Property Type

Qatar-Owned Fund Acquires New York’s Historic Plaza Hotel for $600M

by Camren Skelton July 5, 2018

NEW YORK — A hospitality fund controlled by the state of Qatar has acquired New York’s historic Plaza Hotel for $600 million, according to Reuters. Katara Hospitality bought the majority stake held by Indian business group Sahara India Pariwar, along with a 25 percent stake held by New York-based real estate investor Ashkenazy Acquisition Corp. and its partner, Saudi Prince al-Waleed bin Talal, the Wall Street Journal reports. Sahara originally acquired the Plaza Hotel in 2012. Previous owners of the historic property include President Donald Trump, who acquired the asset in 1988 for $390 million, and hotelier Conrad Hilton. The Plaza Hotel is situated on the corner of 5th Avenue and Central Park South. Constructed in 1907, the hotel has hosted famous guests including The Beatles, Marilyn Monroe and Frank Lloyd Wright. The hotel has also been the site of films such as Home Alone 2, The Great Gatsby, Eloise at the Plaza and Alfred Hitchcock’s North by Northwest. The 282-room hotel features multiple on-site dining options including a champagne bar and The Plaza Food Hall, on-site retail, spas and salons. The property underwent a $450 million restoration in 2008. Katara Hospitality is a global hotel owner, developer and operator. …

July 5, 2018

InterFace Seniors Housing Midwest, Chicago

Conference Coverage Features Multifamily Seniors Housing

Smart Seniors Housing Developers Know How to Utilize Market Studies, Say InterFace Panelists

by Jeff Shaw July 5, 2018

CHICAGO — What are the limitations of a market study? In light of overbuilding concerns in some major metros, it’s a salient question. J.P. LoMonaco, president of Valuation & Information Group, moderated a panel discussion on the impact of market studies on new development during the InterFace Seniors Housing Midwest conference in June. The textbook definition of a market study is a comparison of supply and demand within a defined geographic area. It is a risk-assessment tool. Rick Banas, vice president of development and positioning at Gardant Management Solutions, considers a market study to be a snapshot in time that can help an owner or operator formulate strategies for developing a community. “[A market study] helps you identify red flags, caution flags. It may provide a green light, but it is not the only element that can give you an indication whether a project is a go, no go, or whether it is going to be successful,” said Banas. Dave Erickson, vice president of real estate development for the Ryan Cos., said one step he takes early on in the market study process is to mesh the National Investment Center for Seniors Housing & Care (NIC) data on supply and …

July 5, 2018

Market Reports Michigan Midwest Midwest Market Reports Office

Detroit Office Market Development Quickly Accelerates

by Kristin Harlow July 5, 2018

The most exciting story in Michigan’s overall recovery from the Great Recession has been the revitalization of downtown Detroit. For locals and out-of-towners, Detroit’s development boom is surprising, exciting, refreshing, and at times, hard to believe. This real estate cycle may go down as the most important and consequential in 50 years. Indeed, the numbers and the anecdotal evidence demonstrate that we are not just witnessing a hot market — we are witnessing a once-in-a-generation shift in Detroit’s office market. Where we were What makes Detroit’s renaissance so amazing is how far the city has come in just eight years. For decades, downtown Detroit’s office market was effectively in the Detroit River. The central business district (CBD) continuously bled tenants to suburban markets, and heavy concessions along with incentives were required to lure office users to the city. Office tenants tended to be law firms, city, county and federal government agencies, non-profits, and city contractors — generally users that had to be downtown for proximity to the courts and City Hall. While the real estate statistics were not strong, the larger issue was the overall look and feel of the setting. Many buildings sat ominously vacant, the restaurant scene was …

July 5, 2018

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

New Restaurants, Breweries Make Pittsburgh Culinary Destination

by David Cohen July 4, 2018

Pittsburgh was recently ranked among the “Top 100 Best Places to Live in 2018” by Livability.com, citing the region’s strong university presence, burgeoning craft beer industry and successful professional sports franchises as important factors. Home to more than 15 breweries and a variety of new restaurants garnering national critical acclaim, Pittsburgh has also added foodie town to its list of accolades. A mix of local ownership groups and national franchisees has been actively pursuing expansion opportunities and new concepts in the region. Among the most active are AMPD Group, a partnership that includes Local Bar + Kitchen, Steel Cactus and Social House 7, which has six new restaurants in the works in the coming months both in Pittsburgh and outside the region in Myrtle Beach, South Carolina. The owners behind a local gastropub, The Yard, are introducing a new concept call Stout Pub & Kitchen in the Airport Corridor submarket. This new concept will focus on a variety of cured and smoked meats coupled with local beers and spirits. The fifth location of The Yard, which specializes in craft beers and gourmet grilled cheese sandwiches, is under construction in the adjacent space. Full Menu of Food Options While full-service dining …

