Property Type

Robbins Electra Purchases Apartment Community in North Florida from Starwood for $35.1M

by John Nelson February 7, 2017

ORANGE PARK, FLA. — Robbins Electra has acquired Maple Glen, a 358-unit apartment community located at 1863 Wells Road in Orange Park, a suburb of Jacksonville. Robbins Electra purchased the asset, which will be rebranded as The Parkland at Orange Park, from a Starwood entity for $35.1 million. The community features one-, two- and three-bedroom layouts with average monthly rents of approximately $850. The property was 95 percent occupied at the time of sale. Community amenities include a business center, clubhouse, fitness center and two swimming pools. Robbins Electra will carry out a multimillion dollar property renovation, upgrading apartment interiors and adding or enhancing community amenities. This is Robbins Electra’s eighth property in the Jacksonville region and its first acquisition of 2017. Last year, the company completed over $1 billion in multifamily acquisitions across the Southeast.

February 7, 2017

Florida Office Southeast

NAI/Merin Hunter Codman Brokers $18.5M Sale of Office Building in Palm Beach Gardens

by John Nelson February 7, 2017

PALM BEACH GARDENS, FLA. — NAI/Merin Hunter Codman has brokered the $18.5 million sale of a 10-story office building located at 4400 PGA Blvd. in Palm Beach Gardens. Dr. A. John Merola of Jupiter, Fla., purchased the 80,300-square-foot building from Admiralty Acquisition Co. LLC, an entity formed by Ray Celedinas of Celedinas Insurance Group and local investors. The office building was 99 percent leased at the time of sale to tenants such as Pulte Homes, the U.S. Army Corps of Engineers, GAI Consultants, Celedinas Insurance, A Marsh & McLennan Agency and the Scott Harris law firm. Neil Merin of NAI/Merin Hunter Codman represented the seller, and Summit Commercial Real Estate Group represented the buyer in the transaction.

February 7, 2017

Office South Carolina Southeast

CBRE Arranges $16.7M Sale of Office Building in Greenville

by John Nelson February 7, 2017

GREENVILLE, S.C. — CBRE has brokered the $16.7 million sale of 750 Brookfield, a 106,649-square-foot office building located at 750 Brookfield Parkway in Greenville. The office building was 93.5 percent leased at the time of sale to tenants such as Ford Motor Credit Co., which occupies nearly 70 percent of the building. Patrick Gildea, Tripp Sellers and Charles Gouch of CBRE represented the seller, Chicago-based J.L. Woode Ltd., in the transaction. CCP Commercial Real Estate was the buyer.

February 7, 2017

Hospitality Midwest Missouri

Two Hotels to Open in 2018 at Hunt Midwest Commerce Center in Kansas City

by Kristin Harlow February 7, 2017

KANSAS CITY, MO. — Hunt Midwest has closed on the sale of two hotel sites within Hunt Midwest Commerce Center (HMCC). A 90-room SpringHill Suites by Marriott and a 126-room Holiday Inn Hotel & Suites will be constructed and open on the sites. Both hotels are slated to open in 2018. KMG Hotels will operate the SpringHill Suites by Marriott, which it is developing under the name of Park Hospitality LLC. Elite Hotel Group LLC will own and operate the Holiday Inn Hotel & Suites. HMCC is a 2,500-acre development home to hotels, restaurants and retail stores.

February 7, 2017

Industrial Kansas Midwest

Spectrum Brands to Move to 927,112 SF Facility at Logistics Park Kansas City

by Kristin Harlow February 7, 2017

EDGERTON, KAN. — Spectrum Brands Hardware and Home Improvement (HHI) has unveiled plans to move into a 927,112-square-foot distribution center at Logistics Park Kansas City (LPKC) in Edgerton. Spectrum Brands HHI will consolidate two existing distribution facilities in Charlotte, N.C. and Mira Loma, Calif. Construction of the building, known as Inland Port XXXIII, began in March 2016. The building is the largest to ever be constructed on a speculative basis in Kansas City, according to LPKC. The park is a 1,700-acre distribution and warehouse development anchored by BNSF Railway’s newest intermodal facility.

