Property Type

Davis Negotiates Sale of 19,124 SF Medical Office Building in Suburban Twin Cities

by Kristin Harlow September 7, 2021

SHAKOPEE, MINN. — Davis has negotiated the sale of Dean Lakes Health Building in Shakopee, a southwest suburb of the Twin Cities. The sales price was undisclosed. The 19,124-square-foot medical office building rises one story and is located at 4201 Dean Lakes Blvd. Allina Health, Edina Eye Physicians & Surgeons PA and Caravel Autism fully occupy the property. Jill Rasmussen of Davis represented the undisclosed seller. A partnership between Chicago-based Harrison Street and Minneapolis-based MedCraft Healthcare Real Estate was the buyer.

September 7, 2021

Acquisitions Multifamily New York Northeast

GAIA Real Estate Acquires Multifamily Portfolio in Manhattan’s East Village for $49.5M

by Taylor Williams September 7, 2021

NEW YORK CITY — New York City-based GAIA Real Estate has acquired a portfolio of three multifamily buildings totaling 71 units in Manhattan’s East Village for $49.5 million. The buildings are located at 50-58 E. Third St. and primarily feature two- and three-bedroom units. The seller was a locally based limited liability company that is affiliated with Anbau Enterprises. The portfolio, which includes about 15 rent-controlled units, was 97 percent occupied at the time of sale. The property traded in an off-market transaction.

September 7, 2021

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Brokers $25.3M Sale of Harlem Affordable Housing Community

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based firm Ariel Property Advisors has brokered the $25.3 million sale of Johanna Apartments, a 60-unit Section 8 multifamily property located at 104-110 W. 144th St. in Central Harlem. The four-building complex spans 51,560 square feet and consists entirely of two-bedroom units. Victor Sozio and Courtney Lee of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

September 7, 2021

Loans Mixed-Use New York Northeast

Emerald Creek Capital Provides $15M Bridge Loan for Mixed-Use Building in Queens

by Taylor Williams September 7, 2021

NEW YORK CITY — Locally based lender Emerald Creek Capital has provided a $15 million first mortgage bridge loan for a 300,000-square-foot mixed-use building located in the Flushing neighborhood of Queens. The property consists of 22 floors of hotel space, 10 levels of medical office space and 50,000 square feet of retail and event space. The building also features 300 below-grade parking spaces. Dean Wang of Emerald Creek Capital originated the financing on behalf of the borrower, Fleet Financial Group.

September 7, 2021

Acquisitions Industrial New Jersey Northeast

Restaurant Supplies Provider Buys 71,280 SF Warehouse in Pennsauken, New Jersey

by Taylor Williams September 7, 2021

PENNSAUKEN, N.J. — Brooklyn-based restaurant supplies distributor BakeDeco/Kerekes has purchased a 71,280-square-foot warehouse located at 6950 Sherman Lane in Pennsauken, located outside of Philadelphia. Ian Richman and Marc Isdaner of Colliers International represented the buyer in the transaction. The buyer will also occupy the building, which features a clear height of 24 feet and nine loading docks. Marc Policarpo of Westfield Real Estate represented the undisclosed seller.

September 7, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

SLIB Negotiates $8M Sale of Manor Hills Assisted Living Facility in Wellsville, New York

by Taylor Williams September 7, 2021

WELLSVILLE, N.Y. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Manor Hills Assisted Living for $8 million. Located in Wellsville, near the New York-Pennsylvania border, the asset features 89 assisted living and memory care units and was built in 1989. The seller was a private owner that previously divested its skilled nursing portfolio. The privately held buyer was an Albany, N.Y.-based seniors housing owner-operator. Dave Balow from SLIB handled the transaction.

