Property Type

Summerhill, KTGY Architecture Complete 105-Unit Theo Apartment Community in Pasadena

by Amy Works May 27, 2020

PASADENA, CALIF. — Summerhill Apartment Communities, in collaboration with KTGY Architecture + Planning, has completed the development of Theo, a multifamily complex located at 289 N. El Molino Ave. in Pasadena. Construction for the six-story development began in third-quarter 2017, with the first apartments delivered first-quarter this year. The property features 105 units in a mix of one- and two-bedroom layouts. The units include select ground-floor residences offering separate, townhome-style street entries and 16 penthouse floor plans with enhanced finishes and a private penthouse terrace. The community features rooftop amenity space; ground-floor public spaces; a clubhouse facility with pool, spa and other outdoor amenities; a yoga studio and fitness center; and a pet area. The property also offers 154 parking spaces on two subterranean levels. Summerhill and KTGY worked with Pasadena Heritage and the City of Pasadena Design Commission to develop the structure. The property is adjacent to Theodore Parker Lukens House, which was built in 1887, and a 120-year-old cedar tree.

May 27, 2020

Acquisitions California Industrial Western

Empire State Group Acquires Modernized R&D Facility in Silicon Valley for $41.1M

by Amy Works May 27, 2020

MILPITAS, CALIF. — New York City-based Empire State Group has purchased a fully leased R&D facility, located at 1564 Barber Lane in Milpitas. A joint venture between affiliates of Westport Capital Partners and Cannae Partners sold the asset for $41.1 million. Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets group represented the buyer and seller in the deal. Situated on 5.5 acres within Oak Creek Business Park, the asset features 102,668 square feet of research and development space. The facility was originally developed in 1980, but underwent significant improvements in 1996, 2009 and 2019.

May 27, 2020

Acquisitions Industrial Net Lease Utah Western

Monmouth Real Estate Buys Industrial Building in Ogden, Utah for $12.9M

by Amy Works May 27, 2020

OGDEN, UTAH — Monmouth Real Estate Investment Corp. has purchased a LEED-certified industrial property, located at 985 W. Kershaw St. in Ogden, for $12.9 million. The name of the seller was not released. Federal Express Corp., a Delaware corporation, occupies the asset on a 15-year, net-lease basis. The 69,734-square-foot industrial property is situated on 7.5 acres.

May 27, 2020

Acquisitions Colorado Industrial Western

CBRE Arranges $7.1M Sale of Serta Distribution Center in Metro Denver

by Amy Works May 27, 2020

AURORA, COLO. — CBRE has negotiated the sale of a distribution facility located at 15800 E. 40th Ave. in Aurora, about 10 miles east of Denver. Serta Simmons Bedding sold the property to Dallas-based Dalfen Industrial for $7.1 million. Built in 2003 for Serta’s own operations, the 75,000-square-foot building features a fenced, secure loading area, ESFR sprinklers, dock-high and drive-in loading, 24-foot clear heights, radiant heat throughout, mechanical pit levelers, dock lights and seals, skylights and an air exchange system. Additionally, the facility features 6,500 square feet of office space. Todd Witty and Doug Viseur of CBRE’s Denver office represented the seller in the transaction.

May 27, 2020

Acquisitions Colorado Multifamily Seniors Housing Western

Blueprint Brokers Sale of Three Skilled Nursing Facilities in Colorado

by Amy Works May 27, 2020

DENVER — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in the Denver metro area and a third in Eastern Colorado. The portfolio totals 250 skilled nursing beds, as well as 25 assisted living units. LTC Properties sold the assets as part of its plan to divest all its Preferred Care-branded communities. The buyer is a private company looking to expand its presence in Colorado, as well as its relationships with its third-party operators in the state. The price was not disclosed.

May 27, 2020

Retail Texas Top Stories

Tuesday Morning Files for Chapter 11 Bankruptcy, Plans to Close 230 Stores

by Kristin Harlow May 27, 2020

DALLAS — Tuesday Morning Corp. (NASDAQ: TUES) has filed for Chapter 11 bankruptcy protection. The Dallas-based retailer says the actions are in response to “the immense strain the COVID-19 pandemic and related store closures have put on the business.” Tuesday Morning is a discount home furnishings chain. The company opened its first store in 1974 and currently operates 687 stores in 39 states. The retailer expects to permanently close approximately 230 stores to focus on high-performing locations. The phased store closures will take place this summer. After closing all stores and furloughing most of its 9,000 employees on March 25 as a result of COVID-19, Tuesday Morning has reopened more than 80 percent of its existing store footprint and expects to continue store reopenings and bringing associates back to work over the coming weeks. With no e-commerce platform, the closure of all physical stores was particularly devastating for Tuesday Morning compared with some other retailers, according to Business Insider. Tuesday Morning says that comparable store sales for the reopened stores have been approximately 10 percent higher than sales during the same period in 2019. The retailer began reopening stores April 24. “Prior to the pandemic, we were gaining momentum in …

