Property Type

Lincoln Property Co., Alcion Ventures Break Ground on $141.6M Phase I of Creative Office Campus in California

by Katie Sloan July 18, 2017

ORANGE COUNTY, CALIF. — Lincoln Property Co. and Alcion Ventures have broken ground on Phase I of FLIGHT at Tustin Legacy, a 38-acre creative office campus located within the master-planned community of Tustin Legacy in Orange County. ACORE Capital and iStar Inc. recently provided the joint venture with $141.6 million in construction financing for the initial phase of the development. Mark Wintner and Doug Bond of HFF secured the three-year loan on behalf of the borrowers. The mixed-use campus, at completion, will include 18 low-rise office buildings, retail and open space for gathering. The first phase of the development will offer 470,000 square feet of office space including a collection of four custom-built, incubator-style buildings dubbed Platform Campus, a 12,000-square-foot food hall and a 7,000-square-foot conference center. Campus amenities will include outdoor meeting spaces and flexible break-out rooms; indoor and outdoor fitness areas; a bike share program; dog walk and walking trails; and electric vehicle charging stations. The 12-vendor food hall, known as Mess Hall Market, will serve breakfast, lunch and dinner and offer a full-service bar. Anchor tenants for the space will be announced this fall, with the completion of Phase I slated for late 2018. The project is …

July 18, 2017

Company News Features Retail Top Stories

Amazon-Whole Foods Merger ‘Reinforces Importance of Brick-and-Mortar Presence,’ Says Marcus & Millichap

by Jeff Shaw July 18, 2017

The recent announcement that online retail giant Amazon plans to acquire upscale grocery chain Whole Foods for $13.7 billion sent ripples through the commercial real estate industry when it was announced in June. The move signals a lot of trends and changes within the retail sector, according to a newly released report by real estate brokerage firm Marcus & Millichap. “The purchase highlights the importance of omnichannel platforms, which incorporate a blend of brick-and-mortar establishments with an online footprint to drive traffic and sales,” states the report. “In addition, grocery stores are typically retail center anchors, underscoring the importance of strip and neighborhood centers in the retail landscape.” The 11 largest grocery chains in the country all plan to expand this year, with many doing so aggressively. Discount grocer Aldi, which already has more than 1,600 locations, expects to open 900 new stores by 2022. This expansion within the grocery sector is snapping up a lot of available real estate. Combined with a low rate of new retail construction over the past seven years since the Great Recession, retail vacancy has reached a 16-year low of 5.4 percent. The flip side is that existing space is extremely constrained, and increased …

July 18, 2017

California Market Reports Multifamily Western Western Market Reports

L.A. County Apartment Sector is Feeling the Pressure From Buyers, Renters

by Camren Skelton July 18, 2017

Los Angeles County is facing a significant lack of housing product — an issue that can’t be resolved any time soon. With the fight to limit new development, it is a very uphill and challenging battle that is unfortunate for the economy, business and, most of all, residents. An influx of about 160,000 new residents moved to the county from 2010 through 2015, but we have only seen upwards of 25,000 new housing units built during that same time frame. The demand drivers are extremely significant for new housing, but supply constraints like zoning and regulations are preventing an adequate supply. Additionally, with an unemployment rate currently at a historical low of about 4 percent, projections for housing demand over the next decade all point to a severe shortage in this growing region. Despite all the news about companies moving out of state to enjoy less expensive business costs as well as more affordable housing for their employees, this region, along with California as a whole, continues to see a population increase. Even with all this being said, the multifamily sector has and will continue to be the darling of the commercial real estate industry as it’s fueled by a …

July 18, 2017

Loans Northeast Retail Rhode Island

Colliers Arranges $31M Refinancing for Parking Asset in Warwick, Rhode Island

by Amy Works July 17, 2017

WARWICK, R.I. — Colliers International has arranged $31 million in refinancing for a parking asset and adjacent retail site located at 1960 Post Road at T.F. Green Airport in Warwick. The borrower was New England Parking LLC. Patrick Boyle and Kevin Phelan of Colliers secured the financing through Blue Hills Bank for the borrower. The 1,536-space parking asset, known as Garage C, offers long-term parking for T.F. Green travelers, and Bertucci’s occupies the 6,000-square-foot retail building.

