Property Type

Oxford Properties Provides $180M Loan for Refinancing of Mixed-Use Asset in Boston

by Nellie Day June 7, 2017

BOSTON — Oxford Properties Group has provided a $180 million loan for the refinancing of One Congress Street and the Government Center Garage in Boston. The 11-story, mixed-use asset includes a 1,960-space parking garage with 202,854 square feet of office space and 23,212 square feet of retail space. The borrower was a joint venture between National Real Estate Advisors LLC and its Boston-based development partner, The HYM Investment Group LLC. HFF worked on behalf of the borrower to arrange the short-term, floating-rate loan. The property is centered among many of Boston’s most popular neighborhoods and destinations, including the Financial District, TD Garden, Faneuil Hall Market District, the Rose Fitzgerald Kennedy Greenway, North End, West End and Beacon Hill. The development draws a diverse set of parkers, ranging from commuters to event attendees to residents seeking overnight parking. This location also offers immediate access to entrance ramps for Interstate 93, as well as two on-site subway lines (MBTA Green Line and Orange Line), providing connectivity to greater Boston. The property is also the site of Bulfinch Crossing, a 2.9 million-square-foot mixed-use development project that will consist of residential, office, hotel and retail uses. Led by the borrower, the Bulfinch Crossing project …

June 7, 2017

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Office Leasing Down in Pittsburgh, But Tech Sector is Growing

by Camren Skelton June 7, 2017

The Urban Land Institute (ULI) listed Pittsburgh among its top five markets to watch in the 2017 Emerging Trends in Real Estate report due to its low cost to do business; access to talent via four major universities; and its status as an emerging tech hub with the likes of Uber, Google, Facebook and most recently, Amazon, establishing regional research and development centers in the city. Citizens Bank announced that it would remain a tenant in 525 William Penn Place, where it occupies approximately 150,000 square feet, reporting that its management views Pittsburgh as a growth driver for the company. Ford Motor Company inked a $1 billion deal with Argo AI, a Pittsburgh start-up that focuses on artificial intelligence and robotics, to expand its research and development of self-driving cars. Ford now is surveying the Greater Downtown submarket for space to construct a 100,000-square-foot facility to hold the 200 employees it expects to hire over the next 24 months. Despite the region’s growing popularity as a tech hub, leasing activity in first quarter 2017 reported a 23.3 percent drop from the same period 2016, ending the quarter at just less than 600,000 square feet, while overall net absorption dropped an …

June 7, 2017

California Hospitality

Waldorf Astoria Beverly Hills Opens in LA

by Nellie Day June 6, 2017

LOS ANGELES — Waldorf Astoria Hotels & Resorts has opened the Waldorf Astoria Beverly Hills. The hotel is situated at the intersection of Wilshire and Santa Monica boulevards. The 12-story hotel is the Waldorf Astoria Hotels & Resorts’ first new build on the West Coast and second California property. Owned by Alagem Capital Group and clients of Guggenheim Partners, Waldorf Astoria Beverly Hills features 119 rooms and 51 suites. Architects Gensler and PYR designed the hotel, which features a rooftop gathering area with VIP cabanas, a lounge area with panoramic views and a swimming pool. The hotel also features 6,300 square feet of meeting spaces, including two ballrooms, as well as a private Rolls Royce shuttle service within two miles of the hotel, world-class dining, the only La Prairie Spa in Los Angeles and the Tracey Cunningham Salon.

June 6, 2017

Office Washington Western

Kennedy Wilson Buys Office Campus in Bellevue for $153M

by Nellie Day June 6, 2017

ISSAQUAH, WASH. — Kennedy Wilson has acquired 90 East, a three-building, 573,000-square-foot office campus in greater Bellevue, for $153 million. Located in Issaquah, the campus was built between 1999 and 2001 and is fully leased to Microsoft and Costco. During the last 12 months, the property produced approximately $13 million in net operating income. Kennedy Wilson financed the purchase using a 10-year, interest-only, $77 million loan that features a fixed interest rate of 3.85 percent.

June 6, 2017

California Industrial Western

Terreno Realty Acquires Metro LA Industrial Building for $24.7M

by Nellie Day June 6, 2017

GARDENA, CALIF. — Terreno Realty Corp. has purchased a 114,000-square-foot industrial building in Gardena for $24.7 million. The building is located at 15913 S. Main St., about 14 miles southwest of Los Angeles. The fully leased, single-tenant facility is situated near the 91 (the Artesia Freeway), 110, 105 and 710 freeways between Los Angeles International Airport and the ports of LA and Long Beach.

June 6, 2017

Multifamily New Mexico Seniors Housing

CareTrust Enters New Mexico with $27.3M Acquisition of Two-Property Skilled Nursing Portfolio

by Nellie Day June 6, 2017

ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.

June 6, 2017

Arizona Multifamily Seniors Housing Western

Medical Development Partners Breaks Ground on $10M Memory Care Community in Chandler

by Nellie Day June 6, 2017

CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.

June 6, 2017

Hospitality North Carolina Southeast

Carey Watermark Investors 2 Acquires Charlotte Marriott City Center for $152.2M

by John Nelson June 6, 2017

CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.

June 6, 2017

Florida Hospitality Southeast

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

by John Nelson June 6, 2017

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.

June 6, 2017

Georgia Office Southeast

CBRE Secures $61.9M Loan for 318,450 SF Office Building in Midtown Atlanta

by John Nelson June 6, 2017

ATLANTA — CBRE’s Debt & Structured team in Atlanta has secured $61.9 million in financing for 715 Peachtree, a 10-story, 318,450-square-foot office building in Midtown Atlanta. The property is leased to office tenants including Honeywell and Spaces and retail tenants including Land of a Thousand Hills, Stone Summit and Bareburger. Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year bridge loan through KKR & Co. LP on behalf of the borrowers, Carter and PCCP LLC. The loan will enable Carter to pay an existing loan used for renovations and refurbishment to the property, and provides for tenant improvements and leasing capital. Eric Ross, Clark Gore and Sabrina Gibson of CBRE manage leasing for 715 Peachtree on behalf of Carter, and CBRE’s Asset Services team manages the building.

June 6, 2017

Newer Posts

Older Posts