Property Type

Camino Verde Acquires 28-Unit Apartment Community in Las Vegas

by Amy Works April 29, 2020

LAS VEGAS — Camino Verde Group has purchased a 28-unit multifamily property located at 2556 S. Van Patten St. in Las Vegas’ Historic Commercial Center District. Terms of the transaction, including acquisition price and the name of the seller, were not released. Camino Verde plans to rebrand the property as Camino 2556 and implement a $300,000 interior and exterior improvement plan. Built in 1963, Camino 2556 features 28 units in a mix of one-, two- and three-bedroom layouts with oversized kitchens and closets. The property’s four garden-style buildings are adjacent to Camino 2575, another Camino Verde Group-owned property.

April 29, 2020

Acquisitions New Jersey Northeast Office Top Stories

American Real Estate Partners, Independencia Sell Merrill Lynch-Occupied Office Park in New Jersey for $95M

by Kristin Harlow April 29, 2020

HOPEWELL TOWNSHIP, N.J. — American Real Estate Partners (AREP) and Independencia Asset Management have sold 1100-1200 American Boulevard in Hopewell Township, approximately 10 miles west of Princeton, for $95 million. Originally built in 2000 as part of the Merrill Lynch corporate campus, the property consists of three Class A office buildings totaling 380,417 square feet. It is currently fully leased to Merrill Lynch, which Bank of America acquired in 2008. AREP purchased the property in 2013. Under terms of the new agreement, AREP will continue to lease and manage the asset. Cushman & Wakefield brokered the transaction. A New York City-based real estate investment firm was the buyer. “The deal offered positive cash flow from an investment-grade tenant for several years; desirable real estate centrally located between New York City and Philadelphia; and an opportunity to ensure management continuity by leveraging AREP’s operating platform,” says David Bernhaut, executive vice chairman of Cushman & Wakefield’s capital markets group. The Princeton/Route 1 Corridor has been one of New Jersey’s top submarkets for nearly two decades, according to AREP. Since 2004, the area has experienced a 20 percent increase in Class A asking rents. Headquartered in metro Washington, D.C., AREP is an institutional …

April 29, 2020

Company News Hospitality Southeast Virginia

Hilton Hotels Teams Up with Lysol, Mayo Clinic to Launch ‘CleanStay’ Program

by Alex Tostado April 28, 2020

MCLEAN, VA. — As COVID-19 continues to sweep across the United States, Hilton Hotels has teamed up with Lysol and Mayo Clinic to implement its new Hilton CleanStay with Lysol Protection program this summer. The new initiative aims to “provide guests with assurance and peace of mind” when they visit a Hilton property. RB, Lysol’s parent company, will work with the McLean-based hotel chain to launch a cleaning system in an effort to keep guests safe and healthy. Experts from Mayo Clinic’s Infection Prevention and Control team will advise and assist in enhancing Hilton’s cleaning and disinfection protocols. Some features of the program include a Hilton CleanStay Room Seal, a seal on doors notifying guests the room has not been entered since it was thoroughly cleaned; extra disinfectant on what Hilton deems high-touch areas, including light switches, doors handles, TV remotes and thermostats; removing items such as pens, paper and guest directories, which will be available digitally or upon request; and the Clean and Clean Again program, which increases the frequency of cleaning in public areas. Hilton’s portfolio includes 18 brands and 6,100 properties worldwide. Others in the hospitality sector taking extra measures include Marriott International and Airbnb. Marriott created …

April 28, 2020

Florida Loans Retail Southeast

NorthMarq Arranges $14M Refinancing for Village Square Shopping Center Near Miami

by Alex Tostado April 28, 2020

PEMBROKE PINES, FLA. — NorthMarq has arranged a $14 million refinancing for Village Square Shopping Center, an 88,529-square-foot property in Pembroke Pines. The property features a Publix and two outparcels leased to Bank of America and McDonald’s. Village Square is situated at 1601-1697 N. Hiatus Road, 25 miles north of downtown Miami. An undisclosed life insurance company provided the loan, which features one year of interest-only payments followed by a 20-year amortization schedule. Michael Balan of NorthMarq represented the undisclosed borrower in the transaction.

