NEW YORK CITY — Newmark has brokered the $360 million sale of Two Park Avenue, a 1 million-square-foot office building located in Manhattan’s Murray Hill neighborhood. The 29-story building was constructed in the mid-1920s and features a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking space. Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Josh King, Avery Silverstein and Willis Robbins of Newmark represented the seller, Morgan Stanley, in the transaction. The buyer, Haddad Brands, plans to occupy a portion of the property and lease the remainder.
MESA, ARIZ. — Canyon Partners Real Estate LLC has completed the disposition of Broadway 101 Commerce Park, a Class A multi-tenant industrial park on 53 acres in Mesa. Irvine, Calif.-based CIP Real Estate acquired the asset for $168.3 million. Broadway 101 Commerce Park offers 809,230 square feet spread across 11 buildings, which were built from 2005 to 2007. The project is currently 98 percent leased to a roster of 34 tenants. Located at 2140-2360 W. Broadway Road, the industrial park features 125 grade-level doors and 109 dock-high doors. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. The firm’s Mike Haenel, Andy Markham, Phil Haenel and Justin Smith provided local advisory services and were retained by the buyer to continue leading leasing for the project. Additionally, Rob Rubano, Brian Share and Joseph Lieske of Cushman & Wakefield Equity, Debt & Structured Finance arranged a $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management on behalf of CIP Real Estate.
SAN MATEO, CALIF. — JLL Capital Markets has brokered the $127 million sale of Bridgepointe Shopping Center in San Mateo, roughly 20 miles south of San Francisco. Originally developed in 1988 and renovated in 2023, the 231,700-square-foot property spans 23.7 acres. Tenants at the center, which was fully leased at the time of sale, include Ross Dress for Less, Marshalls, Nordstrom Rack, Total Wine & More, Chick-fil-A, Five Below and The Container Store. Eric Kathrein, Daniel Tyner, Geoff Tranchina, Greg Lvovich, Warren McClean and Danny Finkle of JLL Capital Markets represented the seller, Nuveen Real Estate, in the transaction. Additionally, JLL procured the buyer, a joint venture between Sterling Organization and Cohen & Steers, and secured acquisition financing.
NEW YORK CITY — Global pivate equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit apartment complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The pet-friendly, elevator-served property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. The amenity package comprises a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.
NEW YORK CITY — Eastern Union has arranged a $24 million loan for the refinancing of a 55-unit multifamily property located at 2508 Foster Ave. in Brooklyn’s Flatbush neighborhood. The seven-story, newly constructed building houses units with an average size of 692 square feet and two retail spaces. Motti Blau, Mendy Pfeifer and Dov Bakon of Eastern Union arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, through Bank of Montreal on behalf of the undisclosed borrower.
CHANDLER, ARIZ. — EastGroup Properties has acquired Akimel Gateway, a Class A industrial property at 17500 S. 40th St. in Chandler, from Trammel Crow Co. and CBRE IM for $83 million. Situated on 38 acres, Akimel Gateway offers 519,112 square feet of industrial space. The property’s four buildings are located alongside the Loop 202 freeway frontage with immediate access to the diamond interchange at 40th Street and Loop 202. Built in 2022, each of the buildings are fully occupied and feature 139 dock-high doors, 24-foot to 32-foot clear heights, 2,500 amps to 3,000 amps power and drive-around capabilities with multiple points of ingress and egress. Rusty Kennedy, Joe Cesta, Cooper Fratt, John Werstler, Tanner Ferrandi and Mike Parker of CBRE represented the seller in the deal.
Waterton Provides $69.2M Senior Construction Loan for Apartment Development in Vancouver, Washington
VANCOUVER, WASH. — Waterton, in partnership with Strathcona Capital, has provided a $69.2 million senior construction loan for the development of 12th & Main, a seven-story mid-rise apartment building in Vancouver. The borrower, Oregon-based Pahlisch Commercial, started construction in December 2024 on the project that is slated for completion in 2027. Totaling 198 units, 12th & Main will offer studio, one- and two-bedroom floor plans and an amenity package including a 24-hour fitness center, rooftop lounge with river views, dog wash station, game room, remote work offices, electric vehicle charging stations and a steam shower and sauna. Additionally, the property will include 21,359 square feet of ground-floor commercial space. Pahlisch Commercial will occupy roughly half of the ground-floor space as its headquarters office.
KALISPELL, MONT. — Gantry has secured a $10.5 million permanent loan to retire construction debt from the development of the second phase for The Landings on Two Mile, an apartment community in Kalispell. Located at 110, 112, 114 and 118 Teton St., the second phase features 72 one-, two- and three-bedroom floor plans. Demetri Koston of Gantry’s Spokane, Wash., office represented the borrower, a private real estate investor, in the financing. The 12-year, fixed-rate loan was secured from an agency lender with an upfront interest-only period transitioning to 30-year amortization. In 2021, Gantry provided a $16.4 million permanent loan for the property’s 108-unit first phase.
NEW YORK CITY — Sciame Construction LLC has signed a 37,206-square-foot office lease renewal in Lower Manhattan. The locally based firm will continue to occupy the entire 20th floor of 14 Wall Street, a building that was originally constructed in 1910 for the Bankers Trust Co., for the next 20 years. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the landlord in the lease negotiations. Adam Foster, Matt Bergey, Chris Mansfield and Ryan Luck, also with CBRE, represented the tenant.
AURORA, ILL. — Core Industrial Realty has arranged the sale of a 356,000-square-foot industrial property located at 2200 Sullivan Road in Aurora. The speculative building was developed by Panattoni in 2022 and was 75 percent leased at the time of sale. There are two tenants with leases totaling 260,000 square feet. Total consideration for the project, inclusive of both lease transactions and the sale of the building, exceeded $70 million. Noel Liston and Nick Krejci of Core brokered the sale. The buyer, Ares Management Corp., has retained Core as the leasing agent for the property.