Property Type

Northern-Virginia-Industrial-Park-Springfield-Virginia

PS Business Parks Acquires 1.1 MSF Industrial Portfolio in Northern Virginia for $143.3M

by Taylor Williams June 11, 2018

SPRINGFIELD, VA. — PS Business Parks Inc. (NYSE: PSB), a California-based office and industrial REIT, has acquired a portfolio of industrial properties totaling roughly 1.1 million square feet in northern Virginia. The purchase price was $143.3 million. The portfolio consists of the 19 buildings located within the 813,725-square-foot Northern Virginia Industrial Park and the 241,000-square-foot Fullerton Industrial Park. Both of these developments, which span a combined 65 acres, are located in Springfield, about 15 miles southwest of Washington, D.C. PS Business Parks already owns three industrial parks totaling 606,000 square feet in this area. Those properties have posted a historical average occupancy of 95 percent since 2000. With the acquisition of these two properties, the company’s footprint in the Springfield/Newington submarket totals approximately 1.7 million square feet, roughly 11 percent of the submarket supply. “We are confident that these properties will achieve the same occupancy and rent growth we have accomplished in our other locations in this market,” says Maria Hawthorne, president and CEO of PS Business Parks. “The location is superb as it is adjacent to Fort Belvoir and just south of the Pentagon in a densely populated area with excellent access to transportation.” The average lease size at …

June 11, 2018

Florida Market Reports Office Property Type Southeast Southeast Market Reports

Miami-Dade County’s Office Market Fueled by Solid Local Economic Fundamentals

by John Nelson June 11, 2018

Driven by population and job growth, Miami-Dade County is one of the strongest and most sought-after commercial real estate markets in the Southeast. As of February 2018, the county’s unemployment rate stood at 4.7 percent, which, while only a 10-basis point decline from the rate in February 2017, represents continued positive movement. The metro’s economic stability and growing employment base are significant factors when analyzing the tightening office market. Miami-Dade County ended the first quarter with an overall office vacancy rate of 9.67 percent, a 106-basis point decline from the previous year. Also, net absorption was positive with suburban areas such as Airport/Doral, Coral Gables and South Gables/South Miami remaining primary contributors to the county’s growing office sector. The trend continued from 2017, as the year ended strong with nearly 1.5 million square feet of total net absorption countywide. As overall vacancy declines and rental rates rise, development in Miami-Dade remains active with 717,000 square feet under construction, 657,000 square feet of which is being developed within the top five most in-demand submarkets for corporate growth. Projects such as Two MiamiCentral, Giralda Place and Mary Street are redefining South Florida’s office landscape as mixed-use environments become more ubiquitous. Record-Low Vacancy …

June 11, 2018

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $14.2M Construction Financing for Two Affordable Seniors Housing Renovations in Buffalo

by David Cohen June 8, 2018

BUFFALO, N.Y. — KeyBank Community Development Lending & Investment has provided $14.2 million in construction financing for the renovation of Riverview Manor and Piotr Stadnitski Gardens in Buffalo. The two-building property consists of 210 one-bedroom units for seniors. Riverview Manor is a 12-story building built in 1977 and was last renovated in 1989. Stadnitski Gardens is an 11-story building built in 1978. Kyle Kolesar of KeyBank originated the financing. Alliant Capital and New York State HFA provided additional funding. The project will be developed in partnership with Smith & Henzy Advisory Group and MDG Design + Construction and is supported by existing project-based HUD Section 8 vouchers.

