Property Type

Marcus & Millichap Brokers $42.4M Sale of Multifamily Portfolio in Greater Los Angeles

by Amy Works March 20, 2018

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Santa Ana. An affiliate of Empire USA LLC acquired the portfolio from an undisclosed seller for $42.4 million, or $198,000 per unit. The 214-unit portfolio includes a 58-unit property at 510 N. Mortimer St.; a 46-unit property at 510 E. Chestnut Ave.; The Carlton Apartments, a 74-unit community at 215 E. 15th St.; and 36 units at 1717-1721 N. Spurgeon St. Mark Bridge of Marcus & Millichap represented the buyer, while Stephen Soqui, also of Marcus & Millichap, represented the seller in the deal. Shane Ryan McConnell of Marcus & Millichap also provided representation in the sale of 1717-1721 N. Spurgeon St.

March 20, 2018

Acquisitions California Industrial Western

Rexford Industrial Buys 115,600 SF Industrial Facility in California for $17.2M

by Amy Works March 20, 2018

CERRITOS, CALIF. — Rexford Industrial Realty has acquired an industrial facility located at 16010 Shoemaker Ave. in Cerritos within the Los Angeles-Mid Counties submarket. An undisclosed company sold the property for $17.2 million, or $149 per square foot. Situated on 4.4 acres, the 115,600-square-foot property features 24-foot clearance and 12 dock-high positions with a secured concrete yard and immediate access to major transportation arterials. At the time of sale, the property was fully leased to a single-tenant user. Redford funded the acquisition through a combination of cash on hand and draws on the company’s line of credit.

March 20, 2018

Acquisitions Arizona Mixed-Use Office Restaurant Retail Western

DPC Acquires 145,000 SF Mixed-Use Development in Scottsdale for $16M

by Amy Works March 20, 2018

SCOTTSDALE, ARIZ. — DPC Cos. has purchased 7 Thousand Shea, a mixed-use property located at the intersection of Scottsdale Road and Shea Boulevard in Scottsdale. An undisclosed company sold the property for $16 million, or $110 per square foot. Situated on 8.3 acres, the property features 145,000 square feet of mixed-use space. DPC Cos. plans to upgrade the property to include high-end dining, retail and creative office space. ORION Investment Real Estate facilitated the transaction.

March 20, 2018

Loans Multifamily Utah Western

Tower Commercial Arranges $2.9M in Financing for Multifamily Property in Salt Lake City

by Amy Works March 20, 2018

SALT LAKE CITY — Tower Commercial Mortgage has arranged $2.9 million in Freddie Mac permanent financing for Brickyard Apartments, a multifamily property in Salt Lake City. The loan features a 10-year term with a 10-year floating-rate extension and a 30-year amortization schedule. The undisclosed sponsor completed the 24-unit property in August 2017, and the property was stabilized in December 2017. Mike Del Carlo of Tower Commercial Mortgage arranged the financing for the borrower.

March 20, 2018

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates Sale of 54-Unit Independent Living Community in Colorado

by Amy Works March 20, 2018

BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.

March 20, 2018

Acquisitions Mixed-Use New York Northeast Property Type Top Stories

Jamestown Sells 1.2 MSF Chelsea Market in Manhattan to Google for $2.4B

by John Nelson March 20, 2018

NEW YORK CITY — Jamestown LP has sold Chelsea Market in Manhattan to Google Inc. (NASDAQ: GOOG) for $2.4 billion. Formerly a Nabisco factory in the West Chelsea district, the nearly 1.2 million-square-foot complex features office and retail space, as well as a large food hall on the ground floor that serves more than 500,000 locals and tourists on a monthly basis. The property occupies an entire city block bounded by Ninth and Tenth avenues between 15th and 16th streets. Jamestown will continue to manage Chelsea Market’s food hall and retail component. “I don’t think we could think of a more appropriate buyer and better steward for the asset. We’ve been working with Google for 17 years and we’ve watched them grow from 30 people in an office to now being one of the largest tech employers in the city,” says Michael Phillips, president of Jamestown. “It’s a bittersweet day. We’ve spent a lot of time there, and we love all the tenants. We’ll continue to have our offices there, but I think it’s a good time for Google to step in.” In 2010, Jamestown and its partners sold 111 Eighth Avenue, a roughly 3 million-square-foot office building in Manhattan, …

