Property Type

DG Design + Development Receives $44.8M in Refinancing for Dual-Flagged Hotel in Las Vegas

by Amy Works February 4, 2022

LAS VEGAS — DG Design + Development, a Las Vegas-based hotel developer, has obtained a $44.8 million bridge loan to refinance the recently opened, dual-flagged Hampton Inn and Home2 Suites by Hilton – Las Vegas Convention Center. Dallas-based Hall Structured Finance provided the bridge loan for the borrower. The six-story, 250-room hotel offers both a select-service and extended-stay option, as well as a fitness center; business center; 1,000 square feet of meeting and event space; dining facilities; and an outdoor pool and spa. Jay Miller of BayBridge Real Estate Capital brokered the deal.

February 4, 2022

Acquisitions Industrial Nevada Western

MCA Realty Purchases Two Industrial Properties in Las Vegas for $5.6M

by Amy Works February 4, 2022

LAS VEGAS — Orange County, Calif.-based MCA Realty, through its MCA Realty Industrial Growth Fund, has acquired two industrial assets in Las Vegas for a total of $5.6 million. In the first transaction, MCA Realty purchased Windy Road Warehouse, a seven-building industrial project in Las Vegas, for $3.4 million in an off-market transaction. At the time of sale, the 19,901-square-foot campus was fully occupied. The asset includes seven separate parcels. MCA plans to implement capital upgrades to the property, including a new paint scheme, roofs, and upgraded parking lot and landscaping. The asset is located at 6460, 6466, 6472 and 6478 Windy Road. Kevin Higgins and Sean Zaher of CBRE represented the buyer and undisclosed seller in the deal. In the second transaction, MCA Realty acquired 3.6 acres of land at the northeast corner of Sunset Road and Warbonnet Way in Las Vegas. The firm plans to develop two single-tenant, 40,000-square-foot industrial buildings on the parcel. The two buildings will each feature approximately 1,500 square feet designated for office, 28-foot clear heights and ESFR sprinklers. Dan Doherty, Jerry Doty, Chris Lane and Paul Sweetland with Colliers International represented the buyer and undisclosed seller in the deal.

February 4, 2022

Loans Multifamily New York Northeast

Greystone Provides $203.1M Agency Loan for Refinancing of Long Island Apartment Community

by Taylor Williams February 4, 2022

RONKONKOMA, N.Y. — Greystone has provided a $203.1 million Freddie Mac loan for the refinancing of Alston Station Square, a 489-unit apartment community located in the Long Island community of Ronkonkoma. The newly constructed, six-building community is located within The Hub at Ronkonkoma, a 2 million-square-foot mixed-use development. Drew Fletcher, Matthew Hirsch, Jesse Kopecky, and Tori Colledge of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate. Bank of America provided the original construction loan to the borrower, an affiliate of Tritec Real Estate Co.

February 4, 2022

Development Industrial Northeast Pennsylvania

Organic Snack Co. to Open $75M Warehouse, Distribution Center in Bedford, Pennsylvania

by Taylor Williams February 4, 2022

BEDFORD, PA. — Organic Snack Co., the maker of Kate’s Real Food, has purchased 82 acres in Bedford, located in the southern-central part of the state, with plans to open a new warehouse and distribution center. At full build-out, the facility will span about 750,000 square feet. The investment represents a total capital commitment of $75 million and is expected to add about 500 jobs to the local economy. Dollar Bank provided predevelopment and acquisition financing for the land.

