Property Type

NKF Capital Markets Brokers $97.1M Sale of Mixed-Use Property in La Jolla

by Amy Works May 18, 2018

LA JOLLA, CALIF. — NKF Capital Markets has brokered the sale of The Campus on Villa La Jolla, a five-building mixed-use campus located at 8910 and 8980 Villa La Jolla Drive in La Jolla. GPI Cos. acquired the campus from La Jolla Village Professional Center Associates for $97.1 million. Kevin Shannon, Brunson Howard, Ken White, Paul Jones and Rick Stumm of NKF Capital Markets represented the seller in the deal. The buyer was self-represented. Situated on 6.8 acres, the 198,453-square-foot campus features a three-building professional center with office and medical tenants; a stand-alone medical office building; and a restaurant building fully occupied by Rock Bottom Brewery & Restaurant. At the time of sale, the property was 83 percent occupied. More than half of the campus is leased to the Regents of the University of California. The University of California, San Diego’s main campus is physically connected to the property via a walking bridge that passes over La Jolla Village Drive.

May 18, 2018

California Loans Office Western

CBRE Secures $71.5M in Financing for Office Campus in San Jose

by Amy Works May 18, 2018

SAN JOSE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance has secured $71.5 million in refinancing for The Junction at Montague, a four-building office and R&D campus in North San Jose. The borrower is a joint venture between Rockwood Capital and Four Corners Properties. Brad Zampa, Mike Water and Megan Woodring of CBRE’s San Francisco office arranged the five-year, floating-rate bridge financing at a spread over the 30-day LIBOR on behalf of the borrower. A national mortgage REIT focused on investing in larger, West Coast value-add debt opportunities provided the capital. Located at 2520, 2560 and 2580 Junction Ave. and 541 E. Trimble Road, the 16-acre campus features a total of 262,110 square feet of space. Current tenants include Infineon Technologies AG, a semiconductor design/manufacturing firm, and Avnet, a distributor of electronic components and subsystems.

May 18, 2018

Development Loans Multifamily Oregon Western

HFF Arranges $47.4M in Joint Venture Equity for 347-Unit Multifamily Development in Portland

by Amy Works May 18, 2018

PORTLAND, ORE. — HFF has secured $47.4 million in joint venture equity for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Ira Virden, Mark Erland and Matt Benson of HFF, on behalf of developer Alamo Manhattan, arranged the joint venture equity partnership with Diamond Realty Investments. Slated for completion in 2020, the property will feature 347 units in a mix of studio, one- and two-bedroom apartments, averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including a 15,000-square-foot amenity terrace and a 20th-floor rooftop residential lounge, and a 16th-foor terrace. Additionally, the property will feature 15,000 square feet of ground-floor retail space.

May 18, 2018

California Development Restaurant Retail Western

Regency Centers Selects Urbanspace to Operate Culver Public Market in Culver City, California

by Amy Works May 18, 2018

CULVER CITY, CALIF. — Regency Centers has selected Urbanspace to operate its Culver Public Market, a market hall located at the intersection of Washington Boulevard and Centinela Avenue in Culver City. The 26,000-square-foot hall will feature a variety of vendors, including artisans, entrepreneurs and chefs. Urbanspace connects small business owners and chefs with customers by reaching out to new communities and spaces. This is Urbanspace’s first entry into California. The company also operates Grand Central Holiday Fair and Union Square Holiday Market in New York City. Construction is slated to begin this fall with delivery in early 2020.

May 18, 2018

Market Reports Multifamily Texas Texas Market Reports

Rio Grande Valley Multifamily Market Playing Catch-Up on Class A Product

by Taylor Williams May 18, 2018

Commercial real estate sectors in secondary and tertiary markets often suffer from a lack of current, comprehensive data and metrics. Until a few years ago, the multifamily market of the Rio Grande Valley (RGV) was no exception. Much of the region’s multifamily product consists of “clusters” of fourplexes. In many cases, different investors own different units within these properties, which generally do not have management and leasing offices with hard data. Consequently, for years multifamily developers and brokers in Hidalgo and Cameron counties operated without reliable information on their market, generally ceding to the ideas that it was overbuilt. Turns out they were incorrect. Year-over-year rent growth in this market tends to be flat. Fluctuations are short-lived and back-and-forth in nature. But beginning in 2015 and carrying over into 2016, multifamily players in the RGV began to realize that their market was not overbuilt and that in fact, demand for better product was rising. Volatile Vacancy To better grasp the ebbs and flows of this market, we revert to 2008 and pre-recession data. To simplify our analysis, we use the McAllen-Edinburg-Mission MSA as a proxy for the region. In 2008, multifamily vacancy stood at approximately 6 percent. By 2011, when …