March 20, 2018

Features Multifamily

RENTCafé: February Multifamily Rents Increasing Fastest in Small Markets

by Katie Sloan March 20, 2018

SANTA BARBARA, CALIF. — The average rent for a multifamily unit in the United States was $1,364 this February, a 2.7 percent year-over-year increase, according to Santa Barbara-based RENTCafé’s latest monthly Apartment Market Report. The cost of renting one-, two- and three-bedroom units increased by 3.2 percent year over year, and by 0.2 percent month over month. This number outpaced rents for studio apartments, which only grew by 2 percent year-over-year and remained stagnant for the month. The average price of a studio apartment across the U.S. in February was $1,258, while the average national price for a three-bedroom unit was $1,649. RENTCafé’s Apartment Market Report is based off of data compiled from actual rents charged in the 250 largest cities in the U.S., coupled with data from multifamily software program Yardi Matrix. The report is based on apartment data related to buildings containing 50 or more units in cities with populations over 100,000, and a rental stock of at least 2,900 apartments. In this report, large cities are classified as having a population of 600,000 people or more; mid-sized cities are cities with a population between 300,000 and 600,000; and small cities are cities with a population of less …

March 20, 2018

Acquisitions Northeast Office Pennsylvania

Equus Capital Partners Acquires $92M Office Portfolio in Suburban Philadelphia

by David Cohen March 19, 2018

PHILADELPHIA — Equus Capital Partners has acquired a portfolio of seven office buildings in Philadelphia’s western suburbs from Liberty Property Trust for $92 million. The properties, four Class B and three Class A assets, encompass 593,000 square feet of office space in Wayne, Malvern and King of Prussia. The transaction was completed on a direct basis between Equus Capital and Liberty Property Trust, a publicly traded REIT based in Malvern. George Haines, Joseph Felici, Tim Feron, and David Thomas oversaw the acquisition for Equus. The portfolio is located throughout the Western Suburban submarkets of Philadelphia and close to a mix of amenities including the King of Prussia Mall, Uptown at Worthington and SEPTA’s regional high-speed line.

March 19, 2018

Acquisitions Hospitality New York Northeast

Hersha Hospitality Trust Sells 81-Key Manhattan Hotel for $32M

by David Cohen March 19, 2018

NEW YORK CITY — Hersha Hospitality Trust has completed the disposition of its Hampton Inn Financial District hotel in Manhattan for $32.4 million. Virginia-based Shamin Hotels was the buyer. Located at 32 Pearl St. in the heart of the financial district, the 81-key hotel includes a business center, lounge and fitness center and is in close proximity to Wall Street, Battery Park and the 9/11 Memorial Museum. Hersha acquired the property in 2011 for $28 million and spent $4.5 million to convert and expand the 1930’s Art Deco apartment building into a hotel.

March 19, 2018

Acquisitions Mixed-Use New York Northeast

Eastern Consolidated Brokers $12.8M Sale of 10,000 SF Mixed-Use Building on Lower East Side

by David Cohen March 19, 2018

NEW YORK CITY — Eastern Consolidated has arranged the sale of a 10,000-square-foot mixed-use building at 168 Suffolk St. on the Lower East Side for $12.8 million. Peter Carillo of Eastern Consolidated represented the seller, 168 Suffolk St. Owners LLC. Elad Dror and Tony Parks of PD Properties represented the buyer, Eunhasu Corp. In addition to the leased ground-floor retail space, the building consists of nine, two-bedroom, free-market apartments. In 2016, the building was fully renovated which included the installation of a new roof and rear building extension on all floors. Amenities include a shared roof deck as well as bike and locker storage. Located between East Houston and Stanton streets, the property is two blocks from the F, J, M and Z trains on Delancey Street.

March 19, 2018

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