Property Type

CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan

by Taylor Williams January 8, 2021

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.

January 8, 2021

Acquisitions Industrial New Jersey Northeast

CBRE Arranges $29.3M Sale of Industrial Portfolio in Runnemede, New Jersey

by Taylor Williams January 8, 2021

RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.

January 8, 2021

Development Multifamily New York Northeast

Sinatra & Co. Completes $15M Multifamily Redevelopment Project in Buffalo

by Taylor Williams January 8, 2021

BUFFALO, N.Y. — Locally based developer Sinatra & Co. has completed the redevelopment of Mid-City Apartments, a $15 million project that added 50 units and 12,000 square feet of commercial space to the supply in downtown Buffalo. The property was originally constructed as a storage building in 1916 and was subsequently renovated to allow for commercial and residential uses. Sinatra & Co. originally acquired the building in 2014.

January 8, 2021

Chandler-Corporate-Center-II-Chandler-AZ

Arizona Development Office Western

VanTrust Completes Construction of 118,000 SF Chandler Corporate Center II in Arizona

by Amy Works January 8, 2021

CHANDLER, ARIZ. — VanTrust Real Estate has completed the construction of Phase II at Chandler Corporate Center in Chandler. Situated on 12 acres at 4100 W. Chandler Blvd., the 118,000-square-foot speculative office building complements the property that was developed in the first phase. The first-phase building was leased to Allstate Insurance and subsequently sold to Strategic Office Partners in 2019. Designed by Butler Design Group of Phoenix, the building features a two-story glass entrance, 58,000-square-foot floor plates and an abundance of glass. Stevens-Leinweber Construction served as general contractor for the project, which Colliers International is marketing for lease.

January 8, 2021

Acquisitions Colorado Life Sciences Office Western

Tritower Financial Group Sells 151,384 SF Pfizer Life Sciences Campus in Boulder to Invesco Real Estate

by Amy Works January 8, 2021

BOULDER, COLO. — Tritower Financial Group has completed the disposition of 3200 Walnut, a four-building interconnected campus located at 1825, 1865, 1885 33rd St. and 3200 Walnut St. in Boulder. Invesco Real Estate acquired the asset for an undisclosed price. The tenant — formerly Array BioPharma, which Pfizer acquired in 2019 — has occupied the 151,384-square-foot campus for 19 years. John Jugl of Newmark represented the seller in the deal.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Meridian Buys 187,690 SF El Dorado Medical Plaza in Tucson

by Amy Works January 8, 2021

TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.

January 8, 2021

Acquisitions Colorado Retail Western

Dunton Commercial Acquires Belmont Square Retail Center in Colorado for $6M

by Amy Works January 8, 2021

PUEBLO, COLO. — Greenwood Village-based Dunton Commercial has purchased Belmont Square, a grocery-anchored shopping center located in Pueblo, approximately 110 miles south of Denver. Belmont Squared LLC sold the asset for $6 million. Situated on 11 acres at the corner of Bonforte Boulevard and Constitution Road, Belmont Square features 89,619 square feet of retail space. Built in the 1950s, the property underwent renovations in 2011. At the time of sale, the asset was 76 percent occupied. Tenants include a grocery store and a variety of national and local retailers and services. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets team in Denver represented the seller in the transaction.

January 8, 2021

Acquisitions Arizona Healthcare Office Western

Newmark Arranges $4.8M Sale of Adelante Healthcare Plaza in Peoria, Arizona

by Amy Works January 8, 2021

PEORIA, ARIZ. — Newmark has negotiated the sale of Adelante Healthcare Plaza, a two-tenant medical and retail building located at 15525 N. 83rd Ave. in Peoria. A 1031 exchange investor acquired the asset from a private seller for $4.8 million. Adelante Healthcare and MacMedia occupy the 15,566-square-foot property, with Adelante Healthcare as the anchor tenant. Newmark describes the property as medtail, a term for traditional retail centers that include a heavy mix of medical tenants. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark represented the seller, while Geoffrey Turbow of CBRE represented the buyer.

January 8, 2021

Company News Retail Top Stories

Loves Furniture & Mattresses Files for Chapter 11 Bankruptcy Protection

by Katie Sloan January 8, 2021

WARREN, MICH. — Loves Furniture & Mattresses, owned by Dallas-based private equity firm U.S. Assets Inc., filed for Chapter 11 bankruptcy protection this week amid struggles brought on by the COVID-19 pandemic. Loves was formed in April of this year and acquired 27 Art Van Furniture locations across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland in May. That deal did not include the stores’ underlying real estate, which had already been sold off, according to reports by the Detroit Free Press. The company also opened or acquired 13 additional locations between May and October of 2020 in Michigan, Ohio and Pennsylvania. The board of directors for Loves attributes the continuing pandemic, government restrictions on business operations, the need for additional operational financing and creditor demands as reasoning for the Chapter 11 filing. The Warren-based company plans to pare down its store count to 13. The remaining stores will host going-out-of-business sales organized by Planning Furniture Promotions, which assists furniture stores with liquidation, according to reports by The Detroit News. A testament to these struggles is seen in a lawsuit recently filed by Mississippi-based furniture maker Southern Motion Inc. and its subsidiary Fusion Furniture Inc., which alleges a break of contract by Loves …

January 8, 2021

Development Multifamily Texas

Fein Opens 332-Unit Canopy at Springwoods Village Apartments in Metro Houston

by Taylor Williams January 7, 2021

SPRING, TEXAS — Multifamily development and management firm Fein has opened Canopy at Springwoods Village, a 332-unit apartment community located within the $10 billion Springwoods Village mixed-use development in the northern Houston suburb of Spring. Designed by Steinberg Dickey Collaborative and built by Westchase Construction, the property offers one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Units are furnished with wood-style flooring, stone countertops, tile backsplashes, stainless steel appliances and individual washers and dryers. Amenities include a clubhouse with billiards and ping pong tables, a fitness center with yoga and spin studios, golf simulator room, library, conference room and a pool with sun shelves and cabanas. Residents also have access to a 1.5-acre lake with surrounding walking trails. Rents start at roughly $1,000 per month for a one-bedroom unit.

January 7, 2021

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