Property Type

Bella-Terra-Medical-Plaza-Huntington-Beach-CA

Manhattan Real Estate Holdings Buys Bella TerraMedical Plaza in Huntington Beach for $20M

by Amy Works March 31, 2020

HUNTINGTON BEACH, CALIF. — Manhattan Real Estate Holdings has acquired Bella Terra Medical Plaza, a medical office building located at 7677 Center Ave. in Huntington Beach. Vibe Boutique Office Properties sold the asset for $20 million. Situated on 1.8 acres, the four-story property features 59,354 square feet of recently renovated, Class A medical office space. At the time of sale, the building was 90 percent leased to a variety of medical facilities and providers. Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle of JLL Capital Markets, along with Kellie Hill, Chris Isola and Bryan Lewitt of JLL Healthcare, represented the seller and procured the buyer in the deal.

March 31, 2020

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $16.2M Sale of Inlet View Apartments in Silverdale, Washington

by Amy Works March 31, 2020

SILVERDALE, WASH. — Kidder Mathews has handled the sale of Inlet View Apartments, a multifamily property located at 9860 Bushlac Lane NW in Silverdale in Kitsap County, Wash. A private owner sold the asset to an undisclosed buyer for $16.2 million. Constructed in 1985, Inlet View Apartments features 100 units spread across seven buildings. The four-acre property also offers a playground, exercise room and ample parking. Dylan Simon and Jerrid Anderson of Kidder Mathews’ Seattle office represented the seller, while the buyer was self-represented in the transaction.

March 31, 2020

73690-Twentynine-Palms-Hwy-Twentynine-Palms-CA

Acquisitions California Restaurant Retail Western

Hanley Investment Group Arranges $3.1M Sale of Starbucks-Occupied Asset in Twentynine Palms

by Amy Works March 31, 2020

TWENTYNINE PALMS, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built retail property located at 73690 Twentynine Palms Highway in Twentynine Palms. Fountainhead Development sold the asset to a Los Angeles-based private investor for $3.1 million, or $1,722 per square foot. Starbucks Coffee occupies the1,800-square-foot drive-thru property, which was built in this year. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Taesoo Eo and Shirley Kim of RE/MAX Commercial’s Los Angeles office represented the buyer in the deal.

March 31, 2020

Acquisitions Healthcare Massachusetts Northeast Office

Legacy Real Estate Acquires 84,000 SF Office, Healthcare Building in Lowell, Massachusetts

by Alex Patton March 31, 2020

LOWELL, MASS. — Legacy Real Estate Ventures has acquired 55 Technology Drive, an 84,000-square-foot office and healthcare building in Lowell, located approximately 30 miles north of Boston. At the time of sale, the property was 100 percent leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, software developer Contract Logix and tech company Diagnosys. Anthony Biette of Peak Real Estate Partners represented the seller, a joint venture between Novaya Real Estate Ventures LLC and Hawk Properties. Biette also procured Legacy as the buyer. The sales price was undisclosed.

March 31, 2020

Acquisitions Massachusetts Northeast Office

Kelleher & Sadowsky Negotiates $13M Sale of Office Building in Worcester, Massachusetts

by Alex Patton March 31, 2020

WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has negotiated the $13 million sale of an 85,000-square-foot office building in Worcester, located approximately 45 miles west of Boston. Located at 324 Clark St., the building was 100 percent leased at the time of sale. Tenants include the Department of Developmental Services, Department of Early Education and Care, South Bay Community Services and Nouria Energy Corp. Donald Mancini and James P. Cozza of Kelleher & Sadowsky represented the seller, Worcester Investment Group, in the deal. The team also procured the buyer, Lowfield Realty Group. Cornerstone Bank provided acquisition financing for the buyer.

March 31, 2020

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Arranges $11.9M Sale of Shops at Red Lion Retail Center in Philadelphia

by Alex Patton March 31, 2020

PHILADELPHIA — Marcus & Millichap has arranged the $11.9 million sale of Shops at Red Lion, a 24,688-square foot retail property located in Philadelphia. Located at 10000-90 Roosevelt Blvd., the property was 100 percent leased at the time of sale to tenants such as Starbucks, Verizon and Dunkin’. Derrick Dougherty, Mark Krantz and Scott Woodard of Marcus & Millichap represented the seller, a limited liability company affiliated with Abrams Realty Development, in the transaction. The team also procured the buyer, a limited liability company controlled by David Adam Realty.

