Property Type

Acts to Develop $70M Expansion of Seniors Housing Community in Greenville, Delaware

by Alex Patton September 25, 2019

GREENVILLE, DEL. — Acts Retirement-Life Communities will soon begin a $70 million expansion project at Country House, a seniors housing community in Greenville, located southwest of Philadelphia. The project will add 20 cottage homes, 55 apartments and a clubhouse to the community. The first phase of the three-year project, construction of the cottage homes, is scheduled to begin before the end of this month. The second phase of the project includes construction of the apartments and clubhouse, which will include new restaurant venues and a performance center as well as a new fitness and aquatic center. The apartments, which will range in size from 1,400 to 2,200 square feet, will be located within two new wings of the community.

September 25, 2019

Leasing Activity New York Northeast Office

General Atlantic to Expand Manhattan Headquarters Lease to 93,500 SF

by Alex Patton September 25, 2019

NEW YORK CITY — Equity firm General Atlantic Service Co. will expand its Manhattan headquarters lease to 93,500 square feet. The company currently occupies 62,340 square feet across the 32nd and 33rd floors of Park Avenue Plaza and will incorporate the entire 31,200-square-foot space of the 31st floor beginning in July 2020. Robert Martin of JLL represented General Atlantic in the lease negotiation. Marc Packman and Clark Briffel represented the landlord, Fisher Brothers, on an internal basis.

September 25, 2019

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of 30,000 SF Retail Property in Plainfield, New Jersey

by Alex Patton September 25, 2019

PLAINFIELD, N.J. — R.J. Brunelli & Co. LLC has brokered the sale the sale of a vacant 30,000-square-foot retail building in Plainfield, a western suburb of New York City. The property is located at 165 E. Front St. and includes 10,000 square feet of space on each of three floors, plus a basement. Alan Gott of R.J. Brunelli represented the buyer, Paramount Assets, in the transaction. Gott also represented the seller, Abeco Management.

September 25, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 27,000 SF Office Lease in Manhattan

by Alex Patton September 25, 2019

NEW YORK CITY — JLL has negotiated a 27,000-square-foot, 15-year office lease for public relations firm MWWPR in Manhattan. MWWPR will take occupy the entire third floor of the Nomad Tower, located at 1250 Broadway. Alexander Chudnoff, Benjamin Bass and Kristen Morgan of JLL represented MWWPR in the transaction. Paul Glickman, Mitchell Konsker, Diana Biasotti and Harley Dalton of JLL represented the landlord, Global Holdings Management Group, along with Craig Panzirer of Global Holdings.

September 25, 2019

Industrial Leasing Activity New Jersey Northeast

Tecno Spa Signs 15,000 SF Industrial Lease in Somerset, New Jersey

by Alex Patton September 25, 2019

SOMERSET, N.J. — Office interior design firm Tecno Spa has signed a 15,000-square-foot industrial lease in Somerset, a southwestern suburb of New York City. The property, located at 65 Clyde Road, spans 160,000 square feet of industrial space with 24-foot ceiling heights, three loading doors and close proximity to the New Jersey Turnpike. Scott Perkins and Chris Todd of NAI James Hanson represented Tecno Spa in the lease transaction. TA Realty is the landlord.

September 25, 2019

Acquisitions Multifamily Oregon Western

Barings Sells 294-Unit Multifamily High-Rise in Portland for $116.1M

by Amy Works September 25, 2019

PORTLAND, ORE. — Barings, a diversified real estate investment manager, has completed the sale of Riva on the Park, a multifamily property located in Portland’s South Waterfront neighborhood. Griffis Residential acquired the high-rise asset for $116.1 million, free and clear of existing financing. The 22-story property features 294 apartments, averaging 811 square feet, and more than 13,000 square feet of ground-floor retail space. Apartment amenities include granite countertops and plank-wood flooring in the kitchens; oversized, energy-efficient windows; full-sized washers/dryers; central heat and air conditioning; decks or patios; and city and river views. Community amenities include a lobby with fireside lounge, eco-terrace with grills, 24-hour fitness center and concierge services. The transit-oriented Riva on the Park is located steps from Portland Streetcar, MAX Light Rail and the Portland Aerial Tram. The community is also adjacent to Oregon Health & Science University, which is undergoing a 1.1 million-square-foot expansion. Ira Virden and Carrie Kahn of JLL represented the seller in the transaction.

September 25, 2019

Acquisitions California Office Western

CBRE Brokers Sale of 112,511 SF Office Building in Metro Sacramento

by Amy Works September 25, 2019

RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.

September 25, 2019

California Loans Office Western

Ready Capital Closes $18.1M in Refinancing for Creative Office Portfolio in Southern California

by Amy Works September 25, 2019

CULVER CITY, CALIF. — Ready Capital has provided a $18.1 million loan for the refinancing, repositioning and lease-up of a vacant creative office portfolio in Culver City. The loan will be used to reposition the 38,000-square-foot property from traditional office to modern, creative-type finishes and simultaneously provide a facility for tenant lease-up. The name of the borrower was not released. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 36-month term, two extension options and flexible prepayment. Additionally, the loan is inclusive of a facility to provide future funding for the capital expenditures, tenant leasing costs and interest and operating reserves.

September 25, 2019

Centerpointe-Commerce-Center-Moreno-Valley-CA

California Development Industrial Western

Rockefeller Group, Newcastle Partners Break Ground on 203,944 SF Distribution Center in Inland Empire

by Amy Works September 25, 2019

MORENO VALLEY, CALIF. — Rockefeller Group has broken ground on Centerpointe Commerce Center, a speculative distribution center situated on 8.8 acres of industrial land in Moreno Valley. The 203,944-square-foot facility is slated for completion in summer 2020. Located on Frederick Street, the dock-high industrial building will feature 32-foot clear heights, 8,000 square feet of speculative office improvements, 106 auto-parking stalls and 26 trailer-parking stalls. Additionally, the property will offer access to several Southern California freeways, including Interstate 215, State Route 60, State Route 90 and Interstate 10. Rockefeller Group acquired the site from Newcastle Partners in April. Newcastle pursued the required governmental approvals for the projects beginning in October 2017, and the company successfully obtained the entitlements and zoning just prior to Rockefeller Group’s acquisition. Rockefeller Group and Newcastle selected Newport Beach, Calif.-based RM Dalton as general contractor, Herdman Architecture + Design as architect and SDH & Associates as civil engineer. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates are the exclusive leasing agents for Centerpointe Commerce Center.

September 25, 2019

Acquisitions Arizona Multifamily Western

Security Properties Acquires 172-Unit The Rev Apartments in Arizona for $28.2M

by Amy Works September 25, 2019

TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa. Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.

September 25, 2019

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