RIFLE, COLO. — Marcus & Millichap has arranged the sale of Fastenal Center, a flex office property located at 695 Buckhorn Drive in Rifle. A private investor purchased the property from Value Investment Group for $1.4 million. Fastenal Center features 9,750 square feet of flex office space. Cory Gross of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.
TEANECK, N.J. — New Jersey-based developer BNE Real Estate Group has completed One500, a 228-unit community located at 1500 Teaneck Road, about 20 miles west of New York City. Designed by Minno & Wasko Architects & Planners, the property features studio, one- and two-bedroom units with rents starting at $1,965 per month. Amenities include 24-hour concierge service, Amazon package service and onsite maintenance. Residents also have access to a social lounge, business lounge, coffee bar, billiards, party room, children’s playroom and a fitness center.
NEW YORK CITY — While the COVID-19 pandemic has certainly had a major influence on the commercial real estate industry, brokers and mortgage bankers say the initial concerns about a collapse in the multifamily sector were overestimated. That’s according to Berkadia’s 2020 Mid-Year Powerhouse Poll, which collected insights from nearly 150 investment sales brokers and mortgage bankers across 60 offices of the New York City-based brokerage, banking and loan-servicing firm. Despite the early concerns at the outset of the pandemic, 55 percent of respondents said that current market activity is better than expected compared to how they initially thought COVID-19 would impact the industry overall. Thirty-four percent say the current market is in line with their expectations. “COVID-19 continues to have a profound impact on our economy,” says Ernie Katai, executive vice president and head of production at Berkadia. “While no industry is immune, we have been buoyed by the resiliency of commercial real estate, including steady rent collections and continued deal activity.” While investment sales transaction volume is lower than pre-pandemic projections for the year, 69 percent of respondents are confident that capital conditions will return to normal in 2021. Residents, meanwhile, are largely still paying their rent. The …
RANDOLPH, N.J. — Third-party logistics firm Armstrong Relocation Co. has signed a 124,000-square-foot industrial lease renewal and expansion in Randolph, about 40 miles west of New York City. The company renewed its 84,000-square-foot lease at 9 Aspen Drive and also committed to an additional 40,000 square feet at the adjacent building. The company’s new space at 5 Aspen Drive features 46-foot clear heights, 12 loading docks and ample trailer parking space. Brian Wilson of Resource Realty represented Armstrong and the landlord, North Jersey Development, in the lease negotiations.
FREEHOLD, N.J. — Sheldon Gross Realty has negotiated a 71,922-square-foot industrial lease at 225 Willow Brook Road in Freehold, about 30 miles east of Trenton. The property was built in 1961 and totals 180,000 square feet, according to LoopNet Inc. Glenn Jaffe of Sheldon Gross represented the tenant, EUS Imports, a locally based luggage and travel accessory dealer, in the lease negotiations. Douglas Sitar and Robert JanTausch of Sitar Realty Co. represented the undisclosed landlord.
HOUSTON — California-based investment firm AmCal Equities has acquired Circuit Apartments, a 311-unit multifamily located near Minute Maid Park in downtown Houston. Built in 2015, the property features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, resident clubhouse and a business center. Lane Kommer of Henry S. Miller Brokerage represented AmCal Equities in the transaction. A Dallas-based developer sold the asset for an undisclosed price.
HOUSTON — LMI Capital has arranged a $23 million loan for the refinancing of a 270-unit apartment community located on the southwest side of Houston. Brandon Brown of LMI Capital arranged the loan, which was structured with a fixed 3.13 percent interest rate and five years of interest-only payments, on behalf of the undisclosed borrower.
PFLUGERVILLE, TEXAS — Colliers has negotiated the sale of Private Warehouse Mini Storage, a 207-unit facility located in the northern Austin suburb of Pflugerville. Built in 1995 and expanded in 1997 and 2002, the property now spans 24,000 net rentable square feet. Kyle Newswanger of Colliers represented the seller in the transaction. The buyer was an out-of-state investor. Both parties requested anonymity.
HOUSTON — Marcus & Millichap has brokered the sale of Sierra Ranch Storage, a 179-unit self-storage facility in Houston. The property was built in 2017 and spans 15,050 square feet of net rentable, climate-controlled space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.
SAN ANTONIO — Chicago-based JDI Realty has provided a $6.6 million bridge loan for The Granary at Briggs Ranch, an 865-acre mixed-use project in San Antonio. The nonrecourse loan will be used to pay off the current first mortgage, fund an interest reserve and cover other pre-development costs before the property’s eventual sale. Current plans for the project include roughly 2,500 single-family homes, 1,900 apartments and a central town square. The borrower was Convergence Brass LLC.
