Tag: commercial Real Estate

Sentinel Real Estate Acquires 404-Unit Residential Complex Near Kansas City – Robert Khodadadian Sentinel Real Estate Corporation has acquired Lexington Farms Apartments, a 404-unit garden-style community in Overland Park, KS, 18 miles southwest of Downtown Kansas City.  Originally constructed in 1997, but recently renovated, Lexington Farms features one-, two- and three-bedroom apartments averaging 972 square feet. Over the past two years, a substantial upgrade program was conducted on …
The post Sentinel Real Estate Acquires 404-Unit Residential Complex Near Kansas City appeared first on Connect CRE.

Sentinel Real Estate Corporation has acquired Lexington Farms Apartments, a 404-unit garden-style community in Overland Park, KS, 18 miles southwest of Downtown Kansas City. 

Originally constructed in 1997, but recently renovated, Lexington Farms features one-, two- and three-bedroom apartments averaging 972 square feet. Over the past two years, a substantial upgrade program was conducted on the property’s common areas, including repainting the building exteriors, remodeling the clubhouse to reflect a contemporary aesthetic and the addition of a business center, Wi-Fi lounge and coffee bar. 

“Lexington Farms presented an attractive opportunity to acquire a partially-renovated multifamily development located in a desirable area supported by strong fundamentals, including good schools and strong local employment centers,” said Michael Streicker, president of Sentinel. “We look forward to leveraging our significant expertise to renovate the remainder of the property, realizing additional upside potential.” 

Sentinel has been active in the Kansas City market throughout its 53-year history, having owned and operated 17 multifamily properties in the area. In addition to Lexington Farms, Sentinel currently owns three properties nearby: Weston Point Apartments, Corbin Greens Apartments and The Fairways at Corbin Park Apartments, providing enhanced competitive positioning in the submarket. 

The post Sentinel Real Estate Acquires 404-Unit Residential Complex Near Kansas City appeared first on Connect CRE.

Sentinel Real Estate Corporation has acquired Lexington Farms Apartments, a 404-unit garden-style community in Overland Park, KS, 18 miles southwest of Downtown Kansas City.  Originally constructed in 1997, but recently renovated, Lexington Farms features one-, two- and three-bedroom apartments averaging 972 square feet. Over the past two years, a substantial upgrade program was conducted on …
The post Sentinel Real Estate Acquires 404-Unit Residential Complex Near Kansas City appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Big Box Industrial Vacancy Reaches Record Low in Chicago Market  – Robert Khodadadian Chicago’s big box industrial vacancy rate continued to drop precipitously during the first quarter of 2022, declining by more than a full percentage point to 2.61%, a record low by a wide margin. A year ago, big box product in the market averaged 8.15%, reported Colliers’ Craig Hurvitz.  Net absorption in the market’s biggest and …
The post Big Box Industrial Vacancy Reaches Record Low in Chicago Market  appeared first on Connect CRE.

Chicago’s big box industrial vacancy rate continued to drop precipitously during the first quarter of 2022, declining by more than a full percentage point to 2.61%, a record low by a wide margin. A year ago, big box product in the market averaged 8.15%, reported Colliers’ Craig Hurvitz. 

Net absorption in the market’s biggest and most modern buildings has been “astounding” since Q4 2020, wrote Hurvitz, VP of market research. It has totaled at least five million square feet each quarter for a grand total of 45 million square feet over the six-quarter period. Net absorption totaled 6.7 million square feet during the first quarter of 2022 alone. 

Unprecedented new leasing activity and the delivery of large build-to-suit projects have figured in the record demand. “With such a tight market, new development will strongly influence net absorption over the coming quarters,” Hurvitz wrote. 

The post Big Box Industrial Vacancy Reaches Record Low in Chicago Market  appeared first on Connect CRE.

Chicago’s big box industrial vacancy rate continued to drop precipitously during the first quarter of 2022, declining by more than a full percentage point to 2.61%, a record low by a wide margin. A year ago, big box product in the market averaged 8.15%, reported Colliers’ Craig Hurvitz.  Net absorption in the market’s biggest and …
The post Big Box Industrial Vacancy Reaches Record Low in Chicago Market  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Landmarks Illinois Loan Funds South Side Preservation Effort  – Robert Khodadadian Landmarks Illinois, the statewide historic preservation nonprofit, issued its first loan through its Reinvestment Program Loan Fund to the Greater Chatham Initiative (GCI) to help finance the preservation of a South Side building that is now home to the organization’s “Artist on the 9” co-working space and gallery.  The loan to GCI funded historic storefront repairs at 735 …
The post Landmarks Illinois Loan Funds South Side Preservation Effort  appeared first on Connect CRE.

Landmarks Illinois, the statewide historic preservation nonprofit, issued its first loan through its Reinvestment Program Loan Fund to the Greater Chatham Initiative (GCI) to help finance the preservation of a South Side building that is now home to the organization’s “Artist on the 9” co-working space and gallery. 

The loan to GCI funded historic storefront repairs at 735 E. 79th St. in the Chatham-Greater Grand Crossing Commercial Historic District, where GCI recently opened Artists on the 9. 

“Our goal with this loan program is to provide accessible funding and lending terms to worthy preservation projects in Illinois that may be unable to attain conventional financing,” said Bonnie McDonald, president & CEO of Landmarks Illinois. 

GCI is a nonprofit charged with developing and driving the implementation of a comprehensive strategy to revitalize the Chatham, Auburn Gresham, Avalon Park and Greater Grand Crossing neighborhoods on the South Side of Chicago. 

The post Landmarks Illinois Loan Funds South Side Preservation Effort  appeared first on Connect CRE.

Landmarks Illinois, the statewide historic preservation nonprofit, issued its first loan through its Reinvestment Program Loan Fund to the Greater Chatham Initiative (GCI) to help finance the preservation of a South Side building that is now home to the organization’s “Artist on the 9” co-working space and gallery.  The loan to GCI funded historic storefront repairs at 735 …
The post Landmarks Illinois Loan Funds South Side Preservation Effort  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Dayton Street Hires Director of Asset Management  – Robert Khodadadian Adam Seyfarth has joined Dayton Street Partners (DSP) as its director of asset management, based in Chicago.  He will be responsible for the day-to-day oversight of the firm’s existing portfolio and dispositions.  Prior to joining DSP, Seyfarth worked as an asset manager and acquisitions associate for Equus Capital Partners.  There, he managed more than two …
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Adam Seyfarth has joined Dayton Street Partners (DSP) as its director of asset management, based in Chicago.  He will be responsible for the day-to-day oversight of the firm’s existing portfolio and dispositions. 

Prior to joining DSP, Seyfarth worked as an asset manager and acquisitions associate for Equus Capital Partners.  There, he managed more than two million square feet of office properties and was involved in more than $400 million of sale/acquisition transactions while there.  

“Adam is a strong addition to the DSP team,” said Michael Schack, a principal with DSP.  “His expertise is invaluable as we continue to expand our portfolio of industrial and logistics properties.” 

The post Dayton Street Hires Director of Asset Management  appeared first on Connect CRE.

Adam Seyfarth has joined Dayton Street Partners (DSP) as its director of asset management, based in Chicago.  He will be responsible for the day-to-day oversight of the firm’s existing portfolio and dispositions.  Prior to joining DSP, Seyfarth worked as an asset manager and acquisitions associate for Equus Capital Partners.  There, he managed more than two …
The post Dayton Street Hires Director of Asset Management  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Shedd Aquarium Launches Pilot ESG Investment Program  – Robert Khodadadian Shedd Aquarium, in partnership with Builders Initiative, is launching a sustainability-focused pilot ESG investment portfolio to fuel the aquarium’s endeavors toward major conservation efforts. The new $19-million portfolio, seeded from Shedd resources and augmented by a significant contribution from Builders Initiative, will be target invested in several sustainability ESG-focused funds  “Shedd’s ESG approach arose from an …
The post Shedd Aquarium Launches Pilot ESG Investment Program  appeared first on Connect CRE.

Shedd Aquarium, in partnership with Builders Initiative, is launching a sustainability-focused pilot ESG investment portfolio to fuel the aquarium’s endeavors toward major conservation efforts. The new $19-million portfolio, seeded from Shedd resources and augmented by a significant contribution from Builders Initiative, will be target invested in several sustainability ESG-focused funds 

“Shedd’s ESG approach arose from an interest in growing and maximizing the aquarium’s impact on our focus areas, including animal welfare, the sustainable use of the world’s oceans and marine resources and combating long-term physical effects of climate change,” said Dr. Bridget Coughlin, Shedd Aquarium president and CEO. 

She added, “With the support of Builders Initiative, this investment portfolio is yet another way Shedd Aquarium is aligning our business practices with our mission and vision of a sustainable and thriving blue planet.” 

The pilot ESG is one of several commitments outlined in the aquarium’s recently adopted Centennial Commitment strategic vision.  

The post Shedd Aquarium Launches Pilot ESG Investment Program  appeared first on Connect CRE.

Shedd Aquarium, in partnership with Builders Initiative, is launching a sustainability-focused pilot ESG investment portfolio to fuel the aquarium’s endeavors toward major conservation efforts. The new $19-million portfolio, seeded from Shedd resources and augmented by a significant contribution from Builders Initiative, will be target invested in several sustainability ESG-focused funds  “Shedd’s ESG approach arose from an …
The post Shedd Aquarium Launches Pilot ESG Investment Program  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Bally’s Proposal for Chicago Casino Clears Key Hurdle with Committee Vote  – Robert Khodadadian The $1.7-billion Bally’s proposal to build a casino in Chicago’s River West neighborhood is set for a final vote in the City Council Wednesday after receiving the blessing of the casino committee Monday, reported Crain’s Chicago Business. The proposal passed 27-3 after changes were made giving aldermen more oversight of the city’s agreement with Bally’s  …
The post Bally’s Proposal for Chicago Casino Clears Key Hurdle with Committee Vote  appeared first on Connect CRE.

The $1.7-billion Bally’s proposal to build a casino in Chicago’s River West neighborhood is set for a final vote in the City Council Wednesday after receiving the blessing of the casino committee Monday, reported Crain’s Chicago Business. The proposal passed 27-3 after changes were made giving aldermen more oversight of the city’s agreement with Bally’s 

The three alderman who voted against the proposal were Brian Hopkins, Brendan Reillyand Michele Smith. Ald. Walter Burnett told Crain’s he understood that other downtown aldermen were “advocating for their community,” but argued, “Sometimes we have to do things that aren’t popular” but are a “necessity.” 

He continued, “This deal is going to happen to help us to be able to balance our budget and deal with these pension challenges we’re going to have in the future.” 

A draft of the so-called host community agreement underwent changes throughout the weekend before Monday’s vote, Crain’s reported. 

The post Bally’s Proposal for Chicago Casino Clears Key Hurdle with Committee Vote  appeared first on Connect CRE.

The $1.7-billion Bally’s proposal to build a casino in Chicago’s River West neighborhood is set for a final vote in the City Council Wednesday after receiving the blessing of the casino committee Monday, reported Crain’s Chicago Business. The proposal passed 27-3 after changes were made giving aldermen more oversight of the city’s agreement with Bally’s  …
The post Bally’s Proposal for Chicago Casino Clears Key Hurdle with Committee Vote  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Parkview Lends on Hotel-to-Apartment Conversion in Newark  – Robert Khodadadian Parkview Financial provided a $21.5-million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story hotel into a 106-unit multifamily building with a 7,500-square-foot ground floor restaurant. Located at 810 Broad St. in Newark, the project is now underway with completion anticipated for late …
The post Parkview Lends on Hotel-to-Apartment Conversion in Newark  appeared first on Connect CRE.

Parkview Financial provided a $21.5-million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story hotel into a 106-unit multifamily building with a 7,500-square-foot ground floor restaurant. Located at 810 Broad St. in Newark, the project is now underway with completion anticipated for late 2022. 

