Property Type

Interra Arranges $6.5M Condo Deconversion Sale in Chicago’s Rogers Park

by Kristin Harlow February 28, 2020

CHICAGO — Interra Realty has arranged the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit condominium building in Chicago’s Rogers Park neighborhood, for $6.5 million. Built in 1929, the property rises three stories. Renovated two- and three-bedroom units feature exposed brick, kitchens with granite countertops and stainless-steel appliances as well as in-unit laundry. Craig Martin and Lucas Fryman of Interra represented the buyer, a local investment group that purchased the asset through a 1031 tax-deferred exchange. Martin and Fryman also represented the sellers, a private equity group that owned 36 of the units, three individual investors who each owned a unit and one owner-occupier.

February 28, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Axiom Capital Corp.: How healthy is today’s real estate market?

by Sarah Daniels February 28, 2020

Charles Cronin of Axiom Capital Corp. discusses how the longest upcycle in history is impacting the lending environment. Cronin weighs in on the overall health of the commercial real estate lending industry now and what people learned from the 2007/08 financial crisis. What can people expect from the market going into 2020, especially with high prices and fierce competition in both sales and lending? Low credit spreads and rates are positive signs for commercial real estate. However, challenges related to high-end apartments and areas with very high costs of living signal the need for both discipline and flexibility as secondary and tertiary markets become more attractive. Watch the video to hear more about what Cronin sees in today’s market. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 28, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

Capital Funding, Bank Leumi Provide $27.8M Acquisition Loan for Seniors Housing Facility in New Jersey

by Alex Patton February 28, 2020

WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have provided a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation, a seniors housing facility in Wanaque, New Jersey. The property is located approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation & Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding serving as agent for the transaction. Tim Eberhardt of Capital Funding, and Daniel Csillag of Bank Leumi USA in, originated the transaction.

February 28, 2020

Acquisitions Massachusetts Northeast Office Retail

Northeastern University Acquires Horticultural Hall Office, Retail Building in Boston for $22M

by Alex Patton February 28, 2020

BOSTON — Northeastern University has acquired Horticultural Hall, a 45,192-square-foot office and retail property in the Back Bay neighborhood of Boston. Located at 300 Massachusetts Ave., the building was constructed in 1901 as the headquarters of the Massachusetts Horticultural Society. At the time of sale, tenants included marketing agencies 829 Studios and Finn Partners, as well as Boston Magazine and the Museum of Fine Arts. Robert Griffin, Michael Greeley, Jason Cameron and Ali Cavanaugh of Newmark Knight Frank represented Northeastern University in the transaction. The team also represented the seller, Marcus Partners.

February 28, 2020

Acquisitions Multifamily New York Northeast

Brix Real Estate Arranges $6.3M Sale of Multifamily Building in The Bronx

by Alex Patton February 28, 2020

NEW YORK CITY — Brix Real Estate Advisors has arranged the $6.3 million sale of a 36-unit multifamily building in the Kingsbridge neighborhood of The Bronx. The six-story building is located at 55 E. 196th St. and was completed in the 1940s. Matthew Barbaccia and Christian Dedvukaj represented the seller, Rooftops Realty Inc. The team also represented a group of undisclosed local investors as the buyers.

February 28, 2020

Acquisitions Connecticut Northeast Retail

O,R&L Commercial Brokers Sale of 17,600 SF Retail Property in Wallingford, Connecticut

by Alex Patton February 28, 2020

WALLINGFORD, CONN. — O,R&L Commercial LLC has brokered the sale of a 17,600-square-foot retail property in Wallingford, a northern suburb of New Haven, for $1.6 million. The property is located at 200 Church St., on State Route 68. At the time of sale, the property was 100 percent leased to a mix of restaurants, retailers, a printing and marketing company and a recycling center. Rich Guralnick and Toby Brimberg of O,R&L Commercial represented the seller, a private trust, in the transaction. Phil Marshall of O,R&L represented the buyer, Northern Star CT Inc.

February 28, 2020

Leasing Activity New York Northeast Restaurant Retail

Asian Cuisine Concept Opens 6,836 SF Restaurant in Manhattan

by Alex Patton February 28, 2020

NEW YORK CITY — Asian cuisine concept wagamama has opened a 6,836-square-foot restaurant in Midtown Manhattan. The new restaurant is located at 100 W. 55th St. and offers 185 seats. The chain’s parent company, The Restaurant Group, has entered a U.S. joint venture partnership with Conversion Venture Capital (CVC2) as financial partners and Robert Cornog Jr. and Richard Flaherty as operating partners. Cornog and Flaherty previously were leaders of Punch Bowl Social, an experiential food and beverage brand. The joint venture plans to open 30 to 40 new restaurants across the United States.

February 28, 2020

Market Reports Multifamily Texas Texas Market Reports

Margins Moderate for Multifamily Developers in Dallas-Fort Worth

by Taylor Williams February 28, 2020

Multifamily developers in the Dallas-Fort Worth (DFW) metroplex in 2020 expect to see a slightly slower pace of rent growth brought on by record levels of new supply in recent years. This trend, paired with higher costs of adding features that distinguish properties from their competition, could lead to slightly more modest profit margins for multifamily developers. According to the latest data from CoStar Group, the average rate of multifamily rent growth in DFW between 2015 and 2019 was roughly 3.5 percent, skewed in part by a massive annual gain of 6.1 percent in 2015 and 3.9 percent in 2016. The citywide vacancy rate compressed below 7 percent in those two years, leading to an even more pronounced building boom. Since then, annual rent growth has maintained the current projection of 2 to 3 percent, with gains in the Class B space outpacing those of Class A product, a classification that captures virtually all new construction outside of purpose-built affordable housing. During the five-year period ending in 2019, nearly 110,000 new units were delivered in DFW, with annual supply growth as a percentage of total inventory topping 10 percent in some years. The new year purports to be the first …

February 28, 2020

Acquisitions Industrial South Carolina Southeast

Colliers Arranges Sale of 5.5 MSF Industrial Portfolio Across South Carolina

by Alex Tostado February 27, 2020

COLUMBIA, S.C. — Colliers International has arranged the sale of a 37-property, 5.5 million-square-foot industrial portfolio spanning 16 counties in South Carolina. The portfolio was 83 percent leased to 57 tenants at the time of sale. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International’s Columbia office represented the buyer, Cleveland-based Weston Inc., in the transaction. The seller was Reger Holdings LLC. The sales price and specific property details were not disclosed. According to CoStar Group, the transaction volume accounts for the largest single acquisition of properties within South Carolina in the past 10 years. Weston hired Colliers International | South Carolina and Columbia-based LCK Construction Services to handle brokerage, marketing, accounting, property management and project management for the portfolio, which includes a team of 40 professionals across Colliers’ Columbia, Charleston, Greenville and Spartanburg offices.

February 27, 2020

Acquisitions Florida Multifamily Southeast

Primerica Group One Sells Tampa Bay Apartment Complex for $62.5M

by Alex Tostado February 27, 2020

DUNEDIN, FLA. — Primerica Group One Inc. has sold Dunedin Commons, a 280-unit apartment complex in Dunedin, for $62.5 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, media center, cyber café, fitness center, infinity pool, outdoor kitchen, playground, dog washing station and walking and jogging trails. Dunedin Commons is situated at 2701 Dunedin Commons Place, 25 miles west of downtown Tampa. Jason Stanton, Cole Whitaker and Marc Sumner of Berkadia represented the Tampa-based seller in the transaction. Dallas-based Westdale Asset Management Ltd. acquired the property.

February 27, 2020

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