Property Type

TULARE, CALIF. — Faris Lee Investments has arranged the sale of a three-tenant net-leased investment asset located within Tulare Pavilion Shopping Center in Tulare. Hillman Tulare LLC sold the property to an undisclosed buyer for $6.8 million. Totaling 62,500 square feet, Big Lots, Dollar Tree and Harbor Freight Tools occupy the property. Additional tenants at Tulare Pavilion Shopping Center include Ross Dress for Less and dd’s Discounts. Jeff Conover and Donald MacLellan of Faris Lee Investments represented the seller in the transaction.

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PARIS AND LONDON — Luxury group LVMH Moët Hennessy Louis Vuitton has inked a deal to acquire Belmond Ltd. (NYSE: BEL), the owner or manager of 46 luxury hotel, restaurant, train and river cruise properties across the world, including three hotels in the U.S. LVMH will acquire Belmond for $25 per Class A share in cash, which represents an equity value of $2.6 billion and an enterprise value of $3.2 billion. Belmond currently operates properties in 24 countries, including the Hotel Cipriani in Venice, the Hotel Splendido in Portofino, the Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, Grand Hotel Europe in St. Petersburg, Maroma Resort & Spa in Mexico and Cap Juluca in Anguilla. Its United States portfolio includes El Encanto in Santa Barbara, Calif.; Inn at Perry Cabin in St. Michaels, Md.; and Charlston Place in Charleston, S.C. LVMH, which is owned by France’s richest man, Bernard Arnault, currently owns three properties in the ski resort of Courchevel, the Maldives and St. Barth’s as well as a group of Bvlgari hotels in Shanghai, Milan, Bali, London, Beijing and Dubai. “Belmond delivers unique experiences to discerning travelers and owns a number of exceptional assets in the …

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ATLANTA — CT Realty, Port Logistics Realty and River Oaks Capital Partners have completed Phase I at Palmetto Logistics Park in Atlanta. The joint venture also signed Drive DeVilbiss Healthcare to a 1.1 million-square-foot lease. DeVilbiss, a global manufacturer of respiratory and ambulatory medical products, plans to move in before the end of the year. Phase II is expected to commence in January and wrap up construction by the end of 2019. Phase II will consist of a 1 million-square-foot distribution facility. The 213-acre industrial park is located about 16 miles southwest of Hartsfield-Jackson Atlanta International Airport. The joint venture bought the land in 2017.

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WOODLAWN, MD. — The U.S. General Services Administration (GSA), working on behalf of the U.S. Social Security Administration, has signed a 10-year lease renewal for Social Security’s Baltimore County headquarters. The GSA signed the 717,011-square-foot lease with landlord Security Land and Development Co. LP (SLDC) at the Security West Complex in Woodlawn. The lease became effective Nov. 1, 2018 and will run through Oct. 31, 2028. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate. The terms of the lease state that GSA can exit part of the lease after three years with a 12-month written notice to SLDC and can fully exit the lease with 24-month written notice after five years. The initial annual rent is approximately $11.8 million. Regency Affiliates, which has a 50 percent interest in SLDC, simultaneously announced it refinanced Security West Complex for $30 million. The net proceeds are being used primarily to pay off existing debt at Security West and to fund capital improvements and reserves totaling about $17 million.

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LEESBURG, VA. — St. John Properties Inc. has broken ground on four buildings within Leesburg Tech Park in Leesburg. The tech park spans 17 acres, and the four speculative buildings will consist of 160,000 square feet of research & development/flex space with anticipated completion in the summer. St. John Properties purchased the land in 2016. The property is situated about 35 miles west of downtown Washington, D.C.

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ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.

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LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.

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NEW YORK CITY — NKF has brokered the sale of a 349,274-square-foot mixed-use building in the Bryant Park neighborhood of Manhattan for $282 million. Located at 114 W. 41st St., the 22-story property is currently 91 percent leased to 13 office tenants and several street-level restaurants. Office tenants include Roku, Quartet Health, View the Space (VTS), Kensington Publishing, SpotCo and the New York headquarters of Guess?. The property recently underwent nearly $30 million in capital investment, including a dual-entrance lobby and tenant-only amenity center. James Kuhn, Edward Maher, David Colen and James Tribble of NKF’s New York Capital Markets team represented the seller, Blackstone, in the transaction. The buyer was Clarion Partners.

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NEW YORK CITY — German bank Helaba has provided a $125 million loan to refinance The Paris, a 24-story multifamily tower on the Upper West Side of Manhattan. Located at 752 West End Ave., the property was originally built in the 1930s as the Hotel Paris. The 191,500-square-foot property consists of 168 units. Amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool is scheduled to open in early 2019. Helaba provided the financing to Stellar Management, a New York City-based owner-operator of commercial real estate. Nesenoff & Miltenberg LLP represented Stellar Management, while Dentons US LLP represented Helaba Bank.

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PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.

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