Property Type

Google to Invest $13B in 2019 on New Data Centers, Offices Across the United States

by Alex Tostado February 14, 2019

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) has announced plans for more than $13 billion in investments during 2019 in data centers and offices across the United States, with major expansions in 14 states. According to a blog post written by Google CEO Sundar Pichai, this will mark the second year in a row that Google will grow faster outside the Bay Area than within it. With the expansions, Mountain View-based Google expects to hire tens of thousands of employees across the country, including 10,000 construction jobs in Nebraska, Nevada, Ohio, Texas, South Carolina and Virginia. The tech-giant will have a presence in 24 states, as well as data centers in 13 communities. “This growth will allow us to invest in the communities where we operate, while we improve the products and services that help billions of people and businesses globally,” Pichai said in the blog post. “Our new data center investments, in particular, will enhance our ability to provide the fastest and most reliable services for all our users and customers.” Data centers In the Western States, south Nevada is set to get a new data center. In the Midwest, data centers will pop up in Ohio, Nebraska and …

February 14, 2019

Market Reports Michigan Midwest Midwest Market Reports Office

For Detroit’s Office Market, Motown Is Growth Town

by Kristin Harlow February 14, 2019

With 2018 in the rearview mirror, it’s clear that the Detroit commercial office space market looks dramatically different today than it did just a few years ago. By far the biggest story is the continuing (and perhaps even accelerating) level of leasing activity across the metro area. In the context of Detroit’s ongoing civic renaissance and sustained level of economic growth both regionally and nationally, the strength of the office market isn’t necessarily a shock, but it’s still fascinating to watch things unfold. Downtown expansion With both demand and rental rates on the rise, and a central business district (CBD) that is close to full capacity (currently there is less than 5 percent vacancy in Detroit’s CBD), we are starting to see office tenants moving up into Midtown, New Center and other neighborhoods. The growth in these areas has been not just noteworthy, but significant, with buildings like New Center One on West Grand Boulevard in excess of 90 percent occupancy. The Fisher Building in New Center boasts more than 100,000 square feet of new leasing activity in the last year. Suburban momentum More than a few office tenants now find themselves priced out of the CBD, a situation that …

February 14, 2019

District of Columbia Loans Multifamily Southeast

Wells Fargo Bank Tops MBA’s 2018 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.

February 13, 2019

Development District of Columbia Office Southeast

Akridge Delivers 104,000 SF Office Building in D.C. Fully Leased to WeWork

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — Akridge has delivered 1701 Rhode Island, a seven-story, 104,000-square-foot building in Washington, D.C., that is fully leased to WeWork. Hickok Cole Architects designed the building, which features floor-to-ceiling windows, a landscaped entry plaza, two-story lobby, fitness center and a rooftop terrace. Whiting-Turner Contracting Co. was the general contractor. Zach Boroson, Andy O’Brien and Greg Lubar of JLL represented WeWork in the lease transaction.

February 13, 2019

Development Mixed-Use North Carolina Southeast

Joint Venture Announces New Mixed-Use Building in Downtown Durham

by Alex Tostado February 13, 2019

DURHAM, N.C. — A joint venture between Trinity Capital Advisors, Wheelock Street Capital and SLI Capital has announced a mixed-use building in downtown Durham’s Venable Center. Located at 464 Pettigrew St., the Roxboro at Venable Center will feature 202,000 square feet of office and ground-level retail space spanning eight floors, as well as 200 apartment units. Amenities will include a sky deck lounge, fitness center and a conference center. Venable Center is currently an 87,000-square-foot historic and revitalized campus situated at the intersection of South Roxboro and East Pettigrew streets. The campus is home to the headquarters of Precision BioSciences. Brad Corsmeier and John Brewer of CBRE | Raleigh will handle leasing efforts for The Roxboro.

February 13, 2019

Florida Loans Multifamily Southeast

NXT Capital Closes $36M Acquisition Loan for Apartment Complex in Southwest Florida

by Alex Tostado February 13, 2019

FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.

February 13, 2019

Florida Loans Multifamily Southeast

Hunt Real Estate Capital Provides $30M Refinancing for New Multifamily Community in Baton Rouge

by Alex Tostado February 13, 2019

BATON ROUGE, LA. — Hunt Real Estate Capital has provided a $30 million Fannie Mae refinancing loan for River House Apartments, a complex built in 2017 in Baton Rouge. The loan features a 10-year term amortized over 30 years with two years of interest-only payments. The 224-unit property is situated at 1480 Nicholson Drive, about a mile south of downtown Baton Rouge. It was 95 percent occupied as of October. David Eyzenberg and Anastasia Vladislavova of Eyzenberg & Co. arranged the financing on behalf of the undisclosed borrower.

February 13, 2019

Loans Multifamily New York Northeast

Lightstone Secures $187M Refinancing for 428-Unit ARC Multifamily Property in Long Island City

by David Cohen February 13, 2019

NEW YORK CITY — Real estate developer Lightstone has secured a $187 million loan to refinance ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City. Located at 30-02 39th Ave., the building offers more than 50,000 square feet of indoor and outdoor amenities and completed its initial leasing in August 2018. Amenities at the property include a fitness club, yoga studio, outdoor exercise space, basketball court and golf simulator as well as a half-acre private courtyard park, resident lounge, library, club room, game room and gourmet catering kitchen. Citibank provided the financing to Lightstone. Terms of the financing were undisclosed.

February 13, 2019

Acquisitions Multifamily New Hampshire Northeast Uncategorized

CBRE Negotiates $88.5M Sale of Apartment Portfolio in New Hampshire

by David Cohen February 13, 2019

MANCHESTER, N.H. — CBRE has negotiated the $88.5 million sale of a 640-unit apartment portfolio in Manchester. The properties include Hilltop Ridge and The Highlands at Washington Park, which were both built in the early 1980s. Biria St. John and Simon Butler of CBRE represented the sellers, Hilltop Apartments LLC and WPN Property LLC, in the transaction. The buyer was an affiliate of The DSF Group. Brian Eisendrath, Cameron Chalfant and John Kelly of CBRE’s Capital Markets team secured financing for the buyer through an agency execution. DSF plans to operate the properties as one community in order to gain operational efficiencies. Both of the buildings have new roofs, exterior siding and windows.

February 13, 2019

Acquisitions Hospitality Massachusetts Northeast

HFF Brokers Sale of 130-Room Residence Inn in Tewksbury, Massachusetts

by David Cohen February 13, 2019

TEWKSBURY, MASS. — HFF has brokered the sale of the Residence Inn Boston Tewksbury/Andover hotel in Tewksbury. The sales price was undisclosed. Located at 1775 Andover St., the 130-room hotel was completed in 1990 and comprises 10 three-story buildings. Amenities include a fitness room, car rental station, convenience store, outdoor swimming pool and business center. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel and Matthew Enright of HFF represented the institutional seller in the transaction. The buyer was Sawyer Realty Holdings LLC.

February 13, 2019

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