Property Type

Cushman & Wakefield Brokers $23.2M Sale of Land Parcel Near Phoenix for 2.2 MSF Sarival Logistics Center

by Amy Works January 6, 2021

GLENDALE, ARIZ. — Cushman & Wakefield has brokered the sale of a 108-acre industrial development site at the northeast corner of Loop 303 and West Bethany Home Road in Glendale. An undisclosed national real estate investment trust acquired the property from Loop 303 at Bethany North LLC for $23.2 million. The buyer plans to develop Sarival Logistics Center, which will total up to 2.2 million square feet of Class A industrial space that will be constructed on a speculative basis in multiple phases. The total project site also includes an additional 40-acre plot that the buyer acquired in December 2020. Phase I of the 148-acre Sarival Logistics Center will feature a 1.1 million-square-foot speculative building. Construction is slated to begin in early 2021. Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield’s Phoenix office represented the seller in the transaction.

January 6, 2021

Acquisitions California Multifamily Western

ACI Apartments Negotiates $13.8M Acquisition of Apartment Complex in San Diego

by Amy Works January 6, 2021

SAN DIEGO — ACI Apartments has arranged the sale of a 38,576-square-foot multifamily complex located in San Diego’s North Park neighborhood. KA Enterprises acquired the community from Arcadia Six LLC for $13.8 million. Situated on a 24,393-square-foot lot at 4602 Kansas St., the property features 47 apartments in a mix of 18 one-bedroom/one-bath, three two-bedroom/one-bath and 26 two-bedroom/two-bath units. Additionally, the community features gated access, a swimming pool, off-street parking and carports. Anton Burman of ACI Apartments represented the buyer, while David Andrews of ACRE represented the seller in the deal. Eugene Marini provided acquisition and asset management. Annemarie Lococo of Chicago Title served as the escrow officer for the transaction.

January 6, 2021

Loans Multifamily Washington Western

Taylor Street Arranges $5M in Loans to Refinance Two Multifamily Properties in Seattle

by Amy Works January 6, 2021

SEATTLE — Taylor Street Capital Partners (TSCP) has secured a total of $5 million in refinancing for two multifamily properties in Seattle. In the first transaction, TSCP arranged a $3.5 million cash-out Freddie Mac refinancing for undisclosed owners of a 23-unit multifamily asset in downtown Seattle. The firm negotiated the loan on the behalf of out-of-state clients looking to withdraw equity for capital improvements and asset appreciation. In the second transaction, TSCP arranged a $1.5 million cash-out Freddie Mac refinancing for the out-of-state owners of a 12-unit multifamily asset in downtown Seattle. The firm negotiated the loan for the owners who are looking to withdraw equity for capital improvements and asset appreciation.

January 6, 2021

Acquisitions New York Northeast Restaurant Retail

Urban Edge Properties Acquires 1.2 MSF Sunrise Mall on Long Island for $29.7M

by Taylor Williams January 6, 2021

MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.

January 6, 2021

Teleflex-Knitting-Mills-Wyomissing-Pennsylvania

Acquisitions Healthcare Life Sciences Northeast Office Pennsylvania

Equus Sells 262,615 Life Sciences Portfolio in Wyomissing, Pennsylvania

by Taylor Williams January 6, 2021

WYOMISSING, PA. — Philadelphia-based Equus Capital Partners has sold a three-building, 262,615-square-foot life sciences portfolio in Wyomissing, located just outside Reading in Berks County. An affiliate of Miami-based Kawa Capital Management purchased the portfolio for an undisclosed price. The buildings are located within the 53-acre Knitting Mills campus and house office and lab space that is leased to tenants such as UGI Energy Services, Teleflex and Tower Health. The site was originally built in the early 20th century as a manufacturing hub for The Berkshire Knitting Mills. Equus bought the site in 2016 with plans to redevelop it into a life sciences campus.

January 6, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 130-Unit Avalon Stratford Apartments in Connecticut

by Taylor Williams January 6, 2021

STRATFORD, CONN. — CBRE has negotiated the sale of Avalon Stratford, a 130-unit apartment community in Stratford, located in the southern part of the state. The property was built in 2014 and offers amenities such as a pool, fitness center, outdoor grilling areas and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Stuart MacKenzie of CBRE represented the owner, AvalonBay Communities, in the transaction. The team also procured Pennsylvania-based Merion Realty Partners as the buyer.

