Property Type

Avison Young Negotiates 77,000 SF Office Lease Renewal in Midtown Manhattan

by Alex Patton April 17, 2020

NEW YORK CITY — Avison Young has negotiated the 12-year renewal of a 77,000-square-foot office space in Midtown Manhattan for investment and technology development firm D.E. Shaw. The space spans seven floors at Tower 45, a 458,446-square-foot, Class A office building located at 120 W. 45th St. The company has leased its space in the building since 2011. Arthur Mirante II, Mitti Liebersohn and John Ryan III of Avison Young represented the landlord, Kamber Management Co., in the lease negotiations. Timothy Dempsey, Roger Griswold and Munish Viralam of CBRE represented D.E. Shaw.

April 17, 2020

Acquisitions Civic New York Northeast

Transwestern Brokers Sale of Leasehold Interest for 65,000 SF Charter School in The Bronx

by Alex Patton April 17, 2020

NEW YORK CITY — Transwestern Real Estate Services has brokered the sale of the leasehold interest for a new charter elementary school at a 65,000-square-foot building in The Bronx. Located at 1919 Arthur Ave., the school will be called Zeta Bronx Tremont Park Elementary and will serve students in pre-K through fifth grade starting in August 2021. Lindsay Ornstein, Stephen Powers and Thomas Hines represented Zeta Charter Schools in the leasehold negotiations. The building ownership, Joyland Group, was represented internally in the transaction.

April 17, 2020

Acquisitions Industrial New York Northeast

MAG Capital Partners Acquires 42,700 SF Pie Factory in Rochester, New York

by Alex Patton April 17, 2020

ROCHESTER, N.Y. — MAG Capital Partners LLC (MAGCP), a Texas-based investment firm, has acquired a 42,700-square-foot frozen pie manufacturing facility in Rochester in a sale-leaseback deal. At the time of sale, SatisPie LLC occupied the property, which is located at 155 Balta Drive. An affiliate of SatisPie previously owned the property, and the frozen pie manufacturer has leased back its space. Mary Garnett of Barnes & Thornburg LLP represented MAGCP in the transaction. Luis Ortega and Kent Williams of Marcus & Millichap represented the seller. The sales price was undisclosed.

April 17, 2020

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Arranges $1.8M Sale of Net-Leased Gas Station in Waterford, Connecticut

by Alex Patton April 17, 2020

WATERFORD, CONN. — Marcus & Millichap has arranged the $1.8 million sale of Stop & Shop Gas, a 44,431-square foot, net-leased property located in Waterford, located approximately 45 miles east of West Haven. Located at 155 Boston Post Road, the property was built in 2009 and offers immediate access to State Route 1. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, another private investor. Both parties requested anonymity.

April 17, 2020

Acquisitions Multifamily Texas

Westmount Realty Capital Buys 280-Unit River Park Apartments in Fort Worth

by Taylor Williams April 17, 2020

FORT WORTH, TEXAS — Locally based investment and development firm Westmount Realty Capital has purchased River Park, a 280-unit apartment community in southwest Fort Worth. Built on 9.8 acres in 1985, the property offers one- and two-bedroom units with stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, business center, outdoor grilling area, coffee bar, dog park and onsite laundry facilities. Westmount will implement a value-add program to the unit interiors and amenity spaces. The seller was not disclosed.

April 17, 2020

Industrial Leasing Activity Texas

NKF Negotiates 390,006 SF Industrial Lease at Speedway Logistics Crossing in Fort Worth

by Taylor Williams April 17, 2020

FORT WORTH, TEXAS — Newmark Knight Frank (NKF) has negotiated a 390,006-square-foot industrial lease at Speedway Logistics Crossing in Fort Worth for AmerCareRoyal LLC, a manufacturer of disposable products for the food service and healthcare industries. Garrett Gibbons Jr. and Lucas Kay of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, SPCH Fort Worth I LLC.

April 17, 2020

Acquisitions Multifamily Texas

One Real Estate Investment Acquires 211-Unit Multifamily Asset in Houston

by Taylor Williams April 17, 2020

HOUSTON — Miami-based One Real Estate Investment has acquired Sunswept Townhomes, a 211-unit multifamily asset in southwest Houston. Built in 1982, the property features one-, two- and three-bedroom floor plans ranging in size from 745 to 1,257 square feet. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year, floating-rate acquisition loan through Freddie Mac for One Real Estate Investment. A portion of the proceeds will be used for renovations. The seller and sales price were not disclosed.

April 17, 2020

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 78,418 SF Industrial Building in Metro Dallas

by Taylor Williams April 17, 2020

EULESS, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Business Center, a 78,418-square-foot industrial building in Euless, located roughly midway between Dallas and Fort Worth. The property was built on 4.7 acres in 1984. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.

April 17, 2020

Acquisitions California Healthcare Top Stories Western

Verity Health System Sells St. Vincent Medical Center in Los Angeles for $135M

by Alex Patton April 17, 2020

LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …

April 17, 2020

Industrial Market Reports Texas Texas Market Reports

Institutional Capital Targets El Paso Industrial Market As Rental Rates Rise

by Taylor Williams April 17, 2020

El Paso’s industrial market is growing and maturing, as evidenced by a surge in investment demand from institutional capital sources over the last 18 to 24 months. Whereas in past cycles, institutional capital found its way to El Paso by developing here, new players have been ready to buy existing portfolios, but we have seen very little new spec development. Stonelake Capital Partners, LINK Industrial Properties and Equity Industrial Partners/Raith Capital Partners are examples of new investors actively buying into the El Paso industrial market. Several factors have contributed to El Paso’s rise on the radars of institutional investors, but the heart of this trend is simple rent growth. The average asking rent for Class A and B industrial properties increased by a stunning 15.8 percent between 2018 and 2019. Rent growth in the East El Paso submarket increased by an even greater margin of 24.3 percent. As those numbers suggest, demand for industrial space in El Paso, which is largely driven by manufacturing activity in the sister city of Ciudad Juarez, Mexico, is quite strong. Demand for space comes from a diverse set of industries, namely automotive, consumer goods and electronics. El Paso has also seen new industrial demand …

April 17, 2020

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