Property Type

Newmark Arranges Sale of 309-Unit Elan Parkside Apartments in Austin

by Taylor Williams June 16, 2021

AUSTIN, TEXAS — Newmark has arranged the sale of Elan Parkside, a 309-unit apartment community located within the 81-acre Highland ATX mixed-use development in north-central Austin. Built in 2018, the six-story property houses a mix of studio, one- and two-bedroom units as well as 5,500 square feet of ground-floor retail space. Amenities include a pool, 24-hour fitness center, outdoor courtyard with fire pits, a business center and bike storage space. Patton Jones of Newmark represented the seller, Charleston, S.C.-based Greystar, in the off-market transaction. Andy Scott and Michael Cosby of JLL arranged a $40 million acquisition loan through Mesa West Capital on behalf of the buyer, Dallas-based multifamily investment firm SPI Advisory. The loan was structured with a five-year term and a floating interest rate. Elan Parkside was 97 percent occupied at the time of sale.

June 16, 2021

Industrial Leasing Activity Texas

Custom Goods Signs 353,600 SF Industrial Lease Near Port Houston

by Taylor Williams June 16, 2021

HOUSTON — Logistics firm Custom Goods LLC has signed a 353,600-square-foot, full-building lease at Bay Area Business Park, a 232-acre master-planned industrial development near Port Houston. Justin Robinson and Woody Hillyer of Stream Realty Partners represented the landlord, Principal Real Estate Investors, in the lease negotiations. Barry Hill and Doug Nicholson of Newmark represented the tenant.

June 16, 2021

Leasing Activity Office Texas

CBRE Negotiates 47,850 SF Office Lease in Dallas for Fortress Investment Group

by Taylor Williams June 16, 2021

DALLAS — CBRE has negotiated a 47,850-square-foot office lease at Weir’s Plaza in the Knox-Henderson area of Dallas for global asset manager Fortress Investment Group, which also has an office in Irving. The 12-story building, which is under construction and expected to be complete in November, is located at the site of the former Weir’s Furniture store at 3219 Knox St. Jeff Ellerman and John Ellerman of CBRE represented the tenant in the lease negotiations along with Howard Grufferman, Billy Vahrenkamp and Brad Balke of Colliers International. Tommy Nelson and Dennis Barnes of CBRE represented the landlord, Dallas-based Four Rivers Capital.

June 16, 2021

Loans New York Northeast Office

Newmark Arranges $350M Loan for Refinancing of Long Island Office Portfolio

by Taylor Williams June 16, 2021

NEW YORK CITY — Newmark has arranged a $350 million loan for the refinancing of a portfolio of 16 office properties totaling approximately 2 million square feet that are located throughout Long Island’s Nassau and Suffolk counties. The portfolio, which includes both traditional and medical office buildings, was 89.3 percent leased at the time of sale. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the floating-rate financing through Barclays and Citigroup on behalf of the borrower, a joint venture between global alternative investment manager Angelo Gordon and locally based developer The We’re Group.

June 16, 2021

Development Loans Mixed-Use New York Northeast

Parkview Financial Provides $90M Construction Loan for Manhattan Mixed-Use Project

by Taylor Williams June 16, 2021

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $90 million construction loan for a 23-story mixed-use project that will be located at 1 Park Row in Manhattan’s Financial District. The 103,000-square-foot building will comprise 58 condos in one-, two- and three-bedroom formats, as well as 19,000 square feet of office space and retail condos. Residential amenities will include a gym, package room, common garden/terrace and a children’s playroom. Demolition is underway on an existing six-story building at the site, and the new project is slated for completion in April 2023. The borrower and developer is 1 Park Row Development LLC, an entity of Circle F Capital. New York-based Fogarty Finger is the project architect, and New York-based MJM Associates Construction is the general contractor.

June 16, 2021

Industrial Loans New York Northeast

3650 REIT Funds $59M Acquisition Loan for Industrial Property in Yaphank, New York

by Taylor Williams June 16, 2021

YAPHANK, N.Y. — 3650 REIT has funded a $59 million acquisition loan for 50 Horseblock, a 491,200-square-foot industrial property in the Long Island community of Yaphank. Built in 1986, the property was fully leased to New Jersey-based drug manufacturer Amneal Pharmaceuticals at the time of sale. Building features include a clear height of 28 feet and 12 loading docks. Adam Licari and Jeff Shriver of Eastdil Secured arranged the 10-year loan on behalf of the borrower, private equity firm New Mountain Capital.

