Property Type

Velocis Acquires Kierland One Office Building in Scottsdale from Hines, PCCP

by Amy Works October 30, 2019

SCOTTSDALE, ARIZ. — Dallas-based Velocis has purchased Kierland One, a Class A office building located in Scottsdale. Hines, along with PCCP as joint venture equity partner, sold the 175,441-square-foot property for an undisclosed price. Situated in Scottsdale’s Airpark submarket, the four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled, two-story lobby, new tenant improvements and high-end spec suites. Barry Gabel, Chris Marchildon and Will Mast of CBRE’s Phoenix office represented the seller in the deal. CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to handle leasing for the property under the new ownership. Hines will continue to serve as property manager to Kierland One.

October 30, 2019

Development Mixed-Use Multifamily Retail Utah Western

Crandall Capital Breaks Ground on The Commons Mixed-Use Project in Park City, Utah

by Amy Works October 30, 2019

PARK CITY, UTAH — Crandall Capital has started construction of The Commons, a mixed-use development in Park City. The project is scheduled for completion in October 2020. Located in the Newpark Towncenter at Kimball Junction, The Commons is the final component of the larger development’s master plan. Totaling, 37,659 square feet, The Commons will feature 38 affordable apartments in a mix of studio, one-, two- and three-bedroom floor plans and 12,500 square feet of ground-floor retail space, as well as outdoor patio and dining areas overlooking Newpark Amphitheater and the 1,200-acre Swaner Nature Preserve. Zwick Construction is serving as general contractor and Stearns Bank provided financing for the project.

October 30, 2019

Belmont-Shores-Mobile-Estates-Laguna-Beach-CA

California Loans Multifamily Seniors Housing Western

Greystone Funds $33.7M Freddie Mac Loan for 347-Unit Age-Restricted Community in Long Beach, California

by Amy Works October 30, 2019

LONG BEACH, CALIF. — Greystone has provided a $33.7 million Freddie Mac loan to refinance Belmont Shores Mobile Estates, a 347-unit, age-restricted, manufactured housing and mobile home community in Long Beach. The borrower was Alamitos Bay Partnership LLC. The loan carries a 15-year term and 30-year amortization, and will fund capital improvements to the property’s common-area buildings. Dale Holzer of Greystone originated the transaction, with Don Smith of Sunrise Mortgage & Investment Co. acting as a correspondent.

October 30, 2019

Arizona Loans Multifamily Western

Hunt Real Estate Capital Provides $35M in Refinancing for Manufactured Housing Asset in Arizona

by Amy Works October 30, 2019

TEMPE, ARIZ. — Hunt Real Estate Capital has funded a $35 million Freddie Mac conventional multifamily loan for the refinancing of Contempo Tempe, a manufactured housing community located in Tempe. The name of the borrower was not released. The new loan will refinance existing debt and includes a cash out that will be used to acquire additional manufactured housing properties. The loan has a 10-year term amortizing over 30 years, and three years of interest-only payments. Age-restricted to residents age 55 or older, the 454-pad community features three single-story buildings containing the clubhouse/leasing office, fitness center and maintenance building. Built in 1974, the property underwent recent capital improvements including signage updates, a pool remodel, exterior painting, clubhouse A/C replacement, spa heater replacement, security cameras and upgraded power pedestals. The borrower plans to renovate the existing shuffleboards into a two-court pickleball arena with shaded bleachers. Tom Houlihan of Phoenix-based Sterling Mortgage and Investment arranged the financing for the borrower.

October 30, 2019

Development Industrial New Jersey Northeast

Joint Venture Underway on 535,790 SF Spec Industrial Development in East Greenwich, New Jersey

by Alex Patton October 30, 2019

EAST GREENWICH, N.J. — A joint venture between Pacific Coast Capital Partners LLC (PCCP) and CRG is underway on development of The Cubes at East Greenwich, a two-building, Class A industrial warehouse project totaling 535,790 square feet in East Greenwich, a southern suburb of Philadelphia. The first building, located at 100 Huff Road, will comprise a 283,040-square-foot structure with 36-foot clear heights, 43 exterior docks, two drive-in doors, 60 trailer parking spaces and a 130-foot truck court. The second building, located at 191 Harmony Road, will consist of a 252,750-square-foot structure with 36-foot clear heights, 38 exterior docks, two drive-in doors, 79 trailer parking spaces and a 130-foot truck court. Construction of both buildings, which are being developed on a speculative basis, is slated for completion in the third quarter of 2020.

