COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of Regal Estates Apartments, a multifamily property located at 105, 115, 125, 135, 145 and 155 S. Academy Blvd. in Colorado Springs. Hazel Grace LLC acquired the 150-unit property from an undisclosed seller for $17.2 million. Mike Krebsbach of Pinnacle Real Estate represented the buyer in the deal.
PEARLAND, TEXAS — Hospitality owner-operator Banyan Investment Group has acquired the 110-room Courtyard by Marriott Houston Pearland, located on the city’s southwestern outskirts. Banyan will assume operations of the property, which is situated within Pearland Town Center, a mixed-use development with 140 retail stores and restaurants, a 234-unit apartment complex and 50,000 square feet of office space. The hotel’s rooms were renovated in 2016 and its amenities include a fitness center, pool, coffee shop and meeting space for up to 60 people.
MILWAUKIE, ORE. — Weingarten Realty has completed the disposition of Oak Grove Market, a four-building shopping center located at 15003-15121 SE McLoughlin Blvd. in Milwaukie. Clackamas Federal Credit Union acquired the 97,147-square-foot asset for an undisclosed price. The buyer plans to occupy the 53,000-square-foot former Safeway space at the property, which was built in 1991 by Gramor Development. Additional tenants include Five Guys, Baxter’s Auto Supply, Bank of America, Panda Express, Credit Concepts and Gentle Dental. Todd VanDomelen and Timothy Pfeiffer of Norris & Stevens represented the buyer, while Connelly Woody and Gary Surgeon of Commercial Realty Advisors Northwest represented the seller in the transaction.
DENVER — Marcus & Millichap has brokered the sale of Central Park Plaza, a shopping center located in Denver’s Stapleton neighborhood. A private investor acquired the property for $5.1 million. Located at 5096 Central Park Blvd., Central Park Plaza features 17,844 square feet of retail space. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the buyer and seller, a private investor, in the deal.
PHILADELPHIA — Southern Land Co., a Nashville-based developer, has broken ground on The Laurel, a 48-story condominium tower in Philadelphia. Located in the Rittenhouse Square area, the property will be the tallest all-residential building in the city upon completion. The first units are expected to be available for occupancy in 2021. Solomon Cordwell Buenz is the architect for the project, which will also house 44,000 square feet of retail space. Residents will have access to amenities such as an indoor pool and hot tub, fitness center with a sauna and yoga studio, a bar and catering kitchen and a conference room. Mack Real Estate Credit Strategies provided construction financing totaling $295 million, according to the Philadelphia Business Journal, for the project.
TROY, N.Y. — The Rosenblum Companies, a development and management firm based in Albany, has begun construction on Vicina, an $18 million multifamily project in Troy, located just outside the state capital. The property will consist of 80 units in studio, one- and two-bedroom formats, as well as 2,600 square feet of ground-floor commercial space. Amenities will include rooftop grilling stations, a fitness center, pet spa and package service. The first units are expected to be available for occupancy in spring 2020.
MONACA, PA. — U-Haul — Amerco Real Estate Co. will redevelop the former Macy’s building at Beaver Valley Mall in Monaca, located northwest of Pittsburgh. The building will be converted into a 50,000-square-foot retail and office property that will offer direct access to the mall. Remaining anchors at the mall include J.C. Penney, Dick’s Sporting Goods and Planet Fitness. CBRE will handle leasing of the new space.
MILFORD, CONN. — Local brokerage firm Pearce Commercial has negotiated a 56,000-square-foot warehouse lease in Milford, located between Bridgeport and New Haven. John Bergin of Pearce Commercial represented the tenant, Meridith Baer Home, a California-based home staging firm. Bergin also represented the landlord, MDC Milford Associates LLC, a division of Mountain Development Corp.
NEW YORK CITY — Food Bazaar will open a 45,885-square-foot grocery store at One East Harlem, a mixed-use development currently under construction and located at 201 E. 125th St. in Harlem. The grocer is expected to take occupancy of its two-story space by late 2021. The store will also offer dedicated parking for customers and staff. Mark Tergesen and Joe Italiaander of ABS Partners Real Estate represented Food Bazaar in the lease negotiations. Michael Berfield of Bridges Development Group represented the landlord in conjunction with Ripco Real Estate
ATLANTA — Lenders are understandably exercising caution when it comes to financing multifamily housing development projects, says Robert Murray, chief economist for Dodge Data & Analytics, which tracks construction starts across commercial real estate. “Notwithstanding the pickup in activity we had in 2018 and notwithstanding the fact that millennials are still looking at apartments as opposed to single-family homes, we view multifamily housing as one of the more vulnerable parts of the construction industry right now.” The insights from Murray came during his mid-year outlook presentation before approximately 60 people who gathered at Le Meridien Perimeter in Atlanta on Friday, June 14. The attendees were largely building product manufacturers, with additional representation from financial services and construction staffing services. In 2018, construction starts in the multifamily sector totaled 534,000 nationwide, according to Dodge. The projection for 2019 is 495,000 units, which would equate to a 7 percent decrease. As for 2020, the decline could be as much as 15 percent, according to Murray. The national apartment vacancy rate for the first quarter of 2019 stood at 4.8 percent, up 10 basis points from 4.7 percent a year earlier, according to Reis, which tracks apartment completions and occupancy. Net absorption totaled …