July 4, 2018

Acquisitions New York Northeast Retail

Gazit-Globe Acquires Leasehold Interest in Brooklyn Shopping Center for $43M

by David Cohen July 3, 2018

NEW YORK CITY — Gazit Horizons, a subsidiary of Tel Aviv-based Gazit-Globe, has acquired a joint venture interest in the Ceasar’s Bay Shopping Center located in the Gravesend neighborhood of Brooklyn. The joint venture, between Gazit and affiliates of Surrey Equities, owns the leasehold interest in the 300,000-square-foot shopping center. Gazit-Globe’s total investment was $43 million. The property sits on over 14 acres of waterfront land and has a tenant roster that includes Kohl’s, Best Buy, Modell’s Sporting Goods, Five Guys, Starbucks, and Vitamin Shoppe. Pryor Cashman partners Todd Soloway and Danielle Schechner and associates Ari Tran and Ari Buchen represented Gazit Horizons, Inc. in the transaction.

July 3, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $12.3M for Acquisition of Multifamily Portfolio Near Boston

by David Cohen July 3, 2018

CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.

July 3, 2018

Healthcare Loans New York Northeast

Greystone Provides $14.5M HUD Loan to Refinance Healthcare Facility in New York

by David Cohen July 3, 2018

TARRYTOWN, N.Y. — Greystone has provided $14.5 million HUD-insured loan for the refinancing of Tarrytown Hall Care Center, a skilled nursing facility in Tarrytown. The 120-bed facility is located 25 miles north of Manhattan. The transaction was originated by Fred Levine of Greystone. The borrower was undisclosed. The permanent loan carries a 35-year term and amortization period with a fixed rate.Tarrytown Hall offers a variety of specialized services, including short-term rehabilitation, physical therapy, cardiac therapy, stroke recovery and long-term care.

July 3, 2018

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Negotiates $14M Sale of Mixed-Use Building in Manhattan

by David Cohen July 3, 2018

NEW YORK CITY — Cushman & Wakefield has negotiated the $14 million sale of 224 East 59th St., a fully leased, five-story mixed-use building located in midtown Manhattan. Cushman & Wakefield represented the seller, Itzhaki Acquisitions, in the transaction. A foreign buyer purchased the property. The building features 16 residential units and ground-floor retail leased by KATAGIRI, the oldest Japanese grocery store in the United States. The residential component is a mix of rent-stabilized and free-market units.

July 3, 2018

Acquisitions Healthcare Massachusetts Northeast

R.W. Holmes Brokers $1.1M Sale of Medical Building in Suburban Boston

by David Cohen July 3, 2018

WESTBOROUGH, MASS. — R.W. Holmes Realty has brokered the sale of a 6,810-square-foot medical office building located at 210 Turnpike Road in Westborough. The sales price was $1.1 million. The property is located on 3.9 acres and includes 120 parking spaces. R.W. Holmes represented the seller, Park Street Realty LLC, in the transaction. The property was purchased by 6 Humphrey Street Realty LLC. At the time of sale, the building was occupied by two dentists and a window blinds company. The buyer plans to renew the leases of the tenants in the building.

July 3, 2018

American-Furniture-Warehouse-Fort-Collins-Colorado

Development Industrial Retail Texas

AFW to Open Two Stores Totaling 853,700 SF in Metro Houston

by Taylor Williams July 3, 2018

KATY AND WEBSTER, TEXAS — Colorado-based American Furniture Warehouse (AFW) will open two stores totaling 853,700 square feet in metro Houston. The company will open a 498,700-square-foot store on a 29-acre site in Katy, located west of Houston, as well as a 355,000-square-foot store on a 23-acre tract in Webster, a southeastern suburb of Houston. Both properties will feature showrooms and storage areas. Ben Brown of Houston-based brokerage firm Baker Katz represented AFW in the acquisitions of both sites. The stores will be the company’s first locations in Texas. Construction on the Katy store will begin in late fall/early winter, while work on the Webster store will commence in July or August. Both projects are expected to have construction periods lasting 10 to 12 months.

July 3, 2018

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