Property Type

Marcus & Millichap Arranges $1.3M Sale of Retail Property Net Leased to Starbucks in Tomah, Wisconsin

by Kristin Harlow July 27, 2017

TOMAH, WIS. — Marcus & Millichap has arranged the sale of a retail property net leased to Starbucks in Tomah in central Wisconsin for $1.3 million. The 2,100-square-foot building is located at 224 Buan Ave. Starbucks has 10 years remaining on its lease. Mark Ruble, Zack House and Jamie Medress of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Todd Lindblom, also of Marcus & Millichap, assisted in closing the transaction. The buyer was not disclosed.

July 27, 2017

Industrial Massachusetts Northeast

Colliers Facilitates $52.8M Sale of Industrial Park in Suburban Boston

by Amy Works July 27, 2017

BEVERLY AND DANVERS, MASS. — Colliers International has brokered the sale of a seven-building flex/industrial portfolio located in Beverly and Danvers, approximately 25 miles northeast of Boston. Brookwood Financial Partner sold the portfolio to R.J. Kelly Co. Inc. for $52.8 million. Scott Dragos, Doug Jacoby, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller in the deal. Totaling more than 500,000 square feet, the portfolio is located at 24-42, 33, 35, 37, 54, 71 and 72 Cherry Hill Drive.

July 27, 2017

Industrial Northeast Pennsylvania

Gladstone Commercial Acquires 300,000 SF Industrial Building in Philadelphia

by Amy Works July 27, 2017

PHILADELPHIA — Gladstone Commercial has purchased a single-tenant industrial building in Philadelphia. PNC Realty Investors, as investment advisor to the AFL-CIO Building Investment Fund, sold the 300,000-square-foot facility for an undisclosed price. The National Archives and Records Administration has leased the building through 2032, with a termination option beginning in 2027. The property is located on a 30.3-acre site with the ability to accommodate future expansion. Michael Hines, Brian Fiumara, Brad Ruppel, Lauren Dawicki and Jeffrey Shell of CBRE represented the seller in the transaction.

July 27, 2017

Loans New York Northeast Office Retail

Houlihan-Parnes Realtors Secures $52.5M Loan for 285,000 SF Office, Retail Building in the Bronx

by Amy Works July 27, 2017

NEW YORK CITY — Houlihan-Parnes Realtors has arranged a $52.5 million first mortgage loan for a 285,000-square-foot office and retail property located at 2501 Grand Concourse in the Bronx. The 10-year loan features interest-only payments. The former Alexander’s/Caldor’s department store was converted into a multi-tenant office and retail property in 2001. PC Richard & Son, Marshalls, Children’s Place, Capital One Bank, the City University of New York, the U.S. Social Security Administration and 1199 SEIU Health Care Training and Child Care Center are current tenants. Christie Houlihan, Bryan Houlihan and James Houlihan of Houlihan-Parnes Realtors arranged the loan for the borrowers, which include Samuel Jemal, members of the Jemal family, James Houlihan and members of Houlihan Partners.

July 27, 2017

Loans Mixed-Use Multifamily New York Northeast Office Retail

HFF Arranges $28M in Refinancing for Mixed-Use Building in Brooklyn

by Amy Works July 27, 2017

NEW YORK CITY — HFF has arranged $28 million in refinancing for a mixed-use building located at 110 Fourth Ave. in Brooklyn’s Boerum Hill neighborhood. Scott Aiese of HFF secured the 10-year, fixed-rate, interest-only loan for the undisclosed borrower. The property features 49 residential units in a mix of studio, one- and two-bedroom layouts, and 5,197 square feet of retail and medical office space on the ground level. On-site amenities include a concierge, common room and fitness center. Additionally, most units feature balconies and/or in-unit washers and dryers. Built in 2007, the property was 100 percent leased at the time of financing.

July 27, 2017

Multifamily New York Northeast

Akelius Buys Multifamily Building in Brooklyn for $7.2M

by Amy Works July 27, 2017

NEW YORK CITY — Akelius has acquired a multifamily building located at 185 Prospect Park West in Brooklyn. A private local investor sold the property for $7.2 million, or $725,000 per unit. Built in 1920, the building features 10 apartment units. Michael Stimler of Greysteel represented the buyer and seller in the transaction.

