Property Type

Affinius Capital Provides $77.4M Construction Loan for Fort Worth Industrial Project

by Taylor Williams January 10, 2025

FORT WORTH, TEXAS — Affinius Capital has provided a $77.4 million construction loan for West Worth Commerce Center, a 992,000-square-foot industrial project in Fort Worth. The site is located off I-820 between interstates 30 and 20, and the development will consist of four buildings that will feature 32- to-36-foot clear heights, 274 dock-high doors, 12 drive-in doors and parking for 235 trailers and 912 cars. The borrower is a joint venture between Forefront Commercial Real Estate and a fund backed by Ares Management Real Estate. A tentative completion date for West Worth Commerce Center was not disclosed.

January 10, 2025

Development Multifamily Texas

Trademark Tops Out 321-Unit Vickery Apartments in Downtown Fort Worth

by Taylor Williams January 10, 2025

FORT WORTH, TEXAS — Trademark Property Co. has topped out The Vickery, a 321-unit multifamily project in downtown Fort Worth. Designed by GFF and developed in partnership with SCOA Real Estate Partners, The Vickery will consist of 307 apartments, 14 townhomes and a 5,300-square-foot restaurant with a second-story lounge, as well as an amenitized green space. Residential amenities will include a pool, rooftop lounge and coworking space. Construction began in February 2024 and is expected to be complete this spring.

January 10, 2025

Development Hospitality Texas

CBG Real Estate to Undertake 165-Room Hotel Redevelopment Project in Northeast San Antonio

by Taylor Williams January 10, 2025

SAN ANTONIO — Locally based firm CBG Real Estate will undertake a hotel redevelopment project in northeast San Antonio. CBG will redevelop an existing hotel located at the intersection of Perrin Beitel Road and Loop 410 near San Antonio International Airport into a 165-room, dual-branded property. The new hotel will be operated under the La Quinta and Hawthorn Extended Stay by Wyndham brands and will offer amenities such as a fitness center, outdoor grilling and picnic areas and meeting/event space. The project is expected to be complete before the end of the year.

January 10, 2025

Acquisitions Industrial Texas

Skywalker Buys Two Industrial Properties Totaling 176,700 SF in Weslaco, Texas

by Taylor Williams January 10, 2025

WESLACO, TEXAS — Arlington-based investment firm Skywalker Property Partners has purchased two industrial properties totaling 176,700 square feet in the Rio Grande Valley city of Weslaco. The acquisitions include a 108,000-square-foot warehouse at 715 W. Pike Blvd. that was fully leased at the time of sale to Jefferson Electric and can support future expansion and a two-building facility at 308-320 S. Utah Ave. that is home to seven different tenants. Skywalker plans to invest about $750,000 in capital improvements to the properties. The seller and sales price were not disclosed.

January 10, 2025

Development Mixed-Use Northeast Pennsylvania

Piatt Cos. Unveils Plans for $600M Riverfront Mixed-Use Project in Pittsburgh

by Taylor Williams January 10, 2025

PITTSBURGH — Locally based developer Piatt Cos. has unveiled plans for The Esplanade, a $600 million, 1.7 million-square-foot mixed-use project in Pittsburgh. The site, which formerly supported industrial uses, spans 15 acres along the Ohio River on the city’s north side. Residential plans for The Esplanade currently call for more than 400 apartments, 20 percent of which will be reserved as affordable housing, as well as 105 condominium units. In addition, the development will feature roughly 8 acres of public green space, a 225-room hotel with meeting and event space and retail and entertainment uses such as an aquarium, grocery store, museum, splash park, walking trails, public art installations and a Ferris wheel. According to multiple local news sources, including the Pittsburgh Post-Gazette, Piatt Cos. received approval in November from the City Planning Commission for the project, which is expected to generate $75.3 million in annual economic impact for the region, as well as to support the creation of more than 7,000 jobs.

