Property Type

Shorenstein Properties Sells 1.3 MSF Denver City Center Office Campus for $400M

by Amy Works February 5, 2020

DENVER — Shorenstein Properties has completed the disposition of Denver City Center, a two-tower office asset located in downtown Denver. Brookfield Properties acquired the asset for $400 million, according to the Colorado Real Estate Journal. Denver City Center consists of a 42-story building located at 707 17th St., which includes the 20-floor Hilton Denver City Center hotel (not included in the sale) and 22 floors of office space, and Johns Manville Plaza, a 29-story office building located at 717 17th St. The buildings combined total 1.3 million square feet. Tim Richey, Mike Winn, Jenny Knowlton, Charley Will and Chad Flynn of CBRE represented the seller in the deal. Shorenstein Properties originally purchased Denver City Center with funds from its Tenth Fund for $286 million in 2013.

February 5, 2020

Colorado Development Industrial Western

Hyde Development, Mortenson to Build 2.2 MSF HighPoint Logistics Park Near Denver International Airport

by Amy Works February 5, 2020

AURORA, COLO. — Hyde Development and Mortenson have purchased an undeveloped, 125-acre land parcel located along E-470 at 64th Avenue in Aurora. The partnership plans to develop HighPoint Logistics Park, a 2.2 million-square-foot industrial park, at the site, which is near Denver International Airport. HighPoint Logistics Park will feature eight buildings with a mix of cross-dock, front-park and rear-load warehouse product. Additionally, the park will be located in three economic benefit zones: Federal Opportunity Zone; Adams County, Colo., Enterprise Zone; and Limon Foreign Trade Zone. These distinctions allow for significant tax credits to encourage job creation and investments by businesses. Construction is scheduled to begin before the end of this year. CBRE’s Tyler Carner, Jeremy Ballenger and Jessica Ostermick represented the seller, Westside Investment Partners. Todd Witty and Daniel Close, also of CBRE, represented the buyers in the deal.

February 5, 2020

Acquisitions Development Multifamily New York Northeast

Marcus & Millichap Brokers $33M Sale of Residential Development Site in Brooklyn

by Alex Patton February 5, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $33 million sale of a residential development site in the Williamsburg neighborhood of Brooklyn. The site comprises three former industrial and residential buildings on the same block, located at 118 Hope St., 428 Rodney St. and 426 Rodney St. The buyer, local developer CW Realty, plans to redevelop the property with 100 multifamily units. Said Boukhalfa and Jonathan Codorniu of Marcus & Millichap represented CW Realty in the transaction. The team also represented the sellers, which were private owner-users.

February 5, 2020

Acquisitions California Healthcare Office Western

Healthcare Realty Acquires Taj Mahal Medical Office Building in Laguna Hills for $42M

by Amy Works February 5, 2020

LAGUNA HILLS, CALIF. — Healthcare Realty has purchased a medical office building, located at 23521 Paseo De Valencia in Laguna Hills, from The Muller Co. for $42 million in an off-market transaction. Known as Taj Mahal, the property was originally developed in 1964 as an office building and later converted into medical office space due to its proximity to Saddleback Memorial Hospital. The 88,538-square-foot asset underwent a modernization in 2011 to update the property’s design and functionality. John Wadsworth of Colliers International’s Healthcare Services served as lead broker in the transaction. Wadsworth represented the buyer in the deal.

February 5, 2020

Acquisitions Delaware Northeast Office

CSC Acquires 43,000 SF Office Building in Wilmington, Delaware

by Alex Patton February 5, 2020

WILMINGTON, DEL. — Business security firm Corporation Service Co. (CSC) has acquired the 43,000-square-foot PA Railroad office building in Wilmington, a southwestern suburb of Philadelphia, for $4.8 million. Located at 112 S. French St., the six-story building is situated adjacent to the Wilmington train station served by Amtrak and Southeastern Pennsylvania Transportation Authority. The building will be rebranded as CSC Station and will be repositioned to include a new two-story atrium, coworking space and traditional office space. Renovations are slated for completion this fall. Summit Properties Inc. was the seller.

