Property Type

Core5 Industrial Partners Begins Work on 591,360 SF Spec Project in Souderton, Pennsylvania

by Taylor Williams January 12, 2021

SOUDERTON, PA. — Atlanta-based Core5 Industrial Partners has begun construction on Core5 Logistics Center at Park 31, a 591,360-square-foot speculative industrial project that will be situated on 74.4 acres in Souderton, about 35 miles north of Philadelphia. The first phase of the development will consist of two buildings totaling approximately 400,000 square feet that are expected to be complete in the third quarter. Michael Golarz and Tom Golarz of Colliers International are handling leasing of the project.

January 12, 2021

Affordable Housing Development Multifamily New York Northeast

NRP Group Breaks Ground on 179-Unit Workforce Housing Project in New Rochelle, New York

by Taylor Williams January 12, 2021

NEW ROCHELLE, N.Y. — The NRP Group has broken ground on Renaissance at Lincoln Park, a 179-unit workforce housing project in New Rochelle, located north of New York City. The project will also include the construction of a 23,400-square-foot Boys & Girls Club facility that will feature a gym, basketball court, recording studio, demonstration kitchen, administrative offices and other rooms for work and play. The NRP Group is developing the project in partnership with Guion Renaissance Housing Development Finance Corp. (HDFC), Kensworth Consulting, The Boys & Girls Club of New Rochelle and The City of New Rochelle. The total development cost of the project is $97 million. The New York State Homes & Community Renewal provided $48 million of tax-exempt bonds issued by its Housing Finance Agency to help fund development costs.

January 12, 2021

Acquisitions Multifamily New York Northeast

Alpha Realty Brokers $25M Sale of Multifamily Portfolio in Queens

by Taylor Williams January 12, 2021

NEW YORK CITY — Locally based firm Alpha Realty has brokered the $25 million sale of a five-building, 115-unit multifamily portfolio in the Far Rockaway area of Queens. All of the buildings recently underwent full renovation programs that added new roofs and windows, as well as electrical and mechanical systems. Lev Mavashev of Alpha Realty represented the seller and buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.8 percent.

January 12, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $8.5M Sale of Apartment Property in Morristown, New Jersey

by Taylor Williams January 12, 2021

MORRISTOWN, N.J. — Kislak Co. has arranged the $8.5 million sale of a 23-unit luxury multifamily property in the Northern New Jersey city of Morristown. Units at the property, which was built in 2015, feature individual washers and dryers, balconies and two assigned private parking spaces. Joseph Keenan and Robert Holland of Kislak represented the seller, Morristown Gateway LLC, in the transaction. Jason Pucci and Justin Lupo, also with Kislak, procured the buyer, an affiliate of regional multifamily owner-operator The Kamson Corp. The property was 96 percent occupied at the time of sale.

January 12, 2021

Leasing Activity Massachusetts Northeast Retail

Aldi to Open 21,000 SF Grocery Store at Dartmouth Mall in Massachusetts

by Taylor Williams January 12, 2021

DARTMOUTH, MASS. — German discount grocer Aldi will open a 21,000-square-foot store at Dartmouth Mall in southeastern Massachusetts in the fourth quarter. Aldi will backfill a space previously occupied by Sears and will join Burlington, Old Navy, H&M and Five Below as some of the largest tenants at the property. Pennsylvania Real Estate Investment Trust (PREIT) owns Dartmouth Mall.

January 12, 2021

Acquisitions Arizona Retail Western

YAM Properties Buys 238,275 SF Pima Crossing Shopping Center in Scottsdale for $51.5M

by Amy Works January 12, 2021

SCOTTSDALE, ARIZ. — YAM Properties has purchased Pima Crossing, a retail destination at the northwest corner of Shea Boulevard and Pima Road in Scottsdale. An entity formed by Los Angeles-based Karlin Real Estate sold the asset for $51.5 million. Originally developed in 1993, Pima Crossing features 238,275 square feet of retail space. A national golf retailer anchors the property along with several other national and regional tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

January 12, 2021

Affordable Housing California Development Multifamily Western

Alta Housing Breaks Ground on $46.3M Wilton Court Affordable Housing Project in Palo Alto

by Amy Works January 12, 2021

PALO ALTO, CALIF. — Alta Housing (formerly Palo Alto Housing), a nonprofit affordable housing developer, has broken ground on Wilton Court, a 100 percent affordable housing community in Palo Alto. Located at 3705 El Camino Real, the four-story property will feature 59 units offering independent living for a mix of single- and two-person households earning between 30 percent and 60 percent of the area median income. Twenty-one of the units are reserved for adults with intellectual or developmental disabilities. The property is within walking distance of a grocery store, retail, restaurants, parks and public transportation. The project team includes L&D Construction Co. as general contractor and PYATOK as designer. Completion is scheduled for summer 2022. The City of Palo Alto, Santa Clara County, Wells Fargo Bank, Enterprise Community Partners California Community Reinvestment Corp., California Tax Credit Allocation Committee, California Department of Housing and Community Development, and California Municipal Finance Authority are providing financing for the $46.3 million project.

January 12, 2021

Acquisitions California Restaurant Retail Western

Regency Centers Sells South Bay Village Shopping Center Near Los Angeles to Charing Cross for $39.7M

by Amy Works January 12, 2021

TORRANCE, CALIF. — Regency Centers has completed the disposition of South Bay Village, a shopping center located at 19330 Hawthorne Blvd. in Torrance. Charing Cross acquired the property for $39.7 million. Built in 1971 and renovated in 2012, South Bay Village features 107,539 square feet of retail space. Current tenants include Home Goods, Walmart Neighborhood Market, Orchard Supply Hardware, Marshalls and El Pollo Loco. Bill Bauman and Kyle Miller of Newmark, along with Luke Palmo of Westmac Commercial Brokerage Co., represented the seller and buyer in the transaction.

January 12, 2021

Acquisitions Multifamily Utah Western

Graycliff Capital Partners Purchases 183-Unit Milagro Apartments in Salt Lake City

by Amy Works January 12, 2021

SALT LAKE CITY — Greenville, S.C.-based Graycliff Capital Partners has acquired Milagro Apartments, a multifamily community located at 241 W. 200 South in downtown Salt Lake City. A joint venture between Colmena Group and PEG Cos. sold the property for an undisclosed price. Completed in 2018, the seven-story Milagro features 183 apartments in a mix of one- and two-bedroom floor plans with quartz countertops, gourmet kitchens with islands, and ceiling heights ranging between 9 feet and 12 feet. Community amenities include smart-home features; a fitness center with on-demand fitness classes; yoga studio; tiered seating movie theater; pet park; pet washing station; resort-inspired pool and deck; outdoor kitchen; fire pits; and interactive courtyard spaces for lawn games. Additionally, the property features two street-front restaurants. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the seller in the transaction.

January 12, 2021

Acquisitions California Industrial Office Western

Faris Lee Brokers $4.7M Acquisition of Value-Add Office/Industrial Property in Orange County

by Amy Works January 12, 2021

MISSION VIEJO, CALIF. — Faris Lee Investments has arranged the purchase of a vacant flex office/industrial building located at 23311 Madero in Mission Viejo. A Beverly Hills-based company acquired the property for $4.7 million in an all-cash transaction. The buyer plans to redevelop the site and market it for a long-term user. Tom Chichester and Nick D’Argenzio of Faris Lee Investments represented the buyer in the transaction.

January 12, 2021

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