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Bell-Shrewsbury
AcquisitionsMassachusettsMultifamilyNortheast

Bell Partners Acquires 250-Unit Apartment Community in Shrewsbury, Massachusetts

by Taylor Williams

SHREWSBURY, MASS. — North Carolina-based investment firm Bell Partners has acquired Quinn35, a 250-unit apartment community located in the central Massachusetts city of Shrewsbury. The property was built in 2018 and has been managed by Bell Partners since 2019. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include a clubhouse and social lounge, a 24-hour fitness center, recreation room with billiards, dog park, outdoor lounge and a heated pool. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, New York City-based Bluerock Real Estate Holdings, in the transaction. Bell Partners has rebranded the property as Bell Shrewsbury.

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DevelopmentHospitalityNortheastPennsylvania

Equus Capital Partners Completes 140-Room Hotel in Metro Philadelphia

by Taylor Williams

NEWTOWN SQUARE, PA. — Locally based investment firm Equus Capital Partners has completed a 140-room hotel in Newtown Square, a western suburb of Philadelphia, that is operated under the AC by Marriott brand. The site of the five-story building is located within the 218-acre Ellis Preserve master-planned community and was formerly home to the Charles Ellis School for fatherless girls. Amenities include 2,200 square feet of meeting and event space, a daytime café that turns into a nighttime lounge and a 24-hour fitness center. Gulph Creek Hotels manages the property.

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Leasing ActivityLife SciencesMassachusettsNortheast

LifeMine Signs 56,456 SF Life Sciences Lease in Watertown, Massachusetts

by Taylor Williams

WATERTOWN, MASS. — Biopharmaceutical company LifeMine has signed a 56,465-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 LifeMine 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.

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Dolby-Theatre-Los-Angeles-CA
AcquisitionsCaliforniaRetailWestern

JEBS Hollywood Entertainment Buys 3,400-Seat Dolby Theatre in Hollywood

by Amy Works

LOS ANGELES — JEBS Hollywood Entertainment LLC has acquired Dolby Theatre, an iconic live performance entertainment auditorium in Los Angeles’ Hollywood neighborhood. Terms of the transaction, which included two surface parking lots totaling 1.45 acres, were not released. Built in 2001 and home of the Academy Awards since 2002, the 180,000-square-foot theater offers 3,400 seats. The asset is located at 6801 Hollywood Blvd. within the Ovation Hollywood retail complex. Chris Bonbright of Avison Young represented the buyer, while Will Poulsen and Peter Hajimihalis of JLL and Carl Muhlstein of Muhlstein CRE represented the undisclosed seller in the deal. Slatt Capital’s Antonio Hachem, Cornelius Baliukonis and Wendy Wang arranged debt financing, which was provided by Castellan Real Estate Partners. JEBS Hollywood Entertainment is led by Elie Samaha and includes Sherwin Jarol, Jeff Sagansky, Jonah Lazowski, Two Girls Holdings LLC and Sheikh Abdulla Bin Mohamed Al Qasimi through his investment firm, Master Investment Group.

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CaliforniaHospitalityLoansWestern

Berkadia Arranges $92.5M in Refinancing for Hotel Portfolio in Carlsbad, California

by Amy Works

CARLSBAD, CALIF. — Berkadia has arranged $92.5 million in refinancing for two hotels in Carlsbad — Cape Rey Carlsbad Beach, a Hilton Resort & Spa and Hilton Garden Inn Carlsbad Beach. Scott Hall and Aaron Lapping of Berkadia Hotels & Hospitality secured the loan through MetLife Investment Management on behalf of the borrower, California-based Wave Crest Hotels and Resorts. The five-year loan features a half-term interest-only provision and a 65 percent loan-to-value ratio. The 215-key Cape Rey Carlsbad Beach and the 161-key Hilton Garden Inn Carlsbad Beach both offer access to beaches, shopping, golf, Legoland and the Flower Fields. The hotels feature ocean views, outdoor pool areas and meeting and event venues.

