Property Type

Colliers Secures 132,000 SF Office Lease Expansion, Extension in Manhattan

by Taylor Williams October 8, 2024

NEW YORK CITY — Colliers has secured a 132,000-square-foot office lease expansion and extension in Manhattan’s Flatiron District. The tenant, automated financing platform Ramp, is taking an additional 66,000 square feet of space across the entire fourth floor at 28-40 West 23rd Street, a two-building, 561,000-square-foot complex. Ramp is simultaneously extending its lease of the same square footage across the entire second floor. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities, in the lease negotiations. Michael Mathias and R.J. Johns of Cushman & Wakefield represented the tenant.

October 8, 2024

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $9.2M Sale of Multifamily Portfolio in Groton, Connecticut

by Taylor Williams October 8, 2024

GROTON, CONN. — Regional brokerage firm Northeast Private Client Group (NECPG) has negotiated the $9.2 million sale of a portfolio of three multifamily properties totaling 68 units in Groton, located in southern coastal Connecticut. The portfolio comprises a 20-unit building known as Thamesport Apartments, as well as a 24-unit building at 46 Hynes Ave. and a 24-unit complex at 183-221 Brandegee Ave. Brad Balletto and Taylor Perun of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 8, 2024

Loans New York Northeast Office

ERG Commercial Arranges $4.6M Loan for Refinancing of Midtown Manhattan Office Building

by Taylor Williams October 8, 2024

NEW YORK CITY — New York City-based ERG Commercial Real Estate has arranged a $4.6 million loan for the refinancing of 150 West 36th Street, a 13,000-square-foot office building in Midtown Manhattan’s Garment District. The five-story building includes ground-floor retail space. Mary Guarino of ERG Commercial originated the loan, which was structured with a five-year term and multiple extension options, through an undisclosed local bank. The borrower was also not disclosed.

October 8, 2024

Leasing Activity New York Northeast Office

Labor Union Signs 20,778 SF Office Lease at 620 Avenue of the Americas in Midtown Manhattan

by Taylor Williams October 8, 2024

NEW YORK CITY — Labor union SEIU Local 32BJ has signed a 20,778-square-foot office lease at 620 Avenue of the Americas in Midtown Manhattan. The space is located on the ground floor of the building, which was originally constructed in 1896. Mark Weiss of Cushman and Wakefield represented the union, which has more than 175,000 members, in the lease negotiations. Daniel Birney represented the landlord, RXR, on an internal basis.

October 8, 2024

Colorado Development Loans Multifamily Western

JLL Secures $73M in Construction Financing for Traer Creek Apartments in Avon, Colorado

by Amy Works October 8, 2024

AVON, COLO. — JLL Capital Markets has secured $73 million in construction financing from Bank OZK for Traer Creek Apartments, a Class A multifamily development at 5471 E. Beaver Creek Blvd. in Avon. The borrowers are Prime West and Columnar Investments. Slated for completion in 2026, Traer Creek Apartments will feature 242 studio, one-, two- and three-bedroom floor plans with upmarket finishes, central conditioning and mountain views. Community amenities will include a fitness center, movement center and outdoor spa. The property’s four-story, three-building layout allows for open green areas and 9,200 square feet of communal facilities. Leon McBroom and Will Haass of JLL’s Debt Advisory team represented the borrower in the financing.

October 8, 2024

Arizona Development Industrial Western

Mohr Capital Completes 707,380 SF Industrial Development in Surprise, Arizona

by Amy Works October 8, 2024

SURPRISE, ARIZ. — Dallas-based Mohr Capital has completed the development of West Summit at Surprise, a Class A industrial project in Surprise. Situated on almost 47 acres within Summit Business Park, West Summit at Surprise offers 707,380 square feet across two Class A buildings, including the 453,960-square-foot Building 1 with 36-foot clear heights and 250,512-square-foot Building 2 with 32-foot clear heights. Each building offers 2,500 square feet of speculative office space, 50- by 56-foot column spacing, 3,000 amps of power, LED lighting, ESFR sprinklers, 60-foot speed bays and secured truck courts. Combined the properties provide 157 dock-high and eight grade-level doors and can accommodate parking for 706 automobiles and 225 trailers. Additionally, Building A offers rail capability to BNSF. Anthony Lydon, John Lydon and Kelly Royle of JLL will serve as leasing brokers for West Summit at Surprise.

October 8, 2024

Acquisitions Industrial Washington Western

Schnitzer Properties Acquires 230,575 SF Industrial Park in Auburn, Washington

by Amy Works October 8, 2024

AUBURN, WASH. — Schnitzer Properties has purchased White River Corporate Park, a 230,575-square-foot, four-building industrial park in Auburn. With this acquisition, Schnitzer Properties owns and manages more than 2.5 million square feet in the Puget Sound area, with 594 tenants. White River Corporate Park is fully leased and houses 12 tenants, including manufacturers, distributors and service providers. Brett Hartzell and Paige Morgan of CBRE handled the transaction. The financial terms of the deal were not released.

October 8, 2024

Acquisitions California Office Western

Harbor Associates, F&F Capital Buy 211,000 SF Highlands Corporate Center in San Diego

by Amy Works October 8, 2024

SAN DIEGO — A joint venture between Harbor Associates and F&F Capital Group has purchased Highlands Corporate Center, a Class A office campus in San Diego’s Del Mar Heights, for an undisclosed price. Located at 12730-12780 High Bluff Drive, Highlands Corporate Center offers 211,000 square feet of office space spread across five buildings. The recently renovated campus features new lobby finishes, a new conference center, fitness facilities, tenant lounge and an outdoor pavilion, as well as electric vehicle charging stations and private balconies on several of the upper-floor tenant suites. Adam Edwards, Justin Shepherd and Bailey Bland of Eastdil Secured represented the undisclosed seller in the deal. At the time of sale, Highlands Corporate Center was 90 percent leased.

October 8, 2024

Acquisitions California Healthcare Retail Western

Hanley Investment Arranges Sale of 24,986 SF Retail, Medical Building in Aliso Viejo, California

by Amy Works October 8, 2024

ALISO VIEJO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-story retail and medical building at 26711 Aliso Creek Road in Aliso Viejo. A San Francisco-based private investor sold the asset to an Irvine, Calif.-based private investor for $9.4 million. Both parties requested anonymity. Buffalo Wild Wings Grill & Bar, Active Med Supply, Cold Stone Creamery, F45 Training, Kidcreate Studio and three dental offices are tenants at the 24,986-square-foot building, which was built on two acres in 2004. The building is situated within Aliso Viejo Town Center, a 380,000-square-foot development. Sean Cox and Kevin Fryman of Hanley Investment Group represented the seller, while Alton Burgess of Voit Real Estate Services represented the buyer in the deal.

October 8, 2024

Data Centers Development Illinois Industrial Midwest

CyrusOne Breaks Ground on 446,000 SF Data Center in Aurora, Illinois

by Kristin Harlow October 8, 2024

AURORA, ILL. — CyrusOne has broken ground on a two-building data center totaling 446,000 square feet in Aurora. The campus marks CyrusOne’s second in the city, the first of which is a three-building campus that opened in 2016. The new data center is part of the company’s broader investment strategy, selecting Illinois to expand its portfolio, with total capital investments in the state exceeding $1 billion.

October 8, 2024

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