July 27, 2017

Florida Hospitality Southeast Top Stories

Sunstone Acquires New Hotel, Marina in Key West for $175M

by John Nelson July 27, 2017

KEY WEST, FLA. — Sunstone Hotel Investors Inc. (NYSE: SHO) has purchased the 175-room Oceans Edge Hotel & Marina in Key West for $175 million. The newly constructed, oceanfront hotel and marina complex is situated across 20 land and water acres on Stock Island and is the largest purpose-built luxury resort and marina in Key West. Sunstone purchased the asset from the developer, Singh Resorts, a hotel development and management firm headed by Pritam Singh. The hotel, which opened in January, will operate as an independent property and be managed by Singh Hospitality. Oceans Edge has 86 suites, all of which have private balconies and views of the Atlantic Ocean. The hotel’s rooms are spread across four buildings and have an average size of 470 square feet, which are among the largest hotel rooms available in the Key West market, according to Sunstone. The hotel also features six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop and a fitness facility. As part of the transaction, Sunstone also acquired a combined 52 wet and dry boat slips and amenities in the attached marina, which offers direct deep channel access to popular fishing spots off the coast. …

July 27, 2017

Market Reports Midwest Midwest Market Reports Missouri Office

Specialty Practices Drive Growth in Kansas City Medical Office Market

by Kristin Harlow July 27, 2017

Kansas City is in the midst of an aggressive expansion of capital investment in medical office space that is consistent with national activity. A variety of factors drive these developments, including patients’ expectations for medical care, a change in how large-scale healthcare operators view their networks and the growth of specialty practitioners. The evolution of medical space created by these forces leads to an entirely new development approach. The most obvious evidence of this change in the Kansas City market is located along the Interstate 435 corridor between State Line Road and Metcalf Avenue. Every major healthcare operator in the metro area either has an established presence there, is in the midst of an expansion project, or both. Within that area, the new medical office building for St. Luke’s Health System at Mission Farms was completed in the second half of 2016. Further west, the 76,000-square-foot Quad Six medical office building, located at 6650 W. 110th St., delivered in June of this year. To the south, at 159th Street and Antioch Road, the first phase of the BluHawk project recently delivered for Shawnee Mission Health – Overland Park. The project includes a 75,000-square-foot medical office building, along with a separate …

July 27, 2017

Features Office Top Stories

M&M: Demographics Revive Interest in Suburban Office Spaces

by Taylor Williams July 27, 2017

A growing concentration of households in suburban areas throughout the country is sparking renewed interest in office properties located outside urban centers, according to a recent report from Marcus & Millichap. Millennials’ general preference to work in amenity-rich office buildings with walkable retail and dining options heightened demand for urban office space for much of the post-recession era, notes the report. Overall vacancy for urban office properties declined by 250 basis points during this period and clocked in around 14 percent as of the first quarter of 2017. This activity spurred a 7 percent increase in asking rents across America’s urban office markets, but demand for these properties is beginning to slow. The suburbs, where rents for stabilized properties land for new properties are cheaper, are currently poised to benefit from rising rents in urban sectors, according to the report. Compounding the opportunities for suburban office properties are the general demographics of those markets. According to the report, as of 2015, 64 percent of America’s households resided in the suburbs. That figure is projected to rise as high as 75 percent by 2025. Particularly in smaller areas with tighter labor markets, this proportion is an important consideration. In addition, the …

July 27, 2017

California Industrial Western

Rexford Industrial Realty Buys Industrial Property in Rancho Cucamonga for $19.8M

by Nellie Day July 26, 2017

RANCHO CUCAMONGA, CALIF. — Rexford Industrial Realty has purchased a 201,035-square-foot industrial property in the Inland Empire West submarket of Rancho Cucamonga for $19.8 million. The property is located at 11190 White Birch Drive. The asset is fully leased to a single tenant in the logistics industry on a triple-net basis at below-market rent. The building was originally constructed for two tenants, but, upon lease expiration, the property has the potential for efficient re-tenanting to two tenants at higher rents. The acquisition was funded utilizing the company’s line of credit. The seller was not disclosed.

July 26, 2017

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