HOUSTON — NorthMarq has arranged a $21 million loan for the refinancing of Vista Apartments, a 300-unit workforce housing community in North Houston. The property was built in 1980 and renovated in 2019. Warren Hitchcock of NorthMarq arranged the loan, which carried a 10-year term with an initial interest-only period, a fixed 3.75 percent interest rate and a 30-year amortization schedule, on behalf of the Houston-based borrower. An undisclosed national balance sheet lender provided the debt.
YORK, PA. — A joint venture between ASB Real Estate Investments and Endurance Real Estate Group has acquired York Business Center, a 1.5 million-square-foot industrial facility located in the central part of the state, for approximately $91 million. The three-building property, which was 94 percent leased at the time of sale, sits on a 119-acre site near the intersection of Interstate 83 and State Route 30. Tenants include Harley-Davidson, which operates a preassembly facility that supports the nearby manufacturing plant, as well as printing company LSC Communications and nonprofit healthcare provider WellSpan. Building features include clear heights of up to 32 feet and parking for roughly 1,600 cars and 400 trailers. The seller was not disclosed.
PORTSMOUTH, N.H. — Locally based development and investment firm The Kane Co. has completed construction of a 91,000-square-foot office building at 145 Maplewood Ave. in Portsmouth, located in the southern coastal part of the Granite State. New Hampshire-based firm PROCON handled design and construction of the project, which includes ground-floor retail space. Tenants include Heinemann Publishing, Steward Partners and Sentient Decision Science.
NEW YORK CITY — Rosewood Realty Group has negotiated the $24.5 million sale of a portfolio of seven multifamily buildings in The Bronx. The first property at 45 E. Moshulu Parkway North in the Norwood area was built in 1926 and totals 71 units. The second complex at 501 W. 147th St. in Hamilton Heights was constructed in 1930 and comprises 33 apartments and four commercial spaces. Lastly, the asset at 741-745 E. 217th St. in Olinville was built in 2005 and totals 21 units. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty represented both the buyer, a private family, and the seller, Ron Rettner, in the deal.
NEW YORK CITY — Avison Young has brokered the $15.5 million sale of two apartment buildings in New York City’s East Village neighborhood. The 10-unit building at 164 First Ave. includes three retail spaces and sold for $10.4 million, while the four-story property at 218 E. Ninth St. fetched a price of $5.1 million. Brandon Polakoff, James Nelson, Eric Karmitz and Ryan McGuirl of Avison Young represented the seller of 218 East 9th Street. Polakoff and McGuirl also handled the sale of 164 First Avenue. The buyers in both deals were not disclosed.
WHARTON, N.J. — Locally based developer CHA Partners has broken ground on a 66-unit multifamily project that will include 7,800 square feet of retail space in Wharton, about 40 miles west of New York City. The property will feature one-, two- and three-bedroom units and amenities such as a lobby with a coffee and beverage station, lounge seating areas and electric vehicle charging stations. The first units are expected to be available for occupancy next summer.
PHOENIX — The Howard Hughes Corp. (NYSE: HHC) and local business magnate Jerry Colangelo are partnering to develop Douglas Ranch, a large-scale, master-planned community in Phoenix. HHC and Colangelo have purchased 37,000 acres for the project in Phoenix’s West Valley region for $600 million. Upon full buildout, Douglas Ranch will comprise 100,000 homes for 300,000 residents, as well as 55 million square feet of commercial development. The partnership plans to launch residential lot sales at Douglas Ranch in the first half of 2022. “We are creating a city of the future — leveraging HHC’s development expertise to build a community with limitless potential to spur growth, business expansion, economic opportunity and innovation,” says Colangelo, a longtime Phoenix resident and former owner of the Phoenix Suns NBA franchise. The land sellers, locally based JDM Partners and Scottsdale-based El Dorado Holdings, will remain as joint venture partners for Douglas Ranch’s first phase, which is a 3,000-acre village called Trillium located in the city of Buckeye. Colangelo is a partner at JDM Partners, along with David Eaton and Mel Shultz. The firm is one of the largest owners of entitled land in Arizona. HHC and Colangelo are launching Douglas Ranch to tap into …
There are 11 university markets set to add 1,000 or more student housing beds this year, according to data from RealPage. The Richardson, Texas-based research firm tracks new construction, rental rates and leasing activity in 175 core university markets for its student housing data. Overall, RealPage reports that approximately 42,000 new purpose-built student housing beds will deliver in 2021, which falls into the firm’s normal supply growth range of 40,000 to 50,000 beds annually. Carl Whitaker, senior manager of market analytics at RealPage, says that figure is an encouraging sign given the uncertainty and disruptions of the past year from the COVID-19 pandemic. “That 42,000-bed number was about what we hoped to see,” says Whitaker. “The pandemic was so sudden that developers that were looking to build in 2021 had gotten just far enough down the planning process that they went ahead and proceeded as if it was a normal year.” In Walker & Dunlop’s annual year-end student housing report (2020), the Bethesda, Maryland-based firm found that 38,036 student housing beds will come on-line in 2021, which is a 27 percent decrease from 2020. For both 2020 and 2021, the Southeastern United States is dominating in terms of new student …
By Matt Harper, Senior Vice President of Retail, NAI Horizon Arizona relies heavily on a robust tourism industry. When COVID-19 hit, it was a massive blow to the hospitality and retail sectors. Coming out of the pandemic, however, the Metro Phoenix retail sector has shown great resiliency, especially mom and pops. Phoenix ended the fourth quarter of 2020 with a positive net absorption of 124,330 square feet of retail space. With negative net absorption in the second and third quarters of 2020 – the devastating months of the pandemic – Phoenix ended the year at negative 373,715 square feet. This was compared to an overall positive net absorption of more than 1.1 million square feet in 2019. Phoenix vacancy rose slightly in the second quarter of 2021 from the previous quarter, coming in at 7.7 percent and 7.5 percent, respectively. Net absorption for the second quarter was a negative 63,558 square feet, down from a strong first-quarter 2021 of 466,714 square feet. The average triple-net rental rate rose slightly to $15.81 per square foot. COVID-19 travel restrictions and stay-at-home orders attributed to the paltry second- and third-quarter 2020 numbers. Then those orders were lifted by Gov. Ducey, and the sun came …
SAN DIEGO — Bioscience Properties and Harrison Street have purchased Sorrento Heights, a two-building office asset in San Diego, for $41.3 million. The seller was a fund managed by DRA Advisors LLC in partnership with Cypress Office Properties. Located at 9980 and 10020 Huennekens St., Sorrento Heights features 92,875 square feet of office space spread across two two-story buildings, an open breezeway, outdoor seating and tenant parking. At the time of sale, the property was 68 percent vacant, as the property’s largest tenant has placed the entirety of the 10020 Huennekens Street building on the market for sublease. Kevin Shannon, Brunson Howard, Paul Jones and Ken White of Newmark represented the seller in the transaction.