Property Type

KeyBank Secures $23.5M for 177-Unit Arcadia Apartments Development in Utah

by Amy Works October 24, 2019

SANDY, UTAH — KeyBank Community Development Lending and Investment (CDLI) has arranged $23.5 million of construction and permanent financing for Arcadia Apartments II, a 177-unit affordable multifamily project in Sandy. The borrower is Salt Lake City-based Wasatch Residential Group, a real estate development, construction, finance and asset management company. Arcadia Apartments II will feature 52 one-bedroom units, 82 two-bedroom apartments and 43 three-bedroom units. The property will be limited to residents making 60 percent or less of the area median income. The asset is adjacent to Arcadia Apartments I and will share access to amenities including a pool, hot tub and fitness center. The project was awarded a 4 percent Low-Income Housing Tax Credit (LIHTC), and Enterprise Community Partners, the equity investor, is providing $15.6 million in LIHTC equity. Additionally, the property was awarded private activity bonds, which were purchased by KeyBank as a private placement. Sarah Geis of KeyBank’s CDLI team arranged the financing.

October 24, 2019

Nexus-Canyon-Park-Research-Center-Bothell-WA

Life Sciences Loans Office Washington Western

JLL Arranges $19.9M Refinancing for Suburban Seattle Biotech/R&D Facility

by Amy Works October 24, 2019

BOTHELL, WASH. — JLL has secured $19.9 million in refinancing for Nexus Canyon Park Research Center, a life science, flex and R&D property in Bothell, a suburb of Seattle. The borrower is San Diego-based Nexus Properties. Located at 21720 23rd Drive SE, the two-story Nexus Canyon Park Research Center features 152,050 square feet of space. Constructed in 1999, the facility recently underwent a partial conversion into flex industrial space. Current tenants include Epoch Pharmaceuticals, Sony Biotechnology, Sound Biologics and Shimadzu Scientific. Tim Wright, Zack Holderman, Zack Goodwin and Anthony Rosetta of JLL arranged the loan for a national lender on behalf of the borrower.

October 24, 2019

Development New York Northeast Office

Joint Venture to Undertake $300M Repositioning of The Textile Building in Manhattan

by Alex Patton October 24, 2019

NEW YORK CITY — A joint venture between Tribeca Investment Group and funds managed by PGIM Real Estate and Meadow Partners will undertake a full repositioning of 295 Fifth Avenue, a 700,000-square-foot property in Manhattan also known as The Textile Building, in a project valued at $300 million. The new ownership signed a 99-year ground lease at the former textile building and plans to convert it into a Class A office tower. Features of the new property will include 40,000-square-foot flexible floor plates and ceiling heights up to 16 feet, as well as a new lobby, new retail storefronts and amenity spaces. Tenant spaces will be redeveloped into loft offices. Darcy Stacom, Bill Shanahan and Doug Middleton of CBRE represented the family ownership on the ground lease. Studios Architecture will be involved in the design and construction of the project.

October 24, 2019

New York Northeast Office

CBRE Arranges Sale of 290,634 SF Office Complex in Purchase, New York

by Alex Patton October 24, 2019

PURCHASE, N.Y. — CBRE has arranged the approximately $40 million sale of 100 Manhattanville Road, a 290,634-square-foot, Class A office property in Purchase, a northern suburb of New York City. Mastercard anchors the office complex, which features a cafeteria and fitness center. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Gene Pride and Stuart MacKenzie of CBRE represented the seller in the transaction, which was undisclosed. The team also procured the buyer, RPW Group.

October 24, 2019

Acquisitions Industrial Texas

Granite REIT Buys 2.3 MSF Industrial Facility Leased to Amazon in West Dallas

by Taylor Williams October 24, 2019

DALLAS — Canada-based Granite Real Estate Investment Trust has acquired a 2.3 million-square-foot industrial facility situated on 101 acres at 1301 Chalk Hill Road in west Dallas that is fully leased for an initial lease term of 20 years. The Dallas Morning News reports that the tenant is Amazon. Features of the building, which is located about seven miles west of downtown, include 41-foot clear heights, 2,500 auto parking spaces and 300 trailer parking spaces. Granite REIT acquired the property as part of a $296 million acquisition package that also included large-scale industrial facilities in Georgia and Indiana.

