Archive for Commercial Real Estate

StreetLevel Investments sold Twin Creeks Marketplace in Allen, Texas, to Vestar. The 43,134-square-foot, grocery-anchored neighborhood center was fully leased at the time of sale.

Vestar acquired Twin Creeks Marketplace—a 43,134-square-foot grocery-anchored neighborhood center in Allen, Texas—from StreetLevel Investments. The sale was subject to an $8.7 million, 15-year term permanent loan from the Lincoln National Life Insurance Co. Earlier this year, Vestar also led the rebranding process and a strategic leasing campaign for Crockett Row at West 7th, a Fort Worth shopping center.

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Jul
23

WPG to Revamp Indiana Mall

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Washington Prime Group intends to spend $17 million on the transformation of Markland Mall into a hybrid shopping center, which incorporates both enclosed and open air spaces.

Washington Prime Group Inc. will redevelop Markland Mall in Kokomo, Ind., by investing $17 million in the addition of several new open-air retail spaces. As part of the approximately 84,000-square-foot renovation, the company plans to bring new tenants into the spaces formerly occupied by a department store. This anchor space was previously occupied by Sears, which closed following a lease expiration.

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HFF secured the three-year loan through Ares Commercial Real Estate Corp. The seven buildings are located in Plano and Carrollton.

Dallas-based Billingsley Co. has refinanced a seven-building office portfolio totaling 801,153 square feet at the International Business Park located in Plano and Carrollton, Texas, through a $110 million loan secured by HFF. The company arranged the three-year, floating-rate, non-recourse loan with two one-year extension options through Ares Commercial Real Estate Corp.

Proceeds of the loan will be used to refinance the existing debt and fully stabilize the property. The new financing replaces a $102.5 million CMBS loan placed Oct. 1, 2007, through Wells Fargo Bank that was originated by Bank of America and was due to mature in October of this year, according to Yardi Matrix data…

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The developer plans to build in downtown Minneapolis as part of a block of development that includes an apartment tower, brewery and its own new headquarters.

After arranging a $14 million loan for the construction of an 81-unit, market-rate community in Boise, Idaho, CBRE Capital Markets’ Debt & Structured Finance secured a $26.9 million, three-year, non-recourse loan for the Elliot Park Hotel, a 168-key hotel by Marriott located in downtown Minneapolis. The company worked on behalf of Wilkinson Corp. Bank of the Ozarks served as the senior lender.

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Expanding its New York operations, law firm Greenspoon Marder has leased some 25,000 square feet of space at 590 Madison Ave. The property is currently 80.5 percent occupied.

Two months after Colony Northstar leased part of the 33rd and 34th floors of 590 Madison Ave., Greenspoon Marder has relocated its New York office to the 41-story building. The law firm occupies the 18th floor, encompassing nearly 25,000 square feet of office space. According to Yardi Matrix data, the property is 19.5 percent vacant.

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Rent growth has been decelerating since it reached double-digit levels in 2015. As of May, the metro’s $2,675 average rent was more than double the national average of $1,316, according to Yardi Matrix.

Silicon Valley is the nation’s largest tech hub, a top-performing venture capital market and one of the most prominent locations for startups. The metro continues to thrive as an attractive destination for businesses and young, educated workers, as a result of consistent employment and wage growth. However, the rental market is cooling as San Jose becomes increasingly unaffordable, even for higher-paid workers. Rents dropped 1.3 percent year-over-year through May to $2,675, more than double the national average.

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The new tenant will relocate its headquarters later this year and will occupy the 18th floor of the office building which is currently under renovation.

Feldman Equities has signed a new lease with CAPTRUST Advisors LLC at Park Tower, a 475,000-square-foot office tower in downtown Tampa. The tenant will relocate its headquarters and will occupy an approximately 10,500-square-foot space at the Class A building.

Located at 400 N. Tampa St., Park Tower is currently undergoing an expansive renovation program anticipated for completion in the first quarter of 2018. CAPTRUST will occupy Park Tower’s 18thfloor and will relocate to its new space later this year, after almost 20 years in the CAPTRUST building at 102 W. Whiting St. That property is scheduled for demolition as part of Feldman’s Riverwalk development…

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The transaction includes 35 assets totaling 11.6 million square feet, fully occupied. The properties are primarily in Germany and the Netherlands, with smaller footprints in France, Poland and the U.K.

