Archive for Commercial Real Estate

The company purchased the new asset for $18.3 million. Located in Kenton, the property is leased to New York-based International Paper Co.
Monmouth Real Estate Investment Corp. acquired a new, 298,472-square-foot industrial building in Kenton, Ohio, for $18.3 million. The property is net-leased for 10 years to global leader in the paper and packaging industry, International Paper Co.
Located at 2465 Fontaine St., the building is situated on 46 acres, approximately 28 miles south of Findlay, Ohio. The Class A distribution center has full rail access and is adjacent to one of International Paper’s largest manufacturing plants in the U.S…
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The tenant renewed its 48,871-square-foot lease and added another 8,486 square feet of office space at its location in the Central Perimeter submarket.

Cushman & Wakefield represented SunTrust Bank in a lease renewal and expansion at 211 Perimeter Center in Atlanta. The tenant was already using 48,871 square feet of office space in the building and expanded it by 8,486 square feet. The brokers who negotiated the agreement on behalf of SunTrust Bank are Executive Managing Director Kirk Diamond, Vice President April Parrish, Director Erin Smith and Transaction Manager Steven Taylor. The landlord, Windsor at Convergence 211, was represented by JLL Senior Vice President Jeff Frantz.

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  • Bezos’ empire to buy shares in Mumbai-based Shoppers Stop
  • Shoppers Stop to host Amazon experience centers in stores

Amazon.com Inc.’s investment in retailer Shoppers Stop Ltd. will help the Indian company boost revenue and add 25 percent more stores, while the U.S. firm expands its reach into smaller towns in the world’s second-most populated nation.

Shoppers Stop will raise 1.8 billion rupees ($28 million) selling a 5 percent stake to Amazon.Com NV Investment Holdings LLC, the Mumbai-based company said in an emailed statement late Saturday. As part of the deal, Amazon experience centers — which let customers test out the products available online — will be set up across Shoppers Stop’s network of 80 bricks-and-mortar stores in India. The company will add 20 stores in the next four years, Govind Shrikhande, managing director of Shoppers Stop said.

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The warehouse, which Calare bought in 2015, is located in Watertown, Mass., and changed hands for $15 million. It is 100 percent leased.

Shortly after selling a lab facility in Billerica, Mass., Calare Properties finalized a new transaction in the Boston area. The 94,268-square-foot warehouse and distribution facility is located in Watertown and is fully leased through January 2024. The deal closed at $15 million, signaling a robust Greater Boston industrial market.

Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing,” said Bill Manley, the company’s CEO & CIO, in a prepared statement. According to industry reports, lease rates increased by 6.3 percent year-over-year, as of the second quarter of 2017…

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Ally Financial leased the majority of Ally Charlotte Center, a 742,000-square-foot office tower built by Crescent Communities. Construction of the 26-story building is set to begin early next year.
Ally Financial Inc. and Crescent Communities entered into a lease agreement for a new office building that will be constructed in Charlotte, N.C. Named Ally Charlotte Center, the building will house Ally’s new corporate center and will bring all its employees in the city under one roof. Ally Charlotte Center will have 26 stories, 742,000 square feet of office space, 30,000 square feet of ground-floor retail and restaurant space, 20,000 square feet of open plaza space and a 300-key hotel. Ally Financial will be the anchor tenant of the building, occupying 400,000 square feet of office space…
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The JV purchased a seven-property portfolio completed in the 1990s and early 2000s which is currently about 91 percent leased to a STEM-heavy tenant roster. HFF marketed the offering on behalf of the seller and procured the buyer.

A joint venture of Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has sold, for $105.5 million, a seven-property, 581,600-square-foot office portfolio in the Perimeter Park in Raleigh-Durham, N.C. HFF marketed the offering on behalf of the seller and procured the buyer, an undisclosed institutional investor.

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American Realty Advisors sold 4100 Newport, a 190,400-square-foot office tower in Orange County, Calif., to Olen Properties in a transaction that’s been deemed the area’s largest office sale by price per square foot.

The trophy office tower at 4100 Newport Place Drive in Newport Beach, Calif., has come under new ownership, courtesy of a $75.6 million transaction. Relying on commercial real estate services firm Cushman & Wakefield for representation, American Realty Advisors sold the 190,400-square-foot building to Olen Properties in a deal that marks the highest office investment sale based on price-per-square-foot in Orange County year to date, according to the listing brokers…

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Kennedy Wilson represented the seller of the leasehold interest in the property and the buyer of the fee interest in the land. The Little Italy asset traded hands for the first time in 63 years.

