Property Type

Menashe Properties Sells Creeksides at Centerpoint Office Campus Near Seattle for $39M

by Amy Works August 16, 2019

KENT, WASH. — Menashe Properties has completed the disposition of Creeksides at Centerpoint, an office campus located in Kent. An undisclosed buyer acquired the asset for $39 million. The three-building campus features 218,650 square feet of office space. At the time of sale, the asset was 97.6 percent leased to a diverse roster of local, regional, national and government tenants, including Blue Nile and the State of Washington. Logan Greer and Kevin Freels of JLL Capital Markets, along with Scott Sulman and Michael George of NAI Puget Sound Properties, represented the seller in the deal.

August 16, 2019

Development Industrial New Jersey Northeast

Seagis Begins Construction of 415,533 SF Industrial Property in Kearny, New Jersey

by Alex Patton August 16, 2019

KEARNY, N.J. — Seagis Property Group, a Pennsylvania-based developer, has begun construction of a 415,533-square-foot industrial property in Kearny, a western suburb of New York City. The property features 40-foot clear heights, 88 dock doors, four drive-in doors and close access to the New Jersey Turnpike and Port Newark. Construction is slated for completion in early 2020.

August 16, 2019

Development Hospitality New Jersey Northeast

Aparium Completes 159-Room Hotel in Montclair, New Jersey

by Alex Patton August 16, 2019

MONTCLAIR, N.J. — Aparium Hotel Group, a Chicago-based developer, has completed The MC Hotel, a 159-room hotel in Montclair, a western suburb of New York City. The MC is Aparium’s first property on the East Coast, and the first hotel to open in Montclair since 1939. Designed by New York-based DYAMI Architecture, the building also houses Allegory, a contemporary American restaurant.

August 16, 2019

Connecticut Development Multifamily Northeast

Dakota Partners to Build 144-Unit Multifamily Community in Griswold, Connecticut

by Alex Patton August 16, 2019

GRISWOLD, CONN. — Dakota Partners, a Massachusetts-based developer, will build a 144-unit multifamily property in Griswold, about 50 miles east of Hartford. Dakota Partners purchased the land from Omega Healthcare for $1.3 million. More than 75 percent of the units will be leased as affordable housing. Construction is slated to begin in 2020. Ron Lyman of Lyman Real Estate represented both Dakota Partners and Omega Healthcare in the land sale.

August 16, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Negotiates Sale of 8,000 SF Medical Office Building in New Providence, New Jersey

by Alex Patton August 16, 2019

NEW PROVIDENCE, N.J. — NAI James Hanson has negotiated the sale of an 8,000-square-foot medical office building in New Providence, a western suburb of New York City. The buyer, New Jersey-based optometrist See Clear Associates LLC, plans to renovate and occupy the entire first floor of the building and lease the second floor to medical tenants. Andrew Kirshenbaum of NAI represented See Clear in the transaction. Edison-based Bussel Realty Corp. was the seller.

August 16, 2019

Development New Jersey Northeast Retail

Filipino Grocer to Open 16,000 SF Store in Clifton, New Jersey

by Alex Patton August 16, 2019

CLIFTON, N.J. — Filipino grocer FilStop will open a 16,000-square-foot flagship store in Clifton, a western suburb of New York City. The specialized grocery store will also maintain its original 4,000-square-foot location in Jersey City. The store will be located within Clifton Plaza, a 95,000-square-foot retail center anchored by Big Lots, Blink Fitness and Dollar Tree. Levin Management Corp. is the leasing agent for the property. The opening is slated for Aug. 22.

August 16, 2019

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Arranges $34.4M Sale of Age-Restricted Community in San Gabriel Valley

by Amy Works August 16, 2019

HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 apartments in a mix of one- and two-bedroom layouts, as well as a detached single-family residence. The property is restricted to residents age 55 or older. On-site amenities include a fitness facility, resident lounge with media room, covered parking and an activity center. Alex Mogharebi and Otto Ozen of TMG represented the seller and the buyer in the deal.

August 16, 2019

AC-Hotel-Los-Angeles-South-Bay-El-Segundo-CA

California Development Hospitality Western

R.D. Olson Construction Completes AC Hotel Los Angeles South Bay

by Amy Works August 16, 2019

EL SEGUNDO, CALIF. — R.D. Olson Construction has completed AC Hotel Los Angeles South Bay, a six-story hotel located in El Segundo’s business district. Located at 2130 Maple Ave., the 98,728-square-foot hotel features four tech-enabled meeting space, the city’s first rooftop bar with exterior benches and a fire table. The hotel offers 106 king-bed and 74 double-queen guestrooms featuring a European-style, contemporary design. The property also features an AC Lobby Lounge, which is a communal workspace by day and social gathering space by night; a first-floor bar and terrace with a fireplace and water feature; a 24-hour fitness center; and AC Kitchen, a European-style restaurant serving a variety of breakfast options. Project partners included Welcome Group Inc., AXIS/GFA Architecture + Design, Design Force Corp. and Robison Engineering.

August 16, 2019

Development Indiana Midwest Multifamily Student Housing

Brinkmann Completes Construction of 675-Bed Student Housing Property in West Lafayette, Indiana

by Kristin Harlow August 16, 2019

LAFAYETTE, IND. — Brinkmann Constructors has completed construction of the Rise on Chauncey, a 675-bed student housing property near Purdue University in West Lafayette. At 16 stories, the property is West Lafayette’s tallest building. Apartments range from studios to four-bedroom units. CA Student Living, the student housing division of Chicago-based CA Ventures, was the developer. The complex spans 458,000 square feet with 283 fully furnished units. Brinkmann completed the project in 19 months. Monthly rents start at $689 for a shared four-bedroom unit.

August 16, 2019

Development Kansas Midwest Office

VanTrust to Develop Third Building at Hallbrook Office Center in Leawood, Kansas

by Kristin Harlow August 16, 2019

LEAWOOD, KAN. — VanTrust Real Estate LLC, in partnership with Hallbrook Office Center LLC, has unveiled plans to develop a new 120,527-square-foot office building at Hallbrook Office Center in Leawood. This is the third building planned for the office park. Miles McCune and Jeff Winters of Cushman & Wakefield will market the building for lease. The new structure will sit on eight acres at College Boulevard and State Line Road. While the first two buildings at Hallbrook were built on a speculative basis, the project team does not plan to begin construction on the third building until commitments for at least one floor of the property (30,000 square feet) are secured.

August 16, 2019

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