May 27, 2020

California Leasing Activity Restaurant Retail Video Webinar Western

Webinar: California Retail Reboot

by Sarah Daniels May 27, 2020

On May 21, Shopping Center Business, Western Real Estate Business and California Centers magazines hosted “California Retail Reboot: How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus?” Experts from California’s retail sector gathered to discuss the future of California retail and how to ensure the success of tenants and their properties. Topics discussed include the following: How will California retailers, restaurants and developers adapt? How will landlords and retail property owners support tenants and customers? What do brokers and investors need to know about the retail landscape and changes due to COVID-19? Panelists: Jonathan Lorenzen of Allen Matkins (moderator) Kyle Kavanaugh of Main + Main Howard Samuels of Samuels & Company Matthew Berger of Brixmor Property Group Jeff Kreshek of Federal Realty Investment Trust Philip D. Voorhees of CBRE Webinar sponsors: Allen Matkins is a California-based law firm with more than 200 attorneys in four major metropolitan areas of California: Los Angeles, Orange County, San Diego and San Francisco. The firm’s areas of focus include real estate, construction, land use, environmental and natural resources; corporate and securities, real estate and commercial finance, bankruptcy, restructurings and creditors’ rights, joint ventures and tax; labor, employment; and trials, litigation, risk management and alternative dispute resolution in all of …

May 27, 2020

Industrial Loans Multifamily ORIX Retail Thought Leadership Video

Video: Q&A with James Flynn of Hunt Real Estate Capital

by Sarah Daniels May 27, 2020

James Flynn, CEO of Hunt Real Estate Capital and ORIX Real Estate Capital, spoke with Randy Shearin of France Media in a brief interview to give insight on what lenders think about debt and equity during the COVID-19 pandemic, industry flexibility and pivoting operations with an eye towards what assets are most likely to recover quickly after the crisis. Flynn talks not only about how the pandemic has changed business as usual for lenders, but also Orix’s acquisition of Hunt Real Estate and the need to transition as a business in the midst of global change. Listen to this interview here. Topics discussed by James Flynn and Randy Shearin include: Mergers and uniting platforms/organizations in a time when tech is paramount Deal closing/lending: before, during and after COVID-19 Sectors/asset classes of interest to lenders Hear how lenders are approaching the coronavirus pandemic crisis and what’s ahead for the lending industry. Q&A sponsor: Hunt Real Estate Capital, a division of ORIX Real Estate Capital, is a leader in financing commercial real estate throughout the U.S. The company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial and self-storage facilities. …

May 27, 2020

Acquisitions Florida Office Southeast

MHC, Waterfall Asset Management Acquire South Florida Office Complex for $49.8M

by Alex Tostado May 26, 2020

PALM BEACH GARDENS, FLA. — MHCommercial Real Estate Fund LLC (MHC) and Waterfall Asset Management have acquired Golden Bear Plaza, a 243,000-square-foot office complex in Palm Beach Gardens, for $49.8 million. The three-building campus was 90 percent leased to tenants including AT&T, Otis Elevator Co., Pike Electric, Dycom Industries, NextEra Energy, SlimFast and Zimmer Biomet 3i at the time of sale. M&T Bank provided acquisition financing for the buyers. This is the first office acquisition in Florida for Waterfall Asset Management, which is based in New York City. Dung Lam, Neil Merin and Jordan Paul of West Palm Beach, Fla.-based NAI/Merin Hunter Codman Inc. formed MHC in November. NAI/Merin Hunter Codman will provide property and leasing management. The seller was not disclosed. Nicklaus Cos. LLC, a development company headed by Hall of Fame golfer Jack Nicklaus (whose nickname is Golden Bear), originally built the campus between 1985 and 1990.

May 26, 2020

Acquisitions Florida Office Retail Southeast

JLL Negotiates $46.8M Sale of Whole Foods-Anchored Property in Metro Miami

by Alex Tostado May 26, 2020

CORAL GABLES, FLA. — JLL has negotiated the $46.8 million sale of Plaza San Remo, a 59,694-square-foot mixed-use property in Coral Gables. Whole Foods Market occupies the ground floor of the seven-story property. Built in 2007, the building was fully leased at the time of sale to tenants including Pediatric Associates and OXXO Care Cleaners and also features a seven-story parking garage. Danny Finkle, Luis Castillo and Eric Williams of JLL represented the seller, an undisclosed institutional investment advisor, in the transaction. The buyer was a core fund advised by Zurich Alternative Asset Management LLC.

May 26, 2020

Newer Posts

Older Posts