Property Type

C.W. Driver Breaks Ground on $48.2M Academic Building at Long Beach City College in California

by Amy Works August 3, 2020

LONG BEACH, CALIF. — C.W. Driver Cos., as general contractor, has broken ground on a multi-disciplinary facility located at Long Beach City College’s Liberal Arts Campus in Long Beach. The $48.2 million property is the first design-build project at the school funded by the state of California and will house a variety of academic programs, including language arts, career technology education, computer studies, office studies, student success center and support programs. The project includes the demolition of two existing classroom buildings, as well as all associated utilities, hardscape, irrigation and landscaping. Originally two 1960s concrete frame buildings, the new three-story, 96,000-square-foot facility will be constructed as a single steel-frame structure complete with classroom, study and administrative spaces. Key areas will include a lecture hall, reading and writing focus areas and breakout rooms. Additionally, the project will be built around existing community courtyards where students can connect, study and socialize. Designed HPI Architecture to obtain LEED Gold certification, the project is slated for completion in November 2021.

August 3, 2020

Colorado Development Industrial Leasing Activity Western

PepsiCo Signs 283,500 SF Prelease at Pecos Logistics Park Project in Central Denver

by Amy Works August 3, 2020

DENVER — PepsiCo Beverages North America has signed a 283,500-square-foot lease at Pecos Logistics Park, an infill logistics business park currently under construction in Denver. Denver-based Westfield Co. is developing the project, which will feature a total of 1.2 million square feet of Class A industrial space situated on 66 acres at the northwest corner of 56th Avenue and Pecos Street at full build-out. Totaling 391,600 square feet, the first phase includes three front-park, rear-load speculative buildings ranging from 121,800 square feet to 139,200 square feet and the PepsiCo 283,500-square-foot build-to-suit property. The buildings will offer dock-high and drive-in loading, 28-foot to 32-foot clear heights, ESFRK-17 sprinklers, LED lighting and trailer parking. Phase I is scheduled for delivery in third-quarter 2021, with an 1,880-square-foot speculative suite in Building 1 and a 1,550-square-foot speculative suite in Building 2. Additionally, the first phase will feature a shared amenity space called “The Junction” that will include conference and training rooms, a kitchen, flexible use/fitness space and showers, bike storage and outdoor patio space. The second phase will include three front-park, rear-load buildings totaling 471,000 square feet. Tyler Carner, Jeremy Ballenger and Kyle McClure of CBRE’s Denver office represented Westfield, while Jim Bolt and …

August 3, 2020

California Loans Office Walker & Dunlop Western

Walker & Dunlop Arranges $8M Refinancing for Orange County Office Property

by Amy Works August 3, 2020

TUSTIN, CALIF. — Walker & Dunlop has secured a $8 million loan for the refinancing of Pointe Red Hill, a single-tenant office building located in Tustin. The borrower is Fortland Inc. Symetra Life Insurance Co. provided the 10-year, fixed-rate loan, which allowed the borrower to refinance the property’s existing debt and implement property improvements, including the installation of solar carports. Grant Robertson and Kevin Dinneen of Walker & Dunlop’s Los Angeles-based team arranged the financing. The two-story, 51,065-square-foot property features an open floor plan with a mix of private suites and conference rooms. Since 2018, an online retail company has occupied the building.

August 3, 2020

Acquisitions California Industrial Western

CenterPoint Properties Buys Last-Mile Distribution Facility in South Bay Area Near Los Angeles

by Amy Works August 3, 2020

GARDENA, CALIF. — CenterPoint Properties has purchased a distribution facility located at 230 W. Rosecrans Ave. in Gardena. Todd Kirshner of Punch Studio sold the asset for an undisclosed price. Situated on 3.22 acres in the South Bay region of Los Angeles County, the last-mile, 60,115-square-foot property features higher-than-market-average trailer parking, eight dock-high positions and immediate access to California’s freeway system, as well as excess yard space and port proximity.

August 3, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Negotiates $2.4M Sale of Multifamily Portfolio in Longmont, Colorado

by Amy Works August 3, 2020

LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million. Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings. Brandon Kaufman and Nik MacCarter of Nexus represented the undisclosed seller, while Sean Holaman, also of Nexus, represented the buyer in the deal.