October 24, 2019

Leasing Activity New Jersey Northeast Office

Cushman & Wakefield Negotiates 72,628 SF of Office Leases, Renewals in Old Bridge, New Jersey

by Alex Patton October 24, 2019

OLD BRIDGE, N.J. — Cushman & Wakefield has negotiated 72,628 square feet of new office leases and renewals of existing leases at 100 Matawan Road, a 132,000-square-foot office building in Old Bridge, located approximately 30 miles south of New York City. Contract manufacturing and turnkey supply chain solutions firm Coda Resources leased 7,319 square feet on the third floor. Supermarket Key Food leased 38,311 square feet on the building’s first and second floors. Electronic health record and practice management solutions provider CentralReach, leased 14,287 square feet on the building’s plaza level. Steel distributor Duferco Steel Inc. renewed its 10,961-square-foot lease on the fourth floor. Rossow USA renewed its 1,750-square-foot lease. Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca of Cushman & Wakefield represented the landlord, Signature Acquisitions, in the lease negotiations. Carton and Elfand also represented Coda Resources. Joe Sarno, Wes Moore and Joe Sarno III of CBRE represented Key Food and CentralReach. Moore also represented Duferco Steel.

October 24, 2019

Development Industrial Texas

Koontz Completes 327,000 SF Foster Ridge Distribution Center in Northeast San Antonio

by Taylor Williams October 24, 2019

SAN ANTONIO — Locally based developer Koontz Corp. has completed Foster Ridge Distribution Center, a 327,000-square-foot industrial project in northeast San Antonio. The property is situated on 21 acres near a distribution center leased to Dollar General and the 871-acre site that will eventually house H-E-B’s distribution facilities. Foster Ridge Distribution Center is a cross-dock building that features 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Houston-based Powers Brown served as the architect for the project, and San Antonio-based R.C. Page was the general contractor.

October 24, 2019

Acquisitions New Jersey Northeast Office

NAI James Hanson Brokers Sale of 2,331 SF Office Building in Hackensack, New Jersey

by Alex Patton October 24, 2019

HACKENSACK, N.J. — NAI James Hanson has brokered the sale of 300 S. Summit Avenue, a 2,331-square-foot office building in Hackensack, a northwestern suburb of New York City. The buyer, All Souls Evangelical Church, is relocating from Bogota to provide more accessibility to its congregation. Darren Lizzack and Randy Horning of NAI James Hanson represented the seller, a private investor, in the transaction. Allegra House of Prominent Properties represented All Souls Evangelical Church.

October 24, 2019

Acquisitions Multifamily Texas

JLL Negotiates Sale of 542-Unit Villa Nueva Apartment Community in Houston

by Taylor Williams October 24, 2019

HOUSTON — JLL has negotiated the sale of Villa Nueva, a 542-unit apartment community located at 5300 W. Gulf Bank Road in Houston. The property was built in phases between 1980 and 1983 and features one- and two-bedroom units. Amenities include multiple pools, storage rooms and onsite laundry facilities. Chip Nash, Bob Heard and Greg Austin of JLL represented the seller, Claro Villanueva, in the transaction. Iliad Realty Group purchased the asset for an undisclosed price.

October 24, 2019

Leasing Activity New Jersey Northeast Retail

My Gym Signs 3,262 SF Retail Lease at 207 West 79th Street in Manhattan

by Alex Patton October 24, 2019

NEW YORK CITY — Children’s fitness concept My Gym has signed a 3,262-square-foot retail lease on the ground floor of 207 West 79th Street on the Upper West Side of Manhattan. The concept offers physical education, pre-gymnastics and sports programs to children ages six weeks to 10 years. My Gym signed a lease for 10 years at the location, which will be the brand’s second in Upper West Side and fourth in Manhattan. Michael Watson of Lee & Associates represented My Gym in the lease negotiations. Barry Fishbach, David Abrams and Brandon Miller of Newmark Knight Frank represented the landlord, Anbau Enterprises Inc.

October 24, 2019

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