DENVER — AQYRE Real Estate Advisors has arranged the sale of an apartment building located at 1325 Madison St. in Denver. An undisclosed buyer acquired the property for $2.6 million, or $216,250 per unit. The 12-unit property features 11 one-bedroom/one-bath and one studio apartment. Matt Lewallen and Kevin Calame of AQYRE represented the buyer and undisclosed seller in the transaction.
MIAMI — Cinemex Holdings USA Inc., parent company of CMX Cinemas, CineBistro and Cobb Theatres, has filed for Chapter 11 bankruptcy protection. The Miami-based company operates 41 movie theaters that have been temporarily closed since mid-March amid the outbreak of COVID-19. In a written statement, an undisclosed Cinemex Holdings USA spokesman said the Chapter 11 filing will help protect the company’s business viability and employees if and when the company’s movie theaters reopen. The spokesperson said that it’s impossible to forecast if and when ticket sales would ever reach pre-crisis levels. In the state of Georgia, movie theaters were allowed to reopen on Monday, April 27, and movie theaters in Texas can open at limited capacity on Friday, May 1. The spokesperson said that during its “total suspension of business” that landlords and creditors have proven unwilling to work out temporary solutions in terms of rent relief or repayment of debt obligations. The company spokesperson also said that the bankruptcy is a result of an uneven playing field as movie studios typically collect 60 percent of every ticket sold. The person said an equitable long-term “rebalancing” for movie theater operators would be for movie studios to cut their maximum revenue …
From start-ups seeking flex space to major corporations that are expanding or relocating an entire office, finding a modern office space in the northern New Jersey commercial market is always a challenge. Barbara Gross, Sheldon Gross Realty Overall, it’s a very mature environment, with many older structures and corporate parks lining the highways, and with limited new development. As an example of the resultant complexities, let’s look back to the 1980s and ’90s, when the Route 280 corridor (primarily in western Essex County) was bustling. Office parks had few vacancies, and rental rates were among the highest in the state. Until relatively recently, only a few companies owned the majority of these buildings, thereby “controlling” who went where and at what rental rate. But over time, these owners have been selling the individual buildings in parks to a variety of new owners, resulting in a more competitive marketplace. It’s refreshing to see the new owners investing in renovations and adding new amenities. However, responding to a younger generation coming to or returning home to New Jersey and demanding greener, 24/7 communities, developers are demolishing some of those older office buildings and parks. Projects are before planning boards now that would …
It’s no question that 2020 has become a turning point in history. Within a few short weeks, what was a booming time in our industry has changed in the blink of an eye. Although the good times may not last forever, it’s safe to say many didn’t expect a sudden change so soon — and on such a large scale. While health remains the nation’s top priority, COVID-19 has taken a toll in some shape or form on plenty of industries in the weeks following its arrival in the United States, with retail unquestionably being one of the hardest hit. However, innovative players are still finding opportunities. Plenty of retailers were already adapting to a changing market defined by e-commerce, and their improvements were unknowingly preparing them for a world under COVID-19 restrictions and limitations. Dinner at a Tap Food delivery apps have become saving graces since COVID-19 changed the daily lives of Americans. Delivery apps such as DoorDash, Uber Eats and Favor are allowing customers who may not want or be able to leave their homes to support their favorite restaurants. While one benefit of these apps would usually be supporting increased sales and avoiding standing in line, these …
NEW YORK CITY — Rivington Co. plans to develop 21 Garden Street, a 50-unit multifamily property in the Bushwick neighborhood of Brooklyn. Rivington will redevelop an existing structure, formerly the home of a woodworking company that made custom furniture pieces and cabinetry, to construct the eight-story building. The property will include both affordable and market rate residences. DXA Studio will serve as the architect of the project. Construction is slated to complete in 2022.
NEW YORK CITY — The Metropolitan Transportation Authority (MTA) has completed repairs of its L train tunnel, which connects Manhattan and Brooklyn. The 12-month project repaired damage to the tunnel caused by Hurricane Sandy in 2012. Under a revised plan from state Gov. Andrew Cuomo and the deans of the Cornell University and Columbia University engineering schools, the project was completed in three months less than its original 15-month estimation, which also included a complete shut-down of the tunnel. Under the revised plan, the tunnel remained operational during the day while repairs progressed in the nights and weekends. The project was also completed approximately $100 million under its original $477 million budget.
NEW YORK CITY — Private equity firms InTandem Capital Partners and Sagewind Capital LLC, have jointly signed a 10,165-square-foot in Midtown Manhattan. The firms will share one office across a portion of the 24th floor of One Vanderbilt Avenue, an approximately 1,750,000-square foot office tower slated for completion later this year. Lloyd Desatnick of JLL represented the tenants in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord, SL Green.
NEW YORK CITY — ABS Partners Real Estate has negotiated a 5,000-square-foot office lease for Canadian trade union Unifor in the NoMad neighborhood of Manhattan. The company’s new space includes the entire eighth floor at 152 Madison Avenue, an approximately 98,000 square foot office building constructed in 1929. The asking rent was $59 per square foot. Ronnie Zimmerman and Ian Weiss of ABS represented the landlord, Heskells, in the lease negotiations. Newmark Knight Frank represented Unifor.
MILFORD, CONN. — Milford Performing Arts Center (MPAC) will open a 1,600-square-foot dance facility in Milford, a western suburb of New Haven. The property is located at 225 Research Drive, a redeveloped warehouse constructed in 1988. Bill Clark of The Geenty Group represented MPAC in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.
ILLINOIS AND WISCONSIN — HSA PrimeCare, the national healthcare real estate division of HSA Commercial Real Estate, has sold a four-building medical office portfolio to Irvine, Calif.-based IRA Capital. The buildings, spanning a total of 107,828 square feet, are located in Illinois and Wisconsin. HSA PrimeCare will continue to manage the assets on behalf of IRA. Mike Wilson and Erik Foster of Avison Young represented HSA PrimeCare in the transaction. The properties include: Advocate Good Samaritan South in Downers Grove, Ill.; Hawthorn Surgery Center in Vernon Hills, Ill.; Advocate Aurora Health Beverly Clinic in Chicago; and Advocate Aurora Health Muskego Clinic in Muskego, Wis. IRA Capital is a private equity firm that invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices and individuals. IRA primarily invests in commercial real estate assets throughout the United States, with an overweight concentration within the medical/healthcare sector.
