REBusinessOnline

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty …

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in …

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property's existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. …

Magnus Development Breaks Ground on 200,000 SF Speculative Industrial Facility in Columbia

COLUMBIA, S.C. — Magnus Development Partners has broken ground on Midway Logistics IV, a 200,000-square-foot speculative industrial building within Lexington County Industrial Park in Columbia. The tilt-up, multi-tenant building will feature 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus expects to deliver the facility in the third quarter. Colliers International will …

Liberty Property Trust Signs Sugar Foods to 247,000 SF Industrial Lease in Metro Atlanta

LITHIA SPRINGS, GA. — Liberty Property Trust has signed Sugar Foods Corp. to a full-building, 247,000-square-foot lease at 875 Maxham Road in Lithia Springs. Located within Westfork Distribution Center, Liberty Property acquired the building in 2013 and has since made capital improvements, including creating a loop road to optimize traffic flow, expanding the truck courts and adding trailer storage to support modern logistics requirements. Randall Bryan of King Industrial Realty Inc. …

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it …

Healthcare Real Estate Investors Choose to Diversify in Face of Fever-Pitch Property Demand, Say InterFace Panelists

It’s a highly competitive environment when it comes to healthcare real estate out West, so say InterFace Conference Group’s Healthcare Real Estate West panelists. One of the central themes of the day-long conference, which was held March 6 at the Omni Los Angeles and attracted 219 attendees, was the pent-up property demand from investors. However, most panelists agree the opportunities are somewhat limited due to a lack of new product and the long-term holding pattern many healthcare …

Moinian Group Receives $595M CMBS Loan to Refinance 3 Columbus Circle in Manhattan

NEW YORK CITY — The Moinian Group has closed on a $595 million CMBS loan from J.P. Morgan and Deutsche Bank to refinance 3 Columbus Circle, a 26-story office tower in Manhattan that also houses the real estate investment firm’s headquarters. Formerly known as the Newsweek Building and originally built as the headquarters of General Motors Corp., 3 Columbus Circle is situated along Broadway and occupies a full city block just south of the Merchant's Gate entrance to Central Park. The …

ProMatura’s Wylde: Seniors Housing Must Get Back to Basics

LOS ANGELES — Bells and whistles may be a distracting way to get a prospective seniors housing resident’s attention, but Margaret Wylde, CEO of ProMatura Group, believes they can take away from the core purpose of providing a safe, welcoming environment for seniors. “We spend so much money in this industry on amenities that people will never use,” she said. “People want a place they can call home. A place they can live in. A place where they don’t have to hide their things. …

Saban Real Estate Buys D.C. Office Building from Piedmont for $170M

WASHINGTON, D.C. — Los Angeles-based Saban Real Estate has purchased One Independence Square, a 334,000-square-foot office building located at 250 E. St. in Washington, D.C.’s Southwest submarket. Piedmont Office Realty Trust (NYSE: PDM) sold the nine-story office asset to Saban for approximately $170 million. Built in 1991 near the National Mall and the Smithsonian, One Independence was 94 percent leased at the time of sale to multiple government tenants. The property’s …

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