Property Type

KRE Group, NREA Near Completion of 68-Story Apartment Tower in Jersey City

by Taylor Williams February 26, 2021

JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.

February 26, 2021

Acquisitions Colorado Hospitality Western

Legendary Capital Buys 141-Room Courtyard by Marriott Denver-Aurora Hotel in Colorado for $27.9M

by Amy Works February 26, 2021

AURORA, COLO. — Legendary Capital has purchased Courtyard by Marriott Denver-Aurora, a newly constructed hotel located at 255 N. Blackhawk St. in Aurora, for $27.9 million. The name of the seller was not released. Completed last year, the four-story hotel features 141 guest rooms, a business center, three meeting rooms, a fitness center, an outdoor patio with seating and firepit, valet laundry service and a two-story, 55,715-square-foot parking deck. Additionally, the first-floor lobby offers seating areas, a bar/lounge/bistro area and 24-hour front desk. Gordon Allred and Joshua Tammen of Marcus & Millichap’s Ontario, Calif., office handled the transaction. Adam Lewis of Marcus & Millichap serves as broker of record in Colorado.

February 26, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Group Arranges $2.6M Sale of New Starbucks-Occupied Property in Rancho Cordova

by Amy Works February 26, 2021

RANCHO CORDOVA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, single-tenant retail property located within Zinfandel Village, a shopping center in Rancho Cordova. An Orange County-based private investor acquired the property from Irvine-based Pacific Castle Management for $2.6 million. Starbucks Coffee occupies the 2,200-square-foot freestanding building with a drive-thru, which is located at 2875 Zinfandel Drive. Other tenants at Zinfandel Village include Grocery Outlet, Pizza Hut, Burger King, Popeyes, Lumber Liquidators, Little Caesars, Skechers and Sourdough & Co. Bill Asher and Kevin Fryman of Hanley Investment represented the seller, while Eric Reuveni of Encino-based Los Angeles Commercial Real Estate Group represented the buyer in the deal.

February 26, 2021

Crossings-Industrial-Portfolio-Philadelphia

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $69.5M Acquisition Loan for Philadelphia-Area Industrial Portfolio

by Taylor Williams February 26, 2021

PHILADELPHIA — Cushman & Wakefield has arranged a $69.5 million acquisition loan for the Crossings Industrial Portfolio, a collection of 25 light industrial buildings totaling 1.2 million square feet in the Philadelphia area. John Alascio, Sridhar Vankayala, Chuck Kohaut, T.J. Sullivan and Meredith Donovan of Cushman & Wakefield arranged the floating-rate loan through Natixis on behalf of the borrower, Camber Real Estate Partners.

February 26, 2021

456-Sullivan-Ave.-South-Windsor-Connecticut

Acquisitions Connecticut Industrial Northeast

Metropolitan Realty Associates Buys Connecticut Distribution Center for $50M

by Taylor Williams February 26, 2021

SOUTH WINDSOR, CONN. — Investment firm Metropolitan Realty Associates (MRA) has acquired a 304,249-square-foot distribution center at 456 Sullivan Ave. in South Windsor, located roughly midway between Boston and New York City, for $50 million. Originally constructed by SunCap Property Group in 2012 and expanded in 2015, the Class A property features a clear height of 31.5 feet, 72 trailer parking spaces, 75 long-trailer parking spaces and 99 dock bays specifically designed for heavy distribution uses. An undisclosed transportation company occupies the entirety of the property. Newmark brokered the transaction and arranged acquisition financing through a major institutional lender. Clarion Partners LLC provided equity for the venture through its Clarion Partners Real Estate Income Fund Inc.

February 26, 2021

Acquisitions Industrial New Jersey Northeast

Sheldon Gross Realty Brokers Sale of 102,000 SF Warehouse in Farmingdale, New Jersey

by Taylor Williams February 26, 2021

FARMINGDALE, N.J. — New Jersey-based Sheldon Gross Realty has brokered the sale of a 102,000-square-foot warehouse in Farmingdale, located in the western-central part of the state. The sale included an adjacent undeveloped parcel. An affiliate of Merola Tile, a wholesale distributor of specialty tiles and supplies, purchased the asset for an undisclosed price. Jonathan Glick of Sheldon Gross brokered the deal.

February 26, 2021

Loans Multifamily New York Northeast Retail

Urban Standard Capital Provides $2.3M Acquisition Loan for Brooklyn Multifamily, Retail Asset

by Taylor Williams February 26, 2021

NEW YORK CITY — Urban Standard Capital has provided a $2.3 million acquisition loan for a multifamily and retail building located at the corner of Montague and Henry streets in the Brooklyn Heights neighborhood. The three-story building houses nine residential units and features retail space on the ground and second floors. The borrower, a partnership between Conway Capital and Davean Holdings, will use a portion of the proceeds to renovate the building.

February 26, 2021

Gregg Gerken, Head of Commercial Real Estate for TD Bank

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

TD Bank: Why We Need to Address Affordable Housing Needs Now

by Sarah Daniels February 26, 2021

By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …

February 26, 2021

Development Mixed-Use Multifamily Office Retail Southeast Tennessee

SomeraRoad to Develop $200M Paseo South Gulch Towers in Nashville

by Julia Sanders February 25, 2021

NASHVILLE, TENN. — SomeraRoad, a commercial real estate investment and development company, is developing a mixed-use project known as Paseo South Gulch in Nashville. The $200 million property will be located at 620 Eighth Ave. S. The property’s 16-story tower 1 is expected to be finished by 2023, and the 20-story tower 2 is expected to be completed by 2024. The two towers will total 608 residential units. Between the high rises, there will be 18,000 square feet of office space and 14,000 square feet of new retail space. The base of the towers blends with the original Voorhees Building and former Antiques Mall. SomeraRoad plans to refurbish the original bow truss roof and brick façade of the Antiques Mall, which will open in March. The development company also plans to update the Voorhees Building with all new windows, elevators and building systems, as well as a glass rooftop addition. The building is expected to open in June. SomeraRoad partnered with ESa, Hawkins Partners, Manuel Zeitlin Architects and Kimley-Horn on the design front, as well as Cushman & Wakefield and Ojas Partners for office and retail leasing, respectively.

February 25, 2021

Development Mixed-Use Multifamily North Carolina Retail Southeast

Jamestown, Grubb Ventures Break Ground on $150M Raleigh Iron Works Mixed-Use Project in Raleigh

by Julia Sanders February 25, 2021

RALEIGH, N.C. — Jamestown and Grubb Ventures have started construction on the first phase of Raleigh Iron Works, a new mixed-use development with nearly 500,000 square feet of creative office space, 90,000-plus square feet of retail and 220 new residential units. The property will be located in Raleigh’s Five Points, Person Street and Mordecai neighborhoods. Brasfield & Gorrie is part of the construction team. Located at 2200 Atlantic Ave., Raleigh Iron Works was designed with a mix of shopping, dining, wellness, event and outdoor spaces. The first phase of the project includes the renovation of the historic Peden Steel mills and warehouses into office and retail spaces, along with the construction of a new seven-story multifamily residential building. The office, retail and residential components are expected to open in 2022. The 18-acre property’s first phase will include a structured parking deck of just under 700 spaces as well as 115 surface slots sitewide, and there is a planned greenway connection. The property will feature flexible seating for informal gatherings, outdoor dining, public art and events.

February 25, 2021

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