Property Type

Faris Lee Brokers $7.3 Million Sale of Single-Tenant Grocery Property in Baker City, Oregon

by Amy Works July 16, 2021

BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.

July 16, 2021

Affordable Housing Loans Multifamily Texas

Colliers Provides $5.8M Agency Refinancing for Metro Houston Affordable Housing Property

by Taylor Williams July 16, 2021

CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.

July 16, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $9.8M Loan for Multifamily Property Acquisition in Phoenix

by Amy Works July 16, 2021

PHOENIX — Ready Capital has closed $9.8 million in financing for the acquisition, renovation and stabilization of an 84-unit, Class B apartment community located in the Central Mesa submarket of Phoenix. Upon purchase, the undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and upgrade the property exteriors and amenities to help drive the property to stabilization. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.

July 16, 2021

Acquisitions New York Northeast Office Retail

Severn Realty Sells Office, Retail Building at 576 Fifth Ave. in Manhattan for $101M

by Taylor Williams July 16, 2021

NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.

July 16, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.6M Sale of Multifamily Property in Newton, New Jersey

by Taylor Williams July 16, 2021

NEWTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $22.6 million sale of Merriam Gateway Apartments, a 101-unit multifamily building in Newton, about 60 miles west of New York City. The unit mix comprises eight studios, three studios with lofts, 75 one-bedroom apartments and 15 two-bedroom apartments. In addition, the property houses 10,000 square feet of commercial space. Joseph Keenan of Kislak represented the seller, an entity doing business as Merriam Gateway Apartments Inc., in the transaction. Justin Lupo, also with Kislak, procured the buyer, an affiliate of Blue Diamond Equities LLC. The property, which has since been rebranded as The Cobbler Lofts, was roughly 95 percent occupied at the time of sale.

July 16, 2021

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Abcam Signs 100,000 SF Life Sciences Lease in Metro Boston

by Taylor Williams July 16, 2021

WALTHAM, MASS. — Abcam, a United Kingdom-based developer and distributor of biological reagents and tools for research, drug discovery and diagnostics, has signed a 100,000-square-foot life sciences lease in the western Boston suburb of Waltham. The company will occupy space at The Gauge, a former research and development facility that was recently repositioned to attract life sciences users. Paul Delaney and John Coakley of Cresa represented Abcam in the lease negotiations. Mike O’Leary and Duncan Gratton of Cushman & Wakefield represented the landlord, Hilco Redevelopment Partners.

July 16, 2021

Industrial Loans New Jersey Northeast

JLL Arranges $7.2M Loan for Refinancing of Industrial, R&D Building in Edison, New Jersey

by Taylor Williams July 16, 2021

EDISON, N.J. — JLL has arranged a $7.2 million loan for the refinancing of a 63,200-square-foot industrial/research and development building in the Northern New Jersey city of Edison. The property was built in 1970 and features a clear height of 20 feet, three loading docks and both traditional lab and office space. Michael Klein and Max Custer of JLL arranged the five-year, fixed-rate loan through Signature Bank on behalf of the borrower, New York City-based Northpath Investments. The building was fully leased at the time of the loan closing.

July 16, 2021

Acquisitions Connecticut Northeast Retail

New England Retail Properties Brokers $6.7M Sale of Shoppes at Old Saybrook in Connecticut

by Taylor Williams July 16, 2021

OLD SAYBROOK, CONN. — Connecticut-based brokerage, consulting and development firm New England Retail Properties has brokered the $6.7 million sale of The Shoppes at Old Saybrook. The 94,175-square-foot regional shopping center sits on 8.5 acres and is located in the southern coastal part of the state. Tenants include Ocean State Job Lot, Town Fair Tire, Dollar Tree, O’Reilly Auto Parts and Midas Muffler. Matt Halprin of New England Retail Properties represented the seller, Basser Kaufman Saybrook LLC, in the transaction. Halprin also procured the buyer, OSJL of Old Saybrook LLC.

July 16, 2021

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Rent Growth, Absorption in Boston Multifamily Market Begin to Exceed Expectations

by Taylor Williams July 16, 2021

By Simon Butler, vice chairman, CBRE; Biria St. John, vice chairman, CBRE; John McLaughlin, senior vice president, CBRE; and Colleen Pentland Lally, vice president, CBRE As we emerge from pandemic-era lockdowns and restrictions, Boston’s multifamily market is proving once again to be extremely resilient. With businesses, offices, restaurants and leisure activities rapidly returning to normal, both the overall economy and multifamily fundamentals are rebounding with a velocity that has far outpaced industry expectations to date. Throughout the winter and spring of 2021, job recovery has been swift in the metro Boston region, with employment levels now over 92 percent of pre-pandemic levels, according to the Bureau of Labor Statistics (BLS). The positive momentum is translating into remarkable near-term recovery and growth within the multifamily market. The overall health, stability and resiliency of the greater Boston region is a direct result of the highly skilled and educated labor force, which continues to attract high-paying jobs across the technology, medical, pharmaceutical and educational sectors, among others. Metro Boston is also home to the largest life sciences cluster in the nation, where the local economy has benefited and will continue to benefit from the stability and growth in this industry. In fact, according …

July 16, 2021

Acquisitions Florida Multifamily Southeast

Estate Cos. Sells Soleste Bay Village Apartments in Palmetto Bay, Florida for $58.3M

by Julia Sanders July 15, 2021

PALMETTO BAY, FLA. — The Estate Cos. has sold Soleste Bay Village, a five-story residential community located at 18301 S. Dixie Highway in Palmetto Bay. Dallas-based Westdale Real Estate Investment and Management acquired the 213-unit property for approximately $58.3 million. Built in 2020, Soleste Bay Village was approximately 98 percent occupied at the time of sale. The community includes a mix of studios, one-, two- and three-bedroom units ranging in size from 600 to 1,100 square feet. Units feature modern kitchens, custom cabinetry, quartz countertops, designer lighting and walk-in closets. Community amenities include a resort-style pool with a sundeck and private cabanas, a fitness center with spinning and yoga rooms, spa, children’s playground and dog park. Hampton Bebee and Avery Klann of Newmark represented the seller. Neyda Bravo and Luis Gonzalez of Bravo & Partners Realty represented the buyer. The Estate Cos. is a Miami-based developer, owner and operator of residential communities in South Florida. Soleste Bay Village is the third development the firm has sold to Westdale this year. Recent transactions also include Soleste Alameda for $83 million and Soleste Twenty2 for $97 million, both in West Miami. Led by Robert Suris and Jeffrey Ardizon, Estate Cos. is also …

July 15, 2021

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