TIJUANA, MEXICO — Atisa Industrial has signed a lease with Dynasty Golf to occupy the Coral Building at Pacifico Industrial Park in Tijuana. Dynasty Golf will utilize the 28,690-square-foot property to house golfing equipment manufacturing. This is the company’s first operation in Mexico. Octavio McFarland of NAI represented Atisa Industrial in the transaction.
My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty. It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots. But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland industrial market. Here is what I thought as I hummed along to the hits: The Times They Are a-Changin’ Bob Dylan said it simply, and the statistics in our market suggest the same. The nearly eight-year run of a clear landlord’s market has finally shown indicators (albeit slight) that the pendulum is swinging the other way. While the year-end numbers are not yet complete, I am predicting vacancy rates will increase 200 to 300 basis points from our historically low 2017 rate of 1.25 percent. Let’s say, conservatively, our market increases to 3 percent overall vacancy. That is still what I would call a landlord’s market. However, what concerns me is that our added industrial …
OAHU, HAWAII — Industrial Logistics Properties Trust (NASDAQ: ILPT) has secured a $650 million mortgage loan secured by an industrial portfolio in Oahu. The portfolio includes 186 properties, which total approximately 9.6 million square feet. The 10-year loan applies to approximately 57 percent of ILPT’s total owned square footage in Hawaii. As of Dec. 31, 2018, the average remaining lease term for these properties was more than 14 years and the occupancy was nearly 100 percent. “We are pleased to term out our floating rate debt with attractive, long-term, fixed-rate debt and to demonstrate the tremendous value of these unique Hawaiian assets,” says John Murray, CEO of Industrial Logistics Properties Trust. “While the underlying assets had a net book value of less than $500 million at year end 2018, this loan provides us with $650 million of capital to fund value-enhancing external growth opportunities.” Terms of the non-amortizing financing included a fixed interest rate of 4.3 percent. Morgan Stanley, Citi, UBS and J.P. Morgan provided the capital. Sullivan & Worcester LLP provided legal counsel to Industrial Logistics Properties Trust in the transaction. ILPT stock closed at $20.79 per share on Tuesday, Jan. 29, down from $22.47 one year ago. — David …
MIAMI — A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units. Corwil Architects is the designer. PNC Bank provided the construction loan.
BIRMINGHAM, ALA. — The Opus Group, in partnership with The McKinney Fund & Co., has broken ground on a 522-bed student housing community near the University of Alabama at Birmingham (UAB). The 17-story mixed-use development will offer floor plans ranging from studios to four-bedroom units. Shared amenities will include a fitness center, spa, study rooms and lounges, an outdoor amenity deck with fitness areas, fire pits, a coffee bar, club room, rooftop pool and grilling stations. Myefski Architects designed the community. Auburn, Ala.-based Rabren General Contractors will serve as general contractor, and Creative License International will design the interiors for the project. The community is scheduled to open in fall 2020.
ATLANTA — WeWork has signed a multi-floor, 100,300-square-foot lease at Centennial Tower, an approximately 665,000-square-foot office tower located at 101 Marietta St. in downtown Atlanta. WeWork’s long-term lease deal includes building-top signage. WeWork, one of the world’s largest coworking space providers, plans to add 1,300 members to the new space. This is WeWork’s largest space of it six Atlanta locations and its first in downtown. Katherine Lynch and Chris Port of CBRE represented the landlord, The Dilweg Cos., in the lease agreement. Clinton McKellar and Sam Hollis of Cushman & Wakefield represented the tenant. Southeast Real Estate Business reported earlier this month that Dilweg signed tech startup company Steady to a full-floor lease within Centennial Tower.
GLOUCESTER, VA. — S.L. Nusbaum Realty Co. has broken ground on Phase I of Riverbend Apartment Homes, a planned 130-unit affordable housing community in Gloucester. Phase I is expected to be complete in summer 2020. Phase II, which will add 88 units, is scheduled to break ground this spring and be delivered in late 2020. TS3 Architects, Bay Design Group, Details Ltd. and Siska Aurand Landscape Architects Inc. designed the community. Hoy Construction is the general contractor.
WEST COLUMBIA, S.C. — Domino’s Pizza has signed a 68,000-square-foot lease for a new processing and distribution facility in West Columbia. Construction is expected to begin in the first quarter of this year. Domino’s plans to add 75 jobs to the area. Hiring is scheduled to start in the fourth quarter of this year, with the facility being delivered in the second quarter of 2020. Ken Ashley, John Wilkinson and Whitney Hembree of Cushman & Wakefield, along with Lee Warfield of Cushman & Wakefield | Thalhimer, represented the tenant in the lease negotiations. The developer and landlord were not disclosed.
BOSTON — CBRE has arranged a $68 million loan to refinance Hub 25, a 278-unit apartment community in Boston. Located at 25 Morrissey Blvd, Hub 25 features a resort-style outdoor pool, city views, a 24-hour gym, theater and garage parking. John Kelly of CBRE secured the financing on behalf of the owner, Qianlong Morrissey LLC, through an undisclosed lender. Terms of the financing were not disclosed.
JERSEY CITY, N.J. — Progress Capital has secured a $21 million loan to refinance an 11-property multifamily portfolio in Jersey City. The 11 properties are located across the city. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower. The non-recourse loan includes a 20-year term with a 30-year amortization schedule. The lender was undisclosed.
