LOS ANGELES — American Eagle Outfitters Inc. (AEO), a Los Angeles-based clothing retailer, has announced plans to open seven Aerie stores and two OFFLINE by Aerie locations at Unibail-Rodamco-Westfield shopping centers during the second half of 2021. The new Aerie stores will open at Westfield Garden State Plaza in Paramus, N.J.; Westfield Montgomery in Bethesda, Md.; Westfield Old Orchard in Skokie, Ill.; Westfield Plaza Bonita in National City, Calif.; Westfield Southcenter in Seattle; Westfield South Shore in Bay Shore, N.Y.; and Westfield Valley Fair in San Jose, Calif. The locations at Westfield Garden State Plaza and Westfield Montgomery will also feature adjacent OFFLINE by Aerie stores, a new brand by AEO offering a collection of activewear and accessories, which launched in July 2020.
PHILADELPHIA — New York City-based CIT Group Inc. (NYSE: CIT) has provided a $39 million loan for the refinancing of a 95,000-square-foot medical office building located at 3 Crescent Drive near the Philadelphia Navy Yard. The property was fully leased to provider Jefferson Health at the time of the loan closing. The borrower, Norvin Healthcare Properties, acquired the asset in December 2019. Michael Gigliotti, Ryan Ade and Peter Rotchford of JLL arranged the loan.
PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.
BROOKHAVEN, N.Y. — Woodmont Industrial Partners has sold a 130,565-square-foot facility located at 100 Precision Drive in the Long Island town of Brookhaven. BlackRock Real Assets purchased the asset for $30.7 million on behalf of one of its institutional clients. The 12.6-acre property was originally built in 2002 and is located less than half a mile from the Long Island Expressway. Woodmont acquired the asset in 2019 and implemented a capital improvement program.
CAMDEN, N.J. — Dependable Distribution Services, the largest cocoa bean storage company in North America, has signed a 71,445-square-foot industrial lease at 1120 Ferry Ave. in Camden, located near Philadelphia in Southern New Jersey. Marc Isdaner and Richard Gorodesky of Colliers International represented the tenant in the negotiations for the full-building lease. Ian Richman, also with Colliers, represented the undisclosed landlord.
WOODBRIDGE, N.J. — NAI DiLeo-Bram has brokered the sale of The Village at Falcon Point, a 56-unit apartment complex located in the Northern New Jersey community of Woodbridge. The seven-building property was completed in 2020. David Simon, Robert DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram represented the seller, Falcon Partners LLC, in the transaction. The buyer and sales price were not disclosed.
PLANTATION AND MIAMI BEACH, FLA. — Just outside Miami, two large-scale residential developments are underway totaling $695 million. The projects include the Five Park high-rise in Miami Beach and Plantation Walk in Plantation. Five Park A joint venture between Terra, GFO Investments and New Valley is preparing to break ground on Five Park, a $345 million residential tower located at 500 Alton Road in Miami Beach. The 48-story tower will become the tallest building in Miami Beach upon its completion in 2023, according to the developers. Designed by Arquitectonica with interiors by Gabellini Sheppard, Five Park is set to offer 280 two-, three- and four-bedroom residences and penthouses. Shared amenities will include two swimming pools; a restaurant; sunset viewing lounges; a resort-style spa; state-of-the-art fitness center with outdoor exercise areas; a cafe; sky lounge; and building concierge. The Five Park project will also include the development of Canopy Park, a three-acre public park offering green space, pedestrian and bike paths, an outdoor gym, a dog run, children’s playgrounds and public art displays. Construction of the park is scheduled for completion in summer 2021. Approved plans for the site also include the development of Miami Beach Canopy, a pedestrian bridge spanning 5th …
By Chris Bruzas, Berkadia Like all markets, Indianapolis is hoping for a return to more normal investment activity for commercial real estate in 2021. So far, the signs are positive, especially for the multifamily sector. The end of 2020 saw a pickup in multifamily sales activity nationally, a result of strong appetite from sidelined capital, continued positive collections trends and occupancy trends, and positive signals from the vaccine rollout. Demand forecasts Indianapolis has steadily been gaining favor with investors, given its economic stability, steady population growth and growing renter interest in secondary and tertiary markets. According to Berkadia’s 2021 forecast, Indianapolis continues to set the standard for urban renewal and economic development. Regional job creation, including at Bottleworks District, Indiana University Health and Amazon, continue to attract new residents. More than 13,000 apartment units were delivered in the past five years with demand continuing to rise. At the end of 2020, occupancy in the metro area was at 95.1 percent, reaching a 20-year peak. Underpinning healthy apartment occupancy is housing demand created by a consistent net migration of about 12,000 people annually and rising household formation. Current opportunities Like the rest of the country, Indianapolis continues to feel the impact …
BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. Berkadia represented the undisclosed seller in the transaction. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. Cardinal Group Management will manage the property; Cardinal Group Construction will manage planned value-add construction; and Agency Fifty3 will provide marketing and branding services for the community.
CHANDLER, ARIZ. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners have completed the disposition of the first phase of Lotus Project to a Chicago-based investment advisor. The acquisition price was not released. Located in Chandler, the newly built industrial park features four state-of-the-art advanced manufacturing and light industrial buildings offering a total of 473,516 square feet. The project is one of the largest Class A industrial parks in Chandler and was 96 percent leased at the time of sale. Each building features 32-foot clear heights, 50-foot by 56-foot column spacing with 56-foot by 60-foot speed bays, 29 truck docks, a 210-foot shared truck court and abundant parking. Additionally, all buildings offer ample power, skylights, six-inch reinforced concrete floors, LED lighting and ESFR sprinkler systems. Recently, the development team broke ground on the second phase of Lotus Project, which will include three industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24-foot to 32-foot clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55-foot speed bays. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial …