Property Type

CIT Arranges $50M Acquisition Financing for Six-Property Industrial Portfolio in San Diego

by Amy Works October 24, 2018

SAN DIEGO — CIT Group’s Real Estate Finance division has arranged $50 million in financing for the acquisition of a six-property industrial portfolio in San Diego’s Otay Mesa submarket. BKM Capital Partners purchased the assets, which total 14 buildings and 703,215 square feet, from Stockbridge Capital Group for an undisclosed price. Cushman & Wakefield represented the seller in the transaction. The light industrial multi-tenant properties offer access to major transportation routes and the border crossing to Mexico. At the time of sale, the portfolio was 97 percent occupied by a diverse range of 44 tenants. The properties are: Border Point Business Park at 6754, 6744 and 6794 Calle De Linea San Diego International Center at 883 Siempre Viva Road Faraday Industrial Park at 2325, 2345, 2365, 2375 Michael Faraday Drive and 2350 Marconi Place Otay Business Center at 6987 and 6995 Calle De Linea Frontera Business Center at 2695 Customhouse Court Otay Crossing Business Park at 2340 Enrico Fermi Drive and 10025 Siempre Viva Road

October 24, 2018

Acquisitions Multifamily Utah Western

TruAmerica Buys Country Lake Apartment Community in Salt Lake City for $45.7M

by Amy Works October 24, 2018

SALT LAKE CITY — TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Country Lake, a multifamily property located in Salt Lake City’s Silicon Slopes submarket. An undisclosed seller sold the asset for $45.7 million. This acquisition increases TruAmerica’s holdings in the market to 1,595 units. Built in 1973, Country Lake features 253 apartments in a mix of one- and two-bedroom layouts. On-site community amenities include a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground. TruAmerica plans to implement a capital improvement program, including upgrading apartment interiors, renovating all community amenities such as the fitness center, and refreshing exteriors and landscaping. Steve Gebing, Cliff Davis, Danny Smith and Brock Zylstra of Institutional Property Advisors brokered the transaction.

October 24, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $32M Acquisition Financing for 200-Unit Seniors Housing Community in Fresno, California

by Amy Works October 24, 2018

FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.

October 24, 2018

Arizona Development Healthcare Office Western

Ware Malcomb Completes Construction of Medical Office in Metro Phoenix

by Amy Works October 24, 2018

GOODYEAR, ARIZ. — Ware Malcomb has announced the completion of Arizona Desert Ear, Nose & Throat Specialists, a medical office located at 13555 W. McDowell Road in Goodyear, a suburb of Phoenix. Ware Malcomb provided interior architecture and design services for the project. The redesigned 5,200-square-foot property features seven exam rooms, four offices, a sinus procedure room, allergy testing room, audio room, instrument cleaning room, conference room and break room. Design features include sliding barn doors for the conference room, a prominent work surface for the medical assistant station, a spacious waiting room and a check-in/out desk that doubles as a workroom behind a built-in bookshelf. Aksarben served as general contractor for the project.

October 24, 2018

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Eastern Pennsylvania Industrial Market: 2018 May be the Year to Beat

by David Cohen October 24, 2018

During the first half of 2018, the Eastern Pennsylvania industrial market has been anything but quiet. Fueled by occupier demand and the institutional capital community’s perpetual appetite for industrial product, there has been unprecedented activity on the transactional front, which is up significantly year-over-year. From a pure volume perspective, the market is on a trajectory to make this the most active year on record. Unlike prior years where product starved capital markets would see less than a dozen quality trades in Pennsylvania, this year has proven to be more plentiful, with year-over-year sales volumes almost doubled for one-off offerings. Meanwhile, the mega transactions continue with pending portfolio and company sales like DCT to Prologis and GPT to Blackstone. Connected Markets While activity in specific submarkets ebbs and flows, the synergy between them is greater than ever before. In fact, the trend towards considering the Eastern Pennsylvania industrial market as a whole continues to gain traction. Whereas in the past, a tenant or investor may have been interested in evaluating a particular geographic region, today the various submarkets are providing equally viable options for those seeking to expand and new occupiers looking to open facilities. One exception to the rule is …

