Property Type

Virtu Investments Sells Courtyard at Cedar Hills Multifamily Property Near Portland to Hamilton Zanze for $32.1M

by Amy Works March 26, 2021

BEAVERTON, ORE. — Virtu Investments has completed the sale of Courtyard at Cedar Hills, a value-add multifamily property located in Beaverton, approximately seven miles from Portland. Comprising 14 garden-style residential buildings, the community features 145 units in a mix of one-, two- and three-bedroom units averaging 900 square feet. Community amenities include an indoor pool, fitness center, laundry facilities and a package locker room. The property underwent a $2 million renovation in 2016 that included updates to the common areas and select unit interiors. Located at 13643 SW Electric St., the transit-oriented community is within two blocks of the MAX light rail station, enabling connectivity across the Portland area. Ira Virden, Carrrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

March 26, 2021

Acquisitions Multifamily Washington Western

Summerfield Commercial Arranges $20.5M Sale of Maryhill Apartments in East Wenatchee, Washington

by Amy Works March 26, 2021

EAST WENATCHEE, WASH. — Summerfield Commercial has arranged the sale of Maryhill Apartments, a multifamily property at 2272 S. Nevada Court in East Wenatchee, which is located along the Columbia River in the central part of the state. Maryhill Plaza Apartments LLC sold the asset to 11 Capital LLC for $20.5 million, or $213,542 per unit. Completed earlier this year, Maryhill Apartments features 96 residential units in a mix of 72 two-bedroom and 24 three-bedroom layouts, with an average unit size of 1,128 square feet. Units include open floor plans, in-unit washers/dryers and private patios/balconies, with select units offering mountain views. On-site amenities include a clubhouse, swimming pool, barbecue area, sports court and 182 parking stalls. Ryan Kidwell and Robert Parmar of Summerfield Commercial handled the transaction.

March 26, 2021

Acquisitions Industrial Office Oregon Western

Norris & Stevens Brokers $1.5M Sale of Office/Warehouse Building in Portland

by Amy Works March 26, 2021

PORTLAND, ORE. — Norris & Stevens has arranged the sale of an office/warehouse property located at 1623 SE Sixth Ave. in Portland. Thomas Dwight Short Revocable Trust sold the building to 1623 SE Pants LLC for $1.5 million. Constructed in 1932 with additions in 1945 and 1966, the 11,318-square-foot building offers 2,370 square feet of office space and 8,948 square feet of warehousing space. Todd VanDomelen of Portland-based Norris & Stevens represented the seller, while Eli Haworth of Cloud City Realty represented the buyer in the transaction.

March 26, 2021

Civic Development New York Northeast

GSA Taps Krueck Sexton to Design $240M Redevelopment of New York City Federal Building

by Taylor Williams March 26, 2021

NEW YORK CITY — The General Services Administration (GSA) has tapped Chicago-based architecture and engineering firm Krueck Sexton Partners (KSP) to design the $240 million redevelopment of the Silvio J. Mollo Federal Building in New York City. Constructed in 1974, the 10-story, 160,000-square-foot building is located at 1 St. Andrew’s Plaza in Lower Manhattan and houses the offices of the U.S. Attorney’s Office for the Southern District of New York and the U.S. Marshals Service. Enhancements will include the replacement of all major building systems, modifications to the base building structure and the installation of a new façade. Other building modifications will include the development of a new main entrance, upgrades to the building’s accessibility and security infrastructure and the implementation of a new interior design plan. As part of the project, KSP will also design two floors of swing space at the Jacob K. Javits Federal Office Building at 26 Federal Plaza that will serve as temporary accommodations for building occupants during the modernization. Construction is expected to begin in fall 2023 with completion scheduled for summer 2026.

March 26, 2021

Development Industrial Massachusetts Northeast Office

Edwards Vacuum to Open 121,800 SF Office, Industrial Facility in Haverhill, Massachusetts

by Taylor Williams March 26, 2021

HAVERHILL, MASS. — Edwards Vacuum, a manufacturer owned by Swedish industrial conglomerate Atlas Copco, will open a 121,800-square-foot facility in Haverhill, located north of Boston. The property will feature space for office, manufacturing, warehousing and research and development. The largest portion of the first floor centers on manufacturing, alongside warehouse/storage, R&D labs, a training room, cafeteria, fitness area and bike storage space. Offices, conference rooms and an observation room will be situated in the mezzanine area. Dacon Corp. is designing the project, which is expected to bring about 200 new jobs to the area. Completion is slated for the second quarter of 2022.