August 3, 2020

California Company News New York Northeast Retail Top Stories Western

Parent Companies of Lord & Taylor, Men’s Wearhouse Both File for Chapter 11 Bankruptcy

by Taylor Williams August 3, 2020

NEW YORK CITY AND FREMONT, CALIF. — The list of apparel retailers to file for Chapter 11 bankruptcy grew longer over the weekend as the parent companies of Lord & Taylor and Men’s Wearhouse both filed petitions for Chapter 11 bankruptcy protection in an effort to restructure their debt loads. Le Tote Inc., a New York City-based e-commerce firm specializing in the clothing sector that owns Lord & Taylor, filed its petition in the U.S. Bankruptcy Court for the Eastern District of Virginia. Tailored Brands, the Fremont-based parent company of Men’s Wearhouse and Jos. A. Bank, filed in a district court in Texas. Le Tote acquired Lord & Taylor about a year ago for $100 million from Hudson’s Bay Co. At that time, Lord & Taylor operated about 40 department stores around the country. Approximately half of those stores will now close. In mid-March, Hudson’s Bay Co., the Canadian firm that also owns Saks Fifth Avenue, also sold a 660,000-square-foot office building in Manhattan that had served as Lord & Taylor’s office hub. Amazon bought the property for $1.15 billion to serve as its New York City headquarters. Just two weeks ago, Tailored Brands unveiled a corporate restructuring plan that …

August 3, 2020

Content Partner Features Multifamily Northeast Feature Archive Walker & Dunlop

Coronavirus & Capital Markets: Opportunity in the Midst of Caution

by Sarah Daniels August 3, 2020

Lenders and investors may be a little wary when approaching deals under the shadow of COVID-19, but opportunities to employ capital strategically when market prices are low can make for long-term opportunities. Many in commercial real estate hope to lay significant groundwork, strengthening their economic trajectories whenever the market recovery begins. Keith Kurland, senior managing director at Walker & Dunlop, serves as co-head of the company’s New York Capital Markets practice and spoke to REBusinessOnline about the business of sourcing and structuring debt and equity financing in the midst of coronavirus. Kurland joined Walker & Dunlop in January of this year, after the company acquired AKS Capital Partners, which was co-founded by Kurland in 2019. Coronavirus Conditions & the Impact on Lender and Investor Interest “Given our diverse and multi-sector client base, we are still actively financing almost every product type,” Kurland says. “While some sectors and deal types may be more challenging than others due to the impact of COVID-19, we are still tasked with supporting our clients to make sure that they’re either being defensive or offensive, depending upon the lifecycle of the projects that they’re currently invested in. Our team is currently marketing and under application with …

August 3, 2020

Company News Massachusetts Northeast Retail

Dunkin’ Reports 20 Percent Revenue Decrease in Second Quarter, Will Close 350 Stores

by Taylor Williams July 31, 2020

CANTON, MASS. — Dunkin’ Brands Group (NASDAQ: DNKN) reported a total decrease in revenue of 20 percent during the second quarter and announced that it will close about 350 stores worldwide during the second half of the year. These closures follow the company’s announcement to shutter about 450 stores that are housed in Speedway gas stations and convenience marts. Canton, Mass.-based Dunkin’, which also owns Baskin-Robbins, reported that approximately 90 percent of its international locations for both Dunkin’ and Baskin-Robbins were open as of July 25. Dunkin’s stock price opened at $68.61 per share on Friday, July 31, down from $81.58 per share a year ago.

July 31, 2020

Industrial Loans New Jersey Northeast

Cushman & Wakefield Places $103.4M in Construction Financing for New Jersey Industrial Project

by Taylor Williams July 31, 2020

LOGAN TOWNSHIP, N.J. — Cushman & Wakefield has arranged a $103.4 million construction loan for two new buildings at Logan North Industrial Park, a 3.2 million-square-foot development in Logan Township, located south of Philadelphia. Building E will span approximately 189,000 square feet and is preleased to cold storage operator Preferred Freezer Services. Building H is preleased to Target and is expected to house operations that will create about 1,300 new jobs. Provident Bank provided $34.4 million in construction financing for Building E, and Wells Fargo provided the $69 million loan for Building H. John Alascio, Sri Vankayala, Chuck Kohaut, T.J. Sullivan and Maya Steinberger of Cushman & Wakefield arranged the funds on behalf of the borrower, a partnership between Advance Realty Investors and Greek Development.

July 31, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $29.3M in Financing for Independent Living Facility Near Pittsburgh

by Taylor Williams July 31, 2020

NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.

July 31, 2020

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