Property Type

J.P. Morgan Chase Provides $64M Refinancing for Radisson Blu Aqua Hotel in Chicago

by Kristin Harlow December 1, 2017

CHICAGO — J.P. Morgan Chase & Co. has provided a $64 million loan for the refinancing of the Radisson Blu Aqua Hotel in downtown Chicago. The 334-room luxury hotel occupies floors four through 18 of the Aqua Tower, an 82-story building. The hotel features a 12,000-square-foot ballroom, 28,500 square feet of meeting space, an 8,000-square-foot fitness center, swimming pools, yoga space and Filini’s restaurant. The location at 221 North Columbus Drive is proximate to the Loop financial district, Millennium Park, North Michigan Avenue and the Chicago lakefront. Danny Kaufman, Jeff Bucaro and Nicole Aguiar of HFF arranged the 10-year, fixed-rate loan on behalf of the borrower, a partnership between Al Rayyan Tourism Investment Co., Magellan Development Group and Carlson Rezidor Hotel Group.

December 1, 2017

Midwest Ohio Self-Storage

Marcus & Millichap Brokers $31.4M Sale of Self-Storage Portfolio in Ohio

by Kristin Harlow December 1, 2017

OHIO — Marcus & Millichap has brokered the sale of the Stop-N-Stor portfolio in Ohio for $31.4 million. The portfolio spans a total of eight properties, 3,050 units and 391,458 square feet in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow, Ohio. The properties feature both nonclimate-controlled and climate-controlled units. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, an out-of-state investment group.

December 1, 2017

Industrial Midwest Minnesota

CBRE Negotiates $18.6M Sale of Distribution Center in Roseville, Minnesota

by Kristin Harlow December 1, 2017

ROSEVILLE, MINN. — CBRE has negotiated the sale of the Long Lake Distribution Center in Roseville, a Twin Cities suburb, for $18.6 million. The 220,557-square-foot distribution center is located at 3015 and 3075 Long Lake Road. Constructed in 2015, the facility features 32-foot clear heights and 31 dock doors. The property was 84 percent occupied at the time of sale by two tenants. Judd Welliver, Ryan Watts, Sonja Dusil, and Tom Holtz of CBRE represented the seller, Investors Real Estate Trust. Boston-based TA Realty LLC purchased the property.

December 1, 2017

Illinois Loans Midwest Office

MCA Arranges $15.2M Acquisition Loan for Office Building in Lombard, Illinois

by Kristin Harlow December 1, 2017

LOMBARD, ILL. — Metropolitan Capital Advisors Ltd. (MCA), in partnership with AMA Financial LLC, has arranged a $15.2 million loan for the acquisition of a 174,098-square-foot office building in Lombard. The property, located at 701 E. 22nd St., is 97 percent occupied. A partnership between Red River Asset Management and Lincoln Property Co. has acquired the building with plans to further upgrade amenities. Scott Lynn of MCA and Gregg Wallace of AMA arranged the fixed-rate loan with Benefit Street Partners.

December 1, 2017

Multifamily New Jersey Northeast

Walters Group Breaks Ground for Income-Restricted Apartment Community in Delanco, New Jersey

by Amy Works December 1, 2017

DELANCO, N.J. — Walters Group has broken ground on Cornerstone at Delanco, an income-restricted apartment community located at 200 Rhawn St. in Delanco. Situated on 5.37 acres, the development will consist of eight two-story buildings with eight units each. Totaling 64 units, the property will feature three-, two-, and one-bedroom layouts. Amenities include private entrances, upgraded interior finishes, a half-court basketball court, a tot-lot playground and a community clubhouse with fitness center. Apartments will be leased to residents with incomes at or below 60 percent of the area median income. Walters Group estimates it will take 12 to 15 months to complete the development.

December 1, 2017

New York Northeast Retail

Kamber Management Co. Acquires Parking Garage Portfolio in Manhattan for $50M

by Amy Works December 1, 2017

NEW YORK CITY — Kamber Management Co. has purchased Riverside Garage portfolio, a parking garage portfolio located in Manhattan’s Upper West Side, for $50 million. The portfolio consists of three parking garage condominiums located at 80, 100-120 and 220-240 Riverside Blvd. David Shechtman, Lipa Lieberman and Abie Kassin of Meridian Capital Group represented the seller, 80-20 LLC, while Steven Levy represented the buyer in the deal.

