Property Type

Mag Mile Capital Arranges $3.8M Acquisition Loan for FedEx Distribution Center in Flint, Michigan

by Kristin Harlow October 15, 2020

FLINT, MICH. — Mag Mile Capital has arranged a $3.8 million loan for the acquisition of a 57,500-square-foot distribution center fully leased to FedEx Corp. in Flint. Located adjacent to Bishop International Airport, the facility was constructed as a build-to-suit for FedEx more than 20 years ago. Mag Mile Capital arranged the seven-year, fixed-rate loan on behalf of the buyer, Bryan Rishforth and his Philadelphia-based firm, R&R Global Partners. The lender was undisclosed. Stan Johnson Co. marketed the property on behalf of the undisclosed seller.

October 15, 2020

Acquisitions Midwest Minnesota Restaurant Retail

Marcus & Millichap Brokers $1.7M Sale of Arby’s-Occupied Property in Minnesota

by Kristin Harlow October 15, 2020

NORTHFIELD, MINN. — Marcus & Millichap has brokered the $1.7 million sale of a 3,496-square-foot property occupied by Arby’s in Northfield, about 40 miles south of Minneapolis. The net-leased building is located at 2220 Gleason Court. Tom Gommels of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gommels also procured the buyer, an out-of-state limited liability company.

October 15, 2020

Industrial New Jersey Northeast

New Jersey Industrial Rents, Vacancy Maintain Historic Levels, Says Cushman & Wakefield

by Taylor Williams October 15, 2020

NEW JERSEY — The New Jersey industrial market has maintained its historically high rate of rent growth and low rate of vacancy through the third quarter, respectively clocking in at $9.39 per square foot and 3 percent, according to the latest report from Cushman & Wakefield. Demand for industrial space from e-commerce and third-party logistics users fueled the performances of both metrics as consumers increasingly spent more time at home and shopped online amid the COVID-19 pandemic. Year-to-date, the Garden State has absorbed more than 6.5 million square feet of industrial space, down only slightly from the 7.2 million square feet absorbed by the end of the third quarter in 2019. However, Jason Price, the firm’s director of Tri-State research, noted that the moderate decline in year-to-date absorption was more attributable to lack of supply than diminished tenant demand. Construction activity has risen over the first nine months of 2020 relative to that period in 2019 as the market has shown signs of being undersupplied. Year-to-date, developers have delivered some 8.1 million square feet of new inventory, a 28.6 percent increase from the 6.3 million square feet delivered through the first three quarters of last year. In addition, New Jersey’s …

October 15, 2020

Development Multifamily New Jersey Northeast

Prism Capital Nears Completion of 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams October 15, 2020

WOODBRIDGE, N.J. — Prism Capital Partners, in a joint venture with Northwestern Mutual Life Insurance Co., is nearing completion of 10 Green Street at Woodbridge Station, a 232-unit multifamily project located south of Newark in Woodbridge. The transit-oriented development is located at the site of a former Lucas Chevrolet dealership and also includes 12,000 square feet of street-level retail space. Units will feature a mix of studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, outdoor grilling area, package room and a conference center. The development team expects the first units to be available for occupancy in spring 2021.

October 15, 2020

Loans Northeast Pennsylvania Retail

JLL Arranges Acquisition Financing for 185,282 SF Shopping Center in Burnham, Pennsylvania

by Taylor Williams October 15, 2020

BURNHAM, PA. — JLL has arranged an undisclosed amount of acquisition financing for Greater Lewistown Plaza, a 185,282-square-foot, grocery-anchored shopping center located in the Central Pennsylvania town of Burnham. Grocer Weis is the anchor tenant at the 22-acre property, and other users include CVS, Dunham Sports, Goodwill and Rent-a-Center. Michael Klein and Claudia Steeb of JLL arranged the fixed-rate loan through AmeriServ Financial. The borrower, Logan GL Holdings LLC, plans to implement a capital improvement program.