“This will be Winchester Equities’ fifth project in Newark,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Parkview saw this as a favorable opportunity to lend to an experienced developer and owner. We believe that this strategically located asset will be attractive to college students and young professionals within this rapidly growing Essex County submarket.” 

810 Broad St. was built in 1912 as the headquarters of First National State Bank and was designed by renowned architect Cass Gilbert. In 2014, the building underwent a $29 million hotel conversion renovation. 

The post Parkview Lends on Hotel-to-Apartment Conversion in Newark  appeared first on Connect CRE.

Parkview Financial provided a $21.5-million loan to Broad Street Ventures Urban Renewal, LLC, an entity of Winchester Equities, LLC, for the purchase and conversion of a currently vacant, 13-story hotel into a 106-unit multifamily building with a 7,500-square-foot ground floor restaurant. Located at 810 Broad St. in Newark, the project is now underway with completion anticipated for late …
The post Parkview Lends on Hotel-to-Apartment Conversion in Newark  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

B6 Markets Williamsburg Retail Building for Sale  – Robert Khodadadian B6 Real Estate Advisors will serve as the exclusive agents of sale for 87 Wythe Ave., a two-story, gut renovated, commercial building in Williamsburg and listed for $42 million. The existing building is 95% leased to nine tenants, with a tenancy mix of high-end retail, fully leased co-working and food & beverage.    “This is the most …
The post B6 Markets Williamsburg Retail Building for Sale  appeared first on Connect CRE.

B6 Real Estate Advisors will serve as the exclusive agents of sale for 87 Wythe Ave., a two-story, gut renovated, commercial building in Williamsburg and listed for $42 million. The existing building is 95% leased to nine tenants, with a tenancy mix of high-end retail, fully leased co-working and food & beverage.   

“This is the most compelling retail opportunity in Brooklyn right now,” said B6’s DJ Johnston. “Premier location, thriving Williamsburg tenancies, quintessential industrial-modern design, and safe post-COVID lease rates. Where else can you find these fundamentals in NYC, at this scale, with the cash flow security of nine individual tenants?”  

Johnston is representing seller Cayuga Capital Management along with B6’s Paul Massey, Christian Kane, Bryan Kirk and Robert Moore. 

Current tenants at 87 Wythe include Colossal Media, Brooklyn Billiards, Hatchet & Hops, The New Work Project, The Bar Method, JJ’s Hideaway, Sushi on Wythe and Kahkow. 

The post B6 Markets Williamsburg Retail Building for Sale  appeared first on Connect CRE.

B6 Real Estate Advisors will serve as the exclusive agents of sale for 87 Wythe Ave., a two-story, gut renovated, commercial building in Williamsburg and listed for $42 million. The existing building is 95% leased to nine tenants, with a tenancy mix of high-end retail, fully leased co-working and food & beverage.    “This is the most …
The post B6 Markets Williamsburg Retail Building for Sale  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Upscale Clothier Faherty Will Open Upper East Side Flagship  – Robert Khodadadian Newmark Retail completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Ave. on Manhattan’s Upper East Side. Vice chairman Ariel Schuster and associate director Jason Wecker represented the building’s co-op-ownership board. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group, with Trent Merrill and Sarah Schutter, Principals of …
The post Upscale Clothier Faherty Will Open Upper East Side Flagship  appeared first on Connect CRE.

Newmark Retail completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Ave. on Manhattan’s Upper East Side. Vice chairman Ariel Schuster and associate director Jason Wecker represented the building’s co-op-ownership board. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group, with Trent Merrill and Sarah Schutter, Principals of Triple R Group.   

“The signing of Faherty to the Upper East Side continues the trend we’ve been witnessing where retailers are looking to locate closer to where people live due to the vibrant foot traffic and activated streetscapes,” said Wecker. “We believe a stylish, younger brand like Faherty will do great in this hot submarket with its ideal corner location that directly targets their primary customer base.” 

The boutique retail space will house the brand’s new flagship location. The space was formerly occupied by Williams Sonoma for approximately 30 years. 

The post Upscale Clothier Faherty Will Open Upper East Side Flagship  appeared first on Connect CRE.

Newmark Retail completed a 4,400-square-foot lease for upscale clothing brand Faherty at 1175 Madison Ave. on Manhattan’s Upper East Side. Vice chairman Ariel Schuster and associate director Jason Wecker represented the building’s co-op-ownership board. Faherty was represented by Michael Leifer and Isabel Solmonson Cohen of Runyon Group, with Trent Merrill and Sarah Schutter, Principals of …
The post Upscale Clothier Faherty Will Open Upper East Side Flagship  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

MetLife Building to Unveil Menu of New Food Options  – Robert Khodadadian Tishman Speyer and Irvine Company said Monday that the transformation of 200 Park Ave., commonly known as the MetLife Building, will continue with the debut of the first phase of new food and beverage offerings including long-term leases with The Capital Grille, Jack’s Stir Brew Coffee, and Black Seed Bagels, as well as a pop-up …
The post MetLife Building to Unveil Menu of New Food Options  appeared first on Connect CRE.

Tishman Speyer and Irvine Company said Monday that the transformation of 200 Park Ave., commonly known as the MetLife Building, will continue with the debut of the first phase of new food and beverage offerings including long-term leases with The Capital Grille, Jack’s Stir Brew Coffee, and Black Seed Bagels, as well as a pop-up run by Talea Beer Co.  

Leading directly into Grand Central Terminal, the Midtown Manhattan office building will now offer a wide variety of new on-site options with both on-the-go and seated dining. 200 Park is in active discussions with additional operators to fill out the remaining street-level availabilities in the building. 

 “As one of the most recognizable buildings in New York City, 200 Park Avenue has been reimagined to offer modern amenities, which will now also include these fantastic dining experiences,” said Chris Shehadeh, senior managing director and New York regional director at Tishman Speyer. 

The post MetLife Building to Unveil Menu of New Food Options  appeared first on Connect CRE.

Tishman Speyer and Irvine Company said Monday that the transformation of 200 Park Ave., commonly known as the MetLife Building, will continue with the debut of the first phase of new food and beverage offerings including long-term leases with The Capital Grille, Jack’s Stir Brew Coffee, and Black Seed Bagels, as well as a pop-up …
The post MetLife Building to Unveil Menu of New Food Options  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

$14M Buys Three-Building Portfolio in East Village, Hell’s Kitchen  – Robert Khodadadian Brax Realty arranged the sale of a three -building package located in the East Village and Hell’s Kitchen neighborhoods of Manhattan. The properties at 14 First Ave., 219 E. 5th St. and 445 W. 46th St. sold collectively for $13,500,000.   Michael Ferra and Alan Stenson of Brax Realty represented the seller, Nesor Associates, and also …
The post $14M Buys Three-Building Portfolio in East Village, Hell’s Kitchen  appeared first on Connect CRE.

Brax Realty arranged the sale of a three -building package located in the East Village and Hell’s Kitchen neighborhoods of Manhattan. The properties at 14 First Ave., 219 E. 5th St. and 445 W. 46th St. sold collectively for $13,500,000.  

Michael Ferra and Alan Stenson of Brax Realty represented the seller, Nesor Associates, and also procured the buyer, a private investor. It was the first time these buildings have changed hands in more than 45 years. 

The three-building portfolio consisted of 50 apartments and two retail units with a total of approximately 33,490 square feet. All three buildings were walk-up properties and the package included an additional 15,309 square feet of available air rights. The properties were 94% occupied upon sale. 

The post $14M Buys Three-Building Portfolio in East Village, Hell’s Kitchen  appeared first on Connect CRE.

Brax Realty arranged the sale of a three -building package located in the East Village and Hell’s Kitchen neighborhoods of Manhattan. The properties at 14 First Ave., 219 E. 5th St. and 445 W. 46th St. sold collectively for $13,500,000.   Michael Ferra and Alan Stenson of Brax Realty represented the seller, Nesor Associates, and also …
The post $14M Buys Three-Building Portfolio in East Village, Hell’s Kitchen  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Avanath Snaps Up Brooklyn Apartment Portfolio for $315M  – Robert Khodadadian Irvine, CA-based Avanath Capital Management, LLC has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail in Brooklyn for $315 million. The two properties were built as part of the ongoing Pacific Park New York mixed-use project, Brooklyn’s largest development to date.  The portfolio, comprising 601 affordable and market-rate residential and commercial units, …
The post Avanath Snaps Up Brooklyn Apartment Portfolio for $315M  appeared first on Connect CRE.

Irvine, CA-based Avanath Capital Management, LLC has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail in Brooklyn for $315 million. The two properties were built as part of the ongoing Pacific Park New York mixed-use project, Brooklyn’s largest development to date. 

The portfolio, comprising 601 affordable and market-rate residential and commercial units, qualifies for New York City’s Rent Stabilization program. “This acquisition allows us to provide high-quality housing in an area of the country where market-rate rents are notoriously high and the demand for budget-friendly apartment homes is rising,” said Daryl Carter, founder, chairman and CEO of Avanath.  

With 82,681 square feet of parking and 42,643 square feet of retail, the portfolio helps to diversify the properties under Avanath’s management, said Avanath president and CIO John R. Williams. Additionally, the buildings, adjacent to the Barclays Center, are the first Brooklyn-based properties to be managed by Avanath. 

The post Avanath Snaps Up Brooklyn Apartment Portfolio for $315M  appeared first on Connect CRE.

Irvine, CA-based Avanath Capital Management, LLC has acquired a mixed-use portfolio containing two multifamily properties with ground-floor retail in Brooklyn for $315 million. The two properties were built as part of the ongoing Pacific Park New York mixed-use project, Brooklyn’s largest development to date.  The portfolio, comprising 601 affordable and market-rate residential and commercial units, …
The post Avanath Snaps Up Brooklyn Apartment Portfolio for $315M  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Dodge: Construction Starts Rose 3% in April – Robert Khodadadian Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%. Year-to-date, total construction was 6% higher in the first four months of 2022 compared to the same period …
The post Dodge: Construction Starts Rose 3% in April appeared first on Connect CRE.

Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%.

Year-to-date, total construction was 6% higher in the first four months of 2022 compared to the same period of 2021. Nonresidential building starts rose 19%, residential starts gained 3%, while nonbuilding starts were 2% lower.

For the 12 months ending April 2022, total construction starts were 12% above the 12 months ending April 2021. Nonresidential starts were 24% higher, residential starts gained 11% and nonbuilding starts were down 1%.

“The construction sector is seemingly shrugging off the fear of higher interest rates and a potential recession,” said Richard Branch, chief economist for Dodge Construction Network. “Many building sectors have made the turn from weakness to recovery as underlying economic growth and hiring are solid. With the pipeline of projects in planning continuing to expand, this trend should continue in the months to come.

“However, the concern that the Federal Reserve will force the U.S. into recession later this year may thwart the momentum in construction starts,” he continued. “While recession is not our baseline forecast, it can not be fully discounted.”

The post Dodge: Construction Starts Rose 3% in April appeared first on Connect CRE.

Total construction starts rose 3% in April to a seasonally adjusted annual rate of $945.8 billion, according to Dodge Construction Network. Nonresidential building starts rose 6% and residential starts increased by 4%, while nonbuilding starts fell 4%. Year-to-date, total construction was 6% higher in the first four months of 2022 compared to the same period …
The post Dodge: Construction Starts Rose 3% in April appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Nitya Capital Sells Houston Multifamily Portfolio – Robert Khodadadian The sale made up 1,500 units in total. The buyer was a California based investor. “We endured a pandemic, crude oil volatility, winter storm damage and an uncertain financial world…throughout this we were able to obtain great results for our investors”, said Nitya’s Swapnil Agarwal. The five Houston complexes were Buena Vista Apartments, Casa Del …
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The sale made up 1,500 units in total. The buyer was a California based investor. “We endured a pandemic, crude oil volatility, winter storm damage and an uncertain financial world…throughout this we were able to obtain great results for our investors”, said Nitya’s Swapnil Agarwal.