Kennedy Wilson negotiated a two-part sale of the ground lease and underlying fee interest in land for a property in the Little Italy submarket of San Diego. Ocean West Capital Partners in partnership with DivcoWest acquired the 123,000-square-foot, seven-story office building and is under contract to purchase the land in the off-market deal. This is DivcoWest’s second purchase of an office building in San Diego this month.

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The Space Shop Self Storage sold by Stein Investment includes a redevelopment in Cumming, Ga., and creative infill in the Old Fourth Ward District in Atlanta.

Stein Investment Group, a private real estate investment firm, has sold three of its Space Shop Self Storage properties in metro Atlanta to Life Storage LP, on behalf of one of its joint venture partners. The assets include: Space Shop East Cobb in Marietta, Ga.; Space Shop Old Fourth Ward in Atlanta and Space Shop Cumming in Cumming, Ga.

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Sep
20

Iron Mountain Opens NoVa Facility

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The company opened its first data center in Prince William County, with three more scheduled for construction on the campus. The 165,000-square-foot, 10.5-megawatt facility is the company’s fifth U.S. data center.

Iron Mountain, an enterprise information management company, celebrated the opening of its fifth data center in the U.S., located in the growing tech market of Northern Virginia, in Prince William County. Last year, Iron Mountain broke ground on its facility, being well within the allotted time frame for construction and deployment.

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Sep
20

Monday Properties Hires New SVP

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Wes Machowsky is the firm’s newest senior vice president of acquisitions, bringing vast real estate capital markets and leasing experience to the position.

Shortly after hiring Evan Dreilinger as senior vice president & general counsel, Monday Properties has hired Wes Machowsky as its senior vice president of acquisitions. In his new role, Machowsky will be in charge of selecting and closing new property acquisitions, creating value in current assets and raising capital from investment partners.

Wes will be an invaluable asset to the team with over 16 years of experience in commercial real estate. His strong background in acquisitions, dispositions, leasing and management will bolster Monday’s strategic capabilities and scale as the firm re-enters buy mode,” Monday Properties Managing Partner Tim Helmig said in a prepared statement…

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China’s new set of restrictions on foreign investment is expected to impact U.S. real estate. Morris, Manning & Martin’s Samantha Ahuja weighs in on the extent of the effect and the alternatives for Chinese investors.
Following the Chinese government’s announced restrictions on outbound capital flow, the country’s investors have been finding it more difficult to purchase U.S. real estate. The effects are already showing, as total volume of Chinese foreign investment in the first six months of the year declined 46 percent to $48 billion, after total volume hit a record high of $101.4 billion in 2016, according to China’s Ministry of Commerce data. Aimed at strengthening China’s economy, the restrictions were formalized and updated in July, and they’re likely to significantly curb Chinese investment in U.S. real estate even further. Samantha Ahuja, partner at Morris, Manning & Martin LLP, discussed with CPE the updated regulations and what impact they could have on the U.S. real estate industry…
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The joint venture is developing Park 840 East Building 100, a 558,600-square-foot distribution and logistics facility in Lebanon, Tenn. The project is scheduled for delivery by mid-2018.

Ridgeline Property Group has entered a joint venture with USAA Real Estate Co. to develop Park 840 East Building 100, a 558,600-square-foot Class A distribution/logistics facility in Lebanon, Tenn.

Under terms of the deal, RPG will develop the project on a prime 29-acre site located at the southeast corner of Central Pike and I-840, just east of Nashville…

Ridgeline, USAA Team Up in Nashville

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  • Shanghai, Beijing joined by regional cities in boom era
  • Tropical Haikou displays fastest property leverage run-up

Beijing and Shanghai are now well known for their ballooning house prices — double-digit gains last year prompted more regulatory tightening. But the risk factors that could decide the fate of China’s property boom can be found well beyond the capital and biggest city.

A close look at the available economic data of ten cities reveals big differences in the factors that can inflate, and deflate, property bubbles, including population growth, income gains and the ratio between house prices and pay…

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The 275,000-square-foot River Oaks shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports.

In a $115 million deal, InvenTrust Properties Corp. acquired River Oaks, a grocery-anchored center in Los Angeles.

“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,”said Michael Podboy, executive vice president, chief financial officer & chief investment officer of InvenTrust, in prepared remarks.

PREMIER RETAIL ASSET

The 275,000-square-foot shopping plaza features tenants such as Target, buybuyBaby, Total Women Gym & Spa, Big 5 Sporting Goods, Sprouts, ULTA and Pier 1 Imports…

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The company has partnered with longtime owner and manager Nordblom to acquire 1000 Washington St., a 242,000-square-foot building and adjacent parking garage in the city’s South End.

