Property Type

NKF Capital Markets Arranges $355M Refinancing for Three Office Buildings in Philadelphia

by Camren Skelton June 28, 2018

PHILADELPHIA — NKF Capital Markets has arranged two loans totaling $355 million to refinance three office buildings in Philadelphia’s Central Business District. The portfolio includes 1500 Spring Garden, 1635 Market Street and 1835 Market Street. Dustin Stolly, Jordan Roeschlaub, Nick Scribani and Chris Kramer of NKF Capital Markets arranged the loans on behalf of the borrowers, Nightingale Properties and Wafra Capital Partners. TPG Real Estate Finance Trust provided the financing for 1500 Spring Garden, and KKR & Co. LP provided the loan for 1635 and 1835 Market Street. Nightingale acquired the 1.1 million-square-foot 1500 Spring Garden in 2013. Upon acquisition, the company implemented a $10 million capital improvement program to upgrade the lobby, elevators, restrooms and newly leased spaces. Nearly one-third of the property is leased to data center tenants. Nightingale acquired 1635 and 1835 Market Street in 2014. The buildings total 286,000 square feet and 800,000 square feet, respectively. Since acquisition, Nightingale has invested more than $15 million in capital improvements at 1635 Market Street, signing more than 220,000 square feet of new leases. Over the past three years, the company has signed more than 275,000 square feet of new and renewed leases at 1835 Market Street, taking the …

June 28, 2018

Iowa Market Reports Midwest Midwest Market Reports Retail

Outlets of Des Moines Fills a Retail Void in the Metro Area

by Kristin Harlow June 28, 2018

Outlets of Des Moines brings some of the best brand names in retail to the Des Moines metropolitan area, one of the strongest economies in the country. Retailers include such favorites as American Eagle, Asics, Bath & Body Works, Brooks Brothers, Converse, Express Factory Outlet, francesca’s, Le Creuset, Levi’s, LOFT Outlet, Lucky Brand Jeans, Michael Kors, Nike Factory Store, Skechers, Tommy Hilfiger, Vera Bradley and Under Armour. Since Outlets of Des Moines opened in October 2017, hundreds of thousands of local and regional residents have visited the Des Moines region’s newest shopping destination. Located at an established area for entertainment and shopping, the site is easily accessible to the residential trade area of nearly 1 million. With no major outlet center located within 80 miles, the 300,000-square-foot property fills a void in this populous market. New England Development’s newest shopping destination, Outlets of Des Moines has an unparalleled location in this major metropolitan market. Some features include: • Six miles from downtown Des Moines, the capital of Iowa and the most populous city in the state • At the intersection of I-80 and US-65 in Altoona, an established destination for entertainment and shopping • Located at the same exit as …

June 28, 2018

Features Retail

Retailers Should Put Purpose Before Product, Experience Before Sales

by Katie Sloan June 28, 2018

Retail Insight recently sat down with Hernan Martinez, CEO of Cuestamoras Urbanismo, to discuss the changing landscape of shopping centers as they become more of a community center for the cities they service. Martinez has firsthand experience with this as he and his company develop Oxigeno, a mixed-use project in Costa Rica that offers four unique zones that incorporate entertainment, shopping, dining, green areas, and the local Heredia neighborhood. Do you think today’s convenience-driven, instant-gratification world is one reason we seem to be seeing an uptick in mixed-use projects? The uptick of mixed-use projects is the result of several important urban and consumer trends. The resurgence of mixed-use, town and city centers derives, in big part, from the recognition of the negative impacts of urban sprawl. It is now generally recognized that development of car-centric, low-density, single-use urban areas has detrimental economic, environmental and social consequences. These can include higher infrastructure costs, the loss of natural land to accommodate a limited number of people and the disruption of neighborhoods’ social fabric. Cuestamoras Urbanismo is committed to the development of open (non-gated), dynamic urban communities and projects. We strongly believe that mixed-use projects play an important part in the creation of …

June 28, 2018

Acquisitions Maine Mixed-Use Northeast

Cardente Arranges $5.4M Sale of Waterfront Mixed-Use Property in Maine

by David Cohen June 27, 2018

YARMOUTH, MAINE — Cardente Real Estate has arranged the $5.4 million sale of Lower Falls Landing, a 40,931-square-foot office and retail building in Yarmouth. The five-acre property also includes a 7,800-square-foot restaurant and 26 boat slips. Cardente represented the seller, Lower Falls Landing Associates, in the transaction. Jennifer Yilmaz of Applewood Realty represented the buyer, SEKA Properties. Originally constructed as a cannery, the owners redeveloped the property into office space with ground-floor retail.

