Property Type

HFF Secures $96.5M in Financing for Multifamily High-Rise in Portland

by Amy Works January 8, 2019

PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.

January 8, 2019

California Development Industrial Western

Black Creek Group Plans 482,000 SF Distribution Facility in Richmond, California

by Amy Works January 8, 2019

RICHMOND, CALIF. — Denver-based Black Creek Group has acquired an approximately 30-acre land site, located at 500 Pittsburg Ave. in Richmond, for an undisclosed price. Commonly referred to as Parkway Logistics Center, the developable land offers access to Interstates 580 and 80 and the San Rafael-Richmond Bridge, and has close proximity to the Port of Oakland and San Francisco Bay Area. Black Creek Group has received approval for the construction of a 482,000-square-foot, Class A distribution facility, divisible up to four tenants, for the site. The cross-docked warehouse will feature 36-foot minimum clear heights, 75 dock-high doors, 12 grade-level doors, an ESFR sprinkler system, trailer parking and 534 parking spaces. Construction is slated to begin the second half of 2019. Todd Severson and Bruce Bauer of Colliers International represented the buyer and undisclosed seller in the deal.

January 8, 2019

Acquisitions California Industrial Western

Realty Advisory Group Arranges $19.5M Sale of 148,740 SF Industrial Facility in City of Industry, California

by Amy Works January 8, 2019

CITY OF INDUSTRY, CALIF. — TheoPacific has sold an industrial facility, located at 14421-14441 Bonelli St. in City of Industry. Rexford Industrial Realty acquired the property for $19.5 million. Rustin Mork and Danny Reaume of Realty Advisory Group represented the buyer and seller in the transaction. At the time of sale, the 148,740-square-foot property was fully leased.

January 8, 2019

Acquisitions California Retail Western

Brixmor Property Sells San Bernardino Target Center to International Properties Holdings

by Amy Works January 8, 2019

SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.

January 8, 2019

Acquisitions Colorado Mixed-Use Office Restaurant Retail Western

Legend Investment Group Directs $6.1M Acquisition of Mixed-Use Building in Lone Tree, Colorado

by Amy Works January 8, 2019

LONE TREE, COLO. — Legend Investment Group, a division of Legend Partners, has arranged the purchase of Bridge Center, a mixed-use retail and office property located at 9233 Park Meadow Drive in Lone Tree. A local real estate investment group acquired the property for $6.1 million, or $215 per square foot. At the time of sale, the 28,325-square-foot property was 98 percent occupied by a variety of tenants, including Panera Bread, Office Evolution and RE/MAX. The property was built in 1999 and renovated in 2003. The name of the seller was not released.

January 8, 2019

Acquisitions Industrial New Jersey Northeast

LBA Logistics Acquires Industrial Facility in New Jersey for $13.5M

by David Cohen January 8, 2019

ROBBINSVILLE, N.J. — LBA Logistics has acquired a single-tenant warehouse and manufacturing facility in Robbinsville for $13.5 million. Located at 8 Applegate Drive, the 30-acre property was built in 2001 and includes six loading docks and a drive-in door. The facility is currently fully occupied by adhesive manufacturing company Nordson. John Plower of JLL Capital Markets represented the seller, HB4 LLC, in the transaction.

January 8, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Orchestrates Sale of Nine-Unit Apartment Building in Worcester, Massachusetts

by David Cohen January 8, 2019

WORCESTER, MASS. — Marcus & Millichap has arranged the sale of a nine-unit apartment building in Worcester. The property sold for $710,000. Located at 148-152 Millbury St., the three-story property was built in 1920. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 11,505-square-foot building also includes ground-floor retail that is currently occupied by Three G’s Sportsbar.

January 8, 2019

Company News Retail Top Stories

Reports: Sears Reaches Temporary Deal to Avoid Liquidation, Will Keep 425 Stores Open

by Taylor Williams January 8, 2019

Editor’s Note: This story has been updated to reflect new developments. HOFFMAN ESTATES, ILL. — Sears Holdings Corp. (NASDAQ: SHLDQ) has reached a temporary deal to avoid liquidation and keep 425 of its stores open, according to media sources. After it was widely speculated that Sears Chairman Eddie Lampert’s $4.4 billion bid to save the company would be rejected, representatives of Sears agreed Tuesday to a revised bid from Lampert’s hedge fund, ESL Investments, that gives the 126-year-old company another small shot at survival. Liquidation remains a possibility for Sears. According to USA Today, ESL Investments has until 4 p.m. Wednesday to come up with a $120 million deposit to keep the deal alive. In addition, the company’s assets will be auctioned off on Monday, Jan. 14. The original bid by Lampert, the man behind the retailer’s merge with Kmart in the 2000s, would have theoretically saved 50,000 of the retail chain’s 68,000 jobs nationwide, per the network. CNBC reported that Hoffman Estates-based Sears considered the bid by Lampert’s hedge fund, ESL Investments, to be insufficient, particularly with regard to covering fees and payments owed to vendors. In October 2018, Sears filed for Chapter 11 bankruptcy after it failed to …

January 8, 2019

California Market Reports Retail Western Western Market Reports

Orange County’s Retail Market Remains Scrappy

by Taylor Williams January 8, 2019

The Orange County retail real estate market remains resilient despite continued pressure from growing ecommerce sales and a new tranche of retailer bankruptcies. Sears is the latest retailer to file for bankruptcy in the Amazon era. Toys“R”Us, Fallas Paredes and Mattress Firm have all declared bankruptcy, while Lowe’s announced it would close all Orchard Supply Hardware stores. In comparison, ecommerce sales continue to experience double-digit increases year-over-year and analysts are quick to conclude the so-called “retail apocalypse” is imminent. Does this mean it’s time to panic if you are in the retail real estate business? Definitely not, but it does mean the edge belongs to those who are proactive and adaptable in their decision making. We are also seeing many retailers and developers step up their game in the wake of ecommerce popularity. Retailers like Walmart and Ralph’s/Kroger are offering free same-day delivery and, in the case of groceries, food delivery in as little as one hour. Retailers like Best Buy are not only price matching but offering better product education and experience via what the company calls a “stickier” relationship. Developers are getting better at placemaking, the multi-faceted approach to planning, design and management of space, giving people more …

January 8, 2019

Acquisitions Office Texas

Hartman REIT Acquires Office Building in San Antonio for $16.5M

by John Nelson January 7, 2019

SAN ANTONIO — Hartman vREIT XXI Inc. has purchased the Spectrum Building, a 10-story office asset located at 613 N.W. Loop 410 in San Antonio’s North Central submarket, for $16.5 million. The sales price, which included a buyer’s auction premium, equates to about $94 per square foot. The 175,314-square-foot office building was 87.7 percent leased at the time of sale. The seller was not disclosed.

January 7, 2019

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