Property Type

24 Hour Fitness Opens 17,000 SF Gym at Del Amo Crossing in Torrance

by Nellie Day June 10, 2016

TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.

June 10, 2016

California Mixed-Use Multifamily Top Stories Western

Century West Partners to Break Ground on $280M Multifamily Development in Metro Los Angeles

by Katie Sloan June 10, 2016

GLENDALE, CALIF. — Century West Partners will break ground today on Next on Lex, a $280 million, mixed-use multifamily development located in the Los Angeles suburb of Glendale. The transit-oriented development, located at 201 Lexington Drive, will occupy a full block and will feature four, six-story buildings that include a mix of one-, two- and three-bedroom units and studio lofts. The property will also offer 10 live-work units, as well as three levels of underground parking with space for 753 cars and 152 bicycles. Next on Lex will include 8,140 square feet of retail space, which will be occupied by a Citibank branch alongside other tenants. Amenities at Next on Lex will include outdoor living areas; pools and hot tubs; landscaped courtyards including a rooftop deck and sky lounge; multiple sun decks; and a variety of community spaces. The property will also feature an onsite business center; yoga studio and fitness center; a media room; game room; private massage room; and party room and kitchen. Demolition on the existing office building on-site took place in April, according to reports by the Los Angeles Times. Santa Monica, Calif.-based Killefer Flammang Architects (KFA) designed the project. Chicago-based W.E. O’Neil Construction is the …

June 10, 2016

Massachusetts Multifamily Northeast

WinnDevelopment Begins $15.5M Adaptive Reuse to Convert Mill Building into Apartments

by Amy Works June 9, 2016

LOWELL, MASS. — WinnDevelopment has secured financing to transform the 170-year-old Adden Building, a historic mill in Lowell, into market-rate apartments. The $15.5 million adaptive reuse project will complete a three-building residential development effort for the 15-acre Hamilton Canal District. Construction of the 88,000-square-foot building is expected to start immediately, with completion slated for summer 2017. Designed by The Architectural Team, the project will feature 73 market-rate apartments and two units restricted to households with incomes at or below 60 percent of area median income. The unit mix will be 47 one-bedroom units, 11 one-bedroom units with dens and 17 two-bedroom apartments. The project is a joint venture between WinnDevelopment, Banc of America CDC and the Architectural Heritage Foundation. Dellbrook Construction is serving as general contractor for the project, which is situated between the 52-unit Counting House Lofts and the 173-unit Loft Two Seven.

June 9, 2016

New York Northeast Retail

Joint Venture Completes $45M Sale of 84,000 SF Movie Theater Complex in Queens

by Amy Works June 9, 2016

NEW YORK CITY — A joint venture between Forest City Realty Trust and Madison International Realty has completed the sale of Steinway Street Theaters, known locally as UA Kaufman Astoria Cinemas in Astoria, Queens. An affiliate of Kaufman Astoria Studios acquired the property from the joint venture for $45 million. The 84,000-square-foot movie theater complex opened in 1999.

June 9, 2016

Industrial New Jersey Northeast

Tulfra Real Estate, Hampshire Cos. Sell 181,000 SF Industrial Facility in New Jersey for $17.5M

by Amy Works June 9, 2016

PARSIPPANY, N.J. — Tulfra Real Estate, along with its partner The Hampshire Cos., has completed the sale of an industrial facility located at 2 Cranberry Road in Parsippany. An undisclosed buyer acquired the 181,000-square-foot property for $17.5 million. The property recently underwent a $2.1 million renovation, including upgrades to the façade, parking lot resurfacing, addition of loading docks and building system improvements. The property is currently occupied by a variety of warehousing, R&D and production tenants, including Aphena Pharma Solutions, Applechem Inc. and IWK Packaging Systems. Jeffrey Dunne, Kevin Welsh, Brian Schultz and Steve Sander of CBRE represented the seller. Additionally, Igor Derbaremdiker provided in-house representation for The Hampshire Cos.

