Property Type

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

by Amy Works December 19, 2018

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.

December 19, 2018

Loans Multifamily Washington Western

Newmark Arranges $21.7M in Financing for Birch Hills Apartments in Pullman, Washington

by Amy Works December 19, 2018

PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.

December 19, 2018

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.

December 19, 2018

Acquisitions California Retail Western

Faris Lee Investments Brokers $6.8M Sale of Three-Tenant Retail Property in Tulare, California

by Amy Works December 19, 2018

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.

December 19, 2018

Acquisitions Company News Hospitality Top Stories

LVMH To Acquire Luxury Hospitality Group Belmond for $2.6B

by David Cohen December 19, 2018

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 …

December 19, 2018

Development Georgia Industrial Leasing Activity Southeast

Joint Venture Completes Phase I of Logistics Park in Atlanta, Signs Medtech Firm to 1.1 MSF Lease

by Alex Tostado December 18, 2018

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.

December 18, 2018

Leasing Activity Maryland Office

Social Security Administration Renews 717,011 SF Corporate Headquarters Lease in Baltimore County

by Alex Tostado December 18, 2018

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.

December 18, 2018

Development Industrial Office Southeast Virginia

St. John Properties Breaks Ground on Four Flex Buildings in Metro D.C.

by Alex Tostado December 18, 2018

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.

December 18, 2018

Development Florida Industrial Southeast

McCraney Property Selects General Contractor for 1.3 MSF Orlando Industrial Project

by Alex Tostado December 18, 2018

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.

December 18, 2018

Acquisitions Kentucky Multifamily Southeast

Waypoint Residential Acquires 264-Unit Apartment Complex in Lexington, Kentucky

by Alex Tostado December 18, 2018

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.

December 18, 2018

Newer Posts

Older Posts