Property Type

Castle Lanterra Acquires Two Long Island Multifamily Properties Totaling 315 Units

by Taylor Williams October 29, 2021

HEMPSTEAD AND WEST HEMPSTEAD, N.Y. — New York-based investment firm Castle Lanterra Properties has acquired two multifamily properties totaling 315 units in the Long Island communities of Hempstead and West Hempstead for $136 million. Mill Creek Residential originally developed the communities in 2012. Units at both properties feature stainless steel appliances, breakfast bars, individual washers and dryers and private balconies/patios. In addition, both offer amenities such as pools, clubhouses with lounges, business centers, courtyards with fire pits and private storage spaces. USB Realty Investors sold the assets to Castle Lanterra for an undisclosed price. Jose Cruz, Steve Simonelli, Andrew Scandalios, Jeffrey Julien, Michael Oliver and Kevin O’Hearn of JLL brokered the deal.

October 29, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Negotiates Sale of Osborn 17 Apartment Community in Central Phoenix

by Amy Works October 29, 2021

PHOENIX — Taylor Street Advisors has brokered the sale of Osborn 17, a multifamily property located in the midtown area of central Phoenix. The asset traded for $3.1 million, or $180,00 per unit. Located at 3358 N. 15th Ave., Osborn 17 features 17 apartments. The undisclosed buyer plans to completely renovate the units with all new kitchens, appliances, bath and flooring, as well as upgrading the exterior. Brian Tranetzki of Taylor Street handled the transaction.

October 29, 2021

2301-Cottontail-Lane-Somerset-New-Jersey

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 143,670 SF Industrial Building in Somerset, New Jersey

by Taylor Williams October 29, 2021

SOMERSET, N.J. — CBRE has brokered the sale of a 143,670-square-foot industrial building in the Northern New Jersey community of Somerset. The property was built on nine acres in 1986 and features a clear height of 26 feet and 13 loading docks. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer, GLP Capital Partners, in the off-market transaction. The seller and sales price were not disclosed.

October 29, 2021

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $13M Sale of Two Manhattan Apartment Buildings

by Taylor Williams October 29, 2021

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13 million sale of two rent-stabilized apartment buildings totaling 98 units in the Inwood area of Manhattan. The buildings were constructed in 1920 and comprise two studios, 32 one-bedrooms units, 44 two-bedroom residences and 20 three-bedroom units. Aaron Jungreis and Ben Khakshoor of Rosewood Realty represented the seller, Morris Lieberman, and the buyer, Prana Investments, in the transaction.

October 29, 2021

Leasing Activity New York Northeast Office

Food52 Signs 42,000 SF Office Lease at Brooklyn Navy Yard

by Taylor Williams October 29, 2021

NEW YORK CITY — Food52, an e-commerce firm that supplies cookware, has signed a 42,000-square-foot office lease at Dock 72, a 675,000-square-foot office building located within the Brooklyn Navy Yard. The company will relocate from Manhattan’s Chelsea neighborhood to occupy the entire 13th floor of Dock 72 beginning in the second half of next year. Locally based owner-operator Rudin Development co-developed the property, which is surrounded by water on three sides, in partnership with Boston Properties (NYSE: BXP) and WeWork. Dock 72 offers amenities such as a rooftop conference center, ground-floor food hall, fitness and wellness center and an open lawn with a basketball court. Helen Paul and Rico Murtha of Cushman & Wakefield represented the tenant in the lease negotiations. Robert Steinman of Rudin, Andrew Levin of BXP, Joe Cirone, Ron Lo Russo and Patrick Dugan of Cushman & Wakefield and Sacha Zarba and Freddie Fackelmayer of CBRE represented ownership.

