Property Type

Hanley Investment Brokers $2.6M Ground Lease Sale of Aldi-Occupied Asset in Southern California

by Amy Works May 5, 2020

CALEXICO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the absolute triple-net ground lease sale of a single-tenant retail property located at 2450 Rockwood Ave. in Calexico. A Vero Beach, Fla.-based private investor sold the asset to a Midwest-based buyer for $2.6 million. Aldi occupies the 18,000-square-foot property on a triple-net lease. The asset is situated on a 1.5-acre pad at the entrance to a Walmart Supercenter, which is the first Walmart location north of the Calexico/Mexico border crossing. Additional adjacent retailers include Jack in the Box, T-Mobile, 7-Eleven, Panda Express, KFC and Subway. Dylan Mallory and Jeff Lefko of Hanley Investment Group represented the seller, while the buyer was self-represented in the deal.

May 5, 2020

Industrial Leasing Activity Midwest Ohio

Kintetsu Renews 33,824 SF Industrial Lease in Middleburg Heights, Ohio

by Kristin Harlow May 5, 2020

MIDDLEBURG HEIGHTS, OHIO — Kintetsu World Express has renewed its 33,824-square-foot industrial lease at 17820 Englewood Drive in Middleburg Heights, about 17 miles south of Cleveland. Japan-based Kintetsu is an air freight forwarding company. Mark Miller of NAI Robert Lynn, along with David Hexter and Jeffrey Calig of NAI Plesant Valley, represented the tenant in the lease transaction. Kintetsu has operated at the location since 1999.

May 5, 2020

Illinois Industrial Leasing Activity Midwest

Pathway Logistics Signs 30,962 SF Industrial Lease in Joliet, Illinois

by Kristin Harlow May 5, 2020

JOLIET, ILL. — Pathway Logistics has signed a 30,962-square-foot industrial lease at 1600 Rock Creek Blvd. in Joliet. The company began occupying space at the multi-tenant warehouse in April. Joshua Hearne of Cawley Chicago brokered the lease transaction. The landlord was undisclosed.

May 5, 2020

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $1.7M Sale of Industrial Building in Itasca, Illinois

by Kristin Harlow May 5, 2020

ITASCA, ILL. — Marcus & Millichap has brokered the sale of a 15,700-square-foot industrial building in Itasca for $1.7 million. The property is located at 1437 Harmony Court. It was vacant at the time of sale. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a New York-based corporation. The undisclosed buyer plans to occupy the building.

May 5, 2020

Acquisitions Indiana Midwest Retail

Jameson Commercial Arranges $1.1M Sale of Single-Tenant Retail Asset in Indiana

by Kristin Harlow May 5, 2020

MERRILLVILLE, IND. — Jameson Commercial has arranged the $1.1 million sale of a roughly 7,000-square-foot retail building occupied by Advance Auto Parts in Merrillville in Northwest Indiana. The property sits on 1.3 acres at 5790 Broadway St. Rick Gardella and Michele Coleman of Jameson represented the undisclosed buyer. Tammy Saia and Tami Andrew of Marcus & Millichap marketed the property on behalf of the seller, a private investor.

May 5, 2020

Development New York Northeast Office Top Stories

SL Green Forms Partnership for $2.3B One Madison Avenue Redevelopment in Manhattan

by John Nelson May 5, 2020

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has formed a joint venture partnership with the National Pension Service of Korea (NPS) and Hines for the $2.3 billion redevelopment of One Madison Avenue in Manhattan. The 1.4 million-square-foot office project is situated in the borough’s Midtown South neighborhood facing Madison Square Park near the 23rd Street subway station. SL Green, which is self-described as Manhattan’s largest office landlord, has sold a 49.5 percent interest in One Madison Avenue to NPS and Hines, which have combined to invest “no less than $492.2 million” of equity into the redevelopment. SL Green and Hines are co-developing the project, and Kohn Pedersen Fox Associates (KPF) is leading the design. The SL Green-NPS-Hines-KPF team is also working together to develop One Vanderbilt Avenue, an office project currently underway in Manhattan’s East Midtown neighborhood. The existing office building at One Madison Avenue will be demolished down to the ninth floor, and the development group will build 17 glass and steel, column-free floors above. The podium levels at the base of the existing building will have 90,000 square foot floor plates, while the new floors above will feature 36,000-square-foot floor plates. The 10th and 11th …

