Property Type

Westmount Realty Capital Acquires 192-Unit Apartment Community in West Houston

by Taylor Williams August 18, 2021

HOUSTON — Dallas-based Westmount Realty Capital has acquired West End on Eldridge, a 192-unit apartment community in the Energy Corridor area of West Houston. The property was built in 1999 and features one- and two-bedroom units averaging 911 square feet. Amenities include a pool with a sundeck, outdoor grilling and lounge areas, a fitness center with a yoga room and a dog park. Westmount plans to implement a value-add program to unit interiors that will add stainless steel appliances, quartz countertops and tile backsplashes. In addition, the company will upgrade the amenity spaces and rebrand the community as Westmount at Eldridge. The seller was not disclosed.

August 18, 2021

Life Sciences Market Reports Office Oregon Western Western Market Reports

Portland Office Demand Returns as the City Reopens

by Jeff Shaw August 18, 2021

By Tim Harrison, Research Manager, JLL After one the strictest and longest shelter-in-place orders in the nation, Oregon is officially back open for business and all signs point to a strong recovery in Portland. People are travelling again, with airline passengers through Portland International Airport totaling more than 1 million in May. This represents about 63 percent of the normal 2019 monthly average, according to the Port of Portland’s aviation stats. Perhaps most importantly, people are returning to the downtown core for both business and pleasure with weekly visits through Pioneer Mall — the center of downtown — up to about 70 percent of 2019’s average weekly visits, per Placer.ai. This optimism is transferring to the office market, where Portland leasing activity is up more than 33 percent year over year. The recovery is being led by industries old and new. Out in the suburbs, Portland’s largest apparel companies are expanding on campus, while new leases were signed by Lululemon and On-Running in newer creative spaces on the urban fringe. Portland’s life sciences sector is approaching a critical mass as Bay Area company Twist Biosciences entered the market by absorbing 215,000 square feet. Meanwhile, Vancouver, Wash.-based AbSci raised more than …

August 18, 2021

Development Retail Texas

Victory Real Estate to Develop New Retail Project in Forney, Texas

by Taylor Williams August 18, 2021

FORNEY, TEXAS — Dallas-based Victory Real Estate Group will develop The Victory Shops at Forney, a new retail project that will be located on a 26-acre lot in Forney, an eastern suburb of Dallas. Phase I of the project will consist of 44,000 square feet across four buildings, and the remainder of the development will include 160,000 square feet for Phase II. Tenants will include Kohl’s, Aspen Dental, Jamba Juice, Chiloso Tex-Mex, The Joint Chiropractic, Mod Pizza and My Eye Lab. Construction of Phase I is set to begin in mid-September and to be complete in the first quarter of 2022. DuWest Realty has been appointed as the project’s leasing agent.

August 18, 2021

Loans Northeast Office Pennsylvania

PCCP Provides $80M Loan for Refinancing of Philadelphia Office Building

by Taylor Williams August 18, 2021

PHILADELPHIA — PCCP LLC has provided an $80 million senior loan for the refinancing of 123 South Broad Street, a 705,500-square-foot office building located within Philadelphia’s Center City district. The 30-story building was originally constructed in 1928 and is currently leased to a roster of 92 tenants. The borrower was a joint venture between SSH Real Estate, Quilvest Capital Partners and Young Capital. Ryan Ade and Jim Cadranell of JLL arranged the financing. Ownership will use a portion of the proceeds to fund capital improvements, including the addition of amenities like a fitness center, rooftop deck and shared conference space.

August 18, 2021

Leasing Activity New Jersey Northeast Office

PIM Brands Opens New 111,000 SF Office Headquarters in Park Ridge, New Jersey

by Taylor Williams August 18, 2021

PARK RIDGE, N.J. — PIM Brands Inc., a manufacturer of fruit snacks and related products, has opened a new global headquarters in Park Ridge, a borough located in Bergen County. The single-tenant building previously housed the headquarters of Hertz Corp. and recently underwent a $25 million renovation. The new 111,000-square-foot headquarters includes research and development space, tasting and sensory labs, graphics studios, retail plan-o-gram layout rooms and remote office and conference space. About 150 employees will work at the new office. The products of PIM Brands, which is part of The Promotion in Motion Family of Cos., include Welch’s Fruit Snacks, Sun-Maid Chocolate Raisins and Original Gummi FunMix.