June 16, 2021

Development Industrial Massachusetts Northeast Self-Storage

True Storage Completes 1,033-Unit Self-Storage Facility in Bourne, Massachusetts

by Taylor Williams June 16, 2021

BOURNE, MASS. — National self-storage developer True Storage has completed a 1,033-unit facility that will be operated under the CubeSmart brand in Bourne, located at the nexus of Cape Cod and mainland Massachusetts. The facility occupies the site of a former Grand Union supermarket and spans 111,000 square feet. The majority of the units are located indoors and feature climate-controlled space, multiple loading bays and elevator access to the second floor. The remaining units are located outside and offer drive-up access.

June 16, 2021

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

CBRE Brokers Sale of 50,000 SF Life Sciences Building in Bristol, Pennsylvania

by Taylor Williams June 16, 2021

BRISTOL, PA. — CBRE has brokered the sale of 360 George Patterson Boulevard, a 50,000-square-foot life sciences building situated within Bridge Business Center in Bristol, located in Bucks County. At the time of sale, the building was fully leased to Abzena, a pharmacological research and manufacturing company that recently extended its lease through 2032. Stephen Marzullo, Adam Silverman, Robert Zwengler, Ken Zirk, Matthew Knowles and Anthony Hayes of CBRE represented the undisclosed seller in the transaction.

June 16, 2021

Industrial Market Reports New Mexico Western Western Market Reports

New Mexico is Primed for Industrial Growth

by Jeff Shaw June 16, 2021

By Tim With, Senior Vice President, Colliers The amount of empty space in New Mexico’s industrial market has shrunk to unforeseen levels. Albuquerque, the state’s largest MSA, reported a total of 41.5 million square feet of industrial space and only a 2.4 percent vacancy rate at the end of 2020. Absorption levels have increased through the first quarter of 2021, and available inventory is becoming difficult to find as the vacancy is down to 1.9 percent. Albuquerque has been on the brink of new construction for some time, with the need for new Class A space far outweighing the current availability. The nationwide industrial supply posted record deliveries in 2020 that totaled more than 300 million square feet. This represents about a 2 percent year-over-year increase in total inventory. In comparison, Albuquerque’s inventory grew by less than 1 percent over the past five years, while vacancy rates decreased by almost 550 basis points. Most new construction has been build-to-suit activity. Tenants, meanwhile, are challenged with a lack of choice as a considerable amount of the existing vacant space is functionally obsolete. The average overall asking lease rates for existing warehouse/distribution space was $6.58 per square foot, triple net, at the end of …

June 16, 2021

Acquisitions District of Columbia Office Southeast Top Stories

WashREIT Agrees to Sell Office Portfolio for $766M, Shifts Focus to Multifamily Sector

by Kristin Harlow June 16, 2021

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell substantially all of its office portfolio to a Brookfield Asset Management private real estate fund for $766 million. The portfolio consists of 12 office assets spanning nearly 2.4 million square feet in metro Washington, D.C. The transaction is expected to close in the third quarter. As of May 31, the office portfolio was approximately 83 percent occupied. Six of the properties are located in Northern Virginia — 515 King Street, Courthouse Square, 1600 Wilson Boulevard, Fairgate at Ballston, Arlington Tower and Silverline Center. The other six assets are located in Washington, D.C. They include 1901 Pennsylvania Avenue, 1220 19th Street, 2000 M Street, 1140 Connecticut Avenue, the Army Navy Building and 1775 Eye Street. The sale coincides with WashREIT’s multi-year strategy of transforming into a multifamily REIT. The company has also signed a letter of intent to sell its remaining eight retail assets, and expects to complete that sale in the third quarter. WashREIT says it plans to use the net proceeds from the sales to fund the expansion of its multifamily platform through acquisitions in Southeast markets and to reduce its leverage by repaying outstanding debt. After the transaction …

June 16, 2021

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