Property Type

Berkadia Provides $24.5M Refinancing Loan for Apartment Community in Port St. Lucie, Florida

by Alex Tostado April 6, 2020

PORT ST. LUCIE, FLA. — Berkadia has provided a $24.5 million Fannie Mae refinancing loan of a construction take-out loan for Torino Lakes Townhomes in Port St. Lucie. Mitch Sinberg and Matt Robbins of Berkadia originated the 10-year, fixed-rate loan with an interest-only payment period on behalf of the borrower, Rich Properties, a local developer that delivered the community in 2019. The property offers two- and three-bedroom floor plans, which include hardwood floors, walk-in closets, granite countertops, stainless steel appliances and a kitchen island. Communal amenities include a fitness center, swimming pool, spa, playground, clubhouse, walking/biking trails and a media center with a movie theater. Torino Lakes Townhomes is located at 5511 NW Sandhill Trail, eight miles north of downtown Port St. Lucie.

April 6, 2020

Acquisitions Industrial Texas

Stream Realty Partners Arranges Sale of 20,000 SF Industrial Property in Fort Worth

by Taylor Williams April 6, 2020

FORT WORTH, TEXAS — Stream Realty Partners has arranged the sale of a 20,000-square-foot industrial property located at 8900 Forum Way in Fort Worth. The property is situated on 3.6 acres of land and was 100 percent leased to Waples Manufacturing at the time of sale. Jamie Jennings, Andrew Rabinovich and Jeff Rein of Stream Realty Partners represented the seller, Agarita Management Co., in the transaction. The buyer was a private investor based in Fort Worth.

April 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 6,656 SF Retail Strip Center in Metro Houston

by Taylor Williams April 6, 2020

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Fairmont Crossing, a 6,656-square-foot retail strip center located in the eastern Houston suburb of Pasadena. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based developer, in the transaction. The duo also procured the buyer, a local investor.

April 6, 2020

Leasing Activity New Jersey Northeast Office

PTC Therapeutics Signs 101,500 SF Office Lease in Bridgewater, New Jersey

by Alex Patton April 6, 2020

BRIDGEWATER, N.J. — Pharmaceutical company PTC Therapeutics has signed a 101,500-square-foot office lease in Bridgewater, located approximately 50 miles west of New York City. The company signed a long-term lease to occupy three floors at The New Jersey Center of Excellence, an 800,000-square-foot life sciences and laboratory office complex. Amenities at the center include a cafeteria, fitness center and conference center. Other tenants include Kashiv Pharma LLC, Nestlé Health Science and Ashland Global. Dan Loughlin led a JLL team that represented the landlord, Thor Equities, in the lease negotiations.

April 6, 2020

Loans Multifamily New York Northeast

Kearny Bank Provides $28.3M Loan for Refinancing of Manhattan Multifamily Portfolio

by Alex Patton April 6, 2020

NEW YORK CITY — Kearny Bank has provided a $28.3 million loan for the refinancing of a 12-building multifamily portfolio in the Union Square and West Village neighborhoods of Manhattan. The portfolio spans nearly the entire block of 17th Street between Union Square and Irving Place, including 11 garden-style townhome buildings as well as a 24-unit building located on Cornelia Street in the West Village. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan, which carries a fixed interest rate of 3.5 percent with three years of interest-only payments, on behalf of an undisclosed borrower.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Harvest Health Acquires Cannabis Grower, Cultivation Facility in Reading, Pennsylvania for $25.5M

by Alex Patton April 6, 2020

READING, PA. — Arizona-based cannabis grower and retailer Harvest Health & Recreation has acquired Reading-based grower Franklin Labs LLC for $15.5 million in cash and a $10 million promissory note. The acquisition of the company included a 46,800-square-foot cultivation and processing facility in a former Pepsi warehouse, located at 1800 Centre Ave. in Reading. Harvest owns and operates five medical cannabis dispensaries in Pennsylvania and plans to begin growing and processing at its new facility during the second quarter of this year. The Pennsylvania Department of Health defines medical cannabis dispensaries and healthcare providers as essential services that will remain open during the COVID-19 crisis.

April 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $16.7M Sale of Multifamily Building in Queens

by Alex Patton April 6, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 15,200 SF Industrial Property in Allentown, Pennsylvania

by Alex Patton April 6, 2020

ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.

April 6, 2020

Acquisitions California Multifamily Western

Gemdale USA Sells Apartment Property Near Los Angeles for $31.9M

by Amy Works April 6, 2020

WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.

April 6, 2020

California Civic Development Western

C.W. Driver Completes $24M Vanguard University Student Center in Orange County

by Amy Works April 6, 2020

COSTA MESA, CALIF. — C.W. Driver Cos. has completed the development of Waugh Student Center at Vanguard University in Costa Mesa. HPI Architecture designed the $24 million, two-story facility, which features 35,000 square feet of interior space and a 7,500-square-foot exterior deck. Within Waugh Student Center, students, faculty and staff will have access to a 3,300-square-foot food service area with all-day and late-night options, as well as an 8,000-square-foot common dining room. Additionally, the student center offers a 3,000-square-foot fitness center and an 8,000-square-foot recreational center that can be converted into meeting and event space to accommodate 880 people for lectures or 480 for catered functions. The center also features areas equipped with power outlets and charging stations for studying, a trellised roof deck with fireplace, and two-story outdoor dining and gathering area. Waugh Student Center is the first project in a 30-year campus enhancement plan to reshape Vanguard’s 38-acre campus at 55 Fair Drive in Costa Mesa.

April 6, 2020

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