CIM Group has added to its Boston holdings with the acquisition of 1000 Washington St., an 11-story, 242,000-square-foot office building and the adjacent four-level, 309-stall parking garage at 321 Harrison Ave. in Boston’s South End, from Rubenstein Partners LP.

The purchase was made in partnership with Nordblom Co., which has owned a stake in the property and managed it since 2006. In late 2014, Nordblom and Rubenstein announced a partnership acquisition of the property for $75 million. The current sales price was not released nor was information on Nordblom’s stake.

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The company’s facility in Canada is the first commercial-scale plant in the world to produce cellulosic ethanol made from non-recyclable, non-compostable mixed municipal solid waste.

Enerkem Inc., a Canadian producer of biofuels and renewable chemicals, started the commercial production of cellulosic ethanol at its facility in Edmonton, Alberta, Canada. The plant is the first commercial-scale manufactory in the world to produce cellulosic ethanol from non-recyclable, non-compostable mixed municipal solid waste.

The company has been producing and commercializing biomethanol since 2016. The methanol-to-ethanol conversion unit was installed earlier this year. The ethanol global market is anticipated to reach 124 billion liters per year by 2030, according to the International Renewable Energy Agency…

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  • Acadata shows annual price change at the weakest since 2012
  • London is leading the slowdown in U.K. property market

U.K. house prices fell for a fifth month in August, according to a new report, dragging their annual gain to the weakest since 2012.

In a monthly report published Wednesday, Acadata said values fell 0.2 percent from July to an average 297,398 pounds ($400,863). From a year earlier, they rose 2.1 percent. Detailed figures published with a lag show London values dropped 1.4 percent in July, led by prime boroughs such as Kensington and Chelsea, and Westminster…

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  • Yellen presses on with rate hike plan amid inflation ‘mystery’
  • 10 years after financial crisis, Fed unwinds key policy tool

The Federal Reserve moved to dismantle a pillar of crisis-era support for the world’s biggest economy and stuck with its forecast to raise interest rates again this year, saying hurricane damage won’t derail an otherwise healthy expansion.

“Hurricanes Harvey, Irma and Maria have devastated many communities, inflicting severe hardship,” the Federal Open Market Committee said in its statement on Wednesday following a two-day meeting in Washington. “Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.”

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Expected to be completed in the first quarter of 2019, Expo Station is an 80,000-square-foot transit-oriented development. The asset will feature three levels of creative office space and a two-level parking structure.

The Luzzatto Co. broke ground on Expo Station, an 80,000-square-foot transit-oriented creative office development in West Los Angeles. The property is scheduled for completion in the first quarter of 2019.

Located at 12414 Exposition Blvd., the upcoming office building will offer easy access to interstates 10 and 405. The property will also sit near multiple bus stations, restaurants and hotels, including The Upper West, Valentino and Ocean Park Hotel. Expo Station will feature three levels of creative office space and a two-level parking structure, more than 16,000 square feet of outdoor patio areas with seating, bar and barbecue…

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Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the landlord in the lease negotiations.

Cushman & Wakefield | Thalhimer brokered a new lease at One Ten Franklin, a 193,043-square-foot, Class A office tower in downtown Roanoke, Va. Associated Asphalt, an independent asphalt reseller, will occupy the building’s entire ninth floor, totaling approximately 19,632 square feet, where it plans to establish its new headquarters.

Located at 110 Franklin Road SE, the 12-story property was constructed in 1992 and recently traded in a $10 million deal, according to public records. Associated Asphalt has 260 employees across Virginia, West Virginia, the Carolinas, Georgia and Florida…

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Located predominantly in the Midwest, the properties netted Barnett Capital $84 million, a tidy sum for snapping up assets in the Chicago area, the company’s target market.
Barnett Capital Ltd. has pocketed $84 million on the sale of a 2.1 million-square-foot industrial portfolio spanning nine states. The company sold the collection of 20 predominantly single-tenant properties, three-quarters of which can be found in the Midwest, to Brennan Investment Group.

Commercial real estate services firm CBRE represented both seller and buyer in the transaction…

Barnett Capital Sells 2 MSF Industrial Portfolio

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Quadrant Co. built Quadrant I-5 Corporate Park in 1999. JLL worked on behalf of the seller to arrange the $12.5 million transaction.

