Property Type

Panattoni to Develop 232,000 SF Industrial Project in Orange County, California

by Amy Works June 7, 2018

ANAHEIM AND PLACENTIA, CALIF. — Panattoni Development Co., along with Principal Real Estate Investors, has broken ground on Orange County Commerce Center, a four-building industrial campus located in Anaheim and Placentia. Totaling 232,000 square feet, the center will feature four buildings ranging in size from 47,813 square feet to 69,882 square feet. Each building will feature two stores of executive office space, 30-foot minimum warehouse clearance, ESFR sprinkler systems, dock-high and grade-level loading, and fully secured concrete truck courts. Construction began in late April and completion is slated for early first quarter 2019. The development is located at 711 and 721 S. Van Buren St. in Placentia, and 1365 and 1367 S. Van Buren St. in Anaheim. Panattoni acquired the 10-acre land parcel in 2017, according to DAUM Commercial’s Chris Migliori, who directed the sale.

June 7, 2018

Development Multifamily New Mexico Western

Titan Development Breaks Ground on 188-Unit Multifamily Project in Santa Fe

by Amy Works June 7, 2018

SANTA FE, N.M. — Titan Development Real Estate Fund I has broken ground on Broadstone Rodeo, a multifamily project in Santa Fe. Developed along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort-style pool and fitness center. This investment will be the fund’s first in the multifamily sector, and the first significant Class A multifamily property to be built in Santa Fe in 20 years, according to the developer.

June 7, 2018

California Industrial Loans Office Western

iBorrow Provides $17M Loan for Flex R&D and Office Assets in Gardena, California

by Amy Works June 7, 2018

GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.

June 7, 2018

Acquisitions California Office Western

Madison Partners Facilitates $14M Sale of 53,410 SF Office Building in Los Angeles

by Amy Works June 7, 2018

LOS ANGELES — Madison Partners has arranged the sale of an office building located at 5955 De Soto Ave. in the Warner Center submarket of Los Angeles. Majestic Asset Management sold the property to a private trust for $14 million, or $262 per square foot. Situated at the corner of De Soto Avenue and Oxnard Street, the two-story building features 53,410 square feet of Class B office space. At the time of sale, the property was 97 percent leased. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, while Chuck Wilson and Brian Chastain of Colliers International, along with Brian Forster of Pacific Partners Commercial, represented the buyer in the transaction.

June 7, 2018

Acquisitions Massachusetts Office Top Stories

TA Realty Arranges $418M Sale of Office Tower in Boston’s Financial District

by Camren Skelton June 7, 2018

BOSTON — TA Realty LLC has arranged the $418 million sale of 28 State Street, a 40-story office tower located at the intersection of Congress and State streets in Boston’s Financial District. A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold the asset to a domestic institutional investor. The building includes 572,000 square feet of office space, and was 95 percent leased at the time of sale to financial services and law firms. In addition, 28 State Street includes 7,000 square feet of retail space. TA Realty managed the building and provided advisory services on behalf of the joint venture, helping the ownership group enhance the property’s value through operational and capital improvements. “The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” says Jim Raisides, partner at TA Realty. “We believe the purchase price reflects the value we helped create over the ownership period.” Designed by Emery Roth & Sons and originally constructed in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. The tower is one …

June 7, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Deconversions, Adaptive Reuse Drive Chicago Multifamily Investment

by Kristin Harlow June 7, 2018

Resilience in the Chicago apartment market amid a historic construction boom is creating opportunities for multifamily investors, particularly those who are willing to go the extra mile — sometimes literally — to capitalize on rent growth outside the downtown core. Across the city in outlying neighborhoods like Uptown, Rogers Park and Pilsen, value is being discovered in vintage buildings due to their high appreciation potential. In addition to circumventing rising material and labor costs, buyers of existing buildings are benefiting from their ability to collect rents now, while there’s still room for growth, rather than going through the time-consuming development process that has cast a shadow over some pipeline projects. Wave of deconversions Condo deconversions have been a popular choice among investors in recent years, with nearly 2,000 units deconverted at a combined market value of approximately $437 million since late 2016 in Chicago, according to data from CoStar Group and Interra Realty. When executed well, these transactions create a win-win for both parties involved. Condo owners, some of whom are still trying to recover value lost during the recession, can usually sell their units at a higher price than they would have achieved on their own, particularly in older …

