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303-W.-42nd-St.-300-W.-43rd-St.
AcquisitionsNew YorkNortheastOfficeRetail

Cushman & Wakefield Arranges $48M Sale of Two Office, Retail Buildings in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Cushman & Wakefield has arranged the $48 million sale of two office and retail buildings totaling 144,251 square feet — 128,032 square feet of office space and 16,219 square feet of retail space — in Midtown Manhattan. The buildings are located at 303 W. 42nd St. and 300 W. 43rd St. in the Times Square area and were recently renovated. Retail users include Chick-fil-A, Smashburger, 7-Eleven, Little Italy Pizza and Dunkin’. Andrew Berry and Charlie Gravina of Cushman & Wakefield represented the sellers, a pair of limited liability companies, in the transaction. The buyer was a partnership between Blake Partners, JAM Real Estate Partners and The Straus Group.

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5555-14th-Ave-NW-Seattle-WA.jpg
AcquisitionsMultifamilyWashingtonWestern

AvalonBay Communities Sells AVA Ballard Multifamily Property in Seattle for $105.5M

by Amy Works

SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a multifamily asset located at 5555 14th Ave. NW in Seattle’s Ballard neighborhood, to an undisclosed buyer for $105.5 million. Built in 2013, AVA Ballard offers 265 studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers. Community amenities include a rooftop lounge, barbecues and a dog run; a clubroom with media lounge, arcade games and lounge seating; a fitness studio; inner courtyards with barbecues, fire pits and lounge seating; rentable storage units; and electrical vehicle charging, as well as 12,000 square feet of ground-floor retail space. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction.

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CaliforniaLoansMultifamilySeniors HousingWestern

MonticelloAM Provides $87.2M Bridge Loan for Assisted Living Portfolio in Fresno, California

by Amy Works

FRESNO, CALIF. — MonticelloAM has provided an $87.2 million bridge loan for an assisted living portfolio in Fresno. The portfolio totals 39 communities. Proceeds from the loan will be used to refinance the existing debt on the properties, and the undisclosed borrower plans to secure long-term financing. 

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District-La-Brea-Los-Angeles-CA
AcquisitionsCaliforniaRestaurantRetailWestern

CIM Group Purchases 82,210 SF District La Brea Retail Property in Los Angeles

by Amy Works

LOS ANGELES — CIM Group, through CIM Real Assets & Credit Fund, has purchased District La Brea, a collection of adjacent retail and commercial buildings along La Brea Avenue in Los Angeles. Details of the transaction were not disclosed. The acquisition includes approximately 82,210 square feet of commercial space and 171 parking stalls, including a three-story parking structure. Current tenants include Acr’Teryx, Stone Island, Undefeated, Market, Garrett Leight, Schott NYC, Sycamore Kitchen, Burrow, Interior Define, AETHER Apparel and SUGARFISH by Sushi Nozawa. Located on La Brea Avenue between 1st and 2nd streets, the one-, two- and three-story buildings were organized and rebranded as District La Brea in 2013 with further development completed in 2017. The buildings are each architecturally distinct with storefronts in a variety of styles, including rustic red brick, gold scrollwork and modern glass and stone.  

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LoansMultifamilyNew JerseyNortheast

BHI Provides $38.7M Construction Loan for Jersey City Multifamily Project

by Taylor Williams

JERSEY CITY, N.J. — BHI, the U.S. division of Israel’s Bank Hapoalim, has provided a $38.7 million construction loan for One Jones Park, a 75-unit multifamily project that will be located at 387 Eighth St. in Jersey City. The nine-story building will house 25 one-bedroom units, 47 two-bedroom apartments and three three-bedroom residences with an average size of 1,238 square feet, as well as ground- and second-floor retail space. Amenities will include a fitness center, children’s playroom and an indoor and outdoor resident lounge. The borrower is New York City-based developer EPIRE.

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2300-Elliott-Seattle-WA.jpg
AcquisitionsMultifamilyWashingtonWestern

Bascom Group Acquires 92-Unit Waterfront Apartment Property in Seattle’s Belltown

by Amy Works

SEATTLE — The Bascom Group has purchased 2300 Elliott, a 92-unit multifamily community located in Seattle’s Belltown neighborhood. Terms of the transaction were not released. Built in 1992, 2300 Elliott features a five-story residential building offering a mix of studio, one-, two- and three-bedroom units situated above two levels of structured parking. The community offers a rooftop deck, a landscaped interior courtyard, fitness center, underground parking and secure access entry. Apartment Management Consultants will provide property management services for the asset. Jamie Kline and Annie Rice of JLL arranged debt financing for the buyer. Bascom’s Chad Sanderson, Jim Singleton and Joe Ferguson sourced and managed the acquisition for the company.

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Eastpark-70-Aurora-CO
ColoradoIndustrialLoansWestern

Consolidated Investment Group Receives $17.7M Loan for Two-Building Industrial Portfolio in Aurora, Colorado

by Amy Works

AURORA, COLO. — Consolidated Investment Group has obtained $17.7 million in financing for Eastpark 70’s Buildings 5 and 6, a two-building Class A industrial portfolio in Aurora. Rob Bova and William Haass of JLL Capital Markets secured the fixed-rate, five-year loan for the borrower. Completed in 2022, the 235,987-square-foot portfolio consists of buildings located at 19822 E. 22nd Ave. and 19922 E. 22nd Ave. The facilities offer 32-foot clear heights, ample dock-high and drive-in loading and ESFR sprinkler systems. The properties are fully leased to three tenants.

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AcquisitionsIndustrialMassachusettsNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 198-Unit Self-Storage Facility on Nantucket

by Taylor Williams

NANTUCKET, MASS. — Marcus & Millichap has brokered the sale of Old South Storage, a 198-unit facility on Nantucket, an island off the coast of Massachusetts. The property was built in 2018 and spans 17,344 net rentable square feet of climate-controlled space. Michael Palladino, Kevin Bledsoe and Matthew Junkin of Marcus & Millichap represented the undisclosed seller in the transaction. The sales price was $5.6 million, and the buyer was also undisclosed. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

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DevelopmentIndustrialNew JerseyNortheast

Denholtz Properties Completes 100,771 SF Industrial Flex Project in Freehold, New Jersey

by Taylor Williams

FREEHOLD, N.J. — Locally based developer Denholtz Properties has completed a 100,771-square-foot industrial flex project at 245 Willow Brook Road in Freehold, about 50 miles south of New York City. The single-story building offers units that range in size from 4,072 to 100,771 square feet, as well as 18 tailboard dock doors, a clear height of 28 feet and 165 onsite parking spaces. Zimmel Associates is marketing the property for lease.

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AcquisitionsNew JerseyNortheastRetail

CenterSquare Buys 16,891 SF Retail Center Near Philadelphia

by Taylor Williams

VOORHEES, N.J. — Locally based firm CenterSquare Investment Management has purchased Cedar Hill Shopping Center, a 16,891-square-foot retail property located outside of Philadelphia in Voohees, N.J. The two-building center is located along State Route 73 and is home to tenants such as Starbucks, Orange Theory, UPS, Great Clips, Vitamin Shoppe and AT&T. The seller and sales price were not disclosed.

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