Property Type

Avison Young Arranges Sale-Leaseback of 60,231 SF Medical Office Building in Bloomington, Illinois

by Kristin Harlow March 5, 2020

BLOOMINGTON, ILL. — Avison Young has arranged the sale of a 60,231-square-foot medical office building in Bloomington for an undisclosed price. The seller, McLean County Orthopedics, will lease back the building on a long-term basis. The facility, located at 1111 Trinity Lane, was constructed as a build-to-suit for McLean in 2016. The property is attached to Advocate Healthcare’s wellness center. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller. Hammes Partners purchased the asset.

March 5, 2020

Illinois Loans Midwest Multifamily

Greystone Provides $12.1M Fannie Mae Loan for Refinancing of Multifamily Property in Chicago

by Kristin Harlow March 5, 2020

CHICAGO — Greystone has provided a $12.1 million Fannie Mae loan for the refinancing of Germain House in Chicago’s River West neighborhood. The building was converted from office space to 36 apartment units in 2018. Amenities include a fitness center, clubhouse, pool, bike room and rooftop deck. Clint Darby of Greystone originated the 10-year loan with four years of interest-only payments and a 30-year amortization. The permanent loan represents an exit from construction financing. The borrower was 925 Chicago Investment Partners LLC.

March 5, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Brokers Sale of 36,000 SF Office Building in Troy, Michigan

by Kristin Harlow March 5, 2020

TROY, MICH. — L. Mason Capitani CORFAC International has brokered the sale of the Summit Centre office building located at 575 E. Big Beaver Road in Troy. The sales price was undisclosed. California-based LREH Michigan LLC purchased the fully leased, 36,000-square-foot asset. Mason L. Capitani brokered the transaction. L. Mason Capitani will continue serving as leasing agent for the property. The company’s management arm, Liberty Property & Asset Management, will assume day-to-day operations of the property.

March 5, 2020

Industrial Loans Northeast Pennsylvania

JLL Arranges $111M Refinancing, Construction Loan for Logistics Center in Allentown, Pennsylvania

by Alex Patton March 5, 2020

ALLENTOWN, PA. — JLL has arranged a $111 million loan for the refinancing and construction of Park 100 Logistics Center, an industrial park in Allentown, central Pennsylvania. Wells Fargo Bank provided the three-year, floating-rate loan to the borrower, a partnership between GLP Capital Partners and Ridgeline Property Group. Situated at 7352 Industrial Blvd., the property includes a newly constructed, 730,080-square-foot distribution facility and an adjacent 811,200-square-foot production facility that is currently under construction. The latter component is slated to be complete later this year. Bill Fishel, Jon Mikula and Connor Van Cleef of JLL arranged the financing.

March 5, 2020

Development Multifamily New York Northeast

SL Green to Develop 215,000 SF Residential Building in Manhattan

by Alex Patton March 5, 2020

NEW YORK CITY — SL Green Realty Corp. has entered into a 99-year ground lease with the owner of 126-132 Nassau Street, a construction site in Lower Manhattan. The developer plans to build a 215,000-square-foot residential building at the site after demolishing an existing 98,412-square-foot office building. Additional details of the construction plans were not disclosed. However, this land acquisition follows several recently completed SL Green mixed-use projects in New York City, including a student residence hall at 33 Beekman St.; a student residence hall at 180 Broadway in Brooklyn; and a multifamily building at 185 Broadway in Brooklyn.

March 5, 2020

Leasing Activity Massachusetts Northeast Office

Tango Therapeutics Signs 65,000 SF Office Lease in Boston

by Alex Patton March 5, 2020

BOSTON — Tango Therapeutics, a biotechnology company that develops treatments for cancer patients, has signed a 65,000-square-foot office lease in the Fenway neighborhood of Boston. Tango will move its headquarters to 201 Brookline Avenue, a 500,000-square-foot, Class A lab and office building that is currently under construction and slated for completion later this year. Local developer Samuels & Associates owns the property. Jon Varholak, Eric Smith and McKenna Teague of CBRE represented Tango in the lease negotiations.

