Property Type

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Secures Sale of 56,954 SF Office Building in Triangle

by Camren Skelton May 15, 2018

CARY, N.C. — CBRE | Raleigh has arranged the sale of One Harrison Park, a 56,954-square-foot office building located at 401 Harrison Oaks Blvd. in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Ed Pulliam and John Brewer of CBRE | Raleigh arranged the transaction on behalf of the seller, Griffin Partners Inc. Priam Capital acquired the building for an undisclosed price. One Harrison Park was 91 percent leased at the time of sale to tenants such as Trilliant, Biosignia, Keys & Fox, Leukemia & Lymphoma Society and Bainbridge.

May 15, 2018

Acquisitions Retail Southeast Tennessee

Cooper Commercial Arranges $3.8M Sale of Retail Center in Memphis

by Camren Skelton May 15, 2018

MEMPHIS, TENN. — Cooper Commercial Investment Group has arranged the $3.8 million sale of The Shops at Cordova Station, an 18,950-square-foot retail center in Memphis. Bob Havasi and Dan Cooper of Cooper Commercial arranged the transaction on behalf of the seller, a private investment group. A New Hampshire-based investor acquired the asset. The Shops at Cordova Station was fully leased at the time of sale to tenants such as Iberia Bank, 3 Guys Pizza Pies, Avis Car Rental, Jenny’s Nails and Game X-Change.

May 15, 2018

Acquisitions Property Type Retail Top Stories

H&R REIT to Sell 63-Property Retail Portfolio for $633M

by John Nelson May 15, 2018

TORONTO — H&R Real Estate Investment Trust has entered into an agreement to sell nearly all of its U.S. retail holdings for US$633 million. The sale includes 63 assets and is expected to close in June. The Toronto-based REIT’s portfolio houses retailers including Walgreens, CVS/pharmacy, Publix, Kroger, Kohl’s, Rite Aid, Sam’s Club, Lowe’s Home Improvement and The Home Depot. H&R REIT (TSX: HR.UN) still owns 16 gas and convenience stores in the United States. The buyer was not disclosed. The company plans to use a large portion of the sale proceeds to grow Lantower Residential, the REIT’s multifamily investment arm that comprises nearly 15 percent of the company’s real estate portfolio. The REIT will also use the proceeds to repay US$205.9 million of mortgage debt on the portfolio and buy back stock. “This transaction follows through on our strategy of narrowing and streamlining our focus, while enhancing the quality and growth profile of our portfolio,” says Thomas Hofstedter, president and CEO of H&R REIT. Following the sale, H&R REIT expects for office investments and developments to make up approximately 47 percent of its real estate portfolio, with the company’s Primaris retail division making up more than 20 percent. H&R REIT …

May 15, 2018

Features Retail

Architecture Aids in Retail Branding

by Katie Sloan May 15, 2018

As brick-and-mortar retail centers evolve to compete with online retailers, architects are helping developers and tenants with the evolutionary process. Shopping Center Business, sister publication to REBusinessOnline, asked four architects for their insights about how developers and retailers are grappling with the questions of branding. Sharing their thoughts are Sean Selby, principal with Boston-based Arrowstreet; Simon Perkowitz, principal with Irvine, California-based KTGY Architecture + Planning; Jim Baeck, principal with Baltimore-based Design 3 International (D3i); and Frankie Campione, principal and creative director of New York City-based CREATE Architecture Planning & Design. REBO: Specific to architecture, how is retail branding evolving? Selby: The days of retailers being all things to all customers are over. Retailers are discovering that if they focus on their core mission and what they do better than everyone else, they’re more successful. For example, L.L. Bean is regarded as the greatest outdoor outfitter in the world, supplying their customers with all the gear needed to hike, paddle, and play outside. Arrowstreet has helped L.L. Bean roll out a number of stores across the country in a variety of locations and settings. Walking through their stores is like walking through one of their catalogs. Barnboard walls, fish tanks stocked with brook …

May 15, 2018

Acquisitions New York Northeast Office

GHP Office Realty Acquires 182,630 SF Office Complex Near New York City

by David Cohen May 14, 2018

MOUNT PLEASANT, N.Y. — GHP Office Realty has acquired 115-117 Stevens Ave., a two-building office complex totaling 182,630 square feet in Mount Pleasant, nearly 40 miles north of New York City in Westchester County. Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie of CBRE represented the seller, Reckson, a division of SL Green Realty Corp.,in the transaction. The buyer was a White Plains-based commercial real estate firm.The first property, 115 Stevens Ave., is a three-story, 130,630-square-foot office building. Totaling 52,000 square feet, 117 Stevens Ave. is a two-story office building. GHP intends to invest $3.5 million of new capital into the buildings. Amenities at the buildings include a fitness facility, full service café and conference center. Current office tenants include Retriever Medical Dental Payments Inc., Archcare, Cardinal McCloskey Community Services and Utopus Insights.

May 14, 2018

Development Hospitality New York Northeast

Soundview, Chartwell Break Ground on Marriott-Branded Hotel at JFK Airport

by David Cohen May 14, 2018

NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality have broken ground on a 270,000-square-foot, dual-branded Marriott and Residence Inn property at John F. Kennedy International Airport. The 540-room hotel will include 4,000 square feet of meeting space, fitness facilities, and lounge and bar areas. Gene Kaufman Architect PC designed the building and the interiors for both the hotel’s public spaces and guest rooms. DLC Development Corp. is serving as general contractor. This is the 12th Marriott-branded hotel designed by Kaufman. The hotel is expected to open in 2020

May 14, 2018

Acquisitions Industrial New Jersey Northeast

Bussel Realty Arranges Sale of 36,000 SF Industrial Building in New Jersey

by David Cohen May 14, 2018

SOUTH PLAINFIELD, N.J. — Bussel Realty Corp. has arranged the sale of 121 Corporate Blvd., a 36,000-square-foot industrial building in South Plainfield. The price was undisclosed. Herb Zimmerman of Bussel Realty represented the buyer, Touch Dynamic, in the transaction. The seller was Adler Development. Touch Dynamic, a maker of touch-screen computers and monitors, will utilize the facility for the manufacturing, servicing, testing, shipping and distribution of its products. The property is fully air-conditioned and includes three loading docks, one drive-in door and 19-foot ceiling heights.

May 14, 2018

Acquisitions Retail Texas

NewQuest Properties Sells 71,107 SF Retail Center in Houston

by Taylor Williams May 14, 2018

HOUSTON — A partnership led by NewQuest Properties has sold Westlake Shopping Center, a 71,107-square-foot retail center located near the Houston-Katy line on the city’s west side. NewQuest has owned the property, which is anchored by a 24 Hour Fitness, since 2005. Brad Elmore of NewQuest represented the seller of record in the transaction. Matt Berry and Robbie Kilcrease of CBRE represented the buyer, Rising Sale Westlake LLC, in the transaction. The center was 95 percent leased at the time of sale.

May 14, 2018

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