Property Type

Bellomy Arranges Sale of 1,117-Unit Self-Storage Portfolio in Southeast Texas

by Taylor Williams December 6, 2019

LA MARQUE AND DICKINSON, TEXAS — Bellomy & Co. has arranged the sale High Point Storage, a portfolio of two self-storage facilities totaling 1,117 units across 235,918 net rentable square feet in Southeast Texas. One of the properties is located in La Marque, and the other is located in Dickinson, both of which are cities located in between Houston and Galveston. Approximately 28 percent of the units are climate-controlled. Both facilities were roughly 90 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based seller and procured the buyer, California-based REIT Public Storage.

December 6, 2019

Development Multifamily Texas

Wood Partners Breaks Ground on 300-Unit Alta Cathedral Lakes Apartments in Metro Houston

by Taylor Williams December 6, 2019

SPRING, TEXAS — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta Cathedral Lakes, a 300-unit apartment community located in the northern Houston suburb of Spring. The property will feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities will include a pool, fitness center, business center with conference rooms, an outdoor kitchen, clubroom and a dog park. Preleasing will begin in fall 2020 with the first units scheduled to come on line in the fourth quarter of 2020.

December 6, 2019

Industrial Leasing Activity Texas

Source Logistics Signs 423,280 SF Industrial Lease in South Texas

by Taylor Williams December 6, 2019

LAREDO, TEXAS — Source Logistics, a supply chain operator for retail and e-commerce firms, has signed a 423,280-square-foot industrial lease at Port Grande Logistics Port in the South Texas city of Laredo. The company will occupy the entirety of Building 2, a spec project that is nearing completion. California-based Majestic Realty is the developer of Port Grande Logistics Port, which is located just off Interstate 35 and within 10 miles of the Port of Laredo border crossing.

December 6, 2019

Development Hospitality Texas

C12 Capital, Sardis Underway on Loren at Lady Bird Lake Hotel, Residences in Austin

by Taylor Williams December 6, 2019

AUSTIN, TEXAS —A partnership between C12 Capital Management LP and Sardis Developments is underway on construction of Loren at Lady Bird Lake, a 108-room luxury hotel in Austin that will be operated by New York-based Loren Hotel Group. The property will also feature 26 for-sale residences, including two penthouses. Amenities will include a pool, fitness center, spa and a bar and lounge with an outdoor seating area. Site work has begun and completion is scheduled for the fourth quarter of 2021. Rhode Partners is the project architect, and Hoar Construction is the general contractor. Michael Landon of CBRE arranged an $80 million first lien construction loan through Hall Structured Finance for the project.

December 6, 2019

Development Life Sciences New York Northeast Office

King Street Properties Begins Construction of 266,800 Innolabs Life Sciences Project in Long Island City

by Alex Patton December 6, 2019

LONG ISLAND CITY, N.Y. — King Street Properties has begun construction of Innolabs, a 266,800-square-foot life sciences project in Long Island City. Located at 45-18 Court Square, the project involves the redevelopment and expansion of a 160,000-square-foot, Class B office building that will anchor the life sciences sector on Long Island. The building will be completely gutted and renovated to allow for multi-tenant floors and will be expanded with a four-story addition and two six-story additions. The project is slated for completion in the first quarter of 2021.

December 6, 2019

Development Multifamily New Jersey Northeast Seniors Housing

Capitol Seniors Housing Completes New Clubhouse, Residences at Community in Cinnaminson, New Jersey

by Alex Patton December 6, 2019

CINNAMINSON, N.J. — Capitol Seniors Housing has completed construction of a new clubhouse and two of the remaining five residential buildings at Siena, an active adult community in Cinnaminson, an eastern suburb of Philadelphia. The owner is currently working to complete the community’s master plan that will consist of 12 buildings and 204 units upon full build-out. The new residences range from 1,114 to 1,873 square feet. Capitol Seniors Housing acquired Siena in 2018, and Cove Property Management operates the community.

December 6, 2019

Leasing Activity New York Northeast Office

Akerman Law Firm Signs 100,000 SF Office Lease in Manhattan

by Alex Patton December 6, 2019

NEW YORK CITY — Law firm Akerman LLP has signed a 100,000-square-foot office lease at 1251 Avenue of the Americas in Manhattan. Akerman will move from its current office at 666 Fifth Avenue to the entire 37th and 38th floors and a portion of the 35th floor at the new building. About 185 lawyers will work out of the new space. Other tenants of the building include MUFG Union Bank, Trust Co. of the West and Mizuho Corporate Bank. Matthew Cheezem, Ken Siegel and Lisa Kiell of JLL represented Akerman in the lease negotiations. David Falk and Peter Shimkin of Newmark Knight Frank represented the landlord, Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Ltd.

December 6, 2019

Loans Multifamily New Jersey Northeast

Procida Funding Provides $39M Construction Loan for Apartment Property in Middlesex, New Jersey

by Alex Patton December 6, 2019

MIDDLESEX, N.J. — Procida Funding has provided a $39 million construction loan to Forte Real Estate Development for the construction of The View at Middlesex, a 200-unit apartment property located approximately 30 miles southwest of New York City. Located at 220 and 232 Lincoln Blvd, the 255,000-square-foot building will feature 140 one-bedroom units, 60 two-bedroom units and 17,000 square feet of amenity and commercial spaces on the ground floor. Additional details of the loan and the construction schedule were undisclosed.

December 6, 2019

Development Northeast Pennsylvania Retail

Cliffs Climbing + Fitness to Open 40,000 SF Facility in Philadelphia on Dec. 7

by Alex Patton December 6, 2019

PHILADELPHIA — Cliffs Climbing + Fitness will open a 40,000-square-foot climbing and fitness facility called in Philadelphia on Saturday, Dec. 7. The Cliffs at Callow Hill will be located in a single-tenant warehouse at 1010 Callowhill St. and will offer climbing walls with classes and clinics for all skill levels, plus a private yoga studio and a full-scale fitness center. The facility was built by Caledonia Builders Inc. and the climbing walls were built by Walltopia. Michael Gorman and Stephen Carrozza of Metro Commercial Real Estate represented Cliffs in the lease negotiations.

December 6, 2019

Acquisitions Arizona Office Restaurant Retail Western

Sumitomo Acquires 24-Story Collier Center Commercial Complex in Downtown Phoenix

by Amy Works December 6, 2019

PHOENIX — Sumitomo Corp. of Americas has purchased Collier Center, a 2.8-acre commercial complex in downtown Phoenix. Eastdil Secured handled the transaction. Terms of the deal, including acquisition price and seller, were not disclosed. The 24-story property features more than 578,000 square feet of rentable space, including a variety of restaurants and bars, plus a three-level underground parking garage. At the time of acquisition, the building was 84 percent occupied, with Bank of America and Uber among its largest tenants. With this new acquisition, Sumitomo owns a commercial real estate portfolio totaling over $425 million to date with more than 1.6 million square feet of commercial space.

December 6, 2019

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