October 15, 2020

Acquisitions Healthcare Life Sciences New Jersey Northeast Office

NKF Negotiates Sale of 181,210 SF Life Sciences Facility in Warren, New Jersey

by Taylor Williams October 15, 2020

WARREN, N.J. — Newmark Knight Frank (NKF) has negotiated the sale of a 181,210-square-foot life sciences facility in Warren that is fully leased to Celgene/Bristol Myers Squibb. Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz and Dan Reider of NKF represented the seller, a joint venture between Ivy Realty and Waterfall Asset Management, in the transaction. The team also procured the buyer, Thor Equities. The property recently underwent a value-add program that included a new roof and HVAC upgrades.

October 15, 2020

California Development Mixed-Use Multifamily Office Western

CLG Completes Final Phase of $120M G8 Mixed-Use Development in Los Angeles

by Amy Works October 15, 2020

LOS ANGELES — California Landmark Group (CLG) has completed the final phase of G8, a mixed-use development in Los Angeles’ Marina del Rey neighborhood. The $120 million project includes 228 apartments and 25,000 square feet of creative office space. Situated in the Marina Arts District, G8 offers a mix of single, one-, two- and three-bedroom floor plans ranging in size from 550 square feet to 1,500 square feet, with 23 units earmarked as affordable and 68 designated as co-living suites. The community features 18,000 square feet of exterior common areas, including a public pocket park, swimming pool, spas and an 8,000-square-foot rooftop deck with outdoor grills and lounge seating. G8 also offers more than 10,000 square feet of shared indoor workspaces, a private movie theater, game room, fitness center and a yoga/stretching studio. Additionally, the project includes street-level creative office space designed as a colorful arrangement of cargo shipping containers. With this development, CLG has delivered nine mixed-use projects, totaling nearly 1 million square feet of residential and commercial space, to the Marina del Rey neighborhood.

October 15, 2020

Arizona Development Loans Multifamily Western

Tower Capital Arranges $56M in Construction Financing for Village at Pioneer Apartments in Peoria, Arizona

by Amy Works October 15, 2020

PEORIA, ARIZ. — Tower Capital has secured $56 million in construction financing for Village at Pioneer, a multifamily development in Peoria. Located at the southwest corner of 83rd and Olive avenues, the property will feature 332 for-rent residences averaging 950 square feet. Units will offer premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, smart-home technologies and private yards. Community amenities will include detached garages with storage units, a workout facility, resort-style pool and spa, dog park and gated entrance. Completion is slated for 2022. Village at Pioneer Park is a single-family, build-to-rent asset, which is positioned between multifamily and single-family asset classes to provide multifamily amenities with a single-family-style home.

October 15, 2020

Acquisitions Healthcare Massachusetts Northeast

Marcus & Millichap Brokers Sale of 39,424 SF Medical Office Complex in Milford, Massachusetts

by Taylor Williams October 15, 2020

MILFORD, MASS. — Marcus & Millichap has brokered the sale of Hill Medical Offices, a 39,424-square-foot complex in Milford, located east of Worcester. The three-building medical office property sold for $4.3 million. Adam Cohen and Harrison Klein of Marcus & Millichap represented the seller, a personal trust, in the transaction. Klein also secured the buyer, a private investor. Both parties requested anonymity.

October 15, 2020

California Development Multifamily Western

EAH Housing Opens Estrella Vista Affordable Multifamily Community in Bay Area

by Amy Works October 15, 2020

EMERYVILLE, CALIF. — EAH Housing, an affordable housing nonprofit, has opened Estrella Vista, an apartment community located at 3706 San Pablo Ave. in Emeryville. Situated less than one mile from the Oakland MacArthur BART station, the transit-oriented property features 87 apartments in a mix of studio, one-, two-, three- and four-bedroom layouts, ranging in size from 569 square feet to 1,572 square feet. Rents at the affordable housing property range from $590 to $2,002 per month, with income requirements at 20 percent to 60 percent of area median income. Designed by KTGY Architecture + Planning and built by J.H. Fitzmaurice General Contractors, Estrella Vista features four main outdoor areas: a large central courtyard with playground, zen garden, “adult overlook” and outdoor sky deck. Additionally, the property offers a community room, computer learning center, fitness center and on-site laundry facilities. Financing for the community was provided by City of Emeryville, City of Oakland, County of Alameda, Oakland Housing Authority, Housing Authority of the County of Alameda, California Community Reinvestment Corp., California Department of Housing and Community Development, California Municipal Finance Authority, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, Federal Home Loan Bank and Wells Fargo Bank.

October 15, 2020

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