The five Houston complexes were Buena Vista Apartments, Casa Del Mar Apartments, Sedona Pointe Apartments, The Diamond Hill Apartments and the Providence at Memorial. The multifamily communities had between 250 and 350 units and were spread throughout the Houston metro area.

Two months ago, Nitya Capital acquired an 11-asset multifamily portfolio situated across five markets, including Dallas, for nearly $500 million. The nearly 3000-unit portfolio comprises class B properties that currently average 95% occupancy. Nitya has exited over $2.5 billion in assets across the country.

The company announced it plans to branch out into student housing.

The post Nitya Capital Sells Houston Multifamily Portfolio appeared first on Connect CRE.

The sale made up 1,500 units in total. The buyer was a California based investor. “We endured a pandemic, crude oil volatility, winter storm damage and an uncertain financial world…throughout this we were able to obtain great results for our investors”, said Nitya’s Swapnil Agarwal. The five Houston complexes were Buena Vista Apartments, Casa Del …
The post Nitya Capital Sells Houston Multifamily Portfolio appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

SkyWalker Buys Mixed-Use Waco Project, Sells Dallas Office Tower – Robert Khodadadian Experienced condominium investor, SkyWalker Property, bought a fully leased residential and retail/residential property, and immediately announced it was going to convert the units to condominiums. The property will be renamed; from Austin Avenue Lofts to The Balconies Downtown. The 227,891 square foot building has two floors of street-level retail and 41 apartments, that will soon …
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Experienced condominium investor, SkyWalker Property, bought a fully leased residential and retail/residential property, and immediately announced it was going to convert the units to condominiums. The property will be renamed; from Austin Avenue Lofts to The Balconies Downtown.

The 227,891 square foot building has two floors of street-level retail and 41 apartments, that will soon be sold as individual units. Five units were converted before the sale.

And as part of a 1031 exchange, SkyWalker sold the Crosspoint Atrium. at 8131 LBJ Freeway. The eight story office building was 60% leased at the time of the sale.

SkyWalker’s William Welder provided insight into his decision to sell, “Multi-office buildings present challenges these days we decided to pare back our investments in the sector. The LBJ project presented a strong value-add opportunity for the right buyer.”

The post SkyWalker Buys Mixed-Use Waco Project, Sells Dallas Office Tower appeared first on Connect CRE.

Experienced condominium investor, SkyWalker Property, bought a fully leased residential and retail/residential property, and immediately announced it was going to convert the units to condominiums. The property will be renamed; from Austin Avenue Lofts to The Balconies Downtown. The 227,891 square foot building has two floors of street-level retail and 41 apartments, that will soon …
The post SkyWalker Buys Mixed-Use Waco Project, Sells Dallas Office Tower appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

City of Dallas Looking to Give Tax Breaks For Goldman Sachs Downtown Development – Robert Khodadadian At its June 22 Dallas City Council meeting, the council will consider entering into a business personal property tax abatement program for a Goldman Sachs sponsored project at 2323 N. Field Street. Since the project is within a proposed State of Texas Neighborhood Empowerment Zone (NEZ) the applicant is entitled to a number of tax …
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At its June 22 Dallas City Council meeting, the council will consider entering into a business personal property tax abatement program for a Goldman Sachs sponsored project at 2323 N. Field Street. Since the project is within a proposed State of Texas Neighborhood Empowerment Zone (NEZ) the applicant is entitled to a number of tax breaks. According to the meetings agenda material, the program is meant to “promote an increase in economic development in the zone.”

As an incentive for the City to enact the new NEZ, Goldman Sachs has provided financial figures for its plans. Goldman Sachs (or affiliate) anticipates leasing a minimum of 800,000 square feet of office space in a newly constructed building to be built by the owner on the property. In addition, the applicant anticipates investing a minimum of $90 million in tangible business personal property, including tenant improvements and fixtures, furnishings, and equipment and owner anticipates investing approximately $390 million in real property improvements, for the construction of the building, by 2028.

The post City of Dallas Looking to Give Tax Breaks For Goldman Sachs Downtown Development appeared first on Connect CRE.

At its June 22 Dallas City Council meeting, the council will consider entering into a business personal property tax abatement program for a Goldman Sachs sponsored project at 2323 N. Field Street. Since the project is within a proposed State of Texas Neighborhood Empowerment Zone (NEZ) the applicant is entitled to a number of tax …
The post City of Dallas Looking to Give Tax Breaks For Goldman Sachs Downtown Development appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

New Start for Houston Senior Center Destroyed in Hurricane – Robert Khodadadian 2100 Memorial was so damaged during Hurricane Harvey four years ago, it had to be demolished. The Houston Housing Authority, and many of those involved in the rebuild staged a groundbreaking for a brand new 2100 Memorial. The site has been cleared and is ready for the needed site work before vertical construction can begin. …
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2100 Memorial was so damaged during Hurricane Harvey four years ago, it had to be demolished. The Houston Housing Authority, and many of those involved in the rebuild staged a groundbreaking for a brand new 2100 Memorial. The site has been cleared and is ready for the needed site work before vertical construction can begin. Sendero Industries is providing the site work and Block Companies will head up the construction effort.

The 196-unit, seniors only, affordable housing project will start moving people in Spring of 2024. “Housing is more than buildings and units; the lack of quality affordable housing is a leading driver of wealth and health disparities, and our seniors are among the most vulnerable,” said LaRence Snowden, Chair of HHA Board of Commissioners. “From transforming existing communities with modern updates and resident resources, to implementing innovative solutions to increase the availability of affordable units throughout the city, HHA is committed to providing beneficial and sustainable housing opportunities.”

The post New Start for Houston Senior Center Destroyed in Hurricane appeared first on Connect CRE.

2100 Memorial was so damaged during Hurricane Harvey four years ago, it had to be demolished. The Houston Housing Authority, and many of those involved in the rebuild staged a groundbreaking for a brand new 2100 Memorial. The site has been cleared and is ready for the needed site work before vertical construction can begin. …
The post New Start for Houston Senior Center Destroyed in Hurricane appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Rancho Mission Viejo Hosts Healthy Living Event – Robert Khodadadian Ranch Camp, Rancho Mission Viejo’s new state-of-the-art recreational amenity, was the setting for a healthy living event, hosted by the community in partnership with the Orange County Urban Land Institute. The conversation centered on the role home and community development have on health and well-being. “We were honored to be able to host this event …
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Ranch Camp, Rancho Mission Viejo’s new state-of-the-art recreational amenity, was the setting for a healthy living event, hosted by the community in partnership with the Orange County Urban Land Institute. The conversation centered on the role home and community development have on health and well-being.

“We were honored to be able to host this event at Ranch Camp, our new amenity that prioritizes well-being with outdoor experiences, improves our quality of living and brings the community together,” said Paul Johnson, executive vice president of community development, Rancho Mission Viejo. Ranch Camp features the 20,000-square-foot Ranch Cove, open-air fitness center, lap pool, trailhead and visitor’s center.

“In the last couple of years, more people are aware that health and well-being outcomes are a direct result of the environments where we live, recreate and now, work remotely. The Ranch is just one example of a community that encourages holistic well-being for residents and supports social engagement,” said Teri Slavik-Tsuyuki of the Global Wellness Institute, pictured speaking at the event.

The post Rancho Mission Viejo Hosts Healthy Living Event appeared first on Connect CRE.

Ranch Camp, Rancho Mission Viejo’s new state-of-the-art recreational amenity, was the setting for a healthy living event, hosted by the community in partnership with the Orange County Urban Land Institute. The conversation centered on the role home and community development have on health and well-being. “We were honored to be able to host this event …
The post Rancho Mission Viejo Hosts Healthy Living Event appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Dallas-Area Southlake Marketplace Getting a New Look – Robert Khodadadian Two equity firms are joining forces to dress up a 132,000 square retail center in Southlake. SHOP Development and 2GR Equity bought the center with the intent of revamping the 1990’s-era center on the Southlake/Keller border. The project, at the southeast corner of Southlake Blvd and Davis Blvd, will see upgrades which include facade enhancements, …
The post Dallas-Area Southlake Marketplace Getting a New Look appeared first on Connect CRE.

Two equity firms are joining forces to dress up a 132,000 square retail center in Southlake. SHOP Development and 2GR Equity bought the center with the intent of revamping the 1990’s-era center on the Southlake/Keller border.

The project, at the southeast corner of Southlake Blvd and Davis Blvd, will see upgrades which include facade enhancements, landscape improvements and the likely addition of two restaurants.

“We’ve got some big plans to freshen up Southlake Marketplace. I was born and raised nearby and still live just a few miles from the property. We’re excited to get it transformed,” said 2GR Equity’s David Gregory.

The center, which is the site of a Hobby Lobby, Urban Air and Starbucks, is currently 92% occupied.

The post Dallas-Area Southlake Marketplace Getting a New Look appeared first on Connect CRE.

Two equity firms are joining forces to dress up a 132,000 square retail center in Southlake. SHOP Development and 2GR Equity bought the center with the intent of revamping the 1990’s-era center on the Southlake/Keller border. The project, at the southeast corner of Southlake Blvd and Davis Blvd, will see upgrades which include facade enhancements, …
The post Dallas-Area Southlake Marketplace Getting a New Look appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

58,000 Square Foot Office Sold in Corpus Christi – Robert Khodadadian The building was sold, but you’d never know it. The owner and tenant, Alorica, will stay put. Marcus & Millichap’s Benedict Gutierrez represented the buyer, “Alorica proved its commitment to this location after signing a new, long-term lease and investing over $4 million in capital improvement.” The buyer was HMVP Holdings. The nearly 10-acre property …
The post 58,000 Square Foot Office Sold in Corpus Christi appeared first on Connect CRE.

The building was sold, but you’d never know it. The owner and tenant, Alorica, will stay put. Marcus & Millichap’s Benedict Gutierrez represented the buyer, “Alorica proved its commitment to this location after signing a new, long-term lease and investing over $4 million in capital improvement.” The buyer was HMVP Holdings.

The nearly 10-acre property is a high traffic area along State Route 358 and South Padre Island Avenue. It’s also near Corpus Christi International Airport and the South Padre National Seashore.

Alorica is a customer service provider with 200 national clients.

The post 58,000 Square Foot Office Sold in Corpus Christi appeared first on Connect CRE.

The building was sold, but you’d never know it. The owner and tenant, Alorica, will stay put. Marcus & Millichap’s Benedict Gutierrez represented the buyer, “Alorica proved its commitment to this location after signing a new, long-term lease and investing over $4 million in capital improvement.” The buyer was HMVP Holdings. The nearly 10-acre property …
The post 58,000 Square Foot Office Sold in Corpus Christi appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Wheelock Acquires Two Premium San Diego Hotels – Robert Khodadadian Wheelock Street Capital has announced the acquisition of two limited service assets in San Diego’s Gaslamp Quarter, the Courtyard by Marriott and the Moxy San Diego. Island Hospitality, which has a significant presence in California, will assume management responsibilities under Wheelock’s ownership. The 90-room Courtyard and the 126-room Moxy are located on Sixth Avenue, just …
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Wheelock Street Capital has announced the acquisition of two limited service assets in San Diego’s Gaslamp Quarter, the Courtyard by Marriott and the Moxy San Diego. Island Hospitality, which has a significant presence in California, will assume management responsibilities under Wheelock’s ownership.

The 90-room Courtyard and the 126-room Moxy are located on Sixth Avenue, just a short walk from the San Diego Convention Center and Petco Park. The Courtyard features a popular rooftop bar and event space, the Nolen, which offers panoramic views of the San Diego skyline.

“The properties are an excellent fit for our current acquisition criteria given their institutional quality, A+ locations and strong positioning within the market,” said Wheelock’s Chris Mejia in a news release. “The market and properties continue to outperform expectations, and we look forward to working with Island Hospitality to further enhance the properties’ positioning as first choices among travelers visiting San Diego.”

