Property Type

Global-Medical-REIT-Portfolio-Chandler-AZ

Global Medical REIT Buys Three-Building Medical Office Portfolio in Arizona for $16.1M

by Amy Works April 2, 2019

CHANDLER AND GILBERT, ARIZ. — Bethesda, Md.-based Global Medical REIT has purchased a three-building medical office portfolio, totaling 39,305 square feet in Chandler and Gilbert, for $16.1 million, or $410 per square foot. Cushman & Wakefield represented the anchor tenant and seller, a local gastroenterology practice, in the sale. The seller will continue to operate out of the properties under a long-term sale/leaseback arrangement. The portfolio also includes two endoscopy centers, one of which is owned and operated by a joint venture between local physicians, Dignity Health and United Surgical Partners, a national surgery center operator. Devpal Gupta and Peter Menna of Cushman & Wakefield’s Phoenix office collaborated with Travis Ives of Cushman & Wakefield’s national Healthcare Capital Markets team to represent the seller in the assignment.

April 2, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $5.6M Sale of Two Retail Pads in Ontario, California

by Amy Works April 2, 2019

ONTARIO, CALIF. — Hanley Investment Group Real Estate has brokered the sale of two retail pad buildings, totaling 21,591 square feet in Ontario, in two separate transactions totaling $5.6 million. The properties are part of a Walgreens-anchored neighborhood center, which was built in 2007. Kevin Fryman of Hanley Investment Group represented the seller, an Ontario, Calif.-based private developer, in both transactions. In the first deal, a Southern California-based private investor acquired a two-tenant, 13,381-square-foot building, situated on 1.3 acres at 2645 E. Riverside Drive, for $3.2 million. A 7,200-square-foot O’Reilly Auto Parts and a corporate office fully occupy the property. Jeff Lin of Marcus & Millichap’s Ontario, Calif., office represented the buyer. In the second transaction, a Temple City, Calif.-based private investor purchased an 8,210-square-foot retail pad, located on 1.1 acres at 2665 E. Riverside Drive in Ontario, for $2.4 million. The property is fully occupied by seven tenants, including Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company. Watson Yeh of Temple City-based EZ Max Realty represented the buyer in the deal.

April 2, 2019

Market Reports Mixed-Use Texas Texas Market Reports

Making ‘Live, Work, Play’ A Reality

by Taylor Williams April 2, 2019

Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says …

April 2, 2019

Acquisitions Company News Industrial Michigan Midwest Top Stories

Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities

by John Nelson April 2, 2019

BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …

April 2, 2019

Features Hospitality

Hotel Industry Growth Continues, Labor Shortage a Concern, Says Industry Researcher

by Taylor Williams April 2, 2019

ATLANTA — The hotel industry is still setting records. According to Jan Freitag, senior vice president of Tennessee-based STR, United States hotels in 2018 had the highest availability, most sales and the highest average daily rate (ADR) ever recorded. The total inventory of rooms available was up 2.1 percent in February year-over-year, the first time in history that the annual pace of supply growth has exceeded 2 percent, Freitag said. Freitag presented the research during the 31st annual Hunter Hotel Investment Conference, which was held from March 20 to 22 at the Atlanta Marriott Marquis in the city’s downtown area. The conference drew approximately 1,850 attendees. STR found that in 107 out of the past 108 months, the industry has posted an increase in revenue per available room (RevPAR). The lone exception was September 2018, a month Freitag called an anomaly. Although hotel revenue continues to grow, there is a large chunk of travelers around the world that the U.S. is missing out on due partially to the exchange rates that don’t favor travelers from developing countries, says Freitag. More people are traveling than ever before, backed by greater leisure spending among the emerging middle classes of India and China. …

April 2, 2019

Acquisitions North Carolina Retail Southeast

Tanger Outlets Sells Four Outlet Malls for $130.5M

by Alex Tostado April 1, 2019

GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.

April 1, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 246-Unit Apartment Community in Haltom City, Texas

by Taylor Williams April 1, 2019

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit multifamily community in Haltom City, located northwest of downtown Fort Worth. The property was built in 1969 and features amenities such as a pool, playground, picnic area and volleyball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a California-based private investment group, in the transaction. The duo also procured the buyer, a Florida-based investment firm. The new ownership will invest $2.5 million in capital upgrades to the property.

April 1, 2019

Acquisitions Office Texas

Mitchell Asset Group Arranges Sale-Leaseback of 124,000 SF Office, Industrial Buildings in Longview, Texas

by Taylor Williams April 1, 2019

LONGVIEW, TEXAS — A subsidiary of Fort Worth-based Mitchell Asset Group Inc. (MAG) has closed the sale-leaseback of the M. Roberts Media corporate headquarters and production facilities, two buildings totaling 124,000 square feet in Longview, about 130 miles east of Dallas. Andy Rogers of Kelly Hart & Hallman LLP represented MAG in the transaction. Old Capital Lending arranged acquisition financing for the deal.

April 1, 2019

Development Office Southeast Tennessee

WeWork to Open Third Nashville Location in North Gulch’s Capitol View

by Alex Tostado April 1, 2019

NASHVILLE, TENN. — WeWork will open its third Nashville location this fall. The newest site will be situated in the city’s North Gulch district, spanning 65,000 square feet and two stories at 500 11th Ave. N. within Capitol View. A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin developed Capitol View, a 32-acre mixed-use development offering 378 residential units, retail space, restaurants and a 2.5-acre park. WeWork expects the space to house up to 1,000 workers. WeWork’s other two Nashville locations are in downtown (1,300 desks) and East Nashville (470 desks).

April 1, 2019

Development Georgia Retail Southeast

Joint Venture Opens Food Hall with 20 Vendors in Metro Atlanta

by Alex Tostado April 1, 2019

MARIETTA, GA. — Marietta Square Market, an 18,500-square-foot food hall, has opened at 68 N. Marietta Parkway NW in the Historic Marietta Square District. Concordia Properties LLC and Creative Culinary Ventures LLC developed the asset, which is located adjacent to historic railroad tracks, to resemble a turn-of-the-century train station. Marietta Square Market offers a central bar, indoor and outdoor seating and 20 vendors. Kelly Wilson of Ackerman Retail is handling leasing efforts for Marietta Square Market.

April 1, 2019

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