Property Type

Ross Stores Opens 40 New Locations Nationally

by Nellie Day October 13, 2017

DUBLIN, CALIF. — Ross Stores has recently opened 30 Ross Dress for Less and 10 dd’s Discounts stores across 22 different states in September and October. These new locations complete the company’s store growth plans for fiscal 2017. (Ross added 96 new stores total in 2017.) “This fall, we continued to expand our Ross and dd’s footprints across both new and existing markets, with nearly half of our Ross store openings in our newest market — the Midwest,” says Jim Fassio, president and chief development officer. Ross Stores Inc. is headquartered in Dublin and boasts 1,412 Ross Dress for Less locations in 37 states, the District of Columbia and Guam. The company also operates 215 dd’s Discounts stores in 16 states. Long term, the company hopes to reach 2,000 stores for Ross and 500 for dd’s Discounts

October 13, 2017

New York Northeast Office Top Stories

Columbia Property Trust Buys Two Office Properties in Manhattan for $514M

by Nellie Day October 13, 2017

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has purchased two office properties in the Chelsea submarket of New York for $514 million. The acquisition includes two adjoining office buildings that total 281,294 square feet at 245-249 W. 17th St., as well as a 165,670-square-foot office building at 218 W. 18th St. The seller was not disclosed. Twitter’s New York headquarters occupies the majority of the boutique buildings on 17th Street. The adjoining buildings include a six-story western tower and a 12-story eastern tower that serves as a showroom for the high-end modern furniture chain Room & Board. The nearby 12-story building on 18th Street houses the New York City headquarters of beverage and lifestyle company Red Bull, along with several other office tenants. This acquisition has allowed Columbia to increase its New York presence to a total of 2.6 million square feet of Class A office space spread throughout seven assets. This represents 44 percent of the trust’s overall portfolio. “Our acquisition of these prime Midtown South buildings allows us to expand within New York, where we already held the largest concentration in our portfolio, and will further establish Columbia as a significant player in Manhattan’s most dynamic …

October 13, 2017

Market Reports Office Texas Texas Market Reports

El Paso Office Market Seeing Strong Absorption Through 2017

by Taylor Williams October 13, 2017

The border economy of the United States and Mexico is complex and deeply intertwined, to say the least. As such, the sister cities of El Paso and Juarez should be viewed as one economy. The region ended 2016 on a high note. According to the Federal Reserve Bank of Dallas, El Paso’s total nonfarm employment rose 1.7 percent during the year, besting the state average of 1.6 percent. The city added more than 5,000 jobs, with strong gains in service-providing sectors offsetting losses in the manufacturing sector. Leisure and hospitality led the way, according to the Fed, adding more than 1,700 jobs. At the same time, employment in Juarez’s manufacturing sector was up 5.4 percent from the previous year for a projected total of 263,000 new jobs. The downtown El Paso office market currently totals about 3.2 million square feet across 65 buildings. It breaks down into about 1.1 million square feet of Class A space, 1.2 million square feet of Class B space and 900,000 square feet of Class C space. For years, vacancy in the city’s Central Business District hovered around 20 percent, with virtually no new construction. But lately, conditions have dramatically improved. According to CoStar Group, …

October 13, 2017

Multifamily Northeast Pennsylvania Student Housing

Goldenberg Group Breaks Ground on $199M Student Housing Community Near Temple University

by Amy Works October 12, 2017

PHILADELPHIA — The Goldenberg Group has broken ground for a $199 million student housing development located on the edge of Temple University’s campus at 12th Street and Cecil B. Moore Avenue in Philadelphia. The 470,000-square-foot property will feature 984 beds within one-, two-, three- and four-bedroom units. All 368 units are fully furnished with flat-screen televisions, stainless steel appliances, quartz countertops, dishwashers, icemakers and garbage disposals. Community amenities include a 24-hour concierge; a coffee bar; fitness center with rooms for fitness on-demand, yoga and spin; an outdoor rooftop terrace; a social activities area; a business center; study and conference areas; a package locker system; sky lounge; indoor bicycle storage and on-site resident parking, including dedicated car sharing spaces and electric charging spaces. Additionally, the property will offer 30,000 square feet of ground-level retail, restaurant and commercial space opening to a plaza with seating, green space and activity areas. The project is designed to complement The View at Montgomery, the company’s existing 832-bed student housing property. This is the second and final phase of Goldenberg’s master-planned redevelopment of the 4.6-acre site of the former John Wanamaker High School. The first phase opened in August 2014. The new development is slated for completion …