Gramercy Property Europe has completed its previously announced sale of all of its assets to a consortium of clients managed by AXA Investment Managers—Real Assets.

The deal’s total gross valuation reportedly is about €1.0 billion ($1.1 billion), with an exit cap rate of about 6.2 percent. The transaction resulted in net distributions to Gramercy Property Trust of €90.8 million ($103.8 million).

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Banks are running out of options to lease large amounts of office space in Frankfurt following the U.K.’s vote to leave the European Union.

“The vacancy rate has slipped below the 10 percent level” and there is a growing shortage of bigger office buildings in central areas, BNP Paribas SA’s real estate broker unit wrote in a report on Thursday. “In view of the anticipated increase in demand by banks in connection with Brexit, this shortage looks set to intensify in the months ahead.”…

Frankfurt Is Already Running Out of Office Space for Banks

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Cushman & Wakefield’s top Tri-State executives and brokers discussed the evolving retail sector and how it’s intersecting with industrial, the positive and uncertain aspects of New York City’s real estate market, and more at the firm’s recent mid-year outlook presentation.

“The office market for 2017 continues to look promising…and we think we’re going to finish strong. Challenges and what remains to be seen is what happens in the coming years as additional inventory comes to the market and there’s continued densification in the market,” noted John Santora, Cushman & Wakefield’s vice chairman & president of the Tri-State Region, at the firm’s mid-year 2017 outlook on the region’s commercial real estate industry.

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The new owner acquired the industrial property in Littleton, Mass., and inked a 10-year lease with Premier Health Group LLC, an affiliate of a non-profit that provides organic medicinal marijuana to qualified patients.

Calare Properties purchased 234 Taylor St. in Littleton, Mass. The new owner secured a 10-year absolute net lease with Premier Health Group LLC for the 36,000-square-foot warehouse. The tenant will also manage the industrial facility, which was previously occupied by VJ Electronix.

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The 578-unit facility in Shreveport, La., was acquired by a Salt Lake City-based buyer. The property offers climate-controlled and traditional storage space.

Bellomy & Co. closed the sale of Discount Self Storage in Shreveport, La., to a Salt Lake City-based investor. The seller was a company from Marshall, Texas. The 70,057-square-foot asset offers 578 units, 93 percent of which were occupied at the time of the transaction.

Discount Self Storage is located at 900 E. 70th St. and includes climate and humidity-controlled units, as well as traditional and warehouse space. The property also features a security fence, 24-hour video surveillance, keypad access, outdoor parking and pest control. Supplies, dollies and carts for move-in are also available…

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  • Wealth, asset-management units benefit from stock-market rally
  • Divisions at three banks post record profits as fees climb

Wall Street’s bond traders may abhor the lack of volatility that’s overcome markets. But their colleagues who are managing other people’s money certainly seem to like it.

Calm and climbing markets gave a boost to wealth- and asset-management arms at the largest U.S. banks, driving revenue in those units to a record $18.4 billion in the second quarter, according to data compiled by Bloomberg. Divisions at JPMorgan Chase & Co. and Bank of America Corp. had their highest-ever profit, helping to cushion lower trading results across the firms…

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Set adjacent to Anastasia State Park, the resort boasts 535 feet of ocean frontage and will feature 175 rooms. Phase II will include an additional 90 to 100 accommodations.

Key International topped off phase I of construction of the Embassy Suites by Hilton St. Augustine Beach Oceanfront Resort in Florida. The project is slated for delivery in the first quarter of 2018.

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PM Realty Group sold a 135,000-square-foot property in Diamon Bar, Calif., to the company. At the time of sale, the Class A office building was 89 percent occupied.

Great Far East acquired Bridgegate Plaza, a 135,000-square-foot office building in Diamon Bar, Calif., from PM Realty Group.

