Property Type

Kimco Signs 66,450 SF Lease with Giant Food at Mill Station Project in Baltimore County

by Camren Skelton September 28, 2018

OWINGS MILLS, MD. — Kimco Realty Corp. has inked a 66,450-square-foot lease with Giant Food at Mill Station, a $108 million project located at the site of the former Owings Mills Mall in Owings Mills, about 18 miles northwest of Baltimore. The grocer will join previously announced tenants including Lowe’s Home Improvement, Marshalls, HomeSense, Burlington, Five Below, AMC Theatres and Costco, which is scheduled to open next month. With the addition of Giant Food, the 621,000-square-foot center is roughly 90 percent leased. Upon completion, Mill Station will house up to 30 tenants and feature green space, a courtyard and walkways connecting to existing office and retail space.

September 28, 2018

Florida Healthcare Loans Office Retail Southeast

Mission Capital Arranges $16.8M Refinancing of Mixed-Property Portfolio in Central Florida

by Camren Skelton September 28, 2018

NEW YORK — New York-based Mission Capital Advisors has arranged a $16.8 million loan for the refinancing of 10 office, medical and retail properties located across Central Florida. Matt Polci, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Deutsche Bank on behalf of the borrower, DMCC Holdings. The assets are located in the greater Orlando, Tampa and Altamonte Springs markets. The portfolio was 97.7 percent leased at the time of sale. DMCC acquired the properties over the past four years, and has made significant property improvements.

September 28, 2018

Acquisitions Illinois Midwest Office Top Stories

Beacon Capital Partners Buys Trophy Office Building in Chicago’s East Loop for $182M

by Jeff Shaw September 28, 2018

CHICAGO — An affiliate of Beacon Capital Partners has acquired 303 East Wacker, a 944,000-square-foot riverfront office tower in Chicago’s East Loop, for $182 million. Completed in 1980 by Metropolitan Structures, the 30-story tower has two penthouse levels and floor-to-ceiling windows offering unobstructed, 360-degree views of the Chicago River, Lake Michigan and the city skyline. A lower-level retail concourse at the property connects it directly to the Swissotel and Hyatt Regency Chicago hotels. The building also features a 294-space parking lot. The JLL Capital Markets team of Bruce Miller and Nooshin Felsenthal brokered the sale on behalf of the seller, Franklin Street Properties, while Keith Largay and Heather Brown arranged acquisition financing for the buyer. Previous owners of the trophy office building include a joint venture between Hines and J.P. Morgan Fleming Asset Management. The companies held the property from 1997 to 2007, implementing a renovation program before selling to Franklin Street Properties. Hines was still managing the leasing of the property at the time of sale to Beacon. Fujikawa Johnson & Associates was the original architect of the property. Notable tenants include AECOM, Hewlett-Packard, Kelly Scott Madison, Maximus Inc., Northwestern University, Senior Lifestyle Management LLC and XPO Logistics. Beacon …

September 28, 2018

Market Reports Office Texas Texas Market Reports

Austin’s Office Market Goes Boomtown, San Antonio’s Continues Impressive Growth

by Taylor Williams September 28, 2018

Compared to Houston and Dallas, the office markets of Austin and San Antonio have a hard time competing on sheer size alone. However, these two central Texas cities are undergoing rapid changes that are leaving longtime residents amazed at the constantly morphing skylines. Both metros boast strong office markets that are growing with the entire Texas economy. But how do they match up in a head-to-head comparison? Basic Numbers At approximately 50 million square feet of office space, Austin holds a size advantage over San Antonio, which has about 30 million square feet. As of the second quarter 2018, annual full-service average office rents in Austin are also substantially higher at $36.54 per square foot compared to San Antonio’s $22.05 per square foot. Both markets have seen steady year-over-year increases in rates as the economy has recovered from the Great Recession. The familiar real estate mantra, “Location! Location! Location!” plays a big role in office rates and affordability in each market. Austin’s central business district (CBD) continues to draw major employers, including Google and Indeed, which combined occupy about 667,000 square feet of office space. This downtown migration has pushed vacancy in the CBD down to 10.1 percent, with rents …

September 28, 2018

Loans Mixed-Use New Jersey Northeast

New York Life Real Estate Investors Provides $135M Refinancing for Mixed-Use Property in New Jersey

by David Cohen September 27, 2018

FORT LEE, N.J. — New York Life Real Estate Investors has provided a $135 million loan for the refinancing of Hudson Lights, a residential and retail mixed-use development in Fort Lee. The floating-rate loan has an initial term of three years. The borrower was an institutional investor. Built in 2016, the development includes 276 market-rate apartments, 136,000 square feet of retail space and a parking garage.

