GOLDEN, COLO. — Newmark has arranged the sale and subsequent lease of a 14,492-square-foot flex industrial building located at 16360 Table Mountain Parkway in Golden. Bespoke Holdings Co. acquired the property for an undisclosed price. The name of the seller was not released. Fix-It 24/7 is relocating its headquarters from Arvada to the building in Golden. The property features six drive-in bays, 22-foot to 32-foot clear heights, industrial-grade electrical power, radiant-heated warehouse and trucking area, five finished offices and a modern welcome mezzanine. Additionally, the property features abundant parking and mountain views. Tenant improvements will include four additional executive offices and a conference room with an oversized garage door wall. Mike Viehmann of Newmark represented the buyer and tenant in the transaction.
The ability to find debt and equity financing for acquisitions and new development has been deeply affected by the coronavirus. Heading into 2020, there was plenty of inexpensive capital available to real estate investors and developers. The once wide field of potential lenders has shrunk significantly over the past nine months. And as for equity availability, it will be important in the coming months to be patient and diligent. REBusinessOnline recently spoke with Gary Sopko, senior vice president – structured finance/investment sales of Lee & Associates and principal at Baden Advisors (an affiliate of Lee & Associates) via video conference about his company’s approach to investment sales, debt financing and equity placement for commercial real estate clients in the midst of an unprecedented year. Sopko interprets what the lower loan volume across the board means for the commercial real estate industry, trends he’s seeing and his role in educating borrowers/clients on how to navigate this challenging time. Changing Lender Pools At the start of the pandemic, a variety of lenders were still ready, willing and able to lend; however, as the pandemic continued and shutdowns spread, the lender pool shrunk. Many private debt funds had to suspend lending for a …
CAMBRIDGE, MASS. — Harrison Street and its investment partners The Bulfinch Cos. and National Real Estate Advisors have sold three life sciences buildings at Cambridge Discovery Park for a gross sale price of $720 million. Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) purchased the properties, which are situated in Boston’s West Cambridge submarket. For Bulfinch, the master developer of Cambridge Discovery Park, the transaction with Healthpeak was a recapitalization of its stake in the development. The Boston-based firm entered into a joint venture transaction with Healthpeak whereby Bulfinch will retain a majority ownership stake in one of the buildings. Additionally, Bulfinch will continue to manage the property. The Cambridge Discovery Park acquisition, which also includes two parking garages, totals approximately 620,000 square feet. The buildings, called 100 CDP, 200 CDP and 400/500 CDP, were 94 percent leased at the time of sale to biotechnology, pharmaceutical and research companies with a weighted average remaining lease term of approximately 7.5 years. According to Healthpeak, the acquisition also includes an approximately 100,000-square-foot site for a future densification opportunity that the REIT plans to co-develop with Bulfinch. Cambridge Discovery Park includes six life sciences buildings and an AC Hotel by Marriott. The campus is …
GARDEN CITY, GA. — McCraney Property Co. has broken ground on Main Gate Logistics, a four-building, 1.3 million-square-foot industrial park in Garden City. The asset will be situated at 1 Prosperity Drive, eight miles west of the Garden City Terminal at the Port of Savannah. West Palm Beach, Fla.-based McCraney expects to deliver the first building in the third quarter of 2021 and be fully built out by the first quarter of 2022. The four buildings will feature ESFR sprinklers, LED lighting and a range of 180- to 195-foot truck courts, 32-foot to 36-foot clear heights, 54 to 96 docks and 41 to 124 trailer parking spaces. Evans Construction is the general contractor, and Ware Malcomb is the architect. All four buildings are being built on a speculative basis.
JACKSONVILLE, FLA. — The Laramar Group has purchased Creekfront at Deerwood, a 616-unit multifamily community in Jacksonville’s Baymeadows neighborhood. The property comprises 108 residential buildings offering one-, two and three-bedroom floor plans. Communal amenities include five pools, a 3,500-square-foot fitness center, theater room and a community center. The asset is situated at 9803 Creekfront Road, 11 miles southeast of downtown Jacksonville. The buyer plans to implement upgrades such as exterior enhancements to improve curb appeal and introducing smart home technology for residents. Further details of the sale were not disclosed.
DAYTONA BEACH, FLA. — Waypoint Real Estate Investments has acquired Tomoka Pointe, a 276-unit apartment complex in Daytona Beach, for $57.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, pool, resident lounge, 24-hour fitness center and a clubhouse. The asset is situated at 1317 Tomoka Town Center Drive, five miles west of downtown Daytona Beach. The seller, Tomoka Pointe Housing LP, delivered the community in 2019. Scott Ramey, Erik Bjornson and Patrick Dufour of Newmark represented the seller in the transaction.
LEXINGTON, KY. — Newmark has arranged the sale of The Lex, a 649-bed student housing community near the University of Kentucky in Lexington. The property is the closest student housing community to Rupp Arena, the home court of the university’s men’s basketball team. Communal amenities at The Lex include a business center, game room, 24-hour fitness center, pool and grilling areas. The property offers studio to four-bedroom floor plans. Debbie Corson, Ryan Lang and Jack Brett of Newmark represented the seller, a partnership between Atlanta-based CF Real Estate Services and global private equity firm SFO Group, in the transaction. Boston-based William Fideli Investments acquired the asset for an undisclosed price.
DORAVILLE, GA. — DD’s Discounts has signed a lease to occupy 17,656 square feet of space within Pinetree Plaza in Doraville. A timeline for the store opening was not disclosed. Halpern Enterprises Inc. has owned, leased and managed Pinetree Plaza for more than 60 years. The 206,496-square-foot shopping center is located at 5289 Buford Highway, 16 miles northeast of downtown Atlanta. Other tenants at the center include Supermercado Chicago, LanZhou Ramen, Bo Bo Garden Asian Cuisine, Dim Sum Heaven, Mango Mango and I-CE-NY. Pinetree Plaza is also home to Mundo Hispánico, Atlanta’s largest Spanish-language newspaper, which moved into Halpern’s former office headquarters in 2018. DD’s Discounts operates 270 locations in 20 states and offers discounted apparel, accessories, footwear and home fashions.
MISSOURI CITY, TEXAS — Amazon (NASDAQ: AMZN) will open a 1 million-square-foot fulfillment center in Missouri City, a southwestern suburb of Houston, in a move that is expected to create about 500 new full-time jobs. The location of the facility, which is expected to open some time in 2021, was not disclosed. Since 2010, Amazon has created more than 43,000 jobs in Texas and invested more than $16.9 billion across the state, including infrastructure and compensation to its employees.
DALLAS AND HOUSTON — Global investment firm KKR (NYSE: KKR) has acquired a 1.8 million-square-foot industrial portfolio in Dallas and Houston for $171 million. The portfolio consists of two fulfillment and distribution centers, one in each market, that were both fully leased to two different investment-grade tenants on a long-term basis at the time of sale. Houston-based Hines developed and sold the assets, which have an average construction vintage of 2019. KKR now owns more than 20 million square feet of industrial real estate throughout the United States.