Property Type

Hudson Pacific to Develop Full-Block Office Tower at Washington State Convention Center in Seattle

by Amy Works May 30, 2019

SEATTLE — Hudson Pacific Properties has purchased the condominium rights to build a fully entitled office development for $86 million before credits, prorations and closing costs. The property will be adjacent to the Washington State Convention Center (WSCC) Addition in Seattle. The 538,000-square-foot office tower will be located at the intersection of Boren Avenue and Olive Way in Seattle’s Denny Triangle neighborhood. The 1.2-acre, full-block site is fully entitled for a 16-story office tower. The WSCC Addition’s development team, including Pine Street Group as pre-development manager and LMN as architect, has already performed extensive predevelopment and design work. Targeting LEED Gold certification, the tower will feature 526,000 square feet of office space and 12,000 square feet of retail space. Amenities will include more than 10,000 square feet of outdoor space, bike storage, showers and lockers, as well as direct access to the WSCC Addition’s pedestrian-level retail experience. Additionally, the site offers transportation access to Interstate 5, Sound Transit’s Link Light Rail, the Seattle Streetcar network and regional bus service. Hudson Pacific estimates total development costs, including the purchase price, in the range of $300 million to $350 million. Construction is slated to begin as early as mid-2021 with delivery for …

May 30, 2019

Acquisitions California Multifamily Western

Levin Johnston Brokers $40M Acquisition of 77-Unit Multifamily Asset in Bay Area

by Amy Works May 30, 2019

REDWOOD CITY, CALIF. — The Levin Johnston team of Marcus & Millichap has arranged the purchase of 926 Woodside, a multifamily asset at 926 Woodside Road in Redwood City. A private investor acquired the property for $40 million in a 1031 exchange. The seller was not disclosed. Adam Levin, Robert Johnston and Michael Henshaw of the Marcus & Millichap’s Levin Johnston team represented the buyer in the transaction. Situated in the Palm Park neighborhood, the property was originally constructed in 1963 and renovated in 2016. The community features secure gated entry, keyless building entry, elevators, bike storage, electric vehicle chargers, an on-site laundry room and community courtyards with barbecue areas. The property exchange included the sale of four multifamily communities with a combined value of $31.9 million. The properties include 131 Elm Street, a 20-unit multifamily asset in San Mateo, Calif.; Delano Apartments, a 35-unit community in San Jose, Calif.; 560 Charter Street, a 15-unit property in Redwood City; and 1416 Floribunda Avenue, a nine-unit property in Burlingame, Calif.

May 30, 2019

California Development Loans Multifamily Western

JLL Arranges $35M Loan for Refugio Apartments in Santa Maria, California

by Amy Works May 30, 2019

SANTA MARIA, CALIF. — JLL Capital Markets has secured a $35 million loan to facilitate the refinancing and completion of Refugio Apartments, a 125-unit rental townhome community in Santa Maria. Annaly Capital Management provided the loan to the borrower, Dynamic Development Co. Situated on seven acres at 270 W. McCoy Lane, Refugio Apartments comprises seven stucco buildings with 125 luxury townhomes rentals. The two- and three-story units offer three bedrooms, at least 2.5 bathrooms, balconies, attached two-car garages and private backyards in select units. Community amenities include a 3,000-square-foot recreational center with a resort-style swimming pool, year-round spa, barbecue area, business center and resident clubhouse with built-in fitness center. Residents already have taken occupancy in completed portions of Refugio Apartments, with final completion scheduled for June 2019. Aaron Niedermayer, Reid McGlamery, Brian Buglione and Brandon Krupetsky of JLL arranged the financing.

May 30, 2019

Colorado Development Retail Western

Evergreen Devco, City Street Investors Break Ground on The Shops at Beeler Park in Denver

by Amy Works May 30, 2019

DENVER — A joint venture between Evergreen Devco and City Street Investors has broken ground on The Shops at Beeler Park, located at the northwest corner of 56th Avenue and Central Park Boulevard in Denver’s Stapleton neighborhood. Situated on 6.8 acres, The Shops at Beeler Park will feature two multi-tenant buildings and five single-tenant buildings offering a total of 16,500 square feet of retail space. Completion is slated for November. The project team includes Farnsworth Group as architect and Waner Construction Co. as contractor. Evergreen has already sold two pads to Hello Car Wash and Stapleton Endodontics, and plans to sell or lease the remaining portion of the project to other neighborhood service and restaurant pad users. Allen Lampert and Steve Markey of David, Hicks & Lambert Brokerage, along with Pat McHenry of City Street Investors, are handling the leasing for the property.

May 30, 2019

Acquisitions California Multifamily Seniors Housing Western

ESI Arranges $12.8M Sale of Seniors Housing Community in San Luis Obispo, California

by Amy Works May 30, 2019

SAN LUIS OBISBO, CALIF. — Evans Senior Investments (ESI) has arranged the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo. An independent owner-operator sold the property to a California-based owner-operator for $12.8 million. The buyer is a turnaround specialist, and acquired the property as a value-add opportunity. The property was partially encumbered by a ground lease and included multiple cottages that were rented to residents at the community. Both the fee simple interest and leasehold interest were transferred to the buyer with the transaction. At the time of the sale, the community was 75 percent occupied and 100 percent private pay.

May 30, 2019

Development Industrial New Jersey Northeast

Bridge Development Partners to Build 124,560 SF Industrial Facility in Edison, New Jersey

by Taylor Williams May 30, 2019

EDISON, N.J. — Bridge Development Partners, a privately owned industrial development and acquisition firm, has purchased 7.4 acres in Edison, located south of Newark, for the construction of a 124,650-square-foot industrial building. The Class A facility, which will be branded Bridge Point Edison, will feature 36-foor clear heights, 23 exterior loading docks and parking for up to 62 vehicles. Bridge Point Edison will be located within two miles of I-287, a FedEx Ground facility and an Amazon sorting center. Barry Cohorsky, Andrew Kirshenbau, Barry Mayer and Arthur Hixson of NAI James E. Hanson represented Bridge in the land sale. Completion of the project is slated for the first quarter of 2020.

May 30, 2019

Development Hospitality Northeast Pennsylvania

Estia Group to Develop 14-Story Blu Ivy Hotel in Philadelphia

by Taylor Williams May 30, 2019

PHILADELPHIA — Locally based firm Estia Group will develop a 14-story Blu Ivy hotel at 122 S. 11th St. in Philadelphia. The 86-room property will house Anthos, a two-story restaurant that offers Mediterranean and Greek cuisine. Both the hotel and the restaurant, which will offer bar seating for 23 guests and floor seating for 198 patrons, are scheduled to be complete in fall 2020. The development team includes designer DAS Architects and structural engineer O’Donnell & Naccarato.

May 30, 2019

Acquisitions Multifamily New Jersey Northeast

Maya, Harbor Group Acquire Multifamily Building in Union City, New Jersey, for $31M

by Taylor Williams May 30, 2019

UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.

May 30, 2019

Acquisitions Net Lease New York Northeast Retail

Silber Arranges $8M Sale of Long Island Retail Property Net-Leased to CVS

by Taylor Williams May 30, 2019

PLAINVIEW, N.Y. — Silber Investment Properties, a brokerage firm specializing in retail real estate, has arranged the $8 million sale of a 13,000-square-foot building in the Long Island City of Plainview. Situated on 1.3 acres, the asset was triple net-leased to CVS at the time of sale. Adam Silber of Silber Investment Properties represented the seller, Pandem Enterprises, in the transaction. Silber also procured the buyer, JRI 28CI LLC, a New York City-based real estate investment group.

May 30, 2019

Leasing Activity New York Northeast Retail

The Feil Organization Negotiates Two Retail Leases Totaling 2,654 SF in Manhattan

by Taylor Williams May 30, 2019

NEW YORK CITY — The Feil Organization, a New York City-based commercial owner-operator, has negotiated a pair of retail leases totaling 2,654 square feet at 488 Madison Avenue in Manhattan. Beginning this fall, France-based Mephisto Shoes will occupy 1,864 square feet and Asian restaurant Mighty Bowl will occupy 800 square feet. Other tenants at the property include Indochino, Bonobos Guideshops and UNTUCKit. 488 Madison Avenue, which was built in 1948 and renovated in 2016, is 23 stories tall and spans 477,000 square feet.

May 30, 2019

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