HIGH OCCUPANCY

Located at 1440 Bridgegate Drive, the three-story asset offers quick access to and from Orange and Pomona freeways. Bridgegate Plaza is situated in the vicinity of multiple public transportation and dining options, including Deli at Vista Pointe and Mansun Japanese Restaurant. Constructed in 2002, the Class A office building features a stone lobby and sky-lit atrium. At the time of sale, the property was 89 percent occupied. Tenants include Insperity, Novatime and QTC Management…

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A Norwegian sovereign wealth fund is the new owner of the German publisher’s future headquarters, while a Blackstone joint venture acquired the company’s current home.

In separate deals, Axel Springer has sold the Axel-Springer-Neubau and Axel-Springer-Passage, both located in Berlin, for a combined price of $865 million.

Axel-Springer-Neubau, a 13-story office building complex which is currently being developed, was acquired by Norges Bank Real Estate Management, a Norwegian sovereign wealth fund. Designed by noted architect Rem Koolhaas, the project is set to be finished in December 2019.

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  • Says Brexit not fully priced into real estate in U.K. capital
  • Firm’s property chief sees opportunities in NYC hotels, condos

The value of high-quality properties in London could fall by as much as 10 percent as the U.K.’s decision to leave the European Union affects the economy, said Ralph Rosenberg, head of real estate for KKR & Co.

“I wouldn’t be surprised to see London reprice” about 5 percent to 10 percent “for core-type assets” because Britain’s planned exit from the EU isn’t fully reflected in real estate values, Rosenberg said in a Bloomberg Television interview Wednesday. He was referring to both commercial and residential property. Prices for the best London real estate surged right after last year’s vote as outside investors took advantage of the decline in the pound to buy…

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The company purchased the property in the Rancho Dominguez submarket of Los Angeles County for $12 million and has a $2.5 million renovation underway.

Industrial Property Trust Inc. acquired a 104,339-square-foot industrial building in the Rancho Dominguez submarket of Los Angeles County. The national REIT purchased the property for $12 million from Benetti’s Italia and has commenced a $2.5 million capital improvement plan. Daum Commercial Real Estate Services negotiated the transaction on behalf of IPT.

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The company will create a new 240,000-square-foot campus for Orange Lake Resorts in the blossoming 200-acre, mixed-use Infinity Park.

Tavistock Development Co. has signed Orange Lake Resorts to a build-to-suit lease in Orlando, Fla., and it’s a big one. Tavistock will develop a 240,000-square-foot corporate campus for the vacation ownership industry leader at Infinity Park, the 200-acre, mixed-use business park.

Tavistock’s lease agreement with Orange Lake marks one of the largest office transactions in Orange County year-to-date. “There is a dearth of large blocks of vacant office space in the Orlando metro area, and current office rents do not justify speculative new construction. These factors have combined to limit very large deals,” Skipper Peek, senior vice president, Tavistock Development Co., told Commercial Property Executive.

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Jul
18

Skanska Names New President

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Robert Ward will oversee commercial and multifamily development operations, succeeding Shawn Hurley, who was with the company for seven years.

Skanska appointed Robert Ward as president & CEO for Skanska USA Commercial Development. Ward will oversee the company’s commercial and multifamily development operations. Succeeding Shawn Hurley, Ward will join the USA senior leadership team and report to Skanska AB Executive Vice President Claes Larsson.

DEVELOPMENT & CONSTRUCTION EXPERIENCE

Ward has more than two decades of experience, recently serving as chief operating officer for Skanska USA Commercial Development. In that position, he evaluated all project investments, refined the national leasing and customer strategy, explored new market opportunities and managed the group’s professional service functions…

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The third of TPA Group’s creative office campus concept will encompass two office buildings and a 5,000-square-foot central amenity structure.

TPA Group retained Avison Young as the exclusive leasing team for The Edison Pembroke Pines, a proposed creative office park totaling 330,000 square feet of Class A space in Pembroke Pines, Fla. Avison Young Principal Greg Martin and Vice President Justin Cope will lead marketing and leasing efforts on behalf of the Atlanta-based developer.