March 31, 2020

California New York Retail Top Stories Wisconsin

Gap, Macy’s, Kohl’s to Furlough Most Employees as Stores Remain Closed During COVID-19 Pandemic

by John Nelson March 31, 2020

SAN FRANCISCO, NEW YORK CITY AND MENOMONEE FALLS, WIS. — Prominent retailers Gap Inc., Macy’s Inc. and Kohl’s have announced separately that they’re planning to furlough a majority of employees at their stores and some distribution centers beginning this week in response to the COVID-19 outbreak. Combined, the total number of affected employees is nearly 290,000, according to the Los Angeles Times. The three retailers have extended their temporary store closures indefinitely to stop the spread of the novel coronavirus. The Centers for Disease Control and Prevention (CDC) reported that the United States has 140,904 confirmed cases of COVID-19 and 2,405 related deaths as of Monday, March 30. Until stores begin to reopen, the companies will pause payments to a majority of their staff while still offering applicable benefits to those affected. Luxury retailer Neiman Marcus is also reportedly furloughing most of its 14,000 employees. Gap (NYSE: GPS) has announced that its leadership team and board of directors will take a temporary reduction in pay. Gap’s brands, which include Gap, Old Navy, Banana Republic, Athleta, Hill City, Janie and Jack and Intermix, will still be available through the company’s online platform. “After taking the extraordinary measures of temporarily closing all …

March 31, 2020

Industrial Market Reports Texas Texas Market Reports

Houston Industrial Developers Covet Infill Sites

by Taylor Williams March 31, 2020

The growth of large distribution facilities for e-commerce users and third-party logistics providers (3PLs) symbolizes the evolution of Houston’s industrial market. Consequently, developers are leaping into action to secure well-located infill sites that are squarely in the pathways of natural population growth, the rise of new industries and infrastructural upgrades. According to data from office and industrial brokerage firm Lee & Associates, there was roughly 18 million square feet of distribution space under construction throughout the Houston area at the end of 2019. This figure represents a 20 percent increase above the previous high of 15 million square feet in 2015, the approximate time at which the price of oil — the longtime foundation of Houston’s economy — began to tumble. The sheer size and number of these projects has catapulted Houston into the No. 3 spot nationally for industrial product under construction behind Dallas-Fort Worth (DFW) and California’s Inland Empire, according to the latest data from CoStar Group. CoStar notes that there is roughly 27 million square feet of industrial space across all sub-types of industrial product under construction throughout Houston. The market also took the bronze medal for new deliveries in 2019. Older, smaller industrial properties that were …

March 31, 2020

Civic Michigan Midwest

TCF Center in Detroit to Serve as Temporary Care Facility Amid COVID-19 Healthcare Crisis

by Kristin Harlow March 30, 2020

DETROIT — In response to the COVID-19 pandemic, TCF Center in Detroit has been designated by Michigan Gov. Gretchen Whitmer and the Federal Emergency Management Agency (FEMA) as a temporary alternate care facility. Mobilization has already begun, and construction will be performed by the TCF Center workforce and union labor. The temporary site is planned for COVID-19 patients to relieve the burden on local hospitals treating patients with the virus. The temporary care site may be used for as long as six months, according to local media. As of late Sunday, the Michigan Department of Health and Human Services reported 5,486 cases of the coronavirus and 132 deaths. Consequently, the 2020 North American International Auto Show, which was set to take place at TCF Center, formerly Cobo Hall, has been cancelled. The annual show, one of the largest in North America, was scheduled to take place June 9-20 and will now be postponed until June 11-26, 2021.

March 30, 2020

Development Industrial South Carolina Southeast

Magnus Development Delivers 200,000 SF Industrial Building in Lexington, South Carolina

by Alex Tostado March 30, 2020

LEXINGTON, S.C. — Magnus Development Partners LLC has delivered Midway IV, a speculative 200,000-square-foot industrial building within Lexington County Industrial Park (LCIP). There is currently one tenant in the building, occupying 50,000 square feet. LCIP spans 350 acres nine miles south of downtown Columbia. Magnus broke ground on Midway IV in March 2019. The asset features 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus broke ground on Midway V, also within LCIP, in November.

March 30, 2020

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