Property Type

JRK Property Holdings Acquires 240-Unit Santa Fe Ridge Apartments Near Seattle

by Amy Works June 26, 2019

SILVERDALE, WASH. — JRK Property Holdings has expanded its multifamily portfolio in metro Seattle with the off-market purchase of Santa Fe Ridge Apartments in Silverdale. Terms of the transaction were not released. With this acquisition, JRK Property Holdings now owns more than 1,400 units in the Seattle MSA. Located at 1410 NW Santa Fe Lane, the property features 240 units in a mix of one, two- and three-bedroom floorplans. Community amenities include an indoor swimming pool and spa, fitness center, community lounge, indoor racquetball and basketball courts, tanning salon, dog park and children’s playground. The buyer plans to complete renovations of the apartments and improve the community’s common areas and amenities.

June 26, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $15M Fannie Mae Loan for Seniors Housing Community in Southern California

by Amy Works June 26, 2019

TUSTIN, CALIF. — CBRE has arranged $15 million in Fannie Mae financing for The Groves of Tustin. The 83-unit assisted living and memory care community is located in Tustin, between Los Angeles and San Diego. The borrower is Capitol Seniors Housing, which leases the community to Integral Senior Living under a third-party management contract. Capitol originally purchased the property in 2014, and has invested elective capital to modernize the building, bringing it up to the competitive standards of the area. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the 10-year, floating-rate loan with 84 months of interest-only payments. The transaction refinances existing debt on the property

June 26, 2019

Acquisitions Civic Utah Western

Mountain Classic Real Estate Buys Historic Brigham Young University Building for Restoration

by Amy Works June 26, 2019

PROVO, UTAH — Mountain Classic Real Estate (MCRE) has purchased Brigham Young University’s Amanda Knight Hall for an undisclosed price. MCRE plans to restore the property to its historical Gothic-style architectural significance. Located at 800 N. University Ave. in Provo, Amanda Knight Hall was constructed in 1939 as a women’s dormitory. The building was used as the first Provo Missionary Training Center, as well as the Church Language Training Mission Center from 1964 to 1976. Since then, the property has served a variety of short-term academic and auxiliary purposes for BYU. Kreg Peterson and David Bauman of CBRE represented the seller, Brigham Young University, in the deal.

June 26, 2019

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Attention Industrial Investors: Here’s Why You Should Consider Pittsburgh

by Taylor Williams June 26, 2019

Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in Pittsburgh. The city is home to several prominent educational institutions, healthcare providers and technology companies that are fueling job growth, thus dropping the unemployment rate to its lowest in two decades. Opportunities in these high-wage industries are bolstering the metro’s median household income and improving retail sales. Consumer spending is projected to jump 4.4 percent in 2019, about 100 basis points more than last year. As shopping activity expands, the need for distribution centers is becoming more acute. Together with an established manufacturing sector, both sources of demand are supporting the absorption of industrial space. More tenants moving in are enabling properties to perform at a greater level. The metro’s vacancy rate has declined 400 basis points since 2009 and is now under 6 percent. Availability is lowest …

June 26, 2019

Acquisitions California Office Top Stories Western

Paramount Agrees to Acquire Trophy Office Building in San Francisco for $408M

by Kristin Harlow June 26, 2019

SAN FRANCISCO — Paramount Group Inc. (NYSE: PGRE) has agreed to acquire 55 Second Street, a 387,000-square-foot office building in San Francisco’s South Financial District, for $408 million. The transaction is expected to close in third-quarter 2019. The company expects to bring in a joint venture partner prior to closing. Developed in 2002, the building sits in the Mission-Market Street corridor and is within one block of the new Transbay Transit Center. The property is currently 87.4 percent leased. KPMG, one of the Big Four accounting firms, serves as the anchor tenant. The 25-story office building is LEED Platinum certified. A two-story parking garage can accommodate approximately 120 vehicles. Nuveen Real Estate was the seller, according to the San Francisco Business Times. Hines still serves as property manager after selling the asset in May 2014. Paramount has been greatly increasing its holdings in San Francisco, closing on the $227 million acquisition of 111 Sutter Street in February. A quote from the company’s CEO, Albert Behler, suggested that recent dispositions in Washington, D.C. are funding the company’s San Francisco expansion. For example, the company sold 2099 Pennsylvania Avenue for $220 million last August and 425 Eye Street for $157 million last …

