Property Type

Sheldon Gross Realty Negotiates 57,722 SF Industrial Lease in Edison, New Jersey

by Alex Patton April 9, 2020

EDISON, N.J — Sheldon Gross Realty has negotiated a 57,722-square-foot industrial lease at 125 Jackson Ave. in Edison, a southwestern suburb of New York City. The tenant, Izzy Trucking & Rigging, is headquartered in Edison and leased the space at the property for additional warehousing use. The 106,476-square-foot building was constructed in 1957 and renovated in 1997. Jonathan Glick and Matthew Leonelli of Sheldon Gross represented the landlord, Ross Industries, in the lease negotiations. Greg Irving of Bussel Realty Corp. represented the tenant.

April 9, 2020

Company News Healthcare Texas

Walgreens to Introduce Rapid COVID-19 Testing Services in Texas

by Taylor Williams April 9, 2020

AUSTIN, TEXAS — Walgreens will introduce rapid testing services for COVID-19 across select parts of the state, Texas Gov. Greg Abbott said in a press conference on Wednesday afternoon. The move comes as part of a larger effort to increase the number of people tested, and to do so with less aid and supervision from the federal government. Walgreens will also roll out this effort in six other states: Arizona, Florida, Illinois, Kentucky, Louisiana and Tennessee. Local ABC affiliate KVUE reports that test results will take about 15 minutes to process, and that each site may be able to test up to 3,000 people per day. Time frames for the rollout of these services and locations of testing sites were not specified. As of Thursday, April 9, the Texas Department of Health and Human Services had identified 9,353 cases of COVID-19 across the state with 177 fatalities.

April 9, 2020

Company News Multifamily Texas

Camden Property Trust Establishes $5M Relief Program for its Renters Affected by COVID-19

by Taylor Williams April 9, 2020

HOUSTON — Camden Property Trust, a Houston-based multifamily developer and operator, has established a $5 million resident relief fund for renters experiencing financial hardships as a result of the COVID-19 outbreak. The fund is intended to help affected residents by providing financial assistance for living expenses such as food, utilities, medical expenses, insurance, childcare and/or transportation. Grants would be offered to Camden residents in good standing and not currently on notice to vacate. Financial assistance would be capped at $2,000 per apartment home.

April 9, 2020

Leasing Activity New York Northeast Office

Schott Corp. Signs 14,140 SF Office Lease in Rye Brook, New York

by Alex Patton April 9, 2020

RYE BROOK, N.Y. — German specialty glass manufacturer Schott Corp. has signed a 14,140-square-foot office lease for its new North American corporate headquarters in Rye Brook, a northeastern suburb of New York. The space is located at 1100 King St. in the Kingsbrook office complex. The company plans to relocate its North American corporate offices from 555 Taxter Road in Elmsford, New York, in the first quarter of 2021. The six-building, 565,000-square-foot office complex features two fitness centers, three cafés and conference facilities. Maureen O’Boyle and Gerry Lees of Cushman & Wakefield represented Schott Corp. in the lease negotiations. Dana Pike represented the landlord, George Comfort & Sons., on an internal basis along with Brian Carcaterra of CBRE.

April 9, 2020

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Arranges Sale of 325-Unit Multifamily Portfolio in Denton

by Taylor Williams April 9, 2020

DENTON, TEXAS — Walker & Dunlop has arranged the sale of Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments, six apartment communities totaling 325 units and 18,000 square feet of commercial space in Denton. Each of the Class A, mid-rise properties was built between 2009 and 2014, and the portfolio had a collective occupancy rate of 94 percent at the time of sale. Kyle Palmer led a Walker & Dunlop team that brokered the transaction between the buyer and seller, both of which were locally based private equity investors. Jeremy Nussbaum, also with Walker & Dunlop, arranged acquisition financing for the buyer, which will implement $3.2 million in capital improvements across the portfolio, through a national debt fund. Loan terms included a fixed 4.5 percent interest rate, an 80 percent loan-to-value ratio and three years of interest-only payments.

