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Auburn-Park-167-Auburn-WA
AcquisitionsIndustrialWashingtonWestern

Cushman & Wakefield Negotiates Sale of Auburn Park 167 Industrial Property in Metro Seattle

by Amy Works

AUBURN, WASH. — Cushman & Wakefield has brokered the sale of Auburn Park 167, an industrial park at 3703 and 3941 I Street NW in Auburn, approximately 20 miles south of Seattle. Terms of the transaction were not released. Situated on 17.6 acres, the 385,986-square-foot Auburn Park 167 features two industrial warehouses with a variety of bay sizes, 30-foot clear heights and grade/dock-high loading doors. Currently, Auburn Park 167 is 100 percent leased. Bryce Aberg, Jeff Chiate, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s national industrial investment advisory group represented the seller in the transaction.

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35914-Winchester-Rd-French-Valley-CA
AcquisitionsCaliforniaNet LeaseRetailWestern

SRS Real Estate Partners Brokers $13.3M Sale of EoS Fitness-Occupied Retail Property in French Valley, California

by Amy Works

FRENCH VALLEY, CALIF. — SRS Real Estate Partners has arranged the sale of a retail property located at 35914 Winchester Road in French Valley, located in the Inland Empire region. A Southern California-based private developer sold the recently developed building to a Southern California-based private investor for $13.3 million in a 1031 exchange. EoS Fitness occupies the 38,000-square-foot building under a 20-year, absolute triple-net, corporate-guaranteed lease. The gym, which is the anchor tenant at French Valley Marketplace, is slated to open in late August. Additional tenants at the 78,400-square-foot shopping center includes Grocery Outlet, McDonald’s, Chipotle and 7-Eleven. Matthew Mousavi, Patrick Luther and Jack Cornell of SRS Capital Markets represented the seller in the deal.

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101-Yesler-Way-Seattle-WA
AcquisitionsLoansMixed-UseOfficeRetailWashingtonWestern

BH Properties Receives $3M Bridge Loan for Acquisition of Olympic Block Mixed-Use Complex in Seattle

by Amy Works

SEATTLE — Gantry has arranged a $3 million bridge loan to finance the acquisition and repositioning of Olympic Block, a downtown Seattle mixed-use complex. The borrower is BH Properties. Located at 101 Yesler Way, the 75,000-square-foot property offers creative office space and ground-floor retail space. Acquired through a deed in lieu of foreclosure, the financing was based on a reset 2024 valuation, recognizing current vacancy and related cash flow challenges. Mark Ritchie and Alicia Sabanero of Gantry secured the three-year, fixed-rate loan through one of Gantry’s correspondent insurance company lenders. The financing features interest-only payments for the entirety of its duration.

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IndustrialLoansNortheastPennsylvania

Tremont Realty Capital Provides $27M Loan for Refinancing of Industrial Property in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — Tremont Realty Capital, a division of metro Boston-based investment firm RMR Group, has provided a $27 million loan for the refinancing of a 138,065-square-foot industrial property in Wayne, a northwestern suburb of Philadelphia. The building at 400 Devon Park Drive was originally constructed in 1969 and features clear heights of 20 to 24 feet. JLL arranged the loan, which was structured with a three-year initial term with two one-year extension options. The borrower was a joint venture between Mainstreet Capital Partners and Contrarian Capital Management.

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DevelopmentIndustrialNortheastPennsylvania

Hankin Group Breaks Ground on 70,000 SF Industrial Flex Project in Exton, Pennsylvania

by Taylor Williams

EXTON, PA. — Locally based developer Hankin Group has broken ground on Phase II of Haywood Business Park, a 70,000-square-foot industrial flex project in Exton, about 35 miles west of Philadelphia. Phase II of Haywood Business Park is being developed on a speculative basis and will consist of two 35,000-square-foot buildings that can support light manufacturing, warehousing and research-and-development uses. Leasing is underway on the first building, which features a clear height of 20 feet, four dock doors and 54 parking spaces. Construction of that building is slated for an early 2025 completion. Phase I of Haywood Business Park delivered 105,000 square feet of product.

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AcquisitionsIndustrialNortheast

Colliers Brokers $8M Sale of Central New Jersey Warehouse

by Taylor Williams

EDISON, N.J. — Colliers has brokered the $8 million sale of a 29,000-square-foot warehouse in the Central New Jersey community of Edison. The building at 6 Olsen Ave. includes 3,000 square feet of office space and 100 parking spaces. Jacklene Chesler and Patrick Norris represented the seller in the transaction. Christopher Galiano of NAI DiLeo-Bram represented the buyer, which also plans to occupy the building. Both parties requested anonymity.