March 26, 2021

Development Healthcare New Jersey Northeast

Rendina Breaks Ground on 82,000 SF Healthcare Project at Monmouth Mall in Eatontown, New Jersey

by Taylor Williams March 26, 2021

EATONTOWN, N.J. — Florida-based Rendina Healthcare Real Estate has broken ground on the RWJBarnabas Health Family Care & Wellness Center, an 82,000-square-foot project at Monmouth Mall in Eatontown, located near the Jersey Shore. The facility will feature custom-designed spaces for specialized pediatric care, women’s services and wellness resources. The building will also include a commercial-grade kitchen to support the wellness center. Completion is slated for November.

March 26, 2021

Acquisitions Development Multifamily New Jersey Northeast

CBRE Negotiates Sale of Multifamily Development Site in Plainfield, New Jersey

by Taylor Williams March 26, 2021

PLAINFIELD, N.J. — CBRE has negotiated the sale of a multifamily development site that will ultimately house 104 units at 803 South Ave. in Plainfield, located in the north-central part of the state. A partnership between Bennett Realty & Development and EDEN Property Co. LLC sold the site to West of Hudson Real Estate for an undisclosed price. Jeffrey Dunne, Jeremy Neuer, Gene Pride, Zach McHale, Nat Gambuzza and Trevor Fiebel of CBRE represented both parties in the deal. A construction timeline for the project was not disclosed.

March 26, 2021

Leasing Activity New York Northeast Office

Hellman & Friedman Signs 27,800 SF Office Lease at 425 Park Avenue in Manhattan

by Taylor Williams March 26, 2021

NEW YORK CITY — Global private equity firm Hellman & Friedman has signed a 27,800-square-foot office lease at 425 Park Avenue, a 47-story tower in Midtown Manhattan that is nearing completion. The firm signed a 15-year lease and will relocate from the nearby Lever House building at 390 Park Ave. during the fourth quarter. Jonathan Serko, Barry Zeller, Andrew Ross, Richard Serko, Ed Donnery and Mike Middleton of Cushman & Wakefield represented Hellman & Friedman in the lease negotiations. Andrew Wiener and David Berkey represented the landlord, L&L Holding Co., on an internal basis.

March 26, 2021

Development Florida Industrial Loans Southeast

Bridge Development Secures $78.2M Construction Financing for Bridge Point AVE Industrial Park in Miami

by Julia Sanders March 25, 2021

MIAMI — Bridge Development Partners has secured $78.2 million in financing to develop Bridge Point AVE at Miami-Opa Locka Executive Airport. The three-building, 589,887-square-foot industrial business park is more than 72 percent preleased and is scheduled to be delivered in the third quarter. Steve Roth of CBRE’s Debt & Structured Finance team arranged the loan through Canadian Imperial Bank of Commerce (CIBC). Bridge acquired the nearly 50-acre development site located within the master-planned AVE, Aviation and Commerce Centre in late 2019. Building 1 will be located at 5590 NW 145th St. and span 199,800 square feet. Building 2 will be located at 14150 NW 56th Court and consist of 110,588 square feet. Lastly, Building 3 will be located at 14250 Aviation Drive and span 279,499 square feet. All three buildings will feature modern amenities and an ESFR fire suppression system. Bridge Point AVE will be bounded by Palmetto Expressway to the north and Gratigny Parkway to the south. Bridge has acquired 493 acres in 16 separate transactions throughout Miami-Dade and Broward counties and delivered approximately 7 million square feet of Class A industrial space across the South Florida region since entering the market in 2012.

March 25, 2021

Acquisitions Georgia Retail Southeast

Institutional Property Advisors Brokers $12.7M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders March 25, 2021

CONYERS, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.7 million sale of Conyers Square, a 90,218-square-foot, Kroger-anchored shopping center in Conyers. Zach Taylor and Don McMinn of IPA’s Taylor McMinn Retail Group represented the seller, Sansome LLC, and procured the buyer, Forge Capital Partners. Kroger has 15 years of left on its lease term, and Taylor says that the previous owner did not have any COVID-19-related rent concessions with its tenants. “The Conyers Square disposition illustrated how strong and diverse the market is right now for successful, grocery-anchored centers,” says Taylor. “We received over one dozen offers from both private and institutional groups, with the private buyers beating the institutional pricing significantly. We received the most compelling financing quotes I have seen in over a decade and surpassed pricing expectations for our client.” Conyers Square was constructed on 11 acres in 1985. Additional tenants include Sunny’s Beauty Supply, Sapphire Nails, Lendmark Financial and H&R Block.

March 25, 2021

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