Commercial real estate investment company SmartCap Group has acquired Quadrant I-5 Corporate Park, Building B, a 68,575-square-foot office property in Everett, Wash. TMG Lynnwood LLC sold the asset for $12.5 million.

CLASS A OFFICE SPACE

Located at 808 SW 134th St., the Class A, two-story building sits on approximately 4.1 acres. Built in 1999 by the Quadrant Co., a division of Weyerhaeuser, Quadrant I-5 Corporate Park has tenants such as Redfin and the international Thales Group. The property features a conference room, a lobby and a recently upgraded common area, free parking spaces and 24-hour fresh food options. The building is approximately 89 percent occupied…

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The company is developing the project for Monash University at its Clayton campus in Victoria. Plans call for 123,000 square feet of learning space across four levels.

Multiplex, a Brookfield company, will develop a $64.8 million (AUD $81 million) world-class biomedical learning and teaching building for Australia’s Monash University at its Clayton campus in Victoria.

Multiplex is also currently constructing a new $164.9 million (AUD $206 million) Learning and Teaching Building at the University, which will include a large underground parking facility and regional transport interchange…

Brookfield Multiplex to Build Melbourne Biomedical Facility

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The company partnered with Cassco Development to build the retail and office project, which is situated within the 270-acre Clearfork master-planned community.

Simon Property Group and Cassco Development Co. have opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury retail and office center in southwest Fort Worth.

Anchored by a 90,000-square-foot Neiman Marcus store that opened in February, The Shops at Clearfork includes such luxury, home furnishing and specialty retailers as Louis Vuitton, Tory Burch, Tiffany & Co., Mitchell Gold + Bob Williams, Z Gallerie, Arhaus, Mizzen+Main, Tesla and NuVitrum. Scheduled to open by the end of the year are Kendra Scott, Clean Juice Bar, Stanley Eisenman Shoes, Burberry and Elaine Turner, among others…

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Stream Realty Partners’ Mike Adams and Blaine Annett will lead leasing efforts at 199 South Los Robles in Pasadena, Calif. Jennifer Costa and Tania Chavez will be in charge of managing the property on behalf of the owner.

Stream Realty Partners is the new manager of 199 South Los Robles, a 163,194-square-foot office building in Pasadena, Calif. Stream’s Mike Adams and Blaine Annett will lead leasing efforts, while Jennifer Costa and Tania Chavez will be in charge of managing the property on behalf of the owner.

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Miramar Property Group acquired a 75,711-square-foot property in Torrance, Calif., from Continental Development Corp. The asset is fully leased to Unify Financial Credit Union.

Continental Development Corp. sold a 75,711-square-foot office building in Torrance, Calif. to Miramar Property Group. The asset changed hands for $19 million.

Located at 1899 Western Way, the office building sits a few minutes from Interstates 405 and 110. Completed in 2004 and situated on 4.4 acres, the asset is fully leased to Unify Financial Credit Union, which uses the space as its corporate headquarters…

NKF Brokers Sale of South LA Office Building

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Sep
18

Trophy Office Building Coming to DC

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Akridge and Stars Investments are teaming up to redevelop two brutalist structures into one freestanding, 100,000-square-foot project situated on one of the city’s most powerful streets.

A joint venture between Akridge and Stars Investments has started work on the redevelopment of 1101 and 1111 Sixteenth St., two Washington, D.C. buildings that will be combined to create a 100,000-square-foot, trophy office building.

“1101 Sixteenth St. will be an impressive and efficient building,” Matt Klein, Akridge’s president, said in a prepared release. “The project’s boutique size will give small- and medium-sized clients a prominent identity on one of D.C.’s most powerful streets.”

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The joint venture will become co-owner of the 2 million-square-foot mixed-use property with the acquisition of a 48.7 percent interest from New York REIT. The deal values the trophy asset at more than $1.7 billion.

New York City’s largest office property owner just added some prime square footage to its holdings. SL Green Realty Corp., along with joint venture partner RXR Realty, entered into an agreement to acquire a 48.7 percent interest in Worldwide Plaza, a 2 million-square-foot mixed-use asset in Midtown Manhattan. The partners will purchase the stake from New York REIT in a transaction that values the property at just over $1.7 billion.

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NBP Capital acquired the Blagen Block and the New Market Theater in Portland’s CBD. The two buildings are among the few remaining Victorian Italianate buildings in the city.

Swift Real Estate Partners sold the Blagen Block and the New Market Theater, two buildings in Portland, Ore.’s Chinatown district, to NBP Capital. The new owners secured a $26.8 million acquisition loan.

