HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located within AirParc South in Henderson. Premier Analytical Solutions acquired the property from DEV Investment I for $3.9 million. Located at 1560 and 1570 Executive Airport Drive, the properties feature a total of 28,200 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the seller in the deal.
BOSTON — A joint venture between Allianz Real Estate, Beacon Capital Partners and the Massachusetts Pension Reserves Investment Management (PRIM) Board has acquired 53 State Street, a 1.2 million-square-foot office property in Boston’s Financial District. The sales price was $845 million. The Class A property, known locally as Exchange Place, comprises the historic Boston Stock Exchange building that was completed in 1891 and a 40-story office tower that was built in 1985. The building also features ground-floor retail space. The seller of 53 State Street, which was 93 percent leased at the time of sale, was not disclosed. The property features a seven-story, glass-enclosed atrium and an outdoor arcade with seating areas along Congress Street. Amenities include a rooftop deck, fitness center and conferencing facilities. “Allianz recognizes this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio,” says Christoph Donner, CEO of Allianz Real Estate. “Our real estate portfolio includes some of the top office buildings in the U.S., and this investment is consistent with our overall strategy to generate strong returns from Class A properties,” adds Michael Trotsky, executive director and chief investment officer of Mass PRIM. Allianz Real Estate is …
DENVER — Evergreen Devco has purchased a 6.8-acre site at the northeast corner of 56th Avenue and Central Park Boulevard in Denver. Situated in the Beeler Park neighborhood of Stapleton, Evergreen and City Street Investors plan to develop a retail, restaurant and commercial development to the be called The Shops at Beeler Park. Construction is slated to begin in February 2019.
The question today for office tenants and investors is not why Raleigh-Durham, but why not. The Raleigh-Durham market is defined by continued job growth and a thriving technology sector. The Triangle is enjoying significant rent growth, strong absorption and major construction that now has a Downtown Raleigh and a Downtown Durham. Raleigh-Durham’s overall growth continues and was recently ranked No. 1 in the Southeast in projected population growth, posting a 10.3 percent growth rate from 2017 to 2022. This figure is nearly double the 5.5 percent average growth rate for Southeastern cities. Job growth is the primary driver of the region’s expanding presence with over 30,000 jobs added in 2018 through the first half of the year, already surpassing the 24,000 jobs added in all of 2017. Over the last year, we have seen Infosys (2,000), Credit Suisse (1,200), LabCorp (400) and Ipreo (250) announce major job additions to the area. Most recently, Amazon announced 1,500 jobs that will be required for its new fulfillment center. The tech sector is a major contributor to those jobs, and there is a lot of talk about a well-known e-commerce giant and a major technology giant bringing a significant presence to our market. …
CARY, N.C. — Hudson Capital Properties has acquired Cornerstone, a 302-unit apartment community in Cary, for $55 million. Hudson Capital plans to renovate all 302 studio- and townhome-style units and improve the property’s amenity offerings. Cornerstone is located about 17 miles west of Raleigh and about 16 miles south of Durham. The seller was undisclosed.
GARNER, N.C. — Artesia Real Estate has sold Greenbrier, a 223-unit apartment complex in Garner, to EBEX Holdings and FriedLam Partners for $19.6 million. Greenbrier, located about six miles south of Raleigh, offers studio, one- and two-bedroom floor plans. Amenities include a pool, playground and extra storage. Watson Bryant, Paul Marley and Brooks Colquitt of Cushman & Wakefield represented the seller.
ROSSLYN, VA. — The U.S. Postal Service has renewed its lease at International Place in Rosslyn, where it has housed its Office of the Inspector General for 20 years. USPS is the lead tenant in the 12-story office building, renting 115,747 square feet. Anna Gardiner of JLL represented USPS, and Dave Millard, Peter Berk, Nick Gregorios and Carline Guidera of Avison Young represented the landlord, The Meridian Group, in the lease. International Place is located about three miles west of downtown Washington, D.C.
HUNTINGTON, W.VA. — NorthMarq Capital has arranged $8.2 million in refinancing for Fairfield Inn & Suites in Huntington. The fixed-rate, non-recourse loan was structured with a 10-year term and a 20-year amortization schedule. The 106-room hotel features a picnic area, valet dry-cleaning and car rental services. Randy Waddell of NorthMarq arranged the loan on behalf of the borrower, H&W Management.
WINSTON-SALEM, N.C. — FourPoint Student Housing Investments has arranged the sale of Deacon Place, a 328-bed student housing community located near Wake Forest University in Winston-Salem. The property opened in 2017 and offers suite- and townhome-style units. Community amenities include a resort-style swimming pool, fitness center, study lounge and a putting green. Chris Epp, Chris Bancroft, Meredith Wolff and Craig Miller of FourPoint arranged the sale on behalf of the seller, Signet Real Estate Group. The buyer and terms of the transaction were not disclosed.
FRISCO, TEXAS — The PGA of America will move its headquarters from South Florida’s Palm Beach County to Frisco, where it will anchor a 600-acre, mixed-use development. The organization’s initial investment in the northern Dallas suburb will exceed $500 million, while the overall economic impact of the move will exceed $2.5 billion over the next 20 years. The PGA’s new headquarters will include two championship golf courses, a short course and practice areas totaling 45 holes, as well as a clubhouse, Class A office space, 500-room Omni Hotel, 127,000-square-foot conference center and a retail village. A joint venture between Omni Hotels & Resorts, Stillwater Capital and Woods Capital will purchase the land and construct the hotel, conference center, retail space and golf courses. The golf courses are expected to open in summer 2022. The hotel, convention center and other facilities are expected to open within six months of that date.