PALO ALTO, CALIF. — Ready Capital has closed $15 million in financing for the acquisition, repositioning and lease-up of a flex office building in Palo Alto. Situated in the Embarcadero submarket, the property features 24,000 square feet of Class B flex office space. David Cohen of Ready Capital closed the financing for the undisclosed borrower.
PITTSBURGH — CBL Properties, a Tennessee-based retail REIT, has debuted Live! Casino Pittsburgh, a $150 million entertainment destination that operates out of the company’s Westmoreland Mall in metro Pittsburgh. The Cordish Cos. of Baltimore developed the 100,000-square-foot casino and will operate it under its Live! brand, which is known for baseball-themed entertainment destinations in Atlanta, St. Louis and Arlington, Texas. The two-level destination replaces a former Bon-Ton department store and offers an array of entertainment and fresh dining concepts, including American Kitchen + Craft Bar from celebrity chef Guy Fieri. CBL also plans to open a casino at York Galleria in York, Pennsylvania.
SOUTH ORANGE, N.J. — CBRE has negotiated the $84.2 million sale of Gaslight Commons, a 200-unit apartment community in South Orange, about 20 miles west of New York City. The sales price equates to $421,000 per unit. Built in 2002, the property features one- and two-bedroom units that are furnished with stainless steel appliances, tile backsplashes, granite countertops and walk-in closets. Amenities include a pool, business center, fitness center and a resident clubhouse. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured Pacific Urban Residential as the buyer.
PEABODY, MASS. —Locally based investment firm Longpoint Realty Partners has acquired a 217,592-square-foot industrial property located at 11 Centennial Drive in Peabody, a northern suburb of Boston. The property is situated within the 300-acre Centennial Park mixed-use campus and was fully leased to drug wholesaler Cardinal Health (NYSE: CAH) at the time of sale. Robert Griffin, Tony Coskren, Ed Jarosz, Matthew Pullen, Rick Schuhwerk, Samantha Hallowell, Lizzie Kusbit and Dominick Romano of Newmark represented the seller and the buyer in the transaction.
HANOVER, MASS. — Cushman & Wakefield has arranged a $29.8 million loan for the construction of Benchmark of Hanover, a seniors housing project that will be located approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone of Cushman & Wakefield placed the debt through an undisclosed lender.
NEW YORK CITY — Ready Capital has closed a $9.5 million loan for the refinancing of a four-property, 20,000-square-foot multifamily and retail portfolio in the Central Queens submarket of New York City. Proceeds will also be used to renovate and stabilize the portfolio. The borrower and specific loan terms were not disclosed.
SOUTH MIAMI, FLA. — Midtown Opportunities, a real estate investment fund based in Miami, has purchased The Shops at Sunset Place in South Miami for $65.5 million. The open-air lifestyle property features nearly 515,000 square feet of retail and office space leased to tenants such as AMC Theatres and LA Fitness. A partnership between Federal Realty Investment Trust (NYSE: FRT), Grass River Property Co. and Comras Co. sold the mixed-used development after more than five years of ownership. Midtown Opportunities has retained Grass River to manage the asset. Federal Realty, Grass River and Comras sold Sunset Place at a significant loss, according to the Miami Herald. The newspaper reported in 2015 that the buyers purchased a majority interest of the once-popular mall from Simon Property Group for $110 million. The Shops at Sunset Place is located on nearly 10 acres at 5701 Sunset Drive. The development is situated near the South Miami Metrorail Station, South Miami Hospital and the University of Miami. No details were disclosed about Midtown Opportunities’ plans related to Sunset Place. The property was 78 percent leased at the time of sale. Other tenants include Barnes & Noble, Gametime and Splitsville, as well as the Yumbrella Food …
ALTAMONTE SPRINGS, FLA. — Cushman & Wakefield has arranged the $20.4 million sale of Altamonte Commerce Center, an eight-building, 185,600-square-foot industrial property in Altamonte Springs. The buildings are situated on 13.2 acres, one half-mile from Interstate 4 and 11 miles north of downtown Orlando. The portfolio was 96 percent leased at the time of sale. The buildings offer 1,000- to 14,800-square-foot spaces. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi, with support from Jared Bonshire, David Perez, Zachary Eicholtz, Ryan Jenkins and Jordan Stenholm of Cushman & Wakefield represented the seller, SunCap Opportunity Fund LLC. Longpoint Realty Partners acquired the property for $110 per square foot.
WASHINGTON, D.C. — Retail sales during the 2020 holiday season — the period from Nov. 1 to Dec. 31 — grew 8.3 percent year-over-year and beat expectations, according to the National Retail Federation (NRF). The association had predicted holiday shopping sales to grow between 3.6 and 5.2 percent year-over-year. “Despite unprecedented challenges, consumers and retailers demonstrated incredible resilience this holiday season,” says NRF president and CEO Matthew Shay. “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year.” In a separate report released Friday, the U.S. Commerce Department reported that retail sales in December totaled $540.9 billion, a 0.7 percent decrease from November 2020’s revised level of $544.6 billion.
PORT RICHEY, ZEPHYRHILLS AND CASSELBERRY, FLA. — Colliers International has negotiated the $13.7 million sale of a three-property assisted living facility portfolio in Port Richey, Zephyrhills and Casselberry. Florida Seniors Properties Inc. sold the portfolio, which was 66 percent occupied at the time of sale. Best Care Senior Living LLC acquired The Cottages in Port Richey, which is located about 37 miles northwest of downtown Tampa. A joint venture between 201 Sunset Drive LLC and 6701 Dairy Road LLC acquired Westbrook Manor in Zephyrhills and Eastbrook Gardens in Casselberry. Westbrook Manor is located 31 miles northeast of downtown Tampa, and Eastbrook Gardens is situated 13 miles north of downtown Orlando. Ken Carriero and Damien Carriero of Colliers represented the seller in the transactions, which both closed Jan. 12.