June 26, 2019

Features Retail

Q&A: Best Practices for Filling Vacant Big Box Retail Space

by Katie Sloan June 26, 2019

Shopping Center Business, sister publication to REBusinessOnline, recently sat down with Cynthia Nelson, senior managing director in the real estate solutions practice at FTI Consulting, to discuss the current retail landscape and tips and tricks for tackling big box vacancies. Tell me a bit about your outlook on the retail landscape at current. We’re going through a huge transformation in terms of how consumers buy retail goods and services and it is taking a toll on our shopping centers. Many big box spaces formerly occupied by retailers like Toys ‘R’ Us are going dark. I think we are in the midst of a longer period of transition, but nothing like the ‘retail apocalypse’ some are forecasting. The landscape is changing — I like to call it a ‘retail reincarnation.’ What would be your advice for an owner or a landlord looking to re-lease or redevelop vacant big box space? Owners and landlords have to be thinking about creative ways to maximize the value of available or vacant space at their shopping centers. The easiest and most straightforward route for filling a vacancy is re-leasing to a tenant that will use the same amount of space. This may not garner much …

June 26, 2019

Development Florida Multifamily Southeast

Linkvest Capital, Futura to Develop 260 Apartment Units Within Orlando’s Lake Nona District

by Alex Tostado June 25, 2019

ORLANDO, FLA. — A joint venture between Linkvest Capital and Futura will build Futura at Nona Cove, a 260-unit apartment complex within Orlando’s Lake Nona master-planned development. The multifamily community will be built in phases, with the first phase expected to begin in the first quarter of 2020 and deliver in the third quarter of 2021. The building will stand five stories high and will offer studio, one-, two- and three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a clubroom, resident lounge, swimming pool, fitness center, jogging trails, dog park, dog spa and a gazebo. The property will also feature 32,000 square feet of retail space and a four-story, 122,000-square-foot self-storage facility. Charlan Brock Associates designed Futura at Nona Cove. Plans for future phases were not disclosed. Tavistock is developing Lake Nona, a master-planned, 11-square-mile mixed-use project that comprises 7.1 million square feet of residential and commercial space.

June 25, 2019

Development Multifamily Southeast Student Housing Virginia

Franklin Johnston, Virginia Wesleyan University Begin Construction on 244-Unit Student Housing Community

by Alex Tostado June 25, 2019

VIRGINIA BEACH, VA. — The Franklin Johnston Group and Virginia Wesleyan University (VWU) have broken ground on Coastal 61 at Oxford Village, a planned 244-unit apartment complex situated adjacent to the university. The new community will be located on a vacant site in Virginia Beach within an Opportunity Zone owned by the university. The property will offer one-, two- and three-bedroom floor plans ranging from 833 to 1,395 square feet. The asset is expected to be complete in 2020. Communal amenities will include a rooftop sky park, two-story clubhouse and a swimming pool. The housing community will be open to the public and is envisioned as a place for VWU students, faculty and staff.

June 25, 2019

Acquisitions District of Columbia Hospitality Southeast

Pebblebrook Hotel Trust to Sell Hotel in Downtown D.C. for $42M

by Alex Tostado June 25, 2019

WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into an agreement to sell Kimpton Rouge Hotel, a 137-room hotel in downtown Washington, D.C., for $42 million. The hotel offers a 24-hour fitness center, in-room spa services, a yoga mat in every room, bicycles for rent and an on-site bar. The seller expects the sale to close in the third quarter of this year. The buyer was not disclosed.

June 25, 2019

Development Florida Restaurant Retail Southeast

Ex-Football Coach Steve Spurrier to Open Restaurant Within Celebration Pointe in Gainesville

by Alex Tostado June 25, 2019

GAINESVILLE, FLA. — Former University of Florida football coach Steve Spurrier is seeking a partner for a new restaurant in Celebration Pointe in Gainesville. The new restaurant will be called “Spurrier’s” and is expected to open in 2020. The selected partner will have a $1 million build-out budget and the ability to influence the final menu and décor, as well a salary and/or equity in the restaurant. The partner will be named later this year. Celebration Pointe is a 160-acre mixed-use development that upon completion will span more than 1 million square feet and will include office and retail space, residential units and a mix of experiential and entertainment venues, such as seafood restaurant The Keys, a Nike Factory Store and a 10-screen Regal Cinemas theater.

June 25, 2019

Newer Posts

Older Posts