Property Type

Kinzie Builders Completes Construction of $15M Luxury Apartment Building in Glen Ellyn, Illinois

by Kristin Harlow June 23, 2021

GLEN ELLYN, ILL. — Kinzie Builders has completed construction of Avere on Duane, a $15 million luxury apartment building in the Chicago suburb of Glen Ellyn. Located on Duane Street, the property rises four stories with 48 units. Units range from 868 to 1,615 square feet. Amenities include a community room, dog washing station, package room, bike storage and heated parking. REVA Development Partners was the developer. The project team included BSB Design Inc., RTM & Associates Engineering Consultants, LETech Inc., Pierce Engineering, Loren Stanton Design, Haeger Engineering and Lakota Group. Monthly rents start at $1,975.

June 23, 2021

Indiana Loans Midwest Multifamily Student Housing

Berkadia Arranges $8.9M Acquisition Loan for Student Housing Property in New Albany, Indiana

by Kristin Harlow June 23, 2021

NEW ALBANY, IND. — Berkadia has arranged an $8.9 million bridge loan for the acquisition of The Annex of New Albany, a 141-unit student housing property in New Albany near Louisville. The property is located at 4100 Prestwick Square and is adjacent to Indiana University Southeast. Jason Brown and Sam Orman of Berkadia Indianapolis arranged the bridge loan on behalf of the borrower, Indiana-based Zidan Management Group Inc. Old National Bank provided the three-year loan, which features a 3 percent floating interest rate. David Gaines, Scott Clifton and Kyle Butler of JLL Capital Markets represented the seller, The Annex Group, in the $11.8 million sale.

June 23, 2021

Development Multifamily New Jersey Northeast

Sterling Properties Opens 144-Unit Station Place Apartments in Lawnside, New Jersey

by Taylor Williams June 23, 2021

LAWNSIDE, N.J. — Developer Sterling Properties has opened Station Place, a 144-unit apartment community in Lawnside, located outside of Philadelphia. The transit-oriented property offers studio, one- and two-bedroom units with European-style cabinetry, stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool, resident lounge, fitness center, bocce courts, outdoor grilling area, package lockers and a private parking garage.

June 23, 2021

Acquisitions Industrial Massachusetts Northeast

Burgess Properties Brokers Sales of Two Industrial Buildings in Metro Boston for $17.5M

by Taylor Williams June 23, 2021

CHELSEA, MASS. — Burgess Properties LLC has brokered the sales of two industrial buildings located in the northeastern Boston suburb of Chelsea for a combined $17.5 million. The first property at 3-7 Griffin Way spans 33,515 square feet and features a clear height of 20 feet. Oliver Street Capital purchased that asset for $10 million. The second building at 25 Griffin Way totals 25,000 square feet and features a clear height of 27 feet. That property sold to an undisclosed, Boston-based investor for $7.5 million. Steve Nohrden of Burgess Properties brokered the deals. The sellers in both transactions requested anonymity.

June 23, 2021

Leasing Activity New York Northeast Office

Dattner Architects Signs 30,000 SF Office Lease at 498 Seventh Avenue in Manhattan

by Taylor Williams June 23, 2021

NEW YORK CITY — Dattner Architects has signed a 30,000-square-foot office lease at 498 Seventh Avenue, a 25-story building in Midtown Manhattan. Recent capital improvements at 498 Seventh Avenue include new lobbies and entrances, new retail storefronts, upgraded destination dispatch elevators, new turnstiles with facial recognition software, a grab-and-go coffee kiosk by Ground Central Coffee and a dedicated lounge area for tenants. Robert Frost and Andy Weiss of Signature Partners LLC represented the tenant in the lease negotiations. Andrew Conrad and Matt Coudert represented the landlord, George Comfort & Sons, on an internal basis.

June 23, 2021

Acquisitions Industrial New York Northeast

TerraCRG Negotiates $3.7M Sale of Industrial Building in Brooklyn

by Taylor Williams June 23, 2021

NEW YORK CITY — Brokerage firm TerraCRG has negotiated the $3.7 million sale of a 6,684-square-foot industrial building in the Gowanus area of Brooklyn. ABC Collision, an auto repair shop that has operated in the area for more than 20 years, purchased the property from Advanced JAF Holding LLC. Brokers involved in the deal included Dan Marks, Daniel Lebor and Adam Tannenbaum of TerraCRG, as well as Jakub Nowak and Jake Torre of Marcus & Millichap and Thomas Cordasco.

