Property Type

Anchor Health Properties Acquires Medical Office Building in Metro Atlanta’s Gwinnett County for $5.3M

by Alex Tostado May 19, 2020

LAWRENCEVILLE, GA. — Anchor Health Properties has acquired Walther Professional Center, an 18,471-square-foot medical office building in Lawrenceville, for $5.3 million. Two tenants, Northeast Atlanta Ear, Nose & Throat and Eastside Heart and Vascular, fully occupy the single-story building. The property is located at 766 Walther Road NW, a mile from Northside Hospital-Gwinnett and 30 miles northeast of downtown Atlanta. Charlottesville, Va.-based Anchor Health manages more than 5 million square feet of medical office space nationwide. Steve Hall and Kevin Markwordt of Transwestern represented the seller, ENTOB LLC, in the transaction.

May 19, 2020

Industrial Loans New Jersey Northeast

JLL Arranges $20M Loan for Refinancing of Cold Storage Facility in Elizabeth, New Jersey

by Alex Patton May 19, 2020

ELIZABETH, N.J. — JLL has arranged a $20 million loan for the refinancing of a 175,000-square-foot cold storage facility in Elizabeth, a southwestern suburb of New York City. An undisclosed life insurance company provided the 20-year, fixed-rate loan to the borrower, Elberon Development Group. Located at 735 Dowd Ave., the temperature-controlled facility features 40-foot clear heights and a 16,000-square-foot office space. The property also offers convenient access to Newark Liberty International Airport and Port Newark-Elizabeth. Michael Klein, Jon Mikula and Carlos Silva of JLL arranged the loan.

May 19, 2020

Acquisitions Industrial Massachusetts Northeast

Berkeley Partners Acquires Industrial Property in Medway, Massachusetts, for $16.6M

by Alex Patton May 19, 2020

MEDWAY, MASS. — Berkeley Partners, a California-based investment firm, has acquired a 162,736-square-foot industrial property in Medway, approximately 30 miles southwest of Boston. The sales price was $16.6 million. Located at 51 Alder St., the property features 24-foot clear heights and convenient access to Interstate 495. At the time of sale, the property was 91 percent leased to tenants including Verizon Wireless. Scott Dragos, Chris Skeffington and Doug Jacoby led a CBRE team that represented the seller, Conroy Development, in the transaction. The team also procured Berkeley Partners as the buyer.

May 19, 2020

Acquisitions New York Northeast Retail

Colliers Arranges Sale of 36,360 SF Grocery Store Leased to Price Rite in Syracuse

by Alex Patton May 19, 2020

SYRACUSE, N.Y. — Colliers International has arranged the $7.9 million sale of a 36,360-square-foot grocery store in Syracuse.. Located at 1625 Erie Blvd., the single-tenant property was fully leased to New Jersey-based grocer PriceRite at the time of sale. El Warner of Colliers represented the seller, Syracuse Grocery ST LLC, in the transaction. Warner also represented the buyer, Agree Stores LLC.

May 19, 2020

Acquisitions New Jersey Northeast Office

Kislak Co. Brokers Sale of 29,178 SF Waterfront Office Building in Red Bank, New Jersey

by Alex Patton May 19, 2020

RED BANK, N.J. — Kislak Co. Inc. has arranged the $6.2 million sale of The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, approximately 50 miles south of New York City. Located along the Navesink River at 151 Bodman Place, the four-story building was built in 1982 and renovated in 2013. At the time of sale, tenants primarily included law and investment firms as well as shipping and office equipment companies. The buyer intends to upgrade the building with a focus on green initiatives and technology. Daniel Lanni of Kislak represented the seller, Navesink Investments LLC, in the transaction. Lanni also procured the buyer, National Realty Partners LLC.

