Property Type

Faris Lee Arranges $39.6M Refinancing for Packing House Square Mixed-Use Center in Yorba Linda, California

by Amy Works April 8, 2020

YORBA LINDA, CALIF. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based Ares Management. Nick Coo, Matt Brooks and Joe Chichester of Faris Lee represented the borrower in the financing and marketing of the property.

April 8, 2020

Acquisitions California Multifamily Western

Sea Breeze Buys Del Sol Apartments in Northern California for $25.2M

by Amy Works April 8, 2020

SEASIDE, CALIF. — Sea Breeze LLC has purchased Del Sol Apartments, a three-parcel multifamily community located in Seaside in Monterey County. San Jose-based 1050 1. 12th St. LLC sold the asset for $25.5 million. Built between 1964 and 1974 on 3.1 acres, the 12-building, 98,105-square-foot community features 121 apartments. The property has undergone a variety of capital improvements, including all new decks and balconies, new double-pane windows, retrofitted garages, office upgrades and a new heating system. Eduardo Cerna of Marcus & Millichap represented the seller and procured the buyer in the transaction.

April 8, 2020

Acquisitions California Office Western

Newmark Pearson Commercial Brokers Sale of Two Office Buildings in San Joaquin Valley

by Amy Works April 8, 2020

TULARE AND FRESNO, CALIF. — Newmark Pearson Commercial has facilitated the sales of two office buildings in Tulare and Fresno. In the first transaction, an undisclosed investor acquired a 5,000-square-foot office building located at 793-799 N. Cherry St. in Tulare. Tulare Local Healthcare District sold the asset for an undisclosed price. Luke Tessman of Newmark Pearson Commercial was the agent. In the second deal, Surdeep Singh Family Limited Partnership sold a 5,135-square-foot office building located at 6065 N. First St. in Fresno. Lagattuta Land LLC acquired the property for an undisclosed price. Scott Christensen of Newmark Pearson Commercial, in cooperation with David Rodkin of ADR Preferred, handled the transaction.

April 8, 2020

California Development Multifamily Western

Meta Housing Breaks Ground on 65-Unit Affordable Multifamily Project in Orange County

by Amy Works April 8, 2020

WESTMINSTER, CALIF. — Los Angeles-based Meta Housing Corp., in a joint venture partnership with Western Community Housing, has broken ground on Westminster Crossing, an affordable and permanent supportive housing multifamily community located ta 7122 Westminster Blvd. in Westminster. The $42 million development will provide 65 units with fully equipped kitchens with dishwashers, private bathrooms and a mix of hardwood and carpet flooring. Additionally, the project will include 89 parking spaces, 10 bicycle parking spaces, a community garden, outdoor lounge with barbecue area, synthetic turf play area and a children’s play area. The community spaces will include a homework room, conference rooms, art studio/maker space, gym/fitness/dance room and a community room, as well as management and service-provider offices. Upon completion in fall 2021, John Stewart Co. will manage the three-story property. The development team includes Meta Housing and Western Community Housing as co-developers and general partners, KPRS Construction Services as general contractor, IMG as construction manager, Y&M Architects as architect and MJS as landscape architect. Meta Housing partnered with the City of Westminster, Orange County, California Housing Finance Agency, U.S. Department of Housing and Urban Development, Capital One Bank, California Community Reinvestment Corp. and Red Stone Equity Partners to finance the …

April 8, 2020

Acquisitions Multifamily Northeast Pennsylvania Student Housing

MultiVersity Housing Partners Acquires 94-Bed Student Housing Community in Pittsburgh

by Alex Patton April 8, 2020

PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.

April 8, 2020

Acquisitions Industrial New Jersey Northeast

Colliers Arranges Sale of 29,418 SF Industrial Property in Pennsauken, New Jersey

by Alex Patton April 8, 2020

PENNSAUKEN, N.J. — Colliers International has arranged the $1.3 million sale of 8000 National Highway, a 29,418-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. The building features 14-foot clear heights and convenient access to Interstate 95 and U.S. Route 130. Patrick J. Kelly Drums, a provider of sustainable storage products, acquired the property. Ian Richman and Marc Isdaner of Colliers represented the seller, Puratos Corp.

