SAYREVILLE, N.J. — NorthMarq has arranged a $45.5 million loan for the refinancing of Camelot at La Mer V, a 273-unit multifamily asset located in the Northern New Jersey town of Sayreville. Gary Cohen and Marc Nevins of NorthMarq arranged the financing, which was structured with a fixed interest rate and a 35-year term, through a correspondent life insurance company. The borrower and developer was New Jersey-based Kaplan Cos.
BOSTON — Concepts, an apparel and footwear retailer that was founded in 1996, has opened a global flagship store on Newbury Street in Boston’s Back Bay area. Designed by Bergmeyer and built out by Shawmut Design & Construction to resemble the layout of an art gallery, the space spans three floors and 47,000 square feet. The ground floor houses Concepts’ private label apparel, accessories and footwear, as well as a headwear customization space. The mezzanine space features a dedicated area for rotating special projects and collaborations and a disc jockey booth, while the top floor features women’s-only merchandise.
SAN DIEGO — The San Diego City Council has unanimously approved an exclusive negotiating agreement with the Padres Development Team to negotiate terms for the previously announced acquisition and redevelopment of Tailgate Park into East Village Quarter. The site is located outside Petco Park, which Major League Baseball’s San Diego Padres call home. The Padres Development Team, including the San Diego Padres, Tishman Speyer and Ascendant Capital Partners, was selected during a public request for proposals process. The development team’s vision for East Village Quarter includes residential space, 50,000 square feet of neighborhood-serving retail, 236,000 square feet of public spaces, 1.4 million square feet of office space targeted to technology and biotechnology companies, and 1,600 parking spaces. According to media reports, the development will cost $1.4 billion. “We are excited to take another step forward to revitalize Tailgate Park and further transform the Ballpark District and downtown San Diego,” says Erik Greupner, president of business operations for the San Diego Padres. “We look forward to finalizing a deal with the City of San Diego that will result in the creation of a vibrant, inclusive, mixed-use district in East Village.”
GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eagle Crest, a multifamily property located near the Arrowhead Ranch master-planned community in Glendale. A private family trust sold the asset to S2 Capital for $55 million, or $134,804 per unit. Constructed in 1987 on 16 acres, Eagle Crest features 408 apartments. Cliff David and Steve Gebing of IPA, along with Marty Cohan of Marcus & Millichap, represented the seller and procured the buyer in the deal. Ryan Sarbinoff served as Marcus & Millichap’s broker of record in Arizona.
LA QUINTA, CALIF. — San Diego-based Beacon Realty Advisors, in partnership with Charlotte-based Carolina Capital Real Estate Partners, has acquired Jefferson Square, a partially built, open-air retail center in La Quinta. Regency Centers, the original developer, sold the asset for an undisclosed price. Located at Fred Waring Drive and Jefferson Street, Jefferson Center is situated on approximately 10 acres. CVS/pharmacy currently anchors the property. Beacon plans to pursue a grocery, home improvement or medical tenant to occupy the existing vacant 14,000-square-foot box space. The Jefferson Center site features a fully constructed infrastructure with only half of the land fully developed.
RANCHO DOMINGUEZ, CALIF. — Cohen Asset Management (CAM) has purchased a newly constructed logistics building located at 15100 S. San Pedro St. in Rancho Dominguez. Terms of the transaction were not released. A large credit tenant occupies the 112,075-square-foot building on a long-term lease. The building offers close proximity to the ports of Los Angeles and Long Beach in Los Angeles’ South Bay industrial submarket.
RIVERSIDE, CALIF. — Progressive Real Estate Partners has arranged the sale of a former bank property located at 6876 Magnolia St. in Riverside. Dream Big Children’s Center acquired the asset for $1.5 million. The property consists of four one-story buildings totaling 8,633 square feet, a courtyard and dedicated parking. Dream Big offers early intervention services and therapy for children with autism using a focus on structured teaching and natural play. Slated to open in early 2021, the Riverside location will be the company’s fourth play center. Greg Bedell and Roxy Klein of Progressive Real Estate Partners represented the seller, Financial Partners Credit Union, in the deal.
FALLS CHURCH, VA. — Clarion Partners LLC has sold 3150 Fairview Park Drive, a 257,489-square-foot office building in Falls Church, for $90 million. The buyer was a fund managed by Apollo Global Management. The eight-story building was fully leased at the time of sale and houses the global headquarters for General Dynamics Information Technology (GDIT), a subsidiary of General Dynamics. The seller recently renovated the asset, which was originally delivered in 2001. Upgrades included adding an atrium lobby, rebuilding common areas and enhancing building amenities. Bill Prutting, Jim Meisel and Matt Nicholson of JLL represented the seller in the transaction. The team also procured the buyer. The asset is situated within Fairview Park, a three-building office park 15 miles west of downtown Washington, D.C. In October of this year, Newmark arranged the sale of 3170 and 3180 Fairview Park Drive. “[The building located at] 3150 Fairview was highly sought-after due to its rare combination of a long-term leased global headquarters of a strong credit tenant, a fully renovated trophy asset and a submarket in Northern Virginia that has experienced one million square feet of leasing activity since 2017, with many tenants landing in Fairview Park,” says Prutting. The New York …
By Kirk Garza, Valarie Bradley and Caleb Snow of Popp Hutcheson PLLC With property taxes comprising a significant portion of the real estate operating budget at most companies, both tenants and landlords need to understand how trends sparked by COVID-19 can impact their property tax valuations. The pandemic has spurred governments to impose unprecedented restrictions on office capacity and fueled widespread uncertainty among companies that own or lease office space. Organizations are asking if, when and how they will use their offices in the months ahead and are scrutinizing expenses to reduce costs. Many businesses are reevaluating their space requirements after adopting work-from-home initiatives, while greater familiarity with Zoom and other applications that support remote training and online collaboration has firms reconsidering their ongoing need for conference or meeting space. It is essential for real estate decision makers to monitor the effects of such trends on taxable property values. Office Demand Evolves In the early 1990s, it was common for companies to occupy 350 square feet of office space per person. This requirement changed as some businesses sought to maximize density and encourage collaboration. In a COVID-19 world where social distancing precludes density, many companies are limiting the number of …
By Jason Kinnison, NorthMarq The Omaha multifamily market’s occupancy, rents and new construction activity remain stable despite the economic uncertainty surrounding the COVID-19 pandemic. As a solid Midwestern market, Omaha’s apartment sector remains strong due to its healthy market fundamentals, including a strong employment base and a highly educated workforce. Omaha boasts an approximate 94.9 percent occupancy rate and consistently has a steady supply of roughly 1,500 new units delivered annually. New construction activity has historically been at an absorbable pace, however, there has been a slight lag in absorption recently, which has the potential to compress occupancy levels as well as asking rents. Multifamily rent collections remained strong in the second quarter, supported in part by the increased unemployment benefits offered to renters who lost jobs and the government-sponsored stimulus initiatives. Additionally, federal eviction bans were enacted. Omaha’s multifamily real estate property values continue rising and capitalization rates remain low. Over the last five to seven years, Omaha has experienced an increase in multifamily investment sales activity. Historically, the market has been controlled by local investors with a buy-and-hold mentality. However, as valuations have risen and activity has increased in investment sales, there has been a shift to more …