January 10, 2025

Acquisitions New York Northeast Office

Newmark Brokers $360M Sale of Two Park Avenue Office Building in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Newmark has brokered the $360 million sale of Two Park Avenue, a 1 million-square-foot office building located in Manhattan’s Murray Hill neighborhood. The 29-story building was constructed in the mid-1920s and features a 27th-story penthouse lounge and outdoor terrace, a ground-floor lobby and conference center and bike parking space. Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo, Josh King, Avery Silverstein and Willis Robbins of Newmark represented the seller, Morgan Stanley, in the transaction. The buyer, Haddad Brands, plans to occupy a portion of the property and lease the remainder.

January 10, 2025

Acquisitions Arizona Industrial Western

Canyon Partners Real Estate Sells Broadway 101 Commerce Park in Mesa, Arizona for $168.3M

by Amy Works January 10, 2025

MESA, ARIZ. — Canyon Partners Real Estate LLC has completed the disposition of Broadway 101 Commerce Park, a Class A multi-tenant industrial park on 53 acres in Mesa. Irvine, Calif.-based CIP Real Estate acquired the asset for $168.3 million. Broadway 101 Commerce Park offers 809,230 square feet spread across 11 buildings, which were built from 2005 to 2007. The project is currently 98 percent leased to a roster of 34 tenants. Located at 2140-2360 W. Broadway Road, the industrial park features 125 grade-level doors and 109 dock-high doors. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. The firm’s Mike Haenel, Andy Markham, Phil Haenel and Justin Smith provided local advisory services and were retained by the buyer to continue leading leasing for the project. Additionally, Rob Rubano, Brian Share and Joseph Lieske of Cushman & Wakefield Equity, Debt & Structured Finance arranged a $93.8 million acquisition loan from institutional investors advised by J.P. Morgan Asset Management on behalf of CIP Real Estate.

January 10, 2025

Bridgepoint-Shopping-Center-San-Mateo-CA

Acquisitions California Retail Western

JLL Brokers $127M Sale of Bridgepointe Shopping Center in San Mateo, California

by Amy Works January 10, 2025

SAN MATEO, CALIF. — JLL Capital Markets has brokered the $127 million sale of Bridgepointe Shopping Center in San Mateo, roughly 20 miles south of San Francisco. Originally developed in 1988 and renovated in 2023, the 231,700-square-foot property spans 23.7 acres. Tenants at the center, which was fully leased at the time of sale, include Ross Dress for Less, Marshalls, Nordstrom Rack, Total Wine & More, Chick-fil-A, Five Below and The Container Store. Eric Kathrein, Daniel Tyner, Geoff Tranchina, Greg Lvovich, Warren McClean and Danny Finkle of JLL Capital Markets represented the seller, Nuveen Real Estate, in the transaction. Additionally, JLL procured the buyer, a joint venture between Sterling Organization and Cohen & Steers, and secured acquisition financing.

January 10, 2025

Loans Multifamily New York Northeast

KKR Provides $123M Loan for Refinancing of Wimbledon Apartments in Manhattan

by Taylor Williams January 10, 2025

NEW YORK CITY — Global pivate equity firm KKR has provided a $123 million loan for the refinancing of The Wimbledon, a 214-unit apartment complex located at 200 E. 82nd St. on Manhattan’s Upper East Side. The pet-friendly, elevator-served property offers one-, two- and three-bedroom units and includes 8,590 square feet of commercial space. The amenity package comprises a fitness center, outdoor theater, children’s playroom, package lockers and outdoor dining space. Jordan Roeschlaub and Chris Kramer of Newmark arranged the loan on behalf of the sponsor, Rockpoint Group.

January 10, 2025

Loans Multifamily New York Northeast

Eastern Union Arranges $24M Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams January 10, 2025

NEW YORK CITY — Eastern Union has arranged a $24 million loan for the refinancing of a 55-unit multifamily property located at 2508 Foster Ave. in Brooklyn’s Flatbush neighborhood. The seven-story, newly constructed building houses units with an average size of 692 square feet and two retail spaces. Motti Blau, Mendy Pfeifer and Dov Bakon of Eastern Union arranged the nonrecourse loan, which was structured with a 65 percent loan-to-value ratio, through Bank of Montreal on behalf of the undisclosed borrower.

January 10, 2025

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