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Jul
18

Choice Hotels Picks New CEO

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The lodging company’s selection of Patrick Pacious, president & COO, for the position marks the conclusion of a long-term succession planning undertaking.

The soon-to-be-vacated top position at Choice Hotels International Inc. has been filled. The hotel company’s board has appointed Patrick Pacious, currently president & COO with Choice, to the position of CEO. He’ll take the reins from Stephen Joyce, who will step down at the end of 2017. Pacious will continue to hold the role of president, while the replacement for the COO position has yet to be determined.

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Equus Capital Partners sold the three-building office complex to the East Coast operating platform of The Shidler Group, Alliance Partners HSP.

CBRE brokered the sale of Golden Bear Plaza, a Class A office campus totaling 245,673 square feet in Palm Beach Gardens, Fla. Equus Capital Partners Ltd. sold the three-building asset in a $62.3 million deal to an affiliate of Alliance Partners HSP, the East Coast operating platform of The Shidler Group.

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Jul
18

Positive Momentum in Atlanta

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Tenant demand and strong property fundamentals drive investor interest, with $1.7 billion in multifamily assets already trading in the first quarter. Rents increased 2.9 percent to $1,108 as of May, and Yardi Matrix forecasts a 3.5 percent increase in 2017.

Atlanta has become an economic powerhouse in recent years. It’s currently one of the fastest-growing metro areas in the nation—a result of its broad-based job growth, 18-hour lifestyle and healthy rental and housing market. A rapidly rising population is adding to the city’s congestion issues, but also fostering demand for apartments and pushing rents higher.

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The new owner awarded Lincoln Property Co. Southeast with the exclusive property management and leasing assignment of Jefferson Plaza.

ICM Realty Group completed the purchase of Jefferson Plaza, a 118,000-square-foot, multi-tenant office building in Norcross, Ga. The new owner committed to a capital improvement program, including material exterior and interior renovations.

Located at 3169 Holcomb Bridge in the Norcross/Peachtree Corners submarket, the property was completed in 1978. The seven-story building underwent significant upgrades and features floor plans ranging from 813 square feet up to 11,348 square feet, a conference facility and a parking ratio of four spaces per 1,000 square feet…

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Jul
18

NoVa Office Tower Lands $250M Refi

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The transaction includes a future funding facility of up to $70 million that Monday Properties can use to lease and upgrade the 580,000-square-foot building.

Monday Properties has received $250 million in refinancing for 1812 North Moore St., a 580,000-square-foot office tower in the Arlington submarket of Rosslyn, Va.

The refinancing was finalized ahead of the scheduled maturity date, coming up this December, and includes up to $70 million in the form of a future funding facility that Monday can leverage for future leasing and capital investment activity…

NoVa Office Tower Lands $250M Refi

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Jul
17

Cohesity Relocating to San Jose

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The company leased nearly 40,000 square feet of office space at River Park Tower II in San Jose, Calif. Expected to move in the last quarter of the year, Cohesity will occupy the seventh and eighth floors of the building.

Cohesity, a computer data storage company, signed a 40,000-square-foot lease on the seventh and eighth floors of the second building of River Park Tower in San Jose, Calif. The firm is relocating from Santa Clara, where it occupies 14,000 square feet, and is expected to move in the new space in the fourth quarter of this year.

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Wilson Real Estate II sold the 30,760-square-foot building in Troy, Mich., to LSTC Michigan, marking the latter’s sixth commercial real estate acquisition in the Detroit area.

Mason Capitani CORFAC International negotiated the sixth acquisition of California-based investor LSTC Michigan in the Detroit metro area. Wilson Real Estate II, the previous owner of the 30,760-square-foot office building in Troy, Mich., listed the property for $4 million. Following the transaction, the building will change its name from the Wilson Office Building to Butterfield Park Place, although Wilson Real Estate will continue to oversee the leasing efforts.

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State-owned Abu Dhabi National Exhibitions Co. has formed a venture with U.K. developer Mount Anvil Group Ltd. to build apartment towers next to the ExCel London conference venue, according to two people with knowledge of the plan.

