Property Type

Denholtz Associates Purchases 83,258 SF Office Building in New Jersey

by Amy Works February 24, 2016

FRANKLIN, N.J. — Denholtz Associates has acquired Somerset Executive Square II, an office building located at 2 Executive Drive in Franklin. GE Capital sold the property for an undisclosed sum. The four-story building features 83,258 square feet of multi-tenant office space. Situated on five acres, the property also features newly renovated lobbies and corridors. The property offers office vacancies ranging from 5,000 square feet to large customized floor plates, with 18,754 square feet of space currently available.

February 24, 2016

New Jersey Northeast Office

Vonage Renews 350,000 SF Office Lease in New Jersey

by Amy Works February 24, 2016

HOLMDEL, N.J. — Vonage, a provider of cloud communications services, has renewed its lease through 2023 for 23 Main St. in Holmdel. The 350,000-square-foot building has been the company’s corporate headquarters and home to more than 700 Vonage employees since 2005. Owned by Mack-Cali Realty Corp., the property offers abundant parking, direct access to Route 34 and convenience to the Garden State Parkway. Christopher DeLorenzo of Mack-Cali handled the renewal for the owner, while Vonage was represented by Cushman & Wakefield.

February 24, 2016

Mixed-Use Multifamily New York Northeast Retail

Westbridge Realty Group Negotiates Four Sales in New York City Totaling $8.5M

by Amy Works February 24, 2016

NEW YORK CITY — Westbridge Realty Group has arranged four sales in New York City totaling $8.5 million. In the first transaction, Baycrest Management acquired a multifamily property with 27 apartments and one retail unit from Emritas Realty LLC for $3.9 million. The building is located at 633 E. 186th St. in the Belmont section of the Bronx. Steven Westreich represented the buyer and seller in the deal. In the second transaction, 2 Stanwix LLC purchased a 3,510-square-foot mixed-use property located at 2 Stanwic St. in Brooklyn’s Bushwick neighborhood for $2 million, or $570 per square foot. Adam Traub of Westbridge represented the buyer, while Hen Vaknim, also of Westbridge, represented the seller, 2S, in the transaction. In the third deal, East Williamsburg Powers LLC acquired a 3,750-square-foot apartment building, located at 280 Powers St. in Brooklyn’s Williamsburg section, for $1.4 million. Westreich represented the buyer, while Traub represented the undisclosed seller. In the final transaction, Westreich represented the buyer and seller in the $1.2 million exchange of 345 Montgomery Street in Brooklyn. The assets, which include eight unsold coop rent-stabilized units, sold for $158 per square foot. The names of the buyer and seller were not released.

February 24, 2016

Multifamily Seniors Housing Washington Western

Capitol Seniors Housing Buys Historic Seniors Housing Community in Seattle for $36.3M

by Nellie Day February 24, 2016

SEATTLE — Holliday Fenoglio Fowler (HFF) has arranged the sale of, and acquisition financing for, Queen Anne Manor, a 93-unit seniors housing community in Seattle’s Upper Queen Anne neighborhood. Capitol Seniors Housing acquired the asset from an undisclosed seller for $36.3 million, free and clear of existing debt. HFF also assisted the buyer in securing a $25 million, seven-year, floating-rate loan through Freddie Mac. Queen Anne Manor has 54 assisted living units and 39 memory care units averaging 294 square feet each. Renovated most recently in 2015, the west building of the property was originally built in 1908 and the east building was completed in 1927. The property was 96 percent leased at the time of sale and is situated on just over one acre. Milestone Retirement Communities LLC, which is based in Vancouver, Wash., will manage the property. Senior managing directors Ryan Maconachy and Chad Lavender and associate director Sarah Baccich led the HFF team.

February 24, 2016

Multifamily Oregon Western

Berkshire Group Buys Lower Burnside Lofts in Portland for $18.5M

by Nellie Day February 24, 2016

PORTLAND, ORE. — Berkshire Group has purchased the 63-unit Lower Burnside Lofts in Portland for $18.5 million. The community is located at 60 SE 10th Ave., within the Lower Burnside neighborhood. Lower Burnside Lofts was built last year and began leasing in July 2015. Robert Black of ARA Newmark represented the seller, Urban Asset Advisors, in this transaction.

February 24, 2016

Colorado Retail Western

Pinnacle Arranges Sale of 6,518 SF Retail Center in Colorado

by Nellie Day February 24, 2016

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Colfax & Kipling Center, a 6,518-square-foot retail center located in Lakewood for an undisclosed price. The property is fully leased to Starbucks Coffee, Kolache Factory and Cricket Mobile. Rob Edwards and Tom Ethington of Pinnacle brokered both sides of the off-market transaction.

February 24, 2016

Office Washington Western

Qumulo Expands to 75,000 SF at Century Square in Seattle

by Nellie Day February 24, 2016

SEATTLE — Data storage systems provider Qumulo has expanded to 75,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave., between the South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.

February 24, 2016

Louisiana Retail Southeast

Stirling Properties, CBL Add Tenants to Fremaux Town Center in New Orleans Suburb

by John Nelson February 24, 2016

SLIDELL, LA. — Stirling Properties and CBL & Associates Properties Inc. have added four new retailers to Phase II of Fremaux Town Center, a regional shopping and entertainment destination totaling more than 630,000 square feet in Slidell, a suburb of New Orleans. The project is located on more than 80 acres at the southwest corner of I-10 and Fremaux Avenue. The new tenants joining Fremaux this spring include Books-A-Million (7,500 square feet), Allure Nail Spa (1,944 square feet), LensCrafters (3,830 square feet) and 5 Below (8,024 square feet). Additionally, Springs at Fremaux Town Center, a 296-unit apartment complex, is expected to deliver in March. Other previously announced tenants joining this year include Pier 1 Imports, Capital One, Aveda, Goodyear and Chico’s. Tesla Motors has also completed installing eight charging stations at the development. Existing tenants of Phase II include Red Robin, Zales, Francesca’s, Off Broadway Shoe Warehouse, Victoria’s Secret, Buckle, Charlotte Russe, LOFT, Bath & Body Works, Journeys, Claire’s and Which Wich.

February 24, 2016

Colorado Retail Western

Massage Heights Plans Aggressive Franchise Expansion

by Nellie Day February 24, 2016

DENVER — Massage Heights, a leader of therapeutic massage and facial services, opened nearly two dozen locations in 2015. Ramping up franchise expansion, Massage Heights plans to open 40 locations this year and have 300 open by the end of 2018. As part of its growth strategy, the brand plans to develop franchised locations in cities like Denver, San Diego and Las Vegas in 2016. Additionally, Massage Heights is seeking area developers to grow the brand in Sacramento, Calif., Los Angeles and Salt Lake City.

February 24, 2016

Loans Mississippi Multifamily Southeast

Capital One Arranges $11.8M Acquisition Loan for Apartment Community in Jackson

by John Nelson February 24, 2016

JACKSON, MISS. — Capital One has provided an $11.8 million, fixed-rate Freddie Mac loan for the acquisition of Tracewood Apartments, a 280-unit apartment community in Jackson. Chad Thomas Hagwood of Capital One Multifamily’s Southeast office arranged the 10-year, fixed-rate loan on behalf of the borrower, StoneRiver Co. Brandon Pate of Capital One’s Birmingham office managed the deal on behalf of Capital One. The loan structure includes two years of interest-only payments followed by a 30-year amortization schedule.

February 24, 2016

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