Property Type

Newmark Arranges $25.5M in Financing for Apartment Building in Seattle

by Amy Works March 27, 2018

SEATTLE — Newmark has secured $25.5 million in financing for 1111 East Olive Apartments in Seattle. Meriwether Partners developed the property for the longtime land owners. The property features 80 apartments above ground-floor retail space, which will be occupied by a coffee shop and Richard Hugo House, a non-profit center for supporting writers. Residential amenities include a rooftop deck, conference room, gym, secured bicycle storage and parking for 69 vehicles. Michael Taylor and Patrick Taylor of Newmark’s Seattle office arranged the 15-year term financing through Aegon Real Assets US. The loan will be used to refinance the construction loan.

March 27, 2018

Acquisitions Midwest Office Ohio

Marcus & Millichap Arranges $9M Sale of Office Building in Miamisburg, Ohio

by Kristin Harlow March 27, 2018

MIAMISBURG, OHIO — Marcus & Millichap has arranged the $9 million sale of PNC Bank Office Building in Miamisburg, about 45 miles north of Cincinnati. The 68,000-square-foot office building, located at 3385 Newmark Drive, serves as offices for PNC’s mortgage division. PNC has occupied the property since 2004. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap marketed the property on behalf of the seller, a private investor. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions California Industrial Loans Property Type Western

MetroGroup Provides $21.9M in Acquisition Financing for R&D/Flex Campus in San Diego

by Amy Works March 27, 2018

SAN DIEGO, CALIF. — MetroGroup Realty Finance has provided $21.9 million permanent acquisition financing for a R&D/flex corporate campus located at 10307 and 10309 Pacific Center Court in San Diego. The seven-year loan features a 30-year amortization, fixed interest rest and a loan-to-purchase-price ratio of 69 percent. Colony Northstar sold the property to a Newport Beach, Calif.-based private investor for an undisclosed price. Quantum Design International, a global scientific instrumentation manufacturer and distributor, occupies the 103,830-square-foot property. Michael Hartel of Colliers International represented the buyer in the acquisition transaction.

March 27, 2018

Acquisitions Midwest Retail Wisconsin

SRS Real Estate Negotiates $5.2M Sale of Retail Center in Oak Creek, Wisconsin

by Kristin Harlow March 27, 2018

OAK CREEK, WIS. — SRS Real Estate Partners has negotiated the $5.2 million sale of The Shoppes at Drexel in Oak Creek, about 12 miles south of Milwaukee. Five tenants, including Mod Pizza, Men’s Hair House, Five Guys, Orange Leaf Frozen Yogurt and Potbelly Sandwich Shop, occupy the 10,351-square-foot retail center. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Chicago-based merchant developer. A New York-based private investor was the buyer.

March 27, 2018

Acquisitions Iowa Midwest Multifamily

CBRE | Hubbell Brokers $5.1M Sale of Two Apartment Properties in Des Moines

by Kristin Harlow March 27, 2018

DES MOINES, IOWA — CBRE | Hubbell Commercial has brokered the sale of two apartment properties in Des Moines for $5.1 million. Properties in the 108-unit portfolio include Rosewood Apartments at 221 E. McKinley Ave. and Kenwood Apartments at 530 E. Kenyon Ave. Rick Krause and Cy Fox of CBRE | Hubbell represented the buyer, a California-based private investor. North Dakota-based Kenwood-Rosewood Apartments LLP was the seller.

March 27, 2018

Acquisitions Arizona Multifamily Office Retail Western

Cushman & Wakefield Brokers Two Sales Totaling $7.7M in Tucson

by Amy Works March 27, 2018

TUCSON, ARIZ. — Cushman & Wakefield has arranged two sales totaling $7.7 million in Tucson. In the first deal, Pelican 9th LLC acquired Sonoran on 9th Apartments, a multifamily property located at 814 and 838 E. 9th St. in Tucson. SVP Holdings sold the 26-unit property for $4.6 million. Allan Mendelsberg and Daniel Leibsohn of Cushman & Wakefield | PICOR brokered the deal. In the second transaction, West Ina Center Marana Arizona LLC purchased a commercial building located at 3662 W. Ina Road in Tucson. Ina Meredith LLC sold the 8,917-square-foot asset for $3.1 million. Rob Tomlinson of Cushman & Wakefield | PICOR represented the buyer. Rick Volk of Volk Co. and Pete Villaescusa of CBRE represented the seller in the deal.