The companies could develop about 1,000 homes on land next to the exhibition center, the people said, asking not to be identified because the agreement isn’t yet public. The venture hasn’t yet applied for approval to build on the land, which is currently used for parked vehicles, the people said…

Abu Dhabi to Help Build 1,000 Apartments in London

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Tom Fish discusses the capital markets landscape, zeroing in on key players, prominent trends and competitive threats.
At the Mortgage Bankers Association CREF/Multifamily Convention & Expo, held this year in San Diego, Tom Fish—who co-heads the Real Estate Investment Banking (REIB) practice within JLL’s Capital Markets Group—assessed the impact of the wall of maturities, qualified market liquidity and offered a forward-looking view of commercial real estate investment…
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The company secured 55,500 square feet lease of the total 151,220 square feet to Kuehne + Nagel. The leasing of Gateway Industrial IV marks HSA Commercial’s fifth and final development in conjunction with Washington Capital Management.

HSA Commercial Real Estate has secured a long-term lease for Gateway Industrial IV, a 151,220-square-foot distribution center in Plainfield, Ind., a suburb southwest of Indianapolis. Kuehne + Nagel, a global logistics service provider, will lease 55,500 square feet, in addition to the 160,230 square feet it occupies in a separate building on the campus. KJG Architecture designed the project.

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Warehouses and distribution centers saw the rate decline to 7.8 percent in the second quarter, a low not seen in years, a new CBRE report unveils.

It may have been only a slight decrease, but it was one nonetheless—and it was a decrease with meaning. According to a new report from commercial real estate services firm CBRE, the average U.S. industrial availability rate dropped 10 basis points to 7.8 percent in the second quarter, marking the lowest level since the first quarter of 2001.

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Exeter Property Group purchased the 213,290-square-foot asset from Cambridge Hanover for $8.9 million. The building is located in Orlando Central Park, one of Florida’s largest industrial parks.

JLL closed on the $8.85 million sale of 2100 Directors Row, a 213,290-square-foot warehouse building within Orlando Central Park, one of Florida’s largest industrial parks with approximately 12.5 million square feet of product. JLL represented the buyer, Exeter Property Group, a real estate investment manager focused on industrial properties across North America and Europe. Cambridge Hanover is the former owner of the building.

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The company will occupy the top three floors of the 11-story development located in the Dupont Circle and Farragut area. Relocation will take place in late 2019, upon building completion.

Goodwin Procter will move to a new location in late 2019. The firm signed an 80,329-square-foot lease at a JBG Cos. trophy development in D.C.’s Dupont Circle and Farragut area. JBG, which has recently celebrated the ground breaking on another office building on Bethesda Avenue, will work with Goodwin to ensure the latter’s relocation to the top three floors of its upcoming 11-story development.

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The investment advisory company will occupy the 62nd and 63rd floors of the tower totaling 83,955 square feet, bringing the tower’s occupancy to 75 percent.

One World Trade Center will welcome a new tenant to its 62nd and 63rd floors. The Stagwell Group, an investment advisory company, signed a 13-year lease for 83,955 square feet of office space, as it plans to integrate its portfolio of companies into one location.

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Jul
16

Netflix Expands in Hollywood

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Hudson Pacific Properties facilitated the deal. To date, the two companies have teamed on more than 560,000 square feet of office space.

After leasing 99,000 square feet of soundstages and other space at Sunset Bronson last September, Netflix has signed a deal to lease another 43,000 square feet at the famous Hollywood studio from Hudson Pacific Properties Inc.

The new space includes the historic mansion on Sunset Boulevard where the Warner Brothers had their office for decades.

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Metropolitan Capital Advisors arranged the debt financing for the redevelopment of Mid Elm Lofts in Dallas on behalf of Westdale Real Estate Investment and Management. The project will completely restore the exterior of the buildings and rehabilitate and adapt the interior to preserve its integrity.

After teaming up with KDC earlier this year to construct The Epic, a mixed-use, transit-oriented Dallas development, Westdale Real Estate Investment and Management secured the debt financing for the redevelopment of Mid Elm Lofts in Dallas. The funding incorporates a recourse loan originated by a Texas-based bank, state and federal historic tax credits, a city tax incremental financing and a tax abatement from the Landmark Commission of Dallas.

