CHICAGO — One Six Solutions, a full-service IT consulting firm, has signed a lease for 4,647 square feet on the second floor of Mural Park, a creative office and commercial redevelopment at 924 W. 19th Place in Chicago’s Pilsen neighborhood. One Six Solutions is the first tenant at the two-building, 100,000-square-foot project. Konstantine Sepsis, Danny Nikitas, Matt Ward and Melissa Hemberger of Avison Young represented the tenant.
SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.
UPPER SADDLE RIVER, N.J. — New Jersey-based brokerage firm Wellington Real Estate has negotiated the sale of Sherbrooke Office Center, a 75,000-square-foot building in Upper Saddle River, located near the New York-New Jersey border. The four-story building is located at 600 E. Crescent Ave. Wellington represented the seller, Sherbrooke Holding Co. LLC, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Locally based investment and management firm Fimida Enterprises, in partnership with a private investor, has acquired a portfolio of four multifamily properties totaling 13 units and 17,000 square feet that are located in various neighborhoods of Queens. The sales price was $7 million. Ben Normatov and Lev Mavashev of Alpha Realty represented the seller, Portela Realty, and Fimida Enterprises in the off-market transaction. ConnectOne Bank provided $4.9 million in acquisition financing. Jake Gluck of Fortune Capital Group arranged the debt.
NEW YORK CITY — Compass Group, an asset management firm focused on Latin American markets, has signed an 8,000-square-foot office lease at 590 Madison Avenue in Manhattan’s Midtown Plaza District. The 43-story, 1 million-square-foot building offers a gym, golf simulator and onsite parking and houses users such as IBM, Morgan Stanley and Aspen Insurance. David Kaplansky of Colliers represented the tenant in the lease negotiations. Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon of CBRE, along with internal agent Jeff Sussman, represented the landlord, Edward J. Minskoff Equities Inc.
GREENWICH, CONN. — AXA Investment Managers Alternatives has acquired a 23-property portfolio of industrial assets from Dermody Properties Industrial Fund II for $1.2 billion. The company is also under contract to acquire nine industrial properties currently under development by Dermody for $850 million upon completion in 2022 and 2023. The combined 32-property portfolio spans 8.5 million square feet across California’s Inland Empire; Northern California; Seattle; Portland, Ore.; Las Vegas; Chicago; Louisville, Ky.; Atlanta; Eastern Pennsylvania; Northern New Jersey; and Wilmington, N.C. Dermody Properties will continue to manage the portfolio upon completion of both transactions, which CBRE brokered. The average age and size of each property in the portfolio is eight years old and 208,000 square feet, with the majority of assets ranging between 150,000 and 400,000 square feet. The initial 23-property portfolio was 77 percent leased at the time of sale. “The quality and scale of the Dermody Properties portfolio, together with its resilient income profile and attractive geographical diversification, made it stand out as a particularly compelling investment opportunity,” says Steve McCarthy, head of North America at AXA. “Logistics remains one of [our] long-term conviction calls as demand for prime space shows no sign of abating thanks to structural …
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2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices
COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …
By Taylor Williams The fervent desire that many Americans have to make up for lost eating, drinking and socializing time has New York City’s food and beverage (F&B) market roaring back to life, prompting tenants to revisit growth plans, landlords to aggressively market their spaces and the brokers who represent the two sides to sharpen their pencils. In mid-August, New York City Mayor Bill de Blasio announced that residents wishing to eat or drink inside a restaurant or bar would have to show proof of receipt of at least one dose of a COVID-19 vaccine. Yet after two months of seeing this policy enforced, local brokers say the mandate has had a minimally adverse impact on business. Consequently, leasing activity, which began rebounding a year ago, is now accelerating in the F&B space. According to data from CBRE, F&B deals accounted for 30 percent of all new retail leases executed in New York City between March 2020 and August 2021. The company’s research team also identified 65 F&B leases throughout New York City in 2021 alone, representing about 33 percent of the total deal volume. Specifically within Manhattan, there were 24 leases executed for F&B concepts in the third quarter …
WHEAT RIDGE, COLO. — Evergreen DevCo has completed the disposition of Outlook Clear Creek Apartments, a multifamily community at 4040 Clear Creek Drive in Wheat Ridge. Seagate Colorado Partners acquired the asset for $142 million. Built in 2021, Outlook Clear Creek features 310 apartments in a mix of one- and two-bedroom layouts spread across an array of two- and four-story buildings. Units feature picket backsplashes in the kitchen, deep farm undermount sinks, spacious closets and walk-in showers. The community is situated on 12.5 acres within the 110-acre Clear Creek Crossing mixed-use development. The live-work-play community is anchored by the SCL Health Lutheran Medical Campus, which is slated for completion in 2024. Dave Martin and Brian Mooney of NorthMarq’s Denver-based investment sales team represented the seller in the transaction.
SAN DIEGO — McMillin has completed the disposition of Eighteen Ten State Street, a Class A multifamily property located at 1810 State St. in San Diego’s Little Italy neighborhood. An undisclosed buyer acquired the asset for $64.4 million, or $650,500 per unit. The eight-story property offers 99 units with wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceilings, walk-in closets, in-unit laundry, quartz countertops, stainless steel appliances and average floor plan sizes of 721 square feet. Community amenities include a village patio, sky spa, hotel-inspired lobby and horizon lounge. Darcy Miramontes, Kip Malo, Tim Wright and Bharat Madan of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.