IRVING, TEXAS — Holt Lunsford Commercial has negotiated a 15,885-square-foot industrial lease at 2833 W. Airport Freeway in Irving. Canon Shoults and Maddy Canty of Holt Lunsford represented the landlord, Sealy Capital Management, in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the tenant, temperature-controlled logistics firm SCL Cold Chain.
ASPEN, COLO. — Marcus & Millichap has brokered the sale of Centennial Aspen Apartments, a three-story multifamily property located in Aspen. Birge & Held acquired the community for $50.5 million, or $338,926 per unit. Moshe Safdie, a world-renowned architect, designed the property, which was completed in 1986. The 11-building, 149-unit property is located at the base of Smuggler Mountain within a 15-minute walk from downtown Aspen. Community amenities include storage, laundry facilities, a playground and assigned parking. Greg Price and Jason Hornik of Marcus & Millichap’s Denver office represented the local seller and procured the buyer in the transaction.
BLUE BELL, PA. — JLL has arranged the sale of a 123,087-square-foot office building in Blue Bell, a northern suburb of Philadelphia. Located at 518 Township Line Road, the building was completed in 2001 and renovated in 2019 with a new lobby, conference center, café and fitness center. At the time of sale, the property was 80 percent leased to six tenants including Jefferson Blue Bell Surgery. Doug Rodio, Brett Segal and Brett Grifo of JLL represented the seller, a partnership between Kairos Real Estate Partners and Artemis Real Estate Partners. The team also procured the buyer, Apex Financial Advisors.
DENVILLE, N.J. — Cushman & Wakefield has brokered the $22.6 million sale of Denville Commons, a 73,000-square-foot, grocery-anchored shopping center in Denville, a northwestern suburb of New York City. Located at 3130 Route 10, the property is anchored by Corrado’s Market and was 90 percent leased at the time of the sale to 16 tenants including Goldfish Swim School and Orangetheory Fitness. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the seller, Denville Commons Associates LP. The team also procured the buyer, Longpoint Realty Partners.
WEST ORANGE, N.J. — Atkins Cos. has sold Atkins Medical Plaza, a 38,500-square-foot medical office building in West Orange, a western suburb of New York City. Located at 1500 Pleasant Valley Way, the Class A medical property was 90 percent leased at the time of sale. Atkins Cos. constructed the property, which is located near Saint Barnabas Medical Center and Garden State Parkway, in 2001. Jim McGuckin and Brian Hosey of Marcus & Millichap represented Atkins Cos. in the transaction. Alan Cafiero and Ben Sgambati led a Marcus & Millichap team that represented the buyer, a private investor. The sales price was undisclosed.
EASTON, PA. — Domino’s Pizza has signed a 1,300-square-foot retail lease in Easton, approximately 70 miles north of Philadelphia. Located at 3011 William Penn Highway in William Penn Plaza shopping center, the retail space has been vacant for the last four years. Other tenants include Weis Supermarket, GameStop and several other retail businesses and restaurants. The new lease for the 1,300-square-foot space carries a 10-year initial term. The opening is slated for late spring or early summer 2020, in accordance with timelines established by the state regarding COVID-19. Seth Lacey and Scott Horner of Colliers International represented the landlord in the lease negotiations.
SANTA FE, N.M. — CBRE has secured $49.7 million in construction financing for the development of South Meadows, a market-rate multifamily apartment complex in Santa Fe. Peter Gineris and Chad Ricks of CBRE’s Capital Markets’ Debt & Structured Finance team originated the loan through the firm’s FHA lending platform on behalf of Storm River, the owner/developer. The loan for the Class A, garden-style apartment project is funded through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) new construction mortgage insurance program. The transaction provides an interest-only construction period of 27 months with a 40-year, non-recourse and fully amortizing permanent loan. Located at 2800 S. Meadows Blvd., the development will feature 10 three-story residential buildings, offering a total of 240 units, and a single-story clubhouse/leasing office. Community amenities will include a pool and spa with ramada; picnic and barbecue areas with grills; dog park; bike racks; mail center; fob access to amenity areas; detached garages; carports; a maintenance building; and secured perimeter fencing. Each unit will feature stainless steel, energy-efficient appliances, pantries, kitchen islands, entry closets, storage units, USB outlets, washers/dryers, oversized bathtubs, walk-in shower stalls, walk-in closets, nine-foot ceilings, crown molding, hard-surface premium flooring, private patio/balcony and ceiling …
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, while implementing expense management and approved Medicaid rate increases. “These Medicaid rate increases will dramatically help improve the cash flow of the facility in the very near future and serve as a bridge through these troubled times,” says Henry Fuller, senior associate at ESI. ESI represented the seller, the court-appointed receiver for the community. The buyer was an East Coast capital group that formed a joint venture with a Los Angeles-based operator. The community represented one of two facilities the venture closed on in the state of Washington simultaneously. “Washington Care Services presented a great opportunity for a new ownership group with operational expertise and synergies in the skilled nursing …
CINCINNATI — Kroger will limit the number of customers to 50 percent of the international building code’s calculated capacity to allow for proper social distancing in every store. The standard building capacity for a grocery store is one person per 60 square feet. Under Kroger’s new reduced capacity limits that begin today, April 7, the number will be one person per 120 square feet. Cincinnati-based Kroger will monitor the number of customers by using QueVision technology, which already provides a count of the customers entering and exiting stores. Kroger’s new customer capacity limits joins other measures the retailer has established over the last few weeks to promote social distancing, including the addition of plexiglass partitions and floor decals. Kroger is also encouraging associates to wear protective masks and gloves. All locations are expected to have these supplies by the end of the week.
DETROIT — The conversion of TCF Center in Detroit into a 1,000-bed field hospital is ahead of schedule and slated for completion by Wednesday April 8, according to the Detroit Free Press. Members of the Michigan National Guard assisted the Federal Emergency Management Agency with logistics support and inventory of equipment and supplies. The transformation of the convention center into a federal medical station is in effort to treat COVID-19 cases during a period of surge demand. On April 1, Gov. Gretchen Whitmer signed an executive order formally declaring a state of disaster. As of Monday, April 6, there were 17,221 confirmed cases of COVID-19 in the state of Michigan and 727 deaths.