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The 14-story building on Bethesda Avenue is slated for completion in the third quarter of 2019. The REIT will occupy the lower floors, with 200,000 square feet of office still up for grabs.

JBG Smith, the Washington, D.C.-area commercial real estate powerhouse that is being created through a merger of The JBG Cos. and Vornado/Charles E. Smith this month, will soon have a new trophy office building in Bethesda, Md., for its headquarters.

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Glacier Global Partners and Triangle Assets landed the short-term financing for 10 Jay St., an 1890s building at the entrance of the newly developed 85-acre Brooklyn Bridge Park.

Glacier Global Partners and Triangle Assets have received $150 million in bridge financing for their redevelopment project at 10 Jay St. on the East River waterfront in Dumbo, Brooklyn. JLL’s capital markets team secured the funding.

Bridge-lending specialists Acore Capital provided the loan, which will be used to repay existing debt, complete construction and fund future leasing costs at the property…

Brooklyn Reuse Project Receives $150M Bridge Loan

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The Arts Residences at the Thompson Hotel, a 20-level mixed-use tower encompassing 66 luxury condominiums, is slated to break ground this summer.

DC Partners selected Jordan Foster Construction as the general contractor for the Thompson San Antonio Hotel and The Arts Residences, a $116 million, 20-level mixed-use hotel-condominium tower on the San Antonio River Walk. In addition, the developer announced the opening of The Arts Residences Sales Center in the historic Tobin Center for the Performing Arts Administration Building, 115 Auditorium Circle, San Antonio.

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The company disposed of the 640-key Hacienda Hotel it purchased in 2013 and then converted it into two different branded hotels: the Aloft by Starwood and Fairfield by Marriott.

Rubicon Cos. disposed of a two-property, 596-room hotel portfolio comprising an Aloft and Fairfield Inn & Suites near Los Angeles International Airport in El Segundo, Calif. HFF marketed the property on behalf of the seller.

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Bank of the West and Drybar have inked leases for a combined 4,500 square feet at a mixed-use development managed by Berkshire Communities, which is slated for completion by fall.

Transwestern has negotiated leases for Bank of the West and Drybar at Lyric, a mixed-use development in Walnut Creek, Calif. Managed by Berkshire Communities, the project will feature 18,000 square feet of ground-floor retail and 140 residential units, still under construction. Lyric is slated for full completion by fall.

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The two assets amass 135,003 square feet and are predominantly leased to WEX Inc. and Parallon Business Solutions. Stan Johnson Co. arranged the transaction.

Stan Johnson Co. completed the sale of two office buildings in Nashville, Tenn., totaling 135,003 square feet. The buyer, a New-York-based boutique investment and asset management company, acquired the portfolio for $25 million from YTG Nashville LP. The sale closed in June.

This deal represents the exponential recognition of Nashville as a premier investment market, and the increasing demand for high-quality office space therein,” said Britton Burdette, a director with Stan Johnson Co., in prepared remarks…

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The companies have joined hands to purchase an 80 percent condominium interest in the Motion Picture Association of America Building. The MPAA has retained a 20 percent interest in the building and will occupy two of the eight floors once the asset is completed in 2019.

Trammell Crow Co. teamed up with Meadow Partners to purchase an 80 percent condominium interest in the Motion Picture Association of America Building, located in D.C.’s central business district. TCC also revealed plans to undertake an extensive redevelopment of the building, which is located one block from the White House, transforming the 50-year-old property into a 150,000-square-foot office building.

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The transaction closed at $2.5 million. The 13,122-square-foot asset is located in Niles, Ill., and is fully leased by MobilityWorks, a provider of wheelchair accessible vans.

The Boulder Group closed on a $2.5 million retail property sale in Niles, Ill. The company represented both the seller, a Midwest-based investor, and the buyer, a private individual.

The 13,122-square-foot property is located at 9207 N. Milwaukee Ave. and fully leased by MobilityWorks, a provider of wheelchair accessible vans. The company recently renewed its agreement for the next 12 years. The net lease features a rental escalation in the eighth lease year and in each of the two five-year renewal option periods.