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Sep
17

Tenants and Parking

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Even in cities, many tenants have to worry about parking. Kingsley Associates and CPE asked how parking lots could be improved at various CRE sites.

Even in cities, many tenants have to worry about parking. Kingsley Associates and CPE asked how parking lots could be improved at various CRE sites.

“The spots aren’t big enough for a lot of SUVs/trucks to fit; even some of the mid-sized cars can’t fit. Personally, my car gets dinged almost every week.” —Norwalk, Conn.

“Parking is a constant problem with the temporary labor hired by other tenants. Limit tenants to a certain number of parking spaces so that everyone has reasonable parking access.” —Minneapolis

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Director of acquisitions Alex Woodin will be in charge of the new location and will relocate from the firm’s Nashville, Tenn., headquarters. Southern Land’s new branch is operating out of WeWork.

Southern Land Co. opened a new office in Denver to manage its area projects and expand its West development strategy. Alex Woodin, director of acquisitions, will be in charge of the new location and will relocate from the firm’s Nashville, Tenn. headquarters.

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JLL brokered the transaction on behalf the seller, Colony Northstar. The asset is a 116,248-square-foot property located approximately 15 minutes from downtown.

Class A Indianapolis office building Intech Ten has a new owner. Nashville, Tenn.-based Priam Capital bought the property from Colony Northstar, in a transaction brokered by JLL. The 116,248-square-foot building is 94 percent occupied, with several tenants having a tech profile.

A surge in the technology sector is pushing tech employment to record highs in Indianapolis,” said JLL Executive Vice President Rebecca Wells, in prepared remarks. “Colony Northstar chose the right time to maximize their opportunity by selling Intech Ten, which is part of the only privately held, certified technology park in Indiana.

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The REIT is on a mission to enlarge its grocery-anchored shopping center business, this time with the purchase of a Chicago suburb property anchored by local chain Mariano’s.

Phillips Edison & Co., a Cincinnati-based owner of grocery-anchored shopping centers, is continuing its aggressive expansion, adding Hoffman Village to its Illinois holdings. The 159,443-square shopping center in Hoffman Estates, Ill., a Chicago suburb, marks the 14th property in Illinois for the company.

Hoffman Village, which is anchored by Mariano’s, a local grocer owned and operated by Roundys Supermarkets Inc., was acquired by the company’s Phillips Edison Grocery Center REIT I Inc. The shopping center has a mix of national and local tenants, including AT&T, Anytime Fitness, GNC, Fannie May Candies, Hallmark, Subway, Supercuts and Dunkin’ Donuts…

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The Mills Building is believed to be the oldest commercially-owned, multi-tenant building in the Bay Area to be awarded the USGBC’s highest certification.

The Swig Co.’s landmark historic San Francisco Mills Building and two adjacent properties were awarded LEED Platinum certification from the U.S. Green Building Council. The Mills Building is one of the longest serving office buildings in the country to secure a platinum certification.

Located at 220 Montgomery St., along with 333 and 369 Pine, the Mills Building is believed to be the oldest commercially-owned, multi-tenant building in the Bay Area to be awarded the USGBC’s highest certification…

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The new ground-up project dubbed ‘lift’ is one of three new developments totaling more than $75 million that the firm has begun constructing in Carlsbad, Calif.

RAF Pacifica Group, a San Diego-based firm known for its creative industrial developments in Southern California, is breaking ground on the first ground-up creative office project in the Carlsbad, Calif., submarket.

Known as ‘lift’, the two-story property will be comprised of 44,797 square feet of office space and 8,496 square feet of restaurant space. The $26 million project is expected to be completed in 2018…

RAF Pacifica Introduces Creative Office Development

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Sep
14

Central TX Hotel Portfolio Trades

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A joint venture purchased the Holiday Inn Express & Suites and the TownePlace Suites in Waco, Texas. Marcus & Millichap represented the seller and procured the buyer.

A joint venture between Atlantic Hotels Group and Civitas Capital Group acquired the 120-room Holiday Inn Express & Suites and the 93-room TownePlace Suites in Waco, Texas. Supreme Bright Waco II LLC and Waco Lodging LLC sold the two-building portfolio.

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Sep
14

TravelPro to Set Up Shop in ATL

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The luggage company will enter the Atlanta market after signing a long-term lease with Medline Industries. Cushman & Wakefield facilitated the deal.

TravelPro has signed a 295,800-square-foot lease at an industrial building in McDonough, Ga., with landlord Medline Industries.

