FOLSOM, CALIF. — Faris Lee Investments has arranged the sale of a drive-thru restaurant property located within Folsom Gateway Shopping Center in Folsom. A private family partnership acquired the asset from an undisclosed seller for $2.5 million. Taco Bell occupies the freestanding building, which was constructed in 2007. Tyler Strauss and Jeff Conover of Faris Lee procured the buyer and represented the seller in the transaction.
JERSEY CITY, N.J. — JLL has provided a $20 million Freddie Mac loan for the refinancing of Solaris Lofts, a 72-unit apartment building with ground-floor retail space in Jersey City. Built in 2019, the five-story building features studio, one-, two- and three-bedroom units averaging 733 square feet and amenities such as a fitness center, dog park, resident lounge and a rooftop deck. Matthew Pizzolato and Thomas Didio of JLL originated the 10-year, floating-rate loan on behalf of the borrower, PERE Holdings.
NEWBURGH, N.Y. — Third-party logistics firm National Freight Inc. has signed a 60,143-square-foot industrial lease at Northeast Business Center, a 141-acre industrial park in Newburgh, about 70 miles north of Manhattan. Bob Scherrik of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Sekel represented the landlord, National Realty & Development Corp., on an internal basis.
NEW YORK CITY — Knotel Inc., a New York City-based flexible workspace provider, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Knotel concurrently has agreed to sell the business to an affiliate of commercial real estate services firm Newmark Group Inc. (Nasdaq: NMRK), which is providing Knotel with $20 million of debtor-in-possession (DIP) financing to help fund day-to-operations. The DIP financing, provided by a Newmark-backed entity known as Digiatech LLC, is subject to court approval. Founded in 2016, Knotel provides custom offices for company’s using an in-house team of architects, interior designers and workplace strategists. The total number of existing Knotel locations was not available, but Knotel has a presence in several global cities, including Amsterdam, Atlanta, Berlin, Boston, Dublin, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Toronto and Washington, D.C. Amol Sarva, co-founder and CEO of Knotel, cites the COVID-19 pandemic as a black swan event for his firm, which was hampered by companies opting to work from home during the outbreak. “The pandemic created a uniquely challenging operating environment, with significant impacts on leasing velocity and the rate of renewals in key markets, particularly New York …
While the Inland Empire economy was hit hard in 2020, we remain optimistic on the retail sector’s recovery over the coming 12 to 24 months. This market is a benefactor of COVID-19 in that more people than ever before are able to work remotely. This has triggered a migration from urban cores to more spacious and affordable housing in the newer residential communities of Riverside and San Bernardino counties. As the population is anticipated to expand here, retail will directly benefit as residents are more likely to have additional discretionary income to allocate to retail and restaurant venues. In particular, there are many high-growth submarkets to watch within the region. Some of our top areas include Eastvale, Jurupa Valley and Rialto, which have all experienced expansion despite the restrictions and challenges that COVID has created. They are seeing a significant amount of residential growth as they offer strong school districts, expansive parks, affordable housing, proximity to large employment bases and newer retail amenities. A young family demographic is moving to towns like these, and retail users have taken notice. This has resulted in large retail projects like Renaissance Marketplace in Rialto and the Station in Eastvale taking shape. Turning to …
Seniors housing investors may be switching from development to acquisitions in the near term, as highly motivated sellers seek to unload existing properties at a lower price than the cost of building a new community. The prospect of highly motivated sellers has largely come as a result of the stresses of operating seniors housing during a global pandemic. “We’re starting to see valuations that are well below what we can develop for,” said Bill Pettit of R.D. Merrill Co. “If it’s the right business model and the right locations, we’ll be much more active on the acquisitions side moving forward.” Pettit’s comments came during a webinar entitled “Seniors Housing Valuation Outlook: What’s Ahead for 2021?” The event, held Thursday, Jan. 28, also included Rich Lerner of Housing & Healthcare Finance, Adam Heavenrich of Heavenrich & Co., Michelle Kelly of National Health Investors (NHI), Chris Kronenberger of Blue Moon Capital Partners and moderator JP LoMonaco of Valuation & Information Group. “Value by nature is a long-term concept,” said LoMonaco. “Value is created by the anticipated benefits of ownership over the long term. But short-term issues can cause short-term impacts on value.” LoMonaco noted that the acquisitions market for seniors housing was …
UPPER MARLBORO, MD. — Cabot Properties Inc. and MRP Industrial are co-developing a speculative 86,840-square-foot warehouse/industrial building in Upper Marlboro, a Washington, D.C., suburb in Maryland’s Prince George’s County. The site is located on an approximate seven-acre parcel within Collington Park, with delivery expected to occur in the fall. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. The property will be a single-story concrete tilt-wall building with 32-foot clear heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open-space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single- and multi-tenant use. Located 20 miles from Washington, D.C., and 40 miles from the Port of Baltimore, Collington Park is situated close to Interstate 495 and MD Route 301 and has more than 4 million square feet of industrial/warehouse space, with a current vacancy rate under 3.7 percent. Target and Amazon combined occupy more than 1 million square feet within the park. Other tenants include FedEx, …
ARLINGTON, VA. — Hana, a flexible office space provider and subsidiary of CBRE Group, has opened a 39,000-square-foot location in Arlington known as Hana at National Landing. JBG Smith is the owner and developer of the larger 11-story office building, which is located at 2451 Crystal Drive. The property includes private office suites dubbed “Hana Team,” a conference and events space called “Hana Meet” and a portion of the unit dedicated to traditional coworking known as “Hana Share.” Hana at National Landing is located in the center of the National Landing submarket, home to Amazon’s second headquarters. The area has dining options, cultural attractions, fitness studios, outdoor parks and bike trails. The property is situated 1.2 miles from Ronald Reagan Washington National Airport. Hana at National Landing sits within Arlington’s Crystal City, part of Pentagon City and Potomac Yard. The property looks out over the Potomac River and Washington, D.C., skyline. A planned pedestrian bridge will connect Hana to Reagan National Airport. Some nearby bars and restaurants include Zen Bistro & Wine Bar, Legal Sea Foods and Highline RxR. Hana’s property at National Landing marks the company’s first East Coast location.
SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.
NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.
