Property Type

One Real Estate Acquires 222-Unit Lotus Village Apartments in North Austin

by Taylor Williams July 9, 2021

AUSTIN, TEXAS — An affiliate of Miami-based One Real Estate Investment has acquired Lotus Village, a 222-unit apartment community in North Austin. Built in 2012, the property offers one-, two- and three-bedroom units with hardwood floors, individual washers and dryers and private balconies/patios. Communal amenities include a fitness center, clubhouse, business center, picnic area and a pet play area. Brad Williamson of Berkadia arranged acquisition financing through LoanCore on behalf of the buyer. The seller was undisclosed.

July 9, 2021

Development Industrial New Jersey Northeast

J.G. Petrucci Breaks Ground on 1.8 MSF Port Logistics Center at Logan in New Jersey

by Taylor Williams July 9, 2021

LOGAN TOWNSHIP, N.J. — Developer J.G. Petrucci Co. Inc. has broken ground on Port Logistics Center at Logan, a 1.8 million-square-foot industrial project in Logan Township, located in the southern part of the state. Construction is underway on Building A, which will span 1 million square feet and feature a clear height of 40 feet, 663 vehicle parking spaces and 241 trailer parking spaces. Completion of Building A is slated for the fourth quarter. The other three buildings, which total 261,000, 253,500 and 331,870 square feet, are currently being marketed for lease.

July 9, 2021

Colorado Development Multifamily Western

Evergreen Devco Acquires Vacant Sears Building in Colorado Springs for 300-Unit Multifamily Redevelopment

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Evergreen Devco has purchased a former Sears store property located at Chapel Hills Mall in Colorado Springs from Northwood Investors for $5.7 million. The vacant property includes a two-story, 141,000-square-foot building, parking lots and 12.6 acres. Built in 1981, the Sears store served as the western anchor of the Chapel Hills Mall until the store closed in March 2019. Evergreen Devco plans to demolish the building and redevelop the property into Outlook Briargate, a 300-unit apartment complex. The development will offer a mix of one-, two- and three-bedroom units spread across multiple buildings. Community amenities will include a clubhouse, fitness center, outdoor pool, shade structures and barbecue areas. Construction is slated to begin in July, with the first units available for rent in 2022.

July 9, 2021

Acquisitions California Multifamily Western

Harbor International Group Buys Olive Ridge Resort Apartments in Pomona, California for $46.8M

by Amy Works July 9, 2021

POMONA, CALIF. — Harbor International Group (HGI) has purchased The Olive Ridge Resort, a multifamily property in Pomona, for $46.8 million. Located at 2261 Valley Blvd., the 11-building community features 220 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a fitness center; tennis and volleyball court; swimming pool and spa; business center; barbecue grilling stations; a junior soccer field; and on-site laundry facilities. Shane Shafer and Quinn Breslin of NorthMarq’s Newport Beach office handled the transaction.

July 9, 2021

Industrial Leasing Activity New Hampshire Northeast

Empire Moulding & Millwork Signs 217,000 SF Industrial Lease in Amherst, New Hampshire

by Taylor Williams July 9, 2021

AMHERST, N.H. — Empire Moulding & Millwork, a division of Novo Building Products, has signed a 217,000-square-foot industrial lease in Amherst, located outside of Nashua in the southern part of the Granite State. The facility is expected to open in the fourth quarter and to employ at least 70 people. Novo Building Products is a Michigan-based manufacturer and distributor of stair parts, mouldings, doors and specialty millwork, along with a variety of board products.

July 9, 2021

Acquisitions California Retail Western

Retail Equities Sells 352,666 SF East Hills Mall in Bakersfield, California for $7.2M

by Amy Works July 9, 2021

BAKERSFIELD, CALIF. — Modesto-based Retail Equities has completed the disposition of East Hills Malls, a vacant shopping center situated on 38 acres in Bakersfield. A partnership between Steve Zimmerman of ZDI and Michael Heslov of Soboroff Partners acquired the asset for $7.2 million. Located at 2800-3200 Mall View Road, the 352,666-square-foot property was initially developed by the Hahn Co. in 1988. The property was formerly called City Lights at East Hills. Orbell Ovaness, Ara Rostamian and Aren Ohanian of Marcus & Millichap’s Los Angeles office represented the seller in the deal. Vincent Roche of Cushman & Wakefield/Pacific consulted on the transaction.

July 9, 2021

Leasing Activity Multifamily New Jersey Northeast

Diversified Properties Completes Lease-Up of 35-Unit Apartment Complex in East Rutherford, New Jersey

by Taylor Williams July 9, 2021

EAST RUTHERFORD, N.J. — Regional developer Diversified Properties has completed the lease-up of 480 Flatz, a 35-unit apartment complex in the Northern New Jersey community of East Rutherford. The property, which is now fully occupied, features one-, two- and three-bedroom units with granite countertops, stainless steel appliances and in-unit washers and dryers. Diversified Properties developed the property in a joint venture with North Jersey Builders Group.

July 9, 2021

Acquisitions Colorado Office Western

Quiver Investments Negotiates $6.5M Sale of Synergy Corporate Center in Colorado Springs

by Amy Works July 9, 2021

COLORADO SPRINGS, COLO. — Denver-based Quiver Investments has arranged the sale of Synergy Corporate Center, an office building located in Colorado Springs. Great Western Foloh sold the asset to a Colorado-based investor group for $6.5 million, or $148 per rentable square foot. Located at 5225 N. Academy Blvd., the property features 44,256 rentable square feet. At the time of sale, the building was 90 percent occupied. John Witt and Ben Swanson of Quiver Investments represented the seller, while Riki Hashimoto of Newmark represented the buyer in the deal.

July 9, 2021

Acquisitions California Healthcare Office Retail Western

Matthews Arranges $5.4M Sale of Medical Office, Retail Building Near Los Angeles

by Amy Works July 9, 2021

SANTA FE SPRINGS, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a medical office and retail building located at 13063 Rosecrans Ave. in Santa Fe Springs, a suburb of Los Angeles. The property traded hands for $5.4 million. The names of the seller and buyer were not released. Fresenius Medical Care and TNV International, a wholesale distributor of bulk ingredients for the nutritional supplement industry, occupy the property. Jake Linksy and Simon Assaf of Matthews brokered the transaction.

July 9, 2021

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $6.1M Sale of Multifamily Building in Cliffside Park, New Jersey

by Taylor Williams July 9, 2021

CLIFFSIDE PARK, N.J. — Cushman & Wakefield has brokered the $6.1 million sale of a 27-unit multifamily building in Cliffside Park, located across the Hudson River from Harlem. The sales price equates to roughly $226,000 per unit. Brian Whitmer, Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, A&J Inc., and procured the buyer, JTS Inc., in the transaction. The property was fully occupied at the time of sale.

July 9, 2021

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