Property Type

Scripps-Ranch-Business-Park-San-Diego-CA

JLL Brokers $23.2M Sale of Five-Building Scripps Ranch Business Park in San Diego

by Amy Works November 18, 2019

SAN DIEGO — JLL has arranged the sale of Scripps Ranch Business Park, a fully leased R&D/industrial park in San Diego’s Scripps Ranch submarket. A partnership between San Diego-based Hill Properties and RGA ReCap Inc. (ReCap Real Estate Investments), on behalf of Reinsurance Group of America, sold the asset to Dollinger Properties for $23.2 million. Totaling 94,309 square feet, Scripps Ranch Business Park comprises five freestanding buildings that are fully leased to five tenants, including Siemens, USPS and Apria Healthcare. The business park is situated on 7.5 acres at 10060, 10070, 10080, 10090 and 10100 Willow Creek Road. Sach Kirpalani, Lynn LaChapelle and Bob Prendergast of JLL Capital Markets represented the seller in the transaction.

November 18, 2019

Development Industrial Nevada Western

Plumbing Manufacturer Opens 148,000 SF Distribution Center in North Las Vegas

by Amy Works November 18, 2019

NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its customers in the West.

November 18, 2019

Acquisitions Multifamily Washington Western

Hamilton Urban Partners Sells Roxborough Apartments in Seattle for $17.4M

by Amy Works November 18, 2019

SEATTLE — Hamilton Urban Partners has completed the sale of Roxborough Apartments, a multifamily property located in Seattle’s Capitol Hill neighborhood. An undisclosed buyer acquired the asset for $17.4 million, or just under $681 per net rentable square foot. Located at 1720 E. Denny Way, Roxborough Apartments comprises 27 units built in 1920 and 26 modern units built in 2019. The building provides residents the amenities and luxuries of a new-construction building with the charm and character of Seattle’s historic buildings. Dylan Simon and Jerrid Anderson of Kidder Mathews represented the seller in the deal.

November 18, 2019

Hawaii Loans Multifamily Seniors Housing Western

Sims Mortgage Funding Arranges $14.1M Financing for Liliha Healthcare Center in Honolulu

by Amy Works November 18, 2019

HONOLULU — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged $14.1 million in financing for Liliha Healthcare Center, a 92-bed skilled nursing facility in Honolulu. Liliha, and its sister facility, Nuuanu Hale, were collateralized with a single, high-interest-rate bridge loan that featured a short maturity and expensive extension provisions. SMF arranged a HUD-insured loan with a fixed interest rate and long term to refinance the existing debt. To complete the refinancing capital stack, the holding company of the Liliha and Nuuanu borrowers obtained additional financing through Sims. SMF underwrote a refinancing loan insured under the Section 232/223(f) program that represents 80 percent of the community’s estimated market value. The loan featured a 35-year term and was underwritten with a 2.05 debt service coverage ratio.

November 18, 2019

Loans Multifamily New Jersey Northeast Top Stories

Roseland Residential Receives $300M Construction Loan for 57-Story Apartment Building in Jersey City

by Taylor Williams November 18, 2019

JERSEY CITY, N.J. — Roseland Residential Trust, a subsidiary of locally based REIT Mack-Cali Realty Corp. (NYSE: CLI), has received a $300 million loan for the construction of The Charlotte, a 57-story apartment tower on the fringe of New York City. The Charlotte will be located at 25 Christopher Columbus Drive in Jersey City and feature 750 Class A apartments, 37 of which will be earmarked for affordable housing. In addition, Roseland Residential will construct a 36,000-square-foot elementary school on the site that will be deeded over to Jersey City upon completion. The Charlotte will also feature approximately 16,500 square feet of retail space and a public plaza. Michael Sherman and Irene Lu of CBRE’s Midtown Manhattan office arranged the financing through an undisclosed lender on behalf of Roseland Residential Trust. The nonrecourse loan was structured with a five-year term and a one-year extension option. “The trophy quality of the asset, strength of sponsorship and prime location led to a highly competitive bid process for this loan at very attractive pricing,” says Sherman. “The project is a testament to the continuing growth of Jersey City, as evidenced by the strong partnership between the developer and the municipality.” Construction of the …

November 18, 2019

Industrial Kentucky Market Reports Southeast Southeast Market Reports

After Year of Record Industrial Leasing, Investors Zeroing in on Louisville

by Alex Tostado November 18, 2019

In 2018, Louisville saw a record year with more than 10 million square feet of net absorption in its industrial sector. This is a huge absorption number for any of the Midwest markets and represents more than three times Louisville’s previous record. Louisville was second only behind Chicago out of the Midwest markets tracked by CBRE. The absorption follows a record year for speculative construction as well, as close to 4 million square feet was delivered in 2018. User demand came from all sectors, including automotive, e-commerce, third-party logistics firms (3PLs), manufacturing and medical. Automotive and manufacturing were particularly strong performers. The more notable automotive and manufacturing transactions in 2018 were three Ford Motor Co. leases totaling more than 1 million square feet, as well as New Flyer’s 315,000-square-foot, $30 million transit bus and motorcoach parts fabrication facility in Bullitt County. Additionally, Denso leased 311,000 square feet in Southern Indiana and KCC opened another 224,000-square-foot plant to expand production capacity of its HVAC equipment line. Distribution remains strong in Louisville due to its central location and available workforce. According to a recent report from CBRE’s Labor Analytics Group, Louisville has the highest distribution labor score among the Midwest markets. As …

