A joint venture of Harbor Associates, LLC and F&F Capital Group has acquired Highlands Corporate Center, a Class A 211,000-square-foot, five-building multi-tenant office campus in San Diego. Deal terms were not disclosed. 

Located at 12730-1278 High Bluff Dr. in Del Mar Heights, 20 miles north of downtown San Diego, the approximately 90% leased campus was extensively renovated over the past several years. Leasing activity can be attributed to, among other things, its location across the street from One Paseo, the 23-acre mixed-use retail, residential and office development.

“Office performance today is bifurcated with the best locations and buildings seeing strong tenant demand and Highlands is a perfect example,” said Harbor principal Rich McEvoy. “The project’s walkable location to more than 40 restaurants at One Paseo is a game changer and one of the reasons that 150,000 square feet of leasing activity has occurred over the past three years.”

Eastdil Secured’s Adam Edwards, Justin Shepherd and Bailey Bland advised the seller.

Madison Realty Capital has provided a $55-million bridge loan to Charney Companies and Criterion Real Estate Capital for the acquisition and renovation of 99 Claremont Avenue, a student housing project in Morningside Heights. The developer group plans to renovate the 92-year-old, 7-story property into luxury student housing for nearby colleges and universities.  

“We are pleased to provide flexible financing to a well-capitalized and highly experienced developer group to deliver a purpose-built luxury housing product that will serve college students in a historically supply-constrained market,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. 

“The opportunity to restore a historic, irreplaceable 92-year-old building with all the beauty that 99 Claremont offers, while providing critically needed best-in-class student housing to NYC is a tremendous one,” said Sam Charney, principal of Charney Companies. 

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!

A rent-stabilized, five-story, walk-up building in Washington Heights has been sold for $5 million. The building at 560-562 West 175th Street features 60 apartments and two commercial spaces, totaling 56,300 square feet. Built in 1924, it was sold for a cap rate of 8.8 percent and a GRM of 5.2, at a price of $81,000 per unit and $89 per square feet. 

Rosewood’s Ben Khakshoor and Alex Fuchs represented both the buyer, Adam Goodstein, and the seller, Jeff Farkas. “This purchase not only promises steady returns but also offers the invaluable advantage of long-term tenant retention and consistent cash flow,” said Khakshoor. 

CBRE has arranged a new 57,161-square-foot industrial lease with the first tenant within Northwest Gateway Center, a newly constructed two-building industrial campus in Arlington Heights, Illinois. CBRE’s Jack Brennan, Mike Sedjo, John Hamilton, and Ben Dickey represented the owner, Ridgeline Property Group, in the transaction.

Located at 3625 N. Wilke Road, Northwest Gateway Center consists of 511,664 square feet of industrial, showroom, and office space across two buildings. The properties are situated on a highly visible interchange at Highway 53 & Dundee Road, just 20 minutes from O’Hare Airport.

“As demand for strategic distribution and last-mile faculties continues to increase, well-located real estate like Northwest Gateway Center will continue to draw interest from a wide range of tenants,” said Brennan.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.