Property Type

Skanska USA, HOK Complete $154M Expansion, Renovation of Tampa International Airport’s Main Terminal

by Alex Tostado February 28, 2019

TAMPA, FLA. — Construction and development firm Skanska USA and design firm HOK have delivered the $154 million expansion and renovation of Tampa International Airport’s main terminal. The project includes improved sight lines across the terminal floor, additional seating areas and four outdoor terraces accessible to passengers and employees. The project added 98,000 square feet of usable space and 69 concessions spaces. The work also included the installation of 32 new escalators and renovation of all 24 public elevators in the main terminal. Additionally, privacy glass was installed in restaurant and event spaces to allow for more natural light. Construction began in 2014 and is the first of a three-phase renovation. At full build-out, Tampa International Airport expects to accommodate more than 34 million passengers annually, up from 21 million in 2018.

February 28, 2019

Development Industrial Kentucky Southeast

GE Aviation Expanding Footprint in Metro Cincinnati with New 68,000 SF Facility Near CVG Airport

by Alex Tostado February 28, 2019

FLORENCE, KY. — GE Aviation is expanding its footprint in northern Kentucky with a planned 68,000-square-foot facility near the Cincinnati/Northern Kentucky International Airport (CVG). The new facility in Florence, which is situated just south of the airport and about 11 miles southwest of downtown Cincinnati, will provide engine repair services. VanTrust Real Estate and Paul Hemmer Co. are developing the center, which is more than twice the size of GE’s current facility in nearby Hebron, Ky. The company is expecting to move to the new site at the end of this summer.

February 28, 2019

Acquisitions Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Complex in Metro Atlanta for $44.9M

by Alex Tostado February 28, 2019

LITHIA SPRINGS, GA. — PointOne Holdings LLC has sold Crestmark Apartments, a 334-unit apartment complex in Lithia Springs, for $44.9 million. The asset is situated about 14 miles west of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans with amenities including a business center, car wash area, jogging trails, two tennis courts, swimming pool and a spa with a hot tub. During its ownership, PointOne Holdings increased the property’s occupancy from 93 percent to 98 percent, according to PointOne’s Ben Colonomos. Chad DeFoor, now with Franklin Street but previously with ARA Newmark, marketed and brokered the sale of Crestmark Apartments. The buyer was not disclosed.

February 28, 2019

Acquisitions Florida Industrial Southeast

Bridge Development Acquires Industrial Warehouse in South Florida for $38M

by Alex Tostado February 28, 2019

MIRAMAR, FLA. — Bridge Development Partners has acquired a 304,428-square-foot industrial warehouse situated at 15501 SW 29th St. in Miramar. Sherm Realty Corp. sold the facility for $38 million, according to public records. Bridge plans to significantly renovate the property and rebrand it as Bridge Point Miramar. Details of the renovation and a timeline were not disclosed. Located about 26 miles north of Miami, Bridge Point Miramar sits on a 20-acre lot within Miramar Centre Business Park, a more than 1.1 million-square-foot master planned park that is home to tenants including Comcast, Bunzl, Stanley Black & Decker, Johnson Controls and Nestle Waters. Mike Davis, Chris Metzger and Rick Etner Jr. of Cushman & Wakefield represented the seller in the transaction.

February 28, 2019

Acquisitions Retail Southeast Virginia

Federal Realty Purchases Retail Center in Northern Virginia for $22.5M

by Alex Tostado February 28, 2019

FAIRFAX, VA. — Federal Realty Investment Trust has purchased Fairfax Junction, a 75,000-square-foot retail center in Fairfax, for $22.5 million. The center sits on seven acres and was fully leased to Aldi, Planet Fitness and CVS/pharmacy at the time of the sale. Fairfax Junction is situated about 17 miles west of downtown Washington, D.C. Michael Gorsage of H&R Retail Investment Properties represented the seller, Glazer Properties, in the transaction.

