Property Type

Rodeo Drive Retail Property Sells for $110M, Double the Purchase Price from 24 Hours Earlier

by Kristin Harlow March 30, 2018

BEVERLY HILLS, CALIF. — A subsidiary of Paris-based LVMH has purchased a 6,200-square-foot retail building at 456 N. Rodeo Drive in Beverly Hills for $110 million. Just one day earlier, Palm Beach, Fla.-based Sterling Organization purchased the same asset for $55 million from The Karl B. Schurz Trust. According to a news release, an intermediary had approached LVMH, parent company of Louis Vuitton, to lease space at the property, but the luxury goods conglomerate expressed interest in acquiring the space instead. The sale equates to roughly $17,750 per square foot and a net gain of approximately $55 million for Sterling and its institutional investor partners in its Sterling Value Add Partners II fund. The property is located in the Golden Triangle, between Santa Monica Boulevard and Brighton Way. Rodeo Drive is home to luxury retailers such as Louis Vuitton, Chanel, Celine, Hermes, Ralph Lauren, Hugo Boss, Vera Wang, Salvatore Ferragamo, Versace, Tiffany & Co., Gucci, Cartier, Fendi, Givenchy, Loro Piana, Rimowa, Prada and Burberry. “On the West Coast, it’s all about those three, high-value blocks of Rodeo Drive where the world’s premier luxury brands must have a presence by planting their flag,” says Brian Kosoy, president and CEO of Sterling. In contrast, he says luxury …

March 30, 2018

Industrial Market Reports Texas Texas Market Reports

San Antonio Nonprofit’s Warehouse Search Captures Trends in Industrial Market

by Taylor Williams March 30, 2018

As the retail sector continues to adapt and evolve to meet consumer demand for e-commerce and next-day or same-day delivery, industrial real estate will hold its place in 2018 as the top-ranked property sector. The property type has held this title for the past four years, according to the annual Emerging Trends in Real Estate study, conducted by PwC and the Urban Land Institute. The growth of e-commerce has been so rapid that the demand for industrial warehouse space has far outpaced supply in most markets for years. However, Emerging Trends also indicates that supply and demand began to come into balance in 2017 and will continue to do so in 2018. That balance gives users the opportunity to pay for industrial spaces that better suits their needs, as new buildings with increased technology and other amenities are popping up in prime areas. The growth of e-commerce has also created new demand for properties that were previously considered Class B and C industrial buildings, particularly those located along the “last mile” to consumers in urban areas. Basic Stats & Trends Current demand for industrial real estate in San Antonio is highly diverse. According to the latest report from REOC San …

March 30, 2018

Acquisitions Massachusetts Multifamily Northeast

Colliers Brokers Sale of 185-Unit Apartment Portfolio in Suburban Boston for $45.2M

by David Cohen March 29, 2018

WAKEFIELD AND ACTON, MASS. — Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. The two apartment properties are located at 105-109 Hopkins St. in Wakefield and 117 Central St. in Acton. The properties offer close proximity to the MBTA commuter rail stations in Wakefield and Acton, respectively. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.

March 29, 2018

Multifamily New Jersey Northeast

Strategic Capital Tops Out Waterfront Condominium Development in Jersey City

by David Cohen March 29, 2018

JERSEY CITY, N.J. — Developer Strategic Capital has topped out Park and Shore, a luxury condominium project under construction in the Newport neighborhood of Jersey City. The waterfront condominium project consists of two buildings, 75 Park Lane and Shore House, which have now reached their full heights of 37 stories and seven stories, respectively. The 75 Park Lane building features resort-style living and 358 residences while Shore House includes 71 boutique residences inspired by the lofts of Tribeca. Designed by architecture firm Wood Bagot, both buildings feature views of the Hudson River and Manhattan skyline. Park and Shore is the first condominium development in Newport in eight years. The general contractor for the project is Plaza Construction, a sister company of Strategic Capital. The first closings are slated to begin late this year with pricing for one-bedroom homes starting at $640,000. Both buildings are slated to be completed in 2019. Strategic Capital is the project developer and investment arm of China Construction America.

