Property Type

A New Era for Industrial Design

by Taylor Williams July 3, 2018

Demand for industrial space is soaring and the growth of e-commerce has opened the doors for more competitors to enter the freight and logistics spaces. In addition, the latest data from the Bureau of Labor Statistics (BLS) notes that year-to-date, the United States has added 200,000 new positions in the manufacturing sector, greatly increasing the demand for new industrial space. The advent of new technology is changing the face of the sector’s day-to-day operations. The rising influence of cloud computing and other forms of software that track inventories and model ideal production rates allow for more seamless manufacturing. Automated racking and shelving systems have increased the amount of vertical storage space available to operators and helped get product out the door with greater efficiency. These innovations have yet to significantly eat into industrial job growth, but they are already impacting design trends for new projects. “At this point we are only seeing a minor impact from automation, but it’s clearly present,” says Michael Scheurich, CEO of Arch-Con Construction, a general contracting firm with offices in Dallas and Houston. “Developers are figuring on smaller aisles between racking for conveyors and automated pickup equipment. This allows them to squeeze in more racks …

July 3, 2018

Hilton Grand Vacations Acquires Quin Hotel in Manhattan for $175M

by David Cohen July 2, 2018

NEW YORK CITY — Hilton Grand Vacations has acquired the Quin, a 17-story, 208-room hotel in Midtown Manhattan, for $175 million. The seller is a fund managed by UBS Asset Management, as reported by Bloomberg. The acquisition is the company’s fourth property in New York City. The Quin is a luxury lifestyle hotel located at 101 West 57th St. near Carnegie Hall and Times Square with views of Central Park. The hotel opened in 1929 as the Buckingham and housed a number of famous artists, including Georgia O’Keeffe and Marc Chagall. Hilton Grand Vacations plans to convert the existing 208 rooms into 212 timeshare units. Amenities are expected to include a private owner’s lounge, fitness center and restaurant. The property will remain open during all phases of the transition.

July 2, 2018

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $15.5M in Financing for Affordable Housing Community in Rochester

by David Cohen July 2, 2018

ROCHESTER, N.Y. — KeyBank has provided $15.5 million in financing to Home Leasing LLC for the construction of Charlotte Square, a 50-unit affordable housing community in Rochester. KeyBank provided a $6.6 million construction loan as well as $8.9 million in Low-Income Housing Tax Credit (LIHTC) equity. When completed, the project will have eight units set aside for individuals earning 30 percent of area median income (AMI); 26 units for individuals earning 60 percent of AMI; and 16 units for individuals earning 80 percent of AMI. Construction began in June. The New York State Division of Housing and Community Renewal and the City of Rochester provided additional funding.

July 2, 2018

Acquisitions Mixed-Use Northeast Pennsylvania

Dalzell Capital Partners Acquires Mixed-Use Property in Philadelphia

by David Cohen July 2, 2018

PHILADELPHIA — Dalzell Capital Partners has acquired Waverly Court, a mixed-use property located in Center City, Philadelphia, for $21 million. Originally built in the early 1900s, the property includes 61 apartments and 2,800 square feet of commercial space. All residential units feature factory-style windows, exposed brick walls, 12- to 14-foot ceiling heights and stainless steel appliances. Dalzell acquired the mixed-use building from Yess Properties. Waverly Court is Dalzell Capital’s third acquisition in Center City in less than a year.

July 2, 2018

Acquisitions Loans Multifamily New Jersey Northeast

Progress Capital Funds $2.3M Acquisition of Vacant Jersey City Gas Station

by David Cohen July 2, 2018

JERSEY CITY, N.J. — Progress Capital has provided a $2.3 million bridge loan for the acquisition of a vacant gas station located at 348 Baldwin Ave. in Jersey City. Kathy Anderson of Progress Capital arranged the financing for borrower, 350 Pavonia Group LLC. The term of the interest-only loan is 12 months accompanied by a fixed-rate of 12 percent. The gas station is slated to be demolished and the site has been approved for rezoning as residential. The borrower plans to construct a 45-unit multifamily building on the site. The below-ground tanks at the site were properly sealed at the time the gas station closed, according to the lender. Prior to purchase and approval of the multifamily development, testing at the site showed no risk of environmental hazard.

