Property Type

Amazon Acquires Lord & Taylor Office Building in Manhattan for $1.15B

by Alex Patton March 17, 2020

NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.

March 17, 2020

Loans Multifamily Texas

LMI Capital Arranges $17M Acquisition Loan for Houston Multifamily Asset

by Taylor Williams March 17, 2020

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.

March 17, 2020

Leasing Activity Retail Texas

CBRE Negotiates 14,996 SF Retail Lease in San Antonio

by Taylor Williams March 17, 2020

SAN ANTONIO — CBRE has negotiated a 14,996-square-foot retail lease at 4949 NW Loop 410 in San Antonio. P.J. Pfeiffer of Birnbaum Property Group represented the tenant, Goodwill Industries, in the lease negotiations. Andrew Polunsky of CBRE represented the landlord, Summit Income Partners LP.

March 17, 2020

Acquisitions New Jersey Northeast Office

JLL Brokers Sale of Two Office Buildings Totaling 550,000 SF in Parsippany, New Jersey

by Alex Patton March 17, 2020

PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.

March 17, 2020

Loans Multifamily Washington Western

CBRE Secures $115.5M Refinancing for The Danforth Apartment Building in Seattle

by Amy Works March 17, 2020

SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in 2018, The Danforth is 96 percent leased and includes a two-level, 45,000-square-foot organic supermarket chain on the ground floor, as well as other residential amenities. The property is located at the corner of Broadway and East Madison Street and offers 358 underground parking stalls.

March 17, 2020

Leasing Activity Office Texas

Finial Group Secures 3,561 SF Office Lease in Houston

by Taylor Williams March 17, 2020

HOUSTON — Locally based brokerage firm Finial Group has secured a 3,561-square-foot office lease at 14425 Torrey Chase Blvd. on the north side of Houston. Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Fresh Start Therapeutic Services, was not released

March 17, 2020

Acquisitions Industrial Midwest Minnesota

PCCP, Capital Partners Acquire Five-Property Industrial Portfolio in Metro Minneapolis

by Kristin Harlow March 17, 2020

MINNEAPOLIS — PCCP, in a joint venture with Capital Partners, has acquired a five-property industrial portfolio in metro Minneapolis for an undisclosed price. The light industrial portfolio spans 557,887 square feet and is currently 87 percent leased. The seller, Scannell Properties, developed three of the buildings within the last year. The specific locations of the properties were not disclosed, but they are situated in three different submarkets within the metro area.

March 17, 2020

Acquisitions Industrial New Jersey Northeast

NAI Hanson Negotiates Sale of Two Industrial Development Sites Totaling 31.5 Acres in Sparta, New Jersey

by Alex Patton March 17, 2020

SPARTA, N.J. — NAI James Hanson has negotiated the sale of 2 and 4 Aaron Way, two adjacent industrial development sites totaling 31.5 acres in Sparta, located approximately 60 miles northwest of New York City. The buyer, a Morris County-based developer, plans to construct a 30,000-square-foot speculative warehouse on the property. The sites are located within White Lake Commerce Park, which consists of 12 lots that are all expected to be sold by late March. Several different developers plan to construct speculative industrial buildings ranging in size from 10,000 to 30,000 square feet on the lots. John Schilp of NAI Hanson represented the seller, Berardi Developers, in the transaction. The sales price was undisclosed.

March 17, 2020

Acquisitions Midwest Nebraska Retail

Hanley Investment Group Arranges Sale of 174,000 SF Shopping Center in Lincoln, Nebraska

by Kristin Harlow March 17, 2020

LINCOLN, NEB. — Hanley Investment Group Real Estate Advisors has arranged the sale of Edgewood Shopping Center in Lincoln for an undisclosed price. Built in 1991, the 174,000-square-foot shopping center sits on 22 acres. At the time of sale, the center was 95 percent occupied to tenants such as Super Saver Foods, CVS, Dollar Tree, AutoZone, Herbalife, Party America, Petco, Cartridge World, H&R Block and Papa John’s. Hanley Investment Group represented the seller, Perkins Properties. Scott Taubin of The R.H. Johnson Co. represented the buyer, a Kansas City-based private investor.

March 17, 2020

Hospitality Loans New Hampshire Northeast

HREC Arranges $14.1M Construction Loan for Tru by Hilton Hotel in Manchester, New Hampshire

by Alex Patton March 17, 2020

MANCHESTER, N.H. — Hospitality Real Estate Counselors (HREC) has arranged a $14.1 million construction loan for the 126-room Tru by Hilton hotel in Manchester, located approximately 15 miles south of Concord. A regional bank provided the loan. Florida-based developer Lansing Melbourne Group is building the hotel for $23 million, according to local news site manchesterinklink.com. John Siska and Mike Armstrong of HREC arranged the loan, specific terms of which were undisclosed. The hotel is expected to open in third quarter of 2020.

March 17, 2020

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