Property Type

George Smith Partners Secures $45M in Financing for San Francisco Proper Hotel

by Nellie Day April 10, 2018

SAN FRANCISCO — George Smith Partners has secured $45 million in bridge refinancing for the 131-room San Francisco Proper Hotel in the city’s Mid-Market neighborhood. The flatiron building is located at 1100 Market St. at the triangle of McAllister, Market and Seventh streets. The new bridge loan will allow the borrower, Kor Group, to focus on its operations and further establish the property as a luxury lifestyle hotel in San Francisco. The funds will replace an existing construction loan and mezzanine facility, providing cost savings and flexibility for Kor. Malcolm Davies, Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim of George Smith Partners arranged the financing.

April 10, 2018

California Industrial Western

BKM Acquires 122,253 SF Industrial Park in Sacramento for $10.1M

by Nellie Day April 10, 2018

SACRAMENTO, CALIF. — BKM Capital Partners has acquired Expo Centre, a 122,253-square-foot, multi-tenant industrial business park in downtown Sacramento for $10.1 million. The seven-building park is located alongside the SR-160 at 1761 to 1791 Tribute Road. Expo Centre is currently 81 percent leased with in-place rental rates that are about 18 percent below market value. BKM plans to implement a series of capital improvements to reposition the property. BKM acquired the property from a private syndication managed by Sperry Equities. Palmer Capital represented the seller in this transaction.

April 10, 2018

Loans Retail Washington Western

Cohen Financial Arranges $11.9M Refinancing for Two Retail Centers in Vancouver, Washington

by Nellie Day April 10, 2018

VANCOUVER, WASH. — Cohen Financial, a division of SunTrust Bank, has arranged two loans totaling $11.9 million for the refinancing of two retail centers located in Vancouver. Peter Norrie of Cohen Financial arranged a $4.7 million loan for Salmon Creek Center and a $7.2 million loan for 164th Plaza through Alaska USA Federal Credit Union. The name of the borrower was not disclosed. The five-year loans feature 25-year amortization schedules and an option to extend for another five years.

April 10, 2018

Colorado Restaurant Retail Western

Chipotle Undertakes Environmental Sustainability Project

by Nellie Day April 10, 2018

DENVER — Chipotle Mexican Grill plans to divert half of all of its restaurant waste from landfills by 2020. Since 2015, the Denver-based fast-casual restaurant chain has made strides toward reducing the amount of food and packaging waste bound for landfills, increasing its diversion rate from 31 percent that year to 40 percent in 2017. To reach this goal, Chipotle and its partners are implementing several best practices to reduce the amount of food waste, adjust services, recycle and compost waste, audit its programs and donate leftover food.

April 10, 2018

Acquisitions New York Northeast Retail

Uniland Acquires $14.5M Partnership Interest in Mall in Western New York

by David Cohen April 10, 2018

CLARENCE, N.Y. — Uniland Development Co. has acquired a $14.5 million interest in Mountain Development Corp.’s Eastern Hills Mall in Clarence, about 20 miles east of Buffalo. The Buffalo News, citing documents filed in the Erie County clerk’s office, reported the amount of the payment. The enclosed, 86-acre shopping mall will be redeveloped by the joint venture partners into Western New York’s first open-air, multi-use town center. During the redevelopment, the mall will remain open. No changes will be made to the mall until a master plan is complete in two to three years. Current tenants at the mall include Bon Ton, JCPenney, Orvis Sporting Goods and Sears. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack, Joyce MacKnight, Ben Borruso and Kubby Tischler of Cushman & Wakefield represented Mountain Development Corp. in the transaction.

April 10, 2018

Acquisitions New Jersey Northeast Office

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $9.8M Loan for Refinancing of Three Flex Buildings in New Jersey

by David Cohen April 10, 2018

WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.

April 10, 2018

Acquisitions Office Southeast Virginia

Meridian Group Sells Majority Stake in Northern Virginia Office Complex to MetLife for $244M

by Camren Skelton April 10, 2018

TYSONS, VA. — The Meridian Group has secured MetLife Investment Management as a joint venture partner for Boro Station, a three-building office complex in Tysons. MetLife acquired a 95 percent stake in the property for $244 million, according to local media reports. Meridian will retain a minority interest and continue day-to-day property management. Boro Station serves as the gateway to The Boro, Meridian’s planned 4.2 million-square-foot mixed-use development that will feature office, retail, entertainment and open park space upon completion. Meridian acquired Boro Station from Science Applications International Corp. in 2013 and invested more than $60 million to renovate the property. Capital improvements included an upgraded lobby, improved fitness center, new entrance, new conference center and the addition of a two-story café and a Starbucks Coffee. The property features a 1,602-car parking garage and is located within walking distance to the Greensboro Metro station. Collins Ege, Nicolas Seidenberg, Sean McDermott, Bradley Allen and Axel Azcue of Eastdil Secured arranged the transaction on behalf of Meridian.

April 10, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $35.2M Fannie Mae Acquisition Loan for Apartment Community in Broward County

by Camren Skelton April 10, 2018

DANIA BEACH, FLA. — KeyBank Real Estate Capital has provided a $35.2 million Fannie Mae loan for the acquisition and rehabilitation of Sheridan Lake Club Apartments, a 240-unit multifamily community in Dania Beach. Timothy DeWispelaere of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Fannie Mae’s Green Rewards program. The name of the borrower was not disclosed, but local media outlets report American Landmark Properties acquired the property. Situated in South Florida’s Broward County, Sheridan Lake Club Apartments was built in 2001 and features a resort-style pool, 24-hour fitness center, business center, pet park and a playground.

April 10, 2018

Acquisitions Florida Industrial Southeast

Monmouth Acquires 399,440 SF Industrial Building in Daytona Beach for $30.8M

by Camren Skelton April 10, 2018

DAYTONA BEACH, FLA. — Monmouth Real Estate Investment Corp. has acquired a new industrial building located at 1341 N. Clyde Morris Blvd. in Daytona Beach for $30.8 million. The seller, VanTrust Real Estate, completed the 399,440-square-foot, build-to-suit facility for B. Braun Medical Inc. in 2017. The Pennsylvania-based medical device company manufactures, markets and sells healthcare products worldwide and is a subsidiary of B. Braun Melsungen AG, based in Germany. The property is net-leased to B. Braun for 10 years. The building is situated on 27.5 acres, roughly four miles from Daytona Beach International Airport and near Interstate 4.

April 10, 2018

Newer Posts

Older Posts