTAH — Brixton Capital has purchased the Dillard’s building and parcel at Brixton’s Provo Towne Center in Provo for an undisclosed price. Little Rock, Ark.-based Dillard’s sold the two-story, 206,240-square-foot building, which sits on 12.5 acres. The company is relocating the department store. Brixton Capital is in advanced negotiations to re-lease most of the property to a prominent national retailer and expects the new store to open within the next two years, once renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Center, including the addition of multifamily housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood. Brixton has owned Provo Towne Center since 2016. Renovation of the Dillard’s building is scheduled to commence this summer.
LOUISVILLE, COLO. — Essex Financial Group has secured $7.9 million in financing for the acquisition of 1850 Dogwood, an industrial warehouse/production facility within Colorado Tech Center in Louisville. Ivy Realty is the borrower and buyer. Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, fully occupies the 58,901-square-foot property. The company uses the property as a processing facility for plant-based foods. The facility features 20-foot clear heights, dock-high and drive-in doors, and infrastructure for the tenant’s food production and processing lines. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the five-year, fixed-rate loan for the borrower.
TEMPE, ARIZ. — Taylor Street Advisors has arranged the sale of Wilson Studios, a multifamily property located at 110-114 S. Wilson St. in Tempe. A private, out-of-state investor acquired the property from a local private capital firm for $3.1 million, or $192,500 per unit. The buyer plans to renovate the 16-unit property, which is located less than a mile from Arizona State University. Brian Tranetzki and Anton Laakso of Taylor Street Advisors handled the transaction.
DALLAS — Orlando-based developer ZOM Living has completed Mezzo Dallas, a 378-unit multifamily project located on the city’s north side. The 15-acre garden-style community features 13 buildings that house, one-, two- and three-bedroom units that range in size from 700 to 1,560 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and private yards in select units. Amenities include a pool, lounge, coworking office space, outdoor kitchen and dining area, game room, fitness center with a yoga studio, dog park and a pet spa. JHP Architecture designed the project, and Stanford Construction served as the general contractor. Synovus Bank provided construction financing. ZRS Management will oversee daily operations of the property. Rents start at $1,380 per month for a one-bedroom unit.