SAN ANTONIO — Locally based brokerage firm Independence Commercial Advisors (ICA) has negotiated the sale of Atrium Commons, a 256-unit apartment community located on the north side of San Antonio. The property was built in 1983 and features studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and a dog park. Michael Moffitt of ICA represented the seller, a Texas-based limited liability company, in the transaction. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — An ownership group led by an affiliate of Houston-based investment and management firm Vista Cos. has sold Vista Park Central, a 115,000-square-foot office building located on Parmer Lane on the north side of Austin. The property was 93 percent leased at the time of sale. Kelsey Shebay and Drew Fuller of JLL represented Vista Cos., as well as the California-based buyer, in the transaction.
HOUSTON — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has purchased Bay Pointe Shopping Center, a 98,522-square-foot shopping center in southeast Houston. Matt Berry, Robbie Kilcrease and Drew Reinking of CBRE represented the undisclosed seller in the transaction. Veritex Bank provided acquisition financing. The new ownership plans to expand the property, which was fully leased at the time of sale, with 30,000 square feet of new inline space.
ANDOVER, MASS. — Newmark has negotiated the $151 million sale of a four-building office complex that is situated within Minuteman Park, a corporate campus located about 25 miles north of Boston in Andover. The buildings at 30, 100 and 200 Minuteman Road, along with the property at 138 River Road, total approximately 600,000 square feet. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and William Sleeper of Newmark represented the seller, Spear Street Capital, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Los Angeles-based Parkview Financial has funded a $66 million construction loan for a 131-unit multifamily project that will be located at 57 Caton Place in Brooklyn. About 25 percent (33) of the units will be reserved as affordable housing. Residences will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center, game room and coworking space. The borrower is an affiliate of locally based developer Aview Equities. Gene Kaufman Architect is designing the project, and Jun’s Construction Inc. is the general contractor. Completion is slated for January 2024.
ROCKAWAY, N.J. — A joint venture between Ivy Realty, an investment firm with three offices along the East Coast, and an institutional investment fund advised by J.P. Morgan Asset Management has purchased a 352,461-square-foot industrial property in Rockaway, about 40 miles west of New York City. The property sits on 45.8 acres and serves as a printing, assembly and distribution facility for media giant Gannett. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Chris Koeck of Newmark represented the undisclosed seller and procured the buyer in the transaction.
EAST PROVIDENCE, R.I. — Lument has provided a $45.9 million FHA loan for the refinancing of Tockwotton on the Waterfront, a 156-unit seniors housing property in East Providence. Nonprofit organization Tockwotton Home Inc. owns and operates the facility, which consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. Aaron Becker of Lument originated the loan, which was structured with a fixed interest rate and a 35-year term.
LAWRENCEVILLE, N.J. — Houlihan-Parnes Realtors LLC has arranged a $22.7 million loan for the refinancing of a 393,430-square-foot shopping center in Lawrenceville, a suburb of Trenton. Tenants at the property include Lidl, Starbucks, AutoZone, Five Below and Aspen Dental. Bryan Houlihan and James Houlihan of Houlihan-Parnes arranged the five-year, fixed-rate loan on behalf of the borrower, JJ Operating Inc., a family-owned investment and management firm based in New York City. An undisclosed local bank provided the debt.
By Tony Phu, Senior Executive Vice President, Colliers Rental rates and land values continue to outpace construction cost inflation, driven by the insatiable need for industrial and distribution space across the entire Western U.S. This is especially true in Southern California where a critical mass of population/tenant demand and high barriers to entry for development have created an exacerbated supply and demand imbalance. Scarcities of land for new development, as well as existing and under-construction buildings, are the main drivers. Entitlements are difficult to secure with a timeline between 24 and 30 months from start to finish. As a result, scarcity will remain the name of the game, and tenants will continue to pay increased costs to secure a building. With roughly 29 million square feet expected to deliver over the next five quarters, vacancy should remain flat as demand stays high for these buildings. Lease rates will continue to rise as existing tenants renew while expanding tenants compete for limited space that comes to market. Total net absorption for 2021 will break the record set in 2018, likely falling just shy of 30 million square feet. Activity levels in both the Inland Empire East and West remain about the same. There are so …
MIAMI — Coconut Grove, Fla.-based Mast Capital and AEW Capital Management have partnered to break ground this month on the second phase of Waterline Miami River. In late 2020, the joint venture built the first phase, which comprised a 346-unit multifamily community spanning 280,000 square feet. The second phase will add an additional 342 units on a 2.7-acre development site. The joint venture has secured an undisclosed amount of financing from Wells Fargo for the project’s construction. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects. The second phase of Waterline Miami River will offer studios, one-, two- and three-bedroom floorplans and span approximately 280,000 square feet. The unit features of Phase II will include modular European closets, washers and dryers, private balconies, quartz countertops and stainless steel appliances. Community amenities will include a fitness center, one-acre park, dog park, open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remotely, conference rooms, Wi-Fi in social hubs, private access parking, pet spa with washing station and secure bike room with a repair station. Located along the Miami River, Waterline Miami River is located a half-mile south of the Miami …
