Property Type

Shopping Center in Sterling Heights, Michigan Reaches Full Occupancy with New Lease from Hanna’s Market

by Kristin Harlow November 17, 2020

STERLING HEIGHTS, MICH. — Brookside Village in Sterling Heights is now fully leased. Hanna’s Market signed a lease for the final 10,220-square-foot space at the Planet Fitness-anchored shopping center located about 25 miles north of Detroit. Hanna’s Market, which offers bakery items and fresh produce, plans to open in early 2021. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord. Earlier this year, Gerdom represented the landlord in leases with Rehab Without Walls and Luma’s Fashion at the property.

November 17, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 123-Unit Self-Storage Facility in Odessa

by Taylor Williams November 17, 2020

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Permian Storage, a 123-unit facility located in the West Texas city of Odessa. The self-storage property spans 15,513 square feet of net rentable of non-climate-controlled space, with units ranging in size from 45 to 280 square feet. Arol Horkavy and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.

November 17, 2020

Acquisitions Industrial Midwest Minnesota

KW Commercial Arranges $1.6M Sale of Industrial Building in Burnsville, Minnesota

by Kristin Harlow November 17, 2020

BURNSVILLE, MINN. — KW Commercial has arranged the $1.6 million sale of a 24,000-square-foot industrial building in Burnsville, about 17 miles south of Minneapolis. The property is situated on 1.8 acres along Riverwood Drive. Andy Manthei and Matt Klein of KW Commercial’s Apple Valley office represented the seller, Linvill Riverwood LLC, an affiliate of Minnetonka-based Linvill Properties Inc. Buyer information was undisclosed.

November 17, 2020

Acquisitions NAI Retail Texas

NAI Partners Acquires 22,606 SF Blanco Crossing Shopping Center in San Antonio

by Taylor Williams November 17, 2020

SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has acquired Blanco Crossing, a 22,606-square-foot shopping center in north-central San Antonio. The property was 84 percent leased at the time of sale to tenants such as Sake Café, The Mailing Spot, Kennedy’s Public House and KC Pet Products. Andrew Pappas and Adam Hawkins of the Partners Capital team worked with Philip Levy and Jack Newman of Marcus & Millichap to close the deal. Veritex Bank provided acquisition financing. Partners Capital targets commercial real estate properties in Texas in the $5 million to $30 million range.

November 17, 2020

Loans New York Northeast Office Retail

Empire State Receives $180M Loan for Refinancing of Manhattan Office, Retail Building

by Taylor Williams November 17, 2020

NEW YORK CITY — Empire State Realty Trust (NYSE: ESRT) has received a $180 million loan for the refinancing of 250 W. 57th St., a 542,000-square-foot office and retail building in Manhattan. The 26-story tower, which houses retailers such as HSBC Bank, Bank of America, AT&T and T.J. Maxx, recently received a capital improvement program that updated storefronts, windows and mechanical systems. The interest-only loan bears a fixed interest rate of 2.83 percent and matures in December 2030. Estreich & Co. originated the loan for ESRT, which will use the proceeds to bolster its liquidity and balance sheet flexibility.

November 17, 2020

Acquisitions Industrial Northeast Pennsylvania

CBRE Negotiates Sale of 283,500 SF SoPhi Logistics Center in Philadelphia

by Taylor Williams November 17, 2020

PHILADELPHIA — CBRE has negotiated the sale of SoPhi Logistics Center, a 283,500-square-foot industrial property located at 2400 Weccacoe Ave. in Philadelphia. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Wharton Industrial Partners, which acquired the asset in 2019 and implemented a capital improvement program. The property was originally built in 1970 and was fully occupied at the time of sale. The buyer was not disclosed.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Newmark Arranges $34M Sale of Retail Property Leased to Home Depot in Paterson, New Jersey

by Taylor Williams November 17, 2020

PATERSON, N.J. — Newmark has arranged the $34 million sale of a 120,000-square-foot retail building leased to Home Depot in the Northern New Jersey city of Paterson. The property is situated on 10 acres at 75 McLean Blvd. Matt Berres, Samer Khalil and Steven Schultz of Newmark represented the seller, a private family office, in the transaction. The name and representative of the institutional buyer were not disclosed.

November 17, 2020

Leasing Activity New Jersey Northeast Retail

Target to Open 101,000 SF Store in Somers Point, New Jersey

by Taylor Williams November 17, 2020

SOMERS POINT, N.J. — Target will open a 101,000-square-foot store at Somers Point Plaza, a 279,026-square-foot retail power center in Southern New Jersey. The Minneapolis-based retailer will backfill a space formerly occupied by Kmart. Richard Soloff of Soloff Realty & Development Inc. represented the landlord, Philadelphia-based Brahin Properties Inc., in the lease negotiations. Other tenants at Somers Point Plaza include CME Markets, PetSmart, West Marine, Big Lots, Verizon Wireless and Chipotle Mexican Grill.

November 17, 2020

Acquisitions Industrial New Hampshire Northeast

Venture One, Kovitz Acquire 30,300 SF Industrial Building in Carlstadt, New Jersey

by Taylor Williams November 17, 2020

CARLSTADT, N.J. — A partnership between Illinois-based Venture One Real Estate and Kovitz Investment Group has acquired a 30,300-square-foot industrial building located at 178 Commerce Road in the Northern New Jersey city of Carlstadt. The single-tenant building was constructed on 1.4 acres in 1968. Richard Abdy of Emily Abdy Realty Group represented the undisclosed seller in the transaction. The new ownership will implement a value-add program that includes roof replacement, parking lot overlay, office renovation and LED lighting installation.

November 17, 2020

Acquisitions Affordable Housing Conference Coverage Features Georgia Multifamily Seniors Housing Southeast Southeast Feature Archive

Affordable Housing Sector is a Seller’s Market as New Buyers Enter the Fray, Says Exclusive Webinar Panel

by John Nelson November 17, 2020

Like many industries, the U.S. affordable housing sector has undergone a sea change stemming from the COVID-19 pandemic. Processes and protocols have changed for affordable housing professionals, some perhaps permanently. Closings are conducted virtually and some of the front-end work such as appraisals and subsidy applications look completely different than a year ago. The “new normal” that industry professionals are navigating has had a few stops and starts since March, but the sector is now in a place of relative comfort, and that’s led to investment sales picking up, according to Kevin Morris, senior director of Colliers International’s Affordable Housing Services team. “By trial and error, we’ve had to figure out systems and programs to do business,” said Morris, who is based in Fort Lauderdale, Florida. “We’ve gone through these couple of stages, and now we’re at a point where we can implement and have implemented systems and programs that will take us through this particular pandemic. We’re transacting now, and so in that regard it is kind of back to normal.” Morris was one of six panelists that comprised the broker and lender panel at Affordable Housing Southeast, a webinar hosted by Southeast Real Estate Business magazine. Kyle Shoemaker, …

November 17, 2020

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