July 17, 2017

New York Northeast Office Retail

Savanna Acquires 144,500 SF Office, Retail Building in Manhattan

by Amy Works July 17, 2017

NEW YORK CITY — Savanna has purchased a 12-story, 144,500-square-foot office and retail building located at 31 W. 27th St. in Manhattan’s NoMad District for an undisclosed price. Originally constructed in 1910, the building features 11,578-square-foot open floorplates, 12-foot to 16-foot barrel-arched ceilings and abundant natural light. Savanna plans to implement a comprehensive capital improvement plan at the property. The scope of the plan includes renovations of the lobby, building systems, façade, roofs and sidewalk vault, as well as the reposition and renovation of the retail storefront. Will Silverman, Paul Gillen and Daniel Parker of Hodges Ward Elliott represented the undisclosed seller in the transaction. Aareal Capital Corp., a subsidiary of Germany-based Aareal Bank AG, provided acquisition financing. Lawrence Britvan, Matt Jacobs and Michael Straw, also of Hodges Ward Elliott, arranged the financing for Savanna.

July 17, 2017

Multifamily New York Northeast

Akelius US Purchases 35-Unit Apartment Building in Brooklyn for $13.3M

by Amy Works July 17, 2017

NEW YORK CITY — Akelius US has acquired an apartment building, located at 290 Clinton Ave. in the Clinton Hill neighborhood of Brooklyn. An undisclosed seller sold the asset for $13.3 million. The building features 35 apartment units.

July 17, 2017

New Jersey Northeast Retail

Eastern Consolidated Arranges $8.9M Acquisition of Retail Property in Cherry Hill, New Jersey

by Amy Works July 17, 2017

CHERRY HILL, N.J. — Eastern Consolidated has brokered the acquisition of a free-standing retail property located at 504 Kings Highway North in Cherry Hill. A private investor acquired the property from Phoenix Realty Group for $8.9 million. Walgreens occupies the property under a long-term triple-net lease. Evan Street and Matthew Leist of Eastern Consolidated represented the buyer, while Horvath & Tremblay represented the seller in the transaction.

July 17, 2017

New York Northeast Retail

CBRE|Syracuse Facilitates Sale of Retail Property for Redevelopment in Fayetteville, New York

by Amy Works July 17, 2017

FAYETTEVILLE, N.Y. — CBRE|Syracuse has arranged the sale of a retail property located at 6901 E. Genesee St. in Fayetteville. A Miami-based private buyer acquired the two-building asset, which totals 7,285 square feet, from Lyndon Corners Plaza. The buyer plans to raze one building and renovate the remaining 3,000-square-foot building for use as a Verizon Wireless distributor location. Ed Kiesa and Marty Dowd of CBRE|Syracuse represented the seller, while Michael Hotarek of Eastern Retail Properties represented the buyer in the transaction.

July 17, 2017

Industrial North Carolina South Carolina Southeast

CBRE Brokers $72.5M Sale of Industrial Portfolio in Carolinas

by Camren Skelton July 17, 2017

CHARLOTTE, N.C. — CBRE Group Inc. has arranged the $72.5 million sale of a 1.2 million-square-foot industrial portfolio along the I-85 corridor in the Carolinas. The portfolio includes four warehouse and distribution buildings — one in Charlotte and one in Greensboro in North Carolina and two in Greenville, S.C. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Trey Pennington and Dodson Schenck of CBRE represented the seller, Charlotte-based Beacon Partners, in the transaction to New York-based Gramercy Property Trust. The properties were 87 percent leased at the time of sale to anchor tenants including HD Supply, BMW Manufacturing, LeSaint Logistics and XPO Logistics.

July 17, 2017

Florida Mixed-Use Southeast

Joint Venture Acquires Mixed-Use Asset in Miami’s Brickell District for $72M

by Camren Skelton July 17, 2017

MIAMI — Miami-based investment firm Mast Capital, in a joint venture with Angelo, Gordon & Co., has purchased Conrad Miami, a mixed-use development located at 1395 Brickell Ave. in Miami, for $72 million. The tower includes 267,000 square feet of Class A office space, 203 hotel units and 116 residential units. The portion purchased by the joint venture includes the hotel units, rooftop amenity deck and a rental program with 41 out of 116 residential units participating. Renovations are planned for individual rooms and public spaces. Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels facilitated the transaction. Kimberly LeCompte, Joel Maser, Iris Escarra, Nancy Lash, Nelson Migdal, Andrew Sharpe and Brian Dombrowski of Greenberg Traurig represented Mast Capital in the purchase, and Lauren Giovannone and Michael Bradford of Paul Hastings acted as co-counsel with Greenberg Traurig. Suzanne Amaducci-Adams and Alexander Roitman of Bilzin Sumberg Baena Price & Axelrod LLP represented the seller. Following the sale, the joint venture will enter into a franchise agreement with Conrad Hotels & Resorts. HEI Hotels & Resorts will manage the property.

July 17, 2017

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