NEW YORK CITY — Berenberg Capital Markets LLC has signed deals to renew and expand its office headquarters space at 1251 Avenue of the Americas in Midtown Manhattan. The company has renewed its 31,700-square-foot lease for the entire 53rd floor and will expand by 30,700 square feet to occupy the entire 52nd floor. Mitchell Konsker, Alexander Chudnoff and Benjamin Bass of JLL represented the tenant in the lease negotiations. David Falk and Peter Shimkin of Newmark represented the landlord, Mitsui Fudosan America. The 2.4 million-square-foot building was originally constructed in 1971.
ASHLAND, VA. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the sale. Located at 167 Junction Drive, Ashland Junction is approximately 19.4 miles north of Richmond. The property, which was built in 1989, was 92 percent occupied at the time of sale to tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.
DENVER — Manulife Investment Management, on behalf of a third-party managed account, has purchased TriVista on Speer, a multifamily property located at 1350 Speer Blvd. in Denver’s Golden Triangle neighborhood. An undisclosed seller sold the community for $144.5 million. Completed in 2019, the seven-story TriVista on Speer features 322 apartments with an average unit size of 985 square feet. All units include designer kitchens with granite and quartz countertops, in-home washers/dryers, high ceilings and oversized windows with mountain and city views. Community amenities include a rooftop pool and spa; two courtyards with firepits and bocce ball courts; a chef’s kitchen; a two-story fitness center with a yoga/spin studio; and a pet spa/grooming station. Brady O’Donnell and Jill Haug of CBRE arranged an acquisition loan through MetLife for the buyer.
LAS VEGAS — Western Wealth Capital has purchased San Michele Apartment Homes in Las Vegas for an undisclosed price. The transaction marks the investor’s entrance into the Las Vegas market. Originally constructed in 1997, San Michele Apartment Homes features 216 units. The community is situated approximately eight miles from the Las Vegas Strip and five miles from the city’s Summerlin neighborhood. The seller was not disclosed.
LAS VEGAS — Newmark has brokered the sale of a cold storage and ice production plant in Las Vegas. ZNZ Enterprises sold the asset to an undisclosed buyer for $16.6 million. Located at 1201 Searles Ave., the 100,991-square-foot property is fully triple-net leased to Reddy Ice Corp. The facility has operated as an ice production and cold storage facility since 1983. Reddy Ice has operated at the facility since 1999. Michael Zobrist, Lauren Tabeek and Jeffrey Price of Newmark represented the seller in the deal.
WESTMINSTER, COLO. — Cushman & Wakefield has arranged the sale of a retail portfolio comprising three inline shop buildings located within Westminster Crossings shopping center in Westminster. Colorado-based Coco’s Place acquired the asset from Centre Point Properties for $9.8 million. Totaling 28,705 square feet of gross leasable space, the multi-tenant property was 100 percent leased to a mix of regional and national tenants. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the deal.
CITY OF INDUSTRY, CALIF. — Ready Capital has closed $7.5 million in financing for an industrial property located in the City of Industry that is currently. The undisclosed borrower will implement a strategy to sign new leases at market rents and extend the weighted average lease term across the 85,000-square-foot property. The borrower plans to achieve market rents through the completion of tenant improvements and minor capital upgrades to the property. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 48-month term, one extension option, flexible prepayment and a facility to provide future funding for capital expenditures.
CHICAGO — The Chicago City Council has given approval for the development of Bronzeville Lakefront, a $3.8 billion mixed-use project located in Bronzeville, a South Side neighborhood. Michael Reese Hospital and Medical Center, which closed in 2008, formerly occupied the 48-acre development site. The City of Chicago acquired the property in 2009 and cleared most of the land over the ensuing months. A team of local developers known as GRIT was selected to purchase the site for $96.9 million through a redevelopment agreement. GRIT comprises Farpoint Development, Loop Capital Management, McLaurin Development Partners, Draper & Kramer, Chicago Neighborhood Initiatives and the Bronzeville Community Development Partnership. Upon completion, Bronzeville Lakefront will offer 7 million square feet of commercial and institutional space, as well as mixed-income housing, and will create up to 20,000 temporary and permanent jobs. The development team will break ground on the $600 million first phase of the project in late 2021 or early 2022. The site is bounded by 31st Street, 26th Street, Vernon Avenue and Lake Shore Drive. Phase I will include a 500,000-square-foot Chicago Arc Innovation Building; retail space; a community center; a mixed-income seniors housing building; a new park; and the reuse of an existing building named …
AUSTIN, TEXAS — In 2020, the COVID-19 pandemic brought an unexpected interruption to the student housing investment sales market. Following a strong leasing season for fall 2021, executives are seeing increased interest from buyers and sellers in the space, leading many to wonder what the next two quarters of 2021 will look like. In a discussion led by Kieran O’Shea, managing director of Eastdil Secured, at the InterFace Student Housing conference in Austin, Texas, last week, a group of industry-leading owners and brokers offered up their predictions on the expected transaction volumes through the end of the year and took a closer look at who is buying and selling in the space today. Based on sales volume and pipeline, Teddy Leatherman, senior director with JLL, predicted that the period from now until the end of the year will exhibit the busiest sales transaction volume seen by the sector in recent years. “When you add up the very impressive performance of the sector, the attractive underlying fundamentals of the space and the very attractive yield premium seen today, we expect to see an opening of the floodgates and a breakthrough of pent-up demand, which has been building over the course of …
By Christopher Stafford, Cushman & Wakefield The Greater Des Moines retail market continues to emerge from the pandemic and is quickly regaining its footing from the closures and challenges experienced by many retailers, restaurants and businesses alike. Despite a few setbacks, occupancy rates and rents have generally held steady. Consumer spending is surging and according to a WalletHub study, Iowa’s COVID-19 recovery is the quickest in the nation, earning a total score of 75.25 out of a possible 100. The study compared all 50 states across three categories: COVID health; leisure and travel; and economy and labor market. Trends, observations A local real estate mogul recently made the analogy that the Des Moines retail market is currently much like a chessboard — lots of moving pieces and strategic repositioning by the current players. Greater Des Moines, like other Midwest cities, is experiencing a handful of post-pandemic retail trends that include: • Integrated retail approach (omnichannel): Bricks & mortar + online presence and ordering + apps + delivery/pickup. The presence of drive-thru and pickup services will shape the future of retail and are in high demand by restaurants and retailers. • Space transformation: Spaces once occupied by traditional retailers are now …