Property Type

Blackstone Agrees to Acquire Gramercy Property Trust in $7.6B, All-Cash Transaction

by Taylor Williams May 7, 2018

NEW YORK — Affiliates of Blackstone Real Estate Partners VIII have agreed to acquire Gramercy Property Trust (NYSE: GPT) for $7.6 billion in an all-cash transaction. The sale is expected to close before the end of the year. Shortly after the announcement of the merger, shareholder rights law firm Johnson Fistel LLP launched an investigation into whether the board members of Gramercy breached their fiduciary duties in valuing the transaction at this level. One Wall Street analyst has set a price target of $33 per share for Gramercy’s common stock, the 52-week high of which was $31.26 per share. Under the terms of the deal, Blackstone will acquire all outstanding shares of New York-based Gramercy’s common stock for $27.50 per share. This figure represents a 15 percent markup of Gramercy’s current stock price, which closed at $23.82 per share on Friday, May 4. Shareholders of Gramercy will still be entitled to receive second-quarter dividends of 37.5 cents per share. Should the deal close after Oct. 15, shareholders will receive a per diem payment of approximately $.004 per share on each day between Oct. 15 and the closing date. “We believe this transaction validates the quality of the portfolio and platform …

May 7, 2018

Alabama Market Reports Property Type Retail Southeast Southeast Market Reports

Multifamily Projects, Experiences Redefining Birmingham’s Growing Retail Market

by John Nelson May 7, 2018

It’s no longer a secret that Birmingham and its surrounding communities are confidently moving forward, bursting with festivals, arts, concerts, parks, reimagined spaces and a red-hot local dining scene. These revitalized spaces represent opportunities to find affordable housing, a vibrant social life and a place where all can participate in the community’s ongoing progress. Tourism is also on the rise, with a 50 percent increase in expenditures over the past 10 years as visitors flock to the region to dine at the restaurants of culinary legends, cheer on Minor League Baseball teams in a downtown stadium, attend the Sidewalk Film Festival, watch IndyCar racing at the Barber Motorsports Park, visit the historic Civil Rights Museum and enjoy live music venues throughout the area. With all of its history, charm and new amenities, Birmingham is no longer a pass-through; it is the destination. The greater downtown Birmingham area experienced a 40 percent increase in its multifamily inventory in 2017, which is nearly three times the amount added in 2015. These spaces are filling up quickly as the submarket’s occupancy rate is currently at 92.5 percent and climbing. Everyone from millennials who are marrying later and waiting longer to buy homes to …

May 7, 2018

Loans New York Northeast Office

JLL Arranges $120M in Refinancing for Bryant Park Office Tower

by David Cohen May 4, 2018

NEW YORK CITY — JLL Capital Markets has arranged a $120 million floating-rate loan to refinance 130 West 42nd street, a Class A office tower with ground-floor retail in the Bryant Park neighborhood of Manhattan. The borrower was Tribeca Associates. Aaron Appel, Jonathan Schwartz, Brett Rosenberg and Adam Schwartz led the JLL team in handling the debt assignment. The 29-story office building, which was built in 1918, totals 250,000 square feet and is located within one block of 15 subway lines. Tribeca Associates spent $27 million to upgrade and renovate the property in 2015.

May 4, 2018

Acquisitions Connecticut Multifamily Northeast

HFF Arranges Sale of 80-Unit Multifamily Community in Southern Connecticut

by David Cohen May 4, 2018

NEW LONDON, CONN. — HFF has arranged the sale of Gull Harbor, an 80-unit, garden-style multifamily community at 83 Mansfield Road in New London. The sale pertains to 80 one-bedroom units of a 99-unit fractured condominium development. The remaining 19 units are individually owned. The units range in size from 600 to 625 square feet. Adam Dunn and Steven Rutman of HFF represented the seller, Gull Harbor New London LLC and New England Holdings II LLC, and procured the undisclosed buyer. The community features on-site laundry, private off-street parking and on-site management.

May 4, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers Sale of Commercial Building in East Village for $12M

by David Cohen May 4, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 238-240 East 3rd Street in Manhattan’s East Village neighborhood for $12 million. Michael F. DeCheser,Patrick Dugan, Mei Ling Wong, Andrew Berry and Bryan Hurley of Cushman & Wakefield represented the seller, Third Street Theater LLC, in the transaction. The buyer was Craftwood Partners. The property currently consists of a commercial building that houses offices, a meeting area and a large theatrical studio. The ground floor is approximately 4,500 square feet with 850 square feet on the mezzanine level and 800 square feet in the basement.

May 4, 2018

Illinois Loans Midwest Multifamily Seniors Housing

ASC Secures $5.8M Refinancing for Skilled Nursing Facility in Sterling, Illinois

by Kristin Harlow May 4, 2018

STERLING, ILL. — American Street Capital (ASC) has secured a $5.8 million loan for the refinancing of Sterling Healthcare, a 121-bed skilled nursing facility in northwest Illinois. Services at the property include short-term rehabilitation, memory, post-surgical and long-term care. Igor Zhizhin of ASC arranged the five-year loan, which features a 25-year amortization schedule. The lender was not disclosed.

May 4, 2018

Acquisitions Hospitality Illinois Midwest

HREC Arranges Sale of Embassy Suites Hotel in Schaumburg, Illinois

by Kristin Harlow May 4, 2018

SCHAUMBURG, ILL. — HREC Investment Advisors has arranged the sale of the 209-room Embassy Suites by Hilton Chicago in Schaumburg. The sales price was not disclosed. The hotel is located nine miles from Chicago O’Hare International Airport. Scott Kaniewski of HREC represented the seller, a joint venture between Hotel Capital and ORIX Real Estate Americas. Pearlshire Capital Group purchased the asset.

May 4, 2018

Acquisitions Midwest Office Ohio

CBRE, NKF Broker Sale of 336,000 SF Office Building in Dayton, Ohio

by Kristin Harlow May 4, 2018

DAYTON, OHIO — CBRE and Newmark Knight Frank have brokered the sale of the 130 Building in downtown Dayton for an undisclosed price. The 23-story, 336,000-square-foot office building is located at 130 W. Second St. The buyer, Brian Lash, plans to add a number of amenities to the property, including a fitness center, co-working spaces, a banquet hall and additional meeting space. Matt Arnovitz of CBRE and Jim Vondran and Keith Yearout of NKF represented the seller, Titan Capital Investment Fund.

May 4, 2018

Acquisitions Midwest Missouri Retail

Baceline Acquires Retail Center in St. Louis for $2.2M

by Kristin Harlow May 4, 2018

ST. LOUIS — Baceline Investments LLC has acquired Grand Marketplace in St. Louis for $2.2 million. The 9,971-square-foot retail center, constructed in 2007, is located just north of Highway 40 and North Grand Boulevard. The property is fully leased to tenants such as City Gear, Instant Tax Service, Boost Mobile and Check n’ Go. Save-A-Lot and Walgreens shadow anchor the property.

May 4, 2018

Colorado Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $88M Construction Financing for Seniors Housing Community Near Denver

by Amy Works May 4, 2018

DENVER — Lancaster Pollard has arranged $88 million in financing for the construction of The Ridge Pinehurst, a luxury senior living community in the Denver suburb of Lakewood. Construction is already underway for the community, which will offer 318 units of independent living, assisted living and memory care. Los Angeles-based Ridge Senior Living is the owner and developer. Ridge currently owns four communities in California and Utah. Jason Dopoulos, Ross Holland and Joe Munhall led the transaction for Lancaster Pollard. A national bank is providing the capital, with several other banks syndicating portions of the loan.

May 4, 2018

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