Property Type

Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida

by Camren Skelton March 2, 2018

FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.

March 2, 2018

Georgia Office Southeast

Allen Morris Buys Land in West Midtown Atlanta for $8.5M, Plans 14-Story Office Development

by Camren Skelton March 2, 2018

ATLANTA — The Allen Morris Co. has acquired a 1.7-acre parcel of land in Atlanta’s West Midtown district for $8.5 million, with plans to develop a new 220,000-square-foot office tower. The 14-story building located at 1041 Howell Mill Road will be known as Star Metals Offices. The building will offer 185,000 square feet of office space, 30,000 square feet of ground-floor retail and a 7,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, bike racks and shower facilities. Star Metals Offices is part of the 4.75-acre Star Metals Atlanta development, which includes 409 multifamily units located across Howell Mill Road from the site of the future office building. Jeff Bellamy of JLL is handling the office building’s leasing assignment. Allen Morris expects to begin demolition on the site later this year, with an anticipated completion in spring 2020.

March 2, 2018

Alabama Retail Southeast

SRS Arranges $10.5M Sale of 97,189 SF Shopping Center in Montgomery

by Camren Skelton March 2, 2018

MONTGOMERY, ALA. — SRS Real Estate Partners has arranged the $10.5 million sale of Twin Oaks, a 97,189-square-foot shopping center located at 2717-2787 Eastern Blvd. in Montgomery. Kyle Stonis and Pierce Mayson of SRS arranged the transaction on behalf of the seller, RCG-Montgomery LLC. PDQ Acquisitions Corp. acquired the asset. At the time of sale, Twin Oaks was 97 percent leased to tenants such as T.J. Maxx, Party City, Dollar General, Hibbett Sports, Catherines, Leslie’s Pool Supplies and Jackson Hewitt.

March 2, 2018

California Office Top Stories Western

NKF Arranges $196M Sale of Trophy Office Building in Downtown Los Angeles

by Kristin Harlow March 2, 2018

LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP. The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property. Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live. The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café. Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center. Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer. Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm. — Kristin Hiller

March 2, 2018

Market Reports Retail Texas Texas Market Reports

Three Major Consumer-Driven Changes in Austin’s Retail Landscape

by Taylor Williams March 2, 2018

Among professionals in the major sectors of commercial real estate, retailers are often the first to spot, understand and respond to emerging trends in human behavior. Those trends have shifted dramatically the past few years, and retail real estate in Austin has certainly felt the ripple effects, from downtown to the suburbs and across the emerging “nodes” in between. For some time now, American consumers in general have been clearly indicating their preference for more “experiential” ways to shop or receive services. That said, smart developers know that the experience begins well before shoppers enter a retailer’s doors. And understanding how to best cater to emerging demands helps breed success, not only for tenants, but also for the project as a whole. The following three trends represent key ways in which consumer demand is driving change in Austin’s retail landscape and illustrate how the market is responding. Seamless Integration Consumers want retail options located within close proximity to where they work and live — all the better if the property housing these needs can be one and the same. Just as Austin has grown regionally, so has demand for retail space, giving rise to mixed-use projects throughout the city. In …

March 2, 2018

New Jersey Northeast Office

Joint Venture Acquires 340,000 SF Office Property in Parsippany, New Jersey

by Amy Works March 1, 2018

PARSIPPANY, N.J. — A joint venture between Vision Real Estate Partners and Rubenstein Partners has purchased Morris Corporate Center IV, Phase I, from a partnership of Northwestern Mutual and SJP Properties for an undisclosed price. Situated on 14 acres at 389 and 399 Interpace Parkway in Parsippany, the property consists of two interconnected four-story buildings totaling 340,000 square feet of Class A office space. At the time of sale, the property was 71 percent occupied by four tenants, including Reckitt Benckiser and Skanska USA Building Inc. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Andrew MacDonald and Bill Brown of Cushman & Wakefield represented the seller in the deal.

March 1, 2018

Massachusetts Multifamily Northeast

CBRE/NE Negotiates $11.8M Sale of Apartment Building in Cambridge, Massachusetts

by Amy Works March 1, 2018

CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of 14 Centre Street, an apartment building located between Central and Harvard squares in Cambridge. Cambridge Centre LLC, an affiliate of Chestnut Hill Realty, sold the property for $11.8 million. Built in 1910, the four-story building features nine one-bedroom units and eight two-bedroom apartments with an average unit size of 1,159 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

March 1, 2018

Loans Multifamily Northeast Pennsylvania

Hunt Mortgage Group Provides $5.5M Acquisition Loan for a Multifamily Property in Philadelphia

by Amy Works March 1, 2018

PHILADELPHIA — Hunt Mortgage Group has provided a $5.5 million Freddie Mac Small Business Loan to finance the acquisition of Reach Lofts Apartments, an affordable multifamily property located at 1701-1707 Tulip St. in Philadelphia. The borrower is MM Equity Partners Philly LLC. The seven-year fixed-rate loan features an 84-month overall term with the first two years as interest-only payments followed by seven years of 30-year amortization and a yield management prepayment schedule. The five-story apartment building features 30 residential units in a mix of one- and two-bedroom layouts. Property amenities include in-unit washers and dryers, bike storage and a furnished roof deck.

March 1, 2018

Industrial Massachusetts Northeast

NAI Hunneman Brokers $2.6M Sale of Industrial Building in Brockton, Massachusetts

by Amy Works March 1, 2018

BROCKTON, MASS. — NAI Hunneman has arranged the sale of an industrial building located at 120 N. Main St. in Brockton. Brockton & Main LLC acquired the property for $2.6 million. The buyer plans to convert the property into a 75,000-square-foot fully climate-controlled self-storage facility. Over Osvold, Cathy Minnerly and Sean Hannigan of NAI Hunneman represented the seller, Micro Wire Products, and procured the buyer in the transaction. Additionally, the NAI Hunneman team represented Micro Wire in its relocation to an 18,000-square-foot sublease at 5 Year Road in Holbrook, Massachusetts.

March 1, 2018

Office Texas

HFF Arranges Sale of 168,293 SF Office Property in Southwest Austin

by Taylor Williams March 1, 2018

AUSTIN, TEXAS — HFF has arranged the sale of Lantana Ridge, a 168,293-square-foot office property in southwest Austin that houses the current headquarters of YETI, a designer and distribution of outdoor and recreational products. Amenities at the two-building property include an outdoor kitchen, rooftop terrace, fitness center, jogging trails and an outdoor games center. Dallas-based Ramrock Real Estate LLC purchased Lantana Ridge from Lincoln Property Co. for an undisclosed price.

March 1, 2018

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