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Leasing ActivityNew YorkNortheastOffice

Stark Office Suites Signs 11,816 SF Office Lease in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Stark Office Suites has signed an 11,816-square-foot office lease in Midtown Manhattan. The provider of executive suites and virtual workspace solutions is taking a full floor at 825 Third Avenue, a 530,000-square-foot building that recently underwent a $150 million capital improvement program. Tom Bow, Ashlea Aaron, Sayo Kamara and Bailey Caliban internally represented the landlord, The Durst Organization, in the lease negotiations. Craig Lemle and Roi Shleifer of Savills represented the tenant.

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621-SW-Morrison-St-Portland-OR
Market ReportsOfficeOregonWesternWestern Market Reports

Portland’s Office Market Sees Upsides Amid Dynamic Conditions

by Jeff Shaw

— By Jessica Ramey, Executive Vice President and Co-Lead for Agency Leasing, and Patricia Raicht, Head of Research for U.S. West and Latin America, JLL — Portland’s office sector is a tale of market cycles, with many signs trending in positive directions. Leasing continues to strengthen, tenants are taking space for longer terms and certain sectors are performing better than others. All of this provides opportunities for those able to execute on them. Portland’s suburban market is second best in the U.S. with a 13 percent vacancy that is significantly below the U.S. average of 21.9 percent. By contrast, the urban market recently tied with Phoenix for the fifth-highest vacancy nationally. Vacancy had been increasing in downtown Portland, but the rate of negative absorption is starting to moderate. JLL anticipates the numbers will turn positive in 2025. Urban/Downtown Market Green-Shoots Rising The revitalization of downtown is making significant progress thanks to efforts by both local government and private-sector groups. As such, the migration of tenants out of the urban core has largely subsided. Nevertheless, as corporations begin to evaluate their space needs and location options, they remain concerned about safety and parking. Many are also increasingly looking at public transit and area amenities …

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Walker-Baptist-Medical-Center_Jasper-Ala
AcquisitionsHealthcareTexasTop Stories

Tenet Healthcare to Sell Five Metro Birmingham Hospitals to Orlando Health for $910M

by Hayden Spiess

BIRMINGHAM, ALA. — Dallas-based Tenet Healthcare Corp. has agreed to sell its 70 percent majority ownership interest in Brookwood Baptist Health in Birmingham for roughly $910 million. Orlando Health is the buyer in the all-cash transaction.  The sale will include five hospitals located in the Birmingham metro — Brookwood Baptist Medical Center, Princeton Baptist Medical Center, Walker Baptist Medical Center, Shelby Baptist Medical Center and Citizens Baptist Medical Center. Affiliated physician practices and other related operations are also included in the transaction. The sale is expected to close this fall, subject to customary regulatory approvals, clearances and closing conditions.  Under the agreement, Conifer Health Solutions, a subsidiary of Tenet Healthcare Corp., will enter into a new and expanded 10-year contract to provide revenue cycle management services to the hospitals and related operations.  According to a press release issued by Tenet, its equity interest in the Brookwood Baptist Health joint venture generated pre-tax income of approximately $12 million over the 12-month period that ended June 30.  Tenet has been a seller in recent years. In 2015, Georgia-based WellStar Health System purchased five metro Atlanta hospitals and related operations from Tenet for $575 million, marking the seller’s exit from the Georgia market. …

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Company NewsFloridaRestaurantRetailSoutheast

Buca di Beppo Files for Chapter 11 Bankruptcy, Plans to Keep 45 Remaining Restaurants Open

by John Nelson

ORLANDO, FLA. — Orlando-based Italian dining chain Buca di Beppo has voluntarily filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. USA Today reports that the restaurant chain claimed it owed 30 separate creditors approximately $50 million at the time of filing. The restructuring will involve 44 core restaurants, as well as a new store currently being opened. According to a press release issued by the company, it is “committed to ensuring that the restaurants operate as usual.” Gray Reed & McGraw LLP is serving as legal advisor to the company, and CR3 Partners LLC is acting as financial advisor, as well as providing corporate leadership as the chief restructuring officer. Stout Capital is acting as investment banker on behalf of the brand. “By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future,” says Rich Saultz, president of Buca di Beppo.

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