MOORESTOWN, N.J. — Cushman & Wakefield has brokered the sale of Moorestown Distribution Center, a 272,682-square-foot industrial building that is located approximately 10 miles from downtown Philadelphia. The property was originally built on 15 acres in 1990 as the headquarters for gift shop Sbar’s Inc. and was expanded in 1997. Building features include 34 dock doors, 189 car parking spaces and clear heights of roughly 36 and 21 feet. John Gartland and Jonas Skovdal of Cushman & Wakefield represented the seller, the Piperno family, in the deal. Boston-based NorthBridge Partners acquired the asset for $23.2 million.
STATE COLLEGE, PA. — University Partners has acquired HERE, a 755-bed student housing community located near the Pennsylvania State University campus in State College. The property was built in 2020 and offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities include 30,000 square feet of retail space, private study rooms and a penthouse sky lounge with a kitchen and deck, as well as a spa with a hot tub and sauna.
NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance Inc., will use the proceeds to fund capital improvements and preserve the property’s affordability. The loan was structured with a 30-year term and a 40-year amortization schedule.
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Walker & Dunlop: U.S. Economy Displays Long-Term Signals for Recovery, Growth
Back to Normal? The U.S. economy has improved significantly since April 2020, the peak of the pandemic-induced recession. The national unemployment rate stood at 6.0 percent in March of this year, well below the peak of 14.8 percent in April 2020. Companies were effective in implementing work-from-home technology, keeping unemployment rates for office-based service sectors relatively low. For those with a bachelor’s degree or higher, unemployment rates were only 3.7 percent as of March 2021. In 2020, third-quarter GDP growth made up much of the second-quarter losses, followed by 4 percent annualized economic growth in the fourth quarter. Retail sales also rebounded quickly, returning to pre-pandemic levels by June and continuing to increase through the beginning of 2021. However, the U.S. economy is still far from “normal.” Of the 22 million people who lost jobs in March and April 2020, only 57.8 percent had regained employment by March 2021. Stronger growth should return jobs to industries hit hardest during the pandemic. In March of this year, restaurants and bars added 176,000 jobs; arts, entertainment and recreation venues added 64,000 jobs and accommodations added 40,000 jobs. Still, employment in the overall leisure and hospitality sector is down by 3.1 million, or 18.5 …
GLENDALE, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Altana, an apartment community located at 633 N. Central Ave. in Glendale, for $300 million. The partnership plans to convert the 507-unit property to workforce housing. Upon taking ownership, Waterford and CSCDA will immediately lower rents for qualified new residents making 80 percent to 120 percent of the area median income (AMI) in Los Angeles County. Current tenants who qualify can participate in the program during lease renewals. The AMI for Los Angeles County is $52,574 annually, which translates to roughly $4,381 per month. To be considered affordable, a household would need to spend less than 30 percent of its monthly income on rent. For Los Angeles County and Glendale, this means that rents equal to or less than $1,314.30 per month are deemed affordable for households earning 100 percent of AMI. Rental rates at Altana currently range from $2,235 per month for a one-bedroom unit to $4,340 for a two-bedroom apartment and loft layout, according to the property website. In partnership with CSCDA, Waterford has now acquired four multifamily communities in California since the start of the year as part of …
By Taylor Williams The COVID-19 pandemic has cast a shadow of uncertainty on both the short- and long-term fates of many office buildings, but mixed-use developers in Texas are hardly reluctant to continue to include this use in their projects. Philosophies behind mixed-use projects vary in terms of which components lead and which ones follow. Some developers view retailers and restaurants as the connective tissue that dots the networks and thoroughfares and that creates the walkable experience. Others see residential as the nucleus of the project that from the beginning provides critical mass and a user base for the retail and restaurant tenants during non-working hours. But in either case, the office use remains an important piece of the puzzle as a driver of traffic to retail during the nine-to-five window and as an impetus for leasing a unit at a nearby residential building. Overall Uncertainty No mixed-use developer professes to know when society will officially deem office buildings ready for re-occupancy, or the extent to which many large office users will continue to rely on complete or partial remote-work programs. But they remain bullish on the property type as it exists within larger projects that incorporate other key uses …
DALLAS — Atlanta-based Robinson Weeks Partners will develop Dallas Midpoint Crossing, a 550,000-square-foot industrial project that will be located on a 26.6-acre site about 30 miles from Dallas-Fort Worth International Airport. The facility will offer proximity to Interstates 20 and 45, as well as the Union Pacific Railroad Intermodal Terminal. Building features will include 36-foot clear heights, 282 auto parking spaces and 130 trailer parking spaces. Construction is scheduled to begin in May and to wrap up in the second quarter of 2022. JLL will market the project for lease.
HOUSTON — Los Angeles-based PCCP LLC has provided a $30 million acquisition loan for Alexan Southside, a 270-unit multifamily property located at 4139 Bellaire Blvd. within Houston’s inner loop. The borrower was Lubbock-based Madera Residential. Built in 2017, the four-story property consists of 190 one-bedroom units averaging 752 square feet and 80 two-bedroom units averaging 1,241 square feet. Units are furnished with stainless steel appliances, custom cabinets, granite/quartz countertops, nickel fixtures and individual washers and dryers. Amenities include a pool, fitness center, business center, private courtyards, grilling areas and a private dining room.
HOUSTON — Locally based developer Testa Rossa Properties has topped out Museo Medical Office Building, a 10-story, 364,000-square-foot healthcare project located at 5115 Fannin St. in Houston. Designed by PJMD Architects and Dallas-based Huitt-Zollars, the project will house users such as Texas Laparoscopic Consultants and Mann Eye Institute. Completion is slated for the fall.
SOUTHLAKE, TEXAS — RREAF Holdings has completed construction of the 240-room Delta Hotel Dallas Southlake. Designed by Merriman Anderson Architects, the six-story property features 10,000 square feet of meeting and event space, a restaurant and bar, outdoor pool and patio and a coffee shop. Hill & Wilkinson served as the general contractor. Construction began in July 2019.