Property Type

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

by Camren Skelton April 6, 2018

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.

April 6, 2018

Georgia Loans Multifamily Southeast Student Housing

Capital One Provides $19.3M Fannie Mae Loan for Student Housing Acquisition in Savannah

by Camren Skelton April 6, 2018

SAVANNAH, GA. — Capital One Multifamily Finance has provided a $19.3 million Fannie Mae loan for the acquisition of The Blake, a 270-bed student housing community located less than a half-mile from the Savannah College of Art and Design in Savannah. Tim Smits of Capital One originated the 10-year loan with four years of interest-only payments and a 30-year amortization schedule on behalf of the buyer, Maryland-based Hopkins Holding. The seller, which developed the property in 2016, was a joint venture between Campus Works, Kaplan Residential and McKinney Fund & Co. The Blake features a clubhouse, covered outdoor patio, a 5,000-square-foot pool terrace and a lounge with cabanas.

April 6, 2018

Acquisitions Florida Retail Southeast

Colliers Brokers $12.7M Sale of Shopping Center in Jacksonville

by Camren Skelton April 6, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $12.7 million sale of San Jose Plaza, a 95,433-square-foot shopping center in Jacksonville. Scott Rogers of Colliers arranged the transaction on behalf of the buyer, SJP Jax LLC, which acquired the asset from Shanri Holdings Corp. Bonefish Grill anchors the center, which was 75 percent leased at the time of sale to 30 tenants. A second anchor tenant, Aldi, will open this summer.

April 6, 2018

Florida Industrial Leasing Activity Property Type Southeast

State Street Realty Secures 109,075 SF Industrial Lease with Swiss Logistics Company in South Florida

by Camren Skelton April 6, 2018

HIALEAH GARDENS, FLA. — State Street Realty has arranged a 109,075-square-foot lease with Kuehne + Nagel Inc. at the three-building Miami Industrial Logistics Center (MILC) in Hialeah Gardens. The Switzerland-based global transport and logistics company will lease space at the 255,846-square-foot MILC Building 3, increasing the building’s occupancy from 40 percent to 80 percent. The building features build-to-suit offices, a 120-foot truck court, 32-foot clear heights, four overhead doors per bay, 54-foot column spacing, a 60-foot staging bay, ESFR sprinkler system, fire safety system and LED lighting. Frank Trelles and Brian Cabielles of State Street Realty arranged the lease on behalf of the landlord, Duke Realty. Dan Rose of Real Estate Advisory Partners and David Albert of CBRE represented Kuehne + Nagel.

April 6, 2018

Development Industrial North Carolina Self-Storage Southeast

Public Storage Opens 900-Unit Self-Storage Facility in Metro Charlotte

by Camren Skelton April 6, 2018

HUNTERSVILLE, N.C. — Public Storage has opened a 900-unit self-storage facility at 10219 Bryton Corporate Center Drive in Huntersville, roughly 15 miles north of Charlotte. The facility is located adjacent to a Walmart Supercenter and Interstate 485. The three-story building offers indoor, climate-controlled units ranging in size from 25 square feet to 300 square feet. Packing, moving and storage supplies are also offered at the location. Glendale, Calif.-based Public Storage is the world’s largest owner and operator of self-storage facilities with 2,386 locations around the country.

April 6, 2018

Industrial Market Reports Texas Texas Market Reports

Texas Ports Invest in Infrastructure

by Taylor Williams April 6, 2018

Seaports are often considered the economic engines of the markets they occupy. So when a port is increasing its business and handling more product, that growth is usually accompanied by a spike in industrial development in the surrounding metro areas. Such is the case in Texas, a state where port activity encompasses more than 1.5 million jobs and $360 billion in economic impact, according to the Texas Ports Association. The organization also states that the value of product passing through Texas ports currently represents approximately 25 percent of the gross domestic product (GDP) of Texas and 6.4 percent of GDP for the United States. Overall volumes of maritime commerce are also on the rise following the completion of the Panama Canal expansion, a $5.4 billion project that wrapped in 2016. Ships and their cargoes are getting larger while the logistics of distribution are calling for faster delivery. Times are changing, and Texas ports are changing with them. The passing of the Water Resources and Development Act in 2016 has cleared the way for major improvements and expansion projects to occur on America’s rivers and harbors. And while industrial development is on the rise at and around the Ports of Beaumont, …

April 6, 2018

Acquisitions Industrial New York Northeast Top Stories

Gramercy Acquires Six Distribution Centers for $538M

by Kristin Harlow April 6, 2018

NEW YORK CITY — Gramercy Property Trust (NYSE: GPT), a New York-based REIT, has acquired six distribution centers located throughout the United States. The properties are the first acquisitions for a Gramercy-led e-commerce joint venture, which was launched in August 2017. The venture was established to acquire, own and manage Class A distribution centers across the country. Gramercy is a 51 percent partner in the venture. An undisclosed sovereign investor is the other partner. The portfolio is composed of six newly constructed distribution properties totaling 5.2 million square feet for a combined purchase price of $538 million. The first two properties were acquired on Jan. 31 for $178 million. The second pair of properties, totaling $181 million, closed on April 3. The remaining two assets are under contract for $179 million, with the sale expected to close between late 2018 and early 2019. Each building is expected to be fully leased to an e-commerce company on an initial 15-year term. Two of the properties are located in California’s Inland Empire, with the remainder in Dallas; Jacksonville, Fla.; southern New Jersey; and Winchester, Va. Gramercy is a real estate investment trust that specializes in acquiring and managing assets in the United States and Europe. The company’s stock …

April 6, 2018

Colorado Industrial Western

Clarion Partners Buys 3.7 MSF PAULS Nationwide Industrial Portfolio

by Nellie Day April 5, 2018

DENVER — Clarion Partners has purchased a 3.7 million-square-foot industrial portfolio for $200 million. The portfolio is situated in four states. The Denver portion of the portfolio includes more than 1.9 million square feet, marking Denver’s single largest industrial transaction on record, according to Clarion. This portion has been renamed Clarion Gateway. Clarion Gateway includes 14 Class A logistics properties situated in the Airport submarket, the region’s primary distribution corridor. The properties were constructed between 1995 and 2015. They feature ESFR sprinkler systems, dock-high and drive-in loading, and clear heights ranging from 22 ft. to 32 ft. The Denver portfolio is currently 96.5 percent leased. The remainder of the portfolio focuses on supply chain markets, including two Las Vegas properties totaling 698,300 square feet. The buildings are all new Class A construction, built in 2016 or 2017, with low office finishes and clear heights ranging from 32 feet to 36 feet. Tenants across the portfolio span a mix of global, national and local companies, including United Parcel Service, Simmons, M S International, Whirlpool, SITCO Lumber and Cardinal Health. The portfolio is diversified by industry with no single tenant occupying more than 13 percent of the total rentable area. CBRE represented …

April 5, 2018

California Loans Multifamily Western

NorthMarq Capital Arranges $134M in Financing for Two Silicon Valley Apartment Communities

by Nellie Day April 5, 2018

SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment communities in Santa Clara. The communities consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.

April 5, 2018

Acquisitions Multifamily New Jersey Northeast

HFF Arranges Sale of 360-Unit Apartment Community in Hackensack

by David Cohen April 5, 2018

HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.

April 5, 2018

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