NAPERVILLE, ILL. — Lagestee-Mulder has acquired a 47,000-square-foot industrial building in Naperville for an undisclosed price. The property is situated on 4.3 acres at 1600 Shore Road. Built in 1989, the property is fully leased to nine tenants that occupy spaces ranging in size from 3,118 to 9,429 square feet. Lagestee-Mulder’s investment fund, LM Value Investors II LLC, was used to acquire the newly renovated property. John Whitehead and Adam Johnson of NAI Hiffman represented the seller, Midwest Industrial Funds.
MIAMI — Telemundo has opened its $250 million global headquarters in Miami’s Beacon Lakes Industrial Park. The Spanish-language media company is a subsidiary of NBCUniversal and Comcast Corp. Telemundo Center is situated on 21 acres and spans nearly 500,00 square feet, with the capacity to house 1,500 employees. The new facility brings all of the division’s offices, broadcast and production operations under one roof, including Telemundo Network, Telemundo Global Studios, Universo channel, Telemundo’s digital media operations and NBCUniversal International Group’s Latin American offices. The building features 15 studios, including two digital studios, virtual and augmented reality sets and a news operation. In addition, the facility houses the recently launched Telemundo Academy, a multimedia educational institution that partners with high schools and universities to train future media leaders. The LEED-certified building is constructed to sustain a Category 5 hurricane and remain in operation during weather and other environmental emergencies. Telemundo Center is estimated to contribute approximately $360 million in state taxes over the next 20 years.
ALPHARETTA, GA. — A joint venture between New York Life Real Estate Investors and The Dilweg Cos. has sold Royal Centre II, III and IV in Alpharetta. Bridge Office Fund Manager LLC, an affiliate of Bridge Investment Group LLC, acquired the assets, which total 634,487 square feet. The sales price was not disclosed, but the Atlanta Business Chronicle reports New York Life and Dilweg originally acquired the Royal Centre buildings in 2015 for $85.3 million. The buildings are located in the Royal 400 office park, roughly 26 miles north of Atlanta and less than two miles from Avalon, an 86-acre mixed-use development. Bridge plans to invest $12 million to further modernize the properties with the addition of collaborative work spaces, tenant amenity centers, upgrades to the fitness center, café and conference facilities, upgraded landscaping and new exterior common spaces. The properties, constructed between 1998 and 2000, were 85 percent leased at the time of sale.
TITUSVILLE, FLA. — Trillium Capital Resources (TCR) has arranged a $21.6 million loan for Solamere Grand, a 216-unit apartment community in Titusville. TCR arranged the 15-year, non-recourse, fixed-rate loan through Aegon Realty Advisors on behalf of the borrower, Solamere Grand LLC. The community was completed this month and features a clubhouse, business center, TV lounge, resort-style swimming pool, fitness center, sauna, playground, dog park and grilling stations.
KNOXVILLE, TENN. — CBRE Capital Markets has provided an $18.1 million loan through the U.S. Department of Housing and Urban Development (HUD) for the refinancing of The Villas of Emerald Woods, a 198-unit apartment community in Knoxville. Ann Cone and K.O. Kennedy of CBRE originated the 35-year loan on behalf of the borrower, The Williams Co. LLC. The Knoxville-based company developed the property in three phases between 2006 and 2009. The Villas of Emerald Woods features two- and three-bedroom, townhome-style apartments. Community amenities include a fitness center, tennis court, resort-style pool, hot tub and attached garages.
