Property Type

Cleveland Office Market Sees String of New Projects

by Kristin Harlow August 17, 2017

Cleveland’s central business district (CBD) continues to make headlines as events like the Republican National Convention, the 2016 and 2017 NBA Championships and the 2016 World Series earned national attention. Within the office market, trends such as “flight to quality” and office-to-residential conversions, which are driven by a hot apartment market, have reduced surplus supply and lowered vacancies. This has shaped metrics positively, and has put Cleveland in a position of strength for the upcoming years. The news of the year has been the purchase of Key Tower by Millennia Cos., a local real estate developer known mostly for multifamily. The company moved its headquarters from a property in Valley View to two entire floors spanning approximately 40,000 square feet in Cleveland’s signature office tower. Almost immediately after, Forest City announced its headquarters move from the historic Terminal Tower to the Key Tower, backfilling almost 150,000 square feet of space that KeyCorp gave back in a downsizing strategy. By the first quarter of 2018, Key Tower will benefit from lobby and building amenity upgrades, and should see a vacancy rate of less than 10 percent. Another story on the horizon is the potential move of Medical Mutual of Ohio, now …

August 17, 2017

California Hospitality Western

SpringHill Suites in Central California Sells for $25M

by Nellie Day August 16, 2017

ATASCADERO, CALIF. — A Korean investment firm has acquired the 130-room SpringHill Suites Paso Robles Atascadero in Central California for $25 million. The hotel is located at 900 El Camino Real in the Paso Robles wine region. The four-story property opened in 2015. This is the new owner’s second U.S. investment. The group was attracted to the hotel’s location near the Central Coast and the emerging Paso Robles wine industry. Hunter Hotel Advisors represented the seller, an affiliate of J Street Hospitality, in this transaction.

August 16, 2017

Arizona Retail Western

Epic Real Estate Partners Acquires Grocery-Anchored Center in Tucson for $21.5M

by Nellie Day August 16, 2017

TUCSON, ARIZ. — HFF has arranged the $21.5 million sale of Ventana Village, a 110,116-square-foot shopping center in Tucson. Bashas’ Supermarket anchors the 90.8 percent occupied center, which is home to tenants including Tuesday Morning, Risky Business, Wells Fargo, El Charro Café, Subway, The UPS Store and Ventana Animal Hospital. CJ Osbrink and Gleb Lvovich of HFF represented the seller, Westwood Financial, in the transaction. Austin, Texas-based Epic Real Estate Partners purchased the asset free and clear of existing debt.

August 16, 2017

California Company News Multifamily Seniors Housing Western

Sabra Shareholders Approve Merger with Care Capital Properties

by Nellie Day August 16, 2017

IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …

August 16, 2017

Colorado Loans Retail Western

Vintage Cos. Receives $8.8M Refinancing for Rampart Village Center in Colorado Springs

by Nellie Day August 16, 2017

COLORADO SPRINGS, COLO. — Vintage Cos. has received an $8.8 million refinancing for Rampart Village Center, a five-building retail center totaling 96,296 square feet in Colorado Springs. Leon McBroom of HFF worked on behalf of the borrower to place the 10-year, fixed-rate loan with a CMBS lender. Gold’s Gym anchors the 93.2 percent leased center.

August 16, 2017

California Retail Western

Savills Studley Negotiates Sale of Chino Spectrum Towne Center in California

by Nellie Day August 16, 2017

CHINO, CALIF. — Savills Studley has negotiated the sale of Chino Spectrum Towne Center, a 459,969-square-foot shopping center located in Chino. MetLife Investment Management acquired the property from a partnership between Vestar Development Co. and an institutional entity. The price was not disclosed. The property is home to tenants including Walmart, Kohls, Best Buy, Marshalls, Nordstrom Rack, DSW, Party City, Pier One Imports and Aki Home. Bill Bauman and Kyle Miller of Savills Studley brokered the transaction.

August 16, 2017

Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $22.6M Sale of Apartment Community in North Charleston

by Camren Skelton August 16, 2017

NORTH CHARLESTON, S.C. — Cushman & Wakefield has brokered the $22.6 million sale of Plantation Flats, a 226-unit multifamily community in North Charleston. Watson Bryant, Tai Cohen and Paul Marley of Cushman & Wakefield represented the seller, URS Capital Partners, in the transaction. Miami-based Monument Real Estate Services acquired the property. Constructed in 1984, Plantation Flats features a swimming pool, business center, tennis court, picnic area and a fitness center. The property was 92 percent occupied at the time of sale.

August 16, 2017

Florida Loans Multifamily

Walker & Dunlop Secures $63.6M Bridge Loan for Multifamily Portfolio in Florida

by Camren Skelton August 16, 2017

KISSIMMEE AND OAKLAND PARK, FLA. — Walker & Dunlop has arranged a combined $63.6 million in financing for two apartment communities in Florida. The financing included a $38.1 million loan for Caribbean Isle in Kissimmee and a $25.5 million loan for Forest Park in Oakland Park. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop secured the three-year, floating-rate mortgage with interest-only payments on behalf of the apartment owners, Pilgrim V and GRA Equities.

August 16, 2017

Multifamily Seniors Housing South Carolina Southeast

Frampton Construction Delivers 100-Unit Seniors Housing Community Near Charleston

by Camren Skelton August 16, 2017

SUMMERVILLE, S.C. — Frampton Construction Co. LLC has finished development of The Blake at Carnes Crossroads, a 100-unit seniors housing community in Summerville, roughly 25 miles northwest of Charleston. The 84,000-square-foot building will include assisted living and memory care suites. The Blake is situated on 3.7 acres within the master-planned Carnes Crossroads community, developed by Daniel Island Co. The development features medical offices, retail, restaurants, a school, parks and a church. Frampton Construction partnered with Cardinal Ventures, along with its management company Blake Management Group, to develop The Blake.

August 16, 2017

Industrial Maryland Southeast

Finmarc Acquires Industrial Portfolio in Metro DC for $8.6M

by Camren Skelton August 16, 2017

ROCKVILLE, MD. — Finmarc Management Inc. has acquired a four-building warehouse portfolio in Rockville, roughly 17 miles north of Washington, D.C., for $8.6 million. Located at 627, 649 and 655 N. Horners Lane and 202 Mason Drive, the portfolio comprises 123,000 square feet. Jay Clogg of Jay Clogg Realty Group Inc. represented the undisclosed seller in the transaction and will handle the property’s leasing assignment. At the time of sale, the portfolio, known as the EU Services Buildings, was fully leased to Envelopes Unlimited, an envelope printing company. The buildings feature ceiling heights ranging from 14 to 24 feet, multiple loading docks, drive-in doors and a 120-space free-surface parking lot.

August 16, 2017

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