October 24, 2018

Florida Loans Multifamily Southeast

Eyzenberg & Co. Arranges Capital for Acquisition of Apartment Community Near Miami

by Amy Works October 24, 2018

MIAMI GARDENS, FLA. — Eyzenberg & Co. has arranged financing for the acquisition of Park Plaza, an apartment community in Miami Gardens. A joint venture between Coastline Management and Tower Capital Group purchased the 234-unit property from an undisclosed seller. Robert Ginsberg and Mila Babenko of Eyzenberg & Co. arranged a $7.5 million equity investment from JCR Capital, an alternative investment manager based in Denver, for the value-add opportunity. Additionally, Eyzenberg & Co. helped to structure $25.4 million in Freddie Mac financing that capitalized the acquisition. The buyers plan to add a swimming pool and renovate the individuals units at the property, which was built in 1972. Additional onsite community amenities include a fitness center, laundry facilities, a grill and picnic area and business center.

October 24, 2018

Acquisitions Massachusetts Mixed-Use Northeast Office Top Stories

NKF Negotiates $107M Sale of Mixed-Use Complex in Downtown Boston

by David Cohen October 24, 2018

BOSTON — Newmark Knight Frank (NKF) has negotiated the $107 million sale of a 192,890-square-foot office and retail complex in Downtown Boston. Located at 226 Causeway St., the property features a tenant roster anchored by the corporate headquarters of Oxfam America, the Boston Celtics and two divisions of TripAdvisor, as well as a regional office for Stantec. Street-level retail at the property includes Equal Exchange Café and Title Boxing Club. The complex is located near The Hub on Causeway, a 1.5 million-square-foot residential, retail and office addition to the TD Garden, a multi-purpose arena that serves as home to the Boston Bruins and Boston Celtics. Located along the Charles River in the bustling Haymarket Square submarket, the property sits in the shadow of the three bridges connecting downtown Boston to Cambridge, Charlestown and the North Shore suburbs. EdwardMaher, Matthew Pullen, James Tribble, Samantha Hallowell and Robert Griffin of NKF’s Boston Capital Markets team represented the seller, Invesco, in the transaction. The buyer was Boston-based real estate private equity firm Rockpoint Group. “226 Causeway epitomizes the ‘cool core’ investment profile, offering stable cash flow and tangible upside potential,” says Edward Maher, NKF vice chairman. “The asset is the beneficiary of significant …

October 24, 2018

Acquisitions Industrial Massachusetts Northeast

Stubblebine/CORFAC Brokers $79M Sale of Mixed-Use Portfolio in Cambridge

by David Cohen October 23, 2018

CAMBRIDGE, MASS. — The Stubblebine Company/CORFAC International has brokered the $79 million sale of a 192,459 mixed-use portfolio on 11.9 acres. The property is located in the Cambridge Quad, a life science and residential campus. The portfolio consists of three properties located at 127 Smith Place, 13 Mooney St. and 45-67 Mooney St. David and James Stubblebine of Stubblebine/CORFAC represented the buyer, Cabot, Cabot & Forbes, in the transaction. The seller was undisclosed. The Cambridge Quad is near Alewife Station, the anchor of the MBTA’s Red Line, which connects West Cambridge, Harvard Square, Kendall Square and the Seaport.

October 23, 2018

Industrial Loans New Jersey Northeast

CBRE Arranges $19.5M Refinancing for Industrial Property in South Brunswick, New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — CBRE has arranged a $19.5 million refinancing for a soon to be completed 305,598-square-foot industrial facility in South Brunswick. Located at 2270 Route 130, the property has been leased to regional last-mile delivery company Lasership. James Gunning, Donna Falzarano and Kyle Saviano of CBRE arranged the loan on behalf of borrower, 2270 Route 130 LLC. The lender was undisclosed. The building features 40-foot clear heights, 46 dock doors and 68 trailer parking spaces.

October 23, 2018

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Secures 526,400 SF Industrial Lease for XPO Logistics in New Jersey

by David Cohen October 23, 2018

SOUTH BRUNSWICK, N.J. — Lee & Associates New Jersey has secured a 526,400-square-foot industrial lease for XPO Logistics in South Brunswick. Lee & Associates represented XPO Logistics in securing a long term lease with owner Prologis. The property is located at 115 Interstate Boulevard and previously served as the Tory Burch Distribution Center.

October 23, 2018

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