Property Type

LaSalle Investment Management Buys 345,126 SF Parc Santa Fe Industrial Asset Near Denver

by Amy Works January 31, 2020

LITTLETON, COLO. — LaSalle Investment Management (LIM) has acquired Parc Santa Fe, an industrial development located on 22 acres along South Santa Fe Drive in Littleton. Jackson-Shaw, LaPour Partners and Stream Realty Partners sold the asset for an undisclosed price. Totaling 345,126 square feet, the three-building property features 24-foot and 28-foot clear heights, gated outside storage and car parking, ample dock doors and abundant power. The development consists of an 85,903-square-foot building, a 169,590-square-foot facility and a 89,633-square-foot building. Delivered in September 2019, the project represented the first new industrial development in the area since 1997. At the time of sale, the asset was 62 percent leased. Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty, along with Bo Mills of JLL’s Los Angeles office, handled the acquisition. Stream Realty will continue to handle leasing and management of Parc Santa Fe on behalf of LIM, with Reed, Beugg and DiOrio leading leasing efforts and Tom Bahn leading property management.

January 31, 2020

300-N-Baldwin-Park-Blvd-City-of-Industry-CA

Acquisitions California Industrial Western

CBRE Brokers $61M Sale of Fully Occupied Industrial Property Near Los Angeles

by Amy Works January 31, 2020

CITY OF INDUSTRY, CALIF. — CBRE has arranged the sale of a single-tenant industrial property in City of Industry. A client of BentallGreenOak, a global real estate investment management firm, acquired the property for $61 million, or $265 per square foot. Cameron Merrill of CBRE represented the seller, 300 Baldwin Park LLC, a private owner, in the deal. Located at 300 N. Baldwin Park Blvd., the 230,247-square-foot property was completed in 2015. Jacmar Foodservice Distribution fully occupies the facility, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.

January 31, 2020

Arizona Development Hospitality Loans Western

George Smith Partners Secures $56M in Financing for Scottsdale Curio Hotel Development

by Amy Works January 31, 2020

SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.

January 31, 2020

California Loans Multifamily Seniors Housing Western

Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California

by Amy Works January 31, 2020

MERCED, CALIF. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.

January 31, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires Single-Tenant Retail Building in Burbank for $3.6M

by Amy Works January 31, 2020

BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has purchased a vacant, single-tenant retail building in Burbank for $3.6 million. Located at 1750 W. Olive Ave., the 5,324-square-foot building includes a grandfathered drive-thru. U.S. Bank formerly occupied the property, which was originally built in 1974. Lee Shapiro of Kennedy Wilson brokered the transaction.

January 31, 2020

Acquisitions Massachusetts Northeast Retail

JLL Income Property Trust Acquires Milford Crossing Shopping Center in Massachusetts for $42M

by Alex Patton January 31, 2020

MILFORD, MASS. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.

January 31, 2020

Industrial Leasing Activity New Jersey Northeast

Axis Global Signs 53,361 SF Industrial Lease in East Rutherford, New Jersey

by Alex Patton January 31, 2020

EAST RUTHERFORD, N.J. — Axis Global has signed a 53,361-square-foot industrial lease in East Rutherford, a western suburb of New York City. The company will occupy the entirety of 343 Murray Hill Parkway, an office building located next door to the Meadowlands Sports Complex. The building features 21-foot ceiling heights and convenient access to the Garden State Parkway and New Jersey Turnpike. Steve Elman of Cushman & Wakefield represented Axis Global in the lease negotiations. Patrick Lennon, Lorenzo Lambiase and Steve Pastor of NAI James Hanson represented the landlord, 343 Murray Hill Parkway Inc.

January 31, 2020

Leasing Activity New York Northeast Office

CBRE Negotiates 52,400 SF Office Lease at Trinity Centre in Manhattan

by Alex Patton January 31, 2020

NEW YORK CITY — CBRE has negotiated a 52,400-square-foot office lease for advertising agency Johannes Leonardo at Trinity Centre, a two-building office complex located at 111-115 Broadway. The company will take occupancy of the space beginning in July. Adam Foster, Brad Gerla, Adam Leshowitz and Mike Rizzo of CBRE represented the building owner, Capital Properties, in the lease negotiations. Daniel Breiman of Olmstead Properties represented Johannes Leonardo.

January 31, 2020

Leasing Activity Massachusetts Northeast Retail

Samuel Adams Opens 14,000 SF Brewery, Taproom at Boston’s Faneuil Hall

by Alex Patton January 31, 2020

BOSTON — Samuel Adams has opened a 14,000-square-foot brewery and taproom in Boston’s Faneuil Hall Marketplace. The brewery will serve as an experimental facility for specialty brews. Along with Samuel Adams’ year-round beer roster, guests can taste taproom-exclusive offerings and share feedback directly with the brewers. The taproom will feature three bar floors with large community tables and a rooftop patio. The Boston Beer Co. owns the Samuel Adams brands. Bergmeyer Associates Inc. designed the space, and Gilbane Building Co. constructed it.

January 31, 2020

California Market Reports Multifamily Western Western Market Reports

Orange County’s Multifamily Market Continues to Grow

by Taylor Williams January 31, 2020

Orange County’s multifamily housing market remained exceptionally strong throughout 2019. The average asking rent closed the quarter at $2,055 per unit, up 3.3 percent from the fourth quarter of 2018. This was the highest asking rent on record, up 34.5 percent from the prior peak reached in the third quarter of 2008. The Central submarket saw the largest year-over-year rental rate increase, with the asking rent there rising 3.8 percent to $1,920 per unit. This quarter, the Irvine submarket also saw its average asking rent adjust a bit, down 0.7 percent from the prior quarter to $2,446 per unit as existing inventory competed with new construction added to the market. However, the average rent in Irvine is up 3.2 percent from last year. Completed construction has pushed vacancy up. The total vacancy rate in Orange County this quarter registered 4.8 percent, up 30 basis points from the prior quarter, steady from the fourth quarter of 2018. Four significant projects totaling 2,567 units were completed this quarter. This includes Promenade at Irvine Spectrum with 1,781 units; SkyLoft, a 388-unit development in Irvine; the Charlie Orange County, a 228-unit complex in Santa Ana; and the Murphy, a 170-unit complex in Irvine. Annual …

January 31, 2020

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