Property Type

Silver Arch Capital, Procida Provide $12.5M Refinancing for Art Factory Studios in New Jersey

by David Cohen October 25, 2018

PATERSON, N.J. — Silver Arch Capital Partners and Procida Funding & Advisors LLC have provided a $12.5 million refinancing for Art Factory Studios, a 170-year-old, 21-building creative office park situated on 4.7 acres in Paterson. The borrower, Great Falls Industrial Park Inc., will use the loan proceeds to pay off debt and make capital upgrades. Located at 60-70 Spruce St., the property is the former home of the American Hemp Co. Past redevelopment of the campus has included retail stores, event spaces and light industrial spaces as well as more office and studio space. Terms of the financing were not disclosed.

October 25, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Arranges $8.6M Sale of Mixed-Use Building in SoHo

by David Cohen October 25, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the $8.6 million sale of a four-story, 4,554-square-foot mixed-use building in the SoHo neighborhood of Manhattan. Located at 57 Grand St., the property comprises one ground-floor restaurant and three floor-through loft apartment spaces above. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, Granville Equities, in the transaction. The buyer was Lex Jay Realty Corp.

October 25, 2018

Acquisitions Industrial Northeast Pennsylvania

Binswanger Negotiates $1.2M Sale of Industrial Facility in Philadelphia

by David Cohen October 25, 2018

PHILADELPHIA — Binswanger has negotiated the $1.2 million sale of a 91,000-square-foot industrial facility in Philadelphia’s Fairhill neighborhood. Located at 3000 C St., the five-story property features two loading doors, a dry sprinkler system and also includes 2,000 square feet of office space. Mike Torsiello and Chris Pennington of Binswanger’s Philadelphia, office represented the seller, 3 S Properties, in the transaction. When Opportunity Knocks LP purchased the property.

October 25, 2018

California Development Florida Massachusetts Multifamily Student Housing Washington Western

Capstone Development Opens Three Student Housing Communities in California, Seattle Totaling 980 Beds

by Amy Works October 25, 2018

BIRMINGHAM, ALA. — Birmingham-based Capstone Development Partners has opened five on-campus student housing communities totaling 3,000 beds, including two in California and one in Seattle. Development costs reached $350 million, $150 million of which was financed using private equity, with the remaining $200 million financed through a 501(c)3 nonprofit owner or a university using tax-exempt debt. Properties include Montage on College at San Diego State University in San Diego; Calaveras Hall at the University of the Pacific in Stockton, Calif.; Vi Hilbert Hall at Seattle University in Seattle; The Village Phase 2 at The University of South Florida in Tampa, Fla.; and the University of Massachusetts Boston Residence Hall and Dining Center in Boston. Montage on College at San Diego State University was built through a ground lease with the San Diego State University Real Estate Foundation. The property offers more than 300 beds of apartment-style housing. Community amenities include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming and media room, and various study spaces. Capstone Development Partners’ management entity, Capstone Management Partners, operates the property. Calaveras Hall at the University of the Pacific offers 380 beds tailored to upper-level students. Shared amenities …

October 25, 2018

California Development Industrial Office Western

Dempsey Construction Completes Redevelopment of Office/Warehouse Complex in San Diego

by Amy Works October 25, 2018

SAN DIEGO — Dempsey Construction, on behalf of owner LBA Realty, has completed the redevelopment of a five-building project, located at 4400 Ruffin Road in San Diego’s Kearny Mesa submarket. Formerly occupied by Pratt & Whitney, the office and aerospace complex has been converted to a modern office and warehouse property. The project involved the demolition of a 102,000-square-foot building and the renovation of the adjacent two-story, 130,000-square-foot office buildings to include showcase lobbies and entrances, as well as structural enhancements. Additionally, a 106,000-square-foot tilt-up warehouse was constructed to feature 33-foot clear heights and 28 truck docks with roll-up doors.

October 25, 2018

Acquisitions California Retail Western

Stockbridge Acquires 155,275 SF Edinger Plaza in Orange County

by Amy Works October 25, 2018

HUNTINGTON BEACH, CALIF. — Stockbridge, on behalf of its Smart Markets Fund, has purchased Edinger Plaza, a power shopping center located at 7490-7664 Edinger Ave. in Huntington Beach. Santa Monica-based Watt Cos. sold the property for an undisclosed price. Developed in 1976 and redeveloped in 2012, the 155,275-square-foot shopping center is situated on 13.4 acres. At the time of sale, the property was 99 percent leased to a variety of tenants, including Nordstrom Rack, Dick’s Sporting Goods, PetSmart and Michaels. Megan Wood, Jimmy Slusher, Sean Heitzler and Philip Voorhees of CBRE’s National Retail Partners-West team represented the seller and buyer in the deal, which was the highest priced retail property transaction in Orange County this year, according to the brokers.

October 25, 2018

California Loans Multifamily Western

MWest Holdings Receives $24M Acquisition Loan for Multifamily Property in San Pedro

by Amy Works October 25, 2018

SAN PEDRO, CALIF. — MWest Holdings has received a $24 million loan for the acquisition of San Pedro Bank Lofts in San Pedro. The property consists of two four-story buildings offering a total of 89 apartments. CIT Group’s Real Estate Finance division was the sole arranger for the senior loan.

October 25, 2018

Acquisitions California Office Retail Western

Avison Young Brokers $5.3M Sale of Vacant Artistry Theater in Pasadena

by Amy Works October 25, 2018

PASADENA, CALIF. — Avison Young has arranged the sale the Artistry Theater Building, located at 600 E. Colorado Blvd. in Pasadena’s Playhouse District. Colorado Creative LLC sold the property to Morton Development Group for $5.3 million. The buyer plans to redevelop the long-vacant property into a retail and office asset. Built in 1931 as a United Artists theatre, the 15,060-square-foot property was first renovated in 1960, but the property has fallen into a long state of disrepair and neglect. Its tenant of more than a decade, Angels School Supply, vacated the building more than three years ago, and the property has been empty ever since. Andrew Berk and Chase Gordon of Avison Young represented the seller, while the buyer was self-represented in the transaction.

October 25, 2018

Acquisitions Illinois Midwest Multifamily

FPA Multifamily Acquires 758-Unit Apartment Property in Suburban Chicago

by Kristin Harlow October 25, 2018

WHEATON, ILL. — FPA Multifamily LLC has acquired Wheaton Center, a 758-unit apartment property in the western Chicago suburb of Wheaton. The purchase price was not disclosed. Wheaton Center consists of six buildings, including two 20-story towers and four mid-rise buildings. Units average 927 square feet. Community amenities include a resort-style pool with cabanas, a fitness center, community room, conference room, pet spa, bark park and playground. The property was most recently renovated in 2017. Marty O’Connell, Sean Fogarty, Wick Kirby and Kevin Girard of HFF represented the seller, a joint venture between Draper and Kramer Inc. and Edge Principal Advisors LLC, which had purchased the property for $44.4 million in 2014, according to the Chicago Tribune.

October 25, 2018

Acquisitions Kansas Midwest Multifamily

Timberland Partners Purchases 342-Unit Multifamily Property in Shawnee, Kansas

by Kristin Harlow October 25, 2018

SHAWNEE, KAN. — Timberland Partners has purchased The Retreat of Shawnee for an undisclosed price. The 342-unit multifamily property, originally built in 1984, consists of one- and two-bedroom floor plans. Amenities include a pool, fitness center and clubhouse. Timberland will undertake a $2.6 million improvement plan to renovate units and amenities. Jeff Stingley of CBRE represented the undisclosed seller. This is the seventh and final purchase for Timberland Partners Fund VI.

October 25, 2018

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