Located at 1500 Medline Place in metro Atlanta, the building features 37-foot ceilings, 77 dock doors, LED lighting and close access to 13 UPS and FedEx centers. It was originally constructed in 2016…

TravelPro to Set Up Shop in ATL

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In a three-part transaction, JLL arranged the sale of 1417 NW Everett, on behalf of the tenant, Deutsche Asset Management. The owner, Gerding Edlen, initially purchased the property in 2007.

JLL worked on behalf of the tenant, Deutsche Asset Management, for the sale of a 133,000-square-foot office building located at 1417 NW Everett, Portland, Ore. Deutsche Asset Management purchased the property from the owner and developer, Gerding Edlen, for an undisclosed price. Buzz Ellis, managing director, and Paige Morgan, executive vice president, led the JLL team on the transaction. Back in April, Deutsche Asset Management sold the $33 million 1776 On The Green, a 150,000-square-foot office tower in Morristown, N.J.

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Jeff Henson and George Gwaltney of Lincoln’s Office Leasing Group assisted the seller in the disposition of the upgraded asset.

Lincoln Property Co. Southeast brokered the sale of a recently renovated, three-story office building in Alpharetta, Ga. Rolta International sold the 25,599-square-foot asset to Infotech Prism in a $4.5 million deal, for $175 per square foot.

Located at 5865 N. Point Parkway in Atlanta’s North Fulton submarket, the property was completed in 2002 and features a mixture of functional floor plans with private offices, open work areas and training rooms. Community amenities include ample parking, updated finishes throughout, as well as prominent monument and main building signage…

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Sep
13

MD Office Campus Up for Sale

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The two-building office portfolio is situated in Rockville, Md., in the vicinity of an upcoming live/work/play community, and encompasses a total of 123,824 square feet of space.

Equus Capital Partners retained Transwestern to market Metro Executive Park I and II, a 123,824-square-foot office portfolio in Rockville, Md. Transwestern Executive Managing Director Gerry Trainor will handle the marketing process for the property.

Metro Executive Park offers investors a value-add opportunity with immediate stable cash flow and the potential to add value through the lease-up of vacant space,” Trainor said in a prepared statement. “Furthermore, this submarket’s transformation from mostly office buildings to a mixed-use environment is beneficial for the area and reduces competition for office properties.

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The firm acquired an 80,000-square-foot office building through a 99-year ground lease, with plans to complete a multimillion-dollar renovation.

The Kaufman Org. expanded its Midtown Manhattan footprint with the acquisition of an 80,000-square-foot office building, marking its eighth purchase in the area since 2010. The firm bought the asset from LCT Associates through a 99-year ground lease and will handle the property’s management and leasing operations.

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The seller invested in a $2 million improvement program including an upgraded 24-hour fitness center, common areas and renovated tenant spaces.

CBRE brokered the sale of The Tower at 1301 Gervais, a 298,926-square-foot, Class A office building in downtown Columbia, S.C. Morning Calm Management sold the asset to Greenville-based RealOp Investments LLC in a $28.1 million deal.

Located at 1307 Gervais St., in the city’s central business district, the property recently underwent a $2 million renovation project with upgrades made to a 24-hour fitness facility, common areas, restrooms and tenant spaces that were transformed into modern, open office environments. The Tower at 1301 Gervais features a shared ground-level conference room, deli and catering service, on-site full-service bank and ATM and attached parking garage as well as an on-site security team…

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The investment firm renovated its 1988-built corporate headquarters, replacing and upgrading both its electrical and data systems, and adding new seating, conference room furniture and workstations.

After signing a recent lease extension, long-term tenant Seacoast Capital Managers has finished renovating its 4,783-square-foot East Coast headquarters, with the help of general contracting and construction firm Vantage Builders Inc., architecture firm Miika Ebbrell Design and furniture rental firm Strategic Workspaces. The US-1 Ventures-owned office building totals 86,000 square feet of space and underwent a million-dollar renovation in 2016.

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Groundbreaking of North Pointe Commerce Park is expected to start this month. The site is strategically located in close proximity to the port, airport, interstate highways and the U.S. naval installation.

A joint venture between North Signal Capital and Westport Capital Partners has acquired two industrial sites at North Pointe Commerce Park from WestRock. The JV plans to turn the Charleston, S.C., space into a 250,000-square-foot Class A building.

“The Industrial market in Charleston has averaged single digit vacancy over the last 10 years,” Peter Goulding, North Signal Capital LLC’s partner, told Commercial Property Executive. “Charleston continues to experience outsized economic growth which has created an unprecedented demand for quality industrial product. The lack of entitled industrial land and available buildings makes this the ideal time to develop speculative industrial product.”