The post Wheelock Acquires Two Premium San Diego Hotels appeared first on Connect CRE.

Wheelock Street Capital has announced the acquisition of two limited service assets in San Diego’s Gaslamp Quarter, the Courtyard by Marriott and the Moxy San Diego. Island Hospitality, which has a significant presence in California, will assume management responsibilities under Wheelock’s ownership. The 90-room Courtyard and the 126-room Moxy are located on Sixth Avenue, just …
The post Wheelock Acquires Two Premium San Diego Hotels appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

BPG to Transform Iconic San Francisco Office Tower – Robert Khodadadian Barker Pacific Group (BPG) has announced it will transform Citigroup Center at One Sansome, the soaring 42-story tower, into a new entertainment and hospitality hub as San Francisco’s Financial District welcomes back workers, conventioners and tourists. BPG, which has already spent more than $100 million in renovations since acquiring One Sansome in 2010, will redo …
The post BPG to Transform Iconic San Francisco Office Tower appeared first on Connect CRE.

Barker Pacific Group (BPG) has announced it will transform Citigroup Center at One Sansome, the soaring 42-story tower, into a new entertainment and hospitality hub as San Francisco’s Financial District welcomes back workers, conventioners and tourists.

BPG, which has already spent more than $100 million in renovations since acquiring One Sansome in 2010, will redo the building’s expansive lobby and atrium into a gathering place for the neighborhood. Plans call for a stylish private event facility, an eye-popping local bar and an upscale restaurant arranged across multiple ground-floor spaces.

Newly formed hospitality company PLEASE FIDI, LLC has signed a lease with BPG to operate the restaurant, bar and event facility as well as provide catering. “One Sansome is central to San Francisco’s Financial District, offering a perfect location to host a wide range of business and social functions in an iconic, light filled space with easy transit access,” said BPG’s CEO Michael Barker in a news release.

The post BPG to Transform Iconic San Francisco Office Tower appeared first on Connect CRE.

Barker Pacific Group (BPG) has announced it will transform Citigroup Center at One Sansome, the soaring 42-story tower, into a new entertainment and hospitality hub as San Francisco’s Financial District welcomes back workers, conventioners and tourists. BPG, which has already spent more than $100 million in renovations since acquiring One Sansome in 2010, will redo …
The post BPG to Transform Iconic San Francisco Office Tower appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

California Workforce Expands, but Labor Supply Constraints Continue – Robert Khodadadian The Beacon Employment Report has been released and it shows that even as the Golden State’s labor market continued to expand at a steady pace in April, labor supply continued to throttle job growth. California has recovered just 91% of the jobs that were lost at the onset of the pandemic and there are 240,000 …
The post California Workforce Expands, but Labor Supply Constraints Continue appeared first on Connect CRE.

The Beacon Employment Report has been released and it shows that even as the Golden State’s labor market continued to expand at a steady pace in April, labor supply continued to throttle job growth. California has recovered just 91% of the jobs that were lost at the onset of the pandemic and there are 240,000 fewer people working in the state.

The report, issued jointly with the UCR School of Business Center for Economic Forecasting and Development, indicates April’s total nonfarm employment grew by 41,000 in April, compared to a revised 74,000 in March. However, compared to March of 2020, California employment has contracted 1.4%, compared to 0.8% nationally.

“Labor supply remains the biggest constraint to job growth in the state,” said Beacon’s Taner Osman in a news release. “And as employers seek to ramp up employment during the seasonally strong summer months, worker scarcity will continue to place upward pressure on wages.”

The post California Workforce Expands, but Labor Supply Constraints Continue appeared first on Connect CRE.

The Beacon Employment Report has been released and it shows that even as the Golden State’s labor market continued to expand at a steady pace in April, labor supply continued to throttle job growth. California has recovered just 91% of the jobs that were lost at the onset of the pandemic and there are 240,000 …
The post California Workforce Expands, but Labor Supply Constraints Continue appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Fitch: CMBS Defaults Leveled Off in 2021  – Robert Khodadadian U.S. CMBS loan defaults declined significantly in 2021 compared with 2020, as the resumption of economic activity supported a recovery in asset performance and property cash flows from their pandemic lows, Fitch Ratings reported in its US CMBS 2021 Loan Default Study. The total annual default rate for Fitch-rated CMBS transactions declined to 0.4% in 2021, …
The post Fitch: CMBS Defaults Leveled Off in 2021  appeared first on Connect CRE.

U.S. CMBS loan defaults declined significantly in 2021 compared with 2020, as the resumption of economic activity supported a recovery in asset performance and property cash flows from their pandemic lows, Fitch Ratings reported in its US CMBS 2021 Loan Default Study. The total annual default rate for Fitch-rated CMBS transactions declined to 0.4% in 2021, down from 3.3% in 2020. 

The cumulative default rate ticked down to 18.0% from 18.2%, due to a sharply lower 2021 term default rate of 0.3%, down from 2020’s 3.1%, and robust issuance volume. Maturity defaults rose to 0.17% from 0.13% with a higher volume of maturing loans in 2021 relative to 2020. 

Retail loans accounted for the largest share of total defaults by balance in 2021 at 41.8%, down from 43.5% in 2020. Regional malls represented 61.3% of total retail defaults and six of the 10 largest overall defaults. Fitch expects maturing class B/C mall loans will comprise a larger share of retail defaults in 2022. 

Hotel defaults reversed course in 2021, declining to 28.2% from 43.5% in 2020. The share of office defaults grew in 2021 to 17.6% from 7.8% in 2020, mainly due to term defaults of pre-pandemic underperformers concentrated in New York and Chicago.  

Fitch said it expects the annual default rate to remain low and the cumulative rate to decline modestly in 2022. Maturity defaults will accelerate and represent a larger share of overall defaults, as early CMBS 2.0 transactions mature and interest rates rise. 
 

The post Fitch: CMBS Defaults Leveled Off in 2021  appeared first on Connect CRE.

U.S. CMBS loan defaults declined significantly in 2021 compared with 2020, as the resumption of economic activity supported a recovery in asset performance and property cash flows from their pandemic lows, Fitch Ratings reported in its US CMBS 2021 Loan Default Study. The total annual default rate for Fitch-rated CMBS transactions declined to 0.4% in 2021, …
The post Fitch: CMBS Defaults Leveled Off in 2021  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

JLL Arranges Financing for MultiFam in Salem – Robert Khodadadian JLL Capital Markets has arranged $8 million in acquisition financing for Sunnyview Village, a 58-unit, garden-style community in Salem, OR. The JLL Debt Advisory team of Charles Halladay, Jonah Aelyon, Alek Kaculini and Charlie Watson secured the three-year, floating-rate loan through Ready Capital for the borrower, One Degree Acquisitions. Located at 4200 Sunnyview Rd., the …
The post JLL Arranges Financing for MultiFam in Salem appeared first on Connect CRE.

JLL Capital Markets has arranged $8 million in acquisition financing for Sunnyview Village, a 58-unit, garden-style community in Salem, OR. The JLL Debt Advisory team of Charles Halladay, Jonah Aelyon, Alek Kaculini and Charlie Watson secured the three-year, floating-rate loan through Ready Capital for the borrower, One Degree Acquisitions.

Located at 4200 Sunnyview Rd., the two-story community consists of seven buildings, with units averaging 916 square feet. The property offers convenient access to Route 99E and Interstate 5 and is located near several large employers, including the Oregon State Capital and a global e-commerce distribution center.

“One Degree Acquistions continues to find great opportunities that benefit from the strong fundamentals witnessed in multi-housing product today,” said Halladay in a news release. “Sunnyview was a great example of this, and Ready Capital did an excellent job closing this loan in a volatile lending environment.”

The post JLL Arranges Financing for MultiFam in Salem appeared first on Connect CRE.

JLL Capital Markets has arranged $8 million in acquisition financing for Sunnyview Village, a 58-unit, garden-style community in Salem, OR. The JLL Debt Advisory team of Charles Halladay, Jonah Aelyon, Alek Kaculini and Charlie Watson secured the three-year, floating-rate loan through Ready Capital for the borrower, One Degree Acquisitions. Located at 4200 Sunnyview Rd., the …
The post JLL Arranges Financing for MultiFam in Salem appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Investment Firm Nabs Portland-Area Multifamily Community – Robert Khodadadian Los Angeles-based MJW Investments has acquired Avenue 66 apartments, an off-market 56-unit property situated in one of the fastest growing Portland, OR submarkets. Avenue 66 is a low density, garden style complex that features one- and two-bedroom floor plans that average 840 square feet. The community is located in Vancouver, WA which has seen 18% …
The post Investment Firm Nabs Portland-Area Multifamily Community appeared first on Connect CRE.

Los Angeles-based MJW Investments has acquired Avenue 66 apartments, an off-market 56-unit property situated in one of the fastest growing Portland, OR submarkets. Avenue 66 is a low density, garden style complex that features one- and two-bedroom floor plans that average 840 square feet.

The community is located in Vancouver, WA which has seen 18% population growth in the last decade thanks partly to unique tax benefits for residents who pay no income tax and shop in Portland, which has no sales tax. Despite the strong rent growth, the development pipeline remains limited.

“We’ve been eyeing Vancouver as a preferred marked and we’re excited to finally dip our toes in with this acquisition. The area’s natural tax advantages and continued job growth, coupled with MJW’s asset centric strategy, make this an asset we expect to hold for years to come,” said MJW’s Founder and President, Mark Weinstein.

The post Investment Firm Nabs Portland-Area Multifamily Community appeared first on Connect CRE.

Los Angeles-based MJW Investments has acquired Avenue 66 apartments, an off-market 56-unit property situated in one of the fastest growing Portland, OR submarkets. Avenue 66 is a low density, garden style complex that features one- and two-bedroom floor plans that average 840 square feet. The community is located in Vancouver, WA which has seen 18% …
The post Investment Firm Nabs Portland-Area Multifamily Community appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Ontario’s Charlmont Village Sells for $24M – Robert Khodadadian A Beverly Hills-based private investment group has purchased the 55-unit, 3.5-acre Charlmont Village Townhomes in Ontario, CA. Built in 1984, the property offers two-, three- and four-bedroom units with attached garages that average 1,100 square feet. Otto Ozen with Mogharebi Group represented the seller. The acquisition indicates that the Inland Empire continues to be red …
The post Ontario’s Charlmont Village Sells for $24M appeared first on Connect CRE.

A Beverly Hills-based private investment group has purchased the 55-unit, 3.5-acre Charlmont Village Townhomes in Ontario, CA. Built in 1984, the property offers two-, three- and four-bedroom units with attached garages that average 1,100 square feet. Otto Ozen with Mogharebi Group represented the seller.

The acquisition indicates that the Inland Empire continues to be red hot for multifamily assets, with the Charlmont sales price of $435,000 per unit representing a 65% year-over-year increase over last year’s median price in the region. 

Located at 1625 East G St., Charlmont Village Townhomes has easy access to Interstate 10 and Ontario Airport, is in proximity to several employment centers and is just 40 miles east of downtown Los Angeles.

The post Ontario’s Charlmont Village Sells for $24M appeared first on Connect CRE.

A Beverly Hills-based private investment group has purchased the 55-unit, 3.5-acre Charlmont Village Townhomes in Ontario, CA. Built in 1984, the property offers two-, three- and four-bedroom units with attached garages that average 1,100 square feet. Otto Ozen with Mogharebi Group represented the seller. The acquisition indicates that the Inland Empire continues to be red …
The post Ontario’s Charlmont Village Sells for $24M appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Phoenix Condo Complex Sells for $8.2 Million – Robert Khodadadian SVN Desert Commercial Advisor’s Danny Lee was no newcomer to the Graybriar Condominiums. He sold his first condominium at the Phoenix community over 20 years ago. Two decades later, he was able to act as the agent for the seller of 66 of the condo units for $8.2 million, or $125,000 a unit. The property, …
The post Phoenix Condo Complex Sells for $8.2 Million appeared first on Connect CRE.

