Property Type

NKF Negotiates $8.4M Sale of Kentom Apartments in Denver’s Capitol Hill Neighborhood

by Amy Works March 16, 2020

DENVER — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Kentom Apartments, a four-story, Victorian-era building located in Denver’s Capitol Hill neighborhood. Denver-based Classic Properties sold the property to New York-based Urban American Management for $8.4 million, or $264,063 per unit. Built in 1908, the 32-unit property offers units with exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The units average 855 square feet, and the property features on-site resident storage. Justin Hunt, Andy Hellman, Ryan Cohn and Katie Hufnagel of NKF Multifamily represented the seller in the deal. The acquisition is Urban American Management’s second acquisition in metro Denver.

March 16, 2020

Acquisitions California Office Retail Western

Cushman & Wakefield Arranges Sale of 87,140 SF Office, Retail Asset in Sacramento

by Amy Works March 16, 2020

SACRAMENTO — Cushman & Wakefield has arranged the sale of 630 K Street, an office and retail building located in downtown Sacramento. New York Life Real Estate Investors, on behalf of an institutional client, purchased the five-story property from Swift Real Estate Partners. The acquisition price was not released. The new owner plans to make capital improvements to the five-story, 87,140-square-foot property to bring the asset to Class A condition. Adam Lasoff, Seth Siegel, Steve Hermann, Ryan Venezia and Eric Fox of Cushman & Wakefield’s Northern California Capital Markets group, along with Ron Thomas and Kevin Partington of Cushman & Wakefield’s Sacramento office, brokered the transaction. Additionally, the buyer retained Cushman & Wakefield to perform project leasing services for the building.

March 16, 2020

Features Loans Multifamily

Managing Volatility, Disruption Is Crucial to Multifamily Debt Market, Says Freddie Mac’s Martinez

by Taylor Williams March 16, 2020

As markets, consumers and businesses react to the novel coronavirus, lenders and mortgage bankers across the country find themselves reflecting on the volatility that characterized the multifamily debt market in 2019 and wondering just how similar 2020 could be. To be sure, market uncertainty is par for the course during presidential election years, and the market event related to coronavirus is creating additional anxiety. The multifamily debt markets are also working to move away from the LIBOR index as a benchmark for pricing loans to a new index, creating the need for adjustment within the industry when that move takes effect in 2021. But beyond those factors, lenders and mortgage bankers anticipate continued strength in multifamily loan production fueled by strong fundamentals and low interest rates. These topics formed the basis of discussion for much of the Mortgage Bankers Association and CREFC’s Multifamily Housing Convention & Expo, held February 9-12 in San Diego. The event afforded ample opportunities for publications that cover the industry to meet individually with multifamily finance professionals and gauge their outlooks on the health and prospective performance of the market in 2020. Rebusinessonline.com took advantage of those opportunities to sit down and talk with Rich Martinez, …

March 16, 2020

Loans New York Northeast Office Top Stories

JLL Arranges $545M Refinancing for Historic 711 Fifth Avenue Office Building in Manhattan

by Taylor Williams March 16, 2020

NEW YORK CITY — JLL has arranged a $545 million loan for the refinancing of 711 Fifth Avenue, a 340,024-square-foot office building in Manhattan. Originally built in 1927, the 18-story building consists of 284,061 square feet of office space and 55,963 square feet of retail space. In its 93-year history, 711 Fifth Avenue has served as the both the corporate and regional headquarters of companies such as NBC, Columbia Pictures and Coca-Cola. The building is located near Central Park and the world-renowned 57th Street luxury residential corridor, also known as Billionaires’ Row. Goldman Sachs served as the senior lender on the deal. The borrower was a partnership between locally based development firm SVHO, Deutsche Finance America and BLG Capital. The partnership acquired the building in September 2019. A portion of the proceeds will be used to fund capital improvements, including upgrades to the lobby, mechanical systems, terraces and other outdoor common areas. The SHVO-led development team has acquired seven properties during the past 18 months, including 685 Fifth Avenue, 711 Fifth Avenue and 530 Broadway in New York City. Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor led the JLL team that placed the debt. Wachtel Missry LLP served as the borrower’s legal …

March 16, 2020

Industrial Market Reports Maryland Southeast Southeast Market Reports

After Historic Industrial Leasing Year in Baltimore Region, What Comes Next?

