MILTON, PA. — The Jenkins Organization, a Houston-based owner-operator of self-storage facilities and RV resorts, will open Jellystone Park at Milton, a 60-acre development located north of Harrisburg in the central part of the state. The property offers 20 cabins and lodges and 160 RV sites, as well as amenities such as a volleyball court, fishing ponds and an arts and crafts center. A formal opening ceremony will be conducted Saturday, May 22.
NEW ROCHELLE, N.Y. — W. P. Carey Inc. (NYSE: WPC) has acquired a student housing property in the New York City suburb of New Rochelle that serves students at Monroe College for $26 million. Built in 2018, the transit-oriented residence hall’s 94 units total 49,500 net rentable square feet. The property also offers proximity to dining, entertainment and fitness uses. Thomas Greeley, Devlin Man, Cory Gubner and Alex Haendler of Newmark represented the seller, St. Katherine Group, and procured W. P. Carey as the buyer.
CHESTNUT HILL, MASS. — Coldwell Banker Commercial NRT has brokered the $5.1 million sale of The Pearl, an 18,000-square-foot office building in Chestnut Hill, located west of Boston. The four-story property was built on a half-acre parcel in 1973 and includes onsite parking. Todd Glaskin of Coldwell Banker represented the undisclosed seller in the transaction. The name and representative of the buyer were also not disclosed.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold 635-641 Sixth Avenue in Manhattan’s Midtown South neighborhood for a gross sales price of $325 million. The office property comprises two adjoining buildings rising eight stories and totaling 267,000 square feet. The transaction is expected to close in the second quarter and generate net cash proceeds to SL Green of approximately $312.5 million. The buyer was undisclosed. SL Green acquired the asset in 2012 for $173 million. The Manhattan-based office landlord completed a redevelopment of the buildings in 2015, featuring a new lobby, elevators, building systems and a penthouse rooftop equipped with a bocce court and event space. The buildings date back to the early 1900s and once housed the Simpson Crawford Department Store. Today, the property is 94 percent leased. Software company Infor is the anchor tenant and recently executed a renewal and extension of its lease through 2030. “New York City’s revitalization continues as does the demand for Class A office buildings,” says Harrison Sitomer, senior vice president of SL Green. “The disposition at a sales price of more than $1,200 per square foot is a result of extensive repositioning and leasing efforts at the property.” …
By Doug Derrick, SIOR, managing broker, NAI El Paso The remarkable pace and volume of industrial growth that has defined the major markets of Texas over the past decade is making its way to El Paso, as evidenced by larger projects for marquee tenants and elevated levels of institutional capital targeting the market. The COVID-19 pandemic has boosted the appeal of industrial assets of all varieties, crowding the space with capital sources, driving up prices and creating lower yields on new investments. This holds especially true in high-growth markets like Dallas and Austin, which is why institutional investors are beginning to target secondary markets like El Paso, where assets can be acquired at lower prices. El Paso is experiencing the same growth in e-commerce and online shopping as the rest of the country. This market also continues to benefit from international trade and manufacturing across the border, adding another unique form of demand for developers and owners in our border town. Over the past decade, the volume of El Paso’s exports has doubled, with much of those goods flowing to Mexico. We expect to see manufacturers continue to locate operations in markets other than China, which should increase demand for …
CAMARILLO, CALIF. — Colliers’ National Retail Capital Markets has arranged the $61.5 million sale of Camarillo Village Square, a grocery-anchored shopping center in Camarillo. Anchor tenants at the 247,000-square-foot property are Sprouts Farmers Market, Rite Aid, Big 5 Sporting Goods and PetSmart. The asset is located at 1656-2350 Las Posas Road. Donahue Schriber sold the property to an undisclosed buyer in an off-market transaction. According to Colliers, the sale was the largest priced retail transaction year-to-date in California. El Warner of Colliers represented the seller in the deal.
TEMPE, ARIZ. — Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on The Beam on Farmer, a Class A office building located in downtown Tempe. The five-story, 184,000-square-foot building will feature exposed cross-laminated timber (CLT) construction as the primary structural system. The CLT process utilizes young trees and combines layers of natural timber for an eco-friendly building approach. CLT creates zero waste and will capture 3.5 tons of carbon dioxide with scrap material from CLT production used to create other products or biofuel. Located at 401 S. Farmer Ave., The Beam on Farmer will feature a mix of solid timber, concrete, steel and glass in its design. Interiors will feature 13-foot exposed wood ceilings, 40,000-square-foot open floorplates and an under-floor air distribution (UFAD) system providing high-quality airflow and energy efficiency. Additionally, the project will be served by an adjacent parking garage with a 4/1,000 parking ratio. RSP Architects is serving as architect for the project, which is slated for completion in May 2022. Ryan Timpani and Mark Gustin of JLL are handling leasing for the project.
BURIEN, WASH. — Berkadia has brokered the sale and financing for Arbour Court, a garden-style community located at 2225 S. 112th St. in Burien, a suburb of Seattle. Kuhar Bay Club sold the asset to a private group of local investors for $19.1 million. Kenny Dudunakis, Ben Johnson and David Sorensen of Berkadia’s Seattle office represented the seller in the transaction. Robert Doxsee and Michael Manolides of Berkardia Seattle’s office, along with Brad Williamson of Berkadia’s Miami office, arranged a $15 million acquisition loan on behalf of the buyer through New York-based Ready Capital. Built in 1990, Arbour Court features 75 units in a mix of one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units offer gourmet kitchens, fireplaces, large walk-in closets and in-unit washers/dryers. Community amenities include an indoor pool, sauna and a fitness center.
LAKE ELSINORE, CALIF. — Civic Partners, with the support of the City of Elsinore, and Premier Design + Build Group have completed The Cottages at Mission Trail, a multifamily development in Lake Elsinore. The Cottages at Mission Trail features 143 two- and three-bedroom apartments in six floor plans spread across 78 buildings on a 20-acre site. Community amenities include a recreation center, large park, tot lot with playground equipment, laundry center and leasing center. The community has parking for 330 vehicles and many individual homes offer driveways. The Cottages at Mission Trail is part of Summerly, a 3,000-acre Lake Elsinore development that includes a golf course, single-family residential community and retail center. The project team included KTGY Group, ima, Gouvis Engineering and Wilson-Mikami.
BULLHEAD, ARIZ. — Faris Lee Investments has arranged the sale of a 52,944-square-foot retail asset located within City Square Shopping Center in Bullhead. An undisclosed seller sold the property for $7.1 million. The name of the buyer was not released. The transaction included Smart & Final Extra! and Ashley Homestore, both of which are triple-net lease tenants. Chris DePierro of Faris Lee represented the seller in the deal.