Property Type

CBRE Negotiates $22.2M Sale of Airport Way Industrial Park in Portland

by Amy Works October 2, 2018

PORTLAND, ORE. — CBRE has brokered the sale of Airport Way Corporate Park, an industrial park located at 12021 NE Airport Way, 12067 and 12055 NE Glenn Widing in Portland. An undisclosed buyer acquired the property from Airport Way LLC for $22.2 million. Constructed between 1992 and 2008, the 140,693-square-foot property comprises three buildings featuring full sprinkler systems, dock-high and grade-level loading, abundant parking, above-standard parking and high visibility from Airport Way. At the time of sale, the park was 95 percent leased to 15 tenants. Cara Nolan of CBRE’s Portland office and Barbara Emmons of CBRE National Partners represented the seller in the deal.

October 2, 2018

Acquisitions Multifamily Utah Western

Alpha Wave Investors Purchases 76-Unit Cove on Bruce Apartments in Metro Salt Lake City

by Amy Works October 2, 2018

CLEARFIELD, UTAH — Alpha Wave Investors has acquired Cove on Bruce Apartments, a multifamily property in the Salt Lake City suburb of Clearfield, for an undisclosed price. The 76-unit property features two-bedroom/one-bath floorplans with in-unit washer/dryer hookups. Community amenities include covered parking, a children’s playground and a pet-friendly environment. The buyer plans to invest more than $750,000 in capital improvements, including a new leasing office and fitness center, exterior paint, signage and landscape upgrades, interior renovations, and the installation of energy-efficient fixtures. Jason Wadsworth of Carpenter Commercial represented the buyer and undisclosed seller in the deal. This transaction is Alpha Wave’s fourth acquisition in the Salt Lake City metro area in the past 12 months.

October 2, 2018

Acquisitions California Office Western

Blumhouse Productions Buys Office Property in Los Angeles for $2.7M

by Amy Works October 2, 2018

LOS ANGELES — Blumhouse Productions, a producer of horror film franchises, has purchased an office building located at 2410 Beverly Blvd. in Los Angeles. Kessel & Associates sold the property for $2.7 million, or $486 per square foot. The buyer currently owns and occupies two nearby office buildings and plans to expand its operations to the newly acquired 5,490-square-foot property. Nathan Pellow and Patrick Moody of Colliers International represented the seller in the transaction.

October 2, 2018

Acquisitions Arizona Office Western

SVN Desert Commercial Arranges $1.1M Sale of Office Building in Phoenix

by Amy Works October 2, 2018

PHOENIX — SVN Desert Commercial has arranged the sale of an office building, located at 810 W. Bethany Home Road in Phoenix. Arizona Medical Association (ARMA) sold the property to a Katie Hess, founder of Lotuswei, for $1.1 million. ARMA was the only occupant and owner of the 15,304-square-foot building, which was built in 1970, until the sale. The seller plans to relocate, while the new owner plans to occupy the majority of the building with small spaces available for lease. Justin Horwitz and Paul Borgesen II of SVN Desert Commercial represented the seller in the deal.

October 2, 2018

Acquisitions District of Columbia Office Southeast

Paramount Sells 372,552 SF Office Building in D.C. to Saban Real Estate for $157M

by Amy Works October 2, 2018

WASHINGTON, D.C. — Paramount Group Inc. has completed the sale of 425 Eye Street, an office building located in the NoMa submarket of Washington, D.C. Saban Real Estate acquired the seven-story property for $157 million. As of June 30, 425 Eye was 98.7 percent leased with weighted average in-place gross annualized rents of $46.16 per square foot. The U.S. government leases 90 percent of the office space at the 372,552-square-foot building. Jim Meisel of HFF represented the seller in the transaction. Cary Abod led the HFF team in securing acquisition financing through EagleBank. Additionally, Paramount has completed the previously announced sale of 2099 Pennsylvania Avenue in Washington, D.C., for $220 million.

