Property Type

150-South-Harrison-Street-East-Orange-New-Jersey

CBRE Arranges $57M Recapitalization of New Jersey Commercial, Residential Portfolio

by Alex Patton July 12, 2019

ORANGE, EAST ORANGE AND JERSEY CITY, N.J. — CBRE has arranged $57 million in loans through Freddie Mac’s Small Balance Loan Program for the recapitalization of a portfolio of 13 mixed-use properties in Northern New Jersey. Part of the proceeds will be used to fund upgrades to the assets, which are located in the cities of Orange, East Orange and Jersey City. CBRE arranged the 13 loans on behalf of the borrower, Newark-based One Wall Partners, which acquired the portfolio in 2017 for $63 million. Mixed-use buildings qualify for Freddie Mac’s small balance loan program if less than 40 percent of a property’s income is generated from commercial leases. In this particular case, the mixed-use buildings were multifamily over ground-floor retail.

July 12, 2019

Development Georgia Industrial Southeast

Kroger, Ocado to Bring $55M Customer Fulfillment Center to Metro Atlanta

by Alex Tostado July 12, 2019

FOREST PARK, GA. — The Kroger Co. and Ocado, an online grocery retailer based in the United Kingdom, will build a $55 million customer fulfillment center in Forest Park that will create 400 jobs. According to Georgia’s governor’s office, the two companies could invest upwards of $121 million in the center. The announcement of the center, which will be an automated warehouse facility with digital and robotic capabilities, comes on the heels of Kroger and Ocado breaking ground on their first fulfillment center in Monroe, Ohio. The two companies have committed to build 20 centers across the country. This is the second announced center in the Southeast, following a center in Central Florida. The Forest Park customer fulfillment center will be located at 2000 Anvil Block Road within the Gillem Logistics Center and will occupy 375,000 square feet. Kroger already occupies a 1.3 million-square-foot warehouse within the same industrial park. A ground breaking is scheduled for later this year with completion slated for 2021.

July 12, 2019

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $69.3M Sale of Distribution Center Complex in Tampa

by Alex Tostado July 12, 2019

TAMPA, FLA. — Cushman & Wakefield has arranged the $69.3 million sale of Tampa Distribution Center, a six-building, 955,000-square-foot industrial facility in Tampa. Tampa Distribution Center consists of six dock-high, front-load and flow-through industrial buildings on 51 acres. Suite sizes range from 2,500 to 90,000 square feet and average 15,000 square feet. The property was 94.6 percent leased at the time of sale to tenants including Lansing Building Products, Consolidated Container Co., Feeding America Tampa Bay, Courier Express, General Insulation Co. Inc. and Storopack Inc. The center is situated at 1212 N. 50th St., adjacent to UPS’ Tampa hub, five miles from Port of Tampa and 12 miles from Tampa International Airport. Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. Blackstone’s U.S. industrial real estate operating platform, Link Industrial Properties, was the buyer. Julia Silva and Jessica Mizrahi of Cushman & Wakefield have been retained to lease the property.

July 12, 2019

Acquisitions Industrial New York Northeast

Cushman & Wakefield Negotiates Sale of $25M Warehouse Property in Queens

by Alex Patton July 12, 2019

NEW YORK CITY — Cushman & Wakefield has negotiated the $25 million sale of a 52,000-square-foot warehouse property in the Long Island City neighborhood of Queens. Cushman & Wakefield’s Stephen Preuss, Joshua King and Andreas Efthymiou represented the buyer, California-based investment trust Alexandria Real Estate Equities Inc., which plans to convert the warehouse into a research and development office with lab space. The seller was Prestone Realty LLC, which has occupied the building since 2005.

July 12, 2019

Acquisitions Florida Office Southeast

TerraCap Management Purchases Business Park in South Orlando for $17.6M

by Alex Tostado July 12, 2019

ORLANDO, FLA. — TerraCap Management has purchased Lake Point Business Center, a six-building office park in Orlando, for $17.6 million. The property consists of six single-story office buildings with 134,000 square feet of rentable space. Lake Point Business Park is located in south Orlando, about five miles from Orlando International Airport. Ron Rogg of CBRE represented the seller, Raith Capital Partners LLC, in the transaction. BankUnited provided acquisition financing to TerraCap.

