EAST RUTHERFORD, N.J. — Terreno Realty Corp. has acquired a 50,000-square-foot industrial property in East Rutherford, a western suburb of New York City, for $12 million. The property comprises one distribution building featuring 30-foot clear heights and eight loading positions, including seven dock-high and one grade-level doors. Located at 46 Whelan Road, the property is situated less than two miles from the Meadowlands Sports Complex and the New Jersey Turnpike. The property is fully leased to one undisclosed tenant.
PORTSMOUTH, R.I. — CBRE has brokered the $20.4 million sale of Bay View Estates, a 130-unit multifamily community in Portsmouth, located approximately 20 miles southeast of Providence. Bay View Estates comprises 72 apartments in a single eight-story high-rise building, 35 apartments in a garden building and 23 direct-access units in a terrace building. Floor plans include a mix of studio, one-bedroom and two-bedroom flats with an average size of 743 square feet per unit. Amenities include a community room, outdoor pool, gym and a tennis count. Simon Butler and Biria St. John of CBRE represented the seller, Bay View Apartments LLC, a partnership that includes Chestnut Hill Realty and Providence and Lisco Development. The CBRE team also procured the buyer, Schochet Cos.
WEST BABYLON, N.Y. — German grocer Lidl has opened a 36,000-square-foot store at Hubbards Commons, a 65,970-square-foot shopping center in West Babylon on the western part of Long Island. Lidl will offer produce, meat, freshly baked goods and an array of household products. Hubbards Commons is located along Sunrise Highway, which connects Long Island to New York City. The property is now 98 percent leased to tenants including Walgreens, Orangetheory Fitness and Subway. ShopOne is the landlord of Hubbards Commons.
GREELEY, COLO. — Saunders Commercial Development has received $43.2 million in structured construction financing for the development of Ten West Greeley Apartments, a Class A multifamily property being developed at 6600 Eighth St. in Greeley. JLL worked on behalf of the developer to secure the approximately $32 million, floating-rate senior loan through a national bank and the $11.2 million preferred equity loan through a specialty financing group. Leon McBroom and Eric Tupler of JLL Capital Markets debt placement team secured the financing for the developer. Situated on 10.15 acres, the three-story Ten West Greeley will feature 264 garden-style apartments averaging 882 square feet. Units will include stainless steel appliances, walk-in closets, plank flooring, full-size washers and dryers, and private balconies. Slated for completion in 2021, the property will feature 64 garages as well as 408 surface parking spaces. Community amenities will include a resort-style pool, outdoor fire pit, lounge area, clubhouse, entertainment area, fitness center, wet bar and dog wash.
ONTARIO, CALIF. — Buchannan Street Partners has completed the disposition of a two-building office campus located on East Guasti Road in Ontario. MGR Real Estate Inc. acquired the asset for $38.6 million. Built in 2005 and 2007, the complex features 159,092 square feet of Class A office space. The five-story, 91,357-square-foot property situated on 6.54 acres at 3110 E. Guasti Road is known as University Plaza, while the three-story, 67,735-square-foot building located at 3200 E. Guasti Road is known as Waterside Center I. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of Newmark Knight Frank’s U.S. Capital Markets team represented the seller, while the buyer was self-represented in the transaction.
SAN DIEGO — Newport Beach, Calif.-based Focus Real Estate has completed the disposition of Copperwood Center, an industrial park located in San Diego’s Oceanside neighborhood. Newport Beach-based CB Copperwood LLC acquired the asset for $20 million. Located at 3365, 3375 and 3385 Mission Ave. and 101, 102, 105, 106 and 110 Copperwood Way, the eight-building complex features 140,945 square feet of industrial space. Originally built in 1984, the property was 97 percent leased to 64 tenants at the of sale across suites ranging from 886 square feet to 7,397 square feet. Additionally, Copperwood Center features visible signage for each unit and more than 350 parking spaces. Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, while Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International San Diego Region represented the buyer in the transaction.
ALAMEDA, CALIF. — Wood Partners has broken ground on Alta Buena Vista, an apartment community located at 1501 Buena Vista Ave. in Alameda. Situated on the northern waterfront, the 10-acre community will mix the existing six-acre historic 1920s-era Del Monte Warehouse with new apartments and retail spaces. BAR Architects designed the project. Slated to open in early 2022, Alta Buena Vista will offer 372 apartments in a mix of studio, one- and two-bedroom floor plans, as well as two- and three-bedroom townhomes. Additionally, the property will feature a fitness center, resident lounge, multiple roof decks and 11,000 square feet of ground-floor retail space.
IRVINE, CALIF., AND SALT LAKE CITY — Irvine-based Faris Lee Investments, a national retail advisory and investment sales firm, and Salt Lake City-based MTN Retail Advisors, a grocer-specialized data collection and analytics provider, have entered into a partnership agreement. The collaboration will allow the team to combine Faris Lee’s retail, real estate, finance and investment advisory services with MTN’s predictive analytics and proprietary technology, including artificial intelligence machine learning. “MTN’s retail-specific, fact-based analytics will factor into the valuation, underwriting and assessment of these assets as we examine the real estate in any local market for the benefit of the occupier, investor/developer and lender,” says Rick Chichester, president and CEO of Faris Lee Investments. MTN maintains data records on more than 28,000 active U.S. grocers — a number that will grow to include 40,000 grocers over the next 18 months as the partnership takes shape. “We are not a market research firm, a demographer or an aggregator,” says Doug Munson, principal and founder of MTN Retail Advisors. “We take an analytic approach to retail investment that doesn’t exist anywhere else today. Our methods have been refined over the company’s 15-year history, through physical site visits to every grocery we have on …
HALTOM CITY, TEXAS — Phoenix-based Creation Equity has broken ground on The 820 Exchange, a commercial project located in the Fort Worth suburb of Haltom City that will consist of roughly 1 million square feet of office and warehouse space. LGE Design Build, also based in Phoenix, is the general contractor for the project. According to the Dallas Business Journal, the project is valued at $45 million and is expected to be complete by fall 2020.
TEMPLE, TEXAS — KeyBank Real Estate Capital has provided $19.6 million in financing to Denver-based Steele Properties LLC for the acquisition and renovation of Wayman Manor Apartments, a seniors housing property located in the Central Texas city of Temple. Following the renovation, Wayman Manor, which was built in 1971, will consist of 32 one-bedroom units, 96 two-bedroom residences and 32 three-bedroom units. All units are restricted under low-income housing tax credit (LIHTC) regulations at 60 percent of the area median income. Sarah Geis of KeyBank handled the transaction.