Property Type

JLL Brokers $15M Sale of Industrial Property in Carlstadt, New Jersey

by Alex Patton October 7, 2019

CARLSTADT, N.J. — JLL has brokered the $15 million sale of an industrial property in Carlstadt, a western suburb of New York City. The 102,611-square-foot production and warehouse building features 24-foot ceiling heights, three drive-in doors and office space. At the time of sale, the building was 100 percent leased to tenants including visual marketing company Coloredge and health supplement manufacturer Amazing Vitamins. Jose Cruz, Marc Duval, Jordan Avanzato and J.B. Bruno of JLL represented the seller, SPI 190 Jony LLC, in the transaction. Boston-based Cabot Properties was the buyer.

October 7, 2019

California Development Loans Mixed-Use Multifamily Retail Western

Partnership Receives $190M in Construction Financing for Mixed-Use Project in Beverly Hills

by Amy Works October 7, 2019

BEVERLY HILLS, CALIF. — A joint venture led by SHVO, Bilgili Group and Deutsche Finance has received a $190 million construction loan for 9200 Wilshire Boulevard, a mixed-use project in Beverly Hills. Lotus Capital Partners arranged the construction financing, which ACORE Capital provided. The joint venture acquired the residential and retail development site in May for $130 million. Comprising a full city block, the mid-rise development will feature 54 residences, a rooftop pool and 6,650 square feet of retail space.

October 7, 2019

Acquisitions Arizona Multifamily Western

CBRE Brokers $30.7M Sale of Solano Vista Apartment Community in Glendale, Arizona

by Amy Works October 7, 2019

GLENDALE, ARIZ. — CBRE has arranged the sale of Solano Vista, an apartment community located at located at 7102 N. 43rd Ave. in Glendale. Phoenix-based 3rd Ave Investments sold the asset to Salt Lake City-based Sundance Bay LLC for $30.7 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the seller and buyer in the deal. The property recently underwent a renovation and rebranding. The community features 352 apartments, a fitness center, clubhouse, dog park, playground, four swimming pools, multiple laundry facilities, barbecues, covered parking and secured gate access.

October 7, 2019

Leasing Activity New York Northeast Office

Prosthodontic Associates Signs 5,135 SF Medical Office Lease in Manhattan

by Alex Patton October 7, 2019

NEW YORK CITY — Dental care practitioners Prosthodontic Associates of New York has signed a 5,135-square-foot medical office lease in Manhattan. The company will move into a portion of the 26th floor at 370 Lexington Avenue in the first quarter of 2020. Seth Rosen and Ken Salzman of Lee & Associates represented Prosthodontic Associates in the lease negotiations. David Israni and Gayle Kennedy represented the landlord, Broad Street Development, on an internal basis.

October 7, 2019

Leasing Activity New York Northeast Office

Skincare Supplier Signs 8,200 SF Office Lease in Manhattan

by Alex Patton October 7, 2019

NEW YORK CITY — La Prairie, a Swiss manufacturer of skincare products, has signed an 8,200-square-foot office lease in Manhattan. The company will move into a portion of the 40th floor of 41 Madison Avenue in the first quarter of 2020. The lease is for 10 years. John Mambrino, Nick Farmakis and Michael Bertini of Savills Inc. represented La Prairie in the lease negotiation. Robert Steinman represented the landlord, The Rudin Family, on an internal basis.

October 7, 2019

California Loans Retail Western

Uber Capital Group Arranges $28.7M in Acquisition Financing for Sierra Vista Mall Near Fresno

by Amy Works October 7, 2019

CLOVIS, CALIF. — Great Neck, N.Y.-based Uber Capital Group has secured a $28.7 million acquisition loan for the purchase of Sierra Vista Mall, located at 1050 Shaw Ave. in Clovis, a suburb of Fresno. The borrower is a private national commercial real estate investment group based in New York. The lender was not disclosed. Joel J. Gorjian, president and founder of Uber Capital Group, sourced the 10-year, fixed-rate loan, which features 15-year full amortization and partial recourse. Totaling 690,487 square feet, Sierra Vista Mall is occupied by 75 tenants and features an outdoor lifestyle section with restaurants and a 16-screen movie theater, as well as a community park with concert facilities, fountains and landscaping. The asset also includes a 3,878-car parking area.

October 7, 2019

Acquisitions Nevada Office Western

IPA Negotiates $27M Sale of Greystone Office Park in Las Vegas

by Amy Works October 7, 2019

LAS VEGAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Greystone Office Park, a five-building office and retail pad complex on more than 13 acres in Las Vegas. An undisclosed buyer acquired the property for $27 million, or $121 per square foot. Located at 1800-2030 E. Flamingo Road, Greystone Office Park features 222,000 square feet of space. Developed in 1982 and 1986, the asset has a diverse base of long-term tenants, the largest being Clark County Family Services. IPA and Tina Taylor of Marcus & Millichap’s Las Vegas office represented the undisclosed seller and buyer in the transaction.

October 7, 2019

Acquisitions Arizona Retail Western

Capstone Advisors Acquires 18,037 SF Retail Space at Tuscano Town Center in Phoenix

by Amy Works October 7, 2019

PHOENIX — An affiliate of Capstone Advisors has purchased a retail portion of Tuscano Town Center. The full complex totals 250,331 square feet and is located at the southwest corner of West Lower Buckeye Road and South 75th Avenue in the Tuscano master-planned community in southwest Phoenix. Terms of the transaction were not released. At the time of sale, the 18,037-square-foot retail section was 100 percent leased to 12 tenants, including Allstate Insurance, GameStop, Sally Beauty, Subway and T-Mobile. Matt Milinovich and James DeCremer of Strategic Retail Group will continue to handle leasing. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, while Capstone was self-represented in the transaction. La Jolla, Calif.-based Silvergate Bank of provided financing for the acquisition.

October 7, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 54,216 SF Shopping Center in Madison, Wisconsin

by Kristin Harlow October 7, 2019

MADISON, WIS. — Mid-America Real Estate Corp. has brokered the sale of Oakbridge Retail Center in Madison for an undisclosed price. The 54,216-square-foot shopping center is fully leased to tenants such as Salons Etc., Heid Music, Rocky Rococo, Brothers Main and iCare. Carly Gallagher and Dan Rosenfeld of Mid-America represented the seller, a Madison-based investment group. Baltimore-based AGM Commercial Real Estate Advisors purchased the asset.

October 7, 2019

Affordable Housing Development Illinois Midwest Multifamily

Urban Innovations Completes Construction of 16-Unit Affordable Housing Project in Evanston, Illinois

by Kristin Harlow October 7, 2019

EVANSTON, ILL. — Urban Innovations Ltd. has completed construction of a ground-up, 16-unit affordable housing project in Evanston on behalf of Housing Opportunities for Women (HOW). The three-story building is located at 1305 Pitner Ave. Amenities include community space on each floor, first-floor storage units, laundry facilities and parking. Michael Newman of SHED Studio served as the architect. North Wells Capital is the investment affiliate of Urban Innovations. HOW is a Chicago-based nonprofit that provides affordable housing solutions and poverty prevention strategies.

October 7, 2019

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