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DevelopmentIndustrialNew YorkNortheast

Barone Completes 89,024 SF Spec Industrial Project in Queens

by Alex Patton

NEW YORK CITY — Barone Management has completed development of The Woodworks, an 89,024-square-foot industrial property in the Long Island City neighborhood of Queens. The Woodworks is comprised of 44,950 square feet of office space and 44,391 square feet of warehouse space with 21-foot ceilings. The location offers convenient access to Long Island Expressway and Interstate 278. The property was constructed on a speculative basis and can be leased by one or multiple tenants. Cushman & Wakefield is leading the leasing effort.

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140-broadway-nyc
Leasing ActivityNew YorkNortheastOffice

NKF Negotiates 52,412 SF Office Lease Renewal in Manhattan

by Alex Patton

NEW YORK CITY — Newmark Knight Frank (NKF) has negotiated a 52,412-square-foot office lease renewal for quantitative trading firm Susquehanna International Group LLP in the Financial District of Manhattan. The firm will occupy the entire 47th and 48th floors of 140 Broadway, a 1.2 million-square-foot office building, on a 16-year lease. Brian Goldman and Ross Perlman of NKF represented the tenant in the lease negotiations. Robert Constable of Cushman & Wakefield represented the building owner, a partnership of 140 BW LLC and German investment firm Union Investment Real Estate GmbH.

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90-fifth-nyc
Leasing ActivityNew YorkNortheastOffice

App Academy Signs 12,602 SF Office Lease in Manhattan

by Alex Patton

NEW YORK CITY — Education technology company App Academy has signed a 12,602-square-foot office lease in Midtown Manhattan. The company will occupy the entire second floor of 90 Fifth Avenue, a 140,000-square-foot office building near Union Square Park. The company is moving from its previous space at 22 West 38th St. A.J. Camhi and Ryan Silverman represented the building owner, RFR Realty, in the lease negotiations on an internal basis.

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Leasing ActivityMassachusettsNortheastRetail

Noodle Concept Opens 5,000 SF Restaurant in Boston

by Alex Patton

BOSTON — Noodle concept TuruTonTan has opened a 5,000-square-foot restaurant in the Kenmore Square neighborhood of Boston. The two-story restaurant can accommodate 168 guests in the main dining room and also features patio seating for additional guests. Dining Innovation is TsuruTonTan’s parent company. Blank Design and American Construction Corp. designed and built out the space. Local investment firm Urban Meritage owns the building.

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Santa-Fe-Springs-Promenade-Santa-Fe-Springs-CA
AcquisitionsCaliforniaRetailWestern

SRS Real Estate Partners Negotiates $32M Sale of Santa Fe Springs Promenade in California

by Amy Works

SANTA FE SPRINGS, CALIF. — SRS Real Estate Partners has arranged the sale of Santa Fe Springs Promenade, a shopping center in Santa Fe Springs. An Orange County, Calif.-based private partnership sold the property to a Los Angeles-based private investor for $32 million. Situated on 8.2 acres at 11452-11568 Telegraph Road, the 111,925-square-foot shopping center was built in phases from 1953 to 1986. At the time of sale, Santa Fe Springs Promenade was 80 percent occupied by a variety of tenants, including 99 Cents Only, AutoZone, Bank of America, Starbucks Coffee and Jersey Mike’s Subs. Chris Tramontano and John Redfield of SRS’ Investment Properties Group, along with WindWater Real Estate, represented the seller. Tanel Harunzade of Kidder Mathews represented the 1031 exchange buyer.

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AcquisitionsCaliforniaMultifamilyNevadaSeniors HousingWashingtonWestern

Welltower Agrees to Sell Western Seniors Housing Portfolio for $740M

by Amy Works

TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.