October 12, 2017

Loans Massachusetts Multifamily Northeast

IBA Secures $53M in MassHousing Financing to Renovate 181-Unit Apartment Building in Boston

by Amy Works October 12, 2017

BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.

October 12, 2017

Multifamily New York Northeast

Meridian Investment Negotiates $29.8M Sale of Apartment Building in the Bronx

by Amy Works October 12, 2017

NEW YORK CITY — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has arranged the sale of an apartment property located at 1555 Grand Concourse in the Mount Eden neighborhood of the Bronx. Pistilli Realty Group purchased the building from Eric Silverstein for $29.8 million. Mark Steinmetz and Richard Velotta of Meridian represented the buyer and seller in the transaction. Built in 1927, the six-story, 139,000-square-foot building features 149 apartment units and was recently upgraded with renovated elevators, a new intercom system and a gas conversion.

October 12, 2017

Massachusetts Multifamily Northeast

CBRE/NE Brokers $23.3M Sale of 148-Unit Multifamily Property in Methuen, Massachusetts

by Amy Works October 12, 2017

METHUEN, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Colonial Village, an apartment community located in Methuen. An affiliate of Newton, Mass.-based Sawyer Realty Holdings acquired the 148-unit property from Colonial Methuen Associates for $23.3 million. The property features six three-story garden-style apartment buildings, a townhouse building and clubhouse. The unit mix comprises 77 one-bedroom, 67 two-bedroom and four two-bedroom townhome units with an average unit size of 816 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.

October 12, 2017

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.7M Sale of Retail Property in Clifton, New Jersey

by Amy Works October 12, 2017

CLIFTON, N.J. — Marcus & Millichap has negotiated the sale of a retail property located at 449 Lakeview Ave. in Clifton. A developer acquired the property from an undisclosed seller for $1.7 million. Dollar General occupies the 11,500-square-foot building on a net-lease basis. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller, while Cafiero, Sgambati and David Cafiero, also of Marcus & Millichap, represented the buyer in the deal.

October 12, 2017

Multifamily Texas

Pensam Funding Provides $87M for Two Multifamily Assets in Houston Area

by Taylor Williams October 12, 2017

HOUSTON — Pensam Funding, a Miami-based direct lender, has provided $87 million in financing for a pair of multifamily properties in Houston. The company originated $27 million for Regalia Bella Terra, a 227-unit development located at 24151 Bella Dolce Lane in Katy, and $60 million for the refinancing of Nob Hill Apartments, a 1,326-unit community located at 5500 N. Braeswood Blvd. in southwest Houston. Both financings were structured as combined first mortgage and mezzanine loans with floating interest rates and non-recourse terms. The loans were provided for an undisclosed borrower that owns and operates $3.5 billion in real estate assets across North America.

October 12, 2017

Mixed-Use Texas

PGI to Develop 300,000 SF Mixed-Use Property in Metro Austin

by Taylor Williams October 12, 2017

KYLE, TEXAS — California-based PGI Investments will develop a 300,000-square-foot mixed-use property in Kyle, about 22 miles south of Austin. The development will be situated on a 47-acre site at the intersection of Yarrington Road and Interstate 35 and will include undetermined amounts of office, retail and restaurant space, as well as a hotel and multiple gas stations. The project is expected to create about 200 new jobs. A timetable for construction has not yet been established.

October 12, 2017

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