Property Type

Newmark Knight Frank Arranges $18M Sale of Mixed-Use Building in Hermosa Beach, California

by Amy Works August 12, 2019

HERMOSA BEACH, CALIF. — Newmark Knight Frank (NKF) has negotiated the sale of The Bijou Building, a three-story mixed-use building located in downtown Hermosa Beach. Federal Realty Investment Trust sold the property to 1221 Hermosa Ave LLC for $18 million. Located at 1221 Hermosa Ave., The Bijou Building was originally developed in 1923 as the Metropolitan Theater and later converted to office and retail space. At the time of sale, the 23,172-square-foot building was 94 percent occupied by a variety of tenants, including Chase Bank, Beach City Capital, Steel Partners and Bar Method. Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Brad Feld of NKF’s Capital Markets and Private Capital Investment Sales teams represented the seller, while David Ghermezian, Amir Araghi and Jonathan Dadourian, also of NKF, represented the buyer in the deal. Additionally, David Milestone and Brett Green of NKF’s Debt and Structured Finance group secured acquisition financing for the buyer.

August 12, 2019

Acquisitions Arizona Multifamily Western

Marcus & Milichap Negotiates $10.6M Sale of Verde Vista Apartment Complex in Phoenix

by Amy Works August 12, 2019

PHOENIX — Marcus & Millichap has arranged the sale of Verde Vista, a multifamily property located at 3030 N. 35th Ave. in Phoenix. An out-of-state 1031 exchange investor purchased the asset from an out-of-state limited liability company for $10.6 million, or $58,564 per unit. Built in 1978 and renovated in 2012, Verde Vista features 181 apartments in a mix of studio, one- and two-bedroom layouts, two swimming pools, a children’s playground and covered parking. Rich Butler and Reza Ghaffari of Marcus & Millichap represented the seller in the deal.

August 12, 2019

Industrial Loans New York Northeast

Cushman & Wakefield Places $94 Million in Acquisition Financing for Flex Industrial Park in New York

by Alex Patton August 12, 2019

ORANGETOWN AND CLARKSTOWN, N.Y. — Cushman & Wakefield has placed $94 million in acquisition financing for Bradley Corporate Park, a 17-building industrial and flex complex in Orangetown and Clarkstown, about 25 miles north of New York City. The property totals approximately 1.2 million square feet. John Alascio, Gideon Gil, Steve Kohn, Sridhar Vankayala, Zachary Kraft and Emily Johansen of Cushman & Wakefield represented the borrower, New Jersey-based investor Angelo Gordon & Onyx Equities, in the transaction. Bank of America provided the loan. Specific loan terms, including the interest rate and amortizations schedule were not disclosed.

August 12, 2019

Loans Multifamily New Jersey Northeast

JLL Arranges $42.5M in Financing for Multifamily Property in Jersey City

by Alex Patton August 12, 2019

JERSEY CITY, N.J. — JLL has arranged $42.5 million in financing for RIVET, a 163-unit multifamily property located in Jersey City, less than one mile from the New Jersey City University campus. The loan refinanced existing construction debt on the property, which includes retail space. Commercial tenants include Five Guys, a nail salon and a pharmacy. Jon Mikula and Michael Klein of JLL represented the borrower, a joint venture between The Hampshire Companies, Claremont Cos. and Circle Squared Alternative Investments. The lender was undisclosed.

August 12, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 658-Unit Apartment Portfolio in East Texas

by Taylor Williams August 12, 2019

LONGVIEW AND LUFKIN, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 658-unit multifamily portfolio in East Texas. The properties include Pine Knoll, a 310-unit community in Longview that was built in 1983; Deer Cross, a 168-unit asset in Lufkin that was constructed in 1986; and Deer Wood, a 180-unit property that was developed in 1979. Will Balthrope, Drew Kile, Jennifer Campbell and Tommy Lovell III of IPA represented the seller and procured the buyers. Saxony Capital Management purchased Pine Knoll, and Haley Residential acquired Deer Cross and Deer Wood. Richard Robson of Marcus & Millichap and William Griffin of IPA brokered the deal for Pine Knoll.

August 12, 2019

Leasing Activity New York Northeast Retail

Planet Fitness Signs 18,000 SF Retail Lease on Long Island

by Alex Patton August 12, 2019

LONG ISLAND CITY, N.Y. — Planet Fitness has signed an 18,000-square-foot retail lease in Long Island City. The gym, which will be situated on the lower levels of the newly constructed 22-29 Northern Boulevard rental tower, is the company’s first property in Long Island City. Steven Baker and Thomas Galo of Winick Realty represented the landlord, Simon Baron Development, in the lease negotiations. Richard Chera of Crown Acquisitions represented Planet Fitness.

August 12, 2019

Development Office Texas

Hillwood Urban, USAA Break Ground on 365,000 SF Office Project in Dallas’ Victory Park

by Taylor Williams August 12, 2019

DALLAS — A partnership between Hillwood Urban and USAA Real Estate has broken ground on Victory Commons, a 365,000-square-foot office project that will be located within the 75-acre Victory Park development in downtown Dallas. Designed by BOKA Powell, the 15-story, Class A building will feature a tenant lounge, coffee bar and a rooftop terrace, Victory Commons is expected to be available for occupancy in fall 2021. HFF arranged construction financing for the project through QuadReal.

August 12, 2019

Leasing Activity Office Texas

Ribbon Communications Signs 107,000 SF Office Lease in Plano

by Taylor Williams August 12, 2019

PLANO, TEXAS — Ribbon Communications Inc., which provides software solutions for cloud-using tech firms, has signed a 107,000-square-foot office lease at Legacy Central in the northern Dallas suburb of Plano. Baron Aldrine, Steve Rigby and Layne Mayfield of CBRE represented Ribbon Communications in the lease negotiations. Nathan Durham and Duane Henley of Transwestern represented the landlord, Regent Properties. Ribbon expects to take occupancy of the space in early 2020.

August 12, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 109-Unit Multifamily Asset Near Fort Worth

by Taylor Williams August 12, 2019

HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Oaks at Jane Lane, a 109-unit multifamily property in Haltom City, a northern suburb of Fort Worth. Dougherty secured the loan, which was structured with a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, Red & White Jane Lane LLC.

August 12, 2019

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 66,467 SF Industrial Lease in Plano

by Taylor Williams August 12, 2019

PLANO, TEXAS — Lee & Associates has negotiated a 66,467-square-foot industrial lease at 1001 Klein Road in Plano. According to LoopNet Inc., the property was built in 2004 and spans 114,195 square feet. George Tanghongs and Brett Lewis of Lee & Associates represented the landlord, Watanabe Plano LLC, in the lease negotiations. Tim Vogds of CBRE represented the tenant, electronics manufacturer Creation Technologies Texas LLC.

August 12, 2019

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