NBS Real Estate Capital Buys Mahew Tech Center for $9 Million

NBS Real Estate Capital has purchased the Mayhew Tech Center, a two-building flex-office property in the Highway 50 Corridor submarket of Sacramento, Calif. for $9 million. The two buildings, 9323 and 9333 Tech Center Drive, are improved as office space and divided into 10 tenant suites totaling 68,639 sq. ft. The buildings were 82% leased at closing to seven tenants, including three state and county agencies. The transaction was funded with cash and the assumption of $7.4 million of debt at a fixed rate of 6% with more than eight years remaining on the loan. The acquisition represents the 33rd transaction completed by Portland, Ore.-based NBS Real Estate Capital on behalf of its Morrison Street series of private equity funds.

Two Firms Break Ground on New York’s Largest Automated Parking Garage

A.P.T. Parking Technologies and Westfalia Technologies recently have broken ground for New York City’s largest automated parking garage project. The 270-car facility will be part of a new nine-story, 226,000 sq. ft. office building being developed by Baruch Singer in Brooklyn, N.Y. Automated parking garages allow a developer to use less space for parking, according to Lee Lazarus, president of New York-based A.P.T. Parking Technologies. The site’s high water table prevented the builder from excavating down far enough to build a conventional parking garage. The reduced excavation needed for the automated parking system saved the developer money and allowed more parking spaces in an area half the size of a traditional parking garage.

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