Property Type

Joint Venture Acquires 450,000 SF Mixed-Use Property in West Hartford, Connecticut

by Taylor Williams May 25, 2021

WEST HARTFORD, CONN. — Blue Back Capital Partners LLC, a joint venture between Greenwich, Conn.-based Charter Realty & Development Corp. and Miami-based Rialto Capital, has acquired Blue Back Square, a 450,000-square-foot mixed-use property in West Hartford. The property was built in 2006 and includes 215,000 square feet of retail, restaurant and entertainment space, as well as 200,000 square feet of office and medical office space. Retail anchor tenants include Crate & Barrel, Cinepolis Cinemas, West Elm and Barnes & Noble. The seller was Starwood Retail Partners, which purchased the property in 2013. Chris Angelone, Zach Nitsche, Nat Heald, Dave Monahan and Sean O’Neill of JLL represented the undisclosed seller in the transaction.

May 25, 2021

Development Hospitality Multifamily New York Northeast

Fleet Financial Group Receives Approval for 350,178 SF Queens Hotel, Multifamily Project

by Taylor Williams May 25, 2021

NEW YORK CITY — Fleet Financial Group has received approval from the New York City Board of Standards and Appeals for Eastern Emerald, a 350,178-square-foot hotel and multifamily project that will be located in the Corona neighborhood of Queens. The 25-story building will span a full city block and rise 372 feet. Distinct uses will include approximately 175,000 square feet of residential space, 149,500 square feet of hotel space and 25,000 square feet of retail space. London-based SASI Studio is designing the project in conjunction with architect of record Fleet Architects PC. Construction is scheduled to begin this summer, and completion is slated for 2024.

May 25, 2021

1950-River-Road-Mechanicsburg-Pennsylvania

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Negotiates 486,812 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams May 25, 2021

BURLINGTON, N.J. — Lee & Associates has negotiated a 486,812-square-foot industrial lease at 1950 River Road in Burlington. The property sits on 43 acres and features a clear height of 36 feet, 86 external loading docks and parking for 264 vehicles and 103 trailers. Tony Rod, Brian Knowles, Patrick Lafferty II and Andrew Landolfi of Lee & Associates represented the landlord, Boston-based TA Realty, in the negotiations for the full-building lease. Scott Mertz of NAI Mertz represented the tenant, LC Logistics Services Inc.

May 25, 2021

Civic Loans New York Northeast

Emerald Creek Provides $55M Loan for Historic Tammany Hall Building in Manhattan

by Taylor Williams May 25, 2021

NEW YORK CITY — Emerald Creek Capital has provided a $55 million bridge loan for the historic Tammany Hall building in the Union Square area of Manhattan. The 73,113-square-foot building recently underwent an $85 million capital improvement program. Jeff Seidler of Emerald Creek originated the financing. Egor Petrov of Estreich & Co. served as the financial intermediary on behalf of the borrower, a subsidiary of Reading International Inc., which will use the proceeds to refinance existing debt and fund tenant improvements.

May 25, 2021

Acquisitions Delaware Hospitality Northeast

Savills Brokers Sale of 100-Room Holiday Inn Express in Bethany Beach, Delaware

by Taylor Williams May 25, 2021

BETHANY BEACH, DEL. — Savills Inc. has brokered the sale of a 100-room Holiday Inn Express hotel in the coastal Delaware town of Bethany Beach. The hotel, which is located two blocks from the beach, is part of the InterContinental Hotels Group (IHG) family of brands and offers a business center and a 1,400-square-foot conference space. Marc Magazine and Tom Baker of Savills represented the seller, a partnership between two entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.

May 25, 2021

Market Reports New York Northeast Northeast Market Reports Retail

Retail Inventory Ticks Upward in New York City, But Low Rents Should Draw Tenants Back

by Taylor Williams May 25, 2021

By Pierre Debbas, Esq., partner at Romer Debbas LLP While headlines have primarily focused on impacts to small businesses, contrary to popular belief, large retailers and national chains have not been immune to the COVID-19 pandemic. Restaurant and hotel chains, movie theaters, gyms and other experiential retailers have shuttered locations across the country. Just this past July, legacy retailer Neiman Marcus closed its Hudson Yards location due to heavy COVID-19 impacts. The big box retailer also faced store closures in other locations, such as Florida and Washington, due to a high loss of revenue. These large, vacant retail spaces have created problems, especially in markets ike Manhattan. While there are some moves in play, such as Home Depot taking over the Bed Bath & Beyond’s midtown location, or Target setting sights on the former 86th Street outpost of Barnes & Noble, the reality of vacant spaces – large and small – is apparent throughout the city’s prime retail hubs. When looking forward, landlords will have to consider subdivisions and repurposing of big box spaces to make leasing viable, potentially making way for smaller-concept retailers and the return of mom-and-pop shops. Essentially, the question remains: What is the true absorption rate …

May 25, 2021

Development Industrial Midwest Ohio Top Stories

Peloton Selects Ohio for First US Manufacturing Facility, Plans to Invest $400M

by John Nelson May 25, 2021

TROY TOWNSHIP, OHIO — Peloton Interactive Inc. (Nasdaq: PTON), a manufacturer of popular home bikes and treadmills, has announced plans to build its first U.S. factory in Ohio. The New York City-based company ultimately selected Troy Township for the site of Peloton Output Park, a factory that will produce the company’s Peloton Bike, Bike+ and Peloton Tread products. The facility to be built in Wood County will be located about 16 miles south of Toledo. Peloton plans to commit approximately $400 million to construct the facility, which will join its network of owned and third-party-owned facilities in Asia. “The pandemic has demonstrated the need to on-shore manufacturing and rebuild supply chains, and Peloton’s decision to build its first North American manufacturing facility in Ohio is a great example of an American company stepping up and leading that effort,” says Ohio Gov. Mike DeWine (R). Peloton’s site selection in Troy Township is contingent upon final approvals from state and local officials. The company is working closely with JobsOhio, the Ohio Development Services Agency and the Regional Growth Partnership to bring the project to Wood County. Once approved, Peloton expects to break ground later this summer and be fully operational by 2023. …

May 25, 2021

Acquisitions Colorado Multifamily Western

CBRE Global Purchases 320-Unit Fletcher Southlands Apartment Community in Aurora, Colorado

by Amy Works May 24, 2021

AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.

May 24, 2021

Acquisitions Arizona Build-to-Rent Loans Multifamily Walker & Dunlop Western

Walker & Dunlop Arranges $37.6M Financing for Build-to-Rent Acquisition in Flagstaff

by Amy Works May 24, 2021

FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.

May 24, 2021

Acquisitions Colorado Multifamily Western

Capstone Brokers $17.5M Acquisition of The Arboretum Multifamily Property in Denver

by Amy Works May 24, 2021

DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.

May 24, 2021

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