May 19, 2020

Restaurant Retail Texas

Governor Abbott Gives Texas Bars Green Light to Reopen on Friday, May 22

by Taylor Williams May 19, 2020

AUSTIN, TEXAS — Texas Gov. Greg Abbott released plans for the second phase of the state’s plan to reopen the economy at a press conference on Monday afternoon, notably giving bars the option to begin reopening on Friday, May 22. Under the terms of the plan, Texas bars, wine tasting rooms and craft breweries may initially reopen at 25 percent occupancy with regard to indoor seating only. In addition, childcare centers, youth clubs and bowling alleys may begin reopening this week as part of Phase II of the plan. Restaurants may increase their occupancy levels to 50 percent, and Texas public schools now have the option to conduct in-person summer school classes. The order stipulates that all of the above businesses must adhere to proper social distancing guidelines and minimum standard health protocols established by the Texas Department of State Health Services.

May 19, 2020

Civic Development Healthcare Multifamily Student Housing Texas

Medistar, Texas A&M Release Name, Updated Plans for $401M Houston Campus

by Taylor Williams May 19, 2020

HOUSTON — A public-private partnership between Houston-based developer Medistar Corp. and Texas A&M University has branded its new, $401 million medical and engineering campus in Houston and released updated plans for the ensuing phases of construction. The new campus, which is situated on five acres at the intersection of Holcombe Boulevard and Main Street near the Texas Medical Center, will be known as the Texas A&M Innovation Plaza at the Texas Medical Center. New construction plans include the development of Life Tower, a 714-bed student housing building, and Horizon Tower, a 485,000-square-foot medical and academic building. The 17-story Horizon Tower will be constructed atop a 2,700-space parking structure, will include most of the campus’s 15,000 square feet of retail space and is expected to be delivered by or before the first quarter of 2024. Life Tower, along with the parking garage, grade-level retail space and the central “open-air” plaza, is scheduled to be delivered in June 2022. The groundbreaking of this phase of the project is scheduled for late 2020. Development of the campus began earlier this year with the acquisition and renovation of Discovery Tower, an 18-story office building that now houses the university’s EnMed program, which provides students …

May 19, 2020

Midwest Retail Wisconsin

Kohl’s Reports 43.5 Percent Drop in Net Sales for First Quarter

by Kristin Harlow May 19, 2020

MENOMONEE FALLS, WIS. — Kohl’s Corp. (NYSE: KSS) has reported a 43.5 percent decrease in its first-quarter net sales. The company’s fiscal first quarter ended May 2. The Menomonee Falls-based retailer has reopened about 50 percent of its stores across the country after stay-at-home orders have been lifted from COVID-19. Kohl’s says it has decreased planned capital expenditures by approximately $500 million as part of its financial response to COVID-19. The company operates roughly 1,160 stores across the U.S.

May 19, 2020

Illinois Leasing Activity Midwest Office

Sterling Bay Negotiates Seven Office Leases Across Four Chicago Properties

by Kristin Harlow May 19, 2020

CHICAGO — Over the last 30 days, Sterling Bay has negotiated seven office leases across four of its Chicago properties in various submarkets such as the West Loop, East Loop and Fulton Market. Precision medicine startup Tempus has expanded its 150,000-square-foot lease at 600 W. Chicago for an additional 13,000 square feet. AMC Networks has extended its lease at One Two Pru by five years. Goren Eye Associates also renewed its lease at One Two Pru for another five years. Financial technology company LQD Business Finance has signed a new lease for 8,000 square feet at 370 N. Carpenter in Fulton Market. Pinterest extended its lease at 111 N. Canal. Presidio Aircraft Leasing renewed and expanded its lease at One Two Pru to 10,000 square feet, while REX Electric & Technologies expanded its lease at One Two Pru to 11,000 square feet.

May 19, 2020

Acquisitions California Healthcare Office Western

IRA Capital Buys Medical Office Building in Orange County for $38.4M

by Amy Works May 19, 2020

SANTA ANA, CALIF. — Irvine, Calif.-based IRA Capital has acquired a medical office property located at 2212 E. Fourth St. in Santa Ana. St. Joseph Hospital of Orange and affiliated entities sold the asset for $38.4 million. St. Joseph Hospital of Orange is the anchor tenant of the 56,809-square-foot property. The three-story building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building. Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin of CBRE represented the seller, while the buyer was self-represented in the transaction.

May 19, 2020

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