Property Type

NKF Capital Markets Brokers Sale of 220,000 SF Shopping Center in New Hampshire

by Taylor Williams August 17, 2018

NASHUA, N.H. — NKF Capital Markets has brokered the sale of Royal Ridge Center, a 220,000-square-foot shopping center in Nashua. The center is located just across the Massachusetts border within New Hampshire’s tax-free shopping environment. The buyer and sales price were not disclosed. Justin Smith and Robert Griffin of NKF Capital Markets represented the seller, O’Connor Capital, in the transaction. Royal Ridge Center is currently 100 percent occupied by a national tenant roster that includes Shaw’s, Marshalls, HomeGoods, PetSmart and Sierra Trading Post.

August 17, 2018

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Arranges $12.7M Sale of Retail Center in New Jersey

by Taylor Williams August 17, 2018

FRANKLIN PARK, N.J. — Marcus & Millichap has arranged the $12.7 million sale of Somerset Plaza Shopping Center, a 67,530-square-foot retail center in Franklin Park, located about 40 miles south of New York City. Alan Cafiero, Brent Hyldahl and Ben Sgambati of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller. The buyer was a local private investor. The tenant roster at the center includes Good Fortune, Dollar General, Papa John’s Pizza and PNC Bank.

August 17, 2018

Industrial Loans New Jersey Northeast

MidCap Financial Provides $5.1M Acquisition Loan for Industrial Facility in Mount Laurel, N.J.

by Taylor Williams August 17, 2018

MOUNT LAUREL, N.J. — MidCap Financial has provided a $5.1 million acquisition loan for a 112,000-square-foot multi-tenant industrial property in Mount Laurel, just east of Philadelphia. MidCap provided Burton Real Estate with $5.1 million in floating-rate financing for the $6.3 million acquisition of the property. Other loan terms were not disclosed. Mike Klein of HFF’s New York office arranged the transaction.

August 17, 2018

Acquisitions Massachusetts Multifamily Northeast

Northeast Private Client Group Negotiates $2.6M Sale of Apartment Building Near Boston

by Taylor Williams August 17, 2018

REVERE, MASS. — Northeast Private Client Group has negotiated the $2.6 million sale of the Revere Beach Parkway Apartments in Revere. The property, which is located at 473 Revere Beach Parkway, consists of eight two-bedroom residential units. The sales price equates to $333,333 per unit at a capitalization rate of 5.9 percent based on current net operating income. Drew Kirkland and Francis Saenz of Northeast Private Group represented the seller, Boston-based Nine John Street LLC., in the transaction. The buyer was 7 Hills Living Community LLC.

August 17, 2018

District of Columbia Florida Hospitality Loans New York Northeast Southeast Top Stories

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Industrial Market Reports Self-Storage Texas Texas Market Reports

Oversupply, Taxes Choke Self-Storage Growth

by Taylor Williams August 17, 2018

Self-storage properties have had a pretty good run in Texas over the last several years. Surging population growth has brought more material possessions into the state, boosting absorption of existing space. In addition, ample land for development has enabled builders to bring self-storage — a submarket-specific business — to new, underserved communities. The investment side of the business has flourished as well. A capital-rich environment has sustained a healthy pace of development and price escalation has kept cap rates low, incentivizing many owners to market their properties for sale. The building boom is still running hot. According to Tennessee-based research firm STR, as of June 2018, there were more than 300 self-storage facilities in the development pipeline in Texas. In the 12 months leading up to that point, 72 new facilities totaling almost 7 million square feet came on line. In addition, about 130 new properties are slated to open by June 2019, adding more than 9 million square feet, or 5.7 percent of the existing inventory. And those figures only encompass the seven biggest markets in Texas. According to The Houston Chronicle, the Dallas, Houston, Austin and San Antonio markets all feature about 8 square feet of storage space …

August 17, 2018

Development Retail Texas

RealtyLink, Oakridge Underway on 190,000 SF Retail Development in Terrell, Texas

by Taylor Williams August 16, 2018

TERRELL, TEXAS — A partnership between South Carolina-based RealtyLink and Dallas-based Oakridge Investments is underway on the construction of Crossroads at Terrell, a 190,000-square-foot retail development in Terrell, about 28 miles east of downtown Dallas. The property will be anchored by a 74,000-square-foot Film Alley Movie Entertainment Center that is scheduled to open in 2019. New tenants including Hobby Lobby, Ross Dress for Less, Five Below, Chick-fil-A and Rack Room Shoes are slated to open at the development in spring 2019. Andrew Lehner of CBRE is marketing the property on behalf of the developers.

August 16, 2018

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 1,331-Unit Multifamily Portfolio in Houston

by Taylor Williams August 16, 2018

HOUSTON — CBRE has negotiated the sale of a portfolio of three multifamily communities totaling 1,331 units in Houston. The properties, which had an average overall occupancy of 91 percent at the time of sale, are Westchase Estates, Westchase Grand and Westchase Preserve. Matt Phillips and Clint Duncan of CBRE represented the seller, a partnership between Ascension Commercial Real Estate and Moriah Group, in the transaction. Michael Thompson of CBRE arranged acquisition financing for the deal on behalf of the buyer, The Valcap Group LLC.

August 16, 2018

Development Mixed-Use Texas

Stratus Properties to Develop 54-Acre Mixed-Use Project in Kingwood, Texas

by Taylor Williams August 16, 2018

KINGWOOD, TEXAS — Austin-based Stratus Properties Inc. will develop Kingwood Place, a 54-acre mixed-use project in Kingwood, a 14,000-acre master-planned community located northeast of Houston. The project, which will be anchored by a 103,000-square-foot H-E-B grocery store, will also feature 41,000 square feet of additional retail space and approximately 300 multifamily units. Construction is scheduled to begin in November.

August 16, 2018

Acquisitions Multifamily Texas

37th Parallel Acquires 224-Unit Apartment Community in San Antonio

by Taylor Williams August 16, 2018

SAN ANTONIO — 37th Parallel Properties, a Virginia-based multifamily investment firm, has acquired Summit of Thousand Oaks, a 224-unit multifamily community in San Antonio. Built in 1983, the property consists of 144 one-bedroom units and 80 two-bedroom apartments. Amenities include a pool and a fitness center. The new ownership will add new retaining walls and landscaping, as well as upgrade the leasing center and unit interiors. Cutt Ableson of Berkadia arranged a Freddie Mac green loan for the transaction, the seller in which was not disclosed.

August 16, 2018

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