Property Type

SDM Partners Buys Three-Building Office Portfolio in Metro Birmingham

by Camren Skelton December 20, 2017

HOOVER, ALA. — SDM Partners has acquired Meadow Brook North, a three-building, 365,000-square-foot office portfolio located on Corporate Parkway in Hoover, roughly 11 miles south of Birmingham. Patterson Real Estate Advisory Group arranged acquisition financing for the transaction, which included a joint venture equity partnership with Blue Vista and bridge loans from Hamilton State Bank and State Bank & Trust Co. Other terms of the transaction were not disclosed. The portfolio originally included a fourth building, which SDM negotiated the sale of to a local user that closed simultaneously with SDM. Of the three buildings in SDM’s acquisition, one is fully leased to BlueCross BlueShield of Alabama, one is a multi-tenant building currently 87 percent leased and the third is vacant. Joe Sandner III and Joe Sandner IV of Colliers International will handle the portfolio’s leasing assignment.

December 20, 2017

Office Top Stories Washington Western

Takenaka Corp. Buys 290,573 SF Office Building in Seattle for $268.5M

by Nellie Day December 20, 2017

SEATTLE — Takenaka Corp. has purchased Tilt49, a 290,573-square-foot office building in Seattle, for $268.5 million. The Class A building is located at 1812 Boren Ave. in the Denny Triangle area of the city. Tilt49 is triple-net leased to Amazon through 2033. The newly constructed project includes 1,646 square feet of retail leased to Mighty-O Donuts. NKF represented the seller, a joint venture between Principal Real Estate Investors and Touchstone. The firm’s Kevin Shannon, Ken White, Rob Hannan, Tim O’Keefe and Michael Moll executed the transaction. The 11-story creative office property is nearby more than 100 restaurants, 3,000 hotel rooms, 28,000 urban residential units and public transit. The Denny Triangle submarket has experienced a 51 percent increase in average asking lease rates over the past three years, according to NKF. Tilt49 sold for $924 per square foot. This is approximately about $40 per square foot more than the recently sold Midtown 21 office property, which is situated adjacent to Tilt49 and also leased to Amazon. “The buyer [was sourced] via an ad hoc Asia/Pacific roadshow to four countries,” Shannon says. “As a result, we identified a strong buyer and achieved record-setting pricing for a Seattle office property. Takenaka is a …

December 20, 2017

Industrial Market Reports New Hampshire Northeast Northeast Market Reports

Southern New Hampshire Industrial Overview

by Taylor Williams December 20, 2017

With a statewide unemployment rate of 2.7 percent, New Hampshire has one of the lowest unemployment rates in the nation, and is well below the national unemployment rate of 4.4 percent. The New Hampshire labor market has continued to tighten, with unemployment having dropped 0.2 percentage points since third quarter of last year. Employment gains have not been seen in two traditionally industrial sectors: trade, transportation & utilities or manufacturing. Employment in these sectors has remained relatively flat year-over-year, at -0.4 percent and 0.6 percent growth respectively. Year-to-date industrial absorption was pushed up to 623,485 square feet by continued positive absorption in the third quarter. The three largest submarkets — Nashua, Manchester, and Portsmouth —made up the majority of that absorption, while two of the smaller submarkets — Concord and Bedford — are the only ones experiencing negative year-to-date absorption. The largest new lease of the fourth quarter of 2017 was Bensonwood Woodworking’s lease of more than 100,000 square feet of space at 25 Production Avenue in Keene. The space will be used mainly for manufacturing purposes. On the capital markets front, the largest transaction of the quarter was the purchase of 55 and 85 Mechanic Street, a 119,000-square-foot multi-tenant …

December 20, 2017

Colorado Multifamily Seniors Housing Western

CA Senior Living Starts Construction of Mid-Rise Community Near Denver

by Nellie Day December 19, 2017

ENGLEWOOD, COLO. — CA Senior Living LLC, the seniors housing investment and development division of Chicago-based CA Ventures, has started construction of Atria Englewood, a 130-unit seniors housing community in the Denver suburb of Englewood. Atria Senior Living will operate the seven-story community, which will offer a mix of assisted living and memory care apartments. The property is scheduled to open in summer 2019. When complete, Atria Englewood will offer a total of 106 assisted living apartments, with floor plans ranging from 380 to 1,200 square feet. The remaining 24 apartments will be for memory care. Atria Englewood represents CA Senior Living’s plans to build infill, mid-rise seniors housing near major metros.

