CAPRE’s Commercial Real Estate Headlines for October 3, 2019

Check out the latest deals and developments in commercial real estate for October 2, 2019:

  • Luxury San Francisco Peninsula Multifamily Sale Closed by Institutional Property Advisors (IPA) for $88.65 Million: Institutional Property Advisors (IPA), a division of Marcus & Millichap has announced the sale of Township Apartments, a 132-unit apartment asset in Redwood City, California. The sales price is $88.65 million, or $671,591 per unit and $735 per square foot. Salvatore Saglimbeni, Stanford Jones, IPA executive director, and Philip Saglimbeni, IPA senior director, represented the seller, Nuveen Real Estate. Residents of Township Apartments can walk to top Redwood City employers such as Box, numerous startups, and hundreds of upscale restaurants, bars and retailers. Other renowned employers located in Redwood City include Google, Oracle, Kaiser, Sony, Gilead Sciences, and Life Technologies. San Francisco and Silicon Valley destinations can be reached from the downtown Redwood City Caltrain station just over a half mile from the property, and freeway options such as U.S. Route 101 and Interstate 280.
  • Lloyd Jones Buys Luxury South Florida Apartments: Lloyd Jones, a multifamily investment firm based in Miami, has purchased the luxury Pembroke Pines property, Ventura Pointe. The 206-unit apartment community, built in 2018, has a state-of-the-art gym, clubhouse, pool, pet park, and outdoor recreation area. Furthermore, it is adjacent to the 301-bed Memorial Hospital Pembroke and has excellent access to nearby retail and entertainment. Christopher Finlay, CEO/Chairman of Lloyd Jones, says he is thrilled to expand the firm’s footprint in South Florida, a region that has seen explosive job and population growth in the past few years.
  • Konyika Nealy Joins CBRE to Lead Quality and Certification for Global Workplace Solutions: Konyika Nealy has joined CBRE as Vice President of Quality and Certification within its Global Workplace Solutions (GWS) business. Ms. Nealy will lead all efforts associated with CBRE’s Quality Program for GWS and its clients. Primarily focused on supporting the segment’s Life Sciences Division, Ms. Nealy will oversee the teams responsible for all quality and compliance deliverables for regulated and non-regulated environments. Ms. Nealy has more than 20 years of diversified experience in roles such as Microbiologist, Regulatory Affairs Leader, Director of Quality, Senior Director of Project Management, and Vice President of Quality and Validation.
  • Boxzooka Leases Colony Industrial’s PA Property: Boxzooka Fulfillment & Global Ecommerce has signed a lease for a 133,464-square-foot industrial property in Middletown, Pennsylvania. The new Class A warehouse property at 300 Capital Lane in Middletown is located in a 1.5 million-square-foot logistics center owned and operated by Colony Industrial, CBRE said in a news release. CBRE’s William Waxman, Kevin Dudley and Nicholas D. Klacik represented Boxzooka. “Boxzooka had very specific space requirements to expand its fulfillment and distribution operations, including a geographic location in close proximity to its U.S. and Canadian client base,” Klacik said . “The recently developed facility in Middletown fit the bill perfectly, as it allows our client to reach its clients quicker and more efficiently.”
  • Sheppard Mullin Again Expands New York Real Estate Practice: Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that E. Gail Suchman has joined the firm’s Real Estate, Land Use and Environmental practice group as a partner in the New York office. Suchman joins from Stroock & Stroock & Lavan LLP. Suchman is the ninth attorney to join New York’s Real Estate practice in the last 12 months. Suchman has more than 30 years of experience in all facets of environmental and energy law and policy, advising clients on permitting and compliance, transactional due diligence, litigation and legislative matters. She is a leading practitioner on issues relating to climate change and carbon emissions. She works closely with real estate and industrial developers on traditional environmental and land use matters, as well as community outreach, sustainability and resilience.

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