Property Type

KLNB Arranges $9.4M Sale of Medical Office Building Near Baltimore

by Alex Tostado April 23, 2020

ELLICOTT CITY, MD. — KLNB has arranged the $9.4 million sale of North Ridge Professional Center, a 38,894-square-foot medical office building in Ellicott City. The building was 97 percent leased at the time of sale to anchor Ellicott City Ambulatory Surgery Center, Howard County Government, Seton Medical Group (a division of St. Agnes Healthcare) and Infectious Disease Associates. The property is situated at 2850 N. Ridge Road, 15 miles west of downtown Baltimore. Don Schline, Craig Morrell and Brad Berzins of KLNB represented the seller, Foulger-Pratt, in the transaction. The buyer was not disclosed.

April 23, 2020

Acquisitions Industrial Massachusetts Northeast

JLL Arranges $19.3M Sale of Industrial Property in Winchester, Massachusetts

by Alex Patton April 23, 2020

BOSTON — JLL has arranged the $19.3 million sale of 45 Holton Street, a 180,000-square-foot industrial warehouse in the northwestern suburb of Boston of Winchester. The building features 26-foot clear heights, 33 loading docks, two drive-in doors and roughly 18,000 square feet office space, as well as convenient access to Interstates 95 and 93 and State Route 3. At the time of sale, the property was fully leased to Tighe Logistics Group and Archive America. Matt Sherry and Jamey Lipscomb led a JLL team that represented the seller, JG Holt Ltd. Partnership, in the transaction. Brett Paulsrud and Sam Campbell led the JLL debt placement team that arranged $13.3 million in acquisition financing through Harbor One Bank for the buyer, a partnership between Boston-based firms Bain Capital Real Estate and Oliver Street Capital.

April 23, 2020

Acquisitions Northeast Office Pennsylvania

Colliers Brokers Sale of 33,000 SF Office Building in Bethlehem, Pennsylvania

by Alex Patton April 23, 2020

BETHLEHEM, PA. — Colliers International has brokered the $3 million sale of a 33,000-square-foot office building located at 257 Brodhead Road in Bethlehem, an eastern suburb of Allentown. The seller, First Commonwealth Federal Credit Union (FCFCU), previously used the building as its corporate headquarters and will move to a new space within the Trexler Business Center development currently under construction in Trexlertown, Pennsylvania. An undisclosed new tenant has already been procured. Derek Zerfass of Colliers represented FCFCU in the transaction. Ryan Dietrick and Kelly Berfield, also of Colliers, represented the buyer, Brodhead Road Holdings LLC.

April 23, 2020

Acquisitions New Jersey Northeast Office

First National Realty Partners Acquires 29,178 SF Office Building in Red Bank, New Jersey

by Alex Patton April 23, 2020

RED BANK, N.J. — First National Realty Partners (FNRP) has acquired The Coastal Building, a 29,178-square-foot Class A office building in Red Bank, a southern suburb of New York City. Located at 151 Bodman Place on the Navesink River, the property offers convenient access to State Highway 35 and the Garden State Parkway. At the time of sale, tenants included Conklin Office Services LLC, Hudson Canyon Investment Counselors and The Pat Menna Law Firm. The building was constructed in 1982 and underwent lobby renovations in 2013. First National acquired the building in an off-market transaction and plans to improve the property with targeted upgrades focused on green initiatives and technology. The sales price was undisclosed.

April 23, 2020

Industrial Leasing Activity Texas

Transport, Logistics Firm Geodis Signs 280,000 SF Industrial Lease in Southwest Dallas

by Taylor Williams April 23, 2020

DALLAS — International transport and logistics firm Geodis has signed a 280,000-square-foot industrial lease at 5450 W. Kiest Blvd. in southwest Dallas. According to LoopNet Inc., the site is located within Southwest Distribution Center, a 500,000-square-foot development that was completed in 1999. Ann Huntington of CBRE represented the tenant in the lease negotiations. Kacy Jones and Trapper Graff of CBRE represented the landlord, Kiest Blvd LLC.

April 23, 2020

Development Industrial Texas

Trammell Crow, Clarion Complete 85,000 SF Distribution Center for FedEx in Austin

by Taylor Williams April 23, 2020

AUSTIN, TEXAS — A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has completed construction of an 85,000-square-foot, build-to-suit distribution center for FedEx in Austin. The Class A building is situated on 13 acres at 8233 Industry Way on the city’s southeast side and has been operational since March. The project represents Phase II of Park 183, a Class A industrial development that currently totals 330,000 square feet. A third phase consisting of 300,000 square feet has been announced and is expected to be complete by the third quarter of 2021.

April 23, 2020

Development Mixed-Use Texas

Legend Communities, Tiki Time to Develop Mixed-Use Project Near Galveston

by Taylor Williams April 23, 2020

TIKI ISLAND, TEXAS — Austin-based developers Legend Communities and Tiki Time LLC have acquired six acres on Tiki Island, located near Galveston, for the development of a mixed-use community. Tiki Island Residences & Boathouse Resort will feature 75 condominium residences, five penthouses, a waterfront restaurant, retail space and a boathouse structure with the capacity to lodge more than 200 boats. Construction of Phase I, which includes the commercial components, is expected to begin by the fall. The developers expect to break ground on Phase II, which will deliver the residences, in summer 2021. NAN Properties Developer Services has been named as the exclusive listing agent for the residential component.

April 23, 2020

Acquisitions Retail Texas

Colliers Arranges $7.4M Sale of Retail Property Leased to CVS in Austin

by Taylor Williams April 23, 2020

AUSTIN, TEXAS — Colliers International has arranged the $7.4 million sale of a 12,900-square-foot retail property Austin. The tenant, CVS, has 13 years remaining on its 25-year lease. Jon Busse and Volmey Campbell of Colliers represented the San Diego-based seller in the transaction. Brad Kritzer and David Chasin of Pegasus Investments represented the buyer, a California-based 1031 exchange investor.

April 23, 2020

California Development Loans Mixed-Use Multifamily Retail Western

Dekel Capital Arranges $59M Construction Loan for Mixed-Use Project in Thousand Oaks

by Amy Works April 23, 2020

THOUSAND OAKS, CALIF. — Dekel Capital has arranged $59 million in construction financing on behalf of The Latigo Group for the construction of 299 Thousand Oaks, a mixed-use development located in Thousand Oaks. Situated on 3.2 acres, 299 Thousand Oaks will feature 142 Class A apartments, 9,820 square feet of ground-floor retail space and parking for 239 vehicles. The four-story property will offer studio, one- and two-bedroom units, with 11 units designated as affordable housing for low-income families. Community amenities will include a 3,000-square-foot fitness center, pool, garden courtyards and open space. Additionally, the project will feature smart technology, including keyless entry and remote thermostat control. Shlomi Ronen of Dekel Capital secured the financing, which a publicly traded REIT and a life insurance company provided.

April 23, 2020

California Loans Multifamily Western

Ready Capital Closes $48M Refinancing for 17-Property Multifamily Portfolio in Los Angeles

by Amy Works April 23, 2020

LOS ANGELES — Ready Capital has closed a $48 million loan to refinance a 17-property multifamily portfolio in Los Angeles. The non-recourse, hybrid loan features a 20-year term, 30-year amortization and yield maintenance prepay. The collateral consists of garden complexes totaling 232 units with construction dates ranging from 1928 to 1991 and an average occupancy above 95 percent. The majority of the properties are located in San Fernando Valley. The undisclosed sponsor has owned the properties in the portfolio for a range of two to 18 years.

April 23, 2020

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