Property Type

Partnership Begins Leasing 150-Unit Apartment Complex in Old Bridge, New Jersey

by Taylor Williams September 28, 2021

OLD BRIDGE, N.J. — A partnership between developers BNE Real Estate Group, LPZ and Sterling Properties has begun leasing 99 Bridge, a 150-unit apartment complex in Old Bridge, about 35 miles south of New York City. The property features one- and two-bedroom units with quartz countertops, stainless steel appliances, espresso cabinetry and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, outdoor grilling areas, game room, dog park, package lockers and a children’s play area. Monthly rents start at $2,280 for a one-bedroom unit.

September 28, 2021

Arizona Life Sciences Market Reports Office Western Western Market Reports

Phoenix’s Life Sciences Market is on a Record Rise

by Jeff Shaw September 28, 2021

By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, Colliers Despite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019 to 2020, Arizona led the nation (tied with Montana) in the category of highest personal income growth with a 7.1 percent increase. The state is also projected to add 325,000 jobs in the next 12 months. Phoenix’s life sciences industry has gained significant momentum during the past 12 months, with no slowdown in sight. The Phoenix Biomedical Campus (PBC) in downtown Phoenix is ground zero for life sciences development and tenant activity. The 30-acre campus is currently occupied by Arizona State University, the University of Arizona, Northern Arizona University, Translational Genomics Research Institute (TGen), OncoMyx Therapeutics, Calviri, Vidium Animal Health, and Exact Sciences, which recently acquired Paradigm Diagnostics and Ashion Analytics. The PBC is the ideal environment when it comes to collaboration and innovation for life sciences tenants. The 227,000-square-foot, …

September 28, 2021

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $4.1M Sale of Connecticut Multifamily Property

by Taylor Williams September 28, 2021

NEW BRITAIN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.1 million sale of City Place Apartments, a 53-unit multifamily property with retail and restaurant space in New Britain, a southern suburb of Hartford. The sales price equates to $74,107 per unit and a cap rate of 7.35 percent. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 28, 2021

Features Industrial

How Architects Can Integrate Modern Design into Traditional Industrial Building Types

by Taylor Williams September 28, 2021

By Jonathan Quinn, associate, RODE Architects The industrial typology is no longer reserved for business parks in remote locations. As economic issues, changes in technology and increased demand for skilled labor highlight the need for more localized production and distribution, industrial buildings are moving back to cities and residential areas. This presents a major opportunity for cities to reclaim and revitalize their aging industrial districts and increase employment opportunities within their markets. Proximity to population centers provides access to large customer bases, but it also requires that industrial architecture be approached in a different way. The scale reduction of the manufacturing systems and the movement to more clean and sustainable processes has solved part of this problem. As a profession, architects need to recognize that there are opportunities for good design to help integrate industrial projects as well. The program and needs of industrial projects are always unique, and in urban settings, it is critical that they respond well to the site and its adjacencies. One of RODE’s projects, 250 Marginal Street in Chelsea, Massachusetts, is a 146,000-square-foot freight forwarding facility that uses its materiality as one of its main design features. As the building is a large …

September 28, 2021

Development Multifamily Single-Family Rental Texas

LYND, T.R. Inscore to Develop $35M Single-Family Rental Community in Waller, Texas

by Taylor Williams September 27, 2021

WALLER, TEXAS — San Antonio-based developer LYND and T.R. Inscore have formed a joint venture to develop single-family rental communities and will kick off the endeavor with a $35 million project in Waller, a northwestern suburb of Houston. The first phase of the development, which will be branded The Village at Waller, will consist of 118 units that will be constructed on a 14.7-acre site. The joint venture plans to potentially build as many as 700 homes on an additional 52 acres. Residences will feature two- and three-bedroom formats and range in size from 1,090 to 1,657 square feet. Communal amenities will include a pool, fitness center, dog park, playground and outdoor grilling areas. Rents will range from $1,600 to $2,250 per month.

September 27, 2021

Acquisitions Office Washington Western

Principal Real Estate Investors Sells 148,652 SF Lincoln Plaza Office Campus in Bellevue, Washington

by Amy Works September 27, 2021

BELLEVUE, WASH. — Des Moines, Iowa-based Principal Real Estate Investors has completed the disposition of Lincoln Plaza, an office campus located at 11225, 11235 and 11245 SE Sixth St. in Bellevue. New Rock Acquisition purchased the 148,652-square-foot asset for an undisclosed price. Situated on 9.1 acres, the three-building property was 90 percent occupied by 20 tenants at the time of sale. Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan and Chais Lowell of CBRE Capital Markets represented the seller in the deal. Brad Zampa and Mike Walker of CBRE arranged acquisition financing for the buyer. Scott Davis and Tim Owens, also of CBRE, will continue to handle leasing under the new ownership.

September 27, 2021

Acquisitions California Hospitality Western

Pacifica Cos. Acquires 34-Room El Colibri Hotel & Spa in Cambria, California from Pacifica Hotels

by Amy Works September 27, 2021

CAMBRIA, CALIF. — San Diego-based Pacifica Cos. has completed the sale of El Colibri Hotel & Spa, a coastal boutique hotel in Cambria. Aliso Viejo-based Pacifica Hotels acquired the property for an undisclosed price. El Colibri Hotel & Spa features 34 guest rooms, the Nest Day Spa, a self-pour wine and beer tap wall, Tesla charging stations and beach cruiser rentals. Scott Hall and Aaron Lapping of Berkadia San Diego represented the seller in the transaction.

September 27, 2021

California Loans Multifamily Western

Mandri Capital Arranges $14.1M in Financing for Acquisition, Renovation of Santa Monica Apartment Property

by Amy Works September 27, 2021

SANTA MONICA, CALIF. — Mandri Capital has arranged $14.1 million in combined financing to capitalize the acquisition and renovation of an apartment building located at 927 Ocean Ave. in Santa Monica. The borrower is Axis Development Group. The structured financing included a debt fund bridge loan, preferred equity and a joint-venture equity partner — providing 97 percent of the total project capitalization. Axis plans to restore the property, which was originally constructed in 1922. The renovation will provide residents with ocean views and access to world-class amenities. Upon completion, the property will offer 20 residences.

September 27, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 369-Unit Vineyards Apartments in Metro Houston

by Taylor Williams September 27, 2021

KATY, TEXAS — Walker & Dunlop has arranged the sale of Vineyards, a 369-unit value-add apartment community in the western Houston suburb of Katy. Built in 2003, Vineyards features one-, two- and three-bedroom units and amenities such as a fitness center, business center and a playground. Scott Bray, Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Atlanta-based Preferred Apartment Communities, in the deal. The buyer was Knightvest Capital, an investment firm with offices in Dallas, Houston, Phoenix and Raleigh.

September 27, 2021

Acquisitions California Industrial Western

Coldwell Banker Commercial Brokers $3.8M Acquisition of Industrial Building in Riverside, California

by Amy Works September 27, 2021

RIVERSIDE, CALIF. — Coldwell Banker Commercial has arranged the purchase of a multi-tenant industrial property located at 661 Arlington Ave. in Riverside. The asset traded for $3.8 million. The names of the seller and buyer were not released. Constructed in 1989 on 1.7 acres, the building features 25,850 square feet of industrial space. Carey Paster of Coldwell Banker Commercial SC represented the buyer in the transaction. The buyer plans to hold the property as an investment.

September 27, 2021

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