Property Type

Green Leaf Partners Sells 256-Unit Arrowhead Ranch Multifamily Asset in Glendale, Arizona

by Amy Works January 28, 2020

GLENDALE, ARIZ. — Green Leaf Partners has completed the sale of Green Leaf Arrowhead Ranch, an apartment property in Glendale. Baron Properties acquired the asset for an undisclosed price. Developed in 1996 within the five-phase, master-planned Arrowhead Ranch community, the property is located at the intersection of Loop 101 and 67th Avenue. The 15-building property features 256 apartments, two resort-style swimming pools, a 24-hour fitness center, covered parking and detached garages. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

January 28, 2020

Acquisitions California Retail Western

SRS Brokers $9M Acquisition of Sorrento Plaza Retail Center in San Diego

by Amy Works January 28, 2020

SAN DIEGO — SRS Real Estate Partners’ National Net Lease Group has arranged the purchase of Sorrento Plaza, a shopping center located in the Sorrento Valley submarket of San Diego. A Northern California-based private investor acquired the asset from Wells Fargo, as the successor trustee, for $9 million, or $756 per square foot. Built in 2007, the 11,901-square-foot property is located at 9254 Scranton Road. At the time of acquisition a variety of tenants fully occupied the property, including Subway, Rubio’s Coastal Grill, Opera Patisserie, Croutons and a dental clinic. Sam Hanna of SRS’ National Net Lease Group represented the buyer, while Rick Puttkammer and Bill Rose of Marcus & Millichap represented the seller in the deal.

January 28, 2020

Acquisitions Industrial Nevada Western

Solar Company Acquires Two Warehouses in Las Vegas for $5.6M

by Amy Works January 28, 2020

LAS VEGAS — A solar company has purchased two industrial properties located in Las Vegas for $5.6 million. The undisclosed company acquired a 17,720-square-foot asset at 3570 W. Post Road for $3.5 million, or $198 per square foot; and a 10,484-square-foot building at 3583 Birtcher Drive for $2.1 million, or $200 per square foot. Situated on a combined a 1.9 acres, the 3570 W. Post Road property features three grade-level doors, one dock door and a large fenced yard, while the building at 3583 Birtcher Drive offers two grade-level doors, solar panels and a fenced yard. Cathy Jones, Paul Miachika, Art Farmanali, Michael Hsu and Schane Cabatu of the Investment Services Group of Sun Commercial represented the undisclosed seller in the transaction.

January 28, 2020

Leasing Activity New York Northeast Office

Cantor Fitzgerald Renews 151,890 SF Office Headquarters Lease in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — Financial services firm Cantor Fitzgerald has renewed its 151,890 square-foot office headquarters lease at 110 East 59th Street in the Plaza District of Midtown Manhattan. The company signed at 16-year lease to occupy seven full floors at the 37-story building. Jared Horowitz, Neil Goldmacher and Jason Perla of Newmark Knight Frank represented Cantor Fitzgerald in the lease negotiations. Michael Jones of Cole Schotz P.C. advised Cantor Fitzgerald in the renewals of the lease agreements. Brett Greenberg and Fran Delgorio represented the building owner and developer, Jack Resnick & Sons, in-house.

January 28, 2020

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 240-Bed Skilled Nursing Facility in Philadelphia

by Alex Patton January 28, 2020

PHILADELPHIA — Private equity investment firm Tryko Partners has acquired Glendale Uptown Home, a 240-bed skilled nursing facility in the Lexington Park neighborhood of Philadelphia. The center, which has been renamed Roosevelt Rehabilitation & Healthcare Center, is located at 7800 Bustleton Ave. and is situated close to the Nazareth Hospital. Tryko plans to invest in a new therapy gym for the facility and to update patient rooms and mechanical systems. The sales price and seller were undisclosed.

