Property Type

KBS Starts $20M Renovation of Union Bank Plaza in Los Angeles

by Jeff Shaw July 10, 2019

LOS ANGELES — KBS Real Estate Investment Trust II has launched a $20 million renovation of Union Bank Plaza (UBP) in downtown Los Angeles. Improvements will include an updated retail center, conference center, outdoor seating area and lobby. The property is located at 445 S. Figueroa St. In addition to the building renovation, KBS has embarked on a spec suite program, building out tenant suites without a committed tenant. Of the first eight suites currently under construction, two have been pre-leased. UBP includes a 701,888-square-foot office tower, two-level retail center, two-acre landscaped outdoor plaza and a four-level parking structure. Swinerton Builders will handle construction. The first round of demolition work will begin immediately with completion set for early 2020.

July 10, 2019

Acquisitions Colorado Retail Washington Western

Loja Real Estate Acquires Pair of Western Shopping Centers for $34.4M

by Jeff Shaw July 10, 2019

LITTLETON, COLO., AND WOODINVILLE, WASH. — Loja Real Estate has acquired two shopping centers in Colorado and Washington for a combined $34.4 million. Loja purchased Village West in the Denver suburb of Littleton for $19.4 million. TJ Maxx anchors the property. Palmer Capital represented the unnamed seller in the transaction. Loja bought Woodgate Center in the Seattle-area city of Woodinville for $15 million. Capital Pacific represented the unnamed seller in the transaction.

July 10, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $3M Sale of Vacant Auto Dealership in Inland Empire

by Jeff Shaw July 10, 2019

VICTORVILLE, CALIF. — Marcus & Millichap has arranged the $3 million sale of a vacant, 21,108-square foot auto dealership in Victorville. Drew Wetherholt and Emily Brun of Marcus & Millichap’s Ontario office marketed the property on behalf of the seller and secured and represented the buyer, both limited liability companies. The dealership is located at 14673 Civic Drive.

July 10, 2019

Acquisitions Kansas Midwest Office Top Stories

Occidental Management Closes on Acquisition of 190-Acre Sprint Headquarters in Overland Park, Kansas

by Kristin Harlow July 10, 2019

OVERLAND PARK, KAN. — Occidental Management Inc. has closed on its previously announced acquisition of the 20-building, 190-acre Sprint headquarters campus in Overland Park. The purchase price was not disclosed, but the campus is valued at more than $342 million, according to the Johnson County Appraiser. The deal includes a sale-leaseback agreement with Sprint Corp., which will occupy the buildings primarily in the southern portion of the property. The first buildings opened in 1997 when Sprint consolidated operations in the Kansas City metro area. The campus was designed to accommodate 14,500 employees and reached maximum capacity in 2004 when Sprint merged with Nextel. Since then, Sprint has been downsizing. Of the roughly 4 million-square-foot campus, approximately 1.7 million square feet is leased to other tenants and 250,000 square feet is vacant, according to Gary Oborny, CEO and chairman of Occidental. Wichita-based Occidental has yet to release specific plans for the property’s future, but expects to do so by year’s end. The company does intend to re-invigorate the campus and focus on adding amenities that will help employers retain and recruit talent. “The Sprint campus has been one of our ideal acquisition targets in the Kansas City market, and we’re excited …

July 10, 2019

Florida Loans Retail Southeast

HFF Arranges $550M Construction Loan for Bal Harbour Shops in Miami Beach

by Alex Tostado July 9, 2019

MIAMI BEACH, FLA. — HFF has arranged $550 million in financing to expand Bal Harbour Shops, an upscale shopping mall in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. The borrower, Miami-based Whitman Family Development, will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. The expansion will include a 57,414-square-foot space to be occupied by Barneys New York, a three-story promenade that will be added to connect Barneys to the existing palm tree-lined promenade, a new grand entrance at the northeast quadrant of the property and the expansion of the Neiman Marcus space by 20,000 square feet. MetLife Investment Management provided the loan. The $150 million portion features a fixed interest rate for eight years while the $400 million portion is underwritten with a floating interest rate. Other tenants at Bal Harbour Shops include Chanel, Gucci, Van Cleef & Arpels, Tiffany & Co., Salvatore Ferragamo and Valentino. Manny de Zárraga, Chris Drew, Jim Dockerty and Matthew McCormack of HFF arranged the loan on behalf of Whitman Family. Arun Singh and Jay …

