Property Type

Murphy Development Co. Reacquires Panasonic Buildings in San Diego for $28M

by Nellie Day February 1, 2017

SAN DIEGO — Murphy Development Co. (MDC) has reacquired a 542,197-square-foot campus at the San Diego Business Park for $28 million. The property, which will be rebranded as The Campus at San Diego Business Park, is located at 2001 and 2055 Sanyo Ave. Panasonic will lease about 70 percent of the 329,000-square-foot building after MDC completes 42,000 square feet of new office improvements, at a value of about $15 million. The remaining 94,000 square feet of Class A industrial space and 209,700 square feet of office space will be marketed for lease. MDC originally built the campus in 1986 for Sanyo, which Panasonic acquired in 2010. Brent Bohlken and Bryan Teel of Newmark Grubb Knight Frank represented Panasonic. MDC represented itself in the transaction.

February 1, 2017

California Office Western

Two Office Buildings in San Diego’s Golden Triangle Change Hands

by Nellie Day February 1, 2017

SAN DIEGO — A pair of Class A office buildings in the Golden Triangle area of San Diego have sold to an unnamed buyer for an undisclosed sum. The institutional-quality office campus buildings, Governor Executive Centre and Governor Park Plaza, are located at 6165, 6256, 6333 and 6363 Greenwich Drive. The properties are 90.9 percent leased to tenants like the University of California, San Diego. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented the seller in this transaction.

February 1, 2017

California Industrial Western

S&A Management Buys Taylor-Dunn Manufacturing Headquarters in Anaheim

by Nellie Day February 1, 2017

ANAHEIM, CALIF. — S&A Management has acquired a 156,054-square-foot manufacturing building that serves as the headquarters of Taylor-Dunn for an undisclosed sum. The facility is located at 2114 W. Ball Road in Anaheim, with a two-story office building at 2100 W. Ball Road. The transaction is not expected to impact Taylor-Dunn’s continuing operations. The firm has engineered and manufactured vehicles from its location on West Ball Road for more than 65 years. Jeff Chiate and Mike Adey of Cushman & Wakefield’s National Industrial Advisory Group in Irvine represented both the buyer and seller in this transaction. The firm’s Rick Ellison and Randy Ellison also provided local market advisory.

February 1, 2017

Arizona Loans Multifamily Seniors Housing Western

Thorofare Capital Funds $19M Bridge Loan for Assisted Living Community in Phoenix

by Nellie Day February 1, 2017

PHOENIX — Thorofare Capital has provided a $19 million, fixed-rate bridge loan to an affiliate of ArciTerra Cos. LLC. The funds will be used to refinance debt on MorningStar at Arcadia, a 135-bed assisted living community in Phoenix. Located on a 1.1-acre site, the community features 80 assisted living units and 30 memory care units in a four-story, 139,643-square-foot building. MorningStar Senior Living operates the property, which opened in 2014. The funds will retire the construction loan on the community and result in more equity for the ownership, a Phoenix-based real estate investment and development company. The term is two years of interest-only payments. Thorofare Capital is a Los Angeles-based investment manager specializing in senior mortgage debt for middle-market commercial real estate assets.

February 1, 2017

Massachusetts Multifamily Northeast

New Balance, John Hancock Partner to Develop 295-Unit Apartment Building in Boston

by Amy Works February 1, 2017

BOSTON — New Balance Athletics Inc. and John Hancock Financial have partnered to develop The Residences at Boston Landing, a 17-story apartment building located near the New Balance headquarters in Boston. Hancock is taking a major equity stake in the project, which is slated to open in June 2018. Designed by Elkus Manfredi Architects, the property will feature 295 units in a mix of studio, one-, two- and three-bedroom layouts, 16,400 square feet of ground-floor retail space, an activity lounge, outdoor courtyard and pool, pet grooming station and bicycle storage. The Residences at Boston Landing will be a residential building within Boston Landing, which is a 15.2-acre mixed-use development. Other buildings at the development are occupied by New Balance, the Boston Bruins Practice and Training facility and the future practice and training facility of the Boston Celtics. Future plans for the development include the construction of a 290,000-square-foot sports complex. The project team includes John Hancock and New Balance Athletics as investors; New Balance Development Group as master-plan developer; The HYM Investment Group as development manager; Elkus Manfredi Architects as architect; John Moriarty & Associates as general contractor; and Moran & Co. as real estate investment banker.

February 1, 2017

Loans Multifamily New York Northeast

Quadrum Global, Simon Baron Development Receive $70M to Refinance Residential Tower in Manhattan

by Amy Works February 1, 2017

NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.

February 1, 2017

Multifamily New York Northeast

Akelius Acquires 34-Unit Apartment Property in Brooklyn for $16M

by Amy Works February 1, 2017

NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.

February 1, 2017

Industrial Northeast Pennsylvania

Kacin Cos. Sells 239,400 SF Warehouse Facility in New Kensington, Pennsylvania, for $15.5M

by Amy Works February 1, 2017

NEW KENSINGTON, PA. — Kacin Cos. has completed the disposition of a warehouse facility located at 350 Alvin Drive in New Kensington. Broadstone Real Estate acquired the property for $15.5 million. Leedsworld Inc. occupies the 239,400-square-foot property, which was constructed in 2015 as a build-to-suit for the tenant. Donovan Mackey, Mark Taylor and Mitchell Cowan of Marcus & Millichap represented the seller, while Mackey also procured the buyer in the deal.

February 1, 2017

New Jersey Northeast Office

Walker & Dunlop Acquires Deerwood Real Estate Capital in Northern New Jersey

by Amy Works February 1, 2017

NORTHERN NEW JERSEY — Walker & Dunlop has acquired the loan origination platform of Deerwood Real Estate Capital, a commercial mortgage brokerage and advisory firm based in Northern New Jersey. The firm specializes in sourcing debt and equity for all commercial real estate asset classes. Sixteen commercial loan originators are expected to join Walker & Dunlop, including Deerwood co-founders, David Rosenberg and Abe Katz. The acquisition does not bring additional loan servicing to Walker & Dunlop. Terms of the cash transaction were not disclosed.

February 1, 2017

Retail Texas

Vestar Acquires New 43,134 SF Retail Center in Metro Dallas

by Amy Works February 1, 2017

ALLEN, TEXAS — Vestar has acquired Twin Creeks Marketplace, a grocery-anchored neighborhood retail center located at 1265 W. Exchange Parkway in Allen, a suburb of Dallas, for an undisclosed price. Sprouts Farmers Market, Verizon Wireless, Starbucks Coffee, Advancial Credit Union, Luxe Nails, Studio Smiles and ATI Physical Therapy occupy the 43,134-square-foot property, which was developed in 2016. Brandon Beeson of EDGE Capital Markets represented the seller, StreetLevel Investments, in the deal. Vestar operates more than 26 million square feet of premium retail space throughout the Western United States.

February 1, 2017

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