EAST ORANGE, N.J. — CBRE has negotiated a 30,000-square-foot industrial lease in East Orange, a western suburb of New York City. Prime Global Solutions, a quality supplier and manufacturer of bulk materials, will occupy the warehouse and distribution center beginning in October. ABC Supply Co. occupies the other half of the 60,000-square-foot facility. Lou Belfer and Scott Belfer of CBRE represented the landlord, J.G. Petrucci, in the lease negotiations. Monica Franco and Priscilla Teixeira of Commercial Realty Partners represented Prime Global Solutions.
NEW YORK CITY — Warby Parker, a retailer of prescription glasses and sunglasses, has signed a 1,350-square-foot retail lease in Brooklyn. The two-story building is located on North 6th Street in the Williamsburg neighborhood, and the store is the retailer’s second location in the borough. The store is open now. Brian Katz and Scott Sher of Katz & Associates represented Warby Parker in the lease negotiations. Hank O’Donnell of Good Space represented the landlord, RedSky Capital LLC.
LOWELL, MASS. — Northeast Private Client Group (NPCG) has brokered the $1.3 million sale of Salem Street Apartments in Lowell, located approximately 25 miles northwest of Boston. The building is located near the UMass Lowell campus and offers six units of one- and two-bedroom apartments. Drew Kirkland and Francis Saenz of NPCG represented the seller, XYZ Atlantic Property LLC, in the transaction. The team also procured the buyer, Bird and Fish Realty LLC.
NAPERVILLE, ILL. — Franklin Partners has opened The Shuman, a redeveloped 350,000-square-foot office building in Naperville. The property, located at 263 Shuman Blvd., formerly served as the headquarters for OfficeMax. Designed by Wright Heerema Architects, the multi-tenant property now includes a five-story atrium with a custom light installation. A staircase that doubles as seating space leads to the amenity floor, which includes private meeting rooms, a lounge, game room, golf simulator and fitness center. Fiona’s Fare is a dining area while Manan is an in-house coffee bar. Francis Prock and David Florent of Colliers International are marketing the property for lease. Thus far, approximately 35,000 square feet of space has been leased. Franklin Partners acquired the property in April 2018 in a joint venture with Bixby Bridge Capital.
OAK BROOK, ILL. — Senior Lifestyle Corp., along with real estate investment firm Kaufman Jacobs, has broken ground on The Sheridan at Oak Brook, approximately 17 miles west of downtown Chicago. The five-story community will feature 127 independent living apartments, 59 assisted living apartments and 14 memory care residences. The 215,000-square-foot property will sit on 4.5 acres of land near shopping malls and dining options. The Sheridan at Oak Brook is the fourth joint venture development between Kaufman Jacobs and Senior Lifestyle, an owner, operator and developer. The community is scheduled for completion in early 2021.
OMAHA, NEB. — NorthMarq has arranged a $23 million Fannie Mae loan for the refinancing of ZAG Apartments in Omaha. Built in 2017, the 191-unit apartment complex is located at 5110 Mayberry St. The community features a 24-hour fitness center and outdoor lounge as well as close proximity to multiple city parks and bike trails. Josh Larsen of NorthMarq arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule.
COLUMBUS, OHIO — Ready Capital has provided a $19.3 million loan for the acquisition, renovation and stabilization of a multifamily property within an Opportunity Zone in the North Rickenbacker submarket of Columbus. The Class B community spans 419,000 square feet and includes 376 units. Upon acquisition, the undisclosed borrower plans to upgrade all units and common areas. The nonrecourse, floating-rate loan features a 48-month term and a loan-to-cost ratio of 75 percent.
SPRINGFIELD, OHIO — Marcus & Millichap has brokered the sale of Springfield Plaza for an undisclosed price. The 156,630-square-foot shopping center is located at 1510-1608 Upper Valley Pike in Springfield, about 25 miles northeast of Dayton. Dunham’s Sports and Ollie’s Bargain Outlet anchor the property. Other tenants include JoAnn Fabrics, Sherwin-Williams, CosmoProof and The Reserves Network. The center was 70 percent leased at the time of sale. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the Illinois-based private seller. The team also procured the buyer, a Maryland-based private investment group.
It’s an exciting time to be living in Lubbock, Texas. The amazing smells of Evie Mae’s Beef Ribs fill the air. McPherson, llano Estacado and English Wineries are producing gold medal wines, on point with anywhere in the country. The Texas Tech men’s basketball team was 30 seconds away from a national championship; the men’s track team won the NCAA Championship; and the Red Raiders’ Meat Judging Team continued its dominant reign. Winning has infected the community culture, translating into a strong local economy. Things are great for the local consumer, but how is that playing out for multifamily investors? Here, the message is mixed. We will begin by discussing the Lubbock economy as a whole, then the key numbers for the Lubbock multifamily market, followed by a general discussion. Economic Outlook The Lubbock economy continues to perform at record levels. Per the Bureau of Labor Statistics, the city’s unemployment rate in June was 3.2 percent. As amazing as this number is, it actually represents an increase from the unemployment experienced in the two previous months. Over the last 12 months, the Lubbock economy added an estimated 2,000 new jobs. Per the Lubbock National Bank Economic Report, some of the …
BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …