Property Type

Colony Industrial Acquires 33-Property Industrial Portfolio in New Jersey

by Alex Patton August 13, 2019

NEW JERSEY — Dallas-based Colony Industrial has acquired a 33-property industrial portfolio totaling more than 1.3 million square feet in New Jersey. The portfolio comprises assets located in several cities in northern New Jersey that are currently 99 percent occupied. The sale included three development sites located in Carteret and West Caldwell. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, New Jersey-based developer Hampshire Real Estate Cos., in the transaction. The sales price was undisclosed.

August 13, 2019

Industrial Leasing Activity New Jersey Northeast

CBRE Negotiates 105,000 SF Industrial Lease in Moonachie, New Jersey

by Alex Patton August 13, 2019

MOONACHIE, N.J. — CBRE has negotiated a 105,000-square-foot industrial lease in Moonachie, located in metro New York City. Online fashion accessory company Fashionphile will base its Northeast operations from the property. Denver-based EverWest Real Estate investors purchased the building in August 2017 and is currently redeveloping it. Larry Schiffenhaus, Thomas Monahan, Stephen D’Amato, Anastasia Lazarides, Gerard Monahan and Lauren Griffith of CBRE represented Fashionphile in the lease negotiations.

August 13, 2019

Leasing Activity Lee & Associates New Jersey Northeast Office

Lee & Associates Arranges 35,000 SF Office Lease in Warren, New Jersey

by Alex Patton August 13, 2019

WARREN, N.J. — Lee & Associates has arranged a 35,000-square-foot office lease in Warren, about 30 miles west of New York City. The tenant, energy supplier Matheson Tri-Gas, will occupy the entire top floor at 3 Mountainview Road. Brian Lynch and Peter Rasmusson of Lee & Associates represented Matheson Tri-Gas in the lease negotiations. Jamie Drummond, Andrew Perrotti and Dan Reider of Newmark Knight Frank represented the landlord, KRE Group.

August 13, 2019

Affordable Housing Connecticut Loans Multifamily Northeast

Rockport Mortgage Arranges $26M in Financing for Affordable Housing Community in Meriden, Connecticut

by Alex Patton August 13, 2019

MERIDEN, CONN. — Rockport Mortgage, a Massachusetts-based multifamily finance firm, has arranged a $26 million loan for Yale Acres, a 162-unit affordable housing community in Meriden, about 20 miles south of Hartford. Proceeds of the loan will be used to renovate 155 existing units and fund construction of an additional seven. The financing was originated through HUD’s 221(d)(4) program and carries a fixed interest rate and a 40-year amortization schedule. An affiliate of Meriden-based Carabetta Cos. will act as the general contractor on the project, which is slated for completion in 2021.

August 13, 2019

Loans Multifamily New York Northeast

Money360 Provides $13.2M Loan for Refinancing of Multifamily Property in Rochester, New York

by Alex Patton August 13, 2019

ROCHESTER, N.Y. — Money360, a California-based direct lender, has provided a $13.2 million bridge loan to refinance a multifamily property in Rochester, a city located about 70 miles east of Buffalo. The property includes ground-floor retail space. The non-recourse, three-year loan features a fixed interest rate with an interest-only amortization schedule. Ken Wood of Money360 originated the loan.

August 13, 2019

Loans Multifamily Washington Western

CBRE Arranges $160M in Financing for 40-Story Apartment Building in Seattle

by Amy Works August 13, 2019

SEATTLE — CBRE has secured a $160 million permanent loan for McKenzie Seattle, a 40-story for-rent residential property located at 2202 Eighth Ave. in Seattle. Completed in August 2018, the elliptical tower features 450 apartments in a mix of studio, one-, two- and three-bedroom penthouse layouts and 379 parking spaces. On-site amenities include a fitness center on the 39th floor, a common area with deck on the 40th floor, a private spa retreat and a 24/7 tenant concierge. Wild Ginger, a restaurant, occupies the ground-floor retail space. David Stinebaugh and Mark Capeloto of CBRE’s Seattle office arranged the financing for the borrower, a subsidiary of Seattle-based Clise Properties. The fixed-rate, 10-year loan was closed as the property approaches stabilized occupancy. Northwestern Mutual Life Insurance Co. provided the financing.

August 13, 2019

Acquisitions Multifamily Student Housing Utah Western

Colliers Brokers Sale of Promenade Place Student Housing Asset Near Utah Valley University

by Amy Works August 13, 2019

OREM, UTAH — Colliers International has arranged the sale of Promenade Place, a student housing property located at 875 S. Geneva Road in Orem. Woodbury Corp. sold the asset to a private out-of-state investor. Constructed in 2017, Promenade Place is a transit-oriented, 429-bed student housing property located adjacent to Utah Valley University. While terms of the transaction were not released, the sale is one of the largest student housing transactions in Utah and set a record as the highest price per bed, according to the brokers. Rawley Nielsen, Mark Jensen and Darren Nielsen of Colliers facilitated the deal and represented the seller.

August 13, 2019

Acquisitions Colorado Multifamily Western

C&A, Commonwealth Group Sell 288-Unit Multifamily Community Near Denver for $72M

by Amy Works August 13, 2019

BRIGHTON, COLO. — A partnership between Littleton, Colo.-based C&A Cos. and Delaware-based Commonwealth Group has completed the disposition of Elements at Prairie Center, an apartment community in Brighton, a northeast suburb of Denver. Akron, Ohio-based Summit Management acquired the property for $72 million. Developed in 2018 by C&A Cos. and Commonwealth Group, Elements at Prairie Center is the second apartment community the partnership has developed in the Brighton area that are fully powered by geothermal energy. Situated on 15 acres, the property features 264,579 rentable square feet spread across 288 one-, two- and three-bedroom units. Community amenities include a resort-style outdoor swimming pool, off-leash dog park and fitness center. Dan Woodward, David Potarf and Matthew Barnett of CBRE represented the sellers in the deal. Brady O’Donnell, Jeff Halsey and Jill Haug of CBRE Capital Markets Debt & Structured Finance arranged acquisition financing for the buyer.

August 13, 2019

Development Retail Texas

NewQuest Properties to Develop 200,000 SF Retail Project in Metro Houston

by Taylor Williams August 13, 2019

RICHMOND, TEXAS — Houston-based NewQuest Properties will break ground in the coming weeks of the first phase of Grand at Aliana, a 200,000-square-foot retail project in Richmond, a southwestern suburb of Houston. The property is preleased to an array of national tenants, including 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Skechers. Grand at Aliana will also house a 10,454-square-foot healthcare clinic that will be occupied by Baylor St. Luke’s Medical Group and provide urgent and primary care services. Out-parcels have been ground-leased to McDonald’s, Jason’s Deli, Freddy’s Frozen Custard & Steakburgers, Timewise and Express Oil. The opening is scheduled for the second quarter of 2020.

August 13, 2019

Acquisitions California Industrial Western

Stos Partners, Long Wharf Capital Buy Two Industrial Assets in Southern California for $13.9M

by Amy Works August 13, 2019

CARLSBAD AND MIRAMAR, CALIF. — A joint venture between Stos Partners and Boston-based Long Wharf Capital has purchased two industrial assets in Southern California for a total consideration of $13.9 million. In the first transaction, the joint venture acquired a 70,224-square-foot property, located at 6212 Corte Del Abeto in Carlsbad, from a private seller for $9.7 million in an off-market transaction. The building is fully occupied by a go-kart racing tenant. The asset features a mix of office and warehouse space, as well as grade- and dock-high loading positions. Rusty Williams and Chris Roth of Lee & Associates, along with Tres Reid of CBRE, represented the buyers in the transaction. In the second deal, the partnership purchased a vacant 27,510-square-foot industrial building, located at 8330 Arjons Drive in Miramar, from a private investor for $4.2 million. The new owners plan to upgrade the property with a new roof, new façade, parking lot improvements, updated landscape plan and interior renovations. Jason Smithson of NAI represented the seller in the transaction.

August 13, 2019

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