Property Type

Pacific Industrial Sells Fully Leased Property in Inland Empire for $213.5M

by Alex Tostado April 25, 2019

FONTANA, CALIF. — Pacific Industrial has sold Sierra Pacific Center, a two-building, 1.5 million-square-foot industrial property in Fontana, about 50 miles east of downtown Los Angeles in the Inland Empire. The industrial development and investment firm sold the asset for $213.5 million to an unnamed institutional life insurance company. Sierra Pacific Center was completed in 2016 and was fully occupied by LG Electronics and FedEx at the time of the sale. The property is situated at 5565 and 5885 Sierra Ave., adjacent to California Highway 210 and within 20 miles of seven major highways including Interstates 215, 10 and 15. Amenities include electric car charging stations; 3 percent skylight coverage, as where the industry average is 2 percent; and truck courts up to 430 feet deep, as opposed to the Class A average of 185 feet. This transaction represents the largest, non-portfolio sale by dollar value in California over the past 24 months. “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, partner and co-founder of Pacific Industrial. “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with …

April 25, 2019

Market Reports Midwest Midwest Market Reports Mixed-Use Nebraska

Omaha Undergoing ‘Remarkable’ Downtown Transformation

by Kristin Harlow April 25, 2019

Remarkable. It’s the word that continues to pop up in interviews and conversations relating to the present transformation occurring in Omaha’s downtown area. If you think you might be experiencing déjà vu, it’s likely because you are. After all, it wasn’t that long ago when the same word was being used to describe the transformation that took place in downtown Omaha 10 to 15 years ago. It was at that time that approximately $2.5 billion was invested in Omaha’s downtown through a combination of public and private developments. Omaha introduced a laundry list of new buildings and projects, including the city’s new arena and convention center (presently branded the CHI Health Center), TD Ameritrade Park (the home of College World Series), the 45-story First National Bank Tower, the National Park Service Building, Gallup Organization’s operational headquarters, Union Pacific’s 1.1 million-square-foot headquarters, The Holland Performing Arts Center, Roman L. Hruska Federal Courthouse and The Bob Kerrey Pedestrian Bridge. That was remarkable. What could be so “remarkable” about the current downtown Omaha transformation? The answer is a redevelopment of the Gene Leahy Pedestrian Mall as part of the $300 million Riverfront Revitalization project. You might be thinking $300 million doesn’t sound remarkable …

April 25, 2019

Features Industrial Office

SIOR Conference Tackles E-Commerce, Technology

by Jeff Shaw April 25, 2019

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) held its annual Spring World Conference in Washington, D.C. at the Omni Shoreham hotel from April 10 through April 13. The event drew over 800 SIOR members from 12 different countries around the globe. Major topics of discussion at the conference included: the impact of e-commerce on the industrial market; emerging digital technologies and their practical applications for the brokerage community; a discussion of how brokers and investors can access opportunities with the U.S. Government General Services Administration and the Department of Veterans Affairs; and how emotional intelligence impacts success in our personal and professional relationships. Special guest speakers included: Joseph F. Coughlin, PhD, director of the Massachusetts Institute of Technology’s AgeLab and author of “The Longevity Economy,” who provided insight into how the lifestyles of an aging but energized, tech-enabled, older demographic will impact the built environment Robin Chase, co-founder and former CEO of Zipcar and author of “Peers Inc.” who discussed how a combination of people power and corporate power can unlock the potential of a new, collaborative economy Greg Lindsay, a senior fellow of the New Cities Foundation who gave a talk on the emergence of …

April 25, 2019

Loans Multifamily Seniors Housing Southeast Virginia

HJ Sims Arranges $201.1M in Construction Financing for Seniors Housing Project in Norfolk

by Alex Tostado April 24, 2019

NORFOLK, VA. — HJ Sims has arranged $201.1 million in financing for the construction of a new residential tower at Harbor’s Edge, a continuing care retirement community (CCRC) in Norfolk. The property was originally developed in 2002 in cooperation with the City of Norfolk as part of a master development plan called “Fort Norfolk Neighborhood.” HJ Sims has partnered with Harbor’s Edge since the early 2000s, structuring, placing and underwriting the initial seed capital transaction, first phase of development financing, a refinancing in 2014 that contained predevelopment capital for the River Tower Phase II construction and the development financing for the River Tower. HJ Sims coordinated with two commercial banks, including SunTrust Bank and TD Bank, with the former providing $65 million in financing.

