Property Type

CenterPoint Properties Acquires 274,430 SF Distribution Center in Dayton, New Jersey

by Taylor Williams July 21, 2021

DAYTON, N.J. — CenterPoint Properties, a Chicago-based investment firm, has acquired a 274,430-square-foot distribution center in Dayton, about 45 miles south of New York City. The building is situated on a 27-acre site that includes 10 acres for parking and outdoor storage. In addition, the property, which is leased long-term to a global distribution company, features a clear height of 34 feet and is configured to accommodate parking for 300 trailers and 400 cars. The seller was not disclosed. Marc Duval, Jordan Avanzato and Jose Cruz of JLL brokered the deal.

July 21, 2021

Acquisitions Hospitality New York Northeast

Electra America Hospitality Group Buys 194-Room Roger New York Hotel

by Taylor Williams July 21, 2021

NEW YORK CITY — Electra America Hospitality Group, a joint venture between Florida-based private equity firm Electra Capital and hospitality operator AKA, has acquired the Roger New York hotel in Manhattan’s NoMad neighborhood. The 194-room boutique hotel sold for $19 million, or roughly $98,000 per room. The new ownership will invest $22 million in capital improvements and reopen the hotel in mid-2022 under the AKA brand. The seller was not disclosed.

July 21, 2021

Loans New York Northeast Office

Black Bear Capital Arranges $24M Perm Loan for Office Building in White Plains, New York

by Taylor Williams July 21, 2021

WHITE PLAINS, N.Y. — Black Bear Capital Partners (BBCP) has arranged a $24 million CMBS permanent loan for a 160,000-square-foot office building in White Plains, located north of New York City. Morgan Stanley provided the loan, which featured a fixed interest rate of 3.85 percent for 10 years with full-term, interest-only payments. The borrower, Caspi Development, has invested almost $3 million in capital improvements to the building over the last three years. Bryan Manz, Emil DePasquale and George Pektor of BBCP arranged the financing.

July 21, 2021

Healthcare Leasing Activity New Jersey Northeast

R.J. Brunelli Negotiates 45,600 SF Healthcare Lease in Eatontown, New Jersey

by Taylor Williams July 21, 2021

EATONTOWN, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. LLC has negotiated a 45,600-square-foot healthcare lease at Monmouth Plaza in the Central New Jersey borough of Eatontown. The tenant, Hackensack Meridian Health, plans to open a new outpatient and urgent care facility at the site in the second quarter of next year. Richard Brunelli of R.J. Brunelli & Co. represented the owner, Monmouth Plaza Enterprises LLC, in the lease negotiations. Danielle Brunelli of R.J. Brunelli & Co. procured the tenant, which was represented in negotiations by Jeffrey Babikian of CBRE.

July 21, 2021

Development Massachusetts Mixed-Use Northeast Top Stories

Joint Venture Breaks Ground on $2B USQ Mixed-Use Project in Metro Boston

by Kristin Harlow July 21, 2021

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate, has broken ground on a $2 billion mixed-use project known as USQ in Somerville, just northwest of Boston. The 15-acre, transit-oriented development is situated in the city’s historic Union Square neighborhood at the southeast corner of Somerville Avenue and Prospect Street. An official groundbreaking ceremony took place this morning. Totaling 2.4 million square feet, USQ has been in the making for decades, according to the development team. Plans call for 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground-floor retail space. There will also be 3.6 acres of public space encompassing 11 new parks and two new Massachusetts Bay Transportation Authority (MBTA) stations. The first office building, 10 Prospect Street, is slated for completion in the fourth quarter of 2022. Rising seven stories and spanning 194,000 rentable square feet, the LEED Gold building will include an outdoor terrace and onsite parking. Leasing is currently underway. In the Somerville community, there are 18,000 residents who work in the scientific, technology or healthcare industries, according to the project website. Of the current …

July 21, 2021

Acquisitions Multifamily Washington Western

Main Street Flats in Bellevue Trades Hands for $232.5M

by Amy Works July 20, 2021

BELLEVUE, WASH. — Hines and a subsidiary of funds managed by Oaktree Capital have purchased Main Street Flats, a multifamily complex located at 1050 Main St. in Bellevue. According to the King County records, the property traded hands for $23.2.5 million. The name of the seller was not released. Developed by Alamo Manhattan in 2015, Main Street Flats features 425 apartments in a mix of studio, one- and two-bedroom layouts, a rooftop terrace, fitness center, resident lounge and 12,000 square feet of ground-floor retail space. The acquisition follows Hines’ recently announced Main Street Place, a 6.75-acre mixed-use development in downtown Bellevue. The project is slated to open in 2023.

July 20, 2021

Arizona Development Healthcare Western

McCarthy Building Cos. Completes 96-Bed Care Tower at Chandler Regional Medical Center in Arizona

by Amy Works July 20, 2021

CHANDLER, ARIZ. — McCarthy Building Cos. and Devenney Group Architects, together serving as the design-build team, have completed Tower D, a patient-care tower at Dignity Health Chandler Regional Medical Center in Chandler. The new facility is scheduled to open to patients in early August. Tower D will serve as the hospital’s main entrance and add 96 patient-care beds, bringing Chandler Regional’s total bed count to 429. The first floor houses the new main hospital entrance and lobby, patient admitting, cardiac rehabilitation, ambulatory therapy unit, gift shop and chapel. The second floor features a surgery registration area, pre-operation and post-anesthesia care units, and 24 thoracic patient rooms. The third and four floors house 36 intensive care rooms and 36 standard patient units, respectively. The fifth floor is shell space for future patient-care beds, while the basement houses the pharmacy, materials management department and a loading dock. Additionally, the construction project included a new parking structure with additional surface parking to accommodate more than 1,100 vehicles, along with renovations to existing space that will allow for eight new surgical suites and an expansion of outpatient services and operational departments. The design-build team will remain on site through spring 2020 to complete the …

July 20, 2021

California Loans Multifamily Seniors Housing Western

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Amy Works July 20, 2021

LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.

July 20, 2021

California Loans Office Retail Western

Ready Capital Closes $23.5M in Refinancing for Nine-Property Office/Retail Portfolio in Los Angeles

by Amy Works July 20, 2021

LOS ANGELES — Ready Capital has closed $23.5 million in refinancing for the renovation and lease-up of a nine-property retail and office portfolio located in the Frogtown, Echo Park and Glassell Park neighborhoods of Los Angeles. The undisclosed sponsor plans to complete capital improvements on each of the nine properties, increasing the rentable square footage and leasing up each asset. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and facilities to provide funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

July 20, 2021

Acquisitions Retail Utah Western

Faris Lee Negotiates $8.6M Sale of Garden Square Shopping Center in Midvale, Utah

by Amy Works July 20, 2021

MIDVALE, UTAH — Faris Lee Investments has arranged the sale of Garden Square, a neighborhood shopping center in Midvale. The asset traded hands for $8.6 million. The names of the buyer and seller were not released. Garden Square features a combination of low-rent-paying local and regional tenants, allowing for an acquisition well below replacement cost, high in-place yield and strong upside potential in a market with excellent economic fundamentals, according to Faris Lee. Nick D’Argenzio, Tom Chichester and Joe Chichester of Faris Lee Investments represented both sides in the transaction.

July 20, 2021

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