Property Type

Harbor International Group Buys Olive Ridge Resort Apartments in Pomona, California for $46.8M

by Amy Works July 9, 2021

POMONA, CALIF. — Harbor International Group (HGI) has purchased The Olive Ridge Resort, a multifamily property in Pomona, for $46.8 million. Located at 2261 Valley Blvd., the 11-building community features 220 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a fitness center; tennis and volleyball court; swimming pool and spa; business center; barbecue grilling stations; a junior soccer field; and on-site laundry facilities. Shane Shafer and Quinn Breslin of NorthMarq’s Newport Beach office handled the transaction.

July 9, 2021

Industrial Leasing Activity New Hampshire Northeast

Empire Moulding & Millwork Signs 217,000 SF Industrial Lease in Amherst, New Hampshire

by Taylor Williams July 9, 2021

AMHERST, N.H. — Empire Moulding & Millwork, a division of Novo Building Products, has signed a 217,000-square-foot industrial lease in Amherst, located outside of Nashua in the southern part of the Granite State. The facility is expected to open in the fourth quarter and to employ at least 70 people. Novo Building Products is a Michigan-based manufacturer and distributor of stair parts, mouldings, doors and specialty millwork, along with a variety of board products.

July 9, 2021

Acquisitions California Retail Western

Retail Equities Sells 352,666 SF East Hills Mall in Bakersfield, California for $7.2M

by Amy Works July 9, 2021

BAKERSFIELD, CALIF. — Modesto-based Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. Vincent Roche of Cushman & Wakefield/Pacific consulted on the transaction.

July 9, 2021

Leasing Activity Multifamily New Jersey Northeast

Diversified Properties Completes Lease-Up of 35-Unit Apartment Complex in East Rutherford, New Jersey

by Taylor Williams July 9, 2021

EAST RUTHERFORD, N.J. — Regional developer Diversified Properties has completed the lease-up of 480 Flatz, a 35-unit apartment complex in the Northern New Jersey community of East Rutherford. The property, which is now fully occupied, features one-, two- and three-bedroom units with granite countertops, stainless steel appliances and in-unit washers and dryers. Diversified Properties developed the property in a joint venture with North Jersey Builders Group.

July 9, 2021

Acquisitions Colorado Office Western

Quiver Investments Negotiates $6.5M Sale of Synergy Corporate Center in Colorado Springs

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Denver-based Quiver Investments has arranged the sale of Synergy Corporate Center, an office building located in Colorado Springs. Great Western Foloh sold the asset to a Colorado-based investor group for $6.5 million, or $148 per rentable square foot. Located at 5225 N. Academy Blvd., the property features 44,256 rentable square feet. At the time of sale, the building was 90 percent occupied. John Witt and Ben Swanson of Quiver Investments represented the seller, while Riki Hashimoto of Newmark represented the buyer in the deal.

July 9, 2021

Acquisitions California Healthcare Office Retail Western

Matthews Arranges $5.4M Sale of Medical Office, Retail Building Near Los Angeles

by Amy Works July 9, 2021

SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.

July 9, 2021

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $6.1M Sale of Multifamily Building in Cliffside Park, New Jersey

by Taylor Williams July 9, 2021

CLIFFSIDE PARK, N.J. — Cushman & Wakefield has brokered the $6.1 million sale of a 27-unit multifamily building in Cliffside Park, located across the Hudson River from Harlem. The sales price equates to roughly $226,000 per unit. Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, A&J Inc., and procured the buyer, JTS Inc., in the transaction. The property was fully occupied at the time of sale.

July 9, 2021

Leasing Activity New Jersey Northeast Office

Round Table Studios Opens 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams July 9, 2021

BERKELEY HEIGHTS, N.J. — Round Table Studios, a provider of flexible and coworking solutions, has opened a 40,000-square-foot space in the Northern New Jersey city of Berkeley Heights. The space is located within The Park, a 185-acre mixed-use redevelopment. The space features configurable office suite studios, on-demand meeting rooms, a traditional coworking gallery and an upscale coworking library. Members also have access to The Park’s onsite amenities, including a 12,000-square-foot fitness center, biking and walking trails and a health clinic.

July 9, 2021

Features Illinois Multifamily

Origin Investments: Phoenix Tops List of Cities for Investing, Developing Multifamily Properties

by Julia Sanders July 9, 2021

CHICAGO — According to Origin Investments, a Chicago-based private equity real estate firm, the seven multifamily markets in the United States best poised to capitalize on post-pandemic trends are: Phoenix; Atlanta; Charlotte, North Carolina; Austin, Texas; Raleigh, North Carolina; Nashville, Tennessee; and Tampa, Florida. Origin’s analyzed 150 markets to identify the cities with the highest chance of success as pandemic restrictions loosen. Origin has been refining this model for the past three years to inform its investment strategy and acquisitions. All these cities are undergoing economic development that will spur rent growth and attract institutional real estate investment. The following is a breakdown of what industries each state grew in: 1. Phoenix: Phoenix’s economy grew during the pandemic with an increase of jobs in trade, transportation and utility. Arizona State University’s industry-leading cybersecurity, artificial intelligence and analytics programs continue to produce a strong labor pool for tech employers. Intel and Taiwan Semiconductor will break ground soon on facilities that are already drawing related investments. Additionally, robust hiring and affordable housing put Phoenix at the intersection of rent growth and capital demand. 2. Atlanta, Charlotte and Austin (three-way tie for second place): Atlanta is evolving into the tech capital of the …

July 9, 2021

Healthcare Market Reports Texas Texas Market Reports

Build Today, Sell Tomorrow: Three Ways Healthcare Developers in Texas Can Maximize Marketability

by Taylor Williams July 9, 2021

By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. Healthcare real estate has proven to be one of the most resilient asset classes, able to bend but not break in the midst of global economic upheaval. Investors have become keenly aware of this fact, perhaps even more so during the latest downturn brought on by COVID-19. According to the 2021 U.S. Medical Office Trends report by CBRE, year-over-year investment volume for medical office properties fell 12.7 percent between the fourth quarters of 2019 and 2020. However, that’s far better than the 27.6 percent, 40.2 percent and 42.8 percent declines in investment sales volume that were respectively felt by the multifamily, office and retail sectors. Medical office buildings (MOBs) even beat out the white-hot industrial sector, which saw a 15.9 percent fall in annual investment volume last year. For developers eager to satiate this investor appetite for medical real estate, what is it that experienced buyers and newcomers to the space actually want in a healthcare asset? Ultimately it comes down to three things: location, size and use of space. Go Where the People Go “If you build it, they will come” may have worked for Kevin Costner’s cornfield baseball diamond, …

July 9, 2021

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