Property Type

Lerner Enterprises Secures $200M Financing for 17-Story Office Tower in Virginia

by Katie Sloan June 20, 2017

TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …

June 20, 2017

Features Retail Top Stories

Lease Restructuring Increasingly Common in Today’s Retail Market, Says Gordon Brothers’ Mark Dufton

by Taylor Williams June 20, 2017

LAS VEGAS — As a specialist in lease mitigation and restructuring for retailers who are closing or relocating their stores, Gordon Brothers’ CEO of Real Estate Mark Dufton has represented dozens of retailers in the market for new or smaller spaces. In his 25-plus years in the business, Dufton has mitigated or restructured more than 1,500 leases, saving his clients more than $100 million. Northeast Real Estate Business sat down with Dufton of Boston-based Gordon Brothers during the International Council of Shopping Centers’ RECon event in late May in Las Vegas to pick his brain on how brick-and-mortar retailers facing heavy store closures can minimize financial losses. Northeast Real Estate Business: How do you measure success at a conference like this? Mark Dufton: We had a great day yesterday. The retail world is in a fair amount of turmoil, and that’s our space. We do lease valuation, disposition and restructuring work. So it’s been pretty heady times for us in this environment. NREB: DJM Real Estate changed its name about a year ago to Gordon Brothers. Can you walk me through what led to the transition of the company name? Dufton: DJM Real Estate was a stand-alone real estate company. It got bought by …

June 20, 2017

Colorado Market Reports Office Western Western Market Reports

Five Transformative Years Elevate Denver’s Office Market

by Camren Skelton June 20, 2017

The region is creating transformative projects that are substantially elevating the desirability of its office market five years into Denver’s strong development cycle. This trend — strongest in Denver’s Central Business District (CBD) and Southeast Suburban (SES) submarkets — is attracting a new breed of tenants to the Denver landscape. About 1.4 million square feet of Class A office space has been delivered in Denver’s CBD since 2012, with an equal amount under construction. Deliveries in the previous development cycles (1999 to2003 and 2007 to 2010) were on a smaller scale, delivering about 800,000 square feet and more than 1.5 million square feet, respectively. During the 2007 to 2010 development cycle, which had the unfortunate timing of commencing right before the financial crisis, new product struggled with pre-leasing. It took an average of 10 quarters to lease up to stabilized occupancy at 85 percent. Only one project, 1800 Larimer Street, was more than 85 percent leased in the first year. In contrast, the current cycle is much different and much stronger. The amount of square footage being added to the CBD outweighs the previous other two cycles. Leasing activity is white hot as well, with new product averaging 60 percent …

June 20, 2017

Mixed-Use Office South Carolina Southeast

CBRE Secures $35.5M in Financing for Mixed-Use Developments in Charleston

by Camren Skelton June 19, 2017

CHARLESTON, S.C. — CBRE has arranged $35.5 million in financing for Half Mile North and Pacific Box & Crate, two mixed-use projects on the Charleston peninsula. CBRE’s Jeff Ackemann and Porter McDonald arranged the permanent mortgage through Nationwide Real Estate Investments on behalf of the borrower, Raven Cliff Co. LLC. In 2016, the CBRE team secured a $35 million construction loan to recapitalize the Half Mile North Development and provide construction financing for the Pacific Box & Crate project. Together, the developments encompass 222,113 square feet of office space and chef-driven food options. The projects were 97 percent leased at the time of sale. SIB, Integral Solutions Group, BoomTown!, Phish Labs and Blue Acorn are among the developments’ current tenants.

June 19, 2017

Florida Industrial Southeast

Cushman & Wakefield Negotiates $27M Sale of 506,000 SF Logistics Facility in Metro Miami

by Camren Skelton June 19, 2017

HIALEAH, FLA. — Cushman & Wakefield has arranged the $27 million sale of Miami International Logistics Center, a 506,000-square-foot warehouse and distribution facility located at 725 S.E. 9th Court in Hialeah. Dallas-based Lincoln Property Co. acquired the asset. Cushman & Wakefield’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating Resources, in the transaction. The building was 88 percent leased at the time of sale.

June 19, 2017

Retail Southeast Virginia

Finmarc Management Acquires 117,000 SF Shopping Center in Northern Virginia for $20M

by Camren Skelton June 19, 2017

MANASSAS, VA. — Finmarc Management Inc. has purchased Festival at Manassas, a 117,000-square-foot shopping center located at 10280-10388 Festival Lane in Manassas, from Katz Properties for $20 million. Bill Kent of CBRE represented Bethesda, Md.-based Finmarc Management in the transaction. The Global Food-anchored center was 97 percent leased at the time of sale. Potbelly Sandwich Works, CiCi’s Pizza, 360 Buffet, Nutritional Wellness Center and Furniture House are among the center’s other retail tenants.

June 19, 2017

Multifamily South Carolina Southeast Student Housing

Broadstreet Partners Sells Student Housing Community Near Clemson University for $8M

by Camren Skelton June 19, 2017

CLEMSON, S.C. — Broadstreet Partners has sold The Farm at Clemson, a newly built, 105-bed student housing property located near the Clemson University campus in South Carolina, for $8 million. The property features 35 cottage-style homes, a clubhouse, basketball and turf volleyball courts and bicycle parking. The community was developed and completed in July 2016. The property was acquired by Palm Beach-based Calidus Holdings and will continue to be managed by CollegeTown Properties.

June 19, 2017

Kentucky Multifamily Southeast

NorthMarq Capital Arranges $5.3M Loan for Multifamily Community in Louisville

by Camren Skelton June 19, 2017

LOUISVILLE, KY. — NorthMarq Capital has arranged $5.3 million in acquisition financing for Holly Hills Apartments, a 94-unit multifamily property in Louisville. Noah Juran of NorthMarq Capital’s Cincinnati office structured the three-year loan with a 25-year amortization schedule and two years of interest-only payments through Ready Capital Structured Finance on behalf of the undisclosed buyer.

June 19, 2017

Civic Massachusetts Northeast Retail

Skanska USA to Build $113M Recreation Center at Boston College

by Amy Works June 19, 2017

BOSTON — Boston College has awarded Skanska USA a $113 million contract to provide construction services for a 244,000-square-foot recreation center at the university. Designed by Cannon Design, the four-story facility will feature a fitness center, jogging track, natatorium with lap and instructional pools, four wood-floor basketball courts, three tennis courts, two multi-activity courts and multi-purpose rooms for spin, yoga and fitness classes. Slated for completion in summer 2019, the new facility will replace the Flynn Recreation Complex.

June 19, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Healthcare Transactions Group Arranges Sale of Operations of 1,906-Bed Skilled Nursing Portfolio in Pennsylvania

by Amy Works June 19, 2017

PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed. A national REIT will continue to retain ownership of the real estate involved in the transaction. Mark Davis of Healthcare Transactions Group initiated the transaction for the seller.

June 19, 2017

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