COLORADO SPRINGS, COLO. — Monmouth Real Estate Investment Corp. has purchased a 225,362-square-foot industrial building in Colorado Springs for $28.8 million. The facility is located at 125 N. Troy Hill Road. It is net leased to FedEx Ground Packaging System for the next 10 years. The property is situated directly across from the Colorado Springs Airport and is in close proximity to Interstate 25.
HENDERSON, NEV. — LBG Real Estate Cos. LLC, in partnership with Aviva Investors Real Estate Capital Partners I-A LP, has sold a single-tenant, net-leased Home Depot location in the Las Vegas suburb of Henderson for $23 million. Chris Kostanecki and Dave Lucas of Capital Pacific brokered the sale of the property, located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road. The buyer of the 102,370-square-foot Home Depot was undisclosed.
SEATTLE — A partnership between L5 Real Estate Investments and Shuler Architecture has acquired the 31-unit Innsbruck Apartments in Seattle for $2.6 million. The community is located at 3223 S. 160th St. Innsbruck was built in 1967 and renovated in 2007. It will undergo a significant further renovations, according to the buyers. David Massa of Madison Partners Real Estate represented the buyers. The sellers were local private investors. Grandbridge Capital provided the debt.
WASHINGTON, D.C. — Following a nine-year renovation process, The Watergate Hotel in Washington, D.C. has reopened its doors after $125 million in upgrades. New York-based developer Euro Capital Properties owns the famous hotel property, which had been closed for renovations since 2007. The hotel consists of 336 guestrooms, half of which include balconies, and 32 suites. Located on the banks of the Potomac River at 2650 Virginia Ave. N.W., The Watergate Hotel was originally designed by Italian architect Luigi Moretti in 1961 to look like a sail on the river. It opened in March 1967, and its name is synonymous with the political scandal that started with a break-in at the Democratic National Convention headquarters, which was located in an office complex connected to the hotel. The scandal would eventually lead to the 1974 resignation of President Richard Nixon. For the renovations, Ron Arad and Italian design firm Moroso added curves and mid-century modern design, while restoring some of the hotel’s original structures such as its staircase and indoor pool. Architectural and interior design firm BBGM was the architect for the project. “The Watergate is undoubtedly one of the most glamorous and illustrious hotels in the world,” says Rakel Cohen, …
In New York City, sizable tenants are renewing their office leases and expanding work space. Citywide, office space searches are being driven by new businesses that need to establish presence. These dynamics have the office market operating as powerfully and effectively as possible. New York City organizations are slated to create 80,000 new jobs this year, expanding total employment by 1.9 percent. Major companies like Google, Facebook and Amazon have recently committed to large blocks of space, which are becoming notably rare as office vacancy levels in the Big Apple continue to tighten. Vacancy will slip 10 basis points to 9.6 percent this year as firms absorb more than 3.8 million square feet. As a result of office vacancies continuing to tighten, builders have started to add to the pipeline, which New York City will see come to fruition this year with the opening of 10 Hudson Yards, Related Cos.’ long-awaited office building project in Manhattan’s West Side. Overall, developers will complete 3.6 million square feet of office space this year, with nearly half at 10 Hudson Yards. Located near Hell’s Kitchen, Chelsea and the Penn Station area, the building is part of the Hudson Yards urban renewal project. Manhattan …
JERSEY CITY, N.J. — Point Capital Development and Fields Construction Co. have completed the construction of The Baker Building, an apartment building located at 234 Suydam Ave. in Jersey City. Situated in the Lafayette neighborhood, the five-story complex features 83 apartments, a roof deck, courtyard, dog run, parking, lounge and fitness center. Additionally, the property is located in close proximity to the Liberty State Park light rail station. The complex was designed by C+C Architecture with Urban Design Workshop as the architect of record for construction.
WESTWOOD AND SOMERVILLE, MASS. — Cornerstone Realty Capital has arranged $56 million for the acquisition of four multifamily properties totaling 244 units, including 156 units in Westwood and 88 units across three properties in Somerville. The borrower was TrueNorth Capital Partners. The first of the two acquisitions is Westwood Glen, located at 21 Westwood Glen Road in Westwood. Situated on 13.5 acres, the seven-building, 156-unit, age-restricted property was purchased for $34.4 million. The Somerville Squares Portfolio properties were purchased for a total of $27.3 million from a private family. TrueNorth acquired the 63-unit 379-389 Broadway Street for $20 million, the 18-unit 39-49 Bow Street for $4.7 million, and the seven-unit 8-12 Beacon Terrace for $2.6 million. The buyer plans to invest $6 million in improvements to the Westwood property and $4 million on the Somerville properties. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in both deals.
WATERBURY, CONN. — HREC Investment Advisors and Ten-X Commercial have arranged the sale of CoCo Key Water Resort in Waterbury. JMDH Real Estate acquired the 284-guestroom hotel from T.J. Waterbury LLC for an undisclosed price. Mark von Dwingelo of HREC represented the seller in the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of three adjacent multifamily buildings, totaling 24 units, located at 308-312 W. 113th St. in New York City. The Meshberg Group acquired the eight-unit buildings from Yassky Properties for $8 million. Peter Von Der Ahe, Seth Glasser and Jacob Kahn of Marcus & Millichap’s Manhattan office represented the seller and buyer in the transaction.
RENTON, WASH. — New Standard Equities has purchased The Venue, a 284-unit apartment complex in Renton, for $41.5 million. The community is located at 4455 N.E. 12th St. The Venue will undergo a $2.8 million repositioning that will include improvements to its fitness center and additional carports on the low-density site. This is the third Pacific Northwest acquisition for New Standard since August 2015. The seller was Fowler Property Acquisitions. Regis Metro Associates provided equity, while Freddie Mac provided the financing.