Property Type

Parkview Financial Provides $38M Construction Loan for Houston Apartment Project

by Taylor Williams February 20, 2020

HOUSTON — Parkview Financial has provided a $38 million loan for the construction of a 168-unit apartment community located at 1107 Shepherd Drive in Houston. The property will also feature 20,475 square feet of ground-floor retail space and a 305-space parking structure. Amenities will include a pool, fitness center, outdoor kitchen, business center and a dog park. Construction has commenced and is expected to be complete in mid-2021. Greystone arranged the loan on behalf of the borrower, Hunington Properties.

February 20, 2020

Loans Multifamily New York Northeast

Black Bear Arranges $77.7M Loan for Refinancing of Multifamily Portfolio in The Bronx

by Alex Patton February 20, 2020

NEW YORK CITY — Black Bear Capital Partners (BBCP), a subsidiary of locally based Black Bear Asset Management, has arranged a $77.7 million loan for the refinancing of an eight-property multifamily portfolio in The Bronx. The 10-year loan features a fixed interest rate of 3.6 percent and 10 years of interest-only payments, proceeds will refinance previous debt. The properties total 537 units. Morgan Stanley provided the loan, and Finkelstein Timberger East Real Estate was the borrower. Bryan Manz, Rob Serra, Phil Bowman and Emil DePasquale of BBCP arranged the financing.

February 20, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers $13.7M Sale of Two Apartment Buildings in Fall River, Massachusetts

by Alex Patton February 20, 2020

FALL RIVER, MASS. — CBRE has brokered the $13.7 million sale of two apartment buildings in Fall River, located approximately 20 miles southeast of Providence. Border City Mills, a former mill building located at 2 Weaver St., was completed in 1873 and converted to a residential use in 1988. The property comprises 107 units and offers a fitness center and pool. River Grove Apartments, located at 4516 North Main St., was built in 1987, comprises 48 units and sits adjacent to Fall River Country Club. Simon Butler and Biria St. John of CBRE represented the seller, First Merchants Group. The team also procured the buyer, Fren Management Co. Inc.

February 20, 2020

Leasing Activity Northeast Office Pennsylvania

Mindspace to Open 42,000 SF Flexible Office Space in Philadelphia

by Alex Patton February 20, 2020

PHILADELPHIA — Flexible office space provider Mindspace will open a 42,000-square-foot space at the Wanamaker Office Building in Philadelphia. Mindspace expects to open the space, which will include tenant lounges and an event area, in the third quarter. The 1.4 million-square-foot Wanamaker building is located adjacent to City Hall in Center City Philadelphia. A partnership of The Rubenstein Partners and Amerimar Enterprises Inc. owns the building.

February 20, 2020

Industrial Leasing Activity New York Northeast

Colliers Negotiates 27,681 SF Industrial Lease in Brooklyn

by Alex Patton February 20, 2020

NEW YORK CITY — Colliers International has negotiated a 27,681-square-foot industrial lease for hair care brand Prose in the Sunset Park neighborhood of Brooklyn. Prose will move its manufacturing operations to the new space at Liberty View Industrial Plaza, located at 850 Third Ave. The building comprises 350,000 square feet of office space, and 500,000 square feet of industrial space. Marcus Rayner of Colliers represented Prose in the lease negotiations. Partnership of Madison Capital and Salmar Properties owns the building.

February 20, 2020

Conference Coverage Features Retail Western Feature Archive

Entertainment-Based Retail Requires Patience, Creativity, Say EEE Panelists

by Katie Sloan February 20, 2020

LOS ANGELES — In today’s retail environment, adding local food and beverage concepts, entertainment venues and landscaped parks seems like a surefire way to revitalize a dated shopping center. A trickier task is determining how exactly these nontraditional concepts boost the bottom line. A panel of retail owners and service providers weighed in on this topic at France Media’s sixth annual Entertainment Experience Evolution conference at the JW Marriott L.A. Live in Los Angeles last week. “This panel started because I’m a bit of a skeptic as it relates to entertainment concepts,” says moderator Joyce Storm, president of Storm Advisors. “Investors don’t like when you discuss entertainment experiences; developers and owners have trouble making sense of where they should put their dollars and cents, time, energy and resources. It’s important to understand what to expect in terms of results from entertainment concepts and placemaking in order to determine the money that should be funneled into them.” For Steven Levin, founder and CEO of Centennial Real Estate, the challenge and opportunity in reimagining dated, traditional malls to fit the needs of today’s shopper is in the underwriting. “Transforming a traditional mall into a mixed-use destination provides an opportunity and a challenge …

February 20, 2020

Acquisitions New Jersey Northeast Retail

NAI James Hanson Brokers Sale of 3,401 SF Retail Building in Jersey City

by Alex Patton February 20, 2020

JERSEY CITY, N.J. — NAI James Hanson has brokered the sale of a 3,401-square-foot retail building in Jersey City. The two-story property is located at 356 Central Ave. in the Central Avenue neighborhood. Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction. The buyer and sales price were undisclosed.

February 20, 2020

Acquisitions California Industrial Western

Ledra Brands Buys Industrial Building in Southern California for $16.6M

by Amy Works February 20, 2020

IRVINE, CALIF. — Ledra Brands, a local lighting manufacturer, has purchased an industrial property located at 88 Maxwell in Irvine. University Medical sold the asset for $16.6 million. Ross Fippinger and Ross Bourne of CBRE represented the buyer, while Gregg Haly and Dave Desper, also of CBRE, represented the seller in the deal. Situated on 3.7 acres within the Irvine Spectrum submarket of Orange County, Calif., the 55,285-square-foot building features 14,684 square feet of office space, four dock-high loading doors, 30-foot clear heights and 125 parking spaces.

February 20, 2020

Acquisitions California Multifamily Western

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

by Amy Works February 20, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in the transaction.

February 20, 2020

Acquisitions Multifamily Seniors Housing Utah Western

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

by Amy Works February 20, 2020

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will be Bayshire’s first in Utah. Annual cash rent under the Bayshire master lease will increase by approximately $600,000. The remaining lease term is just under 15 years, plus two five-year renewal options, and carries annual CPI-based rent escalators. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

February 20, 2020

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