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UWorld will take up approximately 50,000 square feet at 9111 Cypress Waters Blvd., within the Cypress Waters development.

UWorld, a company specializing in exam preparation and e-learning, will relocate its office to the Cypress Waters master-planned development in the Dallas-Fort Worth metroplex. The new 50,000-square-foot space is located on the third floor of 9111 Cypress Waters Blvd. The company will move there in January 2018, from its current home at 545 E. John Carpenter Fwy., Suite 1600.

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Fusion Telecommunications International and Acuative inked two leases totaling 22,000 square feet of office space at the Highpoint Corporate Center in Fairfield, N.J.

Weiss Realty is welcoming two new tenants to its 162,000-square-foot Highpoint Corporate Center in Fairfield, N.J.

Cloud services provider Fusion Telecommunications International will relocate its regional office from 155 Willowbrook Blvd., in Wayne, N.J. The company will take up 15,000 square feet of space at the suburban New Jersey property. The second tenant, IT services and solutions firm Acuative, has inked a 6,500-square-foot lease and will relocate its headquarters from the nearby 30 Two Bridges Road…

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The company and its affiliate Cantor Fitzgerald paid $875 million to purchase the capital solutions provider, while investing an additional $100 million in a finance and investment business known as CF Real Estate Finance Holdings LP.

In two transactions within the BGC Partners/Cantor Fitzgerald family, BGC has acquired Berkeley Point Financial LLC from CF and certain affiliates for $875 million and has also made a $100 million cash investment in a new CRE-related finance and investment business.

In the latter transaction, BGC will own about 27 percent of the new entity, currently designated as CF Real Estate Finance Holdings LP, while CF will own the remaining 73 percent, for its investment of $266.7 million, according to an SEC filing.

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  • Residential property declines due to job losses, lower income
  • Reluctant sellers, renters starting to accept long downturn

Dubai residential property prices and rents are set to fall further as losses of high-paying jobs and dwindling household incomes boost vacancies across the city, according to Phidar Advisory.

“The false start of early 2017 is over and the cracks are starting to show,” Jesse Downs, managing director at Phidar, an advisory firm specializing in real estate, wrote in a report on Tuesday. “Sales volumes of completed properties are at a six-year low and vacancies are rising across the city.”…

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The 19-property portfolio is located along the St. Louis riverfront and could support multifamily, office, industrial and retail space uses.

CBRE is representing a group of six owners in the sale of Chouteau’s Landing, a 19-property redevelopment portfolio situated on 11.8 acres in St. Louis. Matt Bukhshtaber and Will Mura of CBRE’s St. Louis office will arrange the sale.

MIXED-USE OPPORTUNITIES

The 19-property portfolio features 869,821 square feet of space. Located south of the Gateway Arch, along the St. Louis riverfront, the property is in close proximity to Arch and Busch Stadium, offering convenient access to transportation and to interstates 64 and 44. The portfolio could support multifamily, office, industrial and retail space…

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The General Services Administration will consolidate the agency’s five locations into one headquarters campus in Camp Springs, Md., moving 3,700 employees in 2020.

JLL secured a 15-year lease for the United States Citizenship & Immigration Services (USCIS) in Camp Springs, Md. The General Services Administration (GSA) will consolidate the agency’s five lease locations into one headquarters campus, relocating 3,700 employees in 2020.

The company will occupy 574,767 square feet of space at One Capital Gateway Drive. The USCIS lease follows the Transportation Security Administration’s (TSA) announcement that it is relocating from Pentagon City to its new 625,000-square-foot headquarters in Springfield, Va. JLL’s Jae Lee and William Ruppe spearheaded the deal, and also represented the GSA in the USCIS lease transaction. JLL’s Brian Sullivan, supported by Art Turowski, Brian Saal, Lucy Kitchin and Jeff Hurvitz, represented the developer, Peter Schwartz…

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The recently renovated Highwood Office Park is located 18 miles northwest of Boston and includes a series of modern suburban amenities such as high ceilings and a fully-equipped fitness center.

KS Partners has selected Cushman & Wakefield to lease Highwood Office Park, a Class A, three-building office complex in Tewksbury, Mass. Executive Director Michael Dalton and Senior Associates Blake Baldwin and Kurtis Gibbs will handle the leasing operations.

The 279,000-square-foot property is located at 1-3 Highwood Drive and sits on 17.7 acres. The park underwent a $2.7 million renovation that included upgrades to lobbies, restrooms, base building and common areas. Additionally, it features:

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Rhino Medical Services became the largest tenant at the Bank of America Building in Arlington, Texas. The company will occupy more than 13,000 square feet of office space.

