Property Type

Capstone Arranges $8M Sale of Manufactured Housing Portfolio in St. Louis

by Kristin Harlow October 28, 2020

ST. LOUIS — Capstone Manufactured Housing has arranged the sale of a 204-site manufactured housing portfolio in St. Louis for $8 million. The portfolio consists of two mobile home parks located on the southwest side of the city, Eagle Creek and Cedar Hill. Combined, the two parks were 95 percent occupied at the time of sale. Kevan Enger, Ian Hilpl and Brian Hummell of Capstone represented the seller, local investor Tony Stieren. The West Coast-based buyer plans to hold on to the assets for the long term, according to Capstone.

October 28, 2020

Development Multifamily New Jersey Northeast

KRE Group, Russo Receive $71M Construction Loan for Multifamily Project in Rockaway, New Jersey

by Taylor Williams October 28, 2020

ROCKAWAY, N.J. — A partnership between two New Jersey-based developers, Kushner Real Estate Group (KRE) and Russo Development, has received a $71 million construction loan for a 345-unit apartment project in Rockaway, about 35 miles west of New York City. The property, which will be branded Rock Pointe, will offer a mix of one-, two- and three-bedroom units. Amenities will include a pool, tennis courts, an outdoor terrace with TVs and grilling stations, a game room, conference room and a dog run. City National Bank provided the construction financing in partnership with Provident Bank. The development team expects to begin leasing the property next fall.

October 28, 2020

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Development Industrial New Jersey Northeast

Woodmont Begins Vertical Construction of 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams October 28, 2020

WOODBRIDGE, N.J. — Locally based developer Woodmont Industrial Partners has begun vertical construction of a 101,425-square-foot distribution center at 85 New Brunswick Ave. in the Northern New Jersey city of Woodbridge. The property will offer proximity to State Routes 440 and 9, as well as the New Jersey Turnpike and Garden State Parkway. Building features will include 36-foot clear heights and 12 dock doors with the option to expand to 24. Woodmont acquired the site in July and expects to complete the project in the second quarter of next year. CBRE is handling leasing of the property.

October 28, 2020

Development New York Northeast Office

Fisher Brothers Completes $20M Renovation of 299 Park Avenue in Manhattan

by Taylor Williams October 28, 2020

NEW YORK CITY — Fisher Bros. has completed the $20 million renovation of 299 Park Avenue in Manhattan. The company partnered with Rockwell Group for the design of the project, which included upgrades to the lobby, elevators and exterior façade, as well as the addition of a digital art display. Fisher Bros. owns the 1.2 million-square-foot building and houses its office headquarters within the property.

October 28, 2020

Development Multifamily New Jersey Northeast

TFE Properties Delivers 117-Unit Luxe Apartments in Woodbridge, New Jersey

by Taylor Williams October 28, 2020

WOODBRIDGE, N.J. — New Jersey-based developer TFE Properties has delivered Luxe Apartments, a 117-unit multifamily community in the Northern New Jersey city of Woodbridge. The property is situated across from Woodbridge Center Mall and houses retail space on the first floor, office space on the second floor and residential units on floors three through nine. Units feature one- and two-bedroom floor plans and range in size from 706 to 1,286 square feet. Amenities include two fitness centers with spin and cycling studios, shared workspaces, a resident clubroom with various games and a package locker room. Rents start at $1,675 per month for a one-bedroom unit.

October 28, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Brokers $14M Sale of Apartment Building in Orange, New Jersey

by Taylor Williams October 28, 2020

ORANGE, N.J. — Marcus & Millichap has brokered the $14 million sale of 400 Highland Terrace, an 81-unit apartment building in Orange, an eastern suburb of Newark. The unit mix comprises 10 studios, 61 one-bedrooms and 10 two-bedrooms. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

October 28, 2020

Acquisitions Idaho Industrial Western

LDK Ventures Enters Idaho Market with Acquisition of Boise Logistics Center

by Amy Works October 28, 2020

BOISE, IDAHO — California-based LDK Ventures has purchased Boise Logistics Center located at 1001 E. Gowen Road in Boise. Terms of the transaction were not released. The vacant property, which Shopko occupied until 2019, is one of the largest industrial buildings in the Boise metropolitan area and is the only facility to more than 100,000 square feet of available distribution space in the Treasure Valley industrial market, according to LDK. The building features three loading sides, 39-foot to 40-foot clear heights, an ESFR sprinkler system and five acres of excess paved yard that can accommodate modern distribution requirements, including employee, van and trailer parking. LDK plans to reposition the property as a Class A distribution center. The site also includes 16 acres of undeveloped land that can accommodate an additional 250,000 square feet of industrial space. The buyer plans to proceed with entitling the parcel for an industrial development with a planned construction start in 2021. Devin Ogden and Michael McKnight of Colliers International represented the buyer, while Gavin Phillips of TOK Commercial represented the seller in the deal.

October 28, 2020

Acquisitions California Multifamily Western

Advanced Real Estate Acquires 215-Unit Multifamily Community in Riverside, California

by Amy Works October 28, 2020

RIVERSIDE, CALIF. — Advanced Real Estate Services has purchased an apartment property located on 10.5 acres in Riverside. The company acquired the asset from an undisclosed seller for just under $58 million. Advanced plans to implement a more than $10 million renovation program at the property, which will be rebranded The James. Renovations will include the installation of new windows, a new paint scheme, updated landscaping and modernized unit interiors. The 215-unit community features a pool, spa, clubhouse, turf soccer field with running track, pet park and playground. Sean Deasy and Ryan Fitzpatrick of JLL’s Newport Beach, Calif., office brokered the transaction. Alex Kane of JLL West Los Angeles secured an approximately $37.5 million Fannie Mae acquisition loan for the buyer.

October 28, 2020

California Industrial Loans Office Western

MetroGroup Provides $15.5M in Bridge Refinancing for Production Studios in Vernon, California

by Amy Works October 28, 2020

VERNON, CALIF. — MetroGroup has funded $15.5 million in bridge refinancing for the undisclosed owner of a 270,000-square-foot property in Vernon. The asset is fully occupied by the owner’s start-up company, which provides studio space to film and television production companies. The borrower is converting the property from a corporate headquarters building into a flex, office and industrial space. Ivan Kustic of MetroGroup arranged the cash-out refinancing that the borrower used to retire a higher-rate maturing loan and provide working capital.

October 28, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Brokers $8.7M Sale of Townhouse Apartments in Colorado Springs

by Amy Works October 28, 2020

COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the sale of The Townhouse Apartments, an 88,100-square-foot property located at 3125 E. Fountain Blvd and 1215 Shasta Drive in Colorado Springs. The community traded hands for $8.7 million. The names of the buyer and seller were not released. Built in 1965, the townhome-style property features 54 units in a mix of two- and three-bedroom layouts. Each unit includes a private yard, while some include second-floor balconies. The buyer plans to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome. Patrick Knowlton of Nexus represented the buyer and seller in the deal.

October 28, 2020

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