Property Type

KRE Group Opens 200-Unit Multifamily Community in Bayonne, New Jersey

by Alex Patton June 17, 2020

BAYONNE, N.J. — KRE Group has opened Bay 151, a 200-unit multifamily community in Bayonne. Located at 151 Centre St., Bay 151 offers studio, one-, two- and three-bedroom floor plans and 10,000 square feet of retail space. The three-building community features 15,000 square feet of indoor and outdoor amenities, including a fitness center, an outdoor deck with dining areas, grilling stations and a swimming pool. Residents also have access to a library and coworking space, a business center and a billiards room with club seating. The property offers convenient access to the Hudson-Bergen transit station. Hudson Projects designed the property.

June 17, 2020

Industrial Leasing Activity New York Northeast

Maquette Signs 47,850 SF Industrial Lease Expansion in Queens

by Alex Patton June 17, 2020

NEW YORK CITY — Fine arts logistics company Maquette has signed a 47,850-square-foot industrial lease expansion for its headquarters in Queens. The lease expands Maquette’s existing lease to a total of 95,700 square feet. The space is located within the 275,000-square-foot Matsil warehouse and office building at 48-49 35th St. in the Long Island City submarket. Other tenants at the property include Motorola and Ralph Lauren. Forrest Mas and Chris Pachios represented the landlord, North River Co., internally. The lease was negotiated directly with the tenant.

June 17, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $25.3M Sale of Multifamily Building in Weehawken, New Jersey

by Alex Patton June 17, 2020

WEEHAWKEN, N.J. — Gebroe-Hammer Associates has brokered the $25.3 million sale of Hamilton House, a 99-unit multifamily property in Weehawken, just west of Manhattan. Located at 700 John F. Kennedy Blvd. East, the 12-story building was constructed in 1964 and offers a mix of 21 studio, 59 one- and 19 two-bedroom layouts. Ken Uranowitz and Niko Nicolaou of Gebroe-Hammer represented the seller, Hamilton House LLC, in the transaction. The team also procured the buyer, Tuli Realty LLC.

June 17, 2020

Loans Multifamily New York Northeast

Gantry Arranges $22.4M Refinancing for Two Properties in Upstate New York

by Alex Patton June 17, 2020

BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.

June 17, 2020

Company News Retail Texas

AT&T to Close 250 AT&T Mobility and Cricket Wireless Stores, Says Telecomm Union

by John Nelson June 17, 2020

DALLAS — The Communication Workers of America (CWA) has announced that Dallas-based AT&T has informed the telecommunications and IT union its plans to permanently shutter 250 AT&T Mobility and Cricket Wireless stores. The move would impact 1,300 retail jobs. There are currently more than 16,000 AT&T retail locations in the United States, including authorized retailers and company-owned stores and kiosks. CWA also reports that A&T plans to cut 3,400 technician and clerical jobs across the country over the next few weeks. The Dallas Morning News reports that AT&T had to inform CWA, which represents 100,000 AT&T workers, of the planned job cuts due to a collective bargaining agreement covering the workers. The newspaper also reports the job cuts and store closures are part of AT&T’s $6 billion cost-cutting plan. According to CWA, AT&T’s CEO Randall Stephenson pledged in 2017 to create 7,000 new jobs if President Donald Trump’s corporate tax cuts passed. Instead, a CWA review of AT&T’s quarterly reports shows that the company has cut over 41,000 jobs, not including the planned cuts announced June 16.

June 17, 2020

Acquisitions Multifamily Texas

Banyan Residential, Marble Capital Acquire Lofts at the Ballpark in Downtown Houston

by John Nelson June 17, 2020

HOUSTON — Banyan Residential and financial partner Marble Capital have purchased Lofts at the Ballpark, a 375-unit apartment community located one block from Minute Maid Park and BBVA Stadium in downtown Houston. Built in 2001 by Houston-based Hanover Co., the four-story building is located at 610 Saint Emanuel St. and features one- and two-bedroom floor plans. Community amenities include a 24-hour business center, grills, spin room, game room, internet café with a coffee bar, movie theater and two swimming pools and sundecks. Lofts at the Ballpark is the first acquisition in the Houston market for Los Angeles-based Banyan Residential. The seller and sales price were not disclosed.

June 17, 2020

Development Office Texas

Worth & Associates Breaks Ground on 135,000 SF Office Park in San Antonio

by John Nelson June 17, 2020

SAN ANTONIO — Worth & Associates has broken ground on Walker Ranch Business Park, a two-building, 135,000-square-foot office park in San Antonio. The site is located on 10.8 acres at the corner of Wurzbach Parkway and West Avenue in the city’s North Central submarket. Walker Ranch will comprise a 58,000-square-foot, two-story office building with 10-foot ceilings, two conference rooms, break rooms and a courtyard. The second building will span 78,000 square feet of flex office space with 26-foot clear heights, skylights and outdoor break areas and porches. Worth & Associates plans to deliver the flex building in first-quarter 2021 and the office building in second-quarter 2021. Shawn Gulley represented Worth & Associates in the land purchase internally, and Eldon Roalson of Roalson Interests Inc. represented the seller, Coker United Methodist Church. The project team includes Joeris General Contractors and architect Chesney Morales.

June 17, 2020

Development Self-Storage Texas

Brookwood Properties to Open Three-Story Self-Storage Facility in San Antonio

by John Nelson June 17, 2020

SAN ANTONIO — Brookwood Properties LLC plans to open a three-story self-storage facility located at 4618 San Pedro Ave. in San Antonio this month. The property will span 119,000 square feet and feature 900 controlled-climate units. New York-based self-storage REIT Life Storage will operate the facility. Baton Rouge, La.-based Brookwood Properties broke ground on the building in June 2019. The project team includes Baton Rouge-based general contractor Rosehill Construction and Wichita, Kan.-based architect Kaufman Design Group. The project is the 51st facility in the Brookwood Properties portfolio.

June 17, 2020

Leasing Activity Lee & Associates Retail Texas

Lee & Associates Arranges Lease for New Voodoo Doughnut Eatery in Houston’s Montrose District

by John Nelson June 17, 2020

HOUSTON — Lee & Associates-Houston has arranged a 3,000-square-foot lease in Houston for Voodoo Doughnut, a boutique donut shop based in Portland, Ore. Voodoo will open the new store this fall at 1214 Westheimer Road in Houston’s Montrose district. Grant Walker and Brad Kilbride of Lee & Associates-Houston, along with Wade Green of Transwestern, represented Voodoo in the lease deal. The landlord was not disclosed. Walker also represented Voodoo last year in its lease negotiations for its first Houston eatery at 3715 Washington Ave. Voodoo also has a prominent location on Sixth Street in downtown Austin.

June 17, 2020

Development Florida Loans Multifamily Southeast

Berkadia Arranges $97M Construction Loan for Apartment Complex Near Miami

by Alex Tostado June 17, 2020

SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.

June 17, 2020

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