Property Type

Thayer Manca Residential Buys, Renovates Two Apartment Communities in Albuquerque for $60M

by Amy Works October 15, 2019

ALBUQUERQUE — Seattle-based Thayer Manca Residential has entered the New Mexico market with the purchase of two multifamily properties in Albuquerque: Ventana Canyon and Presidio. The acquisitions, combined with renovation costs, resulted in a total investment of $60 million. Formerly Ventana Canyon, the 264-unit Circ Apartments is in its final phase of a more than $4.1 million renovation project. Upgrades included a reimagined clubhouse, expanded pool deck and outdoor amenities, upgraded 24-hour fitness facility, new landscaping, interior unit renovations, exterior paint and property rebranding. The asset was originally acquired in November 2018. Ottavo Apartments, previously Presidio, is a 200-unit property undergoing a $4 million renovation plan, which is nearing completion. Upgrades include a contemporary clubhouse, upgraded 24-hour fitness center, fully updated community kitchen and game area, new pool deck, the addition of package lockers, property rebranding, exterior paint refresh and interior unit enhancements. The property was originally acquired in August 2018.

October 15, 2019

Acquisitions Alaska Hospitality Western

Columbia Sussex Buys 348-Room Hotel Portfolio in Anchorage

by Amy Works October 15, 2019

ANCHORAGE — Columbia Sussex has purchased three hotel properties, totaling 348 rooms, in Anchorage. Blackstone Group sold the assets for an undisclosed sum. The hotels are the 125-room Hilton Garden Inn at 4555 Union Square Drive; the 101-room Hampton Inn at 4301 Credit Union Drive; and the 122-room Homewood Suites at 101 W. 48th Ave. The properties were built in 2001, 1997 and 2003, respectively. Each property features an indoor pool, fitness center with hot tub, 24-hour business center, meeting space and recently renovated guestrooms. The hotels will continue to operate under their current names with current staff and employees. With 1,341 rooms in its inventory, Columbia Sussex claims to now be the largest full-service, year-round hotel operator in Alaska. The company also owns Marriott Anchorage Downtown and Hilton Anchorage, which it has operated for more than a decade.

October 15, 2019

Development Industrial Northeast Pennsylvania Self-Storage

U-Haul to Open 251,643 SF Retail, Self-Storage Facility in Philadelphia

by Alex Patton October 15, 2019

PHILADELPHIA — U-Haul will open a 251,643-square-foot retail and self-storage facility in the Kensington neighborhood of Philadelphia. The facility will offer truck and trailer rental, moving supplies and climate-controlled self-storage space. On Oct. 18, Philadelphia-based general contractor Domus Construction will begin construction of the facility, which is slated for completion in December 2020. JKRP Architects designed the project.

October 15, 2019

Leasing Activity Massachusetts Northeast Office

E-Commerce Marketing Firm Signs 160,000 SF Office Lease in Boston, to Create 700 New Jobs

by Alex Patton October 15, 2019

BOSTON — Klaviyo, a tech firm that develops marketing software for e-commerce users, has signed a 160,000-square-foot office lease in Boston, according to The Boston Business Journal. The company will move from its 25,000-square-foot facility at 225 Franklin St. to the new location at 125 Summer St, an expansion that will create about 700 new jobs in the company’s primary engineering, sales and support teams. Oxford Properties Group is the landlord of both buildings at 225 Franklin St. and 125 Summer St.

October 15, 2019

Leasing Activity New York Northeast Office

Adobe Signs 109,296 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton October 15, 2019

NEW YORK CITY — Adobe Inc. has signed a 109,296-square-foot office lease renewal and expansion at 1540 Broadway in Manhattan. The company will remain in its 27,323-square-foot office on the entire 17th floor and will expand into an additional 81,972 square feet on the 18th, 19th and 20th floors. The lease carries a 10-year term. The CBRE team of Mary Ann Tighe, Howard Fiddle, Eric Deutsch, Christie Harle, Jason Pollen and Benjamin Joseph represented the landlord, EDGE Fund Advisors, in the lease negotiations. Brian Given, Sheena Gohil, Carter Beim, Kellam Nelson, Jack Senske and Frank Wallach of Colliers International represented Adobe Inc.