April 28, 2020

Acquisitions New Jersey Northeast Retail

Cushman & Wakefield Brokers $31.5M Sale of Shopping Center in Lawnside, New Jersey

by Alex Patton April 28, 2020

LAWNSIDE, N.J. — Cushman & Wakefield has brokered the $31.5 million sale of Lawnside Commons, a 151,000-square-foot retail property in Lawnside, a southwestern suburb of Philadelphia. Home Depot anchors the center, which is located at 310 White Horse Pike, and the tenant roster includes PetSmart, Wendy’s, T-Mobile and Mattress Firm. Andrew Merin, David Bernhaut and Gary Gabriel led a Cushman & Wakefield team that represented the undisclosed seller. The team also procured the buyer, a joint venture between MCB Real Estate LLC and United Hampshire US REIT.

April 28, 2020

Loans New York Northeast Retail

Houlihan-Parnes Arranges $10M Construction Loan for Stop & Shop Store in Woodmere, New York

by Alex Patton April 28, 2020

WOODMERE, N.Y. — Houlihan-Parnes LLC has arranged a $10 million construction loan for a retail project that will deliver an 80,000-square-foot Stop & Shop grocery store in Woodmere, a city located on the western part of Long Island. An undisclosed national lender provided the loan, which carries a fixed interest rate of 2.78 percent. The grocery store will be constructed in the Five Towns Shopping Center, an approximately 500,000-square-foot retail center located at 253-01 Rockaway Blvd., just east of JFK International Airport. The tenant roster includes Lowe’s Home Center, TJ Maxx, Walmart, T-Mobile and Chick-fil-A. Jim Houlihan, Bryan Houlihan and Christie Houlihan of Houlihan-Parnes originated the loan.

April 28, 2020

Leasing Activity New York Northeast Office

HQ Global Workplaces Renews 28,000 SF Coworking Office Lease in Manhattan

by Alex Patton April 28, 2020

NEW YORK CITY — Coworking office space provider HQ Global Workplaces LLC has renewed its 28,000-square-foot lease in Manhattan. The lease is for a coworking office space that encompasses the entire 16th floor of 100 Park Avenue, a 902,000-square-foot office building between East 40th and 41st streets. The landlord, SL Green, was represented internally in the lease negotiations. No brokers representing the tenant were disclosed.

April 28, 2020

Leasing Activity New Jersey Northeast Retail

Cavany Foods to Open 1,750 SF Market in Jersey City

by Alex Patton April 28, 2020

JERSEY CITY, N.J. — Cavany Foods, an organic grocer and food delivery service, will open a 1,750-square-foot market in Jersey City. The new store will be located within the retail space at 235 Grand, a 549-unit multifamily building in Jersey City. Cavany will relocate from its industrial kitchen in the nearby Bergen-Lafayette neighborhood and will utilize the space for its inaugural retail location, with a market offering prepared meals, produce and coffee all available for delivery. KRE Group and Ironstate Development Co. are the owners of the building

April 28, 2020

Connecticut Leasing Activity Northeast Retail

Caribbean Grocer Signs 800 SF Retail Lease in Milford, Connecticut

by Alex Patton April 28, 2020

MILFORD, CONN. — Ethnic grocer Caribbean Corner Store LLC has signed an 800-square-foot retail lease 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 Caribbean Corner Store in the lease negotiations. Clark also represented the landlord, D’Amato Investments LLC.

April 28, 2020

Acquisitions Multifamily Texas

NorthMarq Arranges Sale of 396-Unit Vineyards at Arlington Apartments

by Taylor Williams April 28, 2020

ARLINGTON, TEXAS — NorthMarq has arranged the sale of Vineyards at Arlington, a 396-unit apartment community that consists of 31 buildings across 16.4 acres in the middle of the DFW metroplex. The property was built in 1985 and offers amenities such as a pool, racquetball court, theater, resident clubhouse, playground, picnic area and a dog park. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, a partnership between two limited liability companies. The buyer, Pegasus Real Estate LLC, plans to implement a value-add program. Stephen Whitehead, Lauren Bresky and William Hancock of NorthMarq arranged acquisition financing and an equity partner for the buyer.

April 28, 2020

Newer Posts

Older Posts