March 29, 2018

Loans Mixed-Use New York Northeast

Madison Realty Provides $31.4M in Construction Financing for Williamsburg Mixed-Use Development

by David Cohen March 29, 2018

NEW YORK CITY — Madison Realty Capital has provided a $31.4 million loan for the construction of a mixed-use development at 744 Bedford Ave. in the Williamsburg neighborhood of Brooklyn. All proceeds of the loan will go toward completing construction of the 134,742-square-foot building. When complete, the building will include 88 residential rental units, 18,393 square feet of retail space and 76 parking spaces. The borrower, a local developer, has laid the foundation of the building and begun construction. The project is scheduled to be complete by spring 2019.

March 29, 2018

Loans Multifamily New York Northeast

Meridian Capital Arranges $42M Loan for Apartment Community on Manhattan’s Lower East Side

by David Cohen March 29, 2018

NEW YORK CITY — Meridian Capital Group has arranged $42 million in financing for the acquisition and renovation of an apartment property in the Lower East Side neighborhood of Manhattan. The eight-story property is located at 10 Rutgers St. and includes 83 units. A balance sheet lender provided the seven-year loan, which features three years of interest-only payments, followed by a 30-year amortization schedule. The borrower, AMAC Holdings, plans to renovate and reposition the property. Tal Bar-Or and Richard Sutton of Meridian negotiated the financing in the transaction.

March 29, 2018

Acquisitions Connecticut Northeast Retail

HFF Brokers Sale of 382,864 SF Shopping Center in Connecticut

by David Cohen March 29, 2018

WATERBURY, CONN. — HFF has brokered the sale of Naugatuck Valley Shopping Center, a 382,864-square-foot, grocery-anchored shopping center in Waterbury. HFF represented the undisclosed seller and procured the buyers, Premium Property and BH Premium Quality Waterbury. The 50.5-acre shopping center at 950 Wolcott St. offers 2,155 parking spaces and is anchored by the region’s highest grossing Walmart. Other tenants include Panera Bread, Bob’s Stores and Wendy’s. The sale price was not disclosed.

March 29, 2018

Southwest-Commerce-Center-Missouri-City-Texas

Development Industrial Texas

Ridge to Develop 477,355 SF Speculative Industrial Property in Metro Houston

by Taylor Williams March 29, 2018

MISSOURI CITY, TEXAS — Ridge, the industrial development arm of Transwestern, will develop Southwest Commerce Center, a 477,355-square-foot speculative industrial property in the southwestern Houston metro of Missouri City. The cross-dock property will be situated on a 29-acre site at the corner of Beltway 8 and U.S. Highway 90. Individual features will include 32-foot clear heights, 129 dock doors, 58 trailer parking spaces and 275 car parking spaces. The groundbreaking is slated for May and delivery is slated for early 2019.

March 29, 2018

DoubleTree-by-Hilton-Austin-Northwest-Arboretum

Acquisitions Hospitality Texas

HFF Negotiates Sale of 194-Room Hilton-Branded Hotel in Austin

by Taylor Williams March 29, 2018

AUSTIN, TEXAS — HFF has negotiated the sale of the 194-room DoubleTree by Hilton Hotel Austin Northwest Arboretum on Austin’s north side. The property is situated adjacent to two mixed-use developments, The Domain and The Arboretum, and features a 24-hour business center, outdoor pool and 6,600 square feet of meeting and event space. John Bourret, Austin Brooks and Daniel Peek of HFF represented the seller, Florida-based Driftwood Hospitality Management, in the transaction. San Diego-based Pinnacle Hotels USA purchased the property for an undisclosed price.

March 29, 2018

Development Hospitality Texas

NewcrestImage Opens 134-Room Hyatt-Branded Hotel in Oklahoma City’s Bricktown District

by Taylor Williams March 29, 2018

OKLAHOMA CITY — Dallas-based hospitality development firm NewcrestImage has opened a 134-room Hyatt Place hotel in the Bricktown district of Oklahoma City. The five-story property features a 24-hour fitness center and 1,800 square feet of meeting space. The Hyatt Place is the third hotel operated by NewcrestImage in Oklahoma City.

March 29, 2018

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