Property Type

PCCP Provides Loan for Refinancing of 36-Story Manhattan Office Tower

by Taylor Williams November 18, 2021

NEW YORK CITY — Los Angeles-based PCCP LLC has provided a loan of an undisclosed amount for the refinancing of 80 Broad Street, a 36-story office tower in Manhattan’s Financial District. The 423,777-square-foot building was originally constructed in 1931 and includes 12,385 square feet of retail space and private terraces on select floors. Ken Ziebelman, Grant Frankel and Ethan Pond of Eastdil Secured arranged the loan on behalf of the borrower, a joint venture between New York City-based Broad Street Development and Invesco Real Estate. Since 2018, ownership has invested more than $9 million in capital improvements to the property.

November 18, 2021

Acquisitions Industrial Northeast Pennsylvania

Devli Real Estate Acquires 461,433 SF Industrial Property in Bedford, Pennsylvania

by Taylor Williams November 18, 2021

BEDFORD, PA. — Devli Real Estate has acquired a 461,433-square-foot industrial property that sits on a 38-acre site at 550 Sunnyside Road in Bedford, located in the southern-central part of the state. According to LoopNet Inc., the property was built in 1967 and renovated in 2006. The property features clear heights of 21 feet, 32 dock positions, proximity to Interstates 70 and 76 and units that range in size from 100,000 to 200,000 square feet. Gerry Blinebury of Cushman & Wakefield represented the buyer and the undisclosed seller in the transaction. The property was fully leased at the time of sale.

November 18, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $36.3M Sale of Northern New Jersey Apartments

by Taylor Williams November 18, 2021

KEARNY, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $36.3 million sale of General Kearny Apartments, a 171-unit complex in Northern New Jersey. The seven-building property was originally constructed in 1939 and offers one-, two- and three-bedroom units ranging in size from 351 to 825 square feet. David Oropeza and Niko Nicolaou of Gebroe-Hammer represented the seller, an entity doing business as J & D General Kearny Associates LLC, in the transaction. Nicolaou also procured the buyer, a private investor. Brad Domenico of Progress Capital arranged acquisition financing for the deal.

November 18, 2021

Loans Multifamily New York Northeast

Gantry Arranges Three Loans Totaling $31.9M for Refinancing of Upstate New York Multifamily Properties

by Taylor Williams November 18, 2021

BUFFALO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a trio of loans totaling $31.9 million for the refinancing of three multifamily properties totaling 426 units in Upstate New York. In the first deal, a correspondent agency lender provided a 10-year loan that carried a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule for a 181-unit property in Central New York. In the second transaction, a life insurance company funded a 20-year loan that was also structured with a fixed rate and multiple years of interest-only payments for a 176-unit asset in Buffalo. A Wall Street-based lender provided the final loan with similar terms for a 69-unit property in Rochester. Tom Grzebinski and Jack Stelianou of Gantry placed all three loans on behalf of undisclosed borrowers.

November 18, 2021

Utz-Quality-Foods-Sterling-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Stan Johnson Co. Brokers Sale of 60,000 SF Industrial Building in Sterling, Massachusetts

by Taylor Williams November 18, 2021

STERLING, MASS. — Oklahoma-based Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial building in Sterling, located north of Worcester in the central part of the state. The property, which was built on 4.8 acres in 2006, was fully leased to Utz Quality Foods at the time of sale. Erik Lundberg of Stan Johnson Co. brokered the deal on behalf of the seller, a Massachusetts-based private investor. A Massachusetts-based institutional investor purchased the asset for $4.2 million.

November 18, 2021

Market Reports Midwest Midwest Market Reports Nebraska Office

Lincoln Office Market Assesses Amount of ‘Shadow Space’

by Kristin Harlow November 18, 2021

Historically, Lincoln, Nebraska, has been a resilient Midwestern city. Home to state and county governments and the University of Nebraska-Lincoln, it has weathered past economic ups and downs and provided steady growth close to 2 percent each year. As COVID-19 restrictions ease, people are gradually returning to shop and find entertainment downtown, and new construction continues to rise above Lincoln’s skyline. Interestingly, the last time this many cranes were visible downtown was during the last economic downturn. It has been remarked that during that time, Lincoln “built its way out of the recession.” Now, many building projects are helping to maintain the resiliency of our economy during these challenging times. Prominent projects, proposed or initiated prior to the pandemic, continue to move forward. Examples include a proposed 15-story, 300,000-square-foot mixed-use building by Chicago-based Argent Group housing 200 residential units. Omaha-based White Lotus Development plans a $54 million redevelopment of the Pershing Auditorium block, a vacant city-owned venue. White Lotus would bring 100 affordable housing units with a wellness center, childcare center, retail, community green space and potentially a new city library. Other notable projects include a $21 million renovation of a 100-year-old, seven-story Atrium Building by new local owners. Pushing …

November 18, 2021

Company News Features Heartland Feature Archive Hospitality Industrial Mixed-Use Multifamily Northeast Feature Archive Office Retail Southeast Feature Archive Texas & Oklahoma Feature Archive Western Feature Archive

Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?

by John Nelson November 18, 2021

The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)

November 18, 2021

Florida Hospitality Loans Southeast

JLL Secures $180M Refinancing for Miami Beach Edition Hotel

by Julia Sanders November 17, 2021

MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.

November 17, 2021

Acquisitions Louisiana Multifamily Southeast

Passco Purchases Two Multifamily Properties in Baton Rouge Totaling 552 Units

by Julia Sanders November 17, 2021

BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward. Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry Schedler of Cushman & Wakefield represented Passco and the seller in the transaction. Tapestry Long Farm features a mix of one-, two- and three-bedroom floorplans. Community amenities include a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool and a yoga and spin studio. Located at 16333 Columns Way, Tapestry Long Farm is situated within Long Farm Village, a 235-acre master planned development with residential, retail and office space. Built in 2017, the property is situated 12.8 miles from Louisiana State University (LSU). Hammond, La.-based Stoa Group sold the 276-unit Sweetwater Apartment Homes. Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC represented the buyer and seller in the transaction. Sweetwater offers one-, two- and three-bedroom floorplans with interior features including stainless steel appliances, faux-wood …

November 17, 2021

Acquisitions Alabama Office Southeast

Fairway, Pope & Land Acquire Brookwood Office Center in Birmingham for $55M

by Julia Sanders November 17, 2021

BIRMINGHAM, ALA. — A partnership between Birmingham-based Fairway Investments LLC and Atlanta-based Pope & Land Enterprises Inc. has acquired Brookwood Office Center, an office building located in Birmingham spanning nearly 170,000 square feet. Atlanta-based Preferred Apartment Communities Inc. sold the property to the partnership for $55 million. Built in 2007, Brookwood Office Center is fully-occupied and is anchored by Kinder Morgan, a Houston-based energy infrastructure company. Other tenants include Surgical Care Affiliates, an outpatient surgery provider; Merrill Lynch, a financial services firm; and PricewaterhouseCooper (PwC), a financial consulting firm. The property also houses two storefronts including O’Henry’s Coffees and JoS.A.Bank. The property has 896 total parking spots. Colliers will retain property management and leasing under the new ownership. Located at 569 Brookwood Village, the office building is situated adjacent to the Brookwood Village Mall and Macy’s. The property is also located near retailers such as The Fresh Market grocery store, Verizon Wireless, Target, Dunkin’ and Five Guys. Fairway Investments and Pope & Land have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.

November 17, 2021

Newer Posts

Older Posts