Rhino Medical Services renewed and expanded its lease at the Bank of America Building in Arlington, Texas, bringing the building to a vacancy rate of 10 percent. The health-care staffing company augmented its office by nearly 40 percent to 13,678 square feet, becoming the building’s biggest tenant.

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The national law firm occupies 170,000 square feet at 56 at Roseland, a Class A office building redeveloped by Mountain Development Corp. and Square Mile.

Lowenstein Sandler has leased 170,000 square feet at 56 at Roseland, a Class A office building that was redeveloped in Roseland, N.J., by its owners, a joint venture between Mountain Development Corp. and Square Mile Capital.

Located at  56 Livingston Ave., under the address of One Lowenstein Drive, the 400,000-square-foot property features complete interior renovations and extensive amenity upgrades…

Lowenstein Sandler Opens New HQ in the Garden State

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The Times Building recently underwent an extensive improvement program, which included the addition of a new fitness center and a complete lobby renovation.

Denholtz Associates completed a lease renewal with The Times Publishing Co. at a 180,630-square-foot office building in downtown Tampa, Fla., dubbed The Times Building. The tenant occupies an 18,250-square-foot space at the property and recently signed another lease renewal at 490 First Ave. in St. Petersburg, Fla., another asset in the landlord’s Florida portfolio.

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The improvement program will feature renovations to the main lobby and common areas. Lincoln Property Co.’s Michael Howell and Matt Davis are in charge of leasing the the property, which has two available floors that feature an internal staircase and upgraded finishes.

Colony NorthStar has embarked on a multi-million dollar renovation project at a Class A, 106,000-square-foot office building in Atlanta’s Cumberland/Galleria submarket. Ownership selected Lincoln Property Co. Southeast to lead marketing efforts at the property.

MODERN TOUCHES

Located at 3333 Riverwood Parkway, the five-story asset sits on a 2.3-acre site and was completed in 1992. The modernization program will feature upgrades to the main lobby, common corridors, elevator cabs and restrooms. In addition, improvements will include enhancing signage in the parking deck…

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With the acquisition of the Salt Lake City regional headquarters, Easterly Government Properties has become the nation’s largest private owner of FBI field offices.

Easterly Government Properties, a REIT focused on commercial properties leased to U.S. government agencies, recently acquired the Salt Lake City field office, making it the single largest private owner of FBI field offices in the U.S.

Easterly, a Washington, D.C.-based company which acquires, develops and manages Class A commercial properties leased to government entities, now owns seven of the 56 FBI field offices…

Specialty REIT Has the FBI on its Most Wanted List

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Legacy Professionals and Regent Surgical Health closed agreements at 4 Westbrook Corporate Center in Westchester, Ill. The total leased space amounts to more than 26,000 square feet.

NAI Hiffman, which recently brokered a large lease renewal for 3M, closed on two new agreements at 4 Westbrook Corporate Center in Westchester, Ill. Legacy Professionals, a certified public accounting firm, signed a lease for 20,673 square feet, relocating from 311 South Wacker. The other company is Regent Surgical Health, which will occupy 5,669 square feet in the center’s fourth building.

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Sep
07

Hunt Mortgage Group Opens DC Office

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The company’s new office will be located in downtown Washington, sharing space with other Hunt businesses. Bryan Cullen will be in charge of the team.
Hunt Mortgage Group will relocate its Tysons Corner, Va., team as part of a consolidation plan. The new office will be located in downtown Washington, D.C, at 888 17th NW St., Suite 300. Hunt Development Group and Hunt Alternative Energy will share space with the new team.
Managing Director Bryan Cullen is in charge of the new office. The team will focus on Freddie Mac and Fannie Mae origination, small balance loans and bridge financing, as well as a new seven-year fixed-rate product through Hunt’s Proprietary Loan Group
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Sep
07

Blackstone Appoints New Executive

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Industry vet Kelley Morrell joins the company as managing director & head of asset management for the Tactical Opportunities business.

Kelley Morrell has joined Blackstone as a managing director & head of asset management for the firm’s tactical opportunities business, effective immediately.

“We are excited to have Kelley join Blackstone,” David Blitzer, Blackstone’s global head of its tactical opportunities group, said in a prepared release. “She has a strong track record of successfully managing complex situations with various stakeholders across multiple industries. We look forward to her delivering that expertise and judgment to our portfolio.”

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