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AcquisitionsIndustrialNAINortheastPennsylvania

NAI Summit Brokers Sale of 32,329 SF Warehouse in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — NAI Summit has brokered the sale of a 32,329-square-foot warehouse located at 801 W. Greenleaf St. in the Lehigh Valley city of Allentown. According to LoopNet Inc., the property was originally built in 1925 and renovated in 1990 and features a clear height of 18 feet. Mike Adams and Sarah Finney Miller of NAI Summit represented the seller, personal care products manufacturer Spartan Brands, in the transaction. The Allentown Economic Development Corp. purchased the building for $1.4 million.

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785-Market-St-SanFran-CA
CaliforniaDevelopmentMultifamilyWestern

Forge Development Starts Residential Conversion of Humboldt Bank Office Building in San Francisco

by Amy Works

SAN FRANCISCO — Forge Development Partners has started its project to convert the historic Humboldt Bank, an office building located at 785 Market St. in San Francisco into workforce housing. Forge plans to begin construction on 785 Market Street in early 2025, contingent on pending legislation. Planned renovations will preserve the 19-story building’s historic façade, ground-floor retail space and Baroque-style dome, while upgrading the infrastructure of the building to provide a high-quality scaled living experience for middle-income residents. Upon completion, 785 Market Street, which was originally built in 1908, will feature 124 apartments. The project aligns with the city’s housing production initiative to bring 30,000 new residences and students to downtown San Francisco by 2030 and targets a zero net carbon and energy solution. Forge is partnering with Cordia, a San Francisco-based energy solution company that purifies groundwater, to produce steam that will be piped through 785 Market Street and used for space heating, domestic hot water and air conditioning.

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Extended-Stay-America-Belgrade-MT
DevelopmentHospitalityMontanaWestern

Rimrock Cos. Develops First Extended Stay America Premier Suites Hotel in Montana

by Amy Works

BELGRADE, MONT. — Rimrock Cos. has developed the first Extended Stay America-branded hotel in Montana. Located at 101 Abby St. in Belgrade, the four-story Extended Stay America Premier Suites Belgrade – Bozeman – Yellowstone Airport offers 124 guest rooms and convenient access to the area’s top attractions and businesses. The hotel features free Wi-Fi, complimentary breakfast, premium cable, a 24-hour fitness room, on-site guest laundry, a dedicated pet area, and a grill and picnic area, as well as the Extended Stay America Premier Suites’ signature lobby with vending options. Each suite includes signature bedding, recliner, workspace and a fully equipped kitchen with a full-size refrigerator, microwaves, stovetops, cookware, utensils and dishes. Hotel Management & Consulting will manage the hotel.

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CommCap-Spencer-St-Las-Vegas-NV
IndustrialLoansNevadaWestern

CommCap Advisors Secures $7.2M in Refinancing for Industrial Property in Las Vegas

by Amy Works

LAS VEGAS — CommCap Advisors has arranged $7.2 million in refinancing for Spencer Street Industrial in the Las Vegas Airport submarket. The borrower was Spencer Street Investors LLC. The property consists of two single-story multi-tenant warehouse and distribution facilities totaling 162,342 rentable square feet. CommCap Advisors secured the full-term interest-only loan through one of CommCap’s correspondent life insurance companies.  

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Leasing ActivityNortheastPennsylvaniaRetail

Kids Empire Opens 12,000 SF Indoor Playground in Warminster, Pennsylvania

by Taylor Williams

WARMINSTER, PA. — Kids Empire has opened a 12,000-square-foot indoor playground in Warminster, a northern suburb of Philadelphia. The space is located within the 266,000-square-foot Center Point Place shopping center and features floor-to-ceiling climbing walls, play structures, ball pits, slides and interactive games. Rob Samtmann of Equity Retail Brokers represented Kids Empire in the lease negotiations. Westover Commercial owns Center Point Place.

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