June 27, 2018

Development Hospitality New York Northeast

Barone Management Tops Out CR7 by Pestana Hotel in Times Square

by David Cohen June 27, 2018

NEW YORK CITY — New York-based development and construction company Barone Management has topped out the 177-room CR7 by Pestana Hotel in Times Square West. Barone is building the hotel for Portuguese-based Pestana Group. The property will serve as the hotel group’s U.S. flagship. The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana Hotel Group and soccer icon Cristiano Ronaldo. The 78,069-square-foot hotel will feature a fitness center, multiple meeting rooms and a double height lobby. Pestana Hotels and Resorts owns and operates over 90 hotels throughout Europe and the Americas, with a presence in cities such as London, Barcelona, Berlin and Rio De Janiero.

June 27, 2018

Industrial New Jersey Northeast

Hampshire Companies Sells 71,048 SF Industrial Facility in New Jersey

by David Cohen June 27, 2018

Fairfield, N.J. — The Hampshire Companies has sold 16 Law Drive, a 71,048-square-foot industrial facility in Fairfield. JEEN International purchased the facility for an undisclosed price. JEEN International is a manufacturer of cosmetic ingredients for the personal care market. Located on more than six acres, the property features 65,893 square feet of warehouse space and 5,155 square feet of office space. The building also offers 16-foot clear heights, two loading docks, two drive-in doors and 102 parking spaces.

June 27, 2018

Leasing Activity New York Northeast Office

Rockefeller Group Secures 49,000 SF Lease Expansion at 50-Story Office Tower in Manhattan

by David Cohen June 27, 2018

NEW YORK CITY — Rockefeller Group has signed Mayer Brown LLP to a 49,000-square-foot lease at 1221 Avenue of the Americas, a 50-story office tower in Manhattan. The global legal services firm now occupies five floors and 235,000 square feet at the building. Mayer Brown was represented by Bob Flippin, Andrew Sussman, Lauren Crowley Corrinet and Anthony Dattoma of CBRE in the transaction. Rockefeller Group was represented by an in-house team led by Ed Guiltinan. Following the transaction, the office space at the 2.6 million-square-foot building is now 97 percent occupied.

June 27, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Marcus & Millichap Brokers $2M Sale of Mixed-Use Portfolio in Central Massachusetts

by David Cohen June 27, 2018

WEBSTER, MASS. — Marcus & Millichap has brokered the $2 million sale of Main Street Properties, a 51,982-square-foot mixed-use portfolio located at 118 and 275 Main St. in Webster. The town is located in central Massachusetts on the Connecticut border. Matthew Pierce of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. The properties include 31 apartments and nine retail units.

June 27, 2018

Development Illinois Midwest Multifamily

CRG Nears Completion of 132-Unit Apartment Building in Chicago

by Kristin Harlow June 27, 2018

CHICAGO — CRG, Clayco’s private real estate development firm, is nearing completion of A.M. 1980, a 132-unit apartment building in Chicago’s Bucktown neighborhood. Located at 1980 N. Milwaukee Ave., the project spans 110,000 square feet. A.M. 1980, which is named for its address at the intersection of Armitage and Milwaukee avenues, features studio, one- and two-bedroom units. Amenities include a fitness center, coffee bar, package storage, dog run, rooftop deck and 6,000 square feet of retail space. Monthly rents start at $1,500 for studios. Construction began in the summer of 2017. Clayco is the design-builder and its subsidiary, BatesForum, is the architect. Residents are expected to begin moving in later this summer.

June 27, 2018

Development Hospitality Midwest Wisconsin

Janko Hospitality Opens Hyatt Place Hotel in Milwaukee’s Brewery District

by Kristin Harlow June 27, 2018

MILWAUKEE — Janko Hospitality has opened a new Hyatt Place hotel at The Brewery District in Milwaukee. The 150-room, six-story hotel is located one block away from the new Milwaukee Bucks arena. The Brewery District is situated on the former home of the Pabst Brewing Complex. The select-service hotel boasts more than 1,700 square feet of meeting space and a fitness center. This is the first Milwaukee hotel to be operated by Janko Hospitality, which manages other select and full-service properties throughout the Midwest.

June 27, 2018

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