SVN Desert Commercial Advisor’s Danny Lee was no newcomer to the Graybriar Condominiums. He sold his first condominium at the Phoenix community over 20 years ago. Two decades later, he was able to act as the agent for the seller of 66 of the condo units for $8.2 million, or $125,000 a unit. The property, located at 3810 N. Maryvale Parkway has 123 units, many still owned by individual buyers.

The buyer plans to do some light interior upgrades and would like to acquire additional units to take control of the community’s home owners association.

Lee says he learned a lot from a 20 year process, “Never say never. I told myself I would never do a deal like that again but it came back around again.” Adding, it took persistence and consistency.

The post Phoenix Condo Complex Sells for $8.2 Million appeared first on Connect CRE.

SVN Desert Commercial Advisor’s Danny Lee was no newcomer to the Graybriar Condominiums. He sold his first condominium at the Phoenix community over 20 years ago. Two decades later, he was able to act as the agent for the seller of 66 of the condo units for $8.2 million, or $125,000 a unit. The property, …
The post Phoenix Condo Complex Sells for $8.2 Million appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Dill Dinkers to Serve Up First Indoor Pickleball Facility in Howard County – Robert Khodadadian An entrepreneurial, pickleball-playing couple and a group of private investors have signed a lease with May | Riegler Properties for 15,000 square feet of space at 9179 Red Branch Road in Columbia, MD. As a result, Dill Dinkers, the first dedicated indoor pickleball facility in Howard County, will open this fall. The property is a …
The post Dill Dinkers to Serve Up First Indoor Pickleball Facility in Howard County appeared first on Connect CRE.

An entrepreneurial, pickleball-playing couple and a group of private investors have signed a lease with May | Riegler Properties for 15,000 square feet of space at 9179 Red Branch Road in Columbia, MD. As a result, Dill Dinkers, the first dedicated indoor pickleball facility in Howard County, will open this fall.

The property is a one-story building containing 60,000 square feet of flex/industrial space. Bill Harrison and Eric Skogmo of Lee & Associates represented the tenant.

“My wife and I were playing pickleball in a converted horse arena in PA that lacked heat and proper restrooms during the middle of the winter and place was packed with participants,” said tenant Will Richards. “After conducting research about the sport and available indoor facilities both locally and nationally, we focused our real estate search in the Howard County region.”

Dill Dinkers will offer drop-in play, leagues and tournaments, education and fun programming on six indoor pickleball courts.

The post Dill Dinkers to Serve Up First Indoor Pickleball Facility in Howard County appeared first on Connect CRE.

An entrepreneurial, pickleball-playing couple and a group of private investors have signed a lease with May | Riegler Properties for 15,000 square feet of space at 9179 Red Branch Road in Columbia, MD. As a result, Dill Dinkers, the first dedicated indoor pickleball facility in Howard County, will open this fall. The property is a …
The post Dill Dinkers to Serve Up First Indoor Pickleball Facility in Howard County appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Tenant-Leased NoVa Data Center Trades to San Francisco Buyer – Robert Khodadadian San Francisco, CA-based GI Partners has acquired 22262 Cloud Plaza, a data center in Sterling, VA that is currently leased by a global technology firm. The seller, Sentinel Data Centers, was represented by CBRE and will retain a minority interest in the ownership of the property. Cloud Plaza was delivered and fully commissioned in 2019. …
The post Tenant-Leased NoVa Data Center Trades to San Francisco Buyer appeared first on Connect CRE.

San Francisco, CA-based GI Partners has acquired 22262 Cloud Plaza, a data center in Sterling, VA that is currently leased by a global technology firm.

The seller, Sentinel Data Centers, was represented by CBRE and will retain a minority interest in the ownership of the property.

Cloud Plaza was delivered and fully commissioned in 2019. The 238,000-square-foot property serves as a key network location and offers over 46 MW of critical power in an energy efficient design, meeting the existing tenant’s stringent quality requirements.

“We are seeing increased net absorption for data center capacity broadly, and users placing premium value on locating at network-differentiated assets like Cloud Plaza,” said John Sheputis, managing director at GI partners and head of acquisitions for GI Partners Real Estate. We believe that the addition of this fortress-like asset to our data center portfolio will reduce our overall risk while providing accretive returns over the long-term.”

The post Tenant-Leased NoVa Data Center Trades to San Francisco Buyer appeared first on Connect CRE.

San Francisco, CA-based GI Partners has acquired 22262 Cloud Plaza, a data center in Sterling, VA that is currently leased by a global technology firm. The seller, Sentinel Data Centers, was represented by CBRE and will retain a minority interest in the ownership of the property. Cloud Plaza was delivered and fully commissioned in 2019. …
The post Tenant-Leased NoVa Data Center Trades to San Francisco Buyer appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Ten Capital Management Acquires SunTech Commerce Park in Orlando – Robert Khodadadian Cleveland, OH-based Ten Capital Management has completed the acquisition of SunTech Commerce Park in the Orlando submarket of Lake Mary, FL. The six-building, 224,359-square-foot Class A flex-office/light industrial park sits on 19.3 acres along Skyline Drive.   The property is positioned directly on a tech/Industrial corridor with 1,333 linear feet of prime frontage along Interstate 4. …
The post Ten Capital Management Acquires SunTech Commerce Park in Orlando appeared first on Connect CRE.

Cleveland, OH-based Ten Capital Management has completed the acquisition of SunTech Commerce Park in the Orlando submarket of Lake Mary, FL. The six-building, 224,359-square-foot Class A flex-office/light industrial park sits on 19.3 acres along Skyline Drive.  

The property is positioned directly on a tech/Industrial corridor with 1,333 linear feet of prime frontage along Interstate 4. It is located 0.2 miles from the I-4 on-ramp and six miles from the Central Florida Greenway for access to Orlando International Airport.

In March of 2021, Ten Capital acquired five buildings in Technology Park also in in Lake Mary, FL. This 297,386-square-foot flex-office/light industrial facility is within half a mile of the SunTech acquisition.

According to TCM, the company makes equity investments between $10 and $35 million, targeting transactions which fall “below the radar” of larger institutional investors.

The post Ten Capital Management Acquires SunTech Commerce Park in Orlando appeared first on Connect CRE.

Cleveland, OH-based Ten Capital Management has completed the acquisition of SunTech Commerce Park in the Orlando submarket of Lake Mary, FL. The six-building, 224,359-square-foot Class A flex-office/light industrial park sits on 19.3 acres along Skyline Drive.   The property is positioned directly on a tech/Industrial corridor with 1,333 linear feet of prime frontage along Interstate 4. …
The post Ten Capital Management Acquires SunTech Commerce Park in Orlando appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

MG Developer to Build $204M, 450-Unity Residential Tower Complex in Miami – Robert Khodadadian Coral Gables-based MG Developer is building a $204 million, two-tower luxury residential multifamily in Miami. MG Developer has partnered with The Baron Property Group to develop Merrick Parc and with Colliers International to finance an initial $24 million tranche with $13 million in equity financing. The initial land acquisition debt financing was provided by S3 …
The post MG Developer to Build $204M, 450-Unity Residential Tower Complex in Miami appeared first on Connect CRE.

Coral Gables-based MG Developer is building a $204 million, two-tower luxury residential multifamily in Miami.

MG Developer has partnered with The Baron Property Group to develop Merrick Parc and with Colliers International to finance an initial $24 million tranche with $13 million in equity financing. The initial land acquisition debt financing was provided by S3 Capital.

The mixed-use project will consist of 450 rental units including studios, one- and two-bedroom apartments with parking, retail space for shops and dining venues. The architectural team overseeing the design is Behar & Font.

Merrick Parc will site on a 43,785 square foot site near The Shops at Merrick Park and the University of Miami, bordering Coral Gables. The property is located four miles away from the Tri-Rail station, four miles away from the Miami International Airport, five miles away from Brickell, eight miles away from Wynwood and 13 miles away from Miami Beach.

The post MG Developer to Build $204M, 450-Unity Residential Tower Complex in Miami appeared first on Connect CRE.

Coral Gables-based MG Developer is building a $204 million, two-tower luxury residential multifamily in Miami. MG Developer has partnered with The Baron Property Group to develop Merrick Parc and with Colliers International to finance an initial $24 million tranche with $13 million in equity financing. The initial land acquisition debt financing was provided by S3 …
The post MG Developer to Build $204M, 450-Unity Residential Tower Complex in Miami appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Standard to Convert Providence Multifamily from Market to Affordable – Robert Khodadadian Standard Communities has acquired Tanglewood Village, a 176-unit multifamily in the Providence submarket of West Warwick, RI, and led a public-private partnership to convert the market-rate property into long-term dedicated affordable housing. No existing residents will be displaced. “Fair market rents in Providence have increased almost 9% in the last year and are expected to …
The post Standard to Convert Providence Multifamily from Market to Affordable appeared first on Connect CRE.

Standard Communities has acquired Tanglewood Village, a 176-unit multifamily in the Providence submarket of West Warwick, RI, and led a public-private partnership to convert the market-rate property into long-term dedicated affordable housing. No existing residents will be displaced.

“Fair market rents in Providence have increased almost 9% in the last year and are expected to increase just as much next year, making the conversion of Tanglewood Village from market-rate to affordable housing even more important,” Joon Lee, managing director of strategic capital at Standard Communities.

Tanglewood Village consists of nine three-story garden-style apartment buildings on 11 acres. Standard Communities plans a $3 million renovation that includes energy efficiency upgrades and addressing deferred maintenance. Oil heating systems will be converted to gas. Standard acquired Tanglewood Village through its Community Development and Affordable Housing Fund IV, which focuses on preserving at-risk affordable housing in New England. Standard Communities’ affordable portfolio in RI now total five properties with 650 units.

The post Standard to Convert Providence Multifamily from Market to Affordable appeared first on Connect CRE.

Standard Communities has acquired Tanglewood Village, a 176-unit multifamily in the Providence submarket of West Warwick, RI, and led a public-private partnership to convert the market-rate property into long-term dedicated affordable housing. No existing residents will be displaced. “Fair market rents in Providence have increased almost 9% in the last year and are expected to …
The post Standard to Convert Providence Multifamily from Market to Affordable appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Related Beal, Jamestown Ink Nine Leases Worth 260K SF in Boston’s IDB – Robert Khodadadian Related Beal and Jamestown have signed 260,000 square feet of life science leasing at the Innovation and Design Building located within the Raymond L. Flynn Marine Park in Boston’s Eastern Seaport neighborhood. The deals involve the conversion of office space into lab facilities. The leases are expected to bring more than 700 jobs to the …
The post Related Beal, Jamestown Ink Nine Leases Worth 260K SF in Boston’s IDB appeared first on Connect CRE.

Related Beal and Jamestown have signed 260,000 square feet of life science leasing at the Innovation and Design Building located within the Raymond L. Flynn Marine Park in Boston’s Eastern Seaport neighborhood. The deals involve the conversion of office space into lab facilities.

The leases are expected to bring more than 700 jobs to the area and include:

Entrada Therapeutics, 81,400 square feetShape Therapeutics, 36,500 square feetJnana Therapeutics, 36,400 square feetRatio Therapeutics, 19,000 square feetVedere Bio II, 18,900 square feetSeeker Biologics, ~18,300 square feetElektrofi, 18,200 square feetAktis Oncology, 17,900 square feetHotspot Therapeutics, 17,300 square feet

Jamestown purchased The IDB in 2013 and invested more than $200 million in the revitalization of the building. Since the announcement of Jamestown’s joint venture with Related Fund Management in 2020, the firms have invested substantially more to further enhance the property and attract and retain research-based life science and creative companies.

The IDB is now home to the Boston Design Center and a mix of companies including architecture and creative studios, manufacturing, research and development firms and technology startups.

The post Related Beal, Jamestown Ink Nine Leases Worth 260K SF in Boston’s IDB appeared first on Connect CRE.

