Property Type

Continued Industry Growth, High Investor Interest Lift Student Housing Sector

by Jeff Shaw April 11, 2018

AUSTIN, TEXAS — Sunny skies continue to be the forecast for the student housing sector, with investor interest in this property niche continuing to increase, more institutional capital flooding into the space and a continued demand seen for new development. Each of these points of growth was highlighted extensively during last week’s InterFace Student Housing conference in Austin. The conference’s first general session, titled “The Power Panel,” brought together a consortium of CEOs from the industry’s top companies to discuss their perspectives on industry trends, the future of the sector and capital markets shifts, among other topics. “There has never been a more intriguing time to be in the sector,” began moderator Peter Katz, executive director of Institutional Property Advisors. “The vast majority of the industry is showing significantly solid year-over-year NOI growth, coupled with institutional and private capital flooding into the space. The quality of the product and the performance of the industry stands on its own among other real estate sectors.” “Being the 10th anniversary of this conference, and thinking about all of the conversations that we’ve had over the last decade, we’re finally realizing everything that we had hoped would occur in the industry,” continued Bill Bayless, …

April 11, 2018

Market Reports Multifamily New York Northeast Northeast Market Reports

Manhattan Multifamily Building Sales Slow in 2017 after 2016 Surge

by David Cohen April 11, 2018

In 2017, the multifamily investment sales market in New York City followed the trends seen within the broader market with sales volumes dropping while property values were mixed. The year ended on a high note with regard to contract execution activity, which bodes well for sales volume in 2018. This year, we expect volumes to rise while values bottom out and start to climb by the end of the year as positive movements in fundamentals start to exert upward pressure on property values. With regard to the number of properties sold, there were 1,215 apartment buildings sold last year, down 19 percent from the 1,507 that were sold in 2016. The elevator building sector, which we differentiate from walk-up buildings as a separate asset class, performed better with 235 sales, down 14 percent from the 273 elevator buildings that were sold in 2016. In the walk-up sector, there were 980 sales, down 21 percent from the 1,234 walk-up buildings that were sold in 2016. If we compare the Manhattan submarket to the outer boroughs, we see that activity in the outer boroughs held up much better than in Manhattan. In the outer boroughs, elevator building sales dropped by 13 percent …

April 11, 2018

Arizona Office Western

Lincoln Property Co. Breaks Ground on 352,000 SF Office Building in Tempe

by Nellie Day April 10, 2018

TEMPE, ARIZ. — Lincoln Property Co. has broken ground on the second building at Grand at Papago Park Center in Tempe. The 352,000-square-foot building will be located at 1027 W. Roosevelt Way. The Grand Building Two is one of Arizona’s largest office buildings to break ground as a purely speculative endeavor, according to Lincoln. It is scheduled for completion in the second quarter of 2019. The building will be the second of eight Class A office buildings scheduled to be built by Lincoln within the 60-acre mixed-use Grand at Papago Park Center. The newest office building will provide creative office space with a two-story lobby, modern and flexible floorplates and an open office concept highlighted by 12-foot floor-to-ceiling windows. Among the project’s features are a 10,000-square-foot amenity lounge with a full-service restaurant, indoor/outdoor seating, TV viewing area and two conference facilities with full audio-visual technology. Other amenities include a private fitness facility and a modern rooftop lounge designed for tenant events and collaboration, with seating areas, an architectural shade element, catering conveniences and sweeping views of the Papago Buttes, Hole in the Rock and Camelback Mountain. Lincoln also serves as the property manager. Jerry Roberts and Patrick Boyle of Cushman & Wakefield …

April 10, 2018

California Hospitality Loans Western

George Smith Partners Secures $45M in Financing for San Francisco Proper Hotel

by Nellie Day April 10, 2018

SAN FRANCISCO — George Smith Partners has secured $45 million in bridge refinancing for the 131-room San Francisco Proper Hotel in the city’s Mid-Market neighborhood. The flatiron building is located at 1100 Market St. at the triangle of McAllister, Market and Seventh streets. The new bridge loan will allow the borrower, Kor Group, to focus on its operations and further establish the property as a luxury lifestyle hotel in San Francisco. The funds will replace an existing construction loan and mezzanine facility, providing cost savings and flexibility for Kor. Malcolm Davies, Evan Kinne, Zack Streit, Rachael Lewis, Alexander Rossinsky and Minjoo Kim of George Smith Partners arranged the financing.