April 8, 2020

Leasing Activity New Jersey Northeast Office

NAI James Hanson Negotiates 12,015 SF Office Lease Renewal in Park Ridge, New Jersey

by Alex Patton April 8, 2020

PARK RIDGE, N.J. — NAI James Hanson has negotiated a 12,015-square-foot office lease renewal for Amica Mutual Insurance Co. in Park Ridge, a northwestern suburb of New York City. The space is located at One Maynard Drive, a three-story, 139,000-square-foot office building. Amica Mutual has been a tenant at the Class A building for nearly 20 years. The property is located near a fitness center and several retail centers, including the Wegmans-anchored Shoppes at Depiero Farm shopping center. Andrew Somple, Justin Allessio and Judy Troiano of NAI James Hanson represented the landlord, Sartak Holdings Inc., in the lease negotiations

April 8, 2020

Connecticut Leasing Activity Northeast Office

Tapestry TeleHealth Signs 2,873 SF Office Lease in Stratford, Connecticut

by Alex Patton April 8, 2020

STRATFORD, CONN. — Tapestry TeleHealth, a technology company that provides onsite and virtual healthcare to rural nursing facilities, has signed a 2,873-square-foot office lease in Stratford. The space is located at Merritt 8 Corporate Park, a 174,000-square-foot office complex. Yale New Haven Health Systems is the anchor tenant of the building. Randy Vidal of Vidal/Wettenstein LLC represented Tapestry TeleHealth in the lease negotiations. The landlord is a partnership of Merritt 8 Owner LLC and C/O Mountain Development Corp.

April 8, 2020

Acquisitions Arizona Office Western

Local Investor Acquires 28,187 SF Office Building at Chandler Airpark in Arizona

by Amy Works April 8, 2020

CHANDLER, ARIZ. — Scottsdale, Ariz.-based Chandler Commercial Building B, a local private investor, has purchased the Vertex Education building, a single-story office building located at 3125 S. Gilbert Road in Chandler. Locally based Chandler CSO LLC sold the property for an undisclosed price. Situated within Chandler Airpark, the 28,187-square-foot Class A office building was developed in 2018 for Vertex Education, Arizona’s K-8 charter management organization. Currently, the company operates 18 schools throughout Arizona and Nevada, serving more than 21,000 students. Mindy Korth, Todd Noel and Sean Westfall of Colliers International in Arizona represented the seller, while Korth, Chris Roach and Matt Roach, also of Colliers, represented the buyer in the transaction.

April 8, 2020

Atlanta Rent & Occupancy Forecast Under COVID-19 Stress

Content Partner Features Georgia Lument Multifamily RED Capital Group Southeast

Atlanta Economic Juggernaut Encounters COVID-19 Roadblock

by Sarah Daniels April 8, 2020

In January, the Atlanta market was ticking like a fine Swiss watch. With leadership from its robust crew of business, education, healthcare, accommodations and leisure services industries, the economy cruised into 2020 with a full head of steam. Although moderately slower than regional peers, Atlanta’s pace of job creation was considerably faster than state and national averages, contributing to falling unemployment — the metro rate was only 3.2 percent in January, the lowest ever for the first month of the year — and strong absorption of office space in blossoming Midtown. Construction projects large and small transformed the landscape at a formidable pace, molding urban neighborhoods in a grand style rarely seen in 21st century America. Multibillion dollar developments like Centennial Yards and the ambitious mass-transit-inspired Atlanta Beltline project promised to enhance the urban living environment while preserving Atlanta’s renowned quality of life. No commercial real estate segment was more active than multifamily. Last year, apartment properties valued at nearly $8 billion exchanged hands, establishing a metro series record. In addition, construction of more than 17,000 units is underway — assets with stabilized value of about $2.5 billion — and another 25,000 units are planned. Late-decade property performance was among …

April 8, 2020

Newer Posts

Older Posts