Capital Markets

"Cornerstone Apartments represented an opportunity to acquire a well-located asset at an attractive discount to its replacement cost," says David Nelson, Hamilton Zanze's managing director of acquisitions.

The $30 million fund will target light value-add and opportunistic commercial investments.

There is a frenzy around opportunity zone projects, but investors need to remember the social impact component of the legislation.

Transforming contaminated sites into productive projects is one of the most effective investments we can make in New Jersey's communities, says NJEDA chief executive officer Tim Sullivan.

Windsor Commons at the time of purchase was 98.2% leased. Its tenant roster also includes Starbucks, Massage Green Spa, Great Expressions Dental, Peterbrooke Chocolatier, Tropical Smoothie Café and Hair Cuttery.

The buyer, Pacific Life, saw a competitive advantage for Jefferson LasCo, which overlooks the Campion Trail and is located near the Toyota Music Factory, the Las Colinas DART rail station and Lake Carolyn.

Mack Real Estate reportedly provided the loan for the approximately $150 million acquisition of the iconic Art Deco skyscraper.

The recapped luxury residential and commercial building is one of several projects the real estate firm is developing in emerging neighborhoods.