NEW YORK CITY — Nine West Holdings Inc., a New York-based women’s shoe and apparel wholesaler, has filed for bankruptcy after accumulating $1.6 billion in debt. As a result, the company plans to close all 70 of its brick-and-mortar retail stores. The company joins Toys ‘R’ Us, The Walking Company, Bon-Ton and Claire’s as prominent retailers to file for bankruptcy in the last year. An unidentified lender has provided $300 million in debtor-in-possession financing. The company also entered into a restructuring support agreement with the holders of 78 percent of its secured term debt and 89 percent of its unsecured term debt. The loan and agreement will allow the Nine West to remain an ongoing wholesale entity during bankruptcy proceedings. More than 80 percent of Nine West’s sales come from wholesale distribution and sales to department stores and off-price retail “This is the right step to address our two divergent business profiles,” says Ralph Schipani, Nine West Holdings’ Chief Executive Officer. “We will retain our strong, profitable and growing apparel, jewelry and jeanswear businesses, and continue to operate them under a new capital structure so that we can leverage their existing strengths to drive even greater growth.” “Once we complete the reorganization process, …
AUSTIN, TEXAS — Sunny skies continue to be the forecast for the student housing sector, with investor interest in this property niche continuing to increase, more institutional capital flooding into the space and a continued demand seen for new development. Each of these points of growth was highlighted extensively during last week’s InterFace Student Housing conference in Austin. The conference’s first general session, titled “The Power Panel,” brought together a consortium of CEOs from the industry’s top companies to discuss their perspectives on industry trends, the future of the sector and capital markets shifts, among other topics. “There has never been a more intriguing time to be in the sector,” began moderator Peter Katz, executive director of Institutional Property Advisors. “The vast majority of the industry is showing significantly solid year-over-year NOI growth, coupled with institutional and private capital flooding into the space. The quality of the product and the performance of the industry stands on its own among other real estate sectors.” “Being the 10th anniversary of this conference, and thinking about all of the conversations that we’ve had over the last decade, we’re finally realizing everything that we had hoped would occur in the industry,” continued Bill Bayless, …
In 2017, the multifamily investment sales market in New York City followed the trends seen within the broader market with sales volumes dropping while property values were mixed. The year ended on a high note with regard to contract execution activity, which bodes well for sales volume in 2018. This year, we expect volumes to rise while values bottom out and start to climb by the end of the year as positive movements in fundamentals start to exert upward pressure on property values. With regard to the number of properties sold, there were 1,215 apartment buildings sold last year, down 19 percent from the 1,507 that were sold in 2016. The elevator building sector, which we differentiate from walk-up buildings as a separate asset class, performed better with 235 sales, down 14 percent from the 273 elevator buildings that were sold in 2016. In the walk-up sector, there were 980 sales, down 21 percent from the 1,234 walk-up buildings that were sold in 2016. If we compare the Manhattan submarket to the outer boroughs, we see that activity in the outer boroughs held up much better than in Manhattan. In the outer boroughs, elevator building sales dropped by 13 percent …
TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square-foot building will be located at 1027 W. Roosevelt Way. The Grand Building Two is one of Arizona’s largest office buildings to break ground as a purely speculative endeavor, according to Lincoln. It is scheduled for completion in the second quarter of 2019. The building will be the second of eight Class A office buildings scheduled to be built by Lincoln within the 60-acre mixed-use Grand at Papago Park Center. The newest office building will provide creative office space with a two-story lobby, modern and flexible floorplates and an open office concept highlighted by 12-foot floor-to-ceiling windows. Among the project’s features are a 10,000-square-foot amenity lounge with a full-service restaurant, indoor/outdoor seating, TV viewing area and two conference facilities with full audio-visual technology. Other amenities include a private fitness facility and a modern rooftop lounge designed for tenant events and collaboration, with seating areas, an architectural shade element, catering conveniences and sweeping views of the Papago Buttes, Hole in the Rock and Camelback Mountain. Lincoln also serves as the property manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield …
SAN FRANCISCO — George Smith Partners has secured $45 million in bridge refinancing for the 131-room San Francisco Proper Hotel in the city’s Mid-Market neighborhood. The flatiron building is located at 1100 Market St. at the triangle of McAllister, Market and Seventh streets. The new bridge loan will allow the borrower, Kor Group, to focus on its operations and further establish the property as a luxury lifestyle hotel in San Francisco. The funds will replace an existing construction loan and mezzanine facility, providing cost savings and flexibility for Kor. Malcolm Davies, Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim of George Smith Partners arranged the financing.