CLIFTON HEIGHTS, PA. — Cushman & Wakefield has arranged the sale of a 718-unit self-storage facility in Clifton Heights, a western suburb of Philadelphia. The property comprises 82,116 rentable square feet with 590 climate-controlled units and 128 non-climate-controlled units. Units range from 18 to 320 square feet. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an affiliate of Vertical Fields Capital LLC, in the transaction. The buyer and sales price were not disclosed. CubeSmart has been retained as a third-party manager. More than 200,000 people with an average household income in excess of $80,000 live within a three-mile radius of the property.
In today’s volatile retail real estate climate, there is ample need for redevelopment or value-add acquisitions. Tri-Land, a Chicago-based owner and operator, is one such company known for repositioning underperforming retail centers. Established in 1978, the company is launching two new investment funds beginning in July. The two funds — which combined total $30 million — seek to purchase between four and eight properties over a 30-month period. The strategy of the investment funds will be to acquire properties located in Midwest and Southeast markets, including Chicago, Milwaukee, Minneapolis, Kansas City and Atlanta. More specifically, the funds will target grocery-anchored retail centers where the supermarket requires an on-site expansion, repositioning or relocation. During the past five years, Tri-Land has focused on the redevelopment of 10 legacy assets in Minneapolis, Kansas City, Indianapolis and Chicago. The company has sold each project upon completion of the redevelopment. This year, redevelopment of the 10 assets will be complete. This will enable Tri-Land to concentrate on new redevelopment opportunities. Against that backdrop, REBusinessOnline spoke with Richard Dube, the company’s president, at the ICSC RECon show in Las Vegas, which attracted more than 30,000 attendees. What follows is an edited transcript of the conversation. REBusinessOnline: …
JERSEY CITY, N.J. — A partnership between BNE Real Estate Group, Hoboken Brownstone Co. and McKinney Properties has opened The Enclave, a 260-unit multifamily community in Jersey City. Designed by local architecture firm Minno & Wasko, The Enclave features studio, one- and two-bedroom units with quartz countertops, stainless steel appliances, in-home washers and dryers and private balconies in select units. Amenities include a rooftop terrace with a pool, private grilling areas and an outdoor bar, as well as a dog run and spa, multiple entertainment lounges, a game room, coworking space, fitness center and a children’s play area. Residents can also enjoy certain services, such as concierge, package handling, pet care and bike storage.
WOODLAND PARK, N.J. — Mountain Development Corp. (MDC) will reposition 5 Garret Mountain Plaza, a 101,880-square-foot office building in Woodland Park, located in the northern part of the Garden State. The freestanding property is situated on Interstate 80 and is part of a 30-acre campus. MDC will undertake a full renovation, including upgrades to HVAC systems and the introduction of new amenities like a rooftop deck and surrounding walking trails. Newmark Knight Frank will handle leasing of the property following completion of the project, a timeline for which was not disclosed.
NEW YORK CITY — Global investment bank Greenhill & Co. has signed a 78,000-square-foot office lease at the former Time & Life building within Manhattan’s Rockefeller Center. Rockefeller Group, which owns the 48-story building located at 1271 Avenue of the Americas, is wrapping up a $600 million redevelopment program that is scheduled for completion by year’s end. Following Greenhill’s relocation from 300 Park Avenue in 2020, the building will be close to fully leased. Michael Geoghegan, Andrew Sussman and Peter Gamber of CBRE represented Greenhill in the lease negotiations. Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell and Dave Caperna of CBRE represented Rockefeller Group, along with internal associates Ed Guiltinan and Jennifer Stein.
AUBURN, MASS. — The F.W. Webb Co., a wholesale distributor of plumbing, heating and cooling products, has purchased a 75,000-square-foot industrial building at 33 Sword St. in Auburn, just west of Worcester. The property, which fetched a sales price of about $4.4 million, is situated on three acres and was formerly owned by Imperial Distributors, which services non-food merchandisers that sell products in grocery stores. David Stubblebine and James Stubblebine of The Stubblebine Co., a brokerage firm active throughout New England, negotiated the transaction.
HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.
CHANDLER, ARIZ. — Cadence Living has acquired 7.7 acres in Chandler, approximately 20 miles southeast of Phoenix, with plans to build a seniors housing community on the site. Named Cadence at Ocotillo, the community will offer 191 units of independent living, assisted living and memory care. Development costs for the 206,283-square-foot building are estimated at $46 million. Construction of Cadence at Ocotillo is slated to begin in the fall of this year. Partners on this project include Chandler-based Whitneybell Perry as the architect and locally based Drive Development Partners as construction manager. The company partnered with Global Senior Housing on the land acquisition. This will be Scottsdale-based Cadence’s fourth community in Arizona: Inspira Arrowhead in Glendale celebrated its grand opening on March 28, 2019. Inspira Arrowhead is in partnership with locally owned The PB Bell Companies and MT Builders. Acoya Mesa, opening in Summer 2019, is located adjacent to Granite Reef Park in Mesa and will feature 170 independent living, assisted living and memory care units. Acoya Scottsdale at Troon, which features views of Pinnacle Peak, is located in north Scottsdale. Cadence broke ground on the community in November 2018 and plans to open 135 luxury independent and assisted living …
TEMPE, ARIZ. — San Diego-based MG Properties Group has acquired Elevate at Discovery Park Apartments, formerly known as Villa Blanco, in Tempe for an undisclosed price. The low-density, garden-style apartment community features 379 units in a mix of one-, two and three-bedroom layouts. The community includes resort-style amenities and immediate access to the Loop 101 Freeway. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the undisclosed seller, while Brian Eisendrath and Cameron Chalfant, also of CBRE, arranged financing for the buyer in the deal.
CHINO, CALIF. — SteelCo USA has purchased a manufacturing facility located at 13900 Sycamore Way in Chino. A private individual sold the property for $10.7 million. Built in 1986, the 68,175-square-foot facility features 10,116 square feet of office space, 26-foot minimum clear height and eight ground-level drive-in doors with 1.8 acres of excess land. The property will serve as SteelCo USA’s sixth facility in the Inland Empire. West Coast Steel divisions include SteelCo USA, Great Pacific Elbow, Mission Metals and Deluxe Building Products. Tim Pimentel, Chuck Belden and Kyle Kehner of Cushman & Wakefield’s Ontario, Calif., office represented SteelCo USA, while David Nguyen of Lee & Associates and Brad Yates of Colliers International represented the seller in the transaction.