April 24, 2019

Acquisitions Florida Hospitality Southeast

MSD Partners Acquires 337-Acre Beachfront Hotel, Resort in Boca Raton

by Alex Tostado April 24, 2019

BOCA RATON, FLA. — MSD Partners LP, an investment firm with offices in New York, Santa Monica and West Palm Beach, has acquired Boca Raton Resort & Club, a 337-acre hospitality property. The seller was an affiliate of real estate giant Blackstone, which invested more than $300 million in the property during its ownership period. Originally built in 1926, Boca Raton Resort & Club comprises 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 32 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends for a half-mile. Jeffrey Davis and Gregory Rumpel of JLL led the marketing efforts on behalf of the seller.

April 24, 2019

Florida Georgia Loans Multifamily Southeast

HFF Closes Two Freddie Mac Loans Totaling $37.9M for Apartment Properties in Orlando, Savannah

by Alex Tostado April 24, 2019

ORLANDO, FLA. AND SAVANNAH, GA. — HFF has originated two separate Freddie Mac loans totaling $37.9 million on behalf of the borrower, Beachwold Residential. The New York-based multifamily investment firm will use the proceeds of the two loans to refinance The Place at Alafaya, a 400-unit multifamily community in Orlando, and to acquire Litchfield Place, a 76-unit apartment community in Savannah. Mona Carlton, Elliott Throne and Jesse Wright of HFF led the debt placement effort for both loans, which featured 10-year terms and fixed interest rates. The Place at Alafaya in east Orlando offers one- and two-bedroom units and amenities such as a pool, tennis courts, basketball court, fitness center and a resident clubhouse. Completed in two phases between 2008 and 2014, Litchfield Place in southwest Savannah features units averaging 1,119 square feet. The seller and sales price of Litchfield Place were not disclosed.

April 24, 2019

Acquisitions Alabama Office Southeast

PointOne Holdings, Biscayne Atlantic Sell Two Office Buildings in Birmingham for $34.5M

by Alex Tostado April 24, 2019

BIRMINGHAM, ALA. — PointOne Holdings LLC and Biscayne Atlantic have sold two office buildings in Birmingham for $34.5 million. The Class A office buildings total 153,000 square feet and are situated at 1800 and 1900 International Park, about 11 miles south of downtown Birmingham. The joint venture originally acquired the property as part of a three-building portfolio that also included Blue Lake, which PointOne Holdings and Biscayne Atlantic will retain. Kevin Markwordt of Transwestern represented the sellers in the transaction. Shamrock Investments acquired the buildings.

April 24, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Brokers $7.8M Sale of Retail Center in Eastern Alabama

by Alex Tostado April 24, 2019

GADSDEN, ALA. — Marcus & Millichap has arranged the $7.8 million sale of Riverview Plaza, a 148,860-square-foot shopping center in Gadsden. Bargain Hunt, Harbor Freight Tools, Tuesday Morning and Dollar Tree anchor the center. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, EIG Riverview Plaza LLC, in the transaction. Louise Jennings of Real Estate Southeast represented the buyer, MR Stealth LLC, which is a private investor.

April 24, 2019

Colorado Development Multifamily Western

Partnership to Develop 133-Unit Affordable Apartment Community on Denver’s W Line

by Amy Works April 24, 2019

DENVER — Urban Land Conservancy (ULC) has partnered with Mile High Development and Brinshore Development to develop Sheridan Station Apartments, an affordable rental housing community at Sheridan Station on the Regional Transportation District’s W Line. Located at 5330 W. 11th Ave., the 133-unit property is currently under construction with completion slated for fall 2020. All units will be designated for households earning between 30 percent and 60 percent of area median income. Silva Markham Partners will handle the management and leasing of the property. The project was made financially feasible through use of a 99-year renewable ground lease, which will result in the apartment complex joining ULC’s growing Community Land Trust to ensure permanent affordability.

April 24, 2019

Acquisitions Industrial Texas

Megger Acquires 127,720 SF Industrial Facility in Dallas

by Taylor Williams April 24, 2019

DALLAS — Megger, a global electronic test equipment manufacturer, has acquired a 127,720-square-foot industrial facility with office space that is located at 4545 W. Davis St. in Dallas. The acquisition of the stand-alone property, which was built in 2001, enables Megger to more than double its footprint in the market. Craig Jones and Caleb McCoy of JLL represented Megger in the acquisition, as well as in a second transaction in which the manufacturer sold its 60,000-square-foot facility located at 4271 Bronze Way in Dallas.

April 24, 2019

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