ORLANDO, FLA. — Dominium has purchased Lake Weston Point Apartments, a 240-unit multifamily community in Orlando. Constructed in 1999, the affordable housing community is located near Nassau Bay Apartments, another property owned by Dominium. The Minneapolis-based company has unveiled plans for renovations to the Lake Weston Point, including updates to the clubhouse, fitness room, swimming pool, playground equipment and sports court. Improvements to security equipment, exterior lighting, landscaping, roofing and sidewalks will also be made on an as-needed basis. The sales price and seller were not disclosed.
SAN FRANCISCO — Sprint continues to expand its presence and investment in Northern California with plans to add 43 new retail locations throughout the area by the end of 2017. Currently, Sprint operates more than 170 branded retail locations throughout the Northern California region. Of the 43 new store locations, Sprint has already opened 13 new stores in Antioch, Bakersfield, Castro Valley, Delano, Freedom, Fresno, Gilroy, Hayward, Manteca, Napa, Pittsburg and Reno (two stores) — with the remaining 30 stores in various stages of leasing and design. Sprint is adding more network capacity in cities across the Northern California region, including rural locations. Sprint has used this spectrum to optimize and enhance coverage at the LinkedIn headquarters in Sunnyvale, the Four Seasons hotel in Palo Alto, and will soon complete upgrades at the Newpark Mall in Newark and the Southland Mall in Hayward.
PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …
Construction costs in Hawaii are beginning to plateau after seeing year-over-year increases for the past several years. The market has seen gray shell retail building costs of about $275 per square foot; and to vanilla shell, another $80 per square foot to $100. Restaurants range from $300 per square foot to $350 to take them from gray to finished shell without fixtures. Remarkably, even with escalating construction costs, retail leasing and development are both extremely active. This, combined with retail vacancy of about 3 percent and record rents, has spurred a wave of new projects. Some of the new retail projects currently under construction are: Kilauea Lighthouse Village, Kilauea Town, Kauai — The center is a 47,000-square-foot development anchored by a 10,000-square-foot Market at Kilauea. Construction on Kilauea Lighthouse Village has begun and is expected to be complete in late 2017. It is owned by Hunt Development and leased by Colliers International. Kahala Bowl Shopping Center, Honolulu – Anchored by McDonald’s, the 10,000-square-foot center is owned by Kamehameha Schools and leased by JLL. Kealanani Shopping Center, Kapolei — This 20,000-square-foot center, anchored by Panda Express, is an outparcel of the Walmart in Kapolei. It is owned by Panda RG Inc. …
A wave of high-density mixed-use development has swept across the country within the past decade. A number of forces have contributed to this activity, including demographic trends, shifts in housing demand, environmental concerns, as well as governmental forces and municipalities seeking to create sustainable, pedestrian-oriented communities that incorporate a mix of uses. As a result, developers are building ground-up mixed-use projects or converting older hotels or apartment and office buildings into residential developments featuring apartments or condominiums. The street-level retail portion of the development is, in most cases, also converted into a condominium. This process has created a specialized real estate product known as the retail condominium or commercial condominium. The retail condominium has now emerged as a popular, alternative real estate investment platform. Retail condominiums were traditionally in major metropolitan cities like New York or Chicago, but are now debuting in suburban markets throughout the country. Pasadena, long thought of as a suburban neighbor to downtown Los Angeles, now boasts mixed-use developments like the Pasadena Collection and 482 Arroyo. These projects offer a mix of residential, office and retail condominiums. The Harbor Lofts development in downtown Anaheim, Calif., also includes residential loft condominiums above ground-floor retail condominiums. The sale …
One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of the tightest I’ve seen in Connecticut in more than 31 years. Each region in the state is experiencing varied levels of success, but overall the industrial market is healthy, with dropping vacancy rates, increasing rental rates, and decreasing cap rates. The game changer is big box distribution and third-party logistics activity throughout the region. In a market where a 75,000-square-foot deal used to be major news, we have seen numerous leases and new construction deals over 200,000 square feet in the past two years. E-commerce activity includes Amazon (1.5 million square feet in Windsor), FedEx (550,000 square feet in Middletown), and UPS (239,000 square feet in Windsor). Other significant transactions include Trader Joe’s (750,000 square feet in Bloomfield), Mobis Parts America (291,000 square feet in South Windsor), Vistar NE (296,000 square feet in South Windsor), …
BOSTON — CBRE/New England has arranged the sale of the leasehold interest of Boston’s Old City Hall, an 83,700-square-foot mixed-use building located at 45 School St. in downtown Boston. Synergy Investments acquired the property for $30.1 million. Constructed between 1862 and 1865, the building was renovated in 1970 by the seller, Architectural Heritage Foundation, after being vacated by the City of Boston in the mid-1960s. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.
NEW YORK CITY — Knighthead Funding has closed a $15 million first mortgage acquisition loan for three industrial buildings in the East Williamsburg section of Brooklyn. The borrower was not disclosed. The property has an existing as of right to build a residential development containing approximately 103,500 square feet. The property was acquired for $28 million.
BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
NORTH HAVEN, CONN. — O,R&L Commercial has arranged the sale of an industrial park located at 222 Universal Drive in North Haven. The 11-building park totals 133,283 square feet; each building is on separate utilities. Corporate Drive Properties acquired the park from Branco Inc. for $3.7 million. Frank Hird of O,R&L Commercial represented the seller, while Bryan Atherton of Northeast Investment Realty represented the buyer in the transaction.