February 4, 2022

Acquisitions Industrial Massachusetts Northeast Self-Storage

Marcus & Millichap Brokers Sale of 242-Unit Self-Storage Facility in Granby, Massachusetts

by Taylor Williams February 4, 2022

GRANBY, MASS. — Marcus & Millichap has brokered the sale of All Town Storage, a 242-unit self-storage facility in Granby, about 90 miles west of Boston. The facility spans 34,250 net rentable square feet, and the site can support the development of two more buildings. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction, and Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

February 4, 2022

Acquisitions Mixed-Use New York Northeast

Avison Young Negotiates $15M Sale of Mixed-Use Building in Queens

by Taylor Williams February 4, 2022

NEW YORK CITY — Avison Young has negotiated the $15 million sale of a mixed-use building in Queens. The property at 92-40 Queens Blvd. consists of 60 residential units, five retail spaces and two office spaces. At the time of sale, the property was 97 percent leased across all its residential and commercial components. James Nelson, Neil Helman, Charles Kingsley, Jon Epstein, Frederick Richter and Bradley Rothschild of Avison Young represented the seller, The Feil Organization, in the transaction. Aaron Jungreis of Rosewood Realty Group represented the buyer, A&E Real Estate Holdings.

February 4, 2022

Development Multifamily New Jersey Northeast

Accurate Builders & Developers Begins Leasing 234-Unit Apartment Complex in Linden, New Jersey

by Taylor Williams February 4, 2022

LINDEN, N.J. — Accurate Builders & Developers has begun leasing Citizen Linden, a 234-unit apartment complex in Northern New Jersey. Designed by Thomas J. Brennan Architects, the transit-served property includes 4,500 square feet of retail space and a 292-space parking garage. Units are available in studio, one- and two-bedroom formats, with rents starting at roughly $1,800 per month. The amenity package consists of a lobby lounge, demonstration kitchen, fitness center, multiple coworking spaces and conference rooms, landscaped courtyards with picnic areas, a dog park and an outdoor bar and TV area.

February 4, 2022

Arizona Market Reports Multifamily Western Western Market Reports

Strong Economic Fundamentals Fuel Record Multifamily Metrics in Phoenix

by Jeff Shaw February 4, 2022

By Matt Pesch, Vice Chairman, CBRE The multifamily market in Phoenix experienced a record-setting year in 2021. Market vacancy dropped below 3 percent for the first time, the region led all U.S. metros in year-over-year rent growth for every quarter and total multifamily investment sales volume topped $12 billion. This was nearly double the volume from 2019 and a 125 percent jump from 2020. These metrics are driven by Phoenix’s primary economic drivers of nation-leading population and job growth. As of October, Phoenix was one of only four U.S. metros to recover 100 percent of the jobs the region lost during the pandemic. This was driven by the stable recovery of long-established industries and growing sectors that are diversifying the region’s employment base. Case in point: Phoenix is home to one of the fastest-growing biotech sectors in the U.S. with the life sciences workforce expanding by 8.5 percent from 2019 to 2020, according to CBRE’s latest research. Likewise, large corporate office users continue to relocate or expand in Phoenix at an unprecedented rate, further driving the region’s robust employment recovery. The area’s strong employment recovery and population growth are the fuel driving Phoenix’s multifamily sector. The gains in the apartment …

February 4, 2022

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $49.5M Sale of Rolling Hills Apartment Homes in Torrance, California

by Amy Works February 3, 2022

TORRANCE, CALIF. — Marcus & Millichap has arranged the sale of Rolling Hills Apartment Homes, a multifamily property at 25935 Rolling Hills Road in Torrance, located in the South Bay region of metro Los Angeles. A private investor sold the complex to another private investor for $49.5 million, or $462,850 per unit. Tyler Leeson, Kevin King, Nick Kazemi and Matthew Kip of Marcus & Millichap and Joseph Grabiec, Kevin Green and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Built in 1970 on two acres, Rolling Hills features 107 apartments with 59 one-bedroom units, 30 two-bedroom units and 18 three-bedroom apartments, with an average unit size of 930 square feet. Community amenities include controlled access, covered parking, a clubhouse, pool and spa.

February 3, 2022

Acquisitions California Connecticut Hospitality Illinois Maine New Hampshire Oregon Restaurant Retail Western

Sansome Pacific Buys Value-Add Retail, Hotel Portfolio for $20.6M

by Amy Works February 3, 2022

SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.

February 3, 2022

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