Property Type

Plaza Advisors Brokers $4.7M Sale of Retail Strip Center in St. Petersburg, Florida

by John Nelson October 17, 2024

ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $4.7 million sale of Bay Pines, a 9,110-square-foot retail strip center located along Bay Pines Boulevard in St. Petersburg. The property serves as an outparcel to a Walmart Supercenter and was 85 percent leased at the time of sale to tenants including Starbucks Coffee, Supercuts and Jimmy Johns. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the seller, Palm Beach Gardens, Fla.-based Kitson & Partners, in the transaction. The buyer was an undisclosed REIT. The transaction completes a three-property disposition that Plaza Advisors brokered on behalf of Kitson & Partners that includes adjacent Texas Roadhouse and Village Inn properties, which were sold to separate 1031 investors.

October 17, 2024

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers $156.3M Sale of Industrial Outdoor Storage Portfolio in Northern New Jersey

by Taylor Williams October 17, 2024

HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.

October 17, 2024

Development Idaho Industrial Western

Mart Frozen Foods Opens 100,000 SF Food Manufacturing Facility in Southern Idaho

by Amy Works October 17, 2024

RUPERT, IDAHO — Mart Frozen Foods, a subsidiary of The Mart Group, has opened a $65 million high-tech food manufacturing facility in Rupert. Situated in Southern Idaho’s Magic Valley region, which leads the state’s agribusiness industry, the 100,000-square-foot plant produces and packages frozen, fully baked Idaho potatoes known as OH!Tatoes. The new facility is adjacent to The Mart Group’s headquarters, bringing the company’s total employment in Rupert to more than 230 people. The new Mart Frozen Foods facility will directly create 80 full-time jobs and have an estimated annual economic impact of $11.5 million.

October 17, 2024

Earl-Monroe-New-Renaissance-Basketball-School

Civic Development Northeast

Pillar Property Management Breaks Ground on $35M Basketball Charter School in The Bronx

by Taylor Williams October 17, 2024

NEW YORK CITY — Pillar Property Management has broken ground on The Earl Monroe New Renaissance Basketball School, a $35 million academic project in the Mott Haven area of The Bronx. The five-story, 69,000-square-foot building will be located at 647 Elton Ave. and will house an 8,000-square foot gymnasium, 27 regular and specialty classrooms, a library/media production studio and a dedicated broadcast studio. New Renaissance Basketball Association will operate the school, which expects to have an enrollment of about 400 students, via a long-term lease with Pillar. The project team includes ESKW/Architects, IMC Architecture, JV Construction & Consulting and Brisa Builders. Completion is slated for early 2026.

October 17, 2024

Loans Multifamily Seniors Housing Washington Western

Live Oak Bank Provides $47.5M Bridge Loan for Seniors Housing Community in Metro Seattle

by Amy Works October 17, 2024

SILVERDALE, WASH. — Live Oak Bank has provided a $47.5 million bridge loan for the refinancing of an undisclosed seniors housing community located in Silverdale, roughly 25 miles northwest (approximately 70 miles by vehicle) of Seattle. Built in 2022, the property comprises 172 independent living, assisted living and memory care units. The borrower is a Florida-based owner of seniors housing communities. The financing features a three-year initial term and 24 months of interest-only payments. Loan proceeds were used to retire the existing debt, with $4 million in potential future earnout proceeds.

October 17, 2024

Acquisitions California Loans Retail Western

Archway Capital Provides $22.8M Acquisition Loan for Simi Valley Town Center in California

by Amy Works October 17, 2024

SIMI VALLEY, CALIF. — Archway Capital has provided a $22.8 million loan for the purchase of Simi Valley Town Center, a 637,728-square-foot, open-air retail center situated on more than 42 acres in Simi Valley. Archway closed the non-recourse, two-year loan within 30 days of origination on behalf of the undisclosed borrower. Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon Wireless, Corner Bakery and Starbucks Coffee are tenants at the center, which is located at 1403-1685 Simi Town Center Way and was built in 2005. According to Archway Capital, the new ownership has a strategic plan to reposition the property to lifestyle retail over the next 12 months.

October 17, 2024

Healthcare Loans New York Northeast

Eastdil Secured Arranges Recapitalization of 186,000 SF Medical Office Building in Manhattan

by Taylor Williams October 17, 2024

NEW YORK CITY — Eastdil Secured has arranged the recapitalization of Park Sixty, a 186,000-square-foot medical office building located at 110 E. 60th St. in Manhattan’s Plaza District. The property consists of 179,000 square feet of medical office space and 7,000 square feet of retail space and recently underwent a $20 million renovation that upgraded the building’s infrastructure, lobby and common areas. Eastdil acted on behalf of Connecticut-based investment management firm LoanCore Capital, which now owns and operates Park Sixty in partnership with real estate private equity firm Blue Arch Capital and Dallas-based Lincoln Property Co.

October 17, 2024

Acquisitions California Multifamily Western

Berkadia Negotiates $11.7M Sale of Multifamily Community in Torrance, California

by Amy Works October 17, 2024

TORRANCE, CALIF. — Berkadia has negotiated the sale of Anza South Apartments, a garden-style multifamily property in Torrance. Gardena, Calif.-based Swami International acquired the asset from Paladin Co. for $11.7 million. Located at 21010 Anza Ave., Anza South Apartments offers 34 residences, averaging 1,121 square feet. The gated community was built in 1964. Steffan Braunlich and Trent Gardner of Berkadia’s El Segundo office represented the seller, while John Barbie of Bro-Deals Los Angeles represented the buyer in the transaction.

October 17, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 6,233 SF Commercial Property in Denver

by Amy Works October 17, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a 6,233-square-foot commercial boutique building at 1532 Emerson St. in Denver. The three-story property traded for $1.3 million. According to LoopNet Inc., the property, informally known as The Gargoyle Building, was originally built in 1937. Nick Schill of Pinnacle represented the seller, an entity doing business as FILROSS 1328 LLC, in the transaction. The buyer was not disclosed.

October 17, 2024

66-Galen-Street-Watertown-Massachusetts-1

Leasing Activity Life Sciences Massachusetts Northeast

NewCo Signs 61,189 SF Life Sciences Lease in Watertown, Massachusetts

by Taylor Williams October 17, 2024

WATERTOWN, MASS. —Biotechnology company NewCo has signed a 61,189-square-foot life sciences lease in the western Boston suburb of Watertown. The building at 66 Galen St. is a newly completed, 225,000-square-foot facility that is part of a larger, 450,000-square-foot campus. Evan Gallagher and John Carroll of Colliers represented NewCo in the lease negotiations. Duncan Gratton, Connor Barnes and Joe Pearce of Cushman & Wakefield represented the landlord, a partnership between two locally based firms, Davis Cos. and Boston Development Group.

October 17, 2024

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