SPRING, TEXAS — EDGE Capital Markets has brokered the sale of Legends Ranch Shopping Center, an 18,500-square-foot retail asset located at 2907 Rayford Road in Spring, a suburb of Houston. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the seller, Peterson Legends Ranch Investors LP, in the transaction. Located at the intersection of Rayford Road and Canyon Ranch Drive, Legends Ranch was fully leased at the time of sale to tenants including McDonald’s and Timewise.
ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million. The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year. “This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.” NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower. “We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This …
On the surface, the Washington, D.C., metropolitan office market has shown little change over the past five years. But dig a little deeper, and some interesting trends emerge. Metro D.C.’s office market totaled 377 million square feet as of the third quarter of 2017 and recorded a vacancy rate of just under 15 percent — inclusive of sublease space — and cumulative net absorption of 600,000 square feet year-to-date. The market has demonstrated little change in major market indicators over the last five years. Notably, three of the last five years (2012 to 2016) recorded negative absorption on a regionwide basis — averaging 82,000 square feet annually. Overall vacancy levels have thus far been held in check in part due to vacant buildings being removed from inventory for renovation and retrofitting or for conversion from office to other uses such as schools and residential. Nevertheless, core submarkets and micro-markets are benefitting from occupancy growth and rental rate increases, with tenants demonstrating a decided preference for amenity-rich areas. Tenant Preferences Regionally, the office segment is characterized by flight to quality and tenant-leaning leasing conditions. Tenants continue to favor efficient space design. They’re relying more heavily on building amenities such as conference …
ORANGE, CALIF. — Chapman University has received approval for the adaptive reuse of a historic packing house. The university will develop a 402-bed student housing community adjacent to its campus in Orange. The historic Villa Park Orchards Association Packing House will be converted into a museum, student services center and classrooms or offices for the university. The new student housing development will target upperclassmen, and is being designed to reflect the character of the packing house and the surrounding community. The project’s designers are Togawa Smith Martin Inc. and AC Martin. KTGY Architecture + Planning is the university’s design advisor and project representative, and has helped to ensure project consistency, coordinate with various design firms, provide design recommendations and shepherd the project through the approval process. Additional details and a planned completion date have yet to be announced.
GARDEN GROVE, CALIF. — Khanna Enterprises has purchased the 376-room Wyndham Anaheim Garden Grove hotel in Orange County for an undisclosed sum. The hotel is located at 12021 Harbor Blvd. The property includes more than 30,000 square feet of meeting space, three food and beverage outlets, a fitness center and an outdoor pool. Pacific Hospitality Group developed the Wyndham Anaheim as the Crowne Plaza Anaheim Resort in 1999. The hotel was rebranded under the Wyndham flag in May 2014 and, since then, PHG has invested more than $5 million in capital improvements to the hotel. Renovations included including a transformation of the lobby and food and beverage outlets. Following the sale, the purchaser plans to renovate, reposition and reflag the hotel as a Delta by Marriott.
CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.
OCEANSIDE, CALIF. — Quarry Creek Investors has completed the disposition of Quarry Creek Plaza, a retail center located at 3460 and 3480 Marron Road in Oceanside. Completed in 2003, the 15,690-square-foot property is 92.6 percent leased to a variety of tenants, including Jamba Juice, Subway, Los Tacos, Poki Poki, Supercuts, American Dry Clean, Happiness Nails and Smashburger. Gleb Lvovich of HFF, along with Mike Moser of Retail Insite, represented the seller. Terms of the transaction and the name of the buyer were not released.
BOSTON — Natixis has arranged a $480 million construction loan for Cottonwood Management to develop 3.5 acres in Boston Seaport Square in Boston. The loan will finance a 717-unit residential facility, two condominium towers and one luxury rental tower, as well as a two-story, 125,000-square-foot retail base podium centered around a public courtyard. The overall project is an 819,000-square-foot mixed-use space on Boston’s waterfront. The property’s residential units will feature luxury finishes including quartz countertops, stainless steel appliances, gas fireplaces, floor-to-ceiling windows and in-unit laundry, custom Italian cabinetry and porcelain tile. Common amenities will include a wine room, a lounge, outdoor and indoor swimming pools, a spa treatment room, a half basketball court, an innovation center, a children’s playroom, a pet spa and lobbies.
MT. LAUREL, N.J. — Jefferson Apartment Group is developing an apartment complex located on 77 acres in Mt. Laurel, an inner suburb of Philadelphia. Jefferson Place Mt. Laurel will comprise 21 separate three-story buildings. Seventeen of the buildings will feature elevators and range in size from 16 to 32 units each. The community will include 98 low- and moderate-income units. The 490 units will range in size from 690 square feet to 1,300 square feet in a mix of one- and two-bedroom layouts with either balconies or patios. On-site amenities will include a 7,100-square-foot clubhouse with a resort-style swimming pool, fire pits, a fitness center, a cyber lounge and a pub room. Construction is slated to break ground this month, with delivery scheduled for spring 2019. JAG Management Co. will provide property management services for the community.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $53.5 million acquisition and construction financing package collateralized by a partially constructed mixed-use development at 208 Delancey Street on the Lower East Side of Manhattan. The borrower, New Empire Real Estate Development, plans to construct an approved 85,000-square-foot, 69-unit residential condominium building and a 10,201-square-foot community facility on the site. MRC funded an initial $15 million at closing to the borrower and has committed to fund an additional $38.5 million to complete construction of the project. The $53.5 million financing package represents approximately 70 percent of the total project cost. The property includes a gross area of 84,579 square feet and a net sellable area of 62,529 square feet. The seller began construction on the site in 2011 and completed excavation, foundation and superstructure work through the fourth floor, but received a stop work order midway through the project. With the MRC financing, the buyer was able to acquire the distressed property and intends to demolish the existing structure, repair any structural deficiencies and begin work on the revised new building plans.