April 9, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

BMO Harris Provides $12.3M Refinancing for Two Seniors Housing Properties in Pennsylvania

by Alex Patton April 9, 2020

LEBANON AND MOUNT JOY, PA. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $12.3 million refinancing for two seniors housing properties owned by Juniper Communities LLC. The loan will refinance the mortgages on Juniper Village at Lebanon and Juniper Village at Mount Joy, both located in southeastern Pennsylvania. The Lebanon location features 40 independent living and 83 assisted living units, while the Mount Joy location features 63 assisted living units. An affiliate of Juniper Communities LLC, Juniper Management LLC, has managed the Lebanon and Mount Joy locations since acquisition in 2012.

April 9, 2020

Acquisitions Multifamily Texas

Colliers Brokers Sale of 160-Unit Bella Oaks Apartments in Longview, Texas

by Taylor Williams April 9, 2020

LONGVIEW, TEXAS — Colliers International has brokered the sale of Bella Oaks, a 160-unit multifamily community in Longview, about 120 miles east of Dallas. Built in 1971, the property features one-, two- and three-bedroom units ranging in size from 688 to 1,088 square feet with granite countertops and walk-in closets. Amenities include a pool, playground and onsite laundry facilities. Mark Allen and Courtland Charles of Colliers represented the seller in the transaction. The buyer was a California-based investor that acquired the asset via a 1031 exchange.

April 9, 2020

Acquisitions Mixed-Use Office Oregon Western

NKF Facilitates Sale of Broadway Tower Office Component in Downtown Portland

by Amy Works April 9, 2020

PORTLAND, ORE. — Newmark Knight Frank (NKF) has directed the sale of the condominium interest of the Office Unit in Broadway Tower, a 19-story mixed-use tower located at 1455 SW Broadway in downtown Portland. Principal Real Estate Investors acquired the office portion from BDC/Broadway Office LLC for reportedly approximately $132.5 million, according to media outlets. Nick Kucha, James Childress and Jeff Hodson of NKF, in cooperation with Kevin Shannon and James Ikeguchi of NKF’s U.S. Capital Markets team, represented the seller in the transaction. The buyer was self-represented. The 430,000-square-foot property offers 175,000 square feet of Class A office space on floors nine through 19 and a 180-room Radisson RED hotel, which was not included in the sale, on the first eight floors. The Broadway Tower Office Unit is a LEED Gold-certified, high-rise office tower offering 11 floors of office space with exclusive decks on the top three floors and views of Portland. The office component features 17,000-square-foot floorplates with open designs and floor-to-ceiling window lines for multi- and single-tenant use. The asset also features an underground parking garage with a total of 247 parking spaces. At the time of sale, the office component of Broadway Tower was 99 percent …

April 9, 2020

Leasing Activity Office Texas

Texas Eye Institute Renews 16,000 SF Office Lease in Houston

by Taylor Williams April 9, 2020

HOUSTON — The Texas Eye Institute, an eye care physicians group serving the Gulf Coast, has renewed its 16,000-square-foot office lease at 7710 Beechnut St. in southwest Houston. John Zivley of NAI Partners represented the tenant in the lease negotiations. Ace Schlameus and Jenny Seckinger of Colliers International represented the landlord.

April 9, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates $26.4M Sale of Phoenix Multifamily Community

by Amy Works April 9, 2020

PHOENIX — Marcus & Millichap has arranged the $26.4 million sale of San Marina Apartments, a multifamily property located at 7002 W. Indian School Road in Phoenix. A local nonprofit organization sold the asset to an out-of-state apartment investment and management company for $65,398 per unit. Situated on 19 acres, San Marina Apartments features 400 units in a mix of one- and two-bedroom floor plans, all of which offer energy-efficient, full-size appliances, carpet and vinyl flooring, dishwashers and microwaves. Select single-level “casitas” feature private patios. Onsite amenities include security gates, two laundry facilities, a park-like atmosphere with a playground and basketball court area, a pool, spa and covered parking. Rich Butler of Marcus & Millichap’s Phoenix office represented the seller and buyer in the transaction.

April 9, 2020

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