November 18, 2019

California Market Reports Multifamily Western Western Market Reports

Orange County Braces for Rent Control, Continued Affordability Issues

by Taylor Williams November 16, 2019

Orange County’s multifamily market fundamentals remain some of the strongest in the country as local real estate investors brace for new state-wide rent control policies beginning Jan. 1, 2020. There will undoubtedly be an education process for landlords regarding this new law and how it may impact the valuation of multifamily in the future, but the long-term stability of the overall apartment market looks bright. Orange County boasts historically low unemployment and low apartment vacancy, but the region continues to have a shortfall in the development of workforce housing. Orange County is expected to deliver about 2,900 new Class A units to the market in 2019, about 500 units more than last year. With an extended economic expansion throughout Southern California, Orange County has benefitted greatly with large segments of its population fully employed and seeking places to live. The county has one of the nation’s highest median home prices at more than $833,000, making homeownership unattainable for many of its residents. This workforce housing shortfall will continue to put further pressure on the demand in Orange County as its apartment average vacancy rate is anticipated to drop 40 basis points to a very low 3.4 percent in 2019. This …

November 16, 2019

Industrial Market Reports Nevada Western Western Market Reports

Tenants, Developers Remain Bullish on Northern Nevada Industrial Market

by Taylor Williams November 15, 2019

Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a 200,200-square-foot built-to-suit facility for OnTrac; and 1A Auto recently leased 149,196 square feet at 9175 Moya Blvd. All of these transactions occurred in the North Valleys submarket. The new 270,975-square-foot Longley Commerce Center by Panattoni leased up a majority of its space in the third quarter. This project is a mix of flex and bulk spaces, and is the last viable industrial development in the South Meadows submarket. Polaris completed its 514,555-square-foot BTS in Fernley in the second quarter, while a confidential user just leased 266,000 square feet in the I-80 East submarket. There have also been some significant portfolio sales to institutional buyers. The 1.4-million-square-foot Lear Industrial Center is slated to trade hands in the fourth quarter. Northwestern Mutual sold its 1,776,805-square-foot portfolio to Link Industrial …

November 15, 2019

Development Mixed-Use North Carolina Property Type Southeast Top Stories

Dewitt Carolinas Unveils Plans for $1B Midtown Exchange Project in Raleigh

by Alex Patton November 15, 2019

RALEIGH, N.C. — Dewitt Carolinas Inc. has unveiled the master plans for development of Midtown Exchange, a $1B mixed-use project in Raleigh that will feature residential, office, hotel, entertainment and retail components. The development will be built on a 40-acre lot just outside Interstate 440, north of downtown Raleigh, and will comprise 790,000 square feet of Class A office space, 125,000 square feet of retail and restaurant space, 300 hotel rooms, 300 senior living units and 1,275 residential units. The residential component will include apartments, condominiums and townhomes, but how the units will be divided was not disclosed. The site will also include a large convention center with rooftop dining space and more than seven acres of green space with water features. Local newspaper North State Journal reports that the office space will comprise two office towers connected by a sky bridge between the two top floors. Those two floors and the sky bridge will make up one large office space, intended to attract a major corporate headquarters tenant. “We envision Midtown Exchange to be a destination unlike any other in Raleigh,” says Todd Saieed, CEO and co-founder of Dewitt Carolinas Inc. “This will be a place where family entertainment …

November 15, 2019

Acquisitions North Carolina Office Southeast

Highwoods Closes on $436M Purchase of New Bank of America Tower at Legacy Union in Downtown Charlotte

by Alex Tostado November 15, 2019

CHARLOTTE, N.C. — Highwoods Properties Inc. has closed on its $436 million acquisition of the Bank of America Tower at Legacy Union in downtown Charlotte. The 841,000-square-foot building was 90 percent leased at the time of sale. The LEED Gold-certified office tower was delivered earlier this year and features a parking deck. The seller, Lincoln Harris, is developing Legacy Union, a 10-acre development adjacent to Bank of America Stadium, home of the National Football League’s Carolina Panthers. The Bank of America Tower is the first building to deliver at Legacy Union, with Honeywell’s corporate headquarters slated for completion in 2021. Bank of America began moving employees to the office building in August. Truist, the name of the new company formed from the BB&T-SunTrust merger, began moving into Bank of America’s former space at Hearst Tower in Charlotte.

November 15, 2019

Newer Posts

Older Posts