Property Type

Office Properties Income Trust Sells 618,000 SF Complex in San Antonio

by John Nelson September 5, 2019

SAN ANTONIO — Office Properties Income Trust (OPI), a Massachusetts-based REIT, has sold a two-building, 618,000-square-foot office complex located at 19100 Ridgewood Parkway in San Antonio. The property was sold as part of a portfolio of assets in Texas and the Northeast that fetched a sales price of roughly $223 million. OPI will use for the repayment of the remaining balance on the company’s unsecured term loan and to pay down its revolving credit facility. The buyer and sales price were not disclosed.

September 5, 2019

Sundance Inn Health Center New Braunfels

Acquisitions Seniors Housing Texas

SLIB Arranges $20.5M Sale of Two Skilled Nursing Facilities in Metro San Antonio, Austin

by John Nelson September 5, 2019

NEW BRAUNFELS AND ROUND ROCK, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the $20.5 million sale of two skilled nursing communities near San Antonio and Austin. The facilities are operated by Senior Care Centers, a Dallas-based skilled nursing operator that filed for bankruptcy last year. Both properties were built in 2008 and offer 128 beds. The communities include Sundance Inn Health Center in the San Antonio suburb of New Braunfels and Park Valley Inn Health Center in the Austin suburb of Round Rock. The properties were 75 percent and 64 percent occupied at the time of sale, respectively. Matthew Alley of SLIB handled the transaction on behalf of the locally based seller and the buyer, a New York-based owner-operator of skilled nursing and home hospice services.

September 5, 2019

Leasing Activity New York Northeast Office

Kelley Drye & Warren Sign 103,000 SF Office Lease in Manhattan

by Alex Patton September 5, 2019

NEW YORK CITY — Kelley Drye & Warren LLP, a New York-based law firm, has signed a 103,000-square-foot office lease at 3 World Trade Center in Manhattan. The firm will move to the 66th, 67th and 68th floors of the building in 2020, and will be the first law firm in the building. Other tenants in the building include advertising company GroupM, beverage company Diageo, mattress retailer Casper, and Hudson River Trading. Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill of CBRE represented the landlord, Silverstein Properties, in the transaction. Patrick Heeg and Ryan McKinney of Transwestern represented Kelley Drye.

September 5, 2019

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Arranges Sale of 170,000 SF Industrial Asset in Rockaway, N.J.

by Alex Patton September 5, 2019

ROCKAWAY, N.J. — Cushman & Wakefield has arranged the sale of a 170,000-square-foot industrial asset in Rockaway, a city located about 30 miles west of New York City. The six-building complex at 114 Beach St. is 99 percent leased to 17 tenants, including light manufacturing, service and distribution companies. Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew MacDonald, Jordan Sobel and Stephen Sander of Cushman & Wakefield represented the seller, The Silverman Group, in the transaction. The team also procured the buyer, New York-based investor Davco Group.

September 5, 2019

Leasing Activity New Jersey Northeast Office

JLL Negotiates 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton September 5, 2019

WARREN, N.J. — JLL has negotiated a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. Bohler Engineering, an Atlanta-based civil engineering company, will occupy the first two floors of 30 Independence Boulevard by March 2020. The engineering firm is relocating to the building from 35 Technology Drive in Warren. Griffin Capital was represented by Timothy Greiner, Dennis McConnell and Daniel Spero of JLL represented the landlord, Griffin Capital, in the transaction. Scott Lesh, Scott Stange Sr. and Daniel Loughlin of JLL represented Bohler.

September 5, 2019

Development Michigan Midwest Mixed-Use

Bedrock Selects ODA as Architect for Book Tower Rehabilitation in Detroit

by Kristin Harlow September 5, 2019

DETROIT — Bedrock has selected ODA as the design architect for the Book Tower, an adaptive reuse project in Detroit. The project includes a mix of residential, hospitality, retail and office space. The 486,760-square-foot office tower was originally designed by Louis Kemper in 1916 in an Italian Renaissance style. Bedrock acquired the 38-story tower in 2015 and recently completed an extensive exterior restoration, including the replacement of 2,483 windows. ODA plans to add a variety of public amenities, including retail, galleries, restaurants and a café. The project team also includes construction manager Brinker/Christman, civil engineer Giffels Webster, structural engineer Buro Happold, as well as Kraemer Design Group for historic preservation and ARUP for acoustics and security. The building was named after the famous Book Brothers of Detroit. The last tenant, Bookie’s Tavern, closed in early 2009 leaving the entire building vacant.

September 5, 2019

Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Apartment Community

by John Nelson September 5, 2019

HOUSTON — NXT Capital has provided an $18 million acquisition loan for an undisclosed apartment community in Houston. The Class B property spans 228 units and features a detached clubhouse with a business center, conference room, community kitchen, fitness center, detached garages, barbecue grills, dog park and a swimming pool with a sun deck. Mark Grace and Alex Koos of Walker & Dunlop’s Irvine, Calif., office arranged the three-year loan with NXT Capital on behalf of the borrower, Haven Realty Capital. The loan features two one-year extension options.

September 5, 2019

Development Midwest Minnesota Multifamily

Opus, Titan Complete 154-Unit Apartment Project in Rochester, Minnesota

by Kristin Harlow September 5, 2019

ROCHESTER, MINN. — The Opus Group and Titan Development & Investments have completed development of The Maven on Broadway, a 154-unit apartment project in Rochester near the Mayo Clinic. The building offers a mix of floor plans ranging from studios to penthouses, including 20 furnished units. Tenants have access to various amenities, including a pool, clubroom, fitness center, lounge, rooftop deck and dog wash. The property also includes 9,000 square feet of ground-level retail space. The project is part of the city of Rochester’s Destination Medical Center initiative, a public-private partnership to position Rochester as a destination for health and wellness. Opus and Titan were co-developers, while Titan provided construction management. Opus served as design-builder, interior designer, architect and structural engineer of record.

September 5, 2019

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 105,313 SF Shopping Center Near Akron, Ohio

by Kristin Harlow September 5, 2019

BARBERTON, OHIO — Marcus & Millichap has brokered the sale of Barberton Shopping Center within the Akron metro area for an undisclosed price. Giant Eagle anchors the 105,313-square-foot fully leased shopping center, which is located at the intersection of Robinson Avenue and 5th Street. Giant Eagle occupies 83 percent of the center’s gross leasable area and includes a drive-thru pharmacy, wine and beer selection, bank branch and gas station. Other tenants include Chipotle, Jimmy John’s, Little Caesars, Verizon, Ohio BMV, H&R Block and Best Cuts. Erin Patton, Scott Wiles, Craig Fuller, Joseph French Jr. and C.J. Jackson of Marcus & Millichap marketed the property on behalf of the seller, a New York-based privately held REIT. A Texas-based private company purchased the center.

September 5, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Arranges $16M Sale of Multifamily Property in Arlington, Massachusetts

by Alex Patton September 5, 2019

ARLINGTON, MASS. — Marcus & Millichap has arranged the $16 million sale of 840 & 846 Massachusetts Avenue, a 61-unit apartment complex in Arlington, a northwestern suburb of Boston. The 61-unit property is situated near the Arlington Center, a Whole Foods store and a Stop&Shop. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction. The team also procured the buyer, a limited liability company.

September 5, 2019

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