Related Beal and Jamestown have signed 260,000 square feet of life science leasing at the Innovation and Design Building located within the Raymond L. Flynn Marine Park in Boston’s Eastern Seaport neighborhood. The deals involve the conversion of office space into lab facilities. The leases are expected to bring more than 700 jobs to the …
The post Related Beal, Jamestown Ink Nine Leases Worth 260K SF in Boston’s IDB appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Hotel-to-Multifamily Conversion Brings New Business Stream to RKW – Robert Khodadadian Charlotte, NC-based RKW Residential multifamily management firm has been assigned four Spoke-branded hotel-to-multifamily conversion properties from developer Blaze Capital Partners. Charlotte – Spoke at McCullough Station (124 units located to the University of North Carolina-Charlotte) and Spoke at Tyvola (116 units within the Southwest submarket) Atlanta, Spoke at Peachtree Corners (92 units within Atlanta TechPark) …
The post Hotel-to-Multifamily Conversion Brings New Business Stream to RKW appeared first on Connect CRE.

Charlotte, NC-based RKW Residential multifamily management firm has been assigned four Spoke-branded hotel-to-multifamily conversion properties from developer Blaze Capital Partners.

Charlotte – Spoke at McCullough Station (124 units located to the University of North Carolina-Charlotte) and Spoke at Tyvola (116 units within the Southwest submarket)Atlanta, Spoke at Peachtree Corners (92 units within Atlanta TechPark)Savannah, Spoke Savannah (106 units in the historic district)

According the RKW, hotel-to-multifamily conversions gained steam during the pandemic as an efficient and cost-effective way to address the housing affordability challenge. With intense demand for rental product in major metropolitan areas throughout the nation, such conversions are now considered a long-term solution.

“We are bullish on the viability of hotel-to-multifamily conversions,” said RKW CEO Marcie Williams. “These Spoke-branded projects in Charlotte and Georgia are already generating tremendous pre-leasing interest.”

Photo: Spoke Savannah

The post Hotel-to-Multifamily Conversion Brings New Business Stream to RKW appeared first on Connect CRE.

Charlotte, NC-based RKW Residential multifamily management firm has been assigned four Spoke-branded hotel-to-multifamily conversion properties from developer Blaze Capital Partners. Charlotte – Spoke at McCullough Station (124 units located to the University of North Carolina-Charlotte) and Spoke at Tyvola (116 units within the Southwest submarket) Atlanta, Spoke at Peachtree Corners (92 units within Atlanta TechPark) …
The post Hotel-to-Multifamily Conversion Brings New Business Stream to RKW appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Hopkinsville Multifam Turns to Greystone for $17M Fannie Mae Refi Loan – Robert Khodadadian Greystone has provided a $17-million Fannie Mae Delegated Underwriting Services loan to refinance a 258-unit multifamily property in Hopkinsville, KY. The transaction was originated by Lorie Hanson, managing director at Greystone. The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes interest-only payments for the full term of the loan. Acquired in October 2020, the …
The post Hopkinsville Multifam Turns to Greystone for $17M Fannie Mae Refi Loan appeared first on Connect CRE.

Greystone has provided a $17-million Fannie Mae Delegated Underwriting Services loan to refinance a 258-unit multifamily property in Hopkinsville, KY.

The transaction was originated by Lorie Hanson, managing director at Greystone.

The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes interest-only payments for the full term of the loan. Acquired in October 2020, the property has received nearly $1 million in capital expenditures including both interior and exterior upgrades and to the common amenities.

“The borrowers were wonderful to work with and moved quickly to take advantage of an early rate lock, in an increasing interest rate environment,” said Hanson. “They have invested in a long-term hold of the property and this Fannie Mae refinance enables them to preserve this asset.”

The post Hopkinsville Multifam Turns to Greystone for $17M Fannie Mae Refi Loan appeared first on Connect CRE.

Greystone has provided a $17-million Fannie Mae Delegated Underwriting Services loan to refinance a 258-unit multifamily property in Hopkinsville, KY. The transaction was originated by Lorie Hanson, managing director at Greystone. The 10-year, fixed-rate Fannie Mae loan for Aspen Meadow includes interest-only payments for the full term of the loan. Acquired in October 2020, the …
The post Hopkinsville Multifam Turns to Greystone for $17M Fannie Mae Refi Loan appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Kroger to Complete Retail Lineup at $120M MarketPlace Terrell Mill in Marietta – Robert Khodadadian Atlanta, GA-based joint venture partners CONNOLLY and Eden Rock Real Estate have started construction of the Kroger at MarketPlace Terrell Mill, a $120-million mixed-use project in Marietta. The Kroger project’s general contractor is Collins and Arnold Construction Company, the civil engineer is Robertson Loia Roof and the architect is CR Architects and Design. Kroger is …
The post Kroger to Complete Retail Lineup at $120M MarketPlace Terrell Mill in Marietta appeared first on Connect CRE.

Atlanta, GA-based joint venture partners CONNOLLY and Eden Rock Real Estate have started construction of the Kroger at MarketPlace Terrell Mill, a $120-million mixed-use project in Marietta.

The Kroger project’s general contractor is Collins and Arnold Construction Company, the civil engineer is Robertson Loia Roof and the architect is CR Architects and Design.

Kroger is constructing a 90,000-square-foot building on a 10.8-acre parcel of land and joins a lineup of restaurants and services at the village-style destination. CONNOLLY has already developed and sold parcels that house Chick-fil-A, Panera Bread, Regions Bank and Wendy’s. Extra Space Storage occupies a 98,676-square-foot building.

The residential component of the project, Marketplace Village, is a multifamily community of 298 one- and two-bedroom apartments. The three-story complex was completed in 2020 and is 95% leased.

MarketPlace Terrell Mill is situated on nearly 24 acres and comprised of eight land parcels that CONNOLLY and Eden Rock Real Estate assembled in 2018.

The post Kroger to Complete Retail Lineup at $120M MarketPlace Terrell Mill in Marietta appeared first on Connect CRE.

Atlanta, GA-based joint venture partners CONNOLLY and Eden Rock Real Estate have started construction of the Kroger at MarketPlace Terrell Mill, a $120-million mixed-use project in Marietta. The Kroger project’s general contractor is Collins and Arnold Construction Company, the civil engineer is Robertson Loia Roof and the architect is CR Architects and Design. Kroger is …
The post Kroger to Complete Retail Lineup at $120M MarketPlace Terrell Mill in Marietta appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Bridge Industrial Launches ESG Program  – Robert Khodadadian Bridge Industrial has formed an environmental, social, governance (ESG) program and is working with ESG consultancy firm Verdani Partners to ensure the smooth integration of the newly established program throughout the company’s corporate culture. In establishing the program, Bridge aims to create lasting value through sustainability.  To help spearhead the program, Bridge promoted Francesca De …
The post Bridge Industrial Launches ESG Program  appeared first on Connect CRE.

Bridge Industrial has formed an environmental, social, governance (ESG) program and is working with ESG consultancy firm Verdani Partners to ensure the smooth integration of the newly established program throughout the company’s corporate culture. In establishing the program, Bridge aims to create lasting value through sustainability. 

To help spearhead the program, Bridge promoted Francesca De Amicis to the firm’s VP of operations and sustainability. In this role, Francesca will be responsible for the implementation of policies and strategies which support and drive the organization’s ESG goals and will facilitate coordination between Bridge and Verdani. 

“We are impressed with Verdani’s track record of developing industry leading ESG programs for commercial real estate portfolios,” said De Amicis. “At Bridge, we want to demonstrate ESG leadership, and with Verdani’s partnership, we feel confident that we can make significant strides toward reaching net zero emissions and advancing decarbonization efforts in the industrial sector.”  

The post Bridge Industrial Launches ESG Program  appeared first on Connect CRE.

Bridge Industrial has formed an environmental, social, governance (ESG) program and is working with ESG consultancy firm Verdani Partners to ensure the smooth integration of the newly established program throughout the company’s corporate culture. In establishing the program, Bridge aims to create lasting value through sustainability.  To help spearhead the program, Bridge promoted Francesca De …
The post Bridge Industrial Launches ESG Program  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Newmark Completes Sale of Grocery-Anchored Martinez Center  – Robert Khodadadian Newmark has completed the sale of the Village Oaks, a 79,875-square-foot grocery- and drug-anchored community shopping center in Martinez, for an undisclosed amount.  The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Nicholas Bicardo, head of Retail Capital Markets for Northern California, represented the seller with associate …
The post Newmark Completes Sale of Grocery-Anchored Martinez Center  appeared first on Connect CRE.

Newmark has completed the sale of the Village Oaks, a 79,875-square-foot grocery- and drug-anchored community shopping center in Martinez, for an undisclosed amount. 
 
The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Nicholas Bicardo, head of Retail Capital Markets for Northern California, represented the seller with associate director Cheyne Bloch. 

“The sale of Village Oaks marks the first time this asset has traded in over 20 years, which is a testament to the property’s dominant market position and long-term stability,” said Bicardo. “We continue to see a tremendous amount of capital for well-located retail, especially grocery anchored, on the West Coast.” 
 
Located at 1185 Arnold Dr., the 7.94-acre property is anchored by Lucky California and Rite Aid. Currently it’s 96% leased to a diverse mix of other essential and necessity-based tenants within the financial, medical, restaurant and service retail sectors. 

The post Newmark Completes Sale of Grocery-Anchored Martinez Center  appeared first on Connect CRE.

Newmark has completed the sale of the Village Oaks, a 79,875-square-foot grocery- and drug-anchored community shopping center in Martinez, for an undisclosed amount.  The property traded from the seller, an undisclosed private family investor, to the buyer, an institutional investment group. Nicholas Bicardo, head of Retail Capital Markets for Northern California, represented the seller with associate …
The post Newmark Completes Sale of Grocery-Anchored Martinez Center  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Almanac Realty to Take Passive, Minority Stake in Chicago’s Waterton – Robert Khodadadian Chicago-based Waterton, a national real estate investor and operator, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, have reached an agreement with a fund managed by Almanac to acquire a passive, minority ownership stake in Waterton.   The strategic investment will provide additional resources to Waterton while having no impact on …
The post Almanac Realty to Take Passive, Minority Stake in Chicago’s Waterton appeared first on Connect CRE.

Chicago-based Waterton, a national real estate investor and operator, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, have reached an agreement with a fund managed by Almanac to acquire a passive, minority ownership stake in Waterton.  

The strategic investment will provide additional resources to Waterton while having no impact on the day-to-day management, operations or business decision-making process.  

Waterton will leverage the capital partnership for continued investment in new business initiatives and the growth of its multifamily, single family rental, seniors housing and hospitality strategies, as well as a focus on attracting, retaining and growing the firm’s talent.   

“The transaction is an exciting development for our organization and we believe that Almanac will be a great strategic partner for Waterton,” said David Schwartz, CEO and chairman at Waterton.  

He continued, “Almanac’s permanent capital, deep real estate experience and access to a range of global resources through Neuberger Berman, including its private wealth channel, will support the continued growth of Waterton and enhance the business platform over the long term.” 

Andrew Silberstein, managing director and head of private markets at Almanac, said, “Waterton has built a reputation, over the firm’s long history, as a best-in-class real estate investment manager, with particular expertise and operating capability in the multifamily sector. We are proud to be partnering with this impressive team on this next phase of their growth.” 

The post Almanac Realty to Take Passive, Minority Stake in Chicago’s Waterton appeared first on Connect CRE.