by Alex Tostado March 16, 2020

Industrial leasing activity in the greater Baltimore metropolitan region last year began with a whimper thanks to the federal government shutdown in January and February, but quickly gathered steam and never looked back, even in the final days to close out the year. In fact, the pace was record-breaking and historic by any measurement, with more than 9.5 million square feet of space absorbed. This figure was approximately 40 percent higher than 2018, which was also a tremendous year. There is more good news locally for companies that make their living developing warehouse and industrial space, brokers who match end-users for the available spaces and related professionals. Central to this activity is that fact that lots of people live in the Combined Statistic Area of Baltimore-Washington, D.C. region, which is the fourth largest MSA in the country and is still growing. A certain Seattle-based online retail company is establishing its second headquarters just down the road in Northern Virginia and its positive impact is being felt throughout the region. The central Maryland marketplace boasts an enviable transportation network led by major north-south axis Interstate 95, is within close proximity to several major seaports (Baltimore, Wilmington and Philadelphia) and one-third of …

March 16, 2020

Georgia Hospitality Southeast

Hunter Hotel Conference to be Rescheduled Due to Coronavirus

by Alex Tostado March 13, 2020

ATLANTA — The 32nd annual Hunter Hotel Investment Conference, slated to take place at the Atlanta Marriott Marquis from March 18 to 20, has been postponed as part of a concerted effort worldwide to contain the spread of COVID-19, the illness caused by the coronavirus. The conference presenter, Atlanta-based Hunter Hotel Advisors, says it will identify alternative dates for the event. An education and networking event for hotel investors, the conference attracted more than 1,850 attendees from across the Southeast and beyond in 2019. A note posted to the conference website Thursday afternoon read in part: “After the unprecedented events of the past 24 hours, and with an overabundance of caution for everyone involved, we have made the difficult decision to postpone/reschedule the Hunter Conference. We know at times like this it is important to meet and discuss current issues, but given the circumstances it doesn’t seem appropriate.” The number of coronavirus cases topped 125,000 worldwide as of Friday morning. Leaders across the United States are banning large gatherings to thwart the spread of the illness. In response to the growing coronavirus pandemic, President Donald Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance …

March 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Stevens Construction Completes Five-Story Renovation of Seniors Housing Community in Venice, Florida

by Alex Tostado March 13, 2020

VENICE, FLA. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, upgraded the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided the design.

March 13, 2020

Development Georgia Industrial Southeast

Sugar Bowl Bakery to Open $37M Manufacturing Facility in Metro Atlanta

by Alex Tostado March 13, 2020

TUCKER, GA. — Sugar Bowl Bakery will open a manufacturing facility in Tucker. The family-owned bakery expects to create 400 jobs and invest $37 million over the next five years. The property is situated at 3301 Montreal Industrial Way, 15 miles northeast of downtown Atlanta. The new positions available will include bakery management, production, quality assurance, maintenance, warehousing and sanitation. Further details about the facility were not disclosed. The Ly family founded Sugar Bowl Bakery in 1984 in San Francisco. The Tucker facility is the company’s first location on the East Coast.

March 13, 2020

Acquisitions Florida Retail Southeast

Colliers Brokers Sale of 63,346 SF Shopping Center in Jacksonville

by Alex Tostado March 13, 2020

JACKSONVILLE, FLA. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the transaction.

March 13, 2020

Development Industrial Leasing Activity Southeast Virginia

Merritt Properties Signs Tenant to 137,350 SF Lease Within Industrial Park in Northern Virginia

by Alex Tostado March 13, 2020

MANASSAS, VA. — Merritt Properties has signed an undisclosed e-retailer to a full-building, 137,350-square-foot lease within I-66 Business Park, a six-building property in Manassas. Merritt expects to deliver the property in April and the tenant expects to move in this summer. Tony Russo and Diane Drobia of CBRE represented the developer and the full-building user in the lease transaction. When complete, the six buildings on the property will range in size from 30,600 to 137,350 square feet. Michael Larkin of Merritt says the company will begin construction on the sixth and final building in April and expect to deliver it in the third quarter of this year. The building will span 97,200 square feet. At full build-out, I-66 Business Park will comprise 596,900 square feet. To date, the property is 83 percent leased to 11 tenants. The buildings offer 18- to 32-foot clear heights. Each property is rear loaded and provides dock and drive-in capabilities. Situated along Interstate 66, I-66 Business Park is located 28 miles west of Washington, D.C.

March 13, 2020

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