Property Type

Construction Begins on 26-Building Industrial Complex in Temecula

by Nellie Day October 9, 2017

TEMECULA, CALIF. — French Valley Airport Center LLC has started construction of the first two phases of French Valley Airport Center in Temecula. The 26-building industrial project will be situated adjacent to Temecula Valley’s French Valley Airport. The initial two construction phases are slated for completion in June 2018. The buildings will each offer between 4,336 square feet to 7,300 square feet, with the potential to combine some buildings for up to 25,400 square feet. Architects Orange designed the property.

October 9, 2017

California Office Western

Kairos Power Leases 55,757 SF of Office Space at West Tower 9 in Alameda

by Nellie Day October 9, 2017

ALAMEDA, CALIF. — Kairos Power has leased 55,757 square feet of office space at West Tower 9 in Alameda. The office is located at 707 W. Tower Ave. West Tower 9 is a 1940s hanger/manufacturing building undergoing refurbishment on the former Naval Air Station at Alameda Point. The building is part of the Alameda Point revitalization, which includes a 68-acre, $500 million mixed-use development. Kairos Power is an energy technology and engineering company based in Oakland, Calif. Marc Ward and Elisa Konik of Cushman & Wakefield represented Kairos. The firm’s Ted Anderson, John McManus and Andrew Schmieder represented the landlord, Ernst Development, in this transaction.

October 9, 2017

California Retail Western

Charles Dunn Co. Facilitates $5.8M Sale of Single-Tenant Property in Thousand Oaks

by Nellie Day October 9, 2017

THOUSAND OAKS, CALIF. — Charles Dunn Co. has completed the sale of a retail property located at 140 E. Thousand Oaks Blvd. in Thousand Oaks. A Southern California-based private investor sold the retail property to a private investor for $5.8 million. Wells Fargo Bank occupies the 7,396-square-foot building. Kyle Gulock, Matt Kramer and Brian Jensen of Charles Dunn Co. represented the seller in the transaction.

October 9, 2017

California Retail Western

Marinita Development, Sage Invesco Add Three Retailers to Sun Lakes Village in Banning

by Nellie Day October 9, 2017

BANNING, CALIF. — Marinita Development Co. and Sage Invesco have added three new retailers to Sun Lakes Village Shopping Center, located at the intersection of Interstate 10 and Highland Springs Avenue in Banning. Chipotle, Mattress Firm and T-Mobile will occupy the three-tenant, 8,000-square-foot Phase II building at the shopping center. Sun Lakes Village Shopping Center features 210,398 square feet of retail space and 11 outparcels, including this building.

October 9, 2017

California Office Western

Home Franchise Concepts Relocates, Expands in Irvine

by Nellie Day October 9, 2017

IRVINE, CALIF. — Home-based business company Home Franchise Concepts has leased 38,094 square feet of office space in Irvine. The Class A space will allow the company to expand its Orange County headquarters. The new office is located at 19000 MacArthur Blvd. The company is relocating from 25,000 square feet at 1927 N. Glassell St. in the City of Orange. It will occupy the new office in April 2018. Jason Ward and Greg Brown of Cushman & Wakefield represented the landlord, C.M. Stratplan.

October 9, 2017

Colorado Mixed-Use Top Stories Western

P3 Acquires 65-Acre Tract for 900,000 SF Mixed-Use Project in Castle Rock, Colo.

by Taylor Williams October 9, 2017

CASTLE ROCK, COLO. — Development firm P3 Advisors has acquired a 65-acre tract of land in Castle Rock, roughly midway between Denver and Colorado Springs, for the development of Miller’s Landing, a mixed-use project that is expected to generate between $350 million and $500 million in private investment. Miller’s Landing will feature a full-service resort and conference center, retail pad sites, office space and restaurants. Developers estimate that the property will span approximately 900,000 square feet upon completion. The property will also include an undetermined amount of public parking space. The hotel will offer 250 rooms, while the retail and office components could total as much as 250,000 square feet and 480,000 square feet, respectively, according to the Denver Post. Under the terms of the development agreement, the amount of retail development will be limited to 100,000 square feet until the hotel is complete and operating. The full 250,000 square feet of retail space may not be developed until 150,000 square feet of office space has been built. The development site, located at the northwest corner of Interstate 25 and Plum Creek Parkway, is a former landfill situated within Philip S. Miller Park, a 300-acre swath that attracts about 1.5 …

