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WHIPPANY, N.J. —  Coldwell Banker Realty New Homes has begun leasing 34 Eden, an 81-unit apartment complex located in the Northern New Jersey community of Whippany. Units come in one-, two- and three-bedroom formats and range in size from 690 to 1,500 square feet. Amenities include a pool, fitness center, resident lounge, business center and a pet wash station. The first move-ins will begin in August. Rents start at roughly $3,000 per month for a one-bedroom apartment. The owner/developer was not disclosed.

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By Brennen Degner of DB Capital Management The early part of the real estate industry’s “conference season” brings many quality catch-up conversations, and those talks have included concerns. The biggest takeaways from the expert exchanges regarding the broader market are stagnation in transaction volume, office becoming a four-letter word and, most worrying, the limited number of active deals getting re-traded as though it were the new industry standard. Regarding transaction volume, the majority of individuals I had the pleasure of connecting and reconnecting with maintain that the first quarter will be slow as all eyes are on the February and March moves to be made by the Federal Reserve. The consensus seems to be a couple additional 25 basis point rate increases — modest compared to what was seen through the second half of 2022 — and then some pricing stability while the Fed monitors the impact now making its way into the capital markets from its 2022 moves. Once that leveling off occurs, transaction volume should increase rather quickly as there is significant idle capital that needs to be put to work, along with sellers sitting on the sideline waiting for capital market stability.  Regarding office real estate woes, …

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KANSAS CITY, MO. — Co-developers Brain Group and Mercier Street are underway on the conversion of the former Westport Middle and Westport High School campuses in Kansas City into Park 39, a $250 million mixed-use development. The live-work-play campus will be situated on 16 acres at 39th and McGee streets in the city’s Midtown district. Anchoring the project is The Residences at Park 39, a 138-unit apartment community within the four-story former Westport High School. Upon completion, The Residences will include flexible work areas, a fitness center and mailroom, auditorium transformed into modules, conference rooms and library and event spaces for groups large and small. Individual residences will have open floor plans with high ceilings and modern finishes for kitchens, bathrooms and living areas. Each unit will have its own washer and dryer and will range from 400 square feet to 1,600 square feet in size, with expected monthly rents ranging from $950 to $2,000. The building’s new infrastructure will include smart technology and updated electrical, plumbing and fire alarm and protection systems. The original brick-and-stone façade and the front entry of the high school’s original 1908-era building are being preserved and restored, as are the original hardwood floors and …

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HOUSTON — Impact Networking, an Illinois-based provider of cloud-based cybersecurity and marketing services, has signed a 16,000-square-foot office lease at East River, a 150-acre mixed-use development in Houston’s Historic Fifth Ward. Locally based developer Midway is underway on vertical construction of the first phase of East River, which includes office, retail and restaurant space. A timeline for Impact Networking’s move-in was not disclosed. Midway also recently announced an initial slate of retail and restaurant tenants that have committed to East River.

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WILKES-BARRE, PA. — Colliers International has arranged the sale of a 50,000-square-foot office building in Wilkes-Barre, located approximately 100 miles north of Philadelphia. Situated at 15 South Franklin St., the 10-story office building was completed in 1920. The buyer plans to convert the building to apartments or condos, possibly with commercial or office components. Law firm Rosenn, Jenkins & Greenwald has operated its headquarters at the building since 1954 and will relocate to Cross Creek Pointe at 1065 Route 315 in Plains. Jeff Algatt and John Susanin of Colliers represented the seller, a group of locally based private investors. The buyer was Franklin Downtown LLC, based in Somerset, New Jersey. The sales price was undisclosed.

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The overall Las Vegas office market has seen steady positive absorption since 2012. Vacancy rates peaked in 2012 and have been declining year over year. The market vacancy rate is 11.7 percent, as of the third quarter. Occupiers are looking at higher-density options with outdoor collaborative areas and walkable amenities. There are projects planned in several submarkets that can accommodate these requirements, however, with those submarkets tightening, these new projects will be at the upper-end spectrum for rental rates. As Las Vegas has grown and continues to sprawl out, office users have moved to the suburbs to live and work within closer proximity to one another. This has made it increasingly difficult to find larger blocks of available space in the more popular suburban submarkets, thereby causing occupiers to look at other mature submarkets, including Downtown. Downtown serves as Las Vegas’ Central Business District for government, law and civic uses. At one point, it was home to Nevada’s oldest law firm. Downtown is evolving and, in true Vegas fashion, re-inventing itself. The city designed an Innovation District in the Downtown core with an emphasis on emerging technology in the areas of public safety, mobility and environmentally conscious solutions for the …

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DURHAM, N.C — The term “environment” is typically thought of as being strictly outdoors, but for office owners, investors and tenants, the interior of office buildings is an environment unto itself. And like planet Earth, an office environment needs investment in order to protect its inhabitants. “We believe the workplace, where employees spend eight hours a day or longer, must provide a healthy and stimulating interior environment,” says Dan Goldstein, managing partner with Accesso Partners LLC of Hallandale Beach, Florida. Goldstein, whose 15-year-old company owns Class A office towers spanning 15 million square feet in major U.S. cities, contends “it makes good business sense to invest capital in an interior environment where employees are productive, efficient and above all, healthy, which cuts down on illnesses and absenteeism and contributes to job satisfaction.” Accesso Partners is doing more than just preaching. In Durham, the institutional commercial real estate fund recently installed a new lighting solution at its 10-building, 690,520-square-foot space within the Meridian Corporate Center, which is adjacent to the famed Research Triangle Park. The result has been brighter offices that are easier on the eyes and more conductive for close-up, meticulously detailed work. There is also a flipside to that …

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NEW YORK CITY — Berkadia has acquired Central Park Capital Partners (CPCP), a boutique real estate capital advisory firm focused on arranging joint venture investments and structured capital from international and domestic sources. CPCP Managing Principal Noam Franklin and principals Chinmay Bhatt and Cody Kirkpatrick will launch Berkadia’s structured capital group to offer support and resources to Berkadia clients. 

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UPPER MACUNGIE TOWNSHIP, PA. — Procida Funding has provided a $7 million construction loan for a townhome community in Upper Macungie Township. Located at Wrenfield 1230 Route 100 North, the $26 million project will consist of 98 market-rate, two- and three-story townhouse units with an average size of 2,264 square feet. Ashley Development Corp. will construct the community. The borrower was Lou Pektor. 

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NEW YORK CITY — Naftali Credit Partners has arranged a $65 million construction loan for a 74-unit luxury condominium project in Queens. Located at 107-02 Queens Blvd., the 10-story property will also include more than 25,000 square feet of retail space. Amenities will feature a fitness center, playroom and rooftop terrace. Naftali Credit Partners secured the financing on behalf of the borrower, a partnership between RJ Capital Holdings and RB Realty Capital through lender CIT Bank. Terms of the financing were undisclosed. 

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