June 7, 2018

Acquisitions Multifamily New Jersey New York Northeast Top Stories

Gebroe-Hammer Arranges $327.8M Sale of Multifamily Portfolio in New Jersey

by David Cohen June 6, 2018

HUDSON COUNTY, N.J. — Gebroe-Hammer Associates has arranged the sale of a 118-building, 2,137-unit multifamily portfolio in Hudson County. The Gateway Portfolio was separated into six packages, which sold for a total of $327.8 million. The properties are located throughout Jersey City, West New York, North Bergen, Guttenberg and Union City. Nicholas Nicolaou of Gebroe-Hammer represented the seller, a private investor, in the transaction. “The Gateway Portfolio in its entirety and as separate packages presented an extremely rare multifamily investment opportunity,” says Nicolaou. “It marked the highest concentration of for-sale stabilized assets in Hudson County ever to come to market at a time when asking rents for this apartment submarket are expected to advance upward of 6 percent over the next few years.” The largest of the six packages sold for $190.6 million and involved 67 buildings and 1,272 units in West New York, Jersey City, North Bergen and Guttenberg. The second largest package sold for $97 million and involved 35 buildings and 588 units in Jersey City. The buyer in both transactions was Optimum Holdings LLC. Rounding out the sale of the portfolio was another Jersey City deal which brought $190,000 per unit, two separate transactions in Union City …

June 6, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $36M Sale of Apartment Building in Yonkers

by David Cohen June 6, 2018

YONKERS, N.Y. — Rosewood Realty Group has arranged the $36 million sale of a 143-unit multifamily building located at 525-527 Riverdale Ave. in Yonkers. The seven-story, 161,000-square-foot, rent-regulated building was built in 1981 and sold at a 5.3 percent capitalization rate. The property also includes 124 parking spaces and 13 storage units. Aaron Jungreis of Rosewood represented both the buyer, Emerald Equities, and the seller, 525-527 Riverdale Avenue Property LLC, in the transaction.

June 6, 2018

Development Hospitality New York Northeast

Pendry Hotels to Open First New York City Location at Manhattan West Development

by David Cohen June 6, 2018

NEW YORK CITY — Pendry Hotels, in collaboration with Brookfield Properties, will open its first New York City location at Brookfield’s Manhattan West development in the Hudson Yards district. Pendry Manhattan West will be a 164-room hotel with a restaurant, lounge and open-air terrace bar, as well as meeting and event space. Construction of the hotel is scheduled to begin during the third quarter of 2018, with an estimated completion date of 2021. Manhattan West is a 7 million-square-foot development with more than 6 million square feet of office space and 250,000 square feet of retail anchored by a 35,000-square-foot Peloton Studios location and a 60,000-square-foot Whole Foods. Pendry Manhattan West was designed by architectural firm, Skidmore, Owings & Merrill with interiors by Gachot Studios.

June 6, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

HJ Sims Provides $52.1M Financing for Seniors Housing Redevelopment in Massachusetts

by David Cohen June 6, 2018

LEXINGTON, MASS. — HJ Sims has closed $52.1 million in financing for new construction and a health center repositioning at Brookhaven at Lexington in Lexington, Massachusetts. The 32-acre life plan community was opened in 1989 and was expanded and renovated in 2006. A recent master planning process identified a need for significant renovations and reconfigurations, as well as additional independent living apartments. Total financing included a $36 million short-term, taxable construction loan with a floating interest rate and a 12-year, $16.1 million taxable term loan maturing in 2030 with a fixed interest rate of 3.89 percent.

June 6, 2018

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