July 9, 2019

Acquisitions New York Northeast Office

Marketing Firm Signs 960,000 SF Office Lease Renewal, Expansion in Manhattan

by Alex Patton July 9, 2019

NEW YORK CITY — Publicis Group, a French marketing, advertising and public relations firm, has signed a lease renewal and expansion at 375 Hudson Street in Manhattan. The firm is renewing its original 680,000-square-foot lease, which is set to expire in 2023, and taking on an additional 280,000 square feet. The new lease term is 20 years, and the firm will take occupancy of the expanded space in August. Tishman Speyer owns 375 Hudson, which was built in 1987 and spans a full city block from King to West Houston streets. Howard Fiddle, Paul Amrich, and Ben Joseph of CBRE represented ownership in the lease negotiations. John Maher, Paul Myers, Mike Wellen, Greg Maurer-Hollaender and Cara Chayet, also with CBRE, represented Publicis.

July 9, 2019

Acquisitions Multifamily New York Northeast

Camber, Belveron Acquire Multifamily Property in The Bronx for $77M

by Alex Patton July 9, 2019

NEW YORK CITY — A partnership between two local investment firms, Camber Property Group and California-based Belveron Partners, has acquired Highbridge House, a 400-unit multifamily property in The Bronx, for $77 million. The property is located at 113 Ogden Ave. and originally opened in 1972. The new ownership plans to convert the property into an affordable housing complex and invest $3 million in capital improvements to the building’s elevator and utility systems. Aaron Jungreis of Rosewood Realty Group represented the seller, Stellar Management, and the buyers in the transaction. New York Community Bank provided a $57 million acquisition loan for the deal.

July 9, 2019

Acquisitions Multifamily New York Northeast

Hodges Ward Elliott Arranges $36M Sale of Multifamily Complex in The Bronx

by Alex Patton July 9, 2019

NEW YORK CITY — Hodges Ward Elliott (HWE) has arranged the $36 million sale of River Court and Gerard Court, a 252-unit multifamily property in The Bronx for $36 million. The complex, which is located at 1065-1075 Gerard Ave. near Yankee Stadium, offers studio, one- and two-bedroom units with elevator access. Daniel Parker, Paul Gillen and Ariel Tambor of HWE represented the seller, Related Cos., in the transaction. The buyer was Prana Investments, an investment firm with offices on both coasts.

July 9, 2019

Acquisitions Northeast Office Pennsylvania

Marcus & Millichap Negotiates $3.9M Sale of Office Property in Camp Hill, Pennsylvania

by Alex Patton July 9, 2019

CAMP HILL, PA. — Marcus & Millichap has negotiated the sale of a 26,541-square-foot office property in Camp Hill, Pennsylvania. The property is located at 355 N. 21st St and Cumberland Blvd. The sales price was $3.9 million. The building offers 16 office suites leased to tenants in an array of industries, including medicine, finance and law. Craig Dunkle of Marcus & Millichap’s Philadelphia office represented the seller, 355 N. 21st Camp Hill Associates, as well as the buyer, Thank You Hashem, in the transaction.

July 9, 2019

Acquisitions District of Columbia Office Southeast

Akridge, Alcion Partners Sell Office Building in Downtown D.C. for $119M

by Alex Tostado July 9, 2019

WASHINGTON, D.C. — Akridge and Alcion Partners have sold 1701 Rhode Island Ave., a seven-story, 103,908-square-foot office building in downtown Washington, D.C., for $119 million. The partnership acquired the then-YMCA in March 2016 before repositioning the asset into an office building fully leased to WeWork. WeWork has occupied the space since February. Design firm Hickok Cole Architects and general contractor Whiting-Turner Contracting Co. led the redevelopment of 1701 Rhode Island to include a two-story lobby, pocket park, rooftop decks on the penthouse and seventh floor and a landscaped rooftop terrace. An affiliate of EXAN Capital acquired 1701 Rhode Island. Collins Ege, Sean McDermott, Nicholas Pappas and Nick Carpenter of Eastdil Secured represented the sellers in the transaction. EXAN Capital will remain as the asset manager.

July 9, 2019

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