June 8, 2018

Acquisitions Hospitality New York Northeast

Westgate Resorts Acquires Hilton New York Grand Central in Midtown Manhattan

by David Cohen June 8, 2018

NEW YORK CITY — Westgate Resorts has acquired the Hilton New York Grand Central, a 23-story, 300-room hotel in Midtown Manhattan. The sales price was not disclosed. Westgate will rebrand the two-tower hotel as the Westgate New York City. The hotel first opened in 1931 and was formerly known as the Hotel Tudor and Hilton Manhattan East. The property features gothic-revival architecture blended with modern luxuries. Amenities include a business center, 24-hour fitness center and 3,500 square feet of flexible meeting space. Westgate will continue to operate the resort as a hotel while it undergoes an extensive renovation. The company will also explore opportunities to add timeshare vill

June 8, 2018

Loans New Jersey Northeast Retail

HFF Arranges $19M Refinancing for Grocery-Anchored Retail Center in Northern New Jersey

by David Cohen June 8, 2018

BOUND BROOK, N.J. — HFF has arranged the $19 million refinancing for Middle Brook Center, a 104,331-square-foot, grocery-anchored retail center in the Northern New Jersey community of Bound Brook. The fully leased, three-building retail center sits on more than 12 acres and is anchored by ShopRite. Other tenants include Wine Country, Doctors Express, Quest Diagnostics, Frank’s Pizza, Bagel Stadium and Burger King. HFF represented the borrower, Advance Realty, to place an 11-year, full-term, interest-only loan with Nationwide Life Insurance Co.

June 8, 2018

Leasing Activity Northeast Office Pennsylvania

AmerisourceBergen Signs 400,000 SF Office Lease for New Corporate Headquarters in Conshohocken, Pennsylvania

by David Cohen June 8, 2018

CONSHOHOCKEN, PA.— AmerisourceBergen has signed a 400,000-square-foot office lease at Keystone Property Group’s SORA West site in Conshohocken for its new global headquarters. The site includes a 400,000-square-foot office building, 125-room hotel, 1,500-space parking garage, public spaces and restaurants. Binswanger represented AmerisourceBergen in the lease transaction. Currently headquartered in Chesterbrook, Pa., the company is ranked No. 12 on the Fortune 500 and serves as a partner in the pharmaceutical supply chain for thousands of healthcare providers, veterinary practices, livestock producers and global manufacturers. The new headquarters is expected to house around 1,500 employees.

June 8, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $13M Sale of Apartment Building in Flushing, New York

by David Cohen June 8, 2018

FLUSHING, N.Y. — Marcus & Millichap has brokered the sale of 142-27 Barclay Ave., a six-story apartment building in downtown Flushing. The property sold for $13 million at a capitalization rate of 3.07 percent. Victoria Fisher and Jim Evans of Marcus & Millichap represented the undisclosed seller in the transaction who had owned the building since the 1960s. The purchaser, who was in a 1031 exchange, was also not disclosed. The 50-unit building features 24 free market apartments and 26 that are rent stabilized.

June 8, 2018

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 71,915 SF Retail Center in Arlington

by Taylor Williams June 8, 2018

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Landmark Village Shopping Center, a 71,915-square-foot retail center in Arlington. Situated on 5.9 acres, the property was built in 1985 and was 86 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not released.

June 8, 2018

Acquisitions Industrial Texas

Colliers Arranges Sale of 57,500 SF Industrial Property in Houston

by Taylor Williams June 8, 2018

HOUSTON — Colliers International has arranged the sale of a 57,500-square-foot industrial property located at 14212 & 14210 Interdrive W. in north Houston. The facility was formerly leased to Newberry Bakery and will now serve as the headquarters of Celebrate Bakery Co. LLC, a wholesale bakery for the grocery sector. Gary Mabray, Jon Lindenberger and Paul Dominique of Colliers represented the seller, a private investor. Mark Martin of 2M Realty Advisors LLC represented the undisclosed buyer.

June 8, 2018

Industrial Leasing Activity Texas

CBRE Negotiates 41,936 SF Industrial Lease in Oklahoma City

by Taylor Williams June 8, 2018

OKLAHOMA CITY — CBRE has negotiated a 41,936-square-foot industrial lease at 3228 N. Santa Fe Ave. in Oklahoma City on behalf of Spiers New Technologies Inc. a manufacturer of batteries for electric and hybrid cars. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the lease negotiations. Brett Price of Newmark Grubb Levy Strange Beffort represented the landlord, a private trust.

June 8, 2018

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