HOBOKEN, N.J. — NorthMarq Capital has arranged $81.9 million in refinancing for four affordable housing properties in Hoboken. Gary Cohen of NorthMarq secured the 10-year refinancing, which features a 30-year amortization schedule. The financing was arranged for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Managed by Applied Housing Management, the properties feature a total of 448 units.
HARRISBURG, PA. — PFG Capital has completed the sale of a five-property self-storage portfolio in Harrisburg. Self Storage Capital Partners purchased the assets, which total 310,257 rentable square feet, for $35 million. The Storage Depot-branded portfolio consists of properties located at 6325 Allentown Blvd., 32 Milroy Road, 4401 N. Sixth St., 350 S. Seventh St. and 115 Cumberland Parkway. The portfolio consists of 243 climate-controlled units, 2,271 non-climate-controlled units, 87 income-producing surface parking spaces and eight warehouse/commercial units totaling 14,054 square feet. Richard Schontz, Barbara Guffey and Matthew Weckesser of HFF represented the seller in the transaction. James Conley of HFF arranged $25.5 million in acquisition financing for the buyer in the transaction.
BETHLEHEM, PA. — The Garibaldi Group has arranged the lease of an industrial spec building located at 4770 Hanoverville Road in Bethlehem. Stitch Fix, an online subscription and personal shopping service, leased the single-tenant 483,990-square-foot warehouse facility to use a distribution center as it expands its user base on the East Coast. Developed and owned by Prologis, the building features 4,250 square feet of office space, 75 dock high doors and two grade-level positions. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Meg Buffington and Bill Bumber of Prologis, represented the landlord, while Kim Meincke Jacobsen and Paul Torosian of JLL represented the tenant in the transaction.
SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.
NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has reached an agreement with an affiliate of Citigroup Inc. (NYSE: C) to accelerate the sale of the global bank’s office campus at 388-390 Greenwich St. in Manhattan’s Tribeca neighborhood. The early sale is pursuant to the $2 billion purchase option that Citigroup exercised in January. Separately, SL Green announced that it has reached an agreement for the early termination of Citigroup’s lease at the property as a result of the sale acceleration. The sale is now scheduled to close in June. SL Green will realize approximately $1.8 billion in sale proceeds at closing, including the lease termination payment. The REIT plans to repay a portion of its corporate credit facility and retire the $1.45 billion mortgage on the office campus. “We are pleased to reach an agreement on the early sale of 388-390 Greenwich Street. In addition, by retiring approximately $1.8 billion of debt, we further strengthen our balance sheet and enhance our liquidity position to in excess of $1.4 billion,” says Marc Holliday, CEO of SL Green. “Our longstanding, multi-faceted relationship with Citi, one of the world’s leading financial institutions, has been …
With a three-year average occupancy of 96 percent, Omaha’s apartment market has displayed strong fundamentals that we expect to continue this year and beyond. Given the strong tailwinds created by Omaha’s healthy economy — the local unemployment rate stood at 3.6 percent in January compared with 4.9 percent nationally — it is not surprising that occupancy is high, rents and revenues are rising and new developments continue. According to the recently released IREM fall 2015 Omaha Metropolitan Area Apartment Survey, the year-end market occupancy rate was a strong 96 percent, with the lowest submarket at 94 percent and the highest at an outstanding 98 percent. On a 10-year historical basis, the Omaha market’s occupancy rate has ranged from a low of 92 percent in 2008 to a high of 96 percent in both 2013 and 2015. Any owner will tell you a solid two percent gain in occupancy over a multi-year period has a significant impact on net operating income. Both rents and revenues continue to grow within the Omaha market. Most owners have been raising rents between 2 and 4 percent a year, and in some cases 5 percent. The general expectation is that rents and revenues will both …
TAYLORSVILLE, UTAH — Regal Cinemas has broken ground on an over $20 million megaplex located at The Crossroads of Taylorsville shopping center in the Salt Lake City suburb of Taylorsville. The 60,419-square-foot development will seat 1,400 guests in 14 auditoriums. The grand opening for the project is expected by year’s end. Regal Cinemas is part of an ongoing multi-million dollar redevelopment for The Crossroads of Taylorsville that includes local eatery Cafe Rio, which opened on the property earlier this year. Ira Mitchell of IJM represented the landlord, and Candace Gray of Envision Realty Advisors represented Regal Cinemas in the leasing transaction.
BELLFLOWER AND GARDENA, CALIF. — SBH Real Estate Group Inc. has acquired a freestanding retail building located in Bellflower and a retail center located in Gardena for an aggregate price of $6.2 million. The 11,556-square-foot freestanding retail building in Bellflower was acquired for $2.4 million in an off-market transaction. Prior to closing, SBH signed a ten-year lease with Save A Lot for the property. Renovations are underway at the site, including a new roof, new HVAC system and upgrades to both the electrical system and parking lot. The 24,500-square-foot shopping center, located at 15015 Crenshaw Blvd. in Gardena, was acquired for $3.8 million in an all-cash transaction. Elizabeth Clark and Chris Chasin of BRC Advisors represented the sellers, Kenny and Susie Lee, and SBH in the transaction.
LAGUNA NIGUEL, CALIF. — Ware Malcomb has completed the construction of two auto dealerships – Allen Hyundai and Allen Cadillac GMC – in Laguna Niguel. Located at 28332 and 28432 Camino Capistrano, the combined projects for Allen Family Automotive Group total 36,839 square feet. The two-story Allen Cadillac GMC dealership offers 20,410 square feet of showroom and office space. The Hyundai dealership project included a 16,429-square-foot service facility and parts storage building, which was integrated into the existing building that was expanded from 2,271 square feet to 4,041 square feet. Ware Malcomb provided architectural, interior design and branding services for the project.
TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Manor at Midvale, a 140-unit independent living community in Tucson. This is CPF Living’s second property acquisition in the state of Arizona. The sale price was not disclosed. Manor at Midvale is a multi-story, multi-building community. The buyers plan to make investments to improve the property, though specific projects were not disclosed. Grace Management will operate the community.