January 28, 2020

Leasing Activity New York Northeast Office

JLL Negotiates 25,261 SF Office Lease for CaféMedia in Manhattan

by Alex Patton January 28, 2020

NEW YORK CITY — JLL has negotiated a 25,261-square-foot office lease for advertising company CaféMedia in Manhattan. The company signed a 10-year lease to occupy the entire 27th floor of the 1.1 million-square-foot building, which is located at 1411 Broadway and completed in 1970. CaféMedia previously occupied space at 417 Fifth Avenue. Alexander Chudnoff, Dan Turkewitz and Kip Orban of JLL represented the tenant in the lease negotiations. Paul Amrich, Neil King and Emily Jones of CBRE represented the landlord, Ivanhoé Cambridge.

January 28, 2020

Loans Multifamily New York Northeast

Voya Provides $17.4M Acquisition Loan for Multifamily Building in Brooklyn

by Alex Patton January 28, 2020

NEW YORK CITY — Voya Investment Management LLC has provided a $17.4 million loan for the acquisition and renovation of 79 Clifton Place, a 40-unit multifamily building in the Clinton Hill neighborhood of Brooklyn. The 52,375-square-foot building was converted to a multifamily use in 2000 after previously housing a knitting factory and now features one-, two-, three- and four-bedroom units. The borrower, The FREO Group, plans to implement a $1.75 million capital improvements plan to boost occupancy. Max Herzog, Marko Kazanjian and Matt Fagella of JLL secured the loan.

January 28, 2020

Acquisitions Industrial Massachusetts Northeast

CBRE Brokers $9.5M Sale of Industrial Property in Northborough, Massachusetts

by Alex Patton January 28, 2020

NORTHBOROUGH, MASS. — CBRE has brokered the $9.5M sale of 5 Beeman Road, a 55,515-square-foot industrial building in Northborough, located approximately 35 miles west of Boston. Completed in 2003 and expanded in 2011, the warehouse features 56-foot clear heights, and proximity to State Route 20, Interstate 495 and State Route 9. Scott Dragos, Doug Jacoby and Chris Skeffington led a CBRE team that represented the seller, Ferris Development Group, in the transaction. The team also procured the buyer, Northbridge Partners.

January 28, 2020

Development Illinois Midwest Office Top Stories

Friedman Properties, City of Chicago Move Forward with High-Rise Office Tower in Downtown’s River North District

by John Nelson January 28, 2020

CHICAGO — Friedman Properties and the City of Chicago have finalized the development agreement of their public-private partnership for Rivere, a 30-story high-rise office building coming to downtown Chicago’s River North district. The 674,000-square-foot tower will be situated at 450 N. Dearborn St., a block south of the intersection of Illinois and Dearborn streets. Rivere will feature a little more than 50,000 square feet of retail space, as well as high-end amenities including concierge services, meditation space, on-demand meeting space, an upscale fitness and wellness center, secure bike room with shower facilities, onsite valet, below-grade garage parking and a food and beverage program operated by Lettuce Entertain You Enterprises. The property will also house a new engine house for Engine Co. 42, the District 1 headquarters for the Chicago Fire Department. Designed by Goettsch Partners, Rivere will feature a glass façade with activated rooftops and sustainable features, including efficient mechanical systems that will help reduce water and energy use. Other design team members include construction management firm Lendlease and engineer DLR Group. Office managers and staff at Rivere will be able use an app to facilitate parking, concierge services, fitness class appointments, guest passes, thermostat control, restaurant reservations and conference …

January 28, 2020

Industrial Loans New York Northeast

JLL Secures $87M Loan for Construction of Terminal Logistics Center in Queens

by Alex Patton January 27, 2020

NEW YORK CITY — JLL has secured an $87 million construction loan for the ground-up development of Terminal Logistics Center, a 300,000-square-foot industrial project in Queens. CIT Group Inc. provided the loan to the borrower, a partnership of Triangle Equities Development Co., Township Capital Inc. and L&B Realty Advisors LLP, which will develop the Class A warehouse and storage facility adjacent to John F. Kennedy International Airport. Total cost for the project is approximately $129 million. Geoff Goldstein and Rob Hinckley led a JLL team that secured the loan.

January 27, 2020

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