January 6, 2021

Acquisitions Healthcare Northeast Rhode Island

Newmark Brokers $18.7M Sale of Medical Office Building in East Greenwich, Rhode Island

by Taylor Williams January 6, 2021

EAST GREENWICH, R.I. — Newmark has brokered the $18.7 million sale of Lifespan Ambulatory Care Center, a 48,307-square-foot medical office building located at 1454 S. County Trail in East Greenwich. Robert Griffin, Frank Nelson, Michael Greeley and Dominick Romano of Newmark, along with Matthew Fair of Hayes & Sherry, represented the seller, Albany Road Real Estate Partners, in the transaction. The team also procured the buyer, a partnership between Anchor Health Properties and The Carlyle Group. The building also houses cancer care and cardiology practices.

January 6, 2021

Development New Jersey Northeast Office

Unity Construction Completes 38,000 SF Office Project for Key Food in Old Bridge, New Jersey

by Taylor Williams January 6, 2021

OLD BRIDGE, N.J. — General contractor Unity Construction Services Inc. has completed a 38,000-square-foot office project for regional grocer Key Food’s corporate headquarters in Old Bridge, about 40 miles south of New York City. Key Food is relocating from Staten Island to the new building, which houses open and private offices, conference rooms, a fitness center, an executive suite and a test kitchen. California-based Ware Malcomb designed the project.

January 6, 2021

Market Reports New Jersey Northeast Northeast Market Reports Office

Will 2020 Be A Year to Remember or Forget for the New Jersey Office Market?

by Taylor Williams January 6, 2021

By Jonathan Glick, executive vice president, Sheldon Gross Realty Projecting future trends is always challenging, particularly when you’re attempting to do it during a global pandemic. But to date, several promising signs suggest that New Jersey’s office market is moving in a positive direction —sluggishly and bumpily, perhaps — but in an encouraging direction nonetheless. Newly delivered projects can provide insight on where the Garden State’s office market is headed in terms of geography, design, functionality and usage. We offer several examples of 2020 deals that help illustrate these trends. Sheldon Gross marketed and brokered the sale of a two-story 13,000-square-foot office building in Cranbury that featured an appealing location, just off exit 8A of the New Jersey Turnpike. The structure had been for sale and vacant for two years, but its out-of-state owner was willing to wait until a fair market offer materialized, which it did just prior to the COVID-19 outbreak. But with the pandemic unleashed on the market, all communication and negotiations ceased. By May, the prospective purchaser had withdrawn from the transaction. It wasn’t until September that a new deal was negotiated with a buyer that intended to occupy most of the building, rather than sharing …

January 6, 2021

Affordable Housing Development Multifamily Southeast Tennessee Top Stories Virginia Washington Western

Amazon Launches $2B Housing Equity Fund to Preserve, Create 20,000 Affordable Housing Units

by Kristin Harlow January 6, 2021

SEATTLE — Amazon has launched its Housing Equity Fund, a more than $2 billion commitment to preserve and create over 20,000 affordable housing units in Washington State’s Puget Sound region; Arlington, Va.; and Nashville, Tenn. — three metro areas where the company has or expects to have at least 5,000 employees each in the coming years. Amazon’s first investments include $381.9 million in below-market loans and grants to the nonprofit organization Washington Housing Conservancy (WHC) to preserve and create up to 1,300 affordable units at the Crystal House multifamily property in Arlington. WHC purchased Crystal House recently using Amazon’s capital. Rents at the property will be significantly lowered to target households earning less than 80 percent of the area median income (AMI). The conversion of existing apartments to affordable units began on Jan. 1 and will continue over the next five years. A 99-year covenant ensures that Crystal House will remain affordable for the long term. Arlington County has lost approximately 14,400 privately owned, affordably priced housing units since 2000, according to the county’s government. In addition, the Seattle-based online retail giant has committed $185.5 million in below-market loans and grants to King County Housing Authority (KCHA) to preserve up …

January 6, 2021

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