December 19, 2017

Loans Multifamily Washington Western

KeyBank Closes $49.1M Refinancing for Regency Woods Apartment Homes in Renton, Washington

by Nellie Day December 19, 2017

RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.

December 19, 2017

Arizona Retail Western

Cushman & Wakefield Brokers $25.8M Sale of Sprouts-Anchored Center in Chandler, Arizona

by Nellie Day December 19, 2017

CHANDLER, ARIZ. — Cushman & Wakefield has arranged the $25.8 million sale of The Plant, a newly developed, 56,831-square-foot shopping center in Chandler. Ryan Schubert and Michael Hackett of Cushman & Wakefield arranged the transaction on behalf of the seller, Common Bond Development Group. Sarofim Realty Advisors acquired the asset. Sprouts Farmers Market anchors the center, which was fully leased at the time of sale to tenants including Dairy Queen, Café Rio and Starbucks Coffee.

December 19, 2017

Arizona Multifamily Seniors Housing Western

HFF Arranges Sale of, Financing for, 303-Unit Seniors Housing Community Near Phoenix

by Nellie Day December 19, 2017

SUN CITY WEST, ARIZ. — Holliday Fenoglio Fowler,L.P. (HFF) has arranged the sale of The Heritage Tradition, a 303-unit seniors housing community located within the Del Webb master-planned community of Sun City West, just northwest of Phoenix. Senior Resource Group LLC acquired the property for an undisclosed price, and will also operate the community. The seller was not disclosed. The Heritage Tradition features 227 independent living apartments, 35 independent living cottages and 41 assisted living units. The property was completed in three phases between 2000 and 2006, and has undergone $3.8 million in capital improvements since 2013. In addition to negotiating the sale, HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company. The HFF investment advisory team included Ryan Maconachy, Chad Lavender and Ryan Fitzpatrick. HFF’s debt placement team consisted of Sarah Anderson.

December 19, 2017

Colorado Retail Western

Confluent Breaks Ground on Grocery Component of 20,000 SF Retail Project in Colorado

by Nellie Day December 19, 2017

CENTENNIAL, COLO. — Confluent Development has broken ground on the grocery portion of a 20,000-square-foot retail project located within The Ridge, a mixed-use development in the Denver suburb of Centennial. Upon completion, the project will feature three freestanding retail buildings. Confluent Development is partnering with Equity Ventures Commercial Development to deliver a 13,300-square-foot, build-to-suit building for Natural Grocers. The organic grocer will move into the new space in the third quarter of 2018. The project also includes a 2,000-square-foot, freestanding Starbucks Coffee, which opened in September. The third portion of the project will add an additional freestanding building, totaling 4,200 square feet. The Ridge mixed-use development includes a Holiday Inn, Centennial Gun Club, two office buildings and additional retail and restaurant buildings.

December 19, 2017

First-Logistics-Center-I-78-81-Lebanon-County-PA

Industrial Northeast Pennsylvania

First Industrial Realty Trust to Develop 738,720 SF Distribution Center in Central Pennsylvania

by Amy Works December 19, 2017

LEBANON COUNTY, PA. — First Industrial Realty Trust is developing First Logistics Center @ I-78/81 in Lebanon County in Central Pennsylvania. The company has commenced site work and development for a 738,720-square-foot distribution center. Slated for completion in the fourth quarter of 2018, the distribution center will feature 40-foot clear heights, 185-foot truck courts, 135 dock-high door positions, four drive-in doors, 246 trailer stalls, 289 auto stalls, ESFR sprinklers and LED lighting. The total investment for the distribution center is estimated at $49 million. The site plan for the industrial park includes 12 acres of land on which the company is readying a pad for the future construction of a 250,000-square-foot facility. The project team includes Blue Rock Construction as general contractor and Joseph V. Belluccia as architect. Patrick Lafferty, Michael Hess, Bart Anderson and Fred Ragsdale II of CBRE have been retained to lease the project.

December 19, 2017

Industrial Loans Texas

JLL Secures $65M in Development Financing for 3 MSF Industrial Project in Metro Houston

by Taylor Williams December 19, 2017

BAYTOWN, TEXAS — JLL has secured $65 million in financing for the development of the first phase of Port 10 Logistics Center, an industrial project in Baytown that upon completion will span more than 3 million square feet across eight buildings. The first phase of the project, which is scheduled for a third-quarter 2018 completion, will deliver four buildings situated on a 100-acre site totaling 992,669 square feet. First Tennessee Bank provided the first lien while Nationwide Mutual Insurance provided mezzanine financing. Paul House, James Brolan and Jonathan Paine of JLL led the financing effort.

December 19, 2017

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