Property Type

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …

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The-View-Reno-Nevada

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …

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NEW YORK CITY — JLL has arranged $251 million in equity and debt for CBSK Ironstate for the acquisition and development of 646 11th Ave., a condominium development planned for the Hell’s Kitchen neighborhood of Manhattan. JLL raised $70 million in equity from an institutional investor and secured $181 million in construction financing from Deutsche Bank AG. The 12-story condominium development will feature 161,000 net sellable residential square feet, 40,000 rentable square feet of pre-sold retail space, 8,000 square feet of residential amenity space and 60 for-sale storage units.

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NEW YORK CITY — Meridian Capital Group has secured $35 million in construction financing for a mixed-use condominium property on Manhattan’s Upper East Side. The borrower is Adellco LLC. The 24-month loan, provided by a balance sheet lender, features interest-only payments, a prime-based floating rate, and a one-year extension option. Once completed, 27 East 79th St. will feature eight two- to five-bedroom residences as well as a duplex townhouse with a private garden and a triplex penthouse. Retail space will also be available.

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ROCHELLE PARK, N.J. — Cushman & Wakefield has arranged the sale of 395 W. Passaic St., a four-story, 107,969-square-foot office building in Rochelle Park. The sales price was not disclosed. Cushman & Wakefield represented the sellers, Garrison Investment Group and Onyx Equities, in the transaction. They buyer was Ramaa Management. The three-acre property was 80 percent leased to eight tenants at the time of sale.

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MOUNT OLIVE, N.J. — HFF has arranged a $28.5 million refinancing for 350 Clark Drive, a three-building industrial warehouse facility in Mount Olive. The 443,030-square-foot facility was originally constructed to house the headquarters of Calvin Klein Cosmetics and is now 97 percent leased to office and industrial tenants. The property features 24- to 30-foot clear heights, 26 loading docks, two drive-in doors and 20,000 square feet of freezer space. HFF represented the borrower, Commercial Realty Group, to place a 10-year, fixed-rate loan with John Hancock Real Estate Finance Group.

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FRISCO, TEXAS — Baylor Scott & White and the Dallas Cowboys will open their new 300,000-square-foot sports research facility at The Star in Frisco this Wednesday. Services that will be offered at the Baylor Scott & White Sports Therapy & Research at The Star include sports performance testing, a concussion center, imaging center, surgery suites, urgent care center, research space, outpatient rehabilitation and a pharmacy. Dallas-based Baylor Scott & White and the Cowboys are holding an official opening at the complex’s turf outdoor football field with the Frisco Independent School District, which is a partner in the new sports research and treatment complex.The facility was designed by the Dallas office of global architecture and design firm Perkins+Will. The Star is a 91-acre sports and entertainment district and serves as the world headquarters of the Cowboys.

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DALLAS — Hunt Mortgage Group has provided a $12 million Fannie Mae loan for the refinancing of Cornerstone Apartments, a 240-unit affordable housing community in Dallas. Situated at 2606 Community Drive and 9709 and 9720 Starlight Road, Cornerstone was built in three phases between 1968 and 1976. Two of the phases were redeveloped in 1992 and 1995 through the Low-Income Housing Tax Credit program. The third phase comprises 38 market-rate apartment units without affordability restrictions. Community amenities include an on-site management/leasing office, four laundry rooms, a swimming pool and playground. Dallas-based Churchill Capital arranged the 12-year loan with a 30-year amortization schedule on behalf of the borrower, JAG CA Re-Development LLC, an entity backed by James E. Graham Jr. The company has invested $2 million in capital improvements to Cornerstone Apartments since taking over ownership, bringing the occupancy up from 70 percent to above 90 percent as of loan closing, according to Churchill Capital.

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DALLAS — SHOP Cos. has arranged the sale of Haverwood Village, a 28,000-square-foot shopping center located along the Dallas North Tollway at 4809 Cole Ave. in Dallas. The property was 93.6 percent leased at the time of sale to tenants including Skillman Wok, Afrika Fusion, The Fade Shop, I-Apartments and Tsitsi’s African Styles. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the seller, a limited liability company based in Dallas. The buyer and sales price were not disclosed.

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THE WOODLANDS, TEXAS — Bellomy & Co. has arranged the sale of Affordable Self Storage The Woodlands, a 465-unit self-storage facility located on nearly five acres in The Woodlands. The Class A facility spans 90,800 rentable square feet across five buildings. The property includes climate-controlled and non-climate-controlled units and fully enclosed spaces for RVs and boats. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, an undisclosed company based in The Woodlands. Bellomy and Johnson also procured the Houston-based buyer.

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