Property Type

Construction Underway for New Facility at LogistiCenter Logan in New Jersey

by Amy Works January 6, 2015

LOGAN TOWNSHIP, N.J. — Dermody Properties has started construction on a multi-tenant industrial facility at LogistiCenter Logan, its 7.4-million-square-foot industrial park in Logan Township. Located at 1110 Commerce Blvd., the facility will total 171,600 square feet. Upon completion, the facility will be fully operational and suited for e-commerce, food and beverage, and consumer product warehousing and distribution. The facility will feature 32-foot clear heights, 105 car parking spaces and 39 trailer parking spaces. Blue Rock Construction is serving as construction partner for the property, which is being marketed by Colliers International. Great Point Investors LLC is the strategic capital partner on the project. Construction is slated for completion this summer.

January 6, 2015

Multifamily New York Northeast

GFI Realty Services Brokers $25.7M Sale of Brooklyn Multifamily Building

by Amy Works January 6, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.

January 6, 2015

Multifamily New Jersey Northeast

PRP Sells Park Crest Village Apartments for $23M

by Amy Works January 6, 2015

GLASSBORO, N.J. — PRP Real Estate Investment Management has completed the sale of the Park Crest Village Apartments, a garden apartment community located in Glassboro. Chelsea Management purchased the 385-unit property for $23 million. At the time of sale, Park Crest Village was 94 percent occupied, up from 88 percent when PRP originally acquired the property in 2007.

January 6, 2015

Industrial New York Northeast

Kalmon Dolgin Affiliates Brokers $14M Sale of Two Warehouses in Queens

by Amy Works January 6, 2015

NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of two interconnecting warehouses at 33-33 and 33-35 11th St. on the border of Astoria and Long Island City in Queens. JPRG Holdings purchased the properties, which total 57,400 square feet, for $14 million. The property features 19-foot ceilings, frontage along three streets, multiple loading docks and heavy power. Additionally, there is 1,700 square feet of parking on the lot. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the seller in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. Hentze Dor Realty represented the buyer in the deal.

January 6, 2015

Arizona Retail Western

Sahuarita Plaza Shopping Center Near Tucson Sells for $12.2M

by Nellie Day January 6, 2015

TUCSON, ARIZ. – Sahuarita Plaza Shopping Center, a 160,000-square-foot retail power center near Tucson, has sold to Colt Valley Development Company for $12.2 million. The center is located at the interchange of I-19 and Duval Mine Road in Sahuarita. It’s anchored by Ross, Big Lots, PETCO, Jo-Ann Fabric and Crafts and Ace Hardware. The seller was Canada Life Real Estate LLC. The transaction was executed by Greg Furrier of Cushman & Wakefield | PICOR and Greg Valladao of Cushman & Wakefield.

January 6, 2015

Arizona Multifamily Western

Cove on 44th Apartment Community in Phoenix Changes Hands

by Nellie Day January 6, 2015

PHOENIX – Cove on 44th, a 256-unit apartment community in Phoenix, has sold to Cove Phoenix LLC for $7.7 million. The Class B community is located at 4030 N. 44th Ave. It was built in 1983. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest team represented both the buyer and seller, Cove at 44th LLC, in this transaction.

January 6, 2015

Colorado Retail Western

MonkeySports Opens First Superstore in Colorado

by Nellie Day January 6, 2015

DENVER – MonkeySports has opened its first superstore in Colorado. The 15,125-square-foot outpost is located at 6578 S. Yosemite Circle in Greenwood Village, just east of Littleton. MonkeySports is the nation’s largest retailer of hockey and lacrosse equipment. It also operates locations in California, Massachusetts, New Hampshire, New Jersey and Sweden. MonkeySports was represented by Frank Griffin of Newmark Grubb Knight Frank. The landlord was not named.

January 6, 2015

Colorado Retail Western

Aurora Strip Center Sells for $1.8M

by Nellie Day January 6, 2015

AURORA, COLO. – A 34,589-square-foot retail strip center in Aurora has sold to M&M Corporation LLC for $1.8 million. The five-building center is located at 3113-3191 Peoria Street. The property was leased to 16 retailers, many of which were long-term tenants, at the time of sale. M&M was represented by Lan Than of Landmark Real Estate Services. The seller, THS Properties LLC, was represented by Marc Lippitt, Scott Shwayder and Justin Herman of Unique Properties Inc. – TCN Worldwide.

January 6, 2015

Arizona Industrial Western

Garlock Printing Leases Distribution Space in Sparks

by Nellie Day January 6, 2015

SPARKS, NEV. – Garlock Printing and Converting West has leased 65,088 square feet of distribution space at the Greg Street Industrial Park in Sparks. The space is located at 1450 E. Greg Street. The retail packaging service provider first opened a facility out West in Reno this past March. The company was represented by J. Michael Hoeck, Michael Nevis, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group. The landlord was not named.

January 6, 2015

California Market Reports Office Western Western Market Reports

OC Office Market Recovers

by Nellie Day January 6, 2015

The Orange County office market continues to experience steady growth as it moves into 2015, with three straight years of positive net absorption under its belt. The county’s unemployment rate has dropped to 5.4 percent over the past 12 months, while the job growth rate has averaged 1.8 percent over the same period. The overall signs for the office market are very positive as we head into the growth phase of this real estate cycle. Orange County’s office market has experienced almost 1.7 million square feet of net absorption in the past 12 months, according to CoStar. This net absorption has been spread out evenly over Class A and B properties. The current vacancy rate of 11.4 percent has steadily declined on an average of 1 percent per year for the past four years. Based on current absorption trends, the office vacancy could dip below 10 percent in 2016, which may usher in significant speculative development. The majority of the tenant activity is home grown, with limited growth from companies outside of Orange County. Net absorption is mainly due to recent larger space transactions. These occupiers include Pacific Investment Management absorbing 380,000 square feet, Belkin International (128,000 square feet), Yokohama …

January 6, 2015

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