WICHITA, KAN. — Credit Union of America (CUA) has purchased a new corporate office in Wichita for an undisclosed price. The three-story building, formerly known as the IMA building, spans 55,000 square feet and is situated on 3.2 acres. CUA plans to move all staff from its current office at 650 S. Westdale Drive to the new building in June. Craig Ablah of Classic Real Estate represented the seller, 8200 LLC. Randy Johnston of J.P. Weigand & Sons Inc. represented CUA.
NEW YORK CITY — Tishman Speyer has topped out The Spiral, a 2.8 million-square-foot office tower located within Manhattan’s Hudson Yards mixed-use development. The 1,031-foot, 65-story building encompasses an entire city block between West 34th to West 35th streets and from 10th Avenue to the four-acre Bella Abzug Park. The Spiral, which was designed by Bjarke Ingels Group and is expected to open in 2022, is the future site of the global headquarters of pharmaceutical giant Pfizer, which will occupy 746,000 square feet. Law firm Debevoise & Plimpton LLP is also relocating its headquarters to The Spiral with a footprint of 531,000 square feet, while asset management firm AllianceBernstein has also committed to 166,000 square feet, bringing the building’s preleased occupancy rate to 51 percent. Tenants on every floor will have access to outdoor space as part of a series of spiraling landscaped terraces and hanging gardens that wrap around the façade of the tower. The building will also house 25,000 square feet of retail space.
NEW YORK CITY — Locally based real estate private equity firm Madison Realty Capital has broken ground on a 478-unit multifamily project in the Woodside area of Queens. Roughly 30 percent (143 residences) of the units in the building, which will also include 15,000 square feet of retail space, will be designated as affordable housing. Residential amenities will include a fitness center with a separate yoga room, a media lounge, laundry room, storage room, parking lot, bike storage, tenant lounge, rooftop terrace with a recreation kitchen and onsite parking. As part of the larger project, Madison Realty Capital is also developing a 78,000-square-foot public elementary school in partnership with the New York City School Construction Authority and Department of Education. The school will serve about 475 students in kindergarten through fifth grade. A tentative completion date was not released.
NEW YORK CITY — Urban Standard Capital, a locally based lending and investment firm, has provided a $20 million loan for the refinancing of 265 W. 37th St., a 23-story office building in Midtown Manhattan that includes ground-floor retail space. The borrower, Meyer Equities, will use portions of the proceeds to buy out its partner and to fund tenant improvements and leasing costs at the 263,349-square-foot building. Charlie Brosens of Urban Standard Capital originated the interest-only financing, which was structured with a 24-month term and a 5.25 percent interest rate.
NEW YORK CITY — Liquor producer Beam Suntory has signed a 99,556-square-foot office lease at 11 Madison Avenue in Manhattan for its new global headquarters. The 15-year lease covers the entire 12th floor and brings the 30-story building to full occupancy. David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green. The building, which currently houses tenants such as Credit Suisse and SONY Corp. of America, will also house a global office of Beam Suntory’s parent company, Suntory Holdings.
SOUDERTON, PA. — Cronheim Mortgage has arranged a $14 million bridge loan for 209 Commerce Center, a 176,500-square-foot industrial property in Souderton, about 35 miles northwest of Philadelphia. The newly built property features 32-foot clear heights and 29 loading docks and was vacant at the time of the loan closing. A national bridge lender provided the loan on behalf of the undisclosed borrower. The loan was structured with an earn-out provision that will allow the sponsor to recoup some equity once the property leases up.
INDIANAPOLIS — Citimark has acquired the former headquarters of hhgregg Inc. and announced plans to redevelop the 27-acre property on the far north side of Indianapolis. Citimark hasn’t unveiled full plans yet, but says it is considering single or multi-tenant flex, industrial and last-mile uses while preserving the flexibility for some retail out-lots. Appliance, electronics and furniture retailer hhgregg declared bankruptcy and liquidated all its assets in 2017, including closing its 220 stores and laying off more than 5,000 workers. The 400,000-square-foot headquarters, which featured office, industrial and showroom buildings, has sat vacant since then. The property’s unique shell design, with an open-air courtyard that can accommodate 200 cars, may have slowed the sale process. In January of 2019, national car dealer Napleton Auto Group kicked the tires on the property as a potential Kia dealership, before backing out later in the month, according to the Indiana Business Journal. Local contractor Deem LLC considered purchasing the property, but pulled out of the deal in November 2020, reported the Journal. Ultimately, Citimark emerged as the buyer in late December, paying $14 million for the asset. Alex Cantu with Colliers Indianapolis assisted Citimark with the purchase. Colliers Indianapolis brokers Jimmy Cohoat and …
The Washington, D.C. metropolitan area has been a perennial favorite for multifamily capital, particularly pension funds, life companies, family offices and other institutional investors and is often regarded as “recession-proof.” However, as we all know, 2020 was a year like no other. What impacts have COVID-19 and recent economic turmoil had on this market’s luster, and what do the prospects look like for investors, owners and operators in the long term? An Economy Buffered by Government and Technology The D.C. Metro’s response to the crisis has been one of the most robust, with local the economy currently 90 percent + open for business and no signs of a dip back into lockdown. From the initial shutdowns in March 2020 to the continued uncertainty of today, cities with heavy representation in retail, tourism and service sectors have experienced significant economic repercussions from COVID-19. In Washington, D.C., by contrast, having the federal government as the city’s largest employer has served as a major buffer. D.C. experienced a particularly acute government-mandated economic shutdown from March to May. While payroll performance in the District of Columbia’s leisure and hospitality sector declined nearly 60 percent from May 2019 to May 2020, jobs in this sector …
SAN FRANCISCO — Presidio Bay Ventures has received on $120 million in construction financing for the development of Ventana Residences, an apartment community located at 99 Ocean Ave. in San Francisco’s Outer Mission and Excelsior District. The project is a joint venture between Presidio Bay and American Realty Advisors. TDA Investment Group (TDA) and the AFL-CIO Housing Investment Trust (AFL-CIO HIT) provided the construction financing. Ventana Residences will offer 193 family-friendly apartments, with 48 designated as below-market-rate units, in a mix of studio, one-, two- and three-bedroom floor plans. Community amenities will include a fitness center, co-working spaces, on-site childcare facilities, a two-level roof deck and a large-format, public-facing art program. Additionally, the project’s design incorporates sustainable elements including rooftop solar photovoltaic panels, all-electric appliances and individual utility submetering. Utilizing 100 percent union labor, the development of Ventana Residences will create more than 500 prevailing wage jobs and provide 25 percent on-site affordable housing, making the project the largest San Francisco community to be built under the city’s HOME-SF affordable housing development program.
MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles. The property is situated on seven acres and will include more than 400 units. A name for the community was not released. Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community. The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs. Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.
