Commercial Real Estate Headlines for August 14, 2019

Check out the latest deals and developments in commercial real estate for Aug 14, 2019:

  • JLL Refinances Jersey City Rivet Apartments: JLL has arranged the $42.5-million financing of Rivet, a mixed-use apartment and retail property in New Jersey City University’s University Place development located at 23 University Place Blvd in Jersey City. Jon Mikula and Michael Klein advised the The Hampshire Companies, Claremont Companies and Circle Squared Alternative Investments, on the refinancing. The site is less than a half mile west of the NJCU campus and features 163 apartment units as well as about 10,000 square feet of ground-floor retail. Cuteicles Nail & Spa, Five Guys, and University Place Pharmacy are among the commercial tenants on the ground floor.
  • CBRE Represents Hampshire Real Estate Companies in $240 Million 33-Property Industrial Portfolio Sale: CBRE has announced the sale of a vast portfolio of properties comprised of 30 industrial buildings in New Jersey, totaling more 1.3 million sq. ft. Colony Industrial acquired the portfolio from Hampshire Companies. The development is situated on nearly 83-acres of land. Also included in the transaction were three development sites located in Carteret and West Caldwell, New Jersey and totaling 46-acres. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE Capital Markets’ Institutional Properties team, in partnership with CBRE Vice Chairman Thomas Monahan, negotiated the multi-faceted transaction. The portfolio is currently 99 percent occupied by a diverse tenant roster.
  • Dream Team Leaving JLL to Start New Firm: Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz have jointly decided to leave JLL and launch a new firm, AKS Capital Partners LLC. The partners, led by Appel, who was the Managing Director, Vice Chairman and Head of Debt and Equity markets, comprised the highest-producing debt and equity advisory team at JLL and were on track to close over $15 Billion USD in sales this year.
  • Core Spaces + Goldman Sachs to Partner on Student Housing Portfolio: Student housing developer Core Spaces will partner with Goldman Sachs to recapitalize nine properties. The deal has been valued at $600 Million USD and consists of seven student housing properties as well as two projects under development. The total number of beds is 4,358. The Wall Street Journal reports Goldman Sachs has now acquired more than $30 Billion USD in real estate since 2012, and student housing is becoming an increasingly major part of that portfolio.
  • GPI Capital Secures $300 Million from CA Pension Fund: The LA Business Journal is reporting that California-based GPI Capital Brentwood-based GPI has secured $300 million USD from one of the largest state pension systems in the state of CA. “GPI wouldn’t name the pension fund, but said the fund’s total investment in GPI is $500 million, and the company now has more than $1 billion in assets under management. GPI will use the latest infusion of money on mixed-use properties, multifamily housing, creative and medical offices, and industrial and retail conversions.”

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