Property Type

Marriott Colorado Springs Changes Hands

by Nellie Day February 22, 2017

COLORADO SPRINGS, COLO. — A partnership between West Point Partners, Lions Gate Capital LLC and the Harp Group has acquired the 309-room Marriott Colorado Springs for an undisclosed sum. The hotel is located at 5580 Tech Center Drive. Marriott Colorado Springs was built in 1989. It contains 23,000 square feet of event and meeting space. The Marriott is situated near the U.S. Air Force Academy, the United States Olympic Training Center, and numerous aerospace, defense, and healthcare firms. Jeffrey Duni and Mike Dube, of HREC Investment Advisors’ Denver office, represented the Procaccianti Group in this transaction.

February 22, 2017

Illinois Midwest Office

National Express Signs 54,000 SF Office Lease in Lisle, Illinois

by Kristin Harlow February 22, 2017

LISLE, ILL. — National Express has signed a new long-term lease for 54,000 square feet of office space at Navistar Headquarters Campus in Lisle, approximately 25 miles west of Chicago. The campus is located at 2601 Navistar Drive. National Express previously occupied office space at 4300 Weaver Parkway, and is expected to move into the new office in the second quarter of this year. Jon Springer and Gary Fazzio of CBRE represented the tenant in the transaction. John Musgjerd of Jones Lang LaSalle represented the landlord.

February 22, 2017

Illinois Midwest Office

INEOS Styrolution Renews 22,000 SF Office Lease in Aurora, Illinois

by Kristin Harlow February 22, 2017

AURORA, ILL. — INEOS Styrolution has signed a long-term lease renewal for 22,000 square feet of office space at 4245 Meridian Parkway in Aurora. The global manufacturer of petrochemicals, specialty chemicals and oil products has occupied the first floor of the building since 2012. The Class A office property consists of 140,000 square feet and is owned by a private account advised by UBS Realty Investors LLC. Ryan Moen of Bradford Allen arranged the lease transaction on behalf of ownership. Hartford Fire Insurance Co. and Sedgwick Claims Management Service also maintain leases within the building.

February 22, 2017

Georgia Multifamily Southeast

Colliers Brokers $109M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson February 22, 2017

SMYRNA, GA. — Colliers International has arranged the $109 million sale of three multifamily properties totaling 680 units in Smyrna’s Vinings district, a submarket of Atlanta. The properties include The Peak at Vinings Mountain, The Views at Vinings Mountain and Lakeside at Vinings Mountain, collectively known as The Residences at Vinings Mountain. San Francisco-based Hamilton Zanze purchased all three properties. Will Mathews of Colliers International represented the seller, an institutional REIT, in the transaction.

February 22, 2017

Industrial Office Southeast Virginia

First Potomac Realty Trust Sells Two Industrial, Office Buildings in Virginia for $88.7M

by John Nelson February 22, 2017

ALEXANDRIA AND FAIRFAX, VA. — Bethesda, Md.-based First Potomac Realty Trust has sold Plaza 500, a 502,830-square-foot industrial property located at 6295 Edsall Road in Alexandria. Matan Cos. purchased the asset, which was 90.5 percent leased as of Sept. 30, 2016, for $75 million. First Potomac has also sold One Fair Oaks, a 214,214-square-foot office building located at 4114 Legato Road in Fairfax, for $13.7 million. CACI International, an information technology firm, fully occupied the property through the end of 2016. The buyer was an affiliate of Beacon Capital Partners, according to the Washington Business Journal.

February 22, 2017

Office Southeast Virginia

Corporate Office Properties Trust Sells Two Assets in Northern Virginia for $53M

by John Nelson February 22, 2017

FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.

February 22, 2017

Retail Southeast Virginia

Morgan Property Group to Develop Publix-Anchored Shopping Center Near Richmond

by John Nelson February 22, 2017

MECHANICSVILLE, VA. — Morgan Property Group has purchased roughly 18 acres of land in Mechanicsville, about six miles northeast of Richmond, for the development of a new grocery-anchored shopping center with an outparcel. Publix will occupy about 50,000 square feet of the 63,000-square-foot property, which is situated along Mechanicsville Turnpike adjacent to Regency Centers’ Hanover Village. Zach Means of Divaris Real Estate Inc. represented the buyer in the land transaction, and Tred Spratley of Sigma National Inc. represented the seller. Morgan Property Group has selected Means to lease the project. Construction is expected to start in late summer, with an opening slated for fall 2018. This will be Morgan Property’s 31st development in Virginia since 2004 and its 11th retail project in the greater Richmond area.

February 22, 2017

Hospitality Loans North Carolina Southeast

Grandbridge Arranges $27M Refinancing for Hyatt Place in Downtown Charlotte

by John Nelson February 22, 2017

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.

February 22, 2017

California Loans Office Top Stories Western

Natixis Provides $232.5M Loan for Acquisition of Apple’s Sunnyvale Office Complex

by Nellie Day February 22, 2017

SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day

February 22, 2017

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Philadelphia Office Inventory to Grow by 1.8 MSF This Year as Rents Increase

by Taylor Williams February 22, 2017

Philadelphia’s diverse local economy, healthy hiring trends and area-employers’ ability to draw fresh talent from the metro’s deep college-graduate pool, continue to attract businesses to the area and support improvements in the office property segment. In 2016, Philadelphia firms increased payrolls by 1.9 percent with the creation of 54,000 new positions. Hiring was driven by office-using employment sectors which, over the four-quarter period ending with the second quarter of 2016, accounted for the addition of 21,700 jobs, or nearly 37 percent of all new hires. This year, it is expected that the local workforce will add 49,000 to its ranks, representing a 1.7 percent expansion. Hiring will continue to be strong among office-using companies, as well as in the healthcare and education segments. In the first half of 2016, developers sluggishly completed 178,000 square feet of new office space. In the second half of last year, the construction pipeline exploded, and by year-end 1.2 million square feet of office space had been delivered to the marketplace, with a significant amount of completions pre-leased, which helped mitigate any effects to vacancy levels. Office projects completed in 2016 were spread throughout the metro within the submarkets of Delaware County, Lehigh-Northampton, Harrisburg Area …

February 22, 2017

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