August 18, 2021

Acquisitions Industrial New York Northeast

Simone Development Sells 15-Acre Former Manufacturing Plant in Hicksville, New York

by Taylor Williams August 18, 2021

HICKSVILLE, N.Y. — Simone Development Cos. has sold the 15-acre site of the former Rubber Co. of American Polymer Corp. manufacturing plant in the Long Island community of Hicksville. The facility was originally constructed in 1945 to produce plastics and latex and in subsequent years has been owned by various manufacturers, including Occidental Chemical Corp, Sybron Corp. and Bayer Corp. Paul Leone of CBRE represented the buyer, a fund backed by Brookfield Asset Management, in the transaction. Jim MacDonald negotiated the sale on an internal basis for Simone Development. The new ownership plans to develop a warehouse/distribution center on the site.

August 18, 2021

Leasing Activity New York Northeast Office

Avison Young Debuts New 44,359 SF Office at 530 Fifth Avenue in Manhattan

by Taylor Williams August 18, 2021

NEW YORK CITY — Avison Young has debuted its new space for its New York City office on the third and fourth floors of 530 Fifth Avenue, a 26-story building in Midtown Manhattan. Global architecture firm Vocon designed the new office, and Avison Young’s project management team oversaw construction. The industrial-themed space features an open layout, exposed ceiling piping, a green wall in the reception area and both assigned desks and private offices. RXR Realty owns the building, which was originally constructed in 1957.

August 18, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Braemar Partners Unveils Plans for 80-Unit Seniors Housing Project in Basking Ridge, New Jersey

by Taylor Williams August 18, 2021

BASKING RIDGE, N.J. — Braemar Partners has unveiled plans for Arbor Terrace Basking Ridge, an assisted living and memory care community that will be located approximately 35 miles west of Manhattan. When completed, the property will feature 27 assisted living apartments, 24 units for seniors in early stages of dementia and 29 units for full memory care. The groundbreaking is scheduled for later this year, with completion targeted for early 2023. The Arbor Co., which operates other senior living communities in New Jersey, will operate the community when it opens.

August 18, 2021

Arizona Development Industrial Western

Baker Development to Build $150M Cactus 303 Industrial Park in Surprise, Arizona

by Amy Works August 17, 2021

SURPRISE, ARIZ. — Baker Development Corp. (BDC) has acquired an 81-acre land site for the development of Cactus 303, an industrial park in Surprise. BDC purchased the land, located on the northeast corner of Cactus Road and Loop 303, for $20 million. The $150 million project will feature approximately 1 million square feet of industrial space spread across seven Class A buildings. The project will also feature a retail component along the Cactus Road frontage, with retail pads ranging from 0.75 acres to 16 acres. The industrial buildings will range from 82,000 square feet to 378,000 square feet with all buildings offering flexible single- or multi-tenant configurations; 32-foot to 40-foot clear heights; dock-high and grade-level doors; up to 200-foot truck courts; and extensive, expandable auto and trailer parking. The site can also accommodate build-to-suit users of up to 600,000 square feet. Construction is scheduled to begin in early 2022, with the first phase slated for completion by year-end 2022. Butler Design is serving as architect and Layton Construction is serving as the general contractor. Cactus 303 is situated within the 3,300-acre Prasada master plan, which features single-family homes, a 180-acre auto mall and a 60-acre power center. Anthony Lydon, Marc …

August 17, 2021

Acquisitions Restaurant Retail Utah Western

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

by Amy Works August 17, 2021

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.

August 17, 2021

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