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James Mead has broad experience in commercial real estate and REITs, as well as a proven track record in leading and developing strong financial teams.

Alexander & Baldwin appointed James Mead as chief financial officer, effective immediately. Mead succeeds Paul Ito, who will continue as senior vice president of finance and treasurer of the company through the end of the year to ensure a smooth transition.

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The purchase of the 746,000-square-foot Jantzen Beach Center fits the REIT’s strategy of upgrading its portfolio with key purchases.

Kimco Realty Corp. continues to add to its portfolio with the acquisition of Jantzen Beach Center, one of the largest retail centers in the State of Oregon. The REIT purchased the 746,000-square-foot property from Jantzen Dynamic Corp., according to City of Portland records, in a $131.8 million transaction.

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We’re celebrating our 30th anniversary by highlighting some of the most significant events in commercial real estate’s history. This week: The opening of the Mall of America. Stay tuned for our weekly posts and follow along with us on social media using the hashtag #CPETurns30.
As Commercial Property Executive celebrates its 30th anniversary, we’re taking a look back at the most significant events in commercial real estate’s history. Stay tuned for our weekly posts highlighting these critical points, and follow along with us on our site and your favorite social media channels using the hashtag #CPETurns30…
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Pearson’s latest sale only papers over the cracks.

Pearson, the embattled British education company, is raising about $1 billion by offloading almost half of its 47 percent stake in Penguin Random House. But its boss, John Fallon, is running out of assets to sell, and investors are doubtful he will put the proceeds to good use.

The structure of the long-awaited disposal works well for Pearson. It is selling a 22 percent stake in Penguin Random House, the publisher of “Fifty Shades of Grey,” to the co-owner Bertelsmann, a German company, lifting Bertelsmann’s stake in Penguin Random House to 75 percent. The two shareholders will then leverage up the almost debt-free business and extract a dividend that takes Pearson’s total cash proceeds to more than $1 billion — well above the implied $781 million value of the stake it is selling…

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The company has sold the final building in the Brookhollow Freeway Showroom Center in Santa Ana, Calif., a 13,072 square-foot retail showroom currently occupied by Wine Exchange.

MCA Realty has sold the final building in the Brookhollow Freeway Showroom Center in Santa Ana, Calif., to WTW Properties LLC for $3.3 million. The facility is part of an 87,609-square-foot multi-tenant retail/showroom project made up of four separate buildings alongside one of Orange County’s busiest freeways.

Joe Winkelmann, Nick Velasquez and Michael Hartel of Colliers International represented MCA Realty. Ryan Swanson and Chris Conway of Lee & Associates represented the buyer…

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The Swiss company paid $59 million to acquire the Class A property in Glendale, Calif., from a joint venture between Lincoln Property Co. and Morgan Stanley.

Credit Suisse has acquired an eight-story, Class A creative office building in Glendale, Calif., from a joint venture between Lincoln Property Co. and Morgan Stanley, for $59 million.

Newmark Knight Frank represented the sellers in the transaction. The buyer was self-represented. The sellers originally purchased the property in 2013 for $23 million.

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The Richmond, Virginia-based firm acquired a 14-story office tower located in the Galleria/Uptown submarket. The asset was 81 percent occupied at the time of the deal.

Lingerfelt CommonWealth Partners LLC acquired 1700 West Loop–Burns & McDonnell Plaza, located in Houston, Texas. The company purchased the office property from Bridge Investment Group for $52 million. According to Yardi Matrix data, the sale was subject to a $37.4 million loan held by Citizens Bank.

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The company has expanded its holdings with the purchase of 17 warehouse/distribution buildings in the Southwest submarket of Oklahoma City.

In its latest of a string of purchases, Sealy & Co., of Dallas and Shreveport, La., has acquired a privately traded REIT and its assets, which included a 17-building, 1.2 million-square-foot portfolio of warehouse/distribution buildings in the Southwest submarket of Oklahoma City, Sealy announced.

