Philadelphia

Colony Capital announced on Aug. 9th as part of its second quarter financial report that it has engaged advisors to market the company’s multi-billion-dollar industrial portfolio for sale, which may include the related management platform.

Donigan, who most recently served as the president and CEO of Sapphire Digital (formerly Vitals) of Lyndhurst, NJ, replaces John Standley, who served as CEO for the national drugstore chain for nearly nine years, effectively immediately.

Corey Lonberger, managing partner at RRA, says, “Both properties traded at sub 6.5% T-12 cap rates and north of $110,000 per unit, which shows the strength of the multi-family market at this time. With historically low interest rates, values are at all-time highs.”

CCC will lease a 40,000-square-foot building in Lehigh Valley Industrial Park. The company has pledged to invest at least $9.5 million into the project.

The largest transaction was with wireless site development firm Network Building & Consulting, LLC, which agreed to add 10,491 square feet to its space at Keystone’s VEVA, a 417 420,546 square-foot office campus in Blue Bell, PA.

New York City-based Hunt Real Estate Capital provided the Fannie Mae loan for the 350-unit mid-rise apartment complex.

The three-property portfolio transaction included the $5.3-million sale of Ausonia Apartments, a 26-unit multifamily property with two commercial units located at 501-505 Raritan Avenue in Highland Park, located in Middlesex County NJ.

The San Diego-based firm plans to occupy a total of 30,783 square feet encompassing the entire second and third floors of the 38-story tower building in the latter part of the first quarter of 2020.