PROVIDENCE, R.I. — Eastie Realty LLC, a Boston-based investment firm, has purchased a 13,818-square-foot medical office building in Providence for $3.5 million. Located at 111 Plain St., the property is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System. The building is also located near Hasbro Children’s Hospital, Women & Infants Hospital and Brown University’s medical campus. Joseph Alvarado, George Deoulas and Casey Valente of Newmark Knight Frank represented the seller, Legacy Real Estate Ventures, in the deal. The team also procured Eastie as the buyer.
HADDONFIELD, N.J. — Markeim Chalmers Inc. has negotiated the sale of a 6,400-square-foot office building in Haddonfield, a southeastern suburb of Philadelphia. Located at 116 N. Haddon Ave., the two-story property offers multiple spaces for small office tenants as well as ground-floor retail space. Kevin Burns of Markeim Chalmers represented the seller, Hutchinson Engineering LLC, in the transaction. Haddon Equities LLC was the buyer.
HADDON HEIGHTS, N.J. — Premier Dermatology has signed a 5,214-square-foot medical office lease in Haddon Heights, a southeastern suburb of Philadelphia. Located at 500 Grove St., the 31,800-square-foot building was completed in 1975 and offers quick access to Interstate 295. Other tenants include clinical diagnostic company LabCorp, nonprofit healthcare company Virtua and American Water Co. Mike Scanzano of Wolf Commercial Real Estate (WCRE) represented Premier Dermatology in the lease negotiations. Ryan Barikian, also with WCRE, represented the landlord, 500 Grove Associates LLC.
SIOUX FALLS, S.D. — Smithfield Foods Inc. has closed its pork processing plant in Sioux Falls until further notice. Nearly 250 workers tested positive for the coronavirus, more than half of the active coronavirus cases in the state of South Dakota, according to Gov. Kristi Noem. The Smithfield plant is one of the largest pork processing facilities in the U.S., representing 4 to 5 percent of U.S. pork production. It supplies nearly 130 million servings of food per week, or about 18 million servings per day. Smithfield employs 3,700 workers at the facility and more than 550 independent family farmers supply the plant. “The closure of this facility, combined with a growing list of other protein plants that have shuttered across our country, is pushing our country perilously close to the edge in terms of our meat supply,” says Kenneth Sullivan, president and CEO of Smithfield. “It is impossible to keep our grocery stores stocked if our plants are not running.” Virginia-based Smithfield will resume operations in Sioux Falls once local, state and federal officials give further direction. The company will continue to compensate its employees for the next two weeks.
WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.
FRONTENAC, MO. — The Desco Group has completed the development of a 36,000-square-foot office building in Frontenac, about 15 miles west of St. Louis. HDA Architects designed the Class A property, which features an all-brick exterior. The three-story building will include retail space on its first floor. The project is part of a larger $80 million mixed-use development.
WESTFIELD, IND. — Hanley Investment Group Real Estate Advisors has brokered the sale of a Burger King ground lease in suburban Indianapolis for $2.4 million. The newly constructed, 3,245-square-foot building is located at 819 East State Road 32 in the northern suburb of Westfield. The property sits on 1.3 acres and is part of the larger Monon Crossing retail development. Burger King is scheduled to open this month. Franchisee Carrols Restaurant Group will operate the restaurant. Dylan Mallory of Hanley represented the seller and developer, Midland Atlantic Properties. Ryan Chakroff of Marcus & Millichap represented the buyer, a Denver-based private investor. The sales price represents a cap rate of 5 percent, the lowest cap rate for a single-tenant Burger King in the state of Indiana, according to Hanley.
DAYTON, OHIO — Marcus & Millichap has arranged the sale of Needmore Road Self Storage, a 61,750-square-foot self-storage facility in Dayton. The sales price was undisclosed. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
As a multifamily investment sales brokerage firm, Greysteel has transacted close to 2,000 units in El Paso over the last 12 months. To say the El Paso multifamily market has been hot would be an understatement. But with a sudden pandemic causing economic chaos, jobs are at risk and multifamily owners are facing ever-increasing pressure. First, let’s talk about how El Paso has recently performed. Demand for multifamily product in El Paso has been particularly strong lately, and we’ve been able to bring new in-state and out-of-state investors into the market at cap rates never before seen in El Paso. Many of these investors are surprised to learn that El Paso is the sixth-largest metropolitan area in Texas and the 18th-largest city in the country. As cap rates on multifamily properties have compressed across the United States, El Paso has offered a safe haven for higher yields that can be elusive in major markets with high levels of competition. El Paso also has a diverse public/private sector that barely felt the pain of the 2008 recession — cumulative job losses totaled less than 3 percent of the total employment base. Job growth has expanded steadily, and employment was approximately 13 …
An abundance of capital continues to flow into Northern New Jersey’s multifamily market, with most investors completing 2019 as net buyers and major institutions looking to remain active in 2020. Over the past decade, domestic and foreign investors alike have diversified into the multifamily space in Northern New Jersey and nationwide. The result has been a highly competitive playing field with limited opportunities. And with more capital in the market than opportunities to place it, many larger funds are now looking to make portfolio acquisitions in order to divest large amounts of capital at once. Brian Whitmer, Cushman & Wakefield Excluding portfolio deals, transaction volume for multifamily investment in Northern New Jersey reached $1.6 billion in 2019, marking a 38 percent year-over-year increase, with 4,846 units sold across 27 transactions. This rise in deal volume can be attributed largely to the “Mack-Cali Effect.” The locally based REIT made two major 2019 purchases in Jersey City — SoHo Lofts ($264 million) and Liberty Towers ($409 million) — that accounted for 41 percent of the year’s individual transaction volume. Buyer Patterns While larger institutions and REITs like Mack-Cali are active in Northern New Jersey, private investors still dominate the regional market. This …