No dollar amount was disclosed in connection with the transaction, which was made on behalf of Sealy Strategic Equity Partners. The seller also was not disclosed.

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Jul
11

Terreno Expands Seattle Portfolio

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The company purchased a 13,000-square-foot industrial building, near Seattle’s Port and SoDo district, for a total acquisition cost of $4 million.

Terreno Realty Corp. continues to expand its Seattle industrial portfolio with the addition of a $4 million property.

Located at 53 S. Dawson St., adjacent to Seattle’s Port and SoDo district, the asset sits on approximately 1.4 acres. The property consists of one industrial trans-shipment building featuring more than 13,000 square feet, 12 dock-high and three grade-level loading positions…

Terreno Expands Seattle Portfolio

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The 155,781-square-foot retail center in Richmond, Mich., sold to Statewide Richmond LLC in an off-market transaction. The property has nearly 39,000 square feet available for lease.

Friedman Integrated Real Estate Solutions mediated the sale of Richmond Plaza, a 155,781-square-foot retail center in Richmond, Mich. Statewide Richmond LLC, a local investor, acquired the property from Madison Realty Capital.

The multi-tenant asset occupies 21 acres at 67300-67500 Main St. and is anchored by Kmart. The shopping center is located just outside downtown and offers 825 parking spaces and excellent visibility from Main Street. Currently, Richmond Plaza has roughly 39,000 square feet of space available for lease. Suites vary in size from 1,200 to 31,170 square feet, according to Friedman’s website…

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The two assets are Lincoln Village Shopping Center in Peterson Park and Kedzie Plaza in Brighton Park. Their acquisition adds 214,000 square feet of retail space to the company’s portfolio.

InvenTrust’s Lincoln Village and Learsi & Co.’s Kedzie Plaza became part of Newport Capital Partners Fund II through a portfolio transaction, which closed at $39.2 million.

The City of Chicago continues to be a tremendous place to live, work, do business and invest. Both of these shopping centers are convenience-, necessity-based retail properties that have rich histories and are an important part of their respective neighborhoods,” said Ben Andrews, a director with Newport…

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The study found that institutional owners continue to seek green building certifications across the 30 largest metros of the U.S. Of all the properties surveyed, 10.3 percent have Energy Star labels while 4.7 percent are LEED certified.

Energy benchmarking ordinances are increasing in the United States and appear to be having an impact on the office market. Nine of the cities that placed in the top 10 of the fourth annual Green Building Adoption Index have implemented the new rules and the number of green certifications have risen.

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The company has strengthened its property management practice with the addition of Director Sonia Miró, Associate John DeSantis and Administrator Teresa Souris.

Kearny Real Estate has appointed Sonia Miró as director of property management in the firm’s San Diego office. In her new role, Miró will oversee the firm’s growing local portfolio, leading the property management efforts for both of Kearny’s San Diego assets, as well as for its additional third-party assignments.

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Jul
09

CBRE Strengthens Miami Retail Team

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The four executives will complement the firm’s capital markets practice, leading statewide efforts in expanding the company’s South Florida footprint.

CBRE hired four commercial real estate professionals to support the expansion of the company’s footprint in South Florida. Ana Barcelo returns to CBRE as first vice president of advisory and transaction services, Erin Efstathion joins the firm’s capital markets team as vice president of debt and structured finance, Love Levy joins as general manager of asset services, while Ali Brody joins as manager of the business development team. In their new roles, the executives will lead statewide efforts and focus on the high-street retail sector in CBRE’s Miami office.

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Swift Real Estate Partners acquired the three-building office property, which is 92.5 percent leased to a mix of tenants.

HFF secured the sale of Sunset Corporate Park, a 133,814-square-foot office building in Portland, Ore. The company closed the $24.5 million sale on behalf of the seller and procured the buyer, Swift Real Estate Partners.

Located at 22823 NW Bennett St., the two-story, Class A property consists of three buildings with a 22,867-square-foot floor plate. Sunset Corporate Park is situated adjacent to Intel’s $3 billion Ronler Acres Campus and two miles from Orenco Station…

HFF Closes $25M Portland Office Sale

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