October 15, 2019

Multifamily Northeast Seniors Housing

LCB Acquires Two Seniors Housing Communities in Massachusetts, Connecticut

by Alex Patton October 15, 2019

NORTH CHELMSFORD, MASS, AND ROCKY HILL, CONN. — LCB Senior Living LLC has acquired Brookdale North Chelmsford in Massachusetts and Brookdale Rocky Hill in Connecticut. The community in North Chelmsford, located approximately 30 miles northwest of Boston, will be renamed The Residence at Freeman Lake. The 73-unit community was built in 1996 and offers assisted living and memory care services. The community in Rocky Hill, approximately 10 miles south of Hartford, will be renamed The Residence at Ferry Park. The 73-unit community was built in 1997 and offers assisted living and memory care services. Both communities will undergo renovations over the next 12 to 18 months. The sales price was undisclosed.

October 15, 2019

Development Northeast Pennsylvania Retail

Cedar Realty Trust Underway on 18,000 SF Retail Redevelopment Project Philadelphia

by Alex Patton October 15, 2019

PHILADELPHIA — Cedar Realty Trust is underway on construction of Fishtown Crossing, a retail redevelopment project in the Olde Richmond neighborhood of Philadelphia. The project will convert a shopping center formerly known as Port Richmond Village into an 18,000-square-foot neighborhood center. The property currently houses more than 20 tenants, including grocer IGA, vitamin and supplement retailer GNC and footwear retailer Kicks USA, while tenants that have preleased space at the new center will include Starbucks and ‘50s-themed diner Nifty Fifty’s. Construction of Fishtown Crossing is slated for completion by early 2021.

October 15, 2019

Development Midwest Minnesota Multifamily

307-Unit City Club Apartments Opens in Downtown Minneapolis

by Kristin Harlow October 15, 2019

MINNEAPOLIS — The 307-unit City Club Apartments has opened in downtown Minneapolis. The 17-story apartment building features a sky park with a rooftop pool, outdoor movie theater, bark park and lounge seating. The project has no parking and was designed for young professionals. The majority of the units are designated as affordable for residents earning between $45,000 and $65,000 annually. The project included the preservation of the adjacent Handicraft Guild Building, which was built in 1907. The building has been converted into Eleven Artisans, a 3,500-square-foot, two-story brewery and restaurant. City Club Apartments is an owner, developer and manager of apartment communities with a portfolio of approximately 10,000 units in 30 communities and $2 billion in real estate assets. The company has $500 million under development in Cincinnati, Cleveland, Detroit, Chicago, Pittsburgh, Minneapolis, Kansas City, Louisville and the East Coast.

October 15, 2019

Acquisitions Hospitality Illinois Midwest

Service Properties Trust Acquires Kimpton Palomar Hotel in Chicago for $55M

by Kristin Harlow October 15, 2019

CHICAGO — Service Properties Trust (SVC) has acquired the 261-room Kimpton Palomar Hotel in Chicago for $55 million. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group. Built in 2010, the hotel is located at 505 N. State St. near Michigan Avenue. SVC is a real estate investment trust that owns a portfolio of hotels and retail properties and is managed by the operating subsidiary of The RMR Group Inc.

October 15, 2019

Acquisitions Industrial Midwest Ohio

Griffin Capital Sells Industrial Building in West Jefferson, Ohio for $30.3M

by Kristin Harlow October 15, 2019

WEST JEFFERSON, OHIO — Griffin Capital Essential Asset REIT Inc. has sold a 160,410-square-foot industrial building in West Jefferson for $30.3 million. FedEx Freight occupies the Class A property, which is located at 10 Commerce Parkway, about 20 miles west of Columbus. The REIT initially purchased the building in July 2015.

October 15, 2019

Newer Posts

Older Posts