Property Type

Gaedeke Group Inks Four Office, Retail Leases in Uptown Dallas

by John Nelson January 3, 2018

DALLAS — Gaedeke Group has signed four tenants to leases at three of its office towers in Uptown Dallas. The transactions include Bain & Co. expanding its footprint at 17Seventeen McKinney by 15,122 square feet; Native International Realty leasing 7,000 square feet of office space and Sallio Itallio leasing 5,216 square feet of dining space at One McKinney Plaza; and Priority Management Services leasing 6,780 square feet of office space at Regency Plaza. Elliott Prieur and Allison Johnston represented Gaedeke internally in all four transactions. The tenant representation in all four deals include Charlie Morris of Avison Young representing Bain & Co., Duke Biggers of Swearingen Realty Group representing Native International, Kimberly Rote of Allie Beth Allman & Associates representing Priority Management and John Evans and Emilie Gioia of John T. Evans Co. representing Sallio Itallio. Dallas-based Gaedeke Group’s portfolio spans 3.4 million square feet of Class A office buildings in Arizona, Florida, Tennessee, Texas and Washington, D.C.

January 3, 2018

Illinois Midwest Multifamily Student Housing Top Stories

Scion Student Communities Buys 24-Property Student Housing Portfolio for $1.1B

by Nellie Day January 3, 2018

CHICAGO — Scion Student Communities has purchased a 24-property student housing portfolio containing 13,666 beds across 18 states for $1.1 billion. The portfolio involves 20 leading national universities. The transaction also includes the recapitalization of two communities previously owned by Scion-affiliated private syndications. Five different Harrison Street Real Estate Capital funds owned the properties in partnership with multiple operators. Chicago-based Scion Student Communities is a joint venture between the Scion Group, GIC and Canada Pension Plan Investment Board (CPPIB). The portfolio contains a mix of recently developed Class A properties in primarily Tier 1 university markets, as well as select value-added assets. “This is a compelling investment opportunity to efficiently build further scale in the U.S. student housing sector with a portfolio of high-quality, well-located properties in new and existing joint venture markets,” says Hilary Spann, managing director and head of U.S. real estate investments for CPPIB. Harrison Street sold an additional nine-property student housing portfolio to Scion this past March for $465 million. These assets were within a larger 11-property portfolio the JV acquired from four different owners. This portfolio contained a total of 5,000 beds at eight universities. Scion Student Communities notes it plans to pursue additional opportunities to …

January 3, 2018

Maine Market Reports Northeast Northeast Market Reports Office

Downtown Portland, Maine, Class A Office Market Remains Tight

by Taylor Williams January 3, 2018

As 2018 begins, it appears that the Greater Portland office market has continued to hold on to low vacancy rates as supply remains low across both Class A and Class B buildings throughout the market. CBRE/The Boulos Co is conducting its annual market outlook; it will be exciting to see the results, which we release in January. I anticipate the numbers to show a steady or slight decrease in vacancy rates across all submarkets but also show a much lower absorption rate, as momentum has appeared to slow down over the last 18 months. Transaction volume is trending far lower than in previous years and could possibly be the lowest number of transactions in the last seven years. However, there were a number a relatively large transactions completed over the last six months that will have a larger impact on the overall vacancy rate than simple transact ion volume. And we must consider that the small number of leases signed could also be due in part to limited supply. The Downtown Portland Class A office market, in particular, continues to operate at historically low vacancy rates. Over the last five years, there has been a steady decline in Class A …

January 3, 2018

Civic Mixed-Use New York Northeast Retail

TerraCRG Arranges $53M Sale of 165,000 SF Mixed-Use Property in Brooklyn

by Amy Works January 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of 1501 Pitkin Avenue, a 165,000-square-foot mixed-use building in Brooklyn. POKO Partners sold the property to an undisclosed buyer for $53 million. Built in 1929, the former movie theater has been redeveloped into a mixed-use property featuring retail and educational space. The building features 12,371 square feet of retail space occupied by Pizza Hut, Subway and Dollar Tree, and a 152,404-square-foot charter school that serves 1,000 students. Ofer Cohen, Dan Marks, Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal.

January 2, 2018

Hospitality Loans New York Northeast

HFF Facilitates $126.6M in Refinancing for 190-Room Hotel in Manhattan

by Amy Works January 2, 2018

NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.

January 2, 2018

Multifamily New Jersey Northeast

UMH Properties Acquires Five Manufactured Home Communities in Pennsylvania for $22.8M

by Amy Works January 2, 2018

FREEHOLD, N.J. — Freehold-based UMH Properties has acquired five manufactured home communities located in Pennsylvania for a total purchase price of $22.8 million. The portfolio consists of three all-age communities and two age-restricted communities with a total of 643 developed home sites. The portfolio is situated on approximately 141 acres, with a weighted-average occupancy rate of 72 percent. With this acquisition, UMH now owns and operates 112 manufactured home communities with 20,000 developed home sites throughout New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland and Michigan.

January 2, 2018

New York Northeast Retail

Forest City Realty Trust Converts Ownership of 10 Retail Centers in Metro New York City

by Amy Works January 2, 2018

NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …

January 2, 2018

Connecticut Industrial Northeast

Fischer Commercial Real Estate Brokers $1.5M Sale of Industrial Property in New Haven, Connecticut

by Amy Works January 2, 2018

NEW HAVEN, CONN. — Fischer Commercial Real Estate has arranged the sale of an industrial property located at 300 East St. in New Haven. Space Craft Holdings sold the property to 300 East Street LLC, a title-holding entity whose members are the owners of New Haven-based Luckey Climbers, for $1.5 million. Situated on 2.3 acres, the property features 27,238 square feet of space. Luckey Climbers is a bespoke design-build firm specializing in creating unique and imaginative three-dimensional climbing structures for children-oriented institutional and commercial clients. The firm plans to relocate its manufacturing and executive offices from Chapel Street in New Haven to the new property. Alan Fischer of Fischer Commercial Real Estate represented the seller and buyer in the off-market transaction.

January 2, 2018

Colorado Office Western

Heitman Acquires 309,988 SF Trophy Office Building in Denver

by Nellie Day January 2, 2018

DENVER — Heitman LLC has purchased a 309,988-square-foot trophy office building in Denver for an undisclosed sum. The Class AA tower is located at 1401 Lawrence St. It sits adjacent to Larimer Square and the Four Seasons hotel at the convergence of Denver’s LoDo (lower downtown) neighborhood and the Central Business District. The property features 10-foot finished ceilings with floor-to-ceiling windows, outdoor terraces and balconies, 360-degree views from every floor including unobstructed panoramas of the Rocky Mountains, an exterior glass façade, state-of-the-art building systems, and a seven-story, above-grade parking garage. The asset is 98 percent leased to tenants like CoBiz Financial, Jagged Peak Energy and law firm Polsinelli. CBRE represented the seller, First Gulf Corporation of Toronto, which also developed the property.

January 2, 2018

Arizona Multifamily Western

Pinnacle Terrace Apartment Complex in Arizona Sells for $56M

by Nellie Day January 2, 2018

CHANDLER, ARIZ. — An institutional investment manager has acquired the 300-unit Pinnacle Terrace apartment complex in Chandler for $56 million. The community is located at 801 N. Federal St. Pinnacle Terrace is situated near West Chandler Corridor, Arizona State University Research Park and the Discovery Business Campus. It was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, TA Realty, in this transaction.

January 2, 2018

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