May 18, 2018

Development Florida Retail Southeast Top Stories

Triple Five Group’s $4B Mall, Theme Park in Miami Wins County Approval

by Kristin Harlow May 18, 2018

MIAMI — Miami-Dade County has approved the development of the American Dream Miami retail theme park. From Canadian developer Triple Five Group, the project is expected to cost $4 billion and span 6.2 million square feet. Located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive, American Dream Miami will include a selection of retailers, restaurants, a performing arts center, multi-screen theater, hotel, theme park, indoor ski park, indoor waterpark, indoor skating rink, aquarium and submarine ride. The project is slated to become the largest mall in the United States and draw a large number of visitors each year. The site is located near both Miami International Airport and Ft. Lauderdale-Hollywood International Airport. “American Dream Miami will not only create jobs and attract investment to our community, but it will also contribute to the county nearly $60 million in impact fees, a transit center, new buses for Miami-Dade and Broward and $210 million for roads and interchange improvements to accommodate traffic,” says Miguel Diaz de la Portilla, attorney with Saul Ewing Arnstein & Lehr representing Triple Five on the project. Triple Five is the developer behind Minnesota’s Mall of America, Canada’s West Edmonton Mall and American …

May 18, 2018

Loans New York Northeast Office

Houlihan-Parnes Secures $30M Refinancing for Office Building in Tarrytown

by David Cohen May 17, 2018

TARRYTOWN, N.Y. — Houlihan-Parnes Realtors and GHP Office Realty have secured $30 million in refinancing for a Class A office building located at 660 White Plains Road in Tarrytown. GHP Office Realty, Houlihan-Parnes Realtors and RD Management purchased the building in 2017. The loan was structured into two facilities to preserve an existing below-market rate and provide for additional funds to complete all renovations and tenant build-outs. The loan is for a term of 12 years with the initial rate fixed for seven years. The 296,780-square-foot office building is currently 98 percent occupied with a tenant roster that includes Prestige Brands, ENT and Allergy Associates, and KeyBank National Association.

May 17, 2018

Loans Multifamily New York Northeast

Pembrook Provides $32.7M in Financing for Luxury Condo Redevelopment in Upper East Side

by David Cohen May 17, 2018

NEW YORK CITY — Pembrook Capital Management has provided a $32.7 million first mortgage loan to finance the condominium conversion of a restored mansion in the Upper East Side of Manhattan. The borrower was undisclosed. Located at 320 East 82nd St., Park Mansion will offer six full-floor units with outdoor space. Units range in size from 2,243 to 4,447 square feet with three to four bedrooms. Amenities will include a private gym, bike storage, individually locked storage rooms and a key-locked elevator. The property, which was originally constructed in 1900, is located between Central Park and Carl Shurz Park.

May 17, 2018

Acquisitions Northeast Retail Rhode Island

HFF Negotiates Sale of 60,488 SF Shopping Center in Southern Rhode Island

by David Cohen May 17, 2018

RICHMOND, R.I. — HFF has negotiated the sale of 22 Kingstown Road, a 60,488-square-foot shopping center in Richmond. The property includes a Super Stop & Shop grocery store, Super Stop & Shop Fuel Center and a 5,000-square-foot Anytime Fitness. HFF represented the undisclosed seller in the transaction and procured the institutional buyer. The shopping center serves the surrounding communities of Narragansett, Block Island and Charlestown.

May 17, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $11.5M Sale of Mixed-Use Development Site in Bushwick

by David Cohen May 17, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of 333-335 Irving Ave., a mixed-use conversion opportunity in Brooklyn’s Bushwick neighborhood. The sales price was $11.5 million. DJ Johnson of Cushman & Wakefield represented the seller, Standard Tinsmith Supply, in the transaction. The buyer was Cheskie Weisz. 333-335 Irving Ave. consists of two lots. The first has an existing 12,500-square-foot warehouse and the second is a vacant 75-foot by 100-foot lot offering 31,500 buildable square feet. Nearby retailers include Starbucks, Dollar Tree and CVS, as well as a number of local bars and restaurants.

May 17, 2018

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