February 7, 2017

Hospitality Loans Midwest Minnesota

Mission Capital Negotiates $50.8M Loan for Acquisition of Hotel Property in Minneapolis

by Kristin Harlow February 7, 2017

MINNEAPOLIS — Mission Capital Advisors has negotiated a $50.8 million loan for the acquisition of the Graduate Minneapolis. The borrower, AJ Capital Partners, will also renovate and rebrand the 304-room hotel located at 615 Washington Ave. SE. Renovations of the lobby, guest rooms, common areas and meeting spaces are slated for completion in early 2018. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital represented AJ Capital in the transaction. The team also represented AJ Capital in the $43.8 million acquisition of the Graduate Seattle hotel.

February 7, 2017

Michigan Midwest Office

Signature Associates Arranges Sale of 489,000 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow February 7, 2017

AUBURN HILLS, MICH. — Signature Associates has arranged the sale of a 489,000-square-foot, high-tech office building in Auburn Hills. The sales price was not disclosed, but the list price was $25.5 million. The building is located at 3000 University Drive. Bruce A. Morrison and Paul Hoge of Signature Associates represented the landlord, Shamrock Holdings Inc. The buyer was not disclosed.

February 7, 2017

Midwest Missouri Retail

Mid-America Brokers Sale of 56,033 SF Shopping Center in Springfield, Missouri

by Kristin Harlow February 7, 2017

SPRINGFIELD, MO. — Mid-America Real Estate Corp. has brokered the sale of Morris Corners in Springfield in southwestern Missouri. The sales price was not disclosed. The 56,033-square-foot retail center is located at the corner of Battlefield Road and Fremont Avenue. Tenants include Toys “R” Us and Massage Envy. Carly Gallagher and Ben Wineman of Mid-America represented the seller, Ohio-based DDR. A private buyer purchased the property.

February 7, 2017

Hawaii Hospitality Multifamily Top Stories Western

Salem Partners, Mandarin Oriental to Open 36-Story Luxury Hotel, Multifamily Tower in Honolulu

by Kristin Harlow February 7, 2017

HONOLULU — Salem Partners has partnered with Mandarin Oriental Hotel Group to build Mana’olana Place, a hotel and multifamily property currently under development in Honolulu. The development is slated to open in early 2020. The 36-story, 743,000-square-foot tower will be located in the Ala Moana District at the intersection of Kaipolani Boulevard and Atkinson Drive. Mana`olana Place is the first approved project in the city’s new Ala Moana transit hub. The Mandarin Oriental, Honolulu hotel will consist of 125 guestrooms and suites. The tower’s upper floors will consist of 107 private homes. The property will feature a rooftop restaurant and bar with landscaped outdoor terraces and gardens. The hotel will also feature a spa with eight treatment rooms, a fitness center and an 80-foot outdoor swimming pool. Colorado-based [au]workshop is the design architect on the project, while Architects Hawaii Ltd. will serve as the executive architect. The design team also includes Dianna Wong Architects + Interior Design and Hart Howerton Landscape Architects. Salem Partners is a Los Angeles-based investment bank and wealth management firm. Mandarin Oriental operates 29 hotels and eight residences in 19 countries and territories. —Kristin Hiller

February 7, 2017

California Industrial Market Reports Western Western Market Reports

Downtown LA’s Industrial Supply Gives Way to Other Uses

by Camren Skelton February 7, 2017

When you visit Los Angeles, the sight of the cranes looming in the sky in all directions shows a city undergoing significant revitalization and redevelopment. Not so long ago, the Downtown area of Los Angeles went “dark.” This occurred after the hustle and bustle of the normal workday was done and the streets were mostly empty, businesses closed. Fortunately, Los Angeles has seen significant construction and redevelopment over the past few years. According to the Downtown Center Business Improvement District (DCBID), the population of Downtown Los Angeles was 18,000 people in 1999. Today, the population is estimated at 63,208, with a daytime population of 500,000. The residential inventory consists of 36,964 units with 11,868 under construction and 19,054 proposed for a total of 48,832 units as of the third quarter of 2016. There are 8,163 hotel rooms with 2,765 more under construction and 3,636 proposed for a total of 14,564. Retail has 2 million square feet under construction and an additional 1.5 million square feet proposed. Major industrial activity includes the announcement of Warner Music Group relocating from Burbank to the Arts District where it will occupy 257,000 square feet at the former Ford Factory, which was constructed in 1912. …

February 7, 2017

Newer Posts

Older Posts