Property Type

Pollack Shores Real Estate Group to Develop 201-Unit Residential Village in North Boulder

by Amy Works September 12, 2019

BOULDER, COLO. — Pollack Shores Real Estate Group plans to develop The Armory, a 201-unit residential village in North Boulder. Situated on the grounds of a former Colorado National Guard post, The Armory marks Pollack Shores’ entry into the Colorado market. Located at 4750 Broadway in the NoBo Art District, The Armory will feature a mix of two-story apartment buildings, 18 three-story townhomes, 8,400 square feet of retail storefronts along Broadway and two public pocket parks. Additionally, as part of the project, the historic, 9,500-square-foot armory mess hall and smokestack will be preserved as an activity center for residents. Originally built in 1949, the repurposed landmark will feature yoga and fitness classes, a kitchen and bar area, clubroom, outdoor pool deck and leasing office. The project team includes The Mulhern Group, Martines Palmeiro Construction and JVA. Construction is scheduled to begin this fall, with delivery slated for 2021. Matrix Residential, the developer’s fully integrated property management firm, will oversee operations of the community. Armory Community LLC, a local investment group led by Bruce Dierking and Jim Loftus, the original visionaries behind the project, will retain a minority interest in the development.

September 12, 2019

Acquisitions Industrial Northeast Pennsylvania

CBRE Brokers Sale of 283,500 SF Industrial Facility in Philadelphia

by Alex Patton September 12, 2019

PHILADELPHIA — CBRE has brokered the sale of a 283,500-square-foot industrial facility in Philadelphia. The buyer, a partnership between Wharton Industrial Partners and Walton Street Capital, plans to invest $10 million in an extensive repositioning of the site, which will be rebranded SoPhi Logistics Center. Improvements will include installation of a new roof and lights, as well as leveling the interior floors, expanding and upgrading the loading docks and repaving and repainting the entire site. Construction is expected to be complete in early 2020. CBRE’s Patrick Green and Michael Mullen represented the seller, an individual investor based in Switzerland who purchased the property in 2006. The sales price was undisclosed.

September 12, 2019

Leasing Activity New York Northeast Office

JLL Negotiates 27,811 SF Office Lease in New York City

by Alex Patton September 12, 2019

NEW YORK CITY — JLL has negotiated a 27,811-square-foot office lease for Marquee Brands LLC at 330 West 34th. Street in New York City. Designed by Schulze & Weaver, the 682,000-square-foot building was completed in 1926. Mitchell Konsker, Alexander Chudnoff, Benjamin Bass and Harrison Potter of JLL represented Marquee in the transaction. Josh Glick and Jared Silverman represented the landlord, Vornado Realty Trust, in-house.

September 12, 2019

Acquisitions California Multifamily Seniors Housing Western

Healthcare Trust Buys 117-Bed Seniors Housing Community Near San Diego

by Amy Works September 12, 2019

ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.

September 12, 2019

Loans Multifamily New Jersey New York Northeast Seniors Housing

M&T Provides $56.2M Financing for Two Seniors Housing Assets in New Jersey, New York

by Alex Patton September 12, 2019

SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of interest-only payments followed by a 30-year amortization schedule. In the second transaction, M&T provided a $40.5 million FHA-insured loan to refinance a 300-bed skilled nursing facility in Staten Island. The fully amortizing loan features a 35-year term, 3.9 percent fixed rate and 60 percent loan-to-value ratio. Quigley and Pipitone, along with Jennifer Kooney of M&T, secured the debt.

September 12, 2019

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Arranges Sale of 42,000 SF Office Building in Summit, New Jersey

by Alex Patton September 12, 2019

SUMMIT, N.J. — A joint venture of Saxum Real Estate and The Becker Organization has purchased a 42,000-square-foot office building in Summit, a western suburb of New York City. The property was built in 2001 and was fully leased to three tenants at the time of sale. Cushman & Wakefield’s Gary Gabriel, Frank DiTommaso, David Bernhaut, Andy Merin and Brian Whitmer represented the seller, The Silverman Group, in the transaction. The Cushman & Wakefield team also procured the buyer.

