Property Type

Brookfield Properties Buys 255,000 SF Industrial Building in La Mirada, California

by Amy Works October 26, 2021

LA MIRADA, CALIF. — Brookfield Properties has purchased an industrial property located at 14555 Alondra Blvd. in La Mirada. Interstate 5 Firestone sold the asset for an undisclosed price. Originally built in 1969 and completed in 2016, the 255,000-square-foot property features more than 11,000 square feet of office space, substantial storage facilities, 22-foot clear heights, a concrete-fenced yard and oversized truck doors. The property also features an on-site truck washdown and a full-service mechanics building. Chuck Wilson of Colliers represented the seller and buyer, which acquired the property as a leased investment, in the transaction.

October 26, 2021

Acquisitions Colorado Healthcare Life Sciences Western

Norvin Healthcare Properties Purchases 60,000 SF Post-Acute Facility in Golden, Colorado

by Amy Works October 26, 2021

GOLDEN, COLO. — Norvin Healthcare Properties has acquired Post Acute Medical Rehabilitation Hospital of Golden from Golden Senior Housing I Propco LLC for an undisclosed price. Post Acute Medical (PAM) occupies the 60,000-square-foot in-patient rehabilitation facility, located at 600 Golden Ridge Road. PAM is currently completing a $4.2 million renovation of the building, which will expand the capacity of the facility to 60 rehabilitation beds. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE U.S. Healthcare and Life Sciences Capital Markets represented the seller in the deal. Sabrina Solomiany, Zack Holderman and Cole Reethof of CBRE’s U.S. Healthcare and Life Sciences Debt & Structured Finance worked on behalf of the buyer to secure acquisition financing.

October 26, 2021

Acquisitions Arizona Net Lease Retail Western

Marcus & Millichap Brokers $3.3M Sale of Walgreens-Occupied Property in Glendale, Arizona

by Amy Works October 26, 2021

GLENDALE, ARIZ. — Marcus & Millichap has arranged the sale of a retail building located at 8309 W. Glendale Ave. in Glendale. A limited liability company sold the property to an undisclosed limited liability company for $3.3 million. Walgreens occupies the 15,022-square-foot property on a net-leased basis. The building was construction in 2001. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

October 26, 2021

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Rosewood Property Acquires 342-Unit Self-Storage Facility in Harrisburg

by Taylor Williams October 26, 2021

HARRISBURG, PA. — Dallas-based investment firm Rosewood Property Co. has acquired a 342-unit self-storage facility at 5700 Linglestown Road in Harrisburg. The property, which spans 35,430 net rentable square feet of primarily climate-controlled space, was converted from a warehouse into a self-storage facility in 2019. The seller and sales price were not disclosed.

October 26, 2021

Loans New York Northeast Northmarq Retail

NorthMarq Arranges $17.5M CMBS Loan for Refinancing of Staten Island Shopping Center

by Taylor Williams October 26, 2021

NEW YORK CITY — NorthMarq has arranged a $17.5 million CMBS loan for the refinancing of Eltingville Shopping Center, a 98,523-square-foot retail property in Staten Island. Tenants include Rite Aid, Advance Auto Parts and Santander Bank. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the 10-year, interest-only loan through an undisclosed direct lender. The borrower was also not disclosed.

October 26, 2021

Development Multifamily New Jersey Northeast

CrownPoint Group Completes Lease-Up of 126-Unit Apartment Complex in Netcong, New Jersey

by Taylor Williams October 26, 2021

NETCONG, N.J. — Developer CrownPoint Group LLC has completed the lease-up of 34 Bank, a 126-unit apartment complex located in the Northern New Jersey community of Netcong. Leasing of the property, which sits on 4.8 acres, began in December 2020, and construction of the community was completed this summer. Units feature one- and two-bedroom floor plans and are furnished with stainless steel appliances, tile backsplashes and quartz countertops. Amenities include a fitness center, coworking space, walking trails and grilling stations.

October 26, 2021

Industrial Leasing Activity New York Northeast

ARRI Rental Signs 42,000 SF Industrial Lease in Queens

by Taylor Williams October 26, 2021

NEW YORK CITY — ARRI Rental, a camera, lens and grip equipment rental service company, has signed a 42,000-square-foot industrial lease for its new headquarters space in the Long Island City area of Queens. The three-story property at 47-27 36th St. was built in 2004. Joseph Grotto, Joseph Meyerson and Michael Deutsch of Cushman & Wakefield represented the landlord, JDA Realty Corp., in the lease negotiations. Justin Butts of DY Realty represented the tenant, which expects to open its new facility in the first quarter of next year.

October 26, 2021

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers Sale of 33,719 SF Retail Property in Matawan, New Jersey

by Taylor Williams October 26, 2021

MATAWAN, N.J. — Marcus & Millichap has brokered the sale of The Shoppes at Matawan, a 33,719-square-foot retail property in Northern New Jersey community. The asset sold for roughly $6.8 million. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap represented the seller, an unnamed limited liability company, in the transaction. The buyer was also not disclosed.

October 26, 2021

Features Life Sciences Retail Texas

Falling in Love: A New Way to Think About Commercial Real Estate

by John Nelson October 26, 2021

By Spencer Levy, CBRE In the wake of COVID-19, many sophisticated commercial real estate advisors and investors are rejecting the old industry adage to “never fall in love with your real estate.” That’s because commercial real estate — like so many investment decisions — is influenced by basic human emotions. And unlike stocks or bonds, office buildings, shopping malls and warehouse facilities are not traded like a commodity. Commercial real estate decisions by both investors and occupiers can’t be entirely data driven. Of course, deep financial analysis, sophisticated data and powerful algorithms are important. But data is often significantly impacted by human emotion. That’s why psychology can have as much influence on real estate decision-making as cold, hard math. COVID-19 duress At the height of the COVID-19 pandemic in September 2020, CBRE’s semiannual Office Occupier Sentiment Survey found that 39 percent of large companies planned to significantly reduce their commercial real estate footprint (meaning cuts of roughly a third or more). But in our latest Spring 2021 survey, as the world began to emerge from the pandemic, that number anticipating significant cuts was down to only 9 percent. What accounts for such a stark difference? Emotion. In 2020, there was …

October 26, 2021

Development Healthcare Leasing Activity New York Northeast Office Top Stories

Extell Development to Build 30-Story Medical Office Tower in Manhattan

by John Nelson October 26, 2021

NEW YORK CITY — Extell Development Co. has unveiled plans to develop a 30-story medical office tower on Manhattan’s Upper East Side. The 400,000-square-foot, Class A property will be located at 403 E. 79th St. The site is near several of New York City’s top hospitals and medical research centers, including NewYork-Presbyterian and the main campus of Hospital for Special Surgery (HSS), an academic medical center focused on musculoskeletal health with locations throughout the tri-state area. HSS has signed a long-term lease for approximately 200,000 square feet spread across the first eight floors at the new tower. Mitti Liebersohn and Arthur Mirante of Avison Young represented HSS in the lease negotiations in collaboration with the HSS in-house team of Michael Calabrese, Stephen Bell and Stacey Malakoff. Vincent Carrega represented Extell Development. HSS will house orthopedic and rheumatology physician offices within its office space, as well as ancillary services for treatment of musculoskeletal conditions. The space will complement the expansion of HSS’ main campus, which will house the newly announced Lauder Family Spine Center that is set to open in 2024 at the HSS Kellen Tower. “We are pleased to partner with HSS, the foremost hospital for orthopedics and rheumatology, to …

October 26, 2021

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