October 30, 2019

Acquisitions Multifamily Texas

American Landmark Buys Two Multifamily Assets Totaling 484 Units in Houston

by Taylor Williams October 30, 2019

HOUSTON — Tampa, Fla.-based multifamily investment firm American Landmark has purchased two assets totaling 484 units in Houston. The company acquired the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the northeastern suburb of Kingwood. The properties were built in 2008 and 2010, respectively, and will undergo a combined $5.9 million capital improvement program and be respectively rebranded as Lakefront Villas and The JaXon. Both assets feature granite countertops and walk-in closets but have different amenity packages. With this transaction, American Landmark now owns 38 properties in Texas, including 14 in Houston.

October 30, 2019

Leasing Activity New York Northeast Office

Oak Hill Advisors Preleases 45,954 SF of Office Space at One Vanderbilt Avenue in Manhattan

by Alex Patton October 30, 2019

NEW YORK CITY — Investment firm Oak Hill Advisors has preleased 45,954 square feet of office space at One Vanderbilt Avenue, a 1.6 million-square-foot tower under development in the East Midtown neighborhood of Manhattan. One Vanderbilt is now 64 percent preleased to tenants including investment firm The Carlyle Group, equity firm Sentinel Capital Partners, TD Bank Group and German financial firms DZ Bank and DVB Bank. One Vanderbilt will offer a 30,000-square-foot, tenant-only amenity floor with meeting spaces, lounge and an outdoor terrace. The building will also include an 11,000-square-foot restaurant concept from French chef Daniel Boulud. Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors in the lease negotiations. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord and developer of the building, SL Green Realty Corp. Construction is slated for completion in August 2020.

October 30, 2019

Industrial Leasing Activity Office Texas

CBRE Negotiates 154,097 SF Office, Industrial Lease for Inogen in Plano

by Taylor Williams October 30, 2019

PLANO, TEXAS — CBRE has negotiated a 154,097-square-foot industrial and office lease at 600 Shiloh Road in Plano for Inogen, a manufacturer of oxygen therapy products and services. The company will consolidate its existing Texas facilities into the new space, which allows for approximately 90,000 square feet for manufacturing operations and 60,000 square feet for the call center. The property’s current tenant, Flextronics, will vacate the space at the end of the year. Inogen plans to occupy the facility in early 2020. Baron Aldrine, Campbell Puckett, Dennis Hearst and Bryan Bazzi of CBRE represented Inogen in the lease negotiations. John Hendricks, also with CBRE, represented the landlord, Trident Capital Group.

October 30, 2019

Development Illinois Midwest Office

Thor Equities, QuadReal Break Ground on 450,000 SF Office Tower in Chicago’s Fulton Market

by Kristin Harlow October 30, 2019

CHICAGO — Thor Equities and QuadReal have broken ground on 800 W. Fulton, a 19-story, 450,000-square-foot office tower in Chicago’s Fulton Market district. The project will be situated at the southeast entrance to the historic neighborhood and occupy a full city block. The property, which features a stepped terrace design, will also include retail space and public amenities. The developers have yet to announce any tenants. Completion is slated for spring 2021. Skidmore, Owings & Merrill is the architect and Cushman & Wakefield will market the property for lease. A groundbreaking ceremony took place on Tuesday, Oct. 29.

October 30, 2019

Healthcare Midwest Ohio

TriHealth to Operate Retail Health Clinics in Cincinnati-Area Walgreens Stores

by Kristin Harlow October 30, 2019

CINCINNATI — Walgreens has unveiled plans to transition seven of its existing company-managed healthcare clinics in the Cincinnati area to TriHealth, a comprehensive not-for-profit health system. TriHealth will own and operate the clinics, which are housed within Walgreens stores. They are expected to open in the first quarter of 2020. TriHealth’s nurse practitioners will staff the clinics, which will operate daily. The affected properties are located in Cincinnati, Deer Park, Loveland, Norwood and Sharonville.

October 30, 2019

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