Property Type

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

by David Cohen February 19, 2019

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States. WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection. Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13. “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.” The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments. Phoenix-based Best Western Hotels & …

February 19, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Job, Population Growth Spur Phoenix’s Multifamily Market

by Taylor Williams February 19, 2019

The multifamily investment activity in Metro Phoenix remains extremely strong. This is driven by the employment and population growth in these markets, as well as by the affordability of rental housing compared to other parts of the nation. The employment growth has occurred in many segments, including technology, medical and finance. Technology companies are focused on cities where universities provide an abundant supply of skilled labor for these types of jobs. Arizona State University (ASU) in Metro Phoenix is one of the largest universities in the country with more than 87,000 students. It is working hand in hand with technology companies and other expanding employers to provide the education their students will need to fulfill openings in the market. A skilled workforce and affordable housing have been strong pulls for companies looking to relocate, expand or get off the ground. The increases in jobs and population have led to further increases in rent, occupancy, construction and absorption. The public’s changing perception about home ownership and the freedom that renting allows — along with the amenities provided in many of today’s apartment communities — has propelled multifamily demand in Metro Phoenix. The area’s overall vacancy rate for the third quarter was …

February 19, 2019

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $75M Sale of Multifamily Portfolio in New Jersey

by David Cohen February 18, 2019

HUDSON AND BERGEN COUNTY, N.J. — Gebroe-Hammer Associates has arranged the $75 million sale of a 487-unit multifamily portfolio in Union City, Bergenfield and Lodi. The 18-building portfolio includes a mix of one-, two-, three- and four-bedroom units as well as three ground-floor retail units. Nicholas Nicolaou and Greg Pine of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. The buyer was a private investor.

February 18, 2019

Acquisitions New Jersey Northeast Retail Uncategorized

CBRE Negotiates $26.7M Sale of Retail Center in Morris Plains

by David Cohen February 18, 2019

MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate Capital.

February 18, 2019

Loans Mixed-Use New York Northeast

Madison Realty Capital Provides $14.5M Refinancing for Mixed-Use Property in Brooklyn

by David Cohen February 18, 2019

NEW YORK CITY — Madison Realty Capital (MRC) has provided a $14.5 million loan to refinance a mixed-use property in Brooklyn. Located at 1357 Flatbush Ave., the seven-story, 37,133-square-foot, mixed-use building includes 36 apartment units as well as 7,000 square feet of retail space. Madison Realty Capital provided the financing to Hello Living, a developer and repeat MRC borrower. Terms of the financing were not disclosed.

February 18, 2019

Acquisitions Massachusetts Northeast Office

SVN | Parsons Commercial Group Brokers $2.5M Sale of Office Building in Massachusetts

by David Cohen February 18, 2019

BILLERICA, MASS. — SVN | Parsons Commercial Group has brokered the $2.5 million sale of a 30,000-square-foot office building in Billerica. Located at 5 Fortune Drive, the first floor of the building is fully leased to Anew Health, which operates an adult daycare facility on site. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group represented the seller, Five Fortune Drive LLC, in the transaction. The buyer was NeoSome Life Sciences LLC.

February 18, 2019

Development Georgia Industrial Southeast

FCL Builders Delivers 556,000 SF Industrial Facility Near Augusta for Golf Cart Manufacturer

by Alex Tostado February 18, 2019

APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods.

February 18, 2019

Acquisitions Florida Multifamily Southeast

CGI Strategies Acquires Vacant Multifamily Community in Metro Orlando for $43M

by Alex Tostado February 18, 2019

CELEBRATION, FLA. — CGI Strategies has acquired Sola at Celebration, a vacant 306-unit apartment complex in Celebration. Shortly after the seller, Southstar, acquired the property in 2016, construction defects were discovered that resulted in the property being vacated by order of the Osceola Building Department. With repairs for the property already engineered and approved by Osceola County, CGI will immediately begin correcting the deficiencies and anticipates that the community will be back to normal operations by the end of this year. Los Angeles-based CGI will rebrand the community as Astoria at Celebration. The complex will offer one-, two- and three-bedroom floor plans across six four-story buildings. Amenities include an internet café, fitness center, outdoor summer kitchens and a dog park.

February 18, 2019

Acquisitions North Carolina Office Southeast

DRP Acquires 386,844 SF Office Park in Metro Greensboro for $25M

by Alex Tostado February 18, 2019

HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.

February 18, 2019

District of Columbia Leasing Activity Retail Southeast

CBRE Negotiates 46,016 SF Lease for Target at CityLine in Washington, D.C.

by Alex Tostado February 18, 2019

WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.

February 18, 2019

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