February 5, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $28.3M Sale of Multifamily Portfolio in Los Angeles County

by Amy Works February 5, 2020

LOS ANGELES, SANTA CLARITA, SYLMAR AND LANCASTER, CALIF. — Marcus & Millichap has negotiated the sale of a four-property multifamily portfolio located in Los Angeles County. The portfolio sold to four separate buyers for a total of $28.3 million. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow of Marcus & Millichap represented the undisclosed seller and undisclosed buyers in the transactions. The properties are a 54-unit building at 2736 Pomeroy Ave. in Los Angeles; a 65-unit community for residents age 55 or older located at 22816 Market St. in Santa Clarita; a 20-unit building at 13002 Dronfield Ave.; and an 80-unit seniors housing community located at 44942 Cedar Ave. in Lancaster.

February 5, 2020

Acquisitions Connecticut Industrial Northeast

Angel Commercial Arranges Sale of 40,809 SF Industrial Property in Milford, Connecticut

by Alex Patton February 5, 2020

MILFORD, CONN. — Angel Commercial LLC has arranged the $4.2 million sale of a 40,809-square-foot industrial property in Milford, a western suburb of New Haven. Located at 230 Old Gate Lane, the property offers immediate access to Interstate 95. The buyer, 230 Old Gate Lane LLC, plans to redevelop the property as a truck dealership. Jon Angel of Angel Commercial LLC represented 230 Old Gate Lane LLC in the transaction. Angel also represented the seller, CLS Milford LLC.

February 5, 2020

Industrial Loans Self-Storage Washington Western

Talonvest Negotiates $13.8M Refinancing for Self-Storage Facility in Seattle

by Amy Works February 5, 2020

SEATTLE — Talonvest Capital has secured a $13.8 million permanent loan on behalf of Catalyst Storage Investors for West Coast Self-Storage in Seattle. A CMBS lender funded the non-recourse, 10-year, fixed-rate, full-term, interest-only financing. The loan is secured by a Class A self-storage asset located at 3736 Rainier Ave. South in Seattle. Developed in 2014 by the borrower, the facility features 851 climate-controlled units and 64,689 net rentable square feet. Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler of Talonvest arranged the financing.

February 5, 2020

Leasing Activity New York Northeast Office

Architecture Firm Signs 10,156 SF Office Lease Expansion in Manhattan

by Alex Patton February 5, 2020

NEW YORK CITY — E4H Architecture, a firm which designs hospitals and other medical health facilities, has signed a 10,156-square-foot office lease expansion for its office in the Garment District of Manhattan. The firm signed a 10-year lease for the entire sixth floor of an office building located at 15 W. 37th St. The firm will move its operations from its original 5,700-square-foot space on the 16th floor of the same building in the second quarter of this year. Norman Bobrow and David Badner of Norman Bobrow & Co. represented E4H in the lease negotiations. Jarad Winter, J.D. Cohen, William Cohen and Steven Levy of Newmark Knight Frank represented the landlord, Kamber Management.

February 5, 2020

Market Reports New York Northeast Northeast Market Reports Retail

Savvy Retailers ‘Recalibrate’ in New York City

by Taylor Williams February 5, 2020

Manhattan has long been one of the most competitive retail markets in the country due to two characteristics of its population: an incredible density and high incomes among residents and workers. The Bureau of Labor Statistics reported that the average weekly wage of Manhattan’s private sector workforce was $3,153 in the first quarter of 2019, much higher than the national average of $1,184 per week. In addition to its residential base, tourism plays a strong role in Manhattan’s retail sales. Marketing agency NYC & Co. projects that New York City will host 67 million visitors this year, up from approximately 65 million in 2018. While these demographic factors have kept Manhattan’s brick-and-mortar retail market somewhat insulated from e-commerce and other factors affecting the industry, the borough has not been completely shielded from the woes affecting the retail industry. Pocket-sized technology offers immediate access to everything from groceries and apparel to cars and construction materials, forcing brick-and-mortar retailers to get creative with their shopping experiences in order to avoid closing stores. Manhattan remains a top-tier market that commands rents above the national average. But the net result of e-commerce and asking rents that don’t match operating costs is a shift in …

February 5, 2020

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