June 9, 2016

Northeast Office Pennsylvania

City Center Investment Corp. Buys 250,000 SF Building in Pennsylvania for $8.5M

by Amy Works June 9, 2016

ALLENTOWN, PA. — City Center Investment Corp. has purchased a 250,000-square-foot office building, located at Sixth and Linden streets in downtown Allentown, for $8.5 million. Approximately half of the building is long-term leased to The Morning Call, which uses the property as office space and to print the daily paper. The buyer plans to lease out the building’s vacant space. The acquisition also includes a nearby parking deck. City Center Investment Corp. purchased the property from Tribune Media using financing through Peoples Security Bank & Trust Co.

June 9, 2016

Loans Multifamily New York Northeast Seniors Housing

NorthMarq Arranges $5M Refinancing for Seniors Housing Property in New York

by Amy Works June 9, 2016

MOUNT VERNON, N.Y. — NorthMarq Capital has arranged the $5 million refinancing of Lohman Village, a seniors housing property located at 1 Wartburg Place in Mount Vernon. The loan features a 5-year term and 30-year amortization schedule. The 31-unit property is part of a large seniors housing campus in Mount Vernon known as Wartburg that offers a full spectrum of senior living options. Robert Ranieri of NorthMarq arranged the financing through NorthMarq’s relationship with an undisclosed regional bank.

June 9, 2016

Office Texas

JLL Acquires San Antonio-Based Real Estate Firm Travis Commercial

by Haisten Willis June 9, 2016

SAN ANTONIO — JLL has entered into an agreement to acquire Travis Commercial, a San Antonio-based real estate leader in property leasing and management, multi-market corporate services, tenant representation, investment sales and construction management. The acquisition is scheduled to close in the next few weeks, subject to customary closing conditions. Commercial principals Mark Krenger, Chuck King and Jeff Miller will join as managing directors and share leadership positions of the combined business. Senior team members Roger Hill and Lisa Mittel will join the firm along with more than 30 industry experts and staff. Krenger and King will oversee agency leasing, and Miller will lead the tenant representation and markets corporate solutions groups. The leadership trio will work under the direction of Jeff Staubach and David Carroll, president and market director of the south-central region. Travis Commercial was co-founded by Krenger and King in 1998, with Miller joining in 1999, and has since grown into a full-service commercial real estate firm.

June 9, 2016

Multifamily Texas

Ventures Development Group to Develop I-20 Apartments in Grand Prairie

by Haisten Willis June 9, 2016

GRAND PRAIRIE, TEXAS — Ventures Development Group LLC has closed a $29 million loan and broke ground on a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie. Leasing is expected to begin in spring 2017, with completion of the property expected by the following fall. The project is located at the northeastern quadrant of I-20 and Texas Highway 360. The one-, two- and three-bedroom residences will include granite countertops and in-unit washers and dryers. Amenities will include a fitness center, clubroom and tenant lounge, swimming pool and a structured parking garage with direct access to all residential units, which will range in size from 650 to 1,400 square feet. Humphreys & Partners Architects designed the project. Dallas-based Realty Capital Partners LLC provided a portion of the equity capital, and San Francisco-based Realty Shares Inc. provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Stream Residential, a division of Stream Realty Partners, will manage leasing and marketing efforts.

June 9, 2016

Covington-19-LeighFisher-boulevard-el-paso-texas

Industrial Texas

Covington Group to Renovate Butterfield Trail Industrial Portfolio in El Paso

by Haisten Willis June 9, 2016

EL PASO, TEXAS — Dallas-based Covington Group Inc. has begun a multi-million dollar capital improvement project for the six-building, 548,629-square-foot Butterfield Trail portfolio in El Paso. Affiliates of Covington Group acquired the portfolio from Butterfield Trail Trust 1 earlier this year for an undisclosed price. Covington Group has hired Christian Perez Giese and Chad McCleskey of CBRE’s El Paso office as the portfolio’s leasing agents. The portfolio, made up of warehouse and flex buildings, was 69 percent occupied at the time of purchase. The most significant capital improvements are underway at 19 Leigh Fisher Blvd., where there is a 120,000-square-foot vacancy. Improvements include a white box inside the warehouse area, new exterior and interior lighting and exterior paint and landscaping, as well as removal of a former tenant’s manufacturing infrastructure and overall deferred maintenance to the property. Covington expects to complete improvements to the entire portfolio by the end of this summer.

June 9, 2016

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