Chicago-based Waterton, a national real estate investor and operator, and Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, have reached an agreement with a fund managed by Almanac to acquire a passive, minority ownership stake in Waterton.   The strategic investment will provide additional resources to Waterton while having no impact on …
The post Almanac Realty to Take Passive, Minority Stake in Chicago’s Waterton appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Affordable Developer Affirmed Housing Names New President  – Robert Khodadadian Affordable housing developer Affirmed Housing, based in San Diego, has appointed Jimmy Silverwood as president, effective June 1. Elevating from his role as EVP, Jimmy succeeds James “Jim” Silverwood, who retains his role as CEO. The transition supports the company’s plans for continued growth and commitment to delivering housing and care to the state’s vulnerable …
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Affordable housing developer Affirmed Housing, based in San Diego, has appointed Jimmy Silverwood as president, effective June 1. Elevating from his role as EVP, Jimmy succeeds James “Jim” Silverwood, who retains his role as CEO. The transition supports the company’s plans for continued growth and commitment to delivering housing and care to the state’s vulnerable populations. 

“Jimmy’s elevation ensures we maintain focus on forward-looking, people-centric strategies that increase essential housing inventory, keep vulnerable citizens off the streets long term, and secure a brighter future for the state,” said Affirmed Housing CEO Jim Silverwood, who will continue to focus on the company’s big picture objectives.  

As president, Jimmy Silverwood leverages more than a decade of real estate and construction expertise. Since he joined the leadership team, Affirmed Housing has experienced a 60% increase in overall production of homes in California and a 150% increase in total funding secured for projects. 

The post Affordable Developer Affirmed Housing Names New President  appeared first on Connect CRE.

Affordable housing developer Affirmed Housing, based in San Diego, has appointed Jimmy Silverwood as president, effective June 1. Elevating from his role as EVP, Jimmy succeeds James “Jim” Silverwood, who retains his role as CEO. The transition supports the company’s plans for continued growth and commitment to delivering housing and care to the state’s vulnerable …
The post Affordable Developer Affirmed Housing Names New President  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Palm Springs Hotel Sale Sets Per-Key Pricing Record  – Robert Khodadadian Palm Springs-based Foxden Hospitality completed the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. At $468,000 per key, the deal reportedly marks the highest recorded price for any hotel in Palm Springs and the surrounding Coachella Valley.  “Creating Dive was one of the greatest joys of my career,” said …
The post Palm Springs Hotel Sale Sets Per-Key Pricing Record  appeared first on Connect CRE.

Palm Springs-based Foxden Hospitality completed the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. At $468,000 per key, the deal reportedly marks the highest recorded price for any hotel in Palm Springs and the surrounding Coachella Valley. 

“Creating Dive was one of the greatest joys of my career,” said Dale Fox, founder and CEO of Foxden. “It was a deep expression of my personal passion for hospitality and for design. It’s my pleasure to see our beloved hotel find such a great new home with Mariners Group.”  

Despite multiple bids, Foxden agreed to sell to Mariners Group based on its extensive experience in hospitality and existing presence in the Palm Springs market. 

“The attention to detail and thoughtful concept by Foxden Hospitality is what allowed Dive Palm Springs to trade at a record price,” added Adam Gilbert, president, The Firm, who brokered the deal.  

The post Palm Springs Hotel Sale Sets Per-Key Pricing Record  appeared first on Connect CRE.

Palm Springs-based Foxden Hospitality completed the sale of its boutique Hotel, Dive Palm Springs, to Mariners Group for $5.15 million. At $468,000 per key, the deal reportedly marks the highest recorded price for any hotel in Palm Springs and the surrounding Coachella Valley.  “Creating Dive was one of the greatest joys of my career,” said …
The post Palm Springs Hotel Sale Sets Per-Key Pricing Record  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Developer Trades Brentwood Portfolio After 60-Year Hold  – Robert Khodadadian A four-building, 36-unit multifamily portfolio in Brentwood has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer, who acquired the portfolio ff-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties.  The buildings were constructed in the 1960s and have remained under original family …
The post Developer Trades Brentwood Portfolio After 60-Year Hold  appeared first on Connect CRE.

A four-building, 36-unit multifamily portfolio in Brentwood has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer, who acquired the portfolio ff-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties. 

The buildings were constructed in the 1960s and have remained under original family ownership for 60 years. The buyer has built and maintained ownership of several apartment buildings in the Brentwood neighborhood.  

“A portfolio sale of this caliber does not often happen in West LA.,” said Monempour.”Even with rising interest rates, the properties sold at premium values. The seller’s motivation was due to the rent control policies that LA has adopted. They felt it was time to finally let go of these properties and were able to trade out of these assets for commercial properties that better suit their needs.” 

The post Developer Trades Brentwood Portfolio After 60-Year Hold  appeared first on Connect CRE.

A four-building, 36-unit multifamily portfolio in Brentwood has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer, who acquired the portfolio ff-market in a 1031 exchange. Kidder Mathews’ Michael Monempour represented both parties.  The buildings were constructed in the 1960s and have remained under original family …
The post Developer Trades Brentwood Portfolio After 60-Year Hold  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

NAIOP SoCal Honors Best of the Best with First-Ever Awards Gala  – Robert Khodadadian NAIOP SoCal honored the best of the best in commercial real estate during its first-ever Awards Gala, held May 12 in Santa Ana.  The event, covering 20 unique categories, included two People’s Choice Awards voted on that evening for Developer of the Year, won by Duke Realty, and Deal of the Year, won by Newmark. …
The post NAIOP SoCal Honors Best of the Best with First-Ever Awards Gala  appeared first on Connect CRE.

NAIOP SoCal honored the best of the best in commercial real estate during its first-ever Awards Gala, held May 12 in Santa Ana. 

The event, covering 20 unique categories, included two People’s Choice Awards voted on that evening for Developer of the Year, won by Duke Realty, and Deal of the Year, won by Newmark. Newmark’s Kevin Shannon was also recognized as Broker of the Year. 

The chapter also recognized several individuals who have provided outstanding service to the chapter as well as expectational young leaders. The Distinguished Service award was given to Pamela Westhoff of Shepard Mullin and the NAIOP SoCal Member of the Year was Stephane Wandel of Thrifty Oil. The Developing Leader of the Year was JLL’s Jamie Kline. 

NAIOP SoCal also inducted Ed Roski, president and chairman of the board of Majestic Realty Co., into its Hall of Fame. 

Pictured, from left: NAIOP SoCal Chapter President Greg May, Honoree Pamela Westhoff, NAIOP SoCal CEO Tim Jemal. 

The post NAIOP SoCal Honors Best of the Best with First-Ever Awards Gala  appeared first on Connect CRE.

NAIOP SoCal honored the best of the best in commercial real estate during its first-ever Awards Gala, held May 12 in Santa Ana.  The event, covering 20 unique categories, included two People’s Choice Awards voted on that evening for Developer of the Year, won by Duke Realty, and Deal of the Year, won by Newmark. …
The post NAIOP SoCal Honors Best of the Best with First-Ever Awards Gala  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

MMCC Lines Up $64M Financing for Monrovia Apartment Project  – Robert Khodadadian Marcus & Millichap Capital Corporation (MMCC) arranged $64.39 million in financing for a 252,100- square-foot multifamily property at 127 W. Pomona in Monrovia. The financing was secured by executive managing director Sharone Sabar and associate director Stefen Chraghchian, both based in MMCC’s Encino office.  The 42-month loan has an LTC of 65% and an interest …
The post MMCC Lines Up $64M Financing for Monrovia Apartment Project  appeared first on Connect CRE.

Marcus & Millichap Capital Corporation (MMCC) arranged $64.39 million in financing for a 252,100- square-foot multifamily property at 127 W. Pomona in Monrovia. The financing was secured by executive managing director Sharone Sabar and associate director Stefen Chraghchian, both based in MMCC’s Encino office. 

The 42-month loan has an LTC of 65% and an interest rate of 3.4% The property sits on a 1.83-acre site and is fully entitled and construction ready. The project will include a 220-unit residential apartment with 7,050 rentable square feet of commercial space and 357 parking stalls. It’s located within the city of Monrovia’s transit district in proximity to Pasadena and Los Angeles. 

“It was a privilege to arrange this loan for our client,” said Chraghchian. “We were able to work with our lender through inflationary pressures to increase loan proceeds and offer non-recourse financing at a rate that was very appealing to our client.” 

The post MMCC Lines Up $64M Financing for Monrovia Apartment Project  appeared first on Connect CRE.

Marcus & Millichap Capital Corporation (MMCC) arranged $64.39 million in financing for a 252,100- square-foot multifamily property at 127 W. Pomona in Monrovia. The financing was secured by executive managing director Sharone Sabar and associate director Stefen Chraghchian, both based in MMCC’s Encino office.  The 42-month loan has an LTC of 65% and an interest …
The post MMCC Lines Up $64M Financing for Monrovia Apartment Project  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Principal Launches Actively Managed CRE ETF, Gives Investors Exposure to Specific Sectors – Robert Khodadadian Des Moines-based Principal Global Investors announced the Principal Real Estate Active Opportunities ETF, the firm’s first semi-transparent ETF, is available for trading upon today’s market open of the New York Stock Exchange.   It is a new, actively managed, semi-transparent ETF that has a focused concentration on the non-traditional property sectors of the publicly traded U.S. …
The post Principal Launches Actively Managed CRE ETF, Gives Investors Exposure to Specific Sectors appeared first on Connect CRE.

Des Moines-based Principal Global Investors announced the Principal Real Estate Active Opportunities ETF, the firm’s first semi-transparent ETF, is available for trading upon today’s market open of the New York Stock Exchange.  

It is a new, actively managed, semi-transparent ETF that has a focused concentration on the non-traditional property sectors of the publicly traded U.S. real estate market. The objective of the fund seeks total return. 

“The Principal Real Estate Active Opportunities ETF combines two core strengths of Principal – active management and real estate investing – to provide clients with an innovative strategy that seeks to improve portfolio outcomes.  

The fund is thematic and one of the first semi-transparent ETFs that gives investors exposure to in-demand real estate sectors with the benefits of a liquid ETF structure,” said Jill Brown, managing director of the U.S. Wealth Platform, Principal Global Investors. 

Due to its concentrated exposure to non-traditional property sectors, the Principal Real Estate Active Opportunities ETF can enhance core equity portfolios for investors as a satellite allocation. This creates the potential for better portfolio outcomes and higher total returns with improved diversification generated by the resilient growth characteristics of many public REITs in the non-traditional sectors. 

Non-traditional real estate sectors, which include property types like data centers, life sciences, single-family rental, medical office, and self-storage, have been highly resilient the past few years. Shifts in the economy and structural themes ranging from demographics and infrastructure to globalization and technological innovation are driving change and opportunity for these non-traditional property types. 

“Non-traditional sectors now represent 64% of the public REIT market as they almost doubled their share of the market cap from 2010-2020. And compared to traditional real estate sectors, non-traditional REITs have offered higher returns and higher growth over the last 10 years1,” said Todd Kellenberger, client portfolio manager for Principal Real Estate Investors.  

“This reinforces our conviction that our semi-transparent ETF that is focused on these niche property types can be a differentiated strategy for investors seeking resilient growth and potential inflation protection.” 

As a top 10 global manager of real estate assets2 and a top five manager of public REITs3, Principal is well positioned to deliver this new ETF in a growing part of the actively managed ETF market.  

The strategy will be managed by the firm’s dedicated real estate investment team using a bottom-up approach that will emphasize owning publicly traded U.S. real estate companies in non-traditional sectors that can benefit from structural drivers. 

Pictured: Principal headquarters in Des Moines.

The post Principal Launches Actively Managed CRE ETF, Gives Investors Exposure to Specific Sectors appeared first on Connect CRE.

Des Moines-based Principal Global Investors announced the Principal Real Estate Active Opportunities ETF, the firm’s first semi-transparent ETF, is available for trading upon today’s market open of the New York Stock Exchange.   It is a new, actively managed, semi-transparent ETF that has a focused concentration on the non-traditional property sectors of the publicly traded U.S. …
The post Principal Launches Actively Managed CRE ETF, Gives Investors Exposure to Specific Sectors appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth  – Robert Khodadadian Persistent inflation, rising interest rates and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8 percentage points less than previously predicted, according to the May 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) …
The post Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth  appeared first on Connect CRE.

