NEWARK, DELAWARE — NGKF Capital Markets has arranged the sale of 242 and 248 Chapman Road in Newark. Equus Capital Partners sold the two-building portfolio to Chapman Business Associates LLC for $15.55 million. Both buildings are 100 percent occupied by two long-term tenants; 242 Chapman Road is a three-story, 65,967-square-foot office building and 248 Chapman Road is a two-story, 77,974-square-foot office building. Recent renovations at the property include new ceilings and lighting throughout, updated lobbies and restrooms, a new roof, HVAC upgrades, and a new fire panel as well as new elevators. The NGKF Capital Markets team comprising Mike Margolis, Dave Dolan and Brett Segal, along with area experts, Neal Dangello and Wills Elliman, represented Equus Capital Partners in the transaction.
NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.
PITTSBURGH — The Law Firm Group of Fischer has represented law firm Burns White LLC in its relocation to a new headquarters space in Pittsburgh. Burns White will fully occupy a new build-to-suit 108,392-square-foot property starting in March 2017. The Burns White Center will be a five-story freestanding building with parking located in Pittsburgh’s Strip District at the intersection of 26th Street and Railroad Street. Scott Fabean of Fischer was the lead in representing Burns White. Joe Tosi and Mike Daniels of Oxford Realty Services represented the landlord, Three Crossings Riverfront East LP.
LOS ANGELES — Los Angeles-based Westwood Financial Corp. has restructured ownership of 77 of its 120 retail center holdings and its management company to form a single, $1.2 billion retail real estate company. The new company, Westwood Financial, is now positioned to more easily access capital and appeal to investors with larger appetites, and has streamlined its operations. The company recently rebranded in conjunction with the restructuring, launching a new logo, signage and a new tagline: “Retail. Evolved.” A new website is currently underway, and will launch soon. Westwood will own and operate more than $1.2 billion in retail assets and will provide third-party asset management and related services for $200 million worth of properties owned by the co-founders of the firm.
MONTCLAIR, CALIF. — CBRE Group Inc. has arranged the $15.5 million sale of Montclair Shoppes, an 18,889-square-foot shopping center located in Montclair, roughly 30 miles outside of downtown Los Angeles. Ken McLeod and Tim Kuruzar of CBRE represented the seller, BOSC Realty Advisors, in the sale of the property to an undisclosed buyer based in West Los Angeles. The center is home to tenants including Sleep Number, AT&T and Tommy’s Hamburgers.
CUPERTINO, CALIF. — Marcus & Millichap has arranged the $16.5 million sale of Saich Way Station, a 15,525-square-foot shopping center located less than one mile from Apple Inc.’s headquarters in Cupertino. Kirk Trammell, Vincent Schwab, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, Borelli Investment Co. Tenny Tsai of Cushman & Wakefield represented the buyer, a family exchanging out of a redevelopment site in San Francisco. Tenants at the center include Vitamin Shoppe, T-Mobile, The Melt, H&R Block, Blast 825 Pizza, Site for Sore Eyes and the Coder School Cupertino.
ONTARIO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6 million sale of a 6,786-square-foot retail pad site shadow-anchored by a new Walmart Supercenter in Ontario, roughly 35 miles outside of downtown Los Angeles. Eric Wohl of Hanley represented the seller, Pacific Development Group, in the transaction. James Kwon with Coldwell Banker Best Realty represented the buyer, an undisclosed private investor based in Irvine. The building was fully occupied at the time of sale by tenants including T-Mobile, Yogurtland, Waba Grill and Wells Fargo.
ORANGE, CALIF. — Coldwell Banker Commercial (CBC) Advisors has arranged the $4 million sale of a two-story, single-tenant retail building located in the historic Orange Circle in Orange. An undisclosed local private investor acquired the 7,350-square-foot property, located adjacent to Wells Fargo. Scott Hook of CBC represented both the undisclosed seller and the buyer in the transaction.
ENGLEWOOD CLIFFS, N.J. — Unilever has chosen a joint venture between OVG Real Estate and Normandy Real Estate Partners to acquire and redevelop the company’s 23-acre, 325,000-square-foot North American headquarters. The site is located at 700 Sylvan Ave. in Englewood Cliffs, just across the Hudson River from New York City. The agreement provides that upon closing, the land and the building will be leased back to Unilever via an 18-year triple-net lease. The sale is expected to close prior the end of 2016. The renovated headquarters will be both LEED- and WELL-certified and benefits will include reducing CO2 emissions, reducing energy consumption by 50 percent, reducing water demand via low-flow plumbing and diverting 75 percent of construction waste from landfills. OVG plans to increase the size of the property by 28 percent to accommodate 1,600 employees. Unilever expects the new campus to be largely finished by the fourth quarter of 2017. Cushman and Wakefield advised in the partnership formation. Other partners include Perkins + Will Architects; Unilever’s legal advisor Robinson Cole; Drinker Biddle & Reith and AKD Advocaten, both serving as legal advisors to the OVG-Normandy joint venture; general contractor StructureTone; and insurance advisor Parallel. — Jaime Lackey
WASHINGTON, D.C. — An age wave is coming that will be the most extraordinary demographic disruption in history, and one which will create both winners and losers in the seniors housing space, predicts Ken Dychtwald, a noted psychologist, gerontologist and author. The number of people 65 and older in this country is projected to increase 81 percent between 2010 and 2030, according to the U.S. Census Bureau. The first of the Baby Boomers will turn 80 in 2026. That demographic tsunami presents great opportunities and risks for owners and operators of seniors housing. “You will win if you can imagine this generation, understand what’s in their hearts and souls and minds and bodies, and then project them into a stage of life that itself is morphing as they migrate into it,” said Dychtwald, founder and CEO of Emeryville, Calif.-based Age Wave, a thought leader on issues relating to an aging population, including the business and social implications. The comments from Dychtwald came during the 2016 NIC Fall Conference at the Marriott Marquis in Washington, D.C. The three-day event attracted a record turnout of more than 2,500 attendees, largely owners, operators, developers and lenders. Dychtwald was the first of three speakers …