Property Type

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Hospitality Loans New York Northeast Top Stories

Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan

by Taylor Williams March 13, 2017

NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …

March 13, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

by John Nelson March 13, 2017

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates have continued to rise in response to increasing demand and low supply. The remaining 550,000 square feet of industrial space that is expected to deliver has significant prelease commitments, creating competition for tenants looking for space. Raleigh-Durham’s warehouse market sits at a current vacancy of 3.8 percent with average asking rental rates at $5.01 per square foot triple net. The biggest challenge is for new and expanding tenants needing 35,000 to 200,000 square feet of space. Demand has been outpacing supply for several years in the market and industrial developers who recognized this trend were unable to fill the need because of the lack of available financing during the downturn. It has just been in the past 24 months that significant construction has …

March 13, 2017

Multifamily Texas

MetroNational Set to Break Ground on Apartment Complex in West Houston

by Taylor Williams March 10, 2017

HOUSTON — MetroNational, a Houston-based real estate development and management firm, has announced plans to break ground this month on a midrise apartment complex at the corner of Barryknoll Lane and Memorial City Way in the Memorial City neighborhood of west Houston. The eight-story complex will have a total of 327 one-, two- and three-bedroom units, ranging in size from 555 square feet to 1,796 square feet, as well as a game lounge, fitness center and a rooftop pet park. The property is slated to open in summer 2019.

March 10, 2017

Office Texas

Drake Commercial, Transwestern Negotiate 157,472 SF Office Lease in San Antonio

by Taylor Williams March 10, 2017

SAN ANTONIO — Drake Commercial Group and Transwestern have arranged a new lease for the Vista Corporate Center, a 157,472-square-foot, Class A office property located at 13805 Interstate 10 Frontage Road in San Antonio. Dan Pollard of JLL represented the tenant, San Antonio-based financial advisor USAA, which will occupy the entire building. Deborah Bauer of Drake Commercial Group and Russell Noll of Transwestern represented the landlord, sn15000IH Ltd.

March 10, 2017

Loans Office Texas

BMC Capital Arranges $18M Construction Loan for Office Property in Allen, Texas

by Taylor Williams March 10, 2017

ALLEN, TEXAS — BMC Capital has secured an $18 million construction loan on behalf of an unspecified developer for a 125,000-square-foot, five-story office property in Allen, a city slightly north of the Dallas-Fort Worth metroplex. The three-year loan has a floating interest rate and a 70 percent loan-to-cost ratio. Delivery of the Class A building is slated for the first quarter of 2018.

March 10, 2017

Multifamily Texas

JLL Closes Sale of Multifamily Asset in Midland

by Taylor Williams March 10, 2017

MIDLAND, TEXAS — JLL has arranged the sale of Ranchland Apartments, a 204-unit, 16-building multifamily property situated on 6.8 acres at 1212 E. Wadley Ave. in Midland. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Midland Visions 2000, in the transaction. The representative of the buyer, KNAARS Ventures LLC, and other terms of the sale were not disclosed.

March 10, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Property in Laredo, Texas

by Taylor Williams March 10, 2017

LAREDO, TEXAS — Marcus & Millichap has closed the sale of a 2,506-square foot restaurant property leased to Taco Bell at 2453 Monarch Drive in the south Texas border town of Laredo. The net-leased property is an outparcel to a 400,000-square-foot retail center anchored by an H-E-B grocery store. James Bell of Marcus & Millichap represented the seller, an undisclosed developer. The name and representative of the buyer, a Chicago-based entity, were not released.

March 10, 2017

Industrial New Jersey Northeast

J.G. Petrucci Co. Acquires 18-Acre Industrial Site in Branchburg, N.J.

by Haisten Willis March 10, 2017

BRANCHBURG, N.J. — J.G.Petrucci Co. has acquired an 18.4-acre site on Meister Avenue in Branchburg. The company plans to develop a 187,500-square-foot speculative industrial facility on the site, which will be available for lease in spring 2018. Joel Lubin of Jones Lang LaSalle’s Iselin, N.J., office represented J.G. Petrucci Co. in the transaction, and will also serve as leasing agent for the property. The facility will be constructed using precast concrete. Once completed, it will feature 31 loading docks, two drive-in doors and 36-foot clear ceiling heights. Parking for 134 cars and 16 trailers will be available on site as well.

March 10, 2017

Healthcare New York Northeast

Seavest, Ciminelli Secure Financing for Conventus MOB in Downtown Buffalo

by Haisten Willis March 10, 2017

BUFFALO, N.Y. — Seavest Healthcare Properties and Ciminelli Real Estate Corp. have secured permanent financing for the seven-story, 350,000-square-foot Conventus medical office building on the Buffalo Niagara Medical Campus (BNMC) in downtown Buffalo. The $75 million, five-year takeout loan replaces the building’s initial construction loan. Both loans were provided by M&T Bank and KeyBank. Located at 1001 Main St., Conventus is connected on two full floors to a children’s hospital and will also be connected to a new medical school by a skybridge. Serving as the northern gateway to the BNMC, the $110 million Conventus building is certified LEED Platinum.

March 10, 2017

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