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Saugus-Plaza-Shopping-Center
LoansMassachusettsNortheastRetail

JLL Arranges $33.5M Loan for Refinancing of Metro Boston Shopping Center

by Taylor Williams

SAUGUS, MASS. — JLL has arranged a $33.5 million loan for the refinancing of Saugus Plaza Shopping Center, a 208,500-square-foot retail power center in the northern Boston suburb of Saugus. The property spans 16 acres along Route 1 and houses tenants such as Petco and Kohl’s. John Fowler, Chris Angelone, Brett Paulsrud and Amy Lousararian of JLL placed the fixed-rate loan through HarborOne Bank and Salem One on behalf of the borrower, locally based development and management firm Finard Properties.

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DevelopmentMassachusettsMultifamilyNortheast

Related Beal Nears Completion of 172-Unit Apartment Complex in Boston’s South End

by Taylor Williams

BOSTON — Locally based developer Related Beal is nearing completion of The Harris, a 172-unit apartment complex that will be located at the site of the former Quinzani Bakery in Boston’s South End neighborhood. Residences will come in studio, one-, two- and three-bedroom floor plans and will be furnished with custom oak cabinetry, quartz countertops and tile backsplashes. Amenities will include an 8,000-square-foot fitness center with yoga and spin studios, as well as basketball and squash courts. In addition, residents will have access to a billiards lounge with reservable dining spaces and a 5,700-square-foot terrace with grills, fire pits, lounge furniture and TVs. Construction of The Harris began in 2019 and is expected to be complete in late spring.

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Leasing ActivityNew YorkNortheastOffice

Transit Wireless Signs 32,499 SF Office Lease at 1400 Broadway in Manhattan

by Taylor Williams

NEW YORK CITY — Transit Wireless has signed a 32,499-square-foot office lease at 1400 Broadway in Manhattan. Michael Gottlieb, Susan Kahaner, Jennifer Ogden and Martin Cottingham of Avison Young represented the tenant, which is relocating to the 37-story building from 1350 Broadway, in the lease negotiations. Scott Klau, Erik Harris, and Neil Rubin of Newmark, along with internal agents Keith Cody and Shanae Ursini, represented the landlord, Empire State Realty Trust.

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4600-S-Syracuse-Denver-CO
AcquisitionsColoradoOfficeWestern

MetLife Sells 304,059 SF Office Building in Southeast Denver to Miller Global, Principal Real Estate Investors

by Amy Works

DENVER — MetLife Investment Management has completed the disposition of 4600 S. Syracuse, an office building located in Denver’s southeast market. A joint venture between Miller Global Properties and Principal Real Estate Investors acquired the 304,059-square-foot asset for an undisclosed price. Completed in 1999 and renovated in 2013, 4600 S. Syracuse features floor-to-ceiling windows, efficient 25,000-square-foot floorplates and recently updated conferencing and fitness facilities. Additionally, the 13-story building features a 727-space parking garage, as well as the development upside through excess land that could potentially host an office tower or multifamily development. At the time of sale, the property was 90 percent leased to 19 tenants across eight industries. Mark Katz and Peter Merrion of JLL Capital Markets represented the seller, while Eric Tupler and Josh Simon, also of JLL Capital Markets, arranged acquisition financing for the buyer.

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Crosswinds-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

Colliers Arizona Brokers $54.2M Sale of Crosswinds Multifamily Community in Chandler

by Amy Works

CHANDLER, ARIZ. — Colliers International has arranged the sale of Crosswinds, a multifamily property located at 868 S. Arizona Ave. in Chandler. Los Angeles-based Tides Equities acquired the 147,556-square-foot asset from Toronto-based Emma Capital for $54.2 million. Built in 1986 on 10.9 acres, Crosswinds features 374 apartments spread across 17 residential buildings. The unit mix includes studio, one- and two-bedroom layouts, many of which have been renovated to include vaulted ceilings, faux-wood flooring, walk-in closets, private patios and energy-efficient appliances. Community amenities include a pool and spa; barbecue and picnic area; basketball, sports and volleyball courts; children’s playground; resident clubhouse; fitness center; and laundry facilities. Brad Cooke, Cindy Cooke, Matt Roach and Chris Roach of Colliers Arizona handled the transaction.

