Property Type

Doubletree-by-Hilton-Pittsburgh-GreenTree

Avatar Financial Provides Bridge Loan for 460-Room Hilton-Branded Hotel in Pittsburgh

by Taylor Williams February 1, 2024

PITTSBURGH — Seattle-based Avatar Financial Group has provided an $8.4 million bridge loan for the DoubleTree by Hilton Pittsburgh-Green Tree hotel on the city’s southwest side. The property consists of three buildings with a total of 460 rooms. Amenities include three food-and-beverage options, indoor and outdoor pools, a fitness center and 40,000 square feet of meeting and event space. The sponsor, a joint venture between New York City-based investment firms First Choice Investments and The Chetrit Group, acquired the asset in 2021. The financing carries a 24-month term and loan-to-value ratio of approximately 26.5 percent, and the proceeds will be used to complete renovations and pay off existing debt.

February 1, 2024

Acquisitions Industrial New Hampshire Northeast

Newmark Negotiates $39.7M Sale-Leaseback of Industrial Facility in Londonderry, New Hampshire

by Taylor Williams February 1, 2024

LONDONDERRY, N.H. — Newmark has negotiated the $39.7 million sale-leaseback of a 224,780-square-foot industrial facility in Londonderry, located outside of Manchester near the New Hampshire-Massachusetts border. The facility was constructed on 17 acres in 2018 for digital printing company EFI and includes both manufacturing and research and development space. Richard Ruggiero and Brian Pinch of Newmark represented EFI in the transaction. The duo also procured the buyer, regional investment firm R.J. Kelly. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark provided additional support on the transaction.

February 1, 2024

Industrial Leasing Activity Massachusetts Northeast

Axcelis Technologies Signs 95,800 SF Industrial Lease in Beverly, Massachusetts

by Taylor Williams February 1, 2024

BEVERLY, MASS. — Axcelis Technologies, which supplies manufacturing equipment for the semiconductor business, has signed a 95,800-square-foot industrial lease in Beverly, a northern suburb of Boston. Axcelis will use the entirety of the building at 105 Sam Fonzo Drive for order fulfillment and distribution purposes. Richard Ruggiero, Matt Adams, Torin Taylor and Rory Walsh of Newmark represented the tenant in the lease negotiations. The representative of the landlord, a Massachusetts-based limited liability company, was not disclosed.

February 1, 2024

Industrial Leasing Activity Northeast Pennsylvania

Zimmel Associates Negotiates 70,000 SF Industrial Lease in Bethlehem, Pennsylvania

by Taylor Williams February 1, 2024

BETHLEHEM, PA. — Regional brokerage firm Zimmel Associates has negotiated a 70,000-square-foot industrial lease in the Lehigh Valley city of Bethlehem. The 120,000-square-foot building at 2500 Emrick Blvd. was constructed in 2017 and features a clear height of 32 feet and 3,500 square feet of office space. David Zimmel of Zimmel Associates represented the tenant, Romeo & Layla Warehousing, in the negotiations for the seven-year lease. Locally based developer J.G. Petrucci Co. owns the building.

February 1, 2024

Acquisitions Healthcare New York Northeast Retail

Marcus & Millichap Brokers $4.9M Sale of Retail, Medical Office Building in Brooklyn

by Taylor Williams February 1, 2024

NEW YORK CITY — Marcus & Millichap has brokered the $4.9 million sale of a 10,900-square-foot retail and medical office building in Brooklyn’s Sheepshead Bay neighborhood. The building at 1670 E. 17th St. has 12 suites and is zoned for up to 4,700 square feet of expansion. Jakub Nowak of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

February 1, 2024

Acquisitions California Industrial Office Western

Sorrento Seven Sells Mixed-Use Sorrento View Business Park in San Diego for $45M

by Amy Works February 1, 2024

SAN DIEGO — Sorrento Seven LLC has completed the disposition of Sorrento View Business Park, a multi-tenant, mixed-use flex business park in San Diego’s Sorrento Mesa neighborhood. A private buyer acquired the asset for $45 million. Totaling 139,340 square feet, the seven-building park is located at 5945-5965 Pacific Center Blvd., 10151-10211 Pacific Mesa Blvd. and 5940 Pacific Mesa Court. Evan McDonald of Colliers represented the seller, while the buyer was self-represented in the deal.

February 1, 2024

Arizona Civic Development Western

Willmeng Breaks Ground on Sun Valley Academy’s New Campus in Glendale, Arizona

by Amy Works February 1, 2024

GLENDALE, ARIZ. — Willmeng Construction has broken ground on the newest Morrison Education Group campus, Sun Valley Academy – Glendale. Located at the corner of N. 83rd Ave. and W. Bethany Home Road in Glendale, the K-8 education facility will be a Title 1 tuition-free public charter school and the third campus opened by Morrison Education Group. Carhuff + Cueva Architects designed the 59,000-square-foot facility, which will feature classrooms, a multi-purpose room, an outdoor playground and a sports field. The school is slated to welcome its first students this fall.

February 1, 2024

Acquisitions California Office Western

Bassman-Blaine Holdings Divests of Office Building in Irvine, California for $11.2M

by Amy Works February 1, 2024

IRVINE, CALIF. — Bassman-Blaine Holdings LLC has completed the disposition of an office building located at 2485 McCabe Way in Irvine. DTMM Properties acquired the asset for $11.2 million, or $539 per square foot. The two-story, 20,772-square-foot building features a state-of-the-art gym, spa-like restrooms with lockers and showers, kitchens and high-end finishes. The buyer intends to occupy the building for its business. Allen Basso, Eric Darnell and Kylee King of Lee & Associates Irvine represented the seller, while Kacey Taormina and Aspen Labrador of Compass represented the buyer in transaction.

February 1, 2024

Acquisitions California Industrial Western

West Harbor Capital Purchases Multi-Tenant Distribution Warehouse in City of Industry, California

by Amy Works February 1, 2024

CITY OF INDUSTRY, CALIF. — West Harbor Capital has acquired a distribution facility, located at 14313-14351 E. Bonelli St. in the Los Angeles suburb of City of Industry. Earl M. Hill Limited Partnership sold the asset for $16.5 million. The property features 69,498 square feet of multi-tenant distribution space. The property was acquired with a 28,240-square-foot vacant and 41,258 square feet leased to two logistics tenants. Steffan Morris and Eric Parkhurst of Lee & Associates represented West Harbor Capital, while Kent Stalwick of CBRE represented the seller in the transaction.

February 1, 2024

California Loans Retail Western

JLL Arranges $20.5M Refinancing for Almaden Safeway Center in San Jose, California

by Amy Works February 1, 2024

SAN JOSE, CALIF. — JLL Capital Markets has arranged $20.5 million in refinancing for Almaden Safeway Center, a retail property in San Jose. Bruce Ganong, Lillian Roos and Matthew Mingrone of JLL Capital Markets secured the 10-year, fixed-rate loan through RGA Reinsurance Co. for the borrower, Brothers International Holding Corp. Situated on 11.6 acres, the three-building Almaden Safeway Center features 143,452 square feet of retail space. The property is fully occupied by 10 tenants, including Safeway, JoAnn Fabrics, McDonald’s, T-Mobile and Savers.

February 1, 2024

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