October 9, 2017

Industrial Market Reports Southeast Southeast Market Reports Virginia

Richmond Market Entering New Era of Industrial Development

by John Nelson October 9, 2017

At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The year-to-date net absorption is in excess of 1.5 million square feet, in part due to lower reported vacancies in the Class C former tobacco storage complex located south of downtown Richmond. The inventory of quality, freestanding facilities available for owner/users to purchase remains in short supply, with central locations in even greater demand and experiencing a shorter shelf life. CoStar reports overall industrial occupancy at 95 percent for products of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days delivery by truck. In addition to being the northernmost right-to-work state on the …

October 9, 2017

Hospitality Loans Massachusetts Northeast

HFF Arranges $205M in Financing for Mixed-Use Development in Burlington, Massachusetts

by Amy Works October 6, 2017

BURLINGTON, MASS. — HFF has arranged $205 million in financing for The District Burlington, a more than 1 million-square-foot mixed-use development in Burlington. Fred Wittman, Greg LaBine and Robyn King of HFF secured the seven-year, fixed-rate permanent loan through a major institutional life insurance company for the borrower, affiliates of Charles River Realty Investors, National Development and AEW Capital Management. Recently repositioned and rebranded, the property includes a 30,000-square-foot retail cluster anchored by Island Creek Oyster Bar, Tuscan Kitchen and Market and TD Bank; a 350-space parking garage; a Residence Inn by Marriott; an 8,000-square-foot fitness center and OMMMSpace, a yoga and meditation studio. The District Burlington is 85 percent leased to a roster of more than 40 regional, national and global tenants, including BAE Systems, Black Duck Software, Charles River Development (no affiliation with Charles River Realty Investors) and Decision Resources.

October 6, 2017

Loans Multifamily New York Northeast

Eastern Consolidated Secures $215M Construction Loan for Condominium Development in Manhattan

by Amy Works October 6, 2017

NEW YORK CITY — Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a 27-story condominium project at 537 Greenwich St. within the Special Hudson Square Zoning District in Manhattan. Adam Hakim and James Murad of Eastern Consolidated represented the borrower, Cape Advisors, and its new equity partner, Strategic Real Estate. Bank of the Ozarks provided the financing for the shovel-ready project. Designed by Loci Anima and Adamson Associates, the development will feature 170 units, 2,332 square feet of ground floor retail space and 31 on-site parking spaces. Residential units, designed by Sebastien Segers Architecture, will average approximately 1,211 square feet with prices starting at under $1.2 million and averaging $2.8 million. The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots—537 Greenwich St. and 110 Charlton St.— and air rights obtained from five adjacent and nearby properties. Strategic Real Estate will be the managing partner and lead developer for the project.

October 6, 2017

Industrial New Jersey Northeast

Cushman & Wakefield Brokers $65.5M Sale of Flex Industrial Park in Totowa, New Jersey

by Amy Works October 6, 2017

TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of Totowa Commerce Center, a flex industrial park located at the interchange of Interstate 80 and Routes 46 and 23 in Totowa. Mack-Cali Realty sold the property to Heritage Capital Group for $65.5 million. Additionally, Cushman & Wakefield arranged $51.7 million in acquisition financing for the buyer. Natixis Real Estate Capital provided the 10-year, fixed-rate financing. Totowa Commerce Center is a 13-building park totaling 508,028 square feet of flex and industrial space. At the time of sale, the park was 90 percent leased to approximately 48 tenants. Andrew Merin, David Bernhault, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt of Cushman & Wakefield represented the seller and procured the buyer in the deal. Cushman & Wakefield Equity, Debt and Structured Finance’s John Alascio, Sridhar Vankayala and Andre Hass arranged the acquisition financing for Heritage Capital Group.

October 6, 2017

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