July 12, 2019

Acquisitions Healthcare Southeast West Virginia

MedProperties Acquires Medical Office Portfolio Totaling 112,212 SF in West Virginia, Ohio

by Alex Tostado July 12, 2019

VIENNA, W.VA. AND BELPRE, OHIO — MedProperties Realty Advisors LLC has acquired a 92,212-square-foot medical office building (MOB) in Vienna and a two-building MOB/ambulatory surgery center spanning 20,000 square feet in neighboring Belpre. Both properties are leased to the West Virginia University (WVU) Health System and upon closing of the sale, WVU entered into a new 15-year lease at both properties. In Vienna, the two-story MOB was originally built in 1982, renovated in 2009 and expanded by 32,000 square feet in 2012. Tenants include a variety of medical services and specialties, including family medicine; orthopedics; ear, nose and throat specialists; dialysis; and imaging. The building is situated at 800 Grand Central Mall, three miles from the Ohio-West Virginia border and four miles from the Belpre assets. The Belpre properties were built in 1960 and renovated in 2007, 2010 and 2012. Capital One provided acquisition financing to MedProperties. The seller and sales prices were not disclosed.

July 12, 2019

Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.8M Development Financing for Multifamily Property Near Boston

by Alex Patton July 12, 2019

CAMBRIDGE, MASS. — MassHousing, an affordable housing lender in Massachusetts, has provided $22.8M in loans for the development of a multifamily property in Cambridge, part of the metro Boston area. The borrower, Cambridge-based nonprofit developer Just-A-Start Corp., will combine the 45-unit Linwood Court community and the 20-unit Squirrel Brand community to create a new affordable housing property called Squirrelwood. The financing consists of an $8.2 million permanent loan, $13.6 million bridge loan and $1 million loan from MassHousing’s Workforce Housing Initiative. The developer will also renovate existing apartments and construct 23 new units to bring the total unit count up to 88. The contractor will be Callahan Construction Managers, and the architect is Davis Square Architects.

July 12, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Brokers $4.6M Sale of Office Property in Harrisburg

by Alex Patton July 12, 2019

HARRISBURG, PA. — Marcus & Millichap has brokered the $4.6 million sale of a 73,289-square-foot office building in Harrisburg. The four-story property is located on the corner of Cameron and Walnut streets, and is leased to a mix of community-based, service and nonprofit organizations. Craig Dunkle and Mark O’Shea of Marcus & Millichap’s Philadelphia office represented the seller, investment firm Brickbox Enterprises Ltd. Dunkle also represented the buyer, Halzlucha LLC, a private investment group based in Muncie, New York.

July 12, 2019

Acquisitions California Office Western

Parallel Capital Partners Buys Sky Park Office Plaza in San Diego for $50.6M

by Amy Works July 12, 2019

SAN DIEGO — San Diego-based Parallel Capital Partners has acquired Sky Park Office Plaza, a Class A office complex located at 9275 and 9325 Sky Park Court in San Diego’s Kearny Mesa submarket. Blackstone/Equity Office Properties sold the two-building asset for $50.6 million. Built in 1986, the 203,258-square-foot property features a three- and four-story, glass-and-concrete office complex with steel frame construction and large flexible floor plates. Amenities include an on-site café and full-service gym. At the time of sale, the property was 96 percent leased to a variety of tenants, including Union Bank, Qualcomm, Liberty Mutual Insurance, The Travelers Indemnity Co. and Molina Healthcare. Nick Psyllos and Michael Leggett of HFF represented the seller, while Parallel was self-represented in the transaction.

July 12, 2019

Acquisitions California Multifamily Western

Newmark Knight Frank Brokers $36.2M Sale of The Luxe Multifamily Asset in Sacramento

by Amy Works July 12, 2019

SACRAMENTO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of The Luxe, a gated apartment community in Sacramento. ColRich acquired the asset for $36.2 million from Southern California-based Latitude Real Estate Investor. The off-market transaction included two loan assumptions and was a 1031 exchange for ColRich. Totaling 164,840 square feet, The Luxe features 220 apartments, a business center, clubhouse, courtyard, fitness center, swimming pool and spa. Located at 2501 Hurley Way in Sacramento, the property comprises two separate parcels: 2501 Hurley Way and 2510 Wittkop Way. Zachary LeBeouf and Anthony Pappageorge of NKF represented the buyer in the deal.

July 12, 2019

Newer Posts

Older Posts