Property Type

A.G. Spanos Cos. Divests of 236-Unit Multifamily Community in Northern Colorado

by Amy Works March 25, 2021

JOHNSTOWN, COLO. — Stockton, Calif.-based A.G. Spanos Cos. has completed the sale of Rise at 2534, an apartment property located at 5070 Exposition Drive in Johnstown. A New York City-based pension fund advisor purchased the community for an undisclosed price. Completed in late January 2020, Rise at 2534 features four four-story residential buildings on 8.5 acres. The property offers 236 units, averaging 920 square feet, with spa bathrooms, Bluetooth shower heads, Nest thermostats, keyless fob entry and full-sizer washers/dryers. Community amenities include a heated pool, dog park, sports lounge, golf simulator, coffee bar and 24-hour fitness center. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.

March 25, 2021

Acquisitions California Retail Western

Faris Lee Arranges $23.4M Sale of Grocery-Anchored Retail Center in Palm Springs

by Amy Works March 25, 2021

PALM SPRINGS, CALIF. — Faris Lee Investments has brokered the sale of Gene Autry Plaza, a grocery-anchored retail property located in Palm Springs. Santa Barbara, Calif.-based Investec Real Estate Cos. sold the asset for $23.4 million. The name of the buyer was not released. Smart & Final Extra is the anchor tenant of the retail center. The property is historically 98 percent occupied. Don MacLellan and Rick Chichester of Faris Lee represented the seller and buyer in the deal.

March 25, 2021

Leasing Activity Office Texas

Cushman & Wakefield Negotiates 19,601 SF Office Lease in South Austin

by Taylor Williams March 25, 2021

AUSTIN, TEXAS — Cushman & Wakefield has negotiated a 19,601-square-foot office lease at Uplands Corporate Center in South Austin. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, San Francisco-based Drawbridge Realty, in the lease negotiations. The tenant, North Carolina-based engineering firm Kimley-Horn, will occupy part of a 124,080-square-foot building that is under construction and represents the second phase of the development.

March 25, 2021

California Development Industrial Western

City of Visalia Plans 2.5 MSF Expansion at Industrial Park in Central California

by Amy Works March 25, 2021

VISALIA, CALIF. — The Visalia Industrial Park (VIP) continues to grow with numerous projects underway. VIP includes a 425,000-square-foot UPS facility, a 1.3 million-square-foot fulfillment center coming online this summer and two speculative, 300,000-square-foot warehouses, one of which is pre-leased, are nearing completion. Additionally, more than 2.5 million square feet of further industrial space is planned. Millipore Sigma established a $28 million distribution center at the park, while Sorma is planning to expand into a new location and California Dairies’ facilities have undergone expansions. The City of Visalia has invested $152 million to expand the city’s wastewater treatment plant, creating space for another significant water user. The park offers rail access, access to State Route 99, expanded roadways and enhanced utilities.

March 25, 2021

Acquisitions Hospitality New York Northeast

JLL Negotiates Sale of 336-Room Gallivant Times Square Hotel in Manhattan

by Taylor Williams March 25, 2021

NEW YORK CITY — JLL has negotiated the sale of Gallivant Times Square, a 336-room hotel located at 234 W. 48th St. in Manhattan. The 16-story building spans 209,851 square feet and offers amenities such as a fitness center, business center and meeting space. In addition, the building houses two restaurant concepts. Jeff Davis, K.C. Patel, Michele Mahl and Nikhil Chuchra of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.

March 25, 2021

California Development Retail Western

American Eagle Outfitters to Open Nine Locations in Westfield Shopping Centers

by Amy Works March 25, 2021

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.

March 25, 2021

Healthcare Loans Northeast Pennsylvania

CIT Group Provides $39M Loan for Refinancing of Philadelphia Medical Office Building

by Taylor Williams March 25, 2021

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.

March 25, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $4.9M Sale of Shorewood Apartment Community in Central Phoenix

by Amy Works March 25, 2021

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.

March 25, 2021

Acquisitions Industrial New York Northeast

Woodmont Sells Industrial Facility on Long Island for $30.7M

by Taylor Williams March 25, 2021

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.

March 25, 2021

Industrial Leasing Activity New Jersey Northeast

Dependable Distribution Services Signs 71,445 SF Industrial Lease in Camden, New Jersey

by Taylor Williams March 25, 2021

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.

March 25, 2021

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