Property Type

CBRE Brokers Sale of 180,000 SF Industrial Facility in Lyndhurst, New Jersey

by Alex Patton June 30, 2020

LYNDHURST, N.J. — CBRE has brokered the sale of a 180,000-square-foot industrial facility in Lyndhurst, a northwestern suburb of New York City. Located at 1201 Valley Brook Ave., the facility features 11 loading docks, parking for 162 cars and a clear height of 26 feet. The property is located less than 30 miles from Newark Liberty International, La Guardia and John F. Kennedy International Airports and 14 miles from the Port Newark Container Terminal. The building formerly served as a distribution center for apparel retailer Barney’s but was vacant at the time of sale. Thomas Monahan, Brian Fiumara and Steven D’Amato of CBRE represented the seller, a private investor, in the transaction. The team also procured the buyer, Sitex Group.

June 30, 2020

Affordable Housing New York Northeast

Greystone, Lappin Form Joint Venture to Lend on Affordable Housing Renovation Projects in New York City

by Alex Patton June 30, 2020

NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.

June 30, 2020

Acquisitions Multifamily New York Northeast

Conway Capital Acquires Multifamily Portfolio in Brooklyn for $11.5M

by Alex Patton June 30, 2020

NEW YORK CITY — Locally based investment firm Conway Capital has acquired a four-property multifamily portfolio in Brooklyn for $11.5 million. The portfolio consists of 14 residential units and two commercial spaces, one of which was vacant at closing. The portfolio includes 74 First Place, a 5,324-square-foot, four-story building with five units; 228 Livingston Street, a 4,904-square-foot, four-story building with two residential units and two retail spaces; 710 DeGraw Street, a 3,938-square-foot, four-story building with four residential units; and 302 East 5th Street, a 2,772-square-foot, three-story building with three residential units. Urban Standard Capital provided an $8.8 million acquisition loan for the transaction. The seller was undisclosed.

June 30, 2020

Development Mixed-Use Multifamily Office Restaurant Retail Utah Western

Lowe, BCG Holdings, Q Factor Break Ground on $144M Post House Mixed-Use Project in Salt Lake City

by Amy Works June 30, 2020

SALT LAKE CITY — A partnership between Lowe Property Group, BCG Holdings and Q Factor has broken ground on Post House. The mixed-use, pedestrian-friendly development will be located in Salt Lake City’s downtown Post District. MVE + Partners designed Post House, which will feature five buildings offering a total of 580 residential units, 22,405 square feet of retail space and 86,000 square feet of private and public outdoor space. Completion of the 488,765-square-foot project is scheduled for spring 2023, with the first residential and retail units slated to open in spring 2022. The current site holds features a variety of existing mixed-use industrial buildings, including the Newspaper Agency Corp. Building, that will be integrated into the community’s plan. The community’s walkable ground level will include 22,000 square feet of retail space, including Post House Market, a multi-tenant market hall. Comprising 461,921 square feet of rentable space, Post House Apartments will offer units ranging from 385 square feet to 2,030 square feet. Amenities will include lofts and private outdoor space, including four rooftop decks with firepits, bars, lounges, seating and barbecue grills. Additionally, the property will feature two private outdoor courtyards featuring a series of indoor/outdoor pools and a 5,604-square-foot fitness …

June 30, 2020

Acquisitions California Industrial Office Western

KBS Sells Two Buildings at Office/R&D Complex in San Jose for $95.2M

by Amy Works June 30, 2020

SAN JOSE, CALIF. — KBS has completed the disposition of two buildings at District 237, a Class A office/R&D complex located at 100 Headquarters Drive and 200-350 Holger Way in San Jose. EXAN Group, an independent real estate fund and asset management company, acquired the buildings from KBS Real Estate Investment Trust II for $95.2 million. Totaling 142,710 square feet, the properties are located at 100 Headquarters Drive and 200 Holger Way. Built in 1999 and 2001, District 237 features eight one-, two- and three-story buildings ranging from 20,009 square feet to 101,194 square feet. KBS recently repositioned and rebranded the complex, resulting in a combined total of 315,622 square feet in new leases. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Bran Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the sale. Bruch Fischer, Howard Chu, Chrisdo Fan and Amanda Kennedy of Greenberg Traurig LLP’s Orange County, Calif., office represented KBS as legal counsel in the disposition. EXAN Group has been retained to manage District 237.