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Barker-Artemis-Self-Storage-AZ-2
AcquisitionsArizonaIndustrialSelf-StorageWestern

Barker Pacific Group, Artemis Real Estate Partners Buy 2,189-Unit Self-Storage Portfolio Near Phoenix

by Amy Works

PHOENIX AND GILBERT, ARIZ. — A joint venture between Barker Pacific Group and Artemis Real Estate Partners has purchased three self-storage facilities in Gilbert and North Phoenix. Terms of the transaction were not released. Totaling 234,350 square feet, the newly built portfolio features 2,189 climate-controlled self-storage units. Two properties are located in Gilbert and one is situated in the Tramonto neighborhood of Phoenix. This acquisition marks the joint venture’s second foray into the Phoenix market bringing its total to four self-storage facilities acquired by the partnership.

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LoansMultifamilyOregonWestern

Dwight Capital Provides $26.8M Refinancing for Springwater Crossing Apartments in Oregon

by Amy Works

GRESHAM, ORE. — Dwight Capital has closed a $26.8 million HUD 223(a)(7) refinancing for Springwater Crossing Apartments in Gresham. Built in 2010, the property features 32 apartments, a resident lounge, fitness center and four playgrounds. Additionally, Springwater Crossing qualifies as a green/energy-efficient property and therefore received a Green Mortgage Insurance Premium Reduction set at 25 basis points. Josh Sasouness of Dwight Capital originated the transaction.

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Emerald-Bay-Apts-Tacoma-WA
DevelopmentLoansMultifamilyWashingtonWestern

Parkview Financial Funds $9.4M Construction Loan for Multifamily Development in Tacoma, Washington

by Amy Works

TACOMA, WASH. — Parkview Financial has provided a $9.4 million construction loan to Emerald Bay Apartments LLC for the development of a multifamily property in Tacoma. Construction is under way at the project, with completion slated for early 2022. Located at 1624 E 32nd St., Emerald Bay Apartments will feature 82 units in a mix of 53 studios and 29 one-bedroom units. The units feature plank vinyl and treated concrete floors, exposed wood truss ceilings and stone surfaces. On-site amenities include a fitness center, rooftop terrace, community room, event space, dog wash and grass area, and a bike storage and repair room.

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DevelopmentHospitalitySoutheastTop StoriesVirginia

Marriott International Plans $250M Hotel in Reston Station Near Washington, D.C.

by Jeff Shaw

RESTON, Va. — Marriott International (NASDAQ: MAR) has unveiled plans for a $250 million luxury JW Marriott hotel in Reston, located between Washington, D.C. and Dulles International Airport. The building will rise 26 stories, featuring 250 guestrooms, 90 for-sale residential units, 15,000 square feet of meeting space, two restaurants, an executive lounge, swimming pool and fitness center. Marriott reached a franchise agreement with Comstock Holdings Cos. (NASDAQ: CHCI) to make the hotel the centerpiece for the next phase of Comstock’s Reston Station development. The hotel will anchor the Reston Row District, the newest section of the 60-acre, mixed-use, transit-oriented project. Reston Row District is located adjacent to Reston’s first Silver Line station, offering public transportation to D.C. via the Washington Metropolitan Area Transit Authority. When completed, Reston Row District will feature two office towers totaling approximately 500,000 square feet; a 350-unit multifamily building; 65,000 square feet of retail, service and fitness spaces; and a 2,500-space underground parking garage, all surrounding a 1.2-acre central park. The for-sale JW Marriott Residences Reston units will be served by a separate residential lobby entrance and located on the upper floors of the tower. This portion of the building will offer separate spaces and amenities …

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AlabamaCompany NewsGeorgiaRestaurantSoutheast

Chicken Salad Chick to Relocate Corporate Headquarters to Atlanta

by John Nelson

ATLANTA — Chicken Salad Chick, a Southern-inspired, fast-casual chicken salad restaurant chain, will relocate its headquarters from Auburn, Ala., to Atlanta. The move is slated to take place during the first quarter. Chicken Salad Chick’s new office will be located in the city’s Vinings district at the Overlook II building, which is situated at 2839 Paces Ferry Road in Atlanta. The company’s new office is 21 miles north of the Hartsfield-Jackson Atlanta International Airport. Scott Deviney, president and CEO of Chicken Salad Chick, says the company’s decision to move to Atlanta is the next step in its growth model. “This relocation positions Chicken Salad Chick to scale at an accelerated rate and meet aggressive growth goals, while allowing us to broaden our vision for the future,” says Deviney. “We’ve seen increased interest from Atlanta’s diverse and talented workforce, and the city’s airport allows us swift access to prospective vendors and a growing pool of interested franchisees.” Chicken Salad Chick isn’t the first restaurant chain to target Atlanta in order to grow. In September, Papa John’s announced it was moving its regional headquarters to Atlanta. The pizza giant chose The Battery Atlanta for its new offices. The new headquarters will house …

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