October 2, 2018

Development Florida Loans Multifamily Southeast Student Housing

Joint Venture Closes on $231M Bond Financing for Student Housing Project Near Florida International University

by Amy Works October 2, 2018

MIAMI — University Bridge GP — a partnership between Global City Development, RER Ventures and Podium Developments — has closed on a $231 million bond issuance for University Bridge Residences, an 886-unit student housing community currently under construction near Florida International University (FIU) in Miami. The joint venture is billing the project as Miami’s first student condos. The bond represents the largest financing of its kind for an off-campus student housing building in the U.S., according to a release by the joint venture. The funding will provide $50 million in scholarships over 40 years to Florida International University. As per the terms of the agreement, FIU will also take ownership of the building upon the completion of bond payments in 2058. The community is set to open in fall 2020 and will offer fully furnished units with bed-to-bath parity, as well as a pedestrian bridge to FIU’s campus. Shared amenities will include a resort-style pool, cabanas, barbecue and dining areas, a sun deck with day beds, fitness center, yoga lawn, lounge and game room and a business center. The property will also be home to 7,000 square feet of ground-floor retail. The project was designed by Arquitectonica and will be …

October 2, 2018

Esperante-Corporate-Center-West-Palm-Beach-FL

Florida Loans Office Southeast

RedSky Capital, JZ Capital Receive $115M Loan for 20-Story Office Tower in West Palm Beach

by Amy Works October 2, 2018

WEST PALM BEACH, FLA. — RedSky Capital and JZ Capital Partners have received $115 million in financing for Esperanté Corporate Center, a 20-story office tower located at 222 Lakeview Ave. in downtown West Palm Beach. Chris Drew, Hermen Rodriguez and Maxx Carney of HFF arranged the fixed-rate senior loan through Apollo Global Management, on behalf of a managed account, and a fixed-rate mezzanine loan through a life insurance company. Situated near Royal Park Bridge over Lake Worth Lagoon, the 255,984-square-foot Esperanté Corporate Center was renovated in the first quarter of 2018. The tower’s current tenants include Bank of America, Holland & Knight and Chatham Lodging Trust.

October 2, 2018

Development Loans Multifamily Southeast Virginia

Berkadia Secures $36M in Construction Financing for Multifamily Property Near Richmond

by Amy Works October 2, 2018

MIDLOTHIAN, VA. — Berkadia has arranged $36 million in financing for Westchester Apartments, a garden-style multifamily property under construction in Midlothian, about 15 miles west of Richmond. Costa Canavos and Amy Gay of Berkadia’s Richmond office secured the loan through the Virginia Housing Development Authority. The 20-month, interest-only construction loan converts to an amortizing 30-year permanent loan. Located on Perimeter Drive, the property will feature 238 apartment units and offer access to Route 288 and Westchester Commons.

October 2, 2018

Acquisitions New Jersey Northeast Office

CBRE Arranges $34.2M Sale of Office Building in New Jersey

by David Cohen October 2, 2018

SEACAUCUS, N.J. — CBRE has arranged the $34.2 million sale of One Harmon Plaza in Secaucus. The 192,089-square-foot office building is currently 95 percent leased. Samuel Bernhaut and Robert L’Abbate of CBRE represented the seller, a joint venture between Mountain Development Corp. and PCCP LLC. The buyer was ZI One Harmon Plaza LLC. The joint venture has made significant upgrades since purchasing the office building in 2014, including the renovation of the lobby and the addition of a new conference center, cafeteria and fitness facility.

October 2, 2018

Acquisitions Healthcare Northeast Pennsylvania

HFF Negotiates Sale of 68,737 SF Medical Office Building Near Philadelphia

by David Cohen October 2, 2018

HAVERTOWN, PA. — HFF has negotiated the sale of the Crozer-Keystone Medical Office and Surgery Center, a 68,737-square-foot building in Havertown. The sales price was undisclosed. Located at 2010 and 2050 West Chester Pike, the medical office building is 92.5 percent leased and is anchored by Crozer-Keystone Health System. Havertown is approximately 10 miles northwest of Philadelphia. HFF represented the undisclosed seller in the transaction. The buyer was Anchor Health Properties.

October 2, 2018

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