July 2, 2018

District of Columbia Loans Office Southeast

Natixis Provides $52.8M Refinancing for Office Building in D.C.’s East End

by Camren Skelton July 2, 2018

WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. The LEED Gold-certified building, which was approximately 30 percent leased at the close of financing, features 7,282 square feet of ground-floor retail space and two levels of below-grade parking.

July 2, 2018

Acquisitions Alabama Industrial Southeast

Monmouth Purchases Amazon-Leased Industrial Building Near Mobile for $33.7M

by Camren Skelton July 2, 2018

THEODORE, ALA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building located at 6735 Trippel Road in Theodore, roughly 15 miles southwest of Mobile, for $33.7 million. The 362,942-square-foot facility, which opened in the second half of 2017, is net-leased to Amazon Fulfillment Service Inc. for 11 years. Johnson Development Associates Inc. developed the facility in partnership with Amazon. The property is situated on 31.3 acres, roughly 14 miles from the Port of Mobile. The acquisition marks Monmouth’s second property leased to Amazon.

July 2, 2018

Acquisitions Georgia Hospitality Southeast

Apple Hospitality Acquires Hampton Inn & Suites in Metro Atlanta for $29.5M

by Camren Skelton July 2, 2018

DUNWOODY, GA. — Apple Hospitality REIT Inc. has acquired the 132-room Hampton Inn & Suites by Hilton Atlanta Perimeter Dunwoody for $29.5 million, or roughly $223,000 per room. The hotel, which opened in 2016, is located at 4565 Ashford Dunwoody Road, roughly 15 miles north of downtown Atlanta in the city’s Central Perimeter submarket. The name of the seller was not disclosed. The hotel features a business center, meeting rooms, fitness center and a pool. Following the acquisition, Apple Hospitality’s portfolio spans 243 hotels across 34 states.

July 2, 2018

Acquisitions Florida Retail Southeast

ShopOne Acquires Publix-Anchored Shopping Center Near Daytona Beach for $21.9M

by Camren Skelton July 2, 2018

ORMOND BEACH, FLA. — ShopOne Centers REIT Inc. has acquired The Trails Shopping Center, a 135,286-square-foot shopping center located at 282 N. Nova Road in Ormond Beach, a city on Florida’s east coast near Daytona Beach. Sabal Financial Group LP – Slate Trails Holdings LLC sold the asset for $21.9 million. Richard Chichester, Donald MacLellan and Shaun Riley of Faris Lee Investments arranged the transaction on behalf of ShopOne. Originally constructed in 1978, The Trails Shopping Center underwent a major renovation in 2017. A 36,866-square-foot Publix anchors the property, which was 77 percent leased at the time of sale. Additional tenants include Talbot’s, Chico’s, LOFT, Dairy Queen, Anytime Fitness, Jos. A. Bank, White House-Black Market, BurgerIM and Supercuts.

July 2, 2018

Acquisitions Florida Retail Southeast

NKF Capital Markets Arranges $18.3M Sale of Shopping Center, Outparcel in North Florida

by Camren Skelton July 2, 2018

LAKE CITY, FLA. — NKF Capital Markets has arranged the $18.3 million sale of Gleason Place, a 129,000-square-foot shopping center located at 275 Hutton Place N.W. in Lake City, a city in North Florida. The sale included the shopping center and a 1.3-acre land outparcel. Drew Fleming and Mark Joines of NKF Capital Markets represented the seller, Hutton, in the transaction. North Lauderdale Associates acquired the property. Constructed in 2017, Gleason Place was fully leased at the time of sale to tenants such as Hobby Lobby, Ross Dress for Less and Dick’s Sporting Goods. The center is located adjacent to a Publix-anchored center and the recently renovated Lake City Mall.

July 2, 2018

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