December 1, 2017

Maine Northeast Retail

Charterhouse Development Buys 11,180 SF Retail Property in Saco, Maine

by Amy Works December 1, 2017

SACO, MAINE — An entity operated by Charterhouse Development Corp. has acquired a retail property located at 461 Maine St. in Saco. Spirit RA Saco ME LLC sold the property for $3 million. Rite Aid occupies the 11,180-square-foot retail property. John Gendron of Gendron Commercial Brokers negotiated the acquisition.

December 1, 2017

Massachusetts Multifamily Northeast Top Stories

New Boston Fund Sells 217-Unit Luxury Apartment Tower in Boston for $144.5M

by Kristin Harlow December 1, 2017

BOSTON — New Boston Fund has sold The Tower at One Greenway in Boston for $144.5 million. The 217-unit luxury apartment tower is located at 99 Kneeland St. Completed in 2015, the property is 21 stories tall, featuring 3,180 square feet of retail space and a 135-space underground parking garage. Apartment units average 822 square feet in size. Amenities include a rooftop terrace with fire pits; an outdoor park with deck and grills; balcony lounge; resident lounge with billiards and entertainment bar; fitness center; yoga studio; dog wash; bike store; electric car charging stations; and BeanTowne Coffee shop. The unprecedented demand for Boston residential real estate was cited as the reason for selling the property, according to Jim Kelleher, CIO at New Boston Fund. Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF marketed the property on behalf of the seller. PGIM Real Estate purchased the property. New Boston Fund is a privately owned real estate investment manager. The company has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. — Kristin Hiller

December 1, 2017

Industrial Market Reports Texas Texas Market Reports

Direct Vacancy Reaches 12-Year Low in San Antonio Industrial Market

by Taylor Williams December 1, 2017

As we enter the fourth quarter, fundamentals are strong in San Antonio’s industrial market, with direct vacancy tightening and continuing the hot streak it’s been on the past few years. At the third quarter’s end, the metro’s direct vacancy rate stood at 5.4 percent, down from 6.2 percent during the second quarter and 5.8 percent during 2016. In fact, that 5.4 percent direct vacancy rate represents a 12-year low. The figure is a far cry from the 9.3 percent direct vacancy registered during the third quarter of 2006 — the last time the market posted a rate above 9 percent. This d in direct vacancy is particularly noteworthy given that more than 10 million square feet of inventory has been added to the market since that time. The shrinking rate has also coincided with a slight increase in direct average asking rent, which now stands at $5.99 per square foot following a $0.16 quarter-over-quarter increase. Driving the falling vacancy numbers was an economy that fast-tracked over the summer. The San Antonio Business-Cycle Index increased at its fastest pace since 2016, while the area unemployment rate remained the same and job growth surged. Job growth increased at a 3.6 percent annualized …

December 1, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

InterFace Panel: Multifamily Remains Smart Investment, But Good Deals are Harder to Find

by Camren Skelton December 1, 2017

ATLANTA — Strong fundamentals have propelled the U.S. multifamily market forward in 2017 and leave it poised for a healthy 2018, but good deals are harder to come by in today’s market for investors, according to panelists at the eighth annual InterFace Multifamily Southeast. The average cap rate for the multifamily sector in the third quarter registered at 4.3 percent, 12 basis points lower than the same period in 2016, and 15 basis points lower than 2015, according to JLL. “Of the 22,000 units that we are going to close this year — mostly A-minus to B assets — the average cap rate is 4.8 percent, across roughly 45 different transactions,” said James Kane, senior vice president of asset management at Starwood Capital Group’s Atlanta office. “This is in top markets like Atlanta, Charlotte, Dallas, Houston, D.C., Denver, etc. — the suburban cornucopia of markets across the U.S.” “With cap rate compression and the rise in interest rates since the Trump election, it’s made it increasingly hard for us to find yield in spaces we are comfortable with,” added Colin Gillis, vice president of acquisitions for the Southeast at Irvine, Calif.-based Passco Cos. LLC. Although spreads are tightening as a whole, …

December 1, 2017

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