April 10, 2018

California Industrial Western

BKM Acquires 122,253 SF Industrial Park in Sacramento for $10.1M

by Nellie Day April 10, 2018

SACRAMENTO, CALIF. — BKM Capital Partners has acquired Expo Centre, a 122,253-square-foot, multi-tenant industrial business park in downtown Sacramento for $10.1 million. The seven-building park is located alongside the SR-160 at 1761 to 1791 Tribute Road. Expo Centre is currently 81 percent leased with in-place rental rates that are about 18 percent below market value. BKM plans to implement a series of capital improvements to reposition the property. BKM acquired the property from a private syndication managed by Sperry Equities. Palmer Capital represented the seller in this transaction.

April 10, 2018

Loans Retail Washington Western

Cohen Financial Arranges $11.9M Refinancing for Two Retail Centers in Vancouver, Washington

by Nellie Day April 10, 2018

VANCOUVER, WASH. — Cohen Financial, a division of SunTrust Bank, has arranged two loans totaling $11.9 million for the refinancing of two retail centers located in Vancouver. Peter Norrie of Cohen Financial arranged a $4.7 million loan for Salmon Creek Center and a $7.2 million loan for 164th Plaza through Alaska USA Federal Credit Union. The name of the borrower was not disclosed. The five-year loans feature 25-year amortization schedules and an option to extend for another five years.

April 10, 2018

Colorado Restaurant Retail Western

Chipotle Undertakes Environmental Sustainability Project

by Nellie Day April 10, 2018

DENVER — Chipotle Mexican Grill plans to divert half of all of its restaurant waste from landfills by 2020. Since 2015, the Denver-based fast-casual restaurant chain has made strides toward reducing the amount of food and packaging waste bound for landfills, increasing its diversion rate from 31 percent that year to 40 percent in 2017. To reach this goal, Chipotle and its partners are implementing several best practices to reduce the amount of food waste, adjust services, recycle and compost waste, audit its programs and donate leftover food.

April 10, 2018

Acquisitions New York Northeast Retail

Uniland Acquires $14.5M Partnership Interest in Mall in Western New York

by David Cohen April 10, 2018

CLARENCE, N.Y. — Uniland Development Co. has acquired a $14.5 million interest in Mountain Development Corp.’s Eastern Hills Mall in Clarence, about 20 miles east of Buffalo. The Buffalo News, citing documents filed in the Erie County clerk’s office, reported the amount of the payment. The enclosed, 86-acre shopping mall will be redeveloped by the joint venture partners into Western New York’s first open-air, multi-use town center. During the redevelopment, the mall will remain open. No changes will be made to the mall until a master plan is complete in two to three years. Current tenants at the mall include Bon Ton, JCPenney, Orvis Sporting Goods and Sears. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack, Joyce MacKnight, Ben Borruso and Kubby Tischler of Cushman & Wakefield represented Mountain Development Corp. in the transaction.

April 10, 2018

Acquisitions New Jersey Northeast Office

Bergman, Gottesman Acquire 94,000 SF Office Building in Roseland, New Jersey

by David Cohen April 10, 2018

ROSELAND, N.J. — Bergman Real Estate Group and Gottesman Real Estate Partners have acquired 75 Livingston Ave. in Roseland through a joint venture. The sale price was not disclosed. The three-story, 94,000-square-foot office property was purchased from Mack-Cali Realty Corp. Michael DiFede of Bergman and Patrick Leary of Gottesman represented the joint venture in the transaction. TriState Capital Bank provided acquisition financing. The acquisition is the fourth joint venture between Bergman and Gottesman, which plans to invest more than $1.7 million in capital improvements to the building over the next 24 months.

April 10, 2018

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $9.8M Loan for Refinancing of Three Flex Buildings in New Jersey

by David Cohen April 10, 2018

WALL TOWNSHIP, N.J. — G.S. Wilcox & Co. has arranged a $9.8 million loan for the refinancing of three flex buildings in the Allaire Corporate Campus in Wall Township. Thrivent Financial for Lutherans provided the 10-year term loan. The borrower was a repeat client of G.S. Wilcox. The property, which is currently 100 percent leased to three tenants, is located less than two miles from I-95.

April 10, 2018

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