October 29, 2021

Development Hospitality Mixed-Use Office Restaurant Texas Top Stories

HALL Group Unveils Plans for $7B Mixed-Use Expansion at HALL Park Office Complex in Frisco, Texas

by Katie Sloan October 29, 2021

FRISCO, TEXAS — Dallas-based developer HALL Group has unveiled plans for the $7 billion mixed-use expansion of HALL Park, an existing 2.2 million-square-foot, 15-building office park located in Frisco. The full master plan will bring the development to 9.5 million square feet with a mix of office, hospitality, residential and retail uses. The $500 million first phase of development includes a Class A office tower, 154-key boutique hotel, 19-story luxury residential tower, a collection of 60 executive suites and a 10,000-square-foot food hall surrounding a community park. HKS Architects designed the 16-story office building, which will span 410,000 square feet. Amenities include 10,000 square feet of ground-level retail and restaurant space, a corporate lounge, fitness center, meeting space to accommodate upwards of 230 people, a seven-level parking garage and rooftop decks. Merriman Anderson Architects designed the 110,000-square-foot, full-service hotel component of the project, which will offer 13,000 square feet of indoor and outdoor event space, including a 3,000-square-foot ballroom; an outdoor swimming pool; gardens; a state-of-the-art fitness center; chef-driven restaurant and bar; and an expansive patio overlooking the community park. WDG Architecture designed the 331,529-square-foot residential tower with interiors by Dallas-based Waldrop + Nichols Studio. The community will offer one- …

October 29, 2021

Market Reports Retail Texas Texas Market Reports

Austin, San Antonio Move Toward Single Metroplex, Further Stabilizing Retail Markets

by Taylor Williams October 29, 2021

By Matt Epple, executive vice president, Weitzman Austin; and David Nicolson, president, Weitzman San Antonio One of the best-known metroplexes — a term that was coined way back in 1915 to describe the phenomenon whereby two or more important cities expand to form one continuous urban area — in the country is Dallas-Fort Worth (DFW). Now, new data from the U.S. Census Bureau has led the Texas State demographer to predict that Texas’ next new mega metro will be Austin-San Antonio. Austin gained nearly 200,000 new residents over the past decade for a growth rate of 21 percent. San Antonio added 107,218 people and is one of the top 10 largest U.S. cities by population. Together, the two markets form a powerhouse metro area of nearly 5 million people. The Austin and San Antonio metro areas each represent robust economies with strong population, job and housing growth. Together, they are almost unbeatable. While the markets are on track to merge into a metroplex, for now they are each distinct enough that we produce separate research reports. But without a doubt, these two metro areas account for some of the most positive retail performance in the state. In formulating this market …

October 29, 2021

California Development Multifamily Western

Urban Catalyst Plans 497-Unit Apollo Apartments in San Jose

by Amy Works October 28, 2021

SAN JOSE, CALIF. — Urban Catalyst has submitted its formal application with San Jose city planning officials for The Apollo, an 18-story apartment community at 32 Stockton Ave. in San Jose. Thang Do, CEO of Aedis Architects, is development partner on the project. The Apollo will feature 497 apartments, a spa, infinity pool with a transparent base above the main entrance, co-working space and two rooftop lounges. Additionally, the community is located near the Diridon train station and retail opportunities. “The Apollo is another step to address the housing crisis in Silicon Valley,” says Erik Hayden, CEO and managing partner of Urban Catalyst. “When we build high-density residential units in a transit-oriented location, we are building to meet the needs of today and tomorrow.”

October 28, 2021

Acquisitions California Industrial Western

Lincoln Property Co. Divests of 104,510 SF Last-Mile Industrial Facility in San Diego for $64.2M

by Amy Works October 28, 2021

SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.

October 28, 2021

Acquisitions Arizona Multifamily Western

CBRE Negotiates $10M Sale of Arcadian Apartments in Phoenix

by Amy Works October 28, 2021

PHOENIX — CBRE has arranged the sale of The Arcadian, a multifamily property in Phoenix’s Lower Arcadia submarket. A California investor acquired the asset from an undisclosed seller for $10 million. Located at 3101 N. 36th St., The Arcadia features 45 apartments in a mix of one- and two-bedroom layouts, a swimming pool, gazebo with picnic seating, barbecues, covered parking, rental office and laundry facility. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer and seller in the deal.

October 28, 2021

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