Property Type

High Street Residential, MetLife Start Construction of 190-Unit Multifamily Property in Phoenix

by Amy Works March 13, 2018

PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.

March 13, 2018

California Office Western

Madison Partners Negotiates $13.2M Sale of Office Building in Downtown Santa Monica, California

by Amy Works March 13, 2018

SANTA MONICA, CALIF. — Madison Partners has arranged the sale of a creative office building located at 1522 Second St. in downtown Santa Monica. The Hertz Investment Group sold the property to HQ Creative Office for $13.2 million, or $864 per square foot. The asset consists of two interconnected buildings totaling 15,329 rentable square feet. HQ Creative Office, a subsidiary of The HQ Group, plans to redesign and renovate the property, which was vacant at closing. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the transaction.

March 13, 2018

California Retail Western

SRS Real Estate Partners Brokers $5.3M Sale of Starbucks Location in San Bernardino, California

by Amy Works March 13, 2018

SAN BERNARDINO, CALIF. — SRS Real Estate Partners has arranged the sale of a newly constructed, single-tenant retail property located at the intersection of University Parkway and North State Street in San Bernardino. A local private 1031 exchange buyer purchased the property from an Orange County, Calif.-based real estate investment and development firm for $5.3 million. Built in 2017 on 1.15 acres, Starbucks Coffee occupies the 3,000-square-foot drive-thru property. Michael Walseth of SRS represented the seller, while Chris Nikchevich of TNG Real Estate Services represented the buyer in the deal.

March 13, 2018

Arizona Retail Western

Brixton Capital Purchases 103,568 SF Shopping Center in Avondale, Arizona

by Amy Works March 13, 2018

AVONDALE, ARIZ. — Brixton Capital has purchased Palmilla Center, a grocery-anchored shopping center located at S.E. Dysart and McDowell roads in Avondale, a suburb of Phoenix. Weingarten Realty sold the property for an undisclosed price. Fry’s Food & Drug, PetSmart, OfficeMax, Dollar Tree, Ono Hawaiian BBQ and H&R Block occupy the 103,568-square-foot property, which was fully leased at the time of sale. Additionally, the acquisition included the Chase Bank and Arizona Federal Credit Union pad buildings at the site. Bryan Ley of HFF represented the seller, while Brixton represented itself in the transaction.

March 13, 2018

Industrial New York Northeast Top Stories

Blackstone REIT Acquires 22 MSF Industrial Portfolio for $1.8B

by Katie Sloan March 13, 2018

NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (NYSE: BX) has acquired the Canyon Industrial Portfolio, a 22 million-square-foot portfolio of industrial assets, for approximately $1.8 billion. The portfolio consists of 146 last-mile, infill warehouses and distribution buildings with major concentrations in Chicago; Dallas; Baltimore; Washington, D.C.; Los Angeles; the Inland Empire region of southern California; and south and central Florida. The portfolio was 90 percent occupied at the time of sale by tenants including Amazon, FedEx, DHL, Coca-Cola, Fiat Chrysler and the U.S. Government. The seller in the transaction was undisclosed. With the closing of this acquisition, New York City-based Blackstone’s portfolio totals $7 billion in gross asset value across 272 assets, primarily concentrated in 33 million square feet of industrial assets and 17,200 multifamily apartments. The company seeks to invest in stabilized, income-generating U.S. commercial real estate across property types including multifamily, industrial, retail and hotel. Blackstone stock closed on Monday, March 12, at $34.43 per share, up from $27.95 one year ago. — Katie Sloan

March 13, 2018

Features Retail

NRF Survey: St. Patrick’s Day Spending to Hit Record $5.9B, Food and Beverage Most Popular Items

by Camren Skelton March 13, 2018

WASHINGTON, D.C. — More than 149 million U.S. adults are expected to celebrate St. Patrick’s Day on Saturday, spending a record $5.9 billion on items related to the holiday, according to a survey by the National Retail Federation (NRF) and Proper Insights & Analytics. The annual survey, conduced Feb. 2 to 13, asked 7,657 consumers ages 18 and up about their St. Patrick’s Day plans. The 2018 figure is the highest level in the survey’s 14-year history, up from last year’s previous record of $5.3 billion. “The holiday falls on a Saturday this year, so Americans will have more time to splurge a little as they get together with friends and loved ones for a day of festivities,” says Matthew Shay, president and CEO of NRF, a Washington, D.C.-based retail trade association. According to the survey, consumers are expected to spend an average of $39.65 per person, up from last year’s total of $37.92. The holiday is most popular among individuals 18 to 24 years old, with 77 percent celebrating, but those 35 to 44 will be the biggest spenders at an average of $45.76 each. Celebrants plan to make the majority of their St. Paddy’s purchases from grocery stores (38 …

March 13, 2018

Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 225,006 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow March 12, 2018

ELK GROVE VILLAGE, ILL. — Lee & Associates has brokered the sale of a 225,006-square-foot industrial building in Elk Grove Village for an undisclosed price. The property is located at 1501 Nicholas Blvd. Chris Nelson, Ken Franzese and John Cassidy of Lee & Associates represented the seller, Prologis. Chris Volkert and Brendan Green of Colliers International represented the buyer, GHP Group Inc., a manufacturing company that specializes in electric fireplaces and accessories, portable heating and barbecue grill products.

March 12, 2018

Hospitality Maine Northeast

AAM 15 Management Acquires 99-Room Hotel in Downtown Freeport, Maine

by Kristin Harlow March 12, 2018

FREEPORT, MAINE — AAM 15 Management LLC has purchased Hilton Garden Inn Freeport Downtown for an undisclosed price. HFF arranged the sale. The 99-room hotel, located at 5 Park St., is the only hotel in its competitive set within walking distance of downtown Freeport, according to HFF. Completed in 2005, the hotel offers 7,500 square feet of meeting space, a restaurant, fitness center, indoor pool and car charging stations. Freeport is 18 miles north of Portland, Maine. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF marketed the property on behalf of the private seller and procured the buyer. AAM 15 will manage the hotel.

March 12, 2018

Hospitality New York Northeast

Lightstone Tops Out 37-Story Hotel in Manhattan

by Kristin Harlow March 12, 2018

NEW YORK CITY — Developer Lightstone has topped out construction for its 37-story Moxy Chelsea hotel located at 105 W. 28th St. in Manhattan’s Chelsea neighborhood. The project is the second of four Moxy hotels that Lightstone is developing in New York City in partnership with Marriott. Lightstone broke ground on Moxy Chelsea in the summer of 2016, and the hotel is slated to open this fall. Designed in collaboration by Yabu Pushelberg and the Rockwell Group, the 349-room hotel will feature meeting studios, co-working space and a glass-enclosed rooftop bar with a retractable roof that features views of the Empire State Building and New York City skyline.

March 12, 2018

Connecticut Multifamily Northeast

Chozick Realty Brokers Sale of 455-Unit Multifamily Portfolio for $48.2M

by Kristin Harlow March 12, 2018

GROTON, WALLINGFORD AND NEW LONDON, CONN. — Chozick Realty Inc. has brokered the sale of a five-property multifamily portfolio consisting of 455 units in Groton, Wallingford and New London for $48.2 million. Chozick Realty represented the seller, The Tree Group, in the transaction and procured the undisclosed buyer. Four complexes in the portfolio totaling 275 units are located in New London and Groton, in southeastern Connecticut midway between Boston and New York. The fifth property, totaling 180 units, is located in Wallingford, 14 miles north of New Haven. All five properties in the portfolio have full amenity packages including swimming pools, tennis courts, fitness centers, community rooms, walking trails and picnic areas.

March 12, 2018

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