Property Type

NKF Provides $26M Refinancing Loan for Apartment Complex in Sneads Ferry, North Carolina

by Alex Tostado August 18, 2020

SNEADS FERRY, N.C. — Newmark Knight Frank (NKF) has provided a $26 million Freddie Mac refinancing loan for Evolve at Stones Bay, a 300-unit apartment complex in Sneads Ferry. Josh Davis, Chris Caison and C.J. Webb of NKF originated the 15-year, fixed-rate loan on behalf of the owner, Evolve Cos. Stones Bay offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, game room, playground, pool and a volleyball court. The asset is situated at 1001 Quarters Landing Circle, 40 miles north of downtown Wilmington.

August 18, 2020

KDC plans to bring more than 1 million square feet of build-to-suit office space to Peña Station NEXT outside of Denver International Airport.

Colorado Development Office Western

KDC to Develop 1 MSF of Office Space at Peña Station NEXT Near Denver International Airport

by Amy Works August 18, 2020

DENVER — KDC has entered into a partnership with master developer L.C. Fulenwider to develop build-to-suit office space at Peña Station NEXT, a mixed-use community near Denver International Airport. L.C. Fulenwider and Denver International Airport’s real estate division are co-developing Peña Station NEXT, a master-planned, transit-oriented, mixed-use community. The development is 12 minutes by train to Denver International Airport and less than 30 minutes to downtown Denver. The KDC partnership will add more than 1 million square feet of office space to Peña Station NEXT, which features 218 multifamily housing units and a 226-room Hyatt Place Hotel. An additional 600 multifamily units with ground-floor retail space are currently being planned. KDC plans to market the build-to-suit sites with Tom Lee and David Hart of Newmark Knight Frank. Additionally, the company will work with HKS Architects on master planning and building design.

August 18, 2020

Development New York Northeast Office

Steiner Studios Plans $320M Film, TV Production Hub in Brooklyn

by Taylor Williams August 18, 2020

NEW YORK CITY — Steiner Studios, a locally based soundstage operator, has announced plans for a 500,000-square-foot film and TV production hub within Sunset Park in Brooklyn. The project will generate $320 million in private investment and create 2,200 permanent industry jobs, according to Steiner. The New York City Economic Development Corp. and the Mayor’s Office of Media & Entertainment are partnering with Steiner Studios on the project, which is also expected to create about 1,800 temporary construction jobs. The development team will renovate two historic buildings, deliver a new parking facility and establish eight new soundstages as part of construction. A timeline for groundbreaking and completion was not released.

August 18, 2020

Company News Development Office Washington Western

Amazon to Create 3,500 New Jobs by Expanding Six US Tech Hubs

by Amy Works August 18, 2020

SEATTLE — Amazon (NASDAQ: AMZN) plans to create 3,500 new tech and corporate jobs across six cities with the expansion of its Tech Hubs in Dallas, Detroit, Denver, New York, Phoenix and San Diego. The Seattle-based e-commerce company will invest more than $1.4 billion in the new offices, which will host teams supporting businesses across the company. The Tech Hub and corporate office expansions include: Adding more than 100,000 square feet of space and 600 tech and corporate roles at the company’s existing Dallas Tech Hub in North Dallas. The acquisition of more than 25,000 square feet of office space in Detroit and the addition of 100 jobs. An expansion of 20,000 square feet of office space and 100 jobs at the Denver Tech Hub. The opening of a 630,000-square-foot office, creating 2,000 new jobs, in New York City at the former Lord & Taylor Fifth Avenue building. A 90,000-square-foot expansion at the Phoenix Tech Hub allowing for more than 500 new jobs. The addition of more than 40,000 square feet of office space at the San Diego Tech Hub for the creation of 200 new jobs. Teams in these cities will support various businesses across Amazon, including AWS, Alexa, …

August 18, 2020

Acquisitions Industrial NAI Northeast Pennsylvania

NAI Mertz Brokers Sale of Two Industrial Buildings Totaling 425,800 SF in Muncy, Pennsylvania

by Taylor Williams August 18, 2020

MUNCY, PA. — NAI Mertz has brokered the sale of two industrial buildings totaling 425,800 square feet that front Interstate 80 in the central Pennsylvania city of Muncy. The Class A distribution centers total 235,000 and 190,800 square feet and are leased to e-commerce users. Howard Fertman, Chris Matus, Steve Cole and Dave Weaver of NAI Mertz represented the seller, S. Balolia Holdings LLC, in the transaction. EuroOptic LLC, an e-commerce provider of firearms, purchased the larger of the two buildings, and Patton Warehousing purchased the smaller one.

August 18, 2020

Acquisitions Multifamily Nevada Western

Next Wave Investors Sells Harlow Luxury Apartments in Las Vegas for $21.5M

by Amy Works August 18, 2020

LAS VEGAS — Next Wave Investors has completed the disposition of Harlow Luxury Apartments, a Class A multifamily property located in Las Vegas. A Southern California-based private equity firm acquired the property for $21.5 million. Next Wave originally acquired the property in March 2019 for $17.1 million and increased its value by more than 25 percent in less than 16 months of ownership. The seller implemented major interior renovations at the 98-unit property including the installation of new countertops, flooring, appliances, lighting and fixtures and paint in nearly 30 units.

August 18, 2020

Acquisitions Arizona Restaurant Retail Western

Orion Investment Negotiates Sale of Fully Occupied Retail Center in Phoenix’s Arcadia Neighborhood for $6.1M

by Amy Works August 18, 2020

PHOENIX — Orion Investment Real Estate has brokered the sale of The Shops at 38th Street, a shopping center located in Phoenix’s Arcadia neighborhood. Richard Oliver sold the asset to Alturas Shops at 38th LLC for $6.1 million, or $265 per square foot. The approximately 23,018-square-foot property was fully occupied at the time of sale. Tenants include the Whining Pig, Crumbl Cookies, Club Pilates, H&R Block, Blind Tiger Tattoo, Team 44 Fitness, BoSa Donuts and Autumn Court. Nick Miner of Orion Investment Real Estate represented the seller in the deal.

August 18, 2020

Acquisitions Colorado Office Western

Marcus & Millichap Arranges $1.4M Sale of Fastenal Center Flex Office Property in Rifle, Colorado

by Amy Works August 18, 2020

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.

August 18, 2020

Development Multifamily New Jersey Northeast

BNE Real Estate Completes 228-Unit Multifamily Project in Teaneck, New Jersey

by Taylor Williams August 18, 2020

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.

August 18, 2020

Features Multifamily

Multifamily Specialists Remain Optimistic, Predict a Return to Normalcy in 2021

by Jeff Shaw August 18, 2020

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 …

August 18, 2020

Newer Posts

Older Posts