OCEANSIDE, CALIF. — Marcus & Millichap has arranged the sale of 1210 South Nevada Street, an apartment property in Oceanside. Matt Vessell sold the asset to Matt Pace for $3.3 million. The apartment building features eight two-bedroom/one-bath units and three one bedroom/one-bath units. Community amenities include 11 single-car garages and 12 offsite parking spaces. Adrian Grobelny and Conor Brennan of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.
NEW YORK CITY — Global investment management firm AllianceBernstein LP (NYSE: AB) has opened its new office at The Spiral, a 66-story office tower in New York City’s Hudson Yards district. The office spans 189,000 square feet across four floors and houses two business lines for the tenant: AllianceBernstein and Bernstein Private Wealth Management. Tishman Speyer delivered The Spiral last year at 66 Hudson Blvd. E, which is situated on the west side of Midtown Manhattan. The tower sits at the north end of the High Line trail and houses office, healthcare and retail locations for tenants including HSBC, New York-Presbyterian Hospital and Pfizer, among others. AllianceBernstein’s new office features open floor plans, advanced technology, collaborative meeting and events spaces and outdoor terraces on every level. “This transition marks a special moment for our firm,” says Onur Erzan, head of AB Global Client Group and Bernstein Private Wealth Management. “Our brand-new, state-of-the-art space in the heart of New York City presents significant opportunities to our clients and colleagues.” AllianceBernstein struck the 20-year lease agreement with Tishman Speyer in 2019. The firm’s previous New York headquarters was located at the AllianceBernstein Building at 1345 Avenue of the Americas. The New York …
Orlando’s multifamily market has experienced softened conditions lately due to a record amount of new supply being built, as well as economic challenges impacting commercial real estate as a whole. Yet, green shoots have emerged as insurance costs continue to ease and interest rates remain steady with downward pressure. Both overall sentiment and renter demand have steadily improved as well. Properties in the multifamily space seeing the most interest these days are those that are high-quality and well-located. Two key multifamily sale transactions that occurred in the second quarter of 2024 were in the Southwest Orlando submarket. This includes the 424-unit Osprey Links at Hunter’s Creek property that sold for $100.6 million, which marked Orlando’s largest multifamily sale this year, and the 296-unit Sonceto Apartments property that sold for $71 million. Investors are flooding back into the market with increasingly more aggressive offers and heightened competition as a result of the still limited available multifamily inventory and notion that supply levels have peaked. However, additional supply will still enter the market in the years to come as developers maintain a positive outlook on Orlando with just over 2,000 units across six buildings delivered by the end of the second quarter …
SUNNYVALE, TEXAS — California-based CapRock Partners has acquired 32.5 acres in Sunnyvale, an eastern suburb of Dallas, for the development of a 518,000-square-foot industrial project that will be known as Clay Road Business Park. The development will consist of three shallow-bay buildings with 32-foot clear heights, dock-high and ramp loading doors, ESFR sprinklers and trailer parking. Construction is scheduled to begin in 2025 and be compete in 2026. Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King of JLL represented CapRock in the land acquisition.
HOUSTON — Bel Air Lighting has purchased a 112,667-square-foot industrial building in North Houston. According to showcase.com, the building at 16622 Hafer Road was constructed in 2023 and features 32-foot clear heights, 22 dock doors, two drive-in doors and 130 car parking spaces. Jeremy Lumbreras and Garret Geaccone of Stream Realty Partners represented the seller, locally based firm Alliance Industrial Co., in the transaction. The sales price was not disclosed.
SOUTHFIELD, MICH. AND JACKSONVILLE, FLA. — Southfield-based Sterling Bancorp Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust FSB, has entered into a definitive agreement to sell all of its shares to Jacksonville-based EverBank Financial Corp. for $261 million. The sale is subject to customary closing conditions, including regulatory approvals and approval by Sterling’s shareholders. Sterling’s board of directors has unanimously approved the transaction, which is expected to close in the first quarter of 2025. As a condition of the sale, Sterling will sell its residential mortgage loans to Delaware-based Bayview Acquisitions LLC. The closing of the loan sale is to occur immediately prior to the closing of the sale of the bank. In December 2022, Sterling engaged Keefe Bruyette & Woods to serve as financial advisor to assist in exploring and evaluating potential opportunities for a strategic combination with another bank. As that process began, Sterling was also finalizing a settlement with the U.S. Department of Justice. “Ultimately, Sterling’s board of directors determined that there was no practical way to pursue any form of standalone independent operations given the extremely high costs required and the multiple years needed to execute a new strategic vision without risking ongoing …
HERCULANEUM, MO. — The Jefferson County Port Authority (JCPA) has purchased approximately 18 acres along the Mississippi River in Herculaneum, a southern suburb of St. Louis. Riverview Commerce Park LLC (RCP), along with the operations of RCP, sold the acreage in a $20 million transaction. The site will serve as the first publicly owned terminal facility in Jefferson County. The port terminal at RCP is situated below any lock and dam system, providing a direct shot to the Gulf of Mexico. The terminal has more than 3,000 square feet of rail spur, located directly off the Union Pacific Railroad, and is less than two miles from I-55. The port facility and surrounding acreage anchors a broader 300-acre site that received Port District zoning earlier this year, making way for redevelopment as an intermodal transportation hub and industrial park. Under the terms of the deal, the port facility will continue to be operated by RCP in partnership with JCPA. Approximately 1 million tons of freight moved through the port in 2023. In 2022, JCPA received $25 million in funding from the State of Missouri to help support port development. This funding enabled JCPA to enter into this agreement and begin planning …
PLANO, TEXAS — Atlantic Aviation has signed a 26,608-square-foot office lease in Plano. The provider of aircraft ground support services will occupy a full floor at Granite Park 6, a 422,109-square-foot building that was completed in 2023. Ryan Hoopes and Tom Sutherland of Cushman & Wakefield represented the tenant in the lease negotiations. Robert Jimenez, Burson Holman and Elizabeth Fortado represented the landlord, Granite Properties, which owns the property in partnership with Raleigh-based REIT Highwoods Properties, on an internal basis. The deal brings the building to 26 percent occupancy.
CHICAGO — Interra Realty has brokered the sale of a five-building, 97-unit multifamily portfolio in Chicago for $19.3 million. Joe Smazal and Mark Dykstra of Interra represented the buyer, Silver Property Group Ltd., a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group. The portfolio consists of the following properties: 4654 N. Monticello Ave., 4718-24 N. Bernard St., 1501 N. California Ave., 4226-30 N. Whipple St. and 4057 W. Melrose St.
AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.