Property Type

Waterman, USAA Sell Two Manhattan Office Buildings Totaling 211,000 SF

by Taylor Williams June 4, 2019

NEW YORK CITY — A partnership between Waterman Interests LLC and USAA Real Estate has sold two office buildings in the Midtown West area of Manhattan totaling roughly 211,000 square feet. The first building, 142 West 36th Street, is a 119,000-square-foot property that is 94 percent leased to tenants such as Becca Cosmetics, a division of Estee Lauder, Flashtalking Media and Elite SEM. The second building, 234 West 39th Street, is a 92,000-square-foot facility that is 93 percent leased to tenants such as Sunlight Financial and Robert Marc Opticians. Joshua Mermelstein, Avi Feinberg and Chris Roman of Fried Frank represented the partnership in the sale. The buyer was Alduwaliya, a Qatar-based investment firm.

June 4, 2019

Siempre-Viva-Business-Park-Building-18-San-Diego-CA

Acquisitions California Industrial Western

Murphy Development Co. Sells 201,020 SF Industrial Portfolio in San Diego

by Amy Works June 4, 2019

SAN DIEGO — Murphy Development Co. has completed the sale of a two-building industrial portfolio located at 8500 Kerns and 2600 Melksee streets in San Diego’s Otay Mesa submarket. LaSalle Investment Management acquired the property for an undisclosed price. Situated on 14.6 acres within the 2 million-square-foot Siempre Viva Business Park, the 201,020-square-foot portfolio features 28- to 32-foot clear heights, wide truck courts, loading via 50 dock-high and eight grade-level doors, and a low office build-out space. The two buildings were constructed in 2016 and 2019. Nick Psyllos and Kara Mathis of HFF represented the seller in the deal.

June 4, 2019

Development Industrial New Jersey Northeast

CenterPoint Breaks Ground on 72,816 SF Industrial Expansion Project in New Jersey

by Taylor Williams June 4, 2019

SOMERSET, N.J. — CenterPoint Properties has broken ground on a 72,816-square-foot expansion project at the Somerset, New Jersey, manufacturing plant of PIM Brands LLC, a producer of candies and other sweets. The project will bring the facility’s size to roughly 250,000 square feet. Illinois-based CenterPoint has also signed a 15-year lease extension with PIM Brands. This extra space will accommodate new production lines and facilitate product distribution through the establishment of 40-foot clear heights, six tailboard doors and 20 auto parking stalls. Chuck Fern of Cushman & Wakefield and Bob Nathin of Sheldon Gross Realty represented PIM Brands in the lease negotiations. David Nenner represented CenterPoint internally.

June 4, 2019

Development Multifamily Washington Western

Wood Partners Breaks Ground on 243-Unit Alta Columbia City Multifamily Project in Seattle

by Amy Works June 4, 2019

SEATTLE — Wood Partners has broken ground on Alta Columbia City, a multifamily development in Seattle’s historic Columbia City neighborhood. Slated to open in summer 2021, Alta Columbia City will feature 243 studio, one- and two-bedroom apartments, along with 27,000 square feet of retail and commercial space. On-site amenities will include a private lounge, entertainment area, gourmet kitchen, fitness center, co-working space, outdoor courtyard, heated greenhouse, rooftop deck and dog run. Once completed, the property will be Wood Partners’ third multifamily community in the Seattle area.

June 4, 2019

Acquisitions California Industrial Western

CenterPoint Acquires 75,208 SF Last-Mile Industrial Facility Near Port of Oakland

by Amy Works June 4, 2019

OAKLAND, CALIF. — CenterPoint Properties has purchased an industrial property, located at 4601 Malat St. in Oakland, for an undisclosed price. Situated on 3.9 acres, two tenants currently lease the 75,208-square-foot, cross-dock property. The building features secured excess loading with an ability to pave the northern yard, creating drive-around access and cross-dock activation. Mark Maguire and Justin Smutko of Colliers International represented CenterPoint in the transaction. The name of the seller was not released.

June 4, 2019

Development Multifamily New York Northeast Seniors Housing

HANAC Completes Construction of $36M Affordable Senior Living Community in Queens

by Taylor Williams June 4, 2019

NEW YORK CITY — Developer HANAC Inc., in partnership with Enterprise Community Partners and Chase Bank, has completed construction of Corona Senior Residence, an affordable community for seniors over the age of 62 in Queens. The property totals 67 units exclusively for seniors, 21 units of which have been reserved for the homeless. The development includes an onsite preschool administered by the New York City School Construction Authority that currently serves nearly 60 children. Social services, medical care coordination and mental health assessments will be available to residents of the property.

June 4, 2019

California Development Multifamily Seniors Housing Western

Cadence Living Starts Construction of 97-Unit Seniors Housing Community Near Los Angeles

by Amy Works June 4, 2019

RANCHO CUCAMONGA, CALIF. — Cadence Living has broken ground on Cadence at Rancho Cucamonga, a seniors housing community in the Town Center neighborhood of Rancho Cucamonga, approximately 40 miles east of Los Angeles. Cadence is developing the property in partnership with Coyne Development. When complete, the community will offer 97 units of independent living, assisted living and memory care. The community is scheduled to open in the fall of 2020.

June 4, 2019

Acquisitions Colorado Office Western

CBRE Arranges $5.8M Sale of Monaco Tower Office Asset in Denver

by Amy Works June 4, 2019

DENVER — CBRE has brokered the sale of Monaco Tower, a Class B, value-add office building in the Glendale submarket of Denver. Benjamin Borgers, a local certified public accountant, acquired the property from an entity managed by Stabilis Capital Management for $5.8 million. Located at 925 S. Niagara St., the six-story, 63,170-square-foot building was built in 1974. At the time of sale, 16 tenants occupied the property. Monica Wiley and Jeff Wood of CBRE’s Denver office represented the seller in the transaction.

June 4, 2019

Acquisitions New York Northeast Retail

Marcus & Millichap Arranges $13M Sale of Retail Property in Queens

by Taylor Williams June 4, 2019

REGO PARK, N.Y. — Marcus & Millichap has arranged the $13 million sale of a 9,000-square-foot retail building located along Queens Boulevard in Rego Park. The building houses four tenants: Chic’s Place, Paris Baguette, Dunkin’ Donuts, Rouge Nail. Michael Kook of Marcus & Millichap represented the seller and the buyer, both of which requested anonymity, in the transaction.

June 4, 2019

Connecticut Development Hospitality Northeast

Shaner Opens 102-Room Marriott-Branded Hotel in Norwalk, Connecticut

by Taylor Williams June 4, 2019

NORWALK, CONN. — Shaner Hotels, a Pennsylvania-based hospitality owner-operator, has opened a 102-room Residence Inn by Marriott hotel in the coastal Connecticut city of Norwalk. The eight-story property features apartment-inspired suites that include full kitchens and individual workspaces. Amenities include grocery delivery service, a fitness center and a business center, as well as a bar and restaurant. Rich Co. developed the hotel in a joint venture with SoNo Development Partners. Shaner will operate the property.

June 4, 2019

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