September 7, 2021

Acquisitions California Company News New York Northeast Office Top Stories Western

PIMCO to Acquire Office REIT Columbia Property Trust in $3.9B Deal

by John Nelson September 7, 2021

NEWPORT BEACH, CALIF. AND NEW YORK CITY — Pacific Investment Management Co. (PIMCO) has entered into a definitive agreement with Columbia Property Trust (NYSE: CXP) to acquire the New York City-based office REIT. Funds managed by PIMCO will acquire all of the outstanding shares of Columbia’s common stock in a deal valued at $3.9 billion, including debt. Columbia owns 15 office properties spanning more than 6 million square feet in the gateway markets of New York City, Boston, San Francisco and Washington, D.C. The firm’s portfolio also includes four office properties under development and 8 million square feet under management for private investors and third parties. The U.S. office sector has been severely impacted by the outbreak of COVID-19 and rise of the Delta variant as millions of office-using employees are currently working from home. According to The Wall Street Journal, New York City and San Francisco reported the lowest usage rates among the 10 major office markets tracked by Falls Church, Va.-based Kastle Systems, which monitors access swipes of office buildings. New York City had a usage rate of 22.3 percent and San Francisco had a 19.7 usage rate for the week ending Aug. 25. Despite the headwinds facing …

September 7, 2021

Market Reports Office Texas Texas Market Reports

Dallas Office Market: Do We Need, Want or Have to Return?

by Taylor Williams September 7, 2021

By Cynthia Cowen, managing director, Cushman & Wakefield Throughout the past 18 months, there has been an ongoing discussion about returning to the office. Culturally, financially, production-wise — does it make sense to return? There is so much that goes into making these decisions, and there isn’t a simple yes or no answer. It might depend on the industry, the generational differences among employees, the job functions being performed and more. Baby boomers tend to be critical of millennials’ desire to have greater balance and their preference for working at home, but what about recent college grads? They need to absorb as much as information as they can, but how do they achieve that at home? What about those in child-bearing years? They may want to stay home to juggle it all under one roof. In 25-plus years in the commercial real estate industry, our team has never witnessed employees possess so much control. In speaking with tenant representation brokers and their clients, the message remains that employers are struggling to figure out how to get their employees to come back to the office. According to Cushman & Wakefield’s “Workplace Ecosystems of the Future” report, there is a strong consensus …

September 7, 2021

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

After 18 Months, Seniors Housing Operators More Adept at Handling COVID-19 Crisis, Says InterFace Panel

by John Nelson September 7, 2021

ATLANTA — Seniors housing operators have been grappling the past 18 months with how to maintain their properties and keep occupancy high while also protecting their staff and residents, who are the most vulnerable population for infections and death from the COVID-19 outbreak. With the rise of the Delta variant in recent weeks, owners and operators are having to make tough decisions to care for their residents, although now they have built some muscle memory on how to operate effectively amid the pandemic. “We are better at dealing with COVID-19 now than before,” said Joe Jasmon, CEO and managing partner of American Healthcare Management. Jasmon added that alleviating the fear of COVID-19 and the Delta variant is a big part of an operator’s job, and bringing residents into their social programs is a major point of emphasis, even if it can only be done virtually. “There’s been a huge insurgence of Zoom calls,” said Jasmon. “Before it was once in a blue moon, and it would be a son or daughter who lived in Belize or somewhere. Now the entire family and friends are calling in. We have to cultivate that activity and encourage it.” Jasmon’s comments came during the …

September 7, 2021

Market Reports Retail Southeast Southeast Market Reports Tennessee

From Urban Core to the Suburbs, the Memphis Retail Market is Poised for Growth

by John Nelson September 6, 2021

Memphis is a city with a soul and is internationally famous for music, food and entertainment. The city draws over 12 million tourists annually, but less publicized is that Memphis is home to six Fortune 1,000 companies (FedEx, International Paper, AutoZone, Terminix, First Horizon and Sylvamo). Additionally, the city’s employment base includes a robust healthcare community with St. Jude Children’s Research Hospital, the University of Tennessee Medical School and Regional One Health. Plus, Memphis is known as “America’s Aerotropolis” with the second busiest cargo airport in the world, Memphis International Airport. The Memphis metro statistical area (MSA) has jobs, low cost of living and a relatively young population with an average age of 34. There is a perception that the population is flocking to Nashville, but the latest Census Bureau statics show that between 2013 and 2017, slightly more Nashvillians moved to Memphis than the reverse. Memphis’ unique trade area encompasses parts of Arkansas and Mississippi, leveraging Interstates 40, 55 and 22 with the new Interstate 269 Corridor, a 60-mile half loop around southern Memphis and north Mississippi. The I-269 Corridor links to a web of seven converging highways, serving 152 metro areas and two-thirds of the nation’s population that …

September 6, 2021

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