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AcquisitionsOfficeWashingtonWestern

Digital Realty to Acquire 49 Percent Ownership Interest in Westin Building Exchange in Seattle

by Amy Works

SEATTLE — Digital Realty, a global provider of data center, colocation and interconnection solutions, has reached an agreement with Clise Properties to purchase 49 percent ownership interest in the Westin Building Exchange in Seattle. Terms of the transaction were not released. The Westin Building Exchange serves as an interconnection hub for the Pacific Northwest, linking Canada, Alaska and Asia along the Pacific Rim. The 34-story tower is home to global cloud, content and interconnection providers, housing more than 150 carriers and over 10,000 cross-connects. The property is adjacent to Amazon’s 4.1 million-square-foot urban campus and overlooks Elliott Bay, as well as the downtown Seattle skyline. The transaction is subject to customary closing conditions and is expected to close in the first half of 2020. Upon closing, Digital Realty will assume management and operational oversight for the facility.

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7945-Cartilla-Ave-Rancho-Cucamonga-CA
AcquisitionsCaliforniaIndustrialWestern

Chavez & Associates Brokers $4.7M Sale of Flex Building in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Chavez & Associates has arranged the sale of Cartilla Avenue, an industrial/flex building located at 7945 Cartilla Ave. in Rancho Cucamonga. Amir Jacoby acquired the property from West Covina, Calif.-based TDS Kids for a total consideration of $4.7 million, or $197.92 per square foot. Built in 1973 and upgraded in 2016, the property features 24,000 square feet of medical, retail, service, office and R&D space. Zoned industrial park, the building is designed to allow for single or multi-tenant use. The property features 18-foot ceilings, four drive-in doors and abundant parking. At the time of sale, two tenants fully occupied the property. Jumping Jacks occupies 20,000 square feet, and Lexxiom Inc. occupies 4,000 square feet. Eric Chavez of Chavez & Associates REBF represented the seller, while Spectrum Commercial Real Estate represented the buyer in the deal.

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Ready-Capital-Draper-UT
LoansRetailUtahWestern

Ready Capital Closes $2.2M in Financing for Retail Asset in Draper, Utah

by Amy Works

DRAPER, UTAH — Ready Capital has closed a $2.2 million loan for the acquisition, renovation and lease-up of the 25,000-square-foot in-line retail space portion of a Class B neighborhood shopping center in Draper. At the time of financing, the property was 63 percent occupied, but 98 percent leased due to a dark Whole Foods Market space. The non-recourse, fixed-rate loan features an 84-month term and 36 months of interest-only payments. Additionally, the financing is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. Upon acquisition, the undisclosed sponsor plans to implement minor capital expenditures and will attempt to negotiate a new lease with Whole Foods Market.

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AcquisitionsCaliforniaOfficeTop StoriesWestern

Shorenstein Properties Sells Santa Clara Towers Office Complex in Bay Area for $195M

by Taylor Williams

SANTA CLARA, CALIF. — Shorenstein Properties LLC, an investment firm with offices in New York and San Francisco, has sold Santa Clara Towers, a 445,000-square-foot office complex. An affiliate of Hines purchased the property for approximately $195 million, according to The Mercury News, which covers the Bay Area. Santa Clara Towers comprises two 11-story buildings that are situated along U.S. Highway 101 in the Golden Triangle submarket of Santa Clara. The properties were built in 1986 and 1998. Shorenstein acquired the assets through a deed in lieu of a foreclosure transaction in 2010. Following the acquisition, Shorenstein introduced a number of capital improvements, including a full lobby renovation in Tower II. Amenities at Santa Clara Towers now include a fitness center, indoor pool and onsite restaurant. The property also offers proximity to a number of hotels, universities and the San Jose International Airport. Both buildings are LEED Gold certified. “I am confident that under new ownership, Santa Clara Towers will continue to attract a diverse mix of tenants who seek a Class A office experience in the heart of Silicon Valley,” said Jed Brush, senior vice president at Shorenstein. Russell Ingrum, Joe Moriarty, Scott Prosser and Jack DePuy of CBRE brokered the sale on behalf …

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