Property Type

Cushman & Wakefield Arranges $22.8M Sale of Flex Industrial Park in Miami-Dade County

by Camren Skelton January 23, 2018

DORAL, FLA. — Cushman & Wakefield has arranged the $22.8 million sale of Transal Park, a six-building flex industrial campus located at 8200-8290 N.W. 27th St. in Doral. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Michael Lerner and Rick Brugge of Cushman & Wakefield, in conjunction with Cushman & Wakefield leasing partners Wayne Ramoski and Gian Rodriguez, arranged the transaction on behalf of the undisclosed seller. SVF Acquisitions LLC acquired the property. Transal Park comprises six one-story buildings totaling 134,175 square feet. The buildings feature flexible bays with a combination of direct-access front office space and rear warehouse with grade-level entries to truck courts. Other features include tenant signage, on-site security, a restaurant and a parking ratio of 3.6 spaces per 1,000 rentable square feet. At the time of sale, Transal Park was 88 percent leased to tenants including United States Medical, South Florida Health Management, Office Bargain Center, Encore Optical, Miami Vet Center and Doral Digital Reprographics.

January 23, 2018

Florida Retail Southeast

The Shopping Center Group Secures $8.4M Sale of Retail Center in Tampa Via Auction

by Camren Skelton January 23, 2018

TAMPA, FLA. — The Shopping Center Group has arranged the $8.4 million sale of Shoppes of Amberly, an 88,000-square-foot shopping center in Tampa. Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller, a special servicer, in the transaction that was finalized through the RealINSIGHT Marketplace auction platform. Shoppes of Amberly LLC acquired the center. At the time of sale, Shoppes of Amberly was 86 percent leased to tenants including Crunch Fitness and Peabody’s Billiards. In addition, the center is home to local restaurants and medical, health and beauty services.

January 23, 2018

Data Centers Florida Industrial Southeast

Lincoln Rackhouse to Develop 35,000 SF Data Center in South Florida for Mobile Network Provider

by Camren Skelton January 23, 2018

SUNRISE, FLA. — Dallas-based Lincoln Rackhouse will break ground this month on a 35,000-square-foot build-to-suit data center in Sunrise. In a sales-leaseback agreement, Bo Bond and Ali Greenwood of JLL’s Data Center Solutions secured a 20-year prelease with an undisclosed U.S. mobile network provider. The telecom switch center will expand the network’s delivery platform in the region. Burr Computer Environments Inc. is the project’s engineer, Gensler is the architect and Smith Commercial Contracting Inc. is the general contractor. Lincoln Property Co.’s South Florida office will oversee development and management for the project, which is slated for a fourth-quarter completion.

January 23, 2018

California Hospitality Loans Western

Mogul Capital Receives $60M Construction Loan for Marriott Courtyard, TownePlace Suites in California

by Nellie Day January 23, 2018

HAWTHORNE, CALIF. — Mogul Capital has received $60 million in construction financing to build the dual-branded Marriott Courtyard and TownePlace Suites hotel in Hawthorne. The five-story property will contain 354 guest rooms, a restaurant, swimming pool, and meeting space for corporate and community functions. The hotel will be located near aerospace-related businesses like SpaceX and Northrup Gruman, as well as Tesla’s design headquarters, Boeing, Aerospace Corp, Raytheon, LA Airforce Base and Mattel. Lusardi Construction Co. will build the project. Avana Capital provided the capital.

January 23, 2018

California Office Western

CBRE Global Investors Fund Buys Two Office Buildings in Los Angeles

by Nellie Day January 23, 2018

LOS ANGELES — The CBRE Strategic Partners U.S. Value 8 has purchased two office buildings in the Los Angeles submarket of Glendale for an undisclosed sum. The acquisition includes the 290,847-square-foot building at 801 N. Brand Blvd. and 136,016-square-foot building at 700 N. Central Ave. The transaction also includes a 50 percent ownership interest in an adjacent parking structure. Both buildings have been recently renovated and feature efficient floorplates. CBRE will implement a planned capital improvement program. The assets are currently 89.9 percent leased to a base of institutional-quality tenants.