February 28, 2019

Acquisitions Development Multifamily New York Northeast Student Housing

Avison Young Brokers $68M Sale of Development Site on Upper East Side

by David Cohen February 28, 2019

NEW YORK CITY — Avison Young has arranged the $68 million sale of a development site on the Upper East Side of Manhattan for $68 million. Located at 1393 York Ave., the property has a floor area of 112,420 square feet. Avison Young represented the seller, The Church of the Epiphany, in the transaction. The buyer was Weill Cornell Medical College, which plans to build housing for medical students at the site. As part of the transaction, The Church of the Epiphany will remain at 1393 York Avenue for two years as a tenant.

February 28, 2019

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $21.4M Refinancing for Mixed-Use Development in Queens

by David Cohen February 28, 2019

NEW YORK CITY — Madison Realty Capital has provided a $21.4 million loan to refinance a 78,313-square-foot mixed-use building in Queens. Located at 251-73 Jericho Turnpike, the newly constructed property is 70 percent leased to six office and retail tenants. The exterior of the building is primarily brick, steel and glass. Madison Realty Capital provided the financing to borrower AB Capstone, which plans to use the funds to refinance previous debt and support final lease-up of the property.

February 28, 2019

Acquisitions Hospitality New York Northeast

Marcus & Millichap Negotiates $7.3M Sale of Comfort Inn University in Amherst, New York

by David Cohen February 28, 2019

AMHERST, N.Y. — Marcus & Millichap has negotiated the $7.3 million sale of the Comfort Inn University in Amherst. Located at 1 Flint Road, the four-story property includes 102 rooms. Among the amenities are a fitness center, laundry facility, indoor swimming pool and business center. Jerry Swon, Dan Zagoria and Cameron Peirce of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also undisclosed.

February 28, 2019

Acquisitions California Hospitality Western

Ashford Hospitality Trust Buys 178-Key Hilton Santa Cruz/Scotts Valley for $50M

by Amy Works February 28, 2019

SANTA CRUZ, CALIF. — Ashford Hospitality Trust has acquired the Hilton Santa Cruz/Scotts Valley in Santa Cruz from The Arden Group for $50 million. Located at 6001 La Madrona Drive, Hilton Santa Cruz/Scotts Valley features 178 guest rooms, including 21 suites. The hotel, which opened in 1999, also features a full-service Stonehouse Bar & Grill, 7,900 square feet of flexible meeting space, an outdoor pool, fitness center, business center, gift shop and guest laundry facility. To fund the acquisition, the company used cash on its balance sheet and issued as consideration to the seller approximately 1.5 million Operating Partnership Units valued at $7.00 per unit, a premium of approximately 31 percent yesterday’s closing price. The company also assumed a non-recourse mortgage loan at closing with a current balance of approximately $25.3 million. The loan matures in March 2025 and has a fixed interest rate of 4.7 percent. Mark Fraioli and Melvin Chu of JLL represented the seller in transaction.

February 28, 2019

Acquisitions California Healthcare Office Western

HFF Negotiates Sale of 75,000 SF Medical Office Building in North County San Diego

by Amy Works February 28, 2019

SAN DIEGO — HFF has arranged the sale of Palomar Health Outpatient Center Phase I, a medical office building in North County San Diego. Harrison Street Real Estate Capital acquired the 75,000-square-foot property from JRMC Real Estate for an undisclosed price. The three-story, built-to-suit, Class A facility is fully leased to Palomar Health, which plans to offer high-acuity services, including radiation, oncology, express care/outpatient clinical services and a Palomar-Rady Children’s Hospital. The first phase was delivered in April 2018. Palomar Health Outpatient Center Phase I is located on the 56-acre Palomar Medical Center Escondido campus, a 288-bed hospital with the only trauma center within 20 miles. Evan Kovac, Andrew Milne and Trent Jemmett of HFF represented the seller and procured the buyer in the deal. Tim Wright and Zack Holderman of HFF’s debt advisory team were also involved in the transaction.

February 28, 2019

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