CAPRE’s Commercial Real Estate Headlines for December 2, 2019
Check out the latest deals and developments in commercial real estate for December 2, 2019:
- NRIA Closes $44 Million USD Loan with S3 Capital Partners To Begin Construction Of Hoboken Heights: NRIA has closed on a $44 Million USD loan with financing partner S3 Capital to begin construction of Hoboken Heights, a new gated residential development located at 1300 Manhattan Avenue Union City, New Jersey. Upon completion, Hoboken Heights will feature four buildings with 55 luxury residences, including nine penthouses with private elevators and expansive terraces. The units will range from 2,340 to 4,740 square feet with 3 to 4 bedrooms, 3 to 4 bathrooms, and glass-enclosed terraces facing Manhattan. Amenities will include indoor/outdoor entertainment areas with decks and grilling kitchens, an indoor pool with walkout sundeck, private gym, peloton studio, golf simulation area, private meeting room, and a lounge with screening room and bar.
- Mission Rock Residential Signed on to Manage Dumfries Virginia Apartment Community: Mission Rock Residential, a Denver-based multifamily property management company, is announcing today a new management contract for Oasis at Montclair Apartments in the city of Dumfries, Virginia, just 30 miles outside of Washington D.C. The company has been issued an agreement for the management of the community by California-based Hamilton Zanze Real Estate Investments. The pet-friendly community features 244 one, two, and three-bedroom apartment homes in close proximity to major retailers, a beautifully forested urban park, and access to the Potomac River. Community amenities include a spa-inspired saltwater swimming pool, a dog park, a playground, a car care center, a 24-hour fitness center, and a clubhouse with a theater room, conference room, and more. Assigned parking and garages are available at a monthly cost. Oasis at Montclair, built in 2014, also offers secure, gated access and furnished rental opportunities perfect for part-time residents or corporate leases.
- Newly Constructed Northwest Arkansas Industrial Office Property Acquired by NAS Investment Solution: NAS Investment Solutions (NASIS) has acquired a newly constructed 27,465 square-foot industrial office building occupied by BNSF Logistics. Located at 2708 S 48th Street in Springdale, the building, which is adjacent to BNSF’s existing 30,339 square foot facility, recently constructed in 2015, completes the second phase of a property expansion that serves as the company’s US Headquarters. NAS Investment Solutions has acquired a newly constructed 27,465 square-foot industrial office building occupied by BNSF Logistics. Located at 2708 S 48th Street in Springdale, the building, which is adjacent to BNSF’s existing 30,339 square foot facility, recently constructed in 2015, completes the second phase of a property expansion that serves as the company’s U.S. Headquarters. Assuming responsibilities for asset management and property management for the newly acquired property is National Asset Services, (NAS) one of the Nation’s leading commercial real estate companies. NAS currently manages the Phase I building and will assume management responsibilities for the newly created “corporate campus.” The acquisition process was contingent upon completion of construction and full tenant occupancy of the new, Phase II Building.
- Republic Family of Companies and Principal Real Estate Investors Enter into Partnership to Finance and Develop Multi-Hundred Million Dollar Gateway at Millbrae Station: Republic Urban Properties, a leading transit-oriented, mixed use property developer in the Bay Area, and Principal Real Estate Investors, a global investment management firm, announced their formation of a partnership that will finance, construct, and own the residential and office components of the Gateway at Millbrae Station development. The Gateway at Millbrae Station development is considered one of the largest transit-oriented developments in the Bay Area. With 157,000 square feet of office space, 320 market rate apartments, 80 veteran preferred affordable housing units, and 44,000 square feet of mixed use retail, Gateway at Millbrae Station, with its proximity to the Millbrae BART and Caltrain stations, will be a model for integrating housing with vital access to public transportation.
- Lincoln Property Company and Modern Message Expand Resident Engagement and Loyalty Partnership Across Full Portfolio: Lincoln Property Company, the nation’s second largest multifamily manager, and Modern Message, the industry leader in resident engagement and loyalty announced today its national partnership. Launching early 2020, Lincoln will be adopting Modern Message’s platform, Community Rewards, to engage residents, deliver rewards, enhance the overall renter’s experience. Modern Message has been a long-time partner with Lincoln Property Company and Community Rewards is currently deployed on over two hundred properties. The online reputation lift from the resident engagement platform has been significant for participating communities according to JTurner Research’s Online Reputation Assessment (ORA). By January 2020, they will expand into the full portfolio serving conventional, military, affordable, and student communities nationwide.
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