January 23, 2018

Hospitality Washington Western

Hilton to Build 142-Room Hotel in Seattle

by Nellie Day January 23, 2018

SEATTLE — Hilton Hotels has announced plans to construct the Sound Hotel Seattle Belltown, a 142-room hotel in Seattle. The hotel is being developed as part of a 42-story mixed-use building. The new property will also house Arrivè apartments. The hotel will be situated on floors one through 10 with a first-floor lobby and restaurant. A bar/lounge, pre-function space and 770 square feet of meeting space, which will divide into two rooms, will all be available on the seventh floor. The Sound Hotel Seattle Belltown is part of the Tapestry Collection by Hilton. The Hotel Group will manage the asset.

January 23, 2018

Industrial Oregon Western

McLellan Estate Co. Acquires 196,499 SF Industrial Complex in Oregon for $27.5M

by Nellie Day January 23, 2018

CLACKAMAS, ORE. — McLellan Estate Co. has purchased Clackamas Business Center, a 196,499-square-foot industrial center southeast of Portland in Clackamas for $27.5 million. The center is located at 14863 SW 82nd Ave. Clackamas Business Center was built in 1978. It was 99 percent leased at the time of sale. There are a total of 50 units in the park. Notable tenants include Mattress World, Marion Construction, Portland Fruit LLC, Harmony Kids LLC and Portland Cider Co. Scott Finney and Nicholas Chessar of Norris & Stevens represented both the buyer and seller, limited partnerships controlled by Warren Family Properties, in this transaction.

January 23, 2018

California Industrial Western

Skechers Leases 366,698 SF Warehouse in Moreno Valley, California

by Nellie Day January 23, 2018

MORENO VALLEY, CALIF. — Skechers has leased a 366,698 square foot warehouse/distribution building in Moreno Valley. The facility is located at 22705 Newhope St. The athletic shoe manufacturer now leases a total of 1.8 million square feet in Moreno Valley, making it the largest single-company occupancy under one roof in Southern California, according to Westcore Properties, the building’s landlord. Dave Burback of Kidder Mathews and CBRE’s Gerry Harvey represented Westcore.

January 23, 2018

Massachusetts Northeast Office Top Stories

CrossHarbor Capital Acquires 1.2 MSF Office Complex Near Boston for $227M

by Katie Sloan January 23, 2018

LOWELL, MASS. — CrossHarbor Capital Partners has acquired Cross Point, a 1.25 million-square-foot office complex located roughly 30 miles northwest of Boston in Lowell, for $227 million, according to reports by the Lowell Sun. The seller was Anchor Line Partners, which acquired the property for $100 million in 2014. The property was built in the early 1980s as the headquarters for Wang Laboratories, which owned the property until the company’s 1994 bankruptcy. Cross Point consists of three internally connected, 14-story office towers. Shared amenities include multiple restaurants and cafés, a fitness center, lawn auditorium, on-site daycare and event space. The property serves as the corporate headquarters for workforce management software company Kronos, which occupies more than 435,000 square feet at the property, according to lease agreements brokered by Cushman & Wakefield on behalf of Kronos in 2016. The company occupies the entire first tower — deemed the Kronos Tower — and additional floors in the second tower. Boston-based CrossHarbor Capital Partners is a commercial real estate investment and asset management firm. The company has invested in more than $13 billion worth of commercial real estate on behalf of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and …

January 23, 2018

Retail Southeast Virginia

Wheeler REIT Acquires 888,917 SF Shopping Center in Norfolk for $85.7M

by Camren Skelton January 22, 2018

NORFOLK, VA. — Wheeler Real Estate Investment Trust Inc. (NASDAQ: WHLR) has acquired JANAF Shopping Yard, an 888,917-square-foot shopping center in Norfolk, for $85.7 million. Ann Arbor, Mich.-based McKinley sold the property, according to Inside Business. In addition to retail space, the center includes 37,234 square feet of office space in one building. As part of the transaction, Wheeler REIT assumed a $53.7 million loan with a fixed interest rate of 4.49 percent and a $5.2 million loan with a fixed interest rate of 4.95 percent. The loans mature in July 2023 and January 2026, respectively. In addition, the company utilized a $6.5 million loan with a fixed interest rate of 4.65 percent and one year of interest-only payments to purchase a separate parcel within the center. As of Sept. 30, 2017, JANAF Shopping Yard was 94 percent leased to tenants including BJ’s Wholesale Club and Fuel Center, T.J. Maxx, Petco, Wawa, Big Lots, Panera Bread, Northern Tool + Equipment, The U.S. Postal Service and SunTrust Bank. Originally constructed in 1959, JANAF has undergone several renovations, the latest in 2006.

January 22, 2018

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