Property Type

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

Hospitality Northeast Pennsylvania

JV Acquires 155-Room Holiday Inn Express & Suites in King of Prussia, Pennsylvania

by Amy Works January 30, 2017

KING OF PRUSSIA, PA. — A joint venture between Ayer Capital Advisors, Ashwin Pandya and The Wankawala Organization has acquired a Holiday Inn Express & Suites in King of Prussia for an undisclosed price. The hotel features 155 guest rooms. Chatham, N.J.-based Cronheim Hotel Capital secured financing for the acquisition. The name of the seller was not released.

January 30, 2017

Connecticut Northeast Retail

O,R&L Commercial Arranges 26,460 SF Retail Lease in East Haven, Connecticut

by Amy Works January 30, 2017

EAST HAVEN, CONN. — O,R&L Commercial has arranged a long-term lease for 26,460 square feet of retail space at Foxhaven Plaza, located on Foxon Road in East Haven. Flippin Out, dba Rockin’ Jump Trampoline Park, will open a location at the shopping center in early February. Rich Guralnick of O,R&L Commercial represented the landlord, Foxhaven Plaza LLC, while David Gorback of Colonial Properties represented the tenant in the deal.

January 30, 2017

Multifamily North Carolina Seniors Housing Southeast

Singh Development Gives Sneak Peek Inside New $50M Seniors Housing Community in Raleigh

by John Nelson January 30, 2017

RALEIGH, N.C. — Singh Development, a multifamily owner-operator with communities in Michigan and North Carolina, has unveiled renderings of the interior of Waltonwood Lake Boone, a 183-unit independent living, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are estimated at $50 million, and Singh Development expects the facility to create more than 125 jobs and serve more than 200 residents. The property is situated on six acres, and will feature 121 independent living units, 39 assisted living units and 23 memory care units. Waltonwood Lake Boone is Singh’s second seniors housing project in the Raleigh area and is scheduled to open in the first quarter of 2018. As of this month, the construction crews are completing framing in the assisted living area, and framing is completed in the independent living portion of the facility.

January 30, 2017

North Carolina Office Southeast

Bank of America Renews 194,000 SF Office Lease in Charlotte

by John Nelson January 30, 2017

CHARLOTTE, N.C. — Bank of America has renewed its 194,000-square-foot office lease at 525 North Tryon, a 19-story office building in Uptown Charlotte. Charles Jonas and Meredith Ball of Foundry Commercial represented the building’s owners, Grubb Properties and New York Life, in the lease deal. JLL represented Bank of America, according to Charlotte Business Journal. Grubb Properties and New York Life have enhanced existing amenities at 525 North Tryon and added new ones, including a fitness center known as Club 525, bike storage room, free electric car shuttle, conferencing center and an electric car charging station. The owners are also in the final stages of securing LEED Silver certification at the building, which has already earned the EPA’s Energy Star designation.

January 30, 2017

Florida Industrial Southeast

Coca-Cola Signs Industrial Lease Renewal for 93,700 SF in Broward County

by John Nelson January 30, 2017

PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).

January 30, 2017

Kentucky Office Southeast

CBRE Arranges Sale-Leaseback for New Thorntons Headquarters in Louisville

by John Nelson January 30, 2017

LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.

January 30, 2017

Office Top Stories

Capital One Arranges $534.9M Loan to Finance Starwood’s Acquisition of 34-Property Medical Office Portfolio

by Jeff Shaw January 30, 2017

GREENWICH, CONN. — Capital One Healthcare has arranged a $534.9 million loan to fund Starwood Property Trust’s (NYSE: STWD) acquisition of 34 medical office buildings in 12 states. The 1.9 million-square-foot portfolio includes properties in California, Colorado, Florida, Georgia, Illinois, Indiana, Nevada, New Jersey, New York, North Carolina, Tennessee and Texas. The seller and purchase price were not disclosed. “This strategic acquisition provides us with a safe, resilient income stream and the opportunity to participate in the stable long-term growth of the medical office building sector,” says Barry Sternlicht, chairman and CEO of Starwood Property Trust. The acquisition represents Starwood’s first entry into the medical office sector, according to commercial real estate research firm CoStar. The company will also take over management of the portfolio. Capital One Healthcare is a financial services provider serving the healthcare industry. It is a subsidiary of financial holding company Capital One Financial Corp. Starwood Property Trust is an affiliate of Greenwich-based private investment firm Starwood Capital Group. Starwood Property Trust’s stock price closed at $22.34 per share on Friday, Jan. 27, up from $18.64 one year ago. — Jeff Shaw

January 30, 2017

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Demand is Outpacing Supply in Metropolitan D.C.’s Industrial Market

by John Nelson January 30, 2017

The Washington, D.C., metropolitan industrial market, spreading from Frederick County, Maryland to the north, Prince William County, Virginia to the south and as far west as Loudoun County, Virginia is ideally situated between I-95 and I-81 — major transportation corridors that allow shipments to easily reach much of the country. The industrial market has improved more quickly than other sectors and fairly dramatically to the point where much of the region can be described as land-constrained and under-supplied. Certain industrial sub-segments, such as data centers, have impacted the availability of warehouse and distribution space in key locations for optimal supply chain design. As of the third quarter of 2016, the area’s industrial market totaled 190 million square feet (inclusive of flex space), divided almost equally between the markets of Suburban Maryland (90.6 million square feet) and Northern Virginia (90.2 million square feet). The District of Columbia comprised 9.2 million square feet, and 1.5 million square feet was under construction region-wide. Approximately 4.2 million square feet has been absorbed year-to-date, and vacancy was 7.9 percent — a 250-basis point decrease from 10.4 percent reported as recently as year-end 2013. In comparison, the office market has ranged from 14 to 14.9 percent …

January 30, 2017

California Retail Washington Western

Macerich Sells Two Retail Centers to Merlone Geier Partners for $170M

by Nellie Day January 27, 2017

SAN RAFAEL, CALIF., AND BURLINGTON, WASH. — Macerich has completed the disposition of two retail centers in California and Washington. Merlone Geier Partners acquired the properties — Northgate Mall in San Rafael and Cascade Mall in Burlington — for $170 million. The transaction resulted in net proceeds to Macerich of approximately $100 million after the repayment of a floating-rate note on Northgate Mall.

January 27, 2017

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