6D — March 18 - April 21, 2022 — The Best of 2021 — M id A tlantic Real Estate Journal
The TOP REAL ESTATE INVESTMENT FIRM of 2021 Greysteel Huntwood Courts Washington, DC Kay Properties & Investments Total amount Placed from Accredited Investors in 2021 First National Realty Partners The Village at Pittsburgh Mills Tarentum, PA
Location: Torrance, CA This amount represents a 50 percent increase over last year’s $408 million in equity placements. Kay Properties believes it has created one of the largest 1031 exchange and real estate investment online marketplaces in the country that gener - ates some of the largest DST 1031 investment volume in the United States. In 2021, for example, Kay Properties clients participated in thousands of transactions, and the $610 mil - lion invested through the Kay Properties platform in 2021 was invested in more than $8 billion of real estate totaling approximately 50 million SF of multifamily, manufactured housing, single tenant net lease, industrial, self-storage and medical properties nationwide.
Huntwood Courts is a 214-unit property constructed in 1951 and, after a substantial rehabilitation, was Placed-in-Service in 2001 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The Initial Compliance Period expired in 2016 and the Extended Use Period expires in 2031. The Property’s LIHTC restrictions are that 80% of the units are reserved for tenants making no more than 60% of the Area Median Income (AMI). The Property has more than 10 years of continuous ownership and is in a 2021 Qualified Census Tract. Prospective buyers were presented with an opportunity to acquire a well-positioned asset in the Northeast, D.C. neighbor - hood of Deanwood, which is one of the most rapidly growing submarkets in the city with limited rental housing stock. With a healthy existing cash flow, new ownership will benefit from the ability to improve operating expenses over time and continue to see growth in revenues.
Anchored by an 18,448 SF Aldi Supermarket, The Village at Pittsburgh Mills shopping center is 93% occupied by a strong lineup of national retailers and restaurants, including Ross, Mi - chaels, and PetSmart, as well as many other internet-resistant, daily needs tenants. The purchase of the property, which is located 16.8 miles east of downtown Pittsburgh, was FNRP’s second acquisition in the Metro area, allowing the vertically integrated real estate investment firm to expand its footprint in this highly-desirable market and add to its rapidly growing portfolio of premier assets throughout the United States.
The LARGEST OFFICE SALES of 2021
JLL Capital Markets Warren Corporate Center Northern New Jersey
Keystone Westlakes Berwyn, PA
The Birch Group 4-Building Portfolio Short Hills, NJ
Size: 843,300 SF Broker: Cushman & Wakefield
The Birch Group, a privately-held commercial real estate investor, owner and operator, acquired a $255-million four- building portfolio in Short Hills, N.J. last April. The 843,300 square-foot portfolio comprises four Class A office buildings located at 51, 101, 103 and 150 JFK Parkway in the Short Hills submarket, recognized as one of the most prestigious regions in NJ. Currently leased to an impressive roster of tenants, the portfolio offers a one-of-a-kind office experience to high-cal - iber companies. The Birch Group implemented its value-add strategy for the portfolio to create a connected live-work-play environment, complementing $15.2 million of recently com - pleted renovations with updated amenities and design.
Size: 315,086 SF Brokers: Jose Cruz, Kevin O’Hearn, Michael Oliver and Steve Simonelli Warren Corporate Center 100 and 200 is positioned on 68 acres within the larger five-building, 176-acre Warren Corporate Center in affluent Somerset County, and serves as the HQ for Everest Reinsurance on a new lease term in excess of 15 years. The property is located directly off of Interstate 78 in Northern New Jersey offering convenient access to New York City and Newark Airport in under an hour.
Size: 455,183 SF/ 40.4 acres Broker: Brett Segal, JLL Capital Markets
Westlakes is the perfect proof-case of Keystone’s approach. The company reinvents assets into activated ecosystems that attract top-tier companies. This quick execution re - sulted from the forward-thinking mindset of Keystone’s executives that identified the ideal time to sell, furthering Keystone’s position as a leading developer and investor in high-performance properties.
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