June 23, 2021

Acquisitions California Office Top Stories Western

Regent Properties Acquires Four-Asset Office Portfolio in Downtown San Diego for $420M

by Kristin Harlow June 23, 2021

SAN DIEGO — Regent Properties has acquired a portfolio of four office buildings in downtown San Diego for $420 million. The acquisition marks Regent’s first investment via its Regent Opportunity Fund V. The high-rise properties include 1 Columbia Place, 701 B Street, 2 Columbia Place and 707 Broadway. Totaling 1.5 million square feet, the buildings represent approximately 16 percent of all Class A and B office inventory in downtown San Diego, according to Regent. The transaction, which equates to $281 per square foot, also includes a parking garage. Privately owned real estate investment adviser Emmes was the seller, according to The San Diego Union-Tribune. “With this investment, Regent is continuing its push to acquire high-quality office projects across the Sunbelt,” says Eric Fleiss, CEO of Regent. “We are seeking to purchase over $2 billion of assets over the next 24 months.” Prior to the sale, the seller extensively renovated the portfolio’s common areas, including upgrading the lobbies and outdoor amenities. Regent plans to augment these renovations with additional “hospitality-oriented improvements,” such as new fitness centers, conference centers, eateries and community gathering places like outdoor terraces and wine lounges. “To successfully attract and retain tenants today, we need to give them …

June 23, 2021

California Market Reports Office Western Western Market Reports

An Inflection Point for the Greater Los Angeles Office Market

by Jeff Shaw June 23, 2021

By Nico Vilgiate, Executive Vice President, Colliers Greater Los Angeles has one of the largest office development pipelines in the nation, which includes new construction and some sizeable adaptive reuse projects. There is currently more than 6 million square feet in this pipeline with nearly 2.7 million square feet scheduled to deliver this year. This will increase overall vacancy throughout 2021. The most significant developments are occurring in Downtown and West Los Angeles, which contain more than 55 percent of all new office construction. One of the most prominent projects is One Westside, a shopping mall conversion that will contain 584,000 square feet of creative office space in West Los Angeles. Google will be moving into the building upon completion. The greater Los Angeles overall vacancy rate of 18.3 percent is 50 basis points higher than the previous peak in 2013 when it reached 17.8 percent. Sublease availability has increased over the past four quarters due to the work-from-home mandate. However, there has been an increase in the overall average asking rate in the past few quarters. The rate has increased by 4.4 percent year-over-year to about $3.54 per square foot, per month. Asking rate rental growth during this period was strongest …

June 23, 2021

Acquisitions Florida Multifamily Southeast

Fundrise Acquires Lake Shadow Apartments in Metro Orlando for $83M

by Julia Sanders June 22, 2021

MAITLAND, FLA. — Fundrise has acquired Lake Shadow Apartments, a 300-unit, Class A multifamily property in metro Orlando. Bainbridge Cos. sold the community to Fundrise for $83.1 million. Located on a 16-acre site at 2200 Flagler Promenade Way in Maitland, the property will be renamed Luna at Lake Shadow. The 330,000-square-foot community features one-, two- and three-bedroom apartments. Regions Bank provided an undisclosed amount of acquisition financing to Fundrise, a Washington, D.C.-based real estate investment platform. Bainbridge Cos. LLC is a Wellington, Fla.-based owner, developer and manager of multifamily apartment communities in the Eastern United States and Texas.

June 22, 2021

Acquisitions Alabama Industrial Leasing Activity Southeast

W. P. Carey Purchases Industrial Property in Opelika, Alabama Leased to JOANN for $49M

by Julia Sanders June 22, 2021

OPELIKA, ALA. — W. P. Carey Inc., a New York City-based net lease REIT, has purchased an industrial property located at 3101 Anderson Road in Opelika for $49 million. W. P. Carey purchased the 703,000-square-foot, Class A logistics facility in a sale-leaseback transaction with JOANN, a sewing and fabrics retailer based in Hudson, Ohio. The property is triple-net-leased to JOANN for a period of 20 years, with fixed annual rent escalations. The cross-dock facility features up to 40-foot clear heights and is on a site that allows for future expansion. The property is located along Interstate 85. Built in 2005, it supplies products to more than one-third of JOANN’s nearly 900 retail locations nationwide.

June 22, 2021

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