March 27, 2018

Industrial Loans Midwest Missouri Self-Storage

ASC Arranges $3M Refinancing of Self-Storage Portfolio in Branson, Missouri

by Kristin Harlow March 27, 2018

BRANSON, MO. — American Street Capital (ASC) has arranged a $3 million CMBS loan for the refinancing of a self-storage portfolio in Branson. The portfolio includes five facilities and 694 units spanning 127,449 square feet. The portfolio was over 95 percent occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year loan, which features a 30-year amortization schedule.

March 27, 2018

Acquisitions Multifamily Nevada Seniors Housing Western

Radiant Senior Living Buys Memory Care Community in Nevada

by Amy Works March 27, 2018

SPARKS, NEV. — Radiant Senior Living has acquired Arbors Memory Care, a seniors housing community in the Reno suburb of Sparks. The seller was the independent owner-operator of Arbors. The price was not disclosed. Radiant owns and operates 18 assisted living and memory care communities in the West.

March 27, 2018

Acquisitions Company News Illinois Midwest New York Northeast Property Type Retail Top Stories

Brookfield to Buy Mall Owner GGP for $9.25B in Cash Plus Stock

by John Nelson March 27, 2018

NEW YORK AND CHICAGO — Brookfield Property Partners (NASDAQ: BPY) has agreed to acquire all remaining shares of GGP Inc. (NYSE: GGP), a Chicago-based mall owner. BPY, a global real estate company based in New York City, and its affiliates already hold a 34 percent stake in GGP. The deal struck between the two parties is for GGP shareholders to receive $23.50 per share in cash, a total cash consideration of $9.25 billion. Alternately, shareholders may elect to receive stock in either BPY or a new REIT that BPY plans to list on one of the major U.S. exchanges. “This is a compelling transaction that enables GGP shareholders to receive premium value for their shares and gives them the ability to participate in the long-term upside of their investment,” says Brian Kingston, CEO of BPY. The newly agreed-upon deal comprises a cash-to-equity ratio of 61/39, which is more cash-centric than BPY’s original 50/50 cash-to-equity offer to acquire the remainder of GGP last November. Shares in the new REIT will be equivalent to that of a BPY unit. BPY’s parent company, Brookfield Asset Management (NYSE: BAM), has guaranteed the exchange of the shares between the two stocks (totaling 254 million units) …

March 27, 2018

Features Hospitality

This Will Be Record Year for Hotel RevPar, Occupancy, Says STR’s Freitag

by Taylor Williams March 27, 2018

ATLANTA — American hotels posted record levels of revenue per available room (RevPAR) and occupancy in 2017. According to one industry researcher who recently spoke at a national hotel conference, 2018 is shaping up to be even better. Jan Freitag, senior vice president of lodging insights at Tennessee-based research firm STR, was the first panelist to deliver a “state of the union” presentation at the Hunter Hotel Conference. The event drew 1,700 industry experts to downtown Atlanta on March 22. Freitag noted that the U.S. hotel sector closed 2017 with RevPAR of $84 and an occupancy rate of 66 percent. These figures represent year-over-year increases of 3.1 percent and 1 percent, respectively. Both of these metrics are functions of demand for hotel rooms, which rose by 3 percent from 2016 to 2017. STR’s data projects a 2.3 percent increase in demand for hotel rooms in 2018. Specifically, the company forecasts RevPAR growth of 2.7 percent and occupancy growth of 0.3 percent in 2018. What Happened in 2017 Freitag opened his discussion by noting that growth in demand for hotels in 2017 was tied to Hurricanes Irma and Harvey, which accounted for more than $130 billion in combined property damages. RevPAR for hotels in Florida …

March 27, 2018

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