September 27, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Secures $9M Acquisition Financing for Apartment Community Near Boston

by David Cohen September 27, 2018

SOMERVILLE, MASS. — Cornerstone Realty Capital has secured a $9 million acquisition loan for a 34-unit apartment community in Somerville. The property is located at 625 McGrath Highway, three miles north of Boston. Each unit features granite countertops, stainless steel appliances, a breakfast bar, vinyl plank flooring and a NEST thermostat. Cornerstone Realty Capital represented the borrower, the Micozzi Cos., in securing a fixed-rate financing structure with 12 months of interest-only payments followed by a 30-year amortization schedule. The lender was undisclosed.

September 27, 2018

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Negotiates $1.4M Sale of Net-Leased Retail Property in Pennsylvania

by David Cohen September 27, 2018

UNIONTOWN, PA. — Marcus & Millichap has negotiated the $1.4 million sale of a net-leased retail property occupied by Olive Garden in Uniontown. Located at 517 W. Main St., the 7,500-square-foot property is situated in a corridor with nearby retailers that include Home Depot and Target. Michael Lombardi and Steven Schiavello of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.

September 27, 2018

Acquisitions Industrial New Jersey Northeast

NAI Hanson Arranges Sale of 73,000-square-foot Industrial Facility in Lodi, New Jersey

by David Cohen September 27, 2018

LODI, N.J. — NAI James E. Hanson has arranged the sale of a 73,373-square-foot industrial facility in Lodi for an undisclosed price. Scott Perkins, Andrew Somple, Greg James, Christopher Todd and Justin Allessio of NAI James E. Hanson represented the seller, AEW, in the transaction. The buyer was Mood Fabrics. Located at 39 Robinson Road, the facility features 29-foot clear heights in 16,447 square feet of the building and 14-foot clear heights through the remaining 56,896 square feet. The facility also includes three tailgates and three drive-in doors.

September 27, 2018

Development Loans Multifamily Texas

Mason Joseph Provides $28.5M HUD Construction-to-Permanent Loan for Metro San Antonio Apartments

by John Nelson September 27, 2018

LIVE OAK, TEXAS — Mason Joseph Co. Inc. has provided a $28.5 million loan for the construction and permanent financing of Aspire at Live Oak, a 240-unit, market-rate apartment community in Live Oak, about 16 miles northeast of San Antonio. Mason Joseph closed the loan on behalf of the privately held developers, Covenant Development and San Antonio Commercial Property Investments. The HUD financing will feature a fixed interest rate for the 20-month construction period and the subsequent 40-year term. The project team includes general contractor Galaxy Building and property manager Capstone Real Estate Services. The developers anticipate Aspire’s rental rates to range from $1,000 to $1,600 per month.

September 27, 2018

Acquisitions Multifamily Texas

JLL Brokers Sale of 260-Unit Multifamily Community in San Antonio

by John Nelson September 27, 2018

SAN ANTONIO — JLL Capital Markets has brokered the sale of Cordoba Apartment Homes, a 260-unit multifamily community located at 7810 Callaghan Road in northwest San Antonio. Moses Siller and Zar Haro of JLL represented the seller, Leuven Group, in the transaction. The buyer, GVA Pro LLC, purchased the asset for an undisclosed price. According to Apartments.com, Cordoba’s monthly rental rates range from $644 for a studio apartment to $979 for a two-bedroom unit. Built in 1980 and renovated this year, the apartment community features two swimming pools, a tennis court, 24-hour laundry rooms and bilingual management.

September 27, 2018

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