Commercial Observer

Alterra IOS, the investment arm of Alterra Property Group, has acquired a 15.2-acre storage facility in the Inland Empire’s Jurupa Valley for $51 million from Wheeler Trucking. Chase MacLeod & Company brokered the deal. Read more: https://lnkd.in/exkbvpqC Pictured: Alterra IOS co-founder Leo Addimando

The Estate Companies has secured $78 million from Banesco USA to build a rental building at 5079 SW 48th Street in Davie, Florida. Read more: https://lnkd.in/ebWmacyJ Pictured: Robert Suris, managing principal, and Jeffrey Ardizon, principal, of The Estate Companies

An affiliate of Real Capital Solutions has paid J.P. Morgan Investment Management $29.4 million for an 11-story, 178,589-square-foot building at 1501 M Street NW in Washington, D.C. Transwestern’s Gerry Trainor, CFA facilitated the deal. Read more: https://lnkd.in/eDJhpREF Pictured: Marcel Arsenault, CEO and Founder of RCS

Slate Property Group has bought the 289-key Radisson Hotel New York Wall Street at 52 William Street in the Financial District from Sam Chang’s McSam Hotel Group LLC and Andrew Roufail for $94.5 million. Read more: https://lnkd.in/eWkRYuca Pictured: Martin Nussbaum, Principal at Slate Property Group

A partnership between FARING and Frank Zarabi’s Envision brand has acquired the 133,000-square-foot property at 9242 Beverly Boulevard from Tishman Speyer for $90 million. That price is more than double the $38 million that Tishman paid for the property in 2005. Read more: https://lnkd.in/eXMu-cxM Pictured: Faring founder and CEO Jason Illoulian (Jason I.), Tishman Speyer CEO Rob Speyer

There’s more investment activity in a Miami-area market that’s seen plenty of it in 2024. This time it’s the $190 million sale of a 276-unit apartment complex in Miami’s Edgewater neighborhood. Also for today: An interview with David Lukes, CEO of retail REIT Curbline Properties..

Department store Nordstrom is set to go private in an approximately $6.25 billion deal, with members of the Nordstrom family along with Mexican department store chain owner El Puerto de Liverpool acquiring all of the company’s outstanding shares. Read more: https://lnkd.in/eWcRXnHC Pictured: Erik Nordstrom and Pete Nordstrom

The Westover Companies, a Pennsylvania-based property management company, has acquired a 13-property multifamily portfolio of 147 units around Chelsea from seller Black Spruce Management for $94.5 million. The sale was handled by Marcus & Millichap brokers Joe Koicim (pictured), Logan Markley, Chris Dintrone and Kory Barbanel. Read more: https://lnkd.in/ezzc9NMh

Brooklyn-based Alloy Development has secured a $290 million recapitalization from New York Life for its mixed-use project, The Alloy Block, at 505 State Street in Downtown Brooklyn. The firm has simultaneously secured a $42.5 million construction loan from Maxim Capital Group to complete the second phase of construction. The two-phase development includes New York City’s first all-electric residential tower. Read more: https://lnkd.in/en8Ycdhq Pictured: Jason Bordenick of Maxim Capital Group

Kushner Companies has acquired a waterfront multifamily building in Miami’s Edgewater neighborhood for $190 million from Aimco. The 28-story property, called The Hamilton, features 276 units at 555 NE 34th Street. Read more: https://lnkd.in/eqQv49vu Pictured: Laurent Morali, CEO; Nicole Meyer, President at Kushner Companies