Persistent inflation, rising interest rates and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8 percentage points less than previously predicted, according to the May 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group. 

The ESR Group’s latest forecast sees second-quarter 2022 growth rebounding to 1.6% following last month’s news that the economy contracted by 1.4% percent in Q1. The Fed’s efforts to curtail inflation by tightening monetary policy are unlikely to result in a so-called “soft landing,” according to the group. 

“Financial conditions have tightened significantly, and the economy is slowing faster than previously expected as markets adjust to the Federal Reserve’s tightening guidance,” said Doug Duncan, Fannie Mae chief economist. He added that geopolitical risks are on the rise as Russia’s war on Ukraine continues. 

The post Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth  appeared first on Connect CRE.

Persistent inflation, rising interest rates and a slowdown of global economic growth are the primary contributing factors to updated expectations that full-year 2022 real GDP will grow at the reduced rate of 1.3%, 0.8 percentage points less than previously predicted, according to the May 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) …
The post Fannie Mae: Inflation, Interest Rates Mean Slower GDP Growth  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Brookfield and Park Tower Open Mixed-Income Resi Tower in Greenpoint  – Robert Khodadadian Brookfield Properties, in joint partnership with Park Tower Group, held the grand opening and launched resident move-ins at The Bellslip, a 414-unit mixed-income residential tower on the Greenpoint waterfront. The Bellslip is the third of four residential projects the developers are partnering on within the larger 22-acre Greenpoint Landing master planned development.   In addition, the …
The post Brookfield and Park Tower Open Mixed-Income Resi Tower in Greenpoint  appeared first on Connect CRE.

Brookfield Properties, in joint partnership with Park Tower Group, held the grand opening and launched resident move-ins at The Bellslip, a 414-unit mixed-income residential tower on the Greenpoint waterfront. The Bellslip is the third of four residential projects the developers are partnering on within the larger 22-acre Greenpoint Landing master planned development.  

In addition, the developers, alongside Councilmember Lincoln Restler, former Councilmember Stephen Levin and Katie Horowitz, Executive Director of North Brooklyn Parks Alliance, celebrated the opening of a brand-new public dog run open to the entire community. The latest piece of the master plan’s four-acre public park and promenade designed by James Corner Field Operations, it’s the first dedicated public space for dogs in northern Greenpoint. 

“Opening the doors to residents at The Bellslip marks yet another milestone in the evolution of Greenpoint Landing,” said Maria Masi, SVP, multifamily development, Brookfield Properties.

The post Brookfield and Park Tower Open Mixed-Income Resi Tower in Greenpoint  appeared first on Connect CRE.

Brookfield Properties, in joint partnership with Park Tower Group, held the grand opening and launched resident move-ins at The Bellslip, a 414-unit mixed-income residential tower on the Greenpoint waterfront. The Bellslip is the third of four residential projects the developers are partnering on within the larger 22-acre Greenpoint Landing master planned development.   In addition, the …
The post Brookfield and Park Tower Open Mixed-Income Resi Tower in Greenpoint  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

CBRE Closes Sale of Holtsville Offices to Northpath  – Robert Khodadadian CBRE closed the $28.5-million sale of 5000 Corporate Ct., a two story, 264,482-square-foot. office building in the hamlet of Holtsville and the town of Brookhaven, NY.   Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern of CBRE Advisory & Transaction Services, represented …
The post CBRE Closes Sale of Holtsville Offices to Northpath  appeared first on Connect CRE.

CBRE closed the $28.5-million sale of 5000 Corporate Ct., a two story, 264,482-square-foot. office building in the hamlet of Holtsville and the town of Brookhaven, NY.  

Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern of CBRE Advisory & Transaction Services, represented the seller, Office Properties Income Trust, an entity managed by The RMR Group. They also procured the buyer, Northpath Investments. 

5000 Corporate Ct. is located within minutes of Exit 62 off the Long Island Expressway. The property is anchored by GSA tenants, including the Internal Revenue Service and U.S. Citizenship and Immigration Service.  

“5000 Corporate Ct. will complement Northpath’s other asset, Brookhaven Professional Center,” said Bardsley. “The property’s expansive floor plates can meet larger tenant requirements, while Brookhaven Professional Center can cater to a smaller tenant profile.” 

The post CBRE Closes Sale of Holtsville Offices to Northpath  appeared first on Connect CRE.

CBRE closed the $28.5-million sale of 5000 Corporate Ct., a two story, 264,482-square-foot. office building in the hamlet of Holtsville and the town of Brookhaven, NY.   Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, Stuart MacKenzie and Travis Langer of CBRE’s Institutional Properties Group, in collaboration with Philip Heilpern of CBRE Advisory & Transaction Services, represented …
The post CBRE Closes Sale of Holtsville Offices to Northpath  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

ESRT Signs Music Group to Newly Revamped 250 West 57th – Robert Khodadadian Empire State Realty Trust (ESRT) has signed SESAC Music Group, a music rights management and content company, for the full 24th floor at 250 W. 57th St. , a total of 12,611 square feet.  “Industry-leading sustainability practices, proximity to transportation, and excellent building amenities make 250 W. 57th Street a solid choice for our new …
The post ESRT Signs Music Group to Newly Revamped 250 West 57th appeared first on Connect CRE.

Empire State Realty Trust (ESRT) has signed SESAC Music Group, a music rights management and content company, for the full 24th floor at 250 W. 57th St. , a total of 12,611 square feet. 

“Industry-leading sustainability practices, proximity to transportation, and excellent building amenities make 250 W. 57th Street a solid choice for our new office,” said John Josephson, CEO at SESAC. 

The property at 250 W. 57th continues to benefit from a flight to quality following its transformation into a boutique office building with high-end full-floor tenant build outs by Fogarty Finger, new lobby designed by Gensler, and leading indoor environmental technology and energy efficiency. 

“SESAC is a welcome addition to our impressive tenant roster at 250 W. 57th,” said Thomas P. Durels, EVP, real estate at Empire State Realty Trust. 

TJ Hochanadel of JLL represented SESAC in the lease negotiation. Jordan Berger of ESRT and Paul J. Amrich, Neil V. King III, Alexander Golod, and Anthony Manginelli of CBRE represented ownership

The post ESRT Signs Music Group to Newly Revamped 250 West 57th appeared first on Connect CRE.

Empire State Realty Trust (ESRT) has signed SESAC Music Group, a music rights management and content company, for the full 24th floor at 250 W. 57th St. , a total of 12,611 square feet.  “Industry-leading sustainability practices, proximity to transportation, and excellent building amenities make 250 W. 57th Street a solid choice for our new …
The post ESRT Signs Music Group to Newly Revamped 250 West 57th appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Ariel Arranges $13M of Sales in Northern Manhattan, Brooklyn  – Robert Khodadadian Ariel Property Advisors has arranged the sale of three properties totaling $12.9 million located in Brooklyn and Northern Manhattan. The largest of the three transactions was the $5.05-million sale of a vacant two-story commercial building at 222-226 W. 145th St. In Manhattan.  The transaction was brokered by an Ariel team including director Jason M. Gold, founding partner Michael …
The post Ariel Arranges $13M of Sales in Northern Manhattan, Brooklyn  appeared first on Connect CRE.

Ariel Property Advisors has arranged the sale of three properties totaling $12.9 million located in Brooklyn and Northern Manhattan. The largest of the three transactions was the $5.05-million sale of a vacant two-story commercial building at 222-226 W. 145th St. In Manhattan. 

The transaction was brokered by an Ariel team including director Jason M. Gold, founding partner Michael A. Tortorici and associate director James Nestor. 

A four-story, 21-unit mixed-use building at 649 Argyle Rd. in Brooklyn’s Ditmas Park neighborhood sold for $4.75 million. Ariel director Lawrence Sarn, founding partner Victor Sozio and president and founder Shimon Shkury brokered the sale. 

A vacant three-story, 7,638-square-foot warehouse/flex office building at 11 Herkimer Pl. in Brooklyn’s Bedford-Stuyvesant neighborhood sold for $3.1 million. Ariel director Dov Chein and partner Sean R. Kelly handled the sale, which at $406 per square foot represents the highest per-square-foot price for a Bed-Stuy office building since 2018. 

The post Ariel Arranges $13M of Sales in Northern Manhattan, Brooklyn  appeared first on Connect CRE.

Ariel Property Advisors has arranged the sale of three properties totaling $12.9 million located in Brooklyn and Northern Manhattan. The largest of the three transactions was the $5.05-million sale of a vacant two-story commercial building at 222-226 W. 145th St. In Manhattan.  The transaction was brokered by an Ariel team including director Jason M. Gold, founding partner Michael …
The post Ariel Arranges $13M of Sales in Northern Manhattan, Brooklyn  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Jeweler Ted Muehling Finds New Shop Space in Tribeca  – Robert Khodadadian Newmark Retail completed a 4,400–square-foot lease with high-end jeweler Ted Muehling at 104 Franklin St. in Lower Manhattan’s Tribeca neighborhood. Managing director Andrew Stern and director Ravi Idnani represented asset owner Magna & York.   Ted Muehling has been designing jewelry and decorative objects since 1976. The jeweler, a longtime tenant of downtown, first had a shop on Greene Street, then Howard Street, and most …
The post Jeweler Ted Muehling Finds New Shop Space in Tribeca  appeared first on Connect CRE.

Newmark Retail completed a 4,400–square-foot lease with high-end jeweler Ted Muehling at 104 Franklin St. in Lower Manhattan’s Tribeca neighborhood. Managing director Andrew Stern and director Ravi Idnani represented asset owner Magna & York.  

Ted Muehling has been designing jewelry and decorative objects since 1976. The jeweler, a longtime tenant of downtown, first had a shop on Greene Street, then Howard Street, and most recently at 52 White St. With an upcoming lease expiration and a desire to remain in Northeast Tribeca, 104 Franklin provided the exterior and interior aesthetic Muehling sought.  

“Tribeca’s Art District is becoming one of the hottest destinations for art galleries and showrooms, and we believe his design studio will be a great fit,” said Stern. “We’ve been very active in the neighborhood, and this deal marks over 30 new retail transactions we’ve completed in Tribeca since the onset of COVID-19.” 

The post Jeweler Ted Muehling Finds New Shop Space in Tribeca  appeared first on Connect CRE.

Newmark Retail completed a 4,400–square-foot lease with high-end jeweler Ted Muehling at 104 Franklin St. in Lower Manhattan’s Tribeca neighborhood. Managing director Andrew Stern and director Ravi Idnani represented asset owner Magna & York.   Ted Muehling has been designing jewelry and decorative objects since 1976. The jeweler, a longtime tenant of downtown, first had a shop on Greene Street, then Howard Street, and most …
The post Jeweler Ted Muehling Finds New Shop Space in Tribeca  appeared first on Connect CRE.Read More

A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com

Taconic Capital Closes on its Third Real Estate Fund, with Focus on Distress – Robert Khodadadian New York-based Taconic Capital Advisors, a global institutional investment firm, has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll, TCREDF III, with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated …
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New York-based Taconic Capital Advisors, a global institutional investment firm, has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll, TCREDF III, with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions. 

One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market.  

A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments. 

“We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III,” said James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments. “Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors.” 

Pictured: Taconic headquarters at 280 Park Ave. in Manhattan.

The post Taconic Capital Closes on its Third Real Estate Fund, with Focus on Distress appeared first on Connect CRE.

New York-based Taconic Capital Advisors, a global institutional investment firm, has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll, TCREDF III, with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated …
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A few of Robert Khodadadian’s most notable transactions include

• 530 West 25th Street, New York, NY – $72,000,000

• 236 5th Avenue, New York, NY – 99-year Ground Lease

• 131 Prince Street, New York, NY – $50,000,000

• 135 West 29th Street, New York, NY – 99-Year Ground Lease

• 4-14 West 125th Street, New York, NY – 99-Year Ground Lease

For more information please visit http://www.skylineprp.com