Property Type

Waterton Purchases 456-Unit Vegas Towers Apartment Asset in Las Vegas

by Amy Works January 17, 2020

LAS VEGAS — Waterton has acquired Vegas Towers, a multifamily property located at 1061 E. Flamingo Road in Las Vegas. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1974, Vegas Towers consists of two 10-story towers featuring a total of 264 one-bedroom/one-bath units and 192 two-bedroom/two-bath apartments, as well as a two-story clubhouse. Community amenities include an outdoor courtyard space with cabanas, grilling areas, pool and hot tub. Additionally, the property features laundry rooms on every floor, gathering spaces with a variety of seating options for group entertaining, workspaces for business needs and a fitness center. The buyer plans to implement a combination of renovation strategies that will include interior renovations to upgrade living rooms and bathrooms throughout the property. Select residences will receive quartz countertops, upgraded lighting and plumbing fixtures, new hardware, two-inch blinds and ceiling fans. CBRE represented the undisclosed seller in the deal.

January 17, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

MidCap Financial, Ashley Creek Village II Sell Two Multifamily Assets in Vernal, Utah

by Amy Works January 17, 2020

VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.

January 17, 2020

Foothills-Gateway-Corporate-Center-Phoenix-AZ

Acquisitions Arizona Office Western

HB Foothills Gateway Divests of Office Building in Phoenix for $11.5M

by Amy Works January 17, 2020

PHOENIX — HB Foothills Gateway has completed the sale of Foothills Gateway Corporate Center, a multi-tenant office building located at 4505 E. Chandler Blvd. in Phoenix. Equity Advantage purchased the property for $11.5 million. Located in the Southeast Valley neighborhood of the Ahwatukee Foothills, the 68,198-square-foot building was 85 percent occupied at the time of sale. Built in 1999, the office building features frontage and signage along Chandler Boulevard, as well as quick access to Interstate 10 and Loop 202 South Mountain Freeway. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal.

January 17, 2020

Loans New York Northeast Office

NKF Arranges $145M Acquisition Loan for Former Citibank Office Building in Manhattan

by Alex Patton January 17, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged a $145 million loan for the acquisition of 111 Wall Street, formerly known as the Citibank Building, in Manhattan. SL Green and an undisclosed lending partner provided the fixed-rate loan to the buyer, a partnership of Nightingale Properties and Wafra Capital Partners. The 24-story building comprises 1.1 million square feet of office space and was built in 1968 as the headquarters of First National City Bank. Dustin Stolly and Jordan Roeschlaub led an NKF team that secured the loan, and Jimmy Kuhn of NKF represented the seller, Zurich Insurance.

January 17, 2020

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of 83,216 SF Mount Laurel Office Center in New Jersey

by Alex Patton January 17, 2020

MOUNT LAUREL, N.J. — JLL has brokered the $11 million sale of The Mount Laurel Office Center, an 83,216-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. Situated at 530, 532 and 534 Fellowship Road, the property was 100 percent leased at the time of sale to six tenants, including the United States Government’s General Services Administration. Brett Segal, Doug Rodio and Brett Grifo of JLL represented the seller, Pennmark Properties, in the transaction. The team also procured the buyer, a private investor.

January 17, 2020

Northeast Office Pennsylvania

CBRE’s Hana to Open 50,000 SF Coworking Office Space in Philadelphia

by Alex Patton January 17, 2020

PHILADELPHIA — Coworking office space provider Hana, a subsidiary of CBRE Group Inc., will open a 50,000-square-foot space in Philadelphia. The office will occupy two floors at 1818 Market Street, a 981,000-square-foot office building in the Center City district. Slated for to come on line in 2020, the space will provide rentable coworking office space as well as conference rooms and event space. Shorenstein Properties is the owner of the building.

January 17, 2020

Acquisitions New Jersey Northeast Office

NAI Hanson Arranges Sale of 6,100 SF Office Condo in Fair Lawn, New Jersey

by Alex Patton January 17, 2020

FAIR LAWN, N.J. — NAI James Hanson has arranged the sale of a 6,100-square-foot office condo at 17-10 River Road in Fair Lawn, a northwestern suburb of New York City. Ho-Ho-Kus Inc., a designer and manufacturer of latching and clamping systems for commercial, business and military applications, acquired the asset in order to house its growing staff. Darren Lizzack and Randy Horning of NAI Hanson represented the seller, RPM 1, in the transaction. The sales price was undisclosed.

January 17, 2020

Leasing Activity Northeast Pennsylvania Retail

Mathnasium Signs 1,862 SF Retail Lease in Montgomeryville, Pennsylvania

by Alex Patton January 17, 2020

MONTGOMERYVILLE, PA. — Math tutoring company Mathnasium Learning Centers has signed a 1,862-square-foot retail lease at 202 Marketplace, a shopping center in Montgomeryville, located approximately 25 miles north of Philadelphia. The center will tutor students in introductory and advanced math skills. Other tenants of the shopping center include Outback Steakhouse, The MAX Challenge of Montgomeryville and Five Points Pizza. Brandon Anapol of Metro Commercial brokered the lease.

January 17, 2020

Arizona Market Reports Retail Western Western Market Reports

Employment, E-Commerce, Experiences Drive Phoenix’s Retail Market

by Taylor Williams January 17, 2020

Ecommerce and generational shifts in spending patterns have spawned discussions regarding the health and future of retail. However, Phoenix has proven to be one of the most resilient and dynamic retail markets in the country. This resilience is a product of corporate and residential migration from gateway markets due to increasing regulation and costs of living. Maricopa County has been named the fastest-growing county in the country for three years straight by the U.S. Census Bureau, and is forecasted to add another 500,000 people by 2023. This population and income influx has the Phoenix retail market bucking national trends. Consumer sentiment remains at peak 2006 levels despite political uncertainty, without the artificial run-up in home values we experienced leading up to the financial crisis. Average vacancy rates have lingered in the high 6 percent range with active retail construction remaining tempered at around 1 million square feet. This is compared to more than 11 million square feet in 2006. Vacancy may fall into the mid- to high 5 percent range over the next two years — where it was in 2006 — barring any extreme economic events. Triple-net rents have averaged $16.30 per square foot in 2019 and have grown …

January 17, 2020

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Investor Demand for Texas Affordable Housing Intensifies

by Taylor Williams January 17, 2020

The declining affordability of housing has become a worsening problem in many areas throughout the country, and Texas is no exception. Despite talk of a cooling housing market, home prices in both North and Central Texas are hitting high-water marks, making the dream of homeownership less likely to become a reality for many people. According to the Austin Board of Realtors, median home prices in Austin hit an all-time high in May, topping $400,000. As for North Texas, a report from ATTOM Data reveals that as of the third quarter, the median home price in Dallas-Fort Worth (DFW) was 73 percent above the market’s pre-recession peak. As home prices skyrocket in the these markets, apartment rental rates are also experiencing upward pressure. The Austin Affordable Housing Corp., a nonprofit subsidiary of the Housing Authority of the City of Austin, reports that Austin is now the most expensive rental market in Texas. In addition, The Dallas Morning News reported in August that while Dallas-area apartment rents are growing at a slower rate than the national average, these figures rose 3 percent from a year earlier. Rising apartment rental rates in these markets are resulting in a greater percentage of cost-burdened renters …

January 17, 2020

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