May 5, 2020

Miami Red Capital Rent and Occupancy RED Capital

Content Partner Features Florida Lument Multifamily RED Capital Group Southeast

Cresting Wave of Job Losses Upends Miami Multifamily Sector

by Sarah Daniels May 5, 2020

How will the COVID-19 fallout impact the Miami multifamily market? Although many investors are approaching markets known for leisure travel and cruise industries with caution these days, RED Mortgage Capital research posted last week indicates Fort Lauderdale/Broward County may offer a more attractive risk and reward profile than is commonly understood in the intermediate term, even under severe recessionary stress. Can the same be said of Miami as many of the same arguments apply? Let us stipulate that coronavirus has struck Magic City a particularly sharp blow. Miami relies on international tourism to a larger degree than most other domestic travel destinations and has experienced greater tourism revenue and job losses as a result. Travel industry consultants STR analyzed the top 25 tourist destinations in America and noted that Miami hotels recorded the largest decline in average daily hotel room rates in April (-56.8 percent from 2019), while the metro area’s hotel occupancy plunged to 20 percent from 95 percent in 2019. Employment data are available only through March at this writing, but even at this early stage, job losses were severe. The Miami-Miami Beach metropolitan division employed population fell 86,000 in March, a one-month decline of 6.5 percent. Job …

May 5, 2020

Acquisitions Industrial New Jersey Northeast

Endurance, PCCP Acquire Industrial Portfolio in Southern New Jersey for $43M

by Alex Patton May 4, 2020

DELRAN, MOUNT LAUREL AND SWEDESBORO, N.J. — A partnership between Pennsylvania-based developer Endurance Real Estate Group LLC and New York-based investor Pacific Coast Capital Partners LLC (PCCP) has acquired the Southern New Jersey Core Infill Portfolio for $43 million. The 553,548-square-foot industrial portfolio is located in the southeastern suburbs of metro Philadelphia, and includes seven properties located in Delran, Mount Laurel and Swedesboro. These assets were 88.7 percent leased at the time of sale to warehouse and distribution tenants such as Food Sciences Inc., Carnegie Pharmaceuticals LLC and The Jewelry Group Inc. Michael Hines, Brad Ruppel, Brian Fiumara and Lauren Dawicki of CBRE represented the seller, Foxfield Industrial, a joint venture of Novaya Real Estate Ventures and Foxfield Ventures, in the transaction.

May 4, 2020

Loans Multifamily New York Northeast Student Housing

KeyBank Arranges $29.4M Loan for Refinancing of Student Housing Community Near University at Albany

by Alex Patton May 4, 2020

ALBANY, N.Y. — KeyBank Real Estate Capital has arranged a $29.4 million loan for the refinancing of Auden Albany Student Housing, a 322-bed community serving students attending the University at Albany in Upstate New York. The fixed-rate Fannie Mae loan is structured with a 12-year term and a 36-month interest-only period. The community features amenities including a fitness center, game room, yoga studio and clubhouse. Erik Storz and Pete Rand of KeyBank arranged the loan on behalf of the borrower, DMG Investments.

May 4, 2020

Company News Hospitality Texas

Ashford Hospitality Trust to Return PPP Loan, Appoints New CEO

by Taylor Williams May 4, 2020

DALLAS — Ashford Hospitality Trust (NYSE: AHT) announced this weekend that it will return all funds from loans it received from the Small Business Administration’s Paycheck Protection Program (PPP), citing recently changed rules that would have put the Dallas-based company at compliance risk. Ashford, whose portfolio includes some 120 U.S. hotels totaling nearly 25,000 rooms, has also made a change in leadership, replacing CEO Douglas Kessler with J. Robison Hays III as the company’s new president and top executive effective May 14. According to The Dallas Morning News (DMN), Ashford originally applied for $126 million in PPP loans, seeking relief for each hotel with 500 or fewer employees. Per the DMN, the company originally said that it had laid off or furloughed 90 percent of its workforce and would be using the funds to help get those employees back to work. The PPP was established as part of the CARES Act to provide relief to owner-operators amid the COVID-19 pandemic.

May 4, 2020

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