Property Type

SJP, PGIM Partner to Acquire Office Building in Manhattan for $245M

by Alex Tostado December 20, 2018

NEW YORK CITY — SJP Properties and PGIM Real Estate, the real estate investment business of PGIM Inc., have acquired 470 Park Avenue South in Manhattan’s Midtown South neighborhood for $245 million. Norges Bank Real Estate Management and TH Real Estate sold the 301,178-square-foot office and retail building. New York City-based SJP Properties will lease and manage the property. The partners plan to transform the property to accommodate the modern workforce with a boutique-style hotel lobby, outdoor garden, a game room, café, bar and enhanced rooftop terraces on the 14th and 18th floors, totaling 7,670 square feet. The new owners plan to gear the renovated workspace toward technology and creative sector tenants. The building takes up a city block between 31st and 32nd streets. It was 82 percent leased at the time of the sale with tenants including Priceline.com and Dstillery Inc., a data science firm. “In recent years, the Park Avenue South submarket has seen a large influx of tenants across a variety of industries — technology, healthcare, media, hospitality and more — making it a vibrant live/work/play destination,” says Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “We are pleased to collaborate again with our long-term …

December 20, 2018

Acquisitions Industrial New York Northeast

Metropolitan Realty Sells Industrial Property in Long Island City for $72M

by David Cohen December 20, 2018

LONG ISLAND CITY, N.Y. — Metropolitan Realty Associates has sold a 246,000-square-foot industrial building in Long Island City for $72 million. Located at 48-49 35th St., the property was originally constructed in 1949. Tenants at the building include international shipping company AirSea Packing as well as Housing Works Thrift Shop. The buyer was North River Co. Metropolitan Realty Associates acquired the property with equity partner TH Real Estate in 2017 for $55 million.

December 20, 2018

Industrial Loans Northeast Pennsylvania

HFF Secures $23.5M Acquisition Financing for Industrial Park near Philadelphia

by David Cohen December 20, 2018

EDDYSTONE, PA. — HFF has secured $23.5 million in acquisition financing for Eddystone Industrial Park, a four-building industrial park in the Philadelphia suburb of Eddystone. Located at 1001 Industrial Highway, the park totals 465,680 square feet and is spread across more than 43 acres. The property features clear heights ranging from 18 to 60 feet as well as 52 dock doors and 16 drive-in doors. Michael Pagniucci and Ryan Ade of HFF worked on behalf of the borrower, Foxfield Industrial, to secure financing through a regional commercial bank. Terms of the financing were not disclosed.

December 20, 2018

Acquisitions New York Northeast Office

American Exchange Time Acquires Office Condominium in Manhattan for $18.7M

by David Cohen December 20, 2018

NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.

December 20, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of Solana Marlboro Assisted Living Community in New Jersey

by David Cohen December 20, 2018

MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.

December 20, 2018

Leasing Activity New York Northeast Office

WeWork Signs 236,000 SF Lease in Manhattan

by David Cohen December 20, 2018

NEW YORK CITY — Coworking company WeWork has signed a 236,000-square-foot lease at 1440 Broadway, a 25-story, 747,000-square-foot office building in Manhattan. WeWork’s space will consist of a newly constructed private entrance and lobby. The company will occupy floors 14 through 21 at the building. New York-based owner and developer CIM Group acquired 1449 Broadway in December 2017 and is currently executing a capital improvement plan at the building. The plan includes the renovation of the existing street entrance and lobby as well as a new roof deck amenity that will offer views of Bryant Park, Times Square and the Hudson River.

December 20, 2018

Development Industrial Texas

Crow Holdings to Develop 1.1 MSF Industrial Park in South Fort Worth

by Taylor Williams December 20, 2018

FORT WORTH, TEXAS — Crow Holdings Capital-Real Estate, in partnership with Rob Riner Cos., will develop a four-building, 1.1 million-square-foot industrial park in south Fort Worth. The project represents Phase II of a larger development and will deliver a 394,000-square-foot cross-dock facility, 294,000-square-foot cross-dock facility and two 187,000-square-foot front-load facilities. Construction of all four buildings is expected to begin during the first quarter of 2019. Holt Lunsford Commercial will market the properties for lease.

December 20, 2018

Development Multifamily Texas

JPI Begins Construction of 390-Unit Multifamily Property in Farmers Branch, Texas

by Taylor Williams December 20, 2018

FARMERS BRANCH, TEXAS — Irving-based JPI has broken ground on Jefferson East Branch, a 390-unit multifamily property in Farmers Branch, a northern suburb of Dallas. Units will feature 10-foot ceilings, balconies and washers and dryers, and amenities will include a pool, fitness center and yoga studio, a 2,400-square-foot sky lounge and dedicated office space. The first units are slated for a third-quarter 2020 delivery. Texas Capital Bank provided financing for the project. WDG Architecture, Dement Designs and Kimley-Horn and Associates collaborated as the design team.

December 20, 2018

Acquisitions Multifamily Texas

IPA Negotiates Sale of 324-Unit Apartment Community in Metro Houston

by Taylor Williams December 20, 2018

ROSENBERG, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Dolce Living Rosenberg, a 324-unit multifamily community in Rosenberg, a southwestern suburb of Houston. Built in phases in 2012 and 2014, the property features one-, two- and three-bedroom units and amenities such as a pool, Wi-Fi café, a fitness center, indoor basketball court, dog park and a business center. Will Balthrope, Drew Kile and Jennifer Campbell of IPA represented the seller, Dolce Living, and procured the buyer, Houston-based Ilan Investments.

December 20, 2018

Industrial Leasing Activity Texas

Door Provider Signs 127,545 SF Industrial Lease in Fort Worth

by Taylor Williams December 20, 2018

FORT WORTH, TEXAS — Panoramic Doors has signed a 127,545-square-foot industrial lease at 15050 Frye Road in Fort Worth. According to LoopNet Inc., the property was built in 1987 and features 30-foot clear heights and 13 dock-high doors. Seth Koschak and Forrest Cook of Stream Realty Partners represented the tenant in the lease negotiations. Steve Koldyke and Brian Gilcrest of CBRE represented the landlord, Stonelake Capital Partners.

December 20, 2018

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