September 12, 2019

Leasing Activity New York Northeast Retail

The Feil Organization Leases 9,389 SF to Three Restaurants in New York City

by Alex Patton September 12, 2019

NEW YORK CITY — The Feil Organization has leased 9,389 square feet of retail space to three restaurants at 7 Penn Plaza, a 357,000-square-foot building in Manhattan. Sticky’s Finger Joint, Sweetgreen and Naya Express will join Starbucks and The Juice Shop on the ground floor of the building, with all three restaurants expecting to open within the next few months. Randall Briskin represented The Feil Organization internally in all three transactions. Jacqueline Klinger of The Shopping Center Group represented Sweetgreen, and Adam Langer of SRS Real Estate Partners represented Sticky’s Finger Joint and Naya Express.

September 12, 2019

Acquisitions California Restaurant Retail Western

Valore Ventures Sells Oggi’s Pizza & Brewery Site in Garden Grove, California

by Amy Works September 12, 2019

GARDEN GROVE, CALIF. — Valore Ventures has completed the disposition of an Oggi’s Pizza & Brewery location at 12362 Chapman Ave. in Garden City. The restaurant’s franchisee, a local private investor, acquired the property for an undisclosed sum. The 6,500-square-foot restaurant is part of a four-property, fee-simple restaurant portfolio that Valore Ventures acquired in January. Built between 2001 and 2008, the restaurants are part of a larger development that includes three high-rise hotels and a 2.8-acre parking lot owned by the hotels, but reserved exclusively for restaurant use. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller in the deal.

September 12, 2019

Acquisitions Office Top Stories Washington Western

Kennedy Wilson, Security Benefit Life Insurance Acquire Office Campus in Metro Seattle for $227M

by Alex Tostado September 12, 2019

BELLEVUE, WASH. — A new joint venture between Kennedy Wilson (NYSE: KW) and Security Benefit Life Insurance Co. has acquired Sunset North, a 464,000-square-foot, three-building office campus in Bellevue for $227 million. The property’s three buildings, which are certified LEED Silver, were constructed between 1999 and 2000. They were 99 percent leased at the time of sale to 10 long-term tenants with a weighted-average lease term of eight years. Sunset North is located near the intersection of Interstates 405 and 90, three miles southeast of downtown Bellevue and 10 miles east of downtown Seattle. The joint venture acquired the property with $77 million of equity and a $150 million, 10-year acquisition loan with a 3.25 percent fixed interest rate. The lender was not disclosed. The joint venture targets real estate investment opportunities in the Western United States. “Sunset North is an ideal first acquisition for our joint venture,” says Matt Windisch, executive vice president of Kennedy Wilson. Security Benefit is a Kansas-based insurance company that has been in business for more than 127 years. Kennedy Wilson owns, operates and manages multifamily and office properties in the Western U.S., United Kingdom and Ireland. Kennedy Wilson’s stock price closed Wednesday at $22.63 …

September 12, 2019

Industrial Market Reports Midwest Midwest Market Reports Missouri

Myriad Factors at Play for St. Louis Industrial Market Activity

by Kristin Harlow September 12, 2019

The St. Louis industrial market continues to rally after posting 22 straight quarters of positive absorption. Record leasing activity and historically low vacancy have put the region on pace to deliver another 6.5 million square feet of Class A industrial space in 2019. This is in a market that averages deliveries of approximately 2.5 million square feet annually. Current drivers engendering this industrial activity include the following. Discipline Developers in St. Louis have long been known for their disciplined approach to building. Vacancy in a stable market hovers near 7 percent for the region. The vacancy rate for industrial space leading into the third quarter was 5 percent, up slightly from the previous quarter, according to CoStar. Continued speculative development, particularly in the Metro East, added to the increase. This, coupled with a large vacancy left in Lakeview Commerce Center by World Wide Technologies as it shuffles into a new 2 million-square-foot facility in Gateway Commerce Center East, were the most evident culprits. Expect vacancy to uptick slightly again in the third quarter as speculative deliveries by NorthPoint Development at Gateway Tradeport along with Exeter in Gateway Commerce Center come online. E-commerce No discussion surrounding the industrial market would be …

September 12, 2019

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