NEW LONDON, WIS. — KW Commercial has brokered the sale of Wolf River Plaza in New London, about 40 miles west of Green Bay. Anchored by Family Dollar, the 52,280-square-foot retail center is home to a mix of regional and national tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Sunnyside Retail Partners LLC. The seller and sales price were undisclosed.
LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million. The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land. Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.
The southeastern Wisconsin industrial real estate market had a banner year in 2019 and remains strong. According to Catalyst, the industrial market in southeastern Wisconsin had a vacancy rate of approximately 4 percent at the end of 2019 and that rate has moved down slightly to 3.9 percent during the first quarter of 2020. This rate is well below the historical vacancy rate in southeastern Wisconsin, which averages between 7 and 9 percent. Several submarkets are significantly lower than the southeastern Wisconsin average: Racine, where the massive Foxconn project is underway, has a 3.8 percent vacancy rate; the large Waukesha submarket, which has nearly 83 million square feet of inventory, has a vacancy rate of 1.9 percent; and the Sheboygan submarket, which has about 27 million square feet of industrial space, has an astonishing 0.1 percent vacancy rate. These extraordinarily low vacancy rates suggest that demand for industrial space in southeastern Wisconsin remains very robust and that, particularly in certain submarkets, supply has not been able to keep up with demand. While lease rates have remained fairly steady throughout the last year, upward pressure on such rates continues to build. Nevertheless, there are some signs of the market taking a …
NEW YORK CITY — Greystone has provided a $65 million Freddie Mac loan for the refinancing of One LIC, a newly constructed, 110-unit, Class A multifamily apartment in the Long Island City neighborhood of Queens. Local developer The Lions Group was the borrower. The 16-year, fixed-rate loan refinanced a Bank Leumi construction loan. The property features three retail spaces that are leased to Starbucks, CityMD and apparel retailer Yoyoso. Residential amenities include a fitness center and rooftop lounge. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone originated the loan.
YORK, PA. — Larken Associates is underway on construction of The Enclave at Copper Chase, a 107-unit multifamily project in York, a city located approximately 25 miles south of Harrisburg. Located at 3145 Honey Run Drive, the project is an addition to Larken’s existing 132-unit The Reserve at Copper Chase community. The Enclave will include one-, two- and three-bedroom floor plans, a clubhouse and fitness center. The project also includes renovations to the pool and lounge, as well as upgrades to the property’s roofing and exteriors. Larken acquired the property in 2019. The construction schedule was undisclosed.
BERGENFIELD, N.J. — JLL has funded a $30 million Fannie Mae loan for the refinancing of Ivy Lane, a 237-unit multifamily community in Bergenfield, a northwestern suburb of New York City. JLL worked on behalf of the borrower, Tower Management Service LP, to provide the 10-year, fixed-rate Freddie Mac loan. The property features 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Thomas Didio and Gerard Quinn of JLL arranged the loan.
FLORENCE, N.J. — Lee & Associates has brokered the $14.7 million sale of a 30.8-acre industrial development site located in Florence, a southern suburb of New Jersey. Located on Railroad Avenue, the property consists of two parcels that have been approved for construction of a 300,700-square-foot warehouse and distribution facility. Details of the construction schedule were undisclosed. Bob Yoshimura, Joe Hill and Eric Mattson led a Lee & Associates team that represented the seller, Foxdale Properties, in the transaction. The team also worked with Robert Lambert of Cushman & Wakefield. Denver-based Black Creek Group was the buyer.
HACKENSACK, N.J. — NAI James Hanson has negotiated a 22,526-square-foot industrial lease for women’s clothing retailer Advance Apparels in Hackensack, a northwestern suburb of New York City. Located at 105-111 S. State St., the property features 20-foot clear heights and 2,000 square feet of office space. Patrick Lennon and Kenneth Lundberg of NAI James Hanson, along with Fred Meyer of NAI Mertz, represented the landlord, Turabdin Realty LLC, in the lease negotiations. Stevie Muller of Equity 3 LLC represented the tenant.
DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.
RICHMOND, VA. — Virginia Gov. Ralph Northam says the state is still on track to begin “Virginia Forward,” the state’s Phase I plan for reopening stores, restaurants and select businesses and organizations starting Friday, May 15. Northam said in a press release Tuesday, however, that Northern Virginia localities are able to delay reopenings to Thursday, May 28 if they feel it is unsafe to reopen Friday. The new guidelines outline more relaxed restrictions, including upping the capacity of non-essential retail from a 10-person limit to 50 percent capacity; allowing restaurants to open outdoor seating with a 50 percent capacity limit; allowing places of worship to have a 50 percent capacity, up from its previous 10-person limit; fitness centers may operate outdoor classes; and allowing for personal grooming services to reopen to appointment-only customers. Some restrictions that are unchanged include schools remaining closed, childcare remaining open only to working families and entertainment and public amusement remaining closed. As of this writing, there were 927 deaths and 26,746 total confirmed cases of COVID-19 in Virginia, according to the Virginia Department of Health.