March 5, 2020

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers Sale of 12-Screen AMC Theater in Tyngsboro, Massachusetts

by Alex Patton March 5, 2020

TYNGSBORO, MASS. — Marcus & Millichap has brokered the $7 million sale of a 12-screen AMC Theater in Tyngsboro, located approximately 35 miles northwest of Boston. Located at 440 Middlesex Road, the 39,474-square-foot theater originally opened in 1991. The building was recently renovated to improve all 12 screening rooms, the roof and the parking lot, and now includes a full bar. Glen Kunofsky, Josh Kanter and Anthony D’Ambrosia of Marcus & Millichap represented the undisclosed seller in the transaction. Russell Wachtler, also with Marcus & Millichap, represented the buyer, a publicly traded institutional investor based in Florida.

March 5, 2020

Acquisitions Industrial Massachusetts Northeast

Stubblebine Co. Negotiates Sale of 4,600 SF Industrial Building Near Boston

by Alex Patton March 5, 2020

WALTHAM, MASS. — The Stubblebine Co., a CORFAC member, has negotiated the $2 million sale of a 4,600-square-foot industrial building in Waltham, a western suburb of Boston. Located at 1254-1256 Main St., the Class C property was built in 1950 and has been used for light manufacturing. Ellen Garthoff of The Stubblebine Co. represented the seller, 1256 Main LLC, in the transaction. Ben Herman of Valender Properties represented the buyer, private investor Marc Resnick.

March 5, 2020

Acquisitions Hospitality Top Stories

Xenia Hotels Agrees to Sell Seven-Property Hospitality Portfolio for $483M

by Alex Tostado March 5, 2020

ORLANDO, FLA. — Xenia Hotels & Resorts Inc. (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to sell a seven-hotel, 1,124-room portfolio for $483 million, or approximately $430,000 per room. Kimpton manages all seven properties in the portfolio, which comprises the 97-room Canary Hotel Santa Barbara in California; 191-room Hotel Monaco Chicago; 189-room Hotel Monaco Denver; 225-room Hotel Monaco Salt Lake City; 230-room Hotel Palomar Philadelphia; 107-room Lorien Hotel & Spa in Alexandria, Va.; and the 85-room RiverPlace Hotel in Portland, Ore. Orlando-based Xenia acquired RiverPlace Hotel, Hotel Palomar Philadelphia and Canary Hotel Santa Barbara in 2015. The company acquired Hotel Monaco Denver, Lorien Hotel & Spa, Hotel Monaco Salt Lake City and Hotel Monaco Chicago in 2013. Xenia expects the sale to close in May, although the undisclosed buyer can extend the deadline to June with an additional deposit payment. The sales price represents a 5.3 percent capitalization rate, according to Xenia. “While these hotels are high-quality assets that are largely consistent with our long-term investment strategy, we believe that this disposition is an illustration of our ability to opportunistically unlock value within our current portfolio and increase shareholder value through portfolio recycling,” says Marcel Verbaas, chairman and chief executive officer …

March 5, 2020

Features Multifamily Seniors Housing

Charles Turner: Labor is Largest Crisis Facing Seniors Housing

by Jeff Shaw March 5, 2020

LOS ANGELES — There is a deficit in seniors housing and it has nothing to do with occupancy rates, investment dollars or development opportunities. It’s the labor shortage, according to Charles Turner, a longtime industry veteran and current CEO of Kare, an application that pairs understaffed seniors housing communities with temporary workers. Turner made the comments as keynote speaker at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. “We all know what’s coming in the next decade — an onslaught of baby boomers aging into seniors housing — but what many don’t realize is that the number of caregivers is actually declining,” he said to the audience of about 250 attendees. “I wish I could say I have all the solutions to the labor problems. I don’t.” Citing a study by New York-based senior care researcher PHI, Turner mentioned there will be a national shortage of around 150,000 paid caregivers by 2030, which may compound as older caregivers also age out of the workforce and transition from worker to would-be resident. Though these forward-looking numbers are scary, Turner believes the problems plaguing today’s seniors housing caregivers were scarier. “Caregiving today has high employee turnover,” he …

March 5, 2020

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