June 30, 2020

Acquisitions Colorado Multifamily Western

Evergreen Devco Acquires Turnberry at Heather Ridge Multifamily Property in Colorado for $46M

by Amy Works June 30, 2020

AURORA, COLO. — Evergreen Devco has purchased Turnberry at Heather Ridge, an apartment community located at 2038 S. Vaughn Way in Aurora. Kevlyn Investments sold the asset for $46 million in an off-market transaction. Situated on 12 acres, Turnberry at Heather Ridge features 268 apartments, averaging 823 square feet, in a mix of 183 one-bedroom/one-bath units and 85 two-bedroom/two-bath units. The units feature fully appointed kitchens, fireplaces, large balconies or patios, ceiling fans and walk-in closets. The community features two swimming pools, a fitness center, business center, dog park and clubhouse. Evergreen plans to implement a three-year capital improvements program at the property that includes renovating the exterior and interior of the 13 residential buildings and leasing office, as well as updating the community amenities. Echelon Property Group will be the on-site manager for the community. John Blackshire and Tom Wanberg of Transwestern represented the seller in the deal.

June 30, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $39.4M Loan for Development of Acero Glendale Apartment Community in Arizona

by Amy Works June 30, 2020

GLENDALE, ARIZ. — PCCP has provided a $39.4 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Glendale. The Class A, garden-style multifamily property will be located at the northwest corner of 95th and Missouri avenues in Glendale. Situated on 15 acres, the project will feature 352 units in a mix of one-, two- and three-bedroom floor plans, averaging 986 square feet, across 18 residential buildings. Units will offer hard-surface countertops, vinyl-plank flooring, carpeted bedrooms, air conditioning, in-unit washers/dryers, stainless steel appliances and private patios or balconies. Community amenities will include two swimming pools, a fitness center, leasing office, community room and lounge with a kitchen and outdoor common areas. The first units are scheduled for delivery in mid-2021, with completion of the entire project in 2022. Adam Deermount, Steve Sims and John Meek of RanchHarbor, along with David Kidder of Landmark Real Estate, arranged the financing.

June 30, 2020

Acquisitions California Office Western

Voit Real Estate Arranges $3.1M Sale of Office Building in San Diego

by Amy Works June 30, 2020

SAN DIEGO — Voit Real Estate Services has brokered the sale of an office property in San Diego. 9565 Waples Investment Group LLC sold the asset to Renda Law Offices P.C. for $3.1 million. Located at 9565 Waples St., the property features 13,695 of office space within San Diego’s Sorrento Mesa submarket. The buyer plans to use the building for its San Diego-based bankruptcy firm. Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the seller in the transaction.

June 30, 2020

Development Illinois Midwest Multifamily

City Club Apartments Breaks Ground on Phase II of Chicago Apartment Property

by Kristin Harlow June 30, 2020

CHICAGO — City Club Apartments (CCA) has broken ground on the second phase of MDA within downtown Chicago’s Loop. The first phase was a 23-story historic building dating back to 1927 that CCA redeveloped into apartments in 2006. Phase II will include the addition of a new seven-story building that will add 81 units to the existing 190 apartments and penthouses. A new rooftop sky park will include a heated outdoor pool, outdoor theater, grill stations, cabanas and lounge seating. The sixth floor will house a clubroom and conference room that will connect to Phase I via a skybridge. Phase I and II residents will have access to combined amenities, including a library, fitness center, bark park and concierge services. The first residents are expected to begin moving into Phase II in March 2021. The initials MDA are derived from the building’s original name, the Medical & Dental Arts Building. Detroit-based CCA currently has four communities under construction — two in Detroit, one in Kansas City and one in Chicago.

June 30, 2020

Indiana Leasing Activity Midwest Office

Northwestern Mutual Leases 26,000 SF at Parkwood Crossing in Indianapolis

by Kristin Harlow June 30, 2020

INDIANAPOLIS — Northwestern Mutual has signed a 10-year office lease for 26,000 square feet at Parkwood Crossing in Indianapolis. The eight-building, 1.2 million-square-foot office park includes a 16,000-square-foot amenity center. It is located within the North Meridian/Carmel submarket of Indianapolis. Rubenstein Partners LP and Strategic Capital Partners LLC are the landlords and have owned the campus since 2016. Traci Kapsalis, Adam Broderick and Brittany Shuler of JLL handled the lease transaction on behalf of ownership. John Crisp of Cushman & Wakefield represented Northwestern Mutual, which is consolidating several downtown and suburban offices into its new space at Six Parkwood.

June 30, 2020

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