EATONTON, N.J. — A joint venture between New York-based investment firm Devli Group and Connecticut-based Aspen Realty has acquired a two-building office complex totaling 129,632 square feet in Eatonton. The property, which comprises a 100,272-square-foot building and a 29,360-square-foot building, is situated on eight acres at 260 and 270 Industrial Way near the oceanfront city of Long Branch. The property was fully leased at the time of sale. The seller and sales price were not disclosed. The joint venture officially acquired the note on the property in November 2018 at a foreclosure auction and has now officially taken title of the property.
NEW YORK CITY — Rochester, New York-based grocer Wegmans will open a 74,000-square-foot store within the Admirals Row redevelopment project located on Flushing Avenue in Brooklyn. The grand opening is scheduled for Sunday, Oct. 27. The store, which will be the company’s first location in New York City, is expected to create about 350 full- and part-time jobs. Wegmans Brooklyn will carry more than 60,000 individual products and offer second-floor mezzanine space with a bar serving food, wine, beer and spirits.
NEW YORK CITY — Global investment management firm Bardin Hill Investment Partners has signed a 28,045-square-foot office lease at 299 Park Avenue in Midtown Manhattan. The firm, which is relocating from 477 Madison Avenue, will occupy the entire 24th floor of the 42-story building beginning in November. The lease term is 12 years. Chris Corrinet and Neil King of CBRE represented Bardin Hill in the lease negotiations. Marc Packman, Clark Briffel, Peter Shimkin, Andrew Sachs, Eric Cagner and David Falk of Newmark Knight Frank represented the landlord, Fisher Bros. 299 Park Avenue is a 1.2 million-square-foot office building located between 48th and 49th streets next to the Waldorf-Astoria Hotel and Grand Central Terminal. Other tenants at the property include Capital One and UBS.
NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.
LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.
POWAY, CALIF. — Ryan Cos. and DWS Group have broken ground on Vantage Point, an infill speculative logistics/distribution development located in Poway. The two-building Vantage Point will consist of 533,950 square feet of Class A space and is the largest speculative development of its kind in mid-San Diego County in 20 years, according to the developers. The property will feature 36-foot minimum clear heights, an ESFR fire suppression system with K22 heads, up to 113 dock-high doors, 12 drive-in doors, a 180-foot-wide concrete truck court, eight-inch warehouse concrete slabs with 4,000 PSI and 4,000 amps of 277-480 volt power. Additional on-site amenities will include two large outdoor break areas, an indoor bicycle storage room and six electric vehicle charging stations. Ryan Cos. and DWS Group retained Mickey Morera and James Duncan of Kidder Mathews as leasing agents for the project.
AVONDALE AND TOLLESON, ARIZ. — Phoenix-based Eisenberg Co. plans to complete two industrial projects in metro Phoenix in fourth-quarter 2019. Construction for the projects — Avondale 107th and Washington 83 — is slated to start this quarter. Combined, the properties will offer a total of 533,541 square feet of industrial space. On behalf of Eisenberg Co., Andy Markham, Mike Haenel and Phil Haenel of Cushman & Wakefield negotiated the purchase of the land for the two developments in separate transactions. Eisenberg Co. acquired 24 acres at 107th Avenue and Pierce Street in Avondale from El Malon Partners and 8.5 acres at the northwest corner of Washington Street and 83rd Avenue in Tolleson from Cohen Asset Management. Terms of the acquisitions were not released. Avondale 107th will be a four-building industrial development totaling 405,656 square feet. At 81,533 square feet each, Buildings A and B will feature 107th Avenue frontage, 28-foot clear heights, truck-well and grade-level loading, 200-foot truck maneuverability. Totaling 121,295 square feet each, Buildings C and D will feature 32-foot clear heights, dock-high/grade-level loading and optional fenced/gated security. All four buildings will have an office built to suit, 60-foot speed bays, HVAC ready and LED lighting. Washington 83 will …
ISSAQUAH, WASH. — CBRE has arranged a $17.5 million in Fannie Mae financing for Fieldstone Memory Care of Issaquah, a 60-unit memory care community. The borrower is a joint venture between Bourne Financial Group and Cascadia Senior Living. The loan will refinancing existing debt. The community is situated within the affluent submarket of Issaquah, where the average home value is $757,114 within a five-mile radius of the property. It is located less than 1.5 miles from a full-service, 175-bed hospital. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the 10-year, fixed-rate loan with three years of interest-only payments.
REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.
SCOTTSDALE, ARIZ. — Capital One is slated to open its first Capital One Café location in Arizona at Macerich’s Scottsdale Fashion Square in early 2020. As the first of its kind in Arizona, Capital One Café integrates digital tools and in-person interactions focused on customer needs. Open to both Capital One account holders and non-account holders, the café will offer customers a place to get help with their accounts, learn about new digital and financial tools, free Wi-Fi, and coffee and pastries made by a local baker. The 5,792-square-foot Capital One Café in Scottsdale will join 15 other locations around the country. Cafés are currently located in Austin, Boston, Boulder, Colo., Denver, Los Angeles, Philadelphia, Richmond, Va., San Francisco, Seattle, South Florida, St. Cloud, Minn., Portland, Ore., San Diego and Washington, D.C.