Property Type

Falling Vacancies, Strong Demand Spur Industrial Construction in St. Louis

by Kristin Harlow January 5, 2017

The St. Louis industrial market is in the midst of historic development and deal making. As witnessed in many markets, “big bombers” — industrial facilities 500,000 square feet and larger — are coming out of the ground at a record pace. Better still, they are being leased and pre-leased at a record pace. By all accounts, the driver here is the new e-commerce phenomenon with major players like Amazon taking nearly 1.5 million square feet in the Metro East submarket. The two major developments in this submarket are Gateway Commerce Center, developed by TriStar, and the adjacent Lakeview Commerce Center, developed by Panattoni. In addition to Amazon, Gateway Commerce Center boosts a host of big box users such as P&G, Unilever and Saddle Creek Corp, the latter of which took 673,137 square feet last year at the Center. Tri-Star is in the process of completing two additional buildings in the Center: Gateway East 520 containing 520,000 square feet, and Gateway East 624 containing 624,000 square feet. In neighboring Lakeview Commerce Center, Amazon occupies additional space along with World Wide Technologies, occupying 769,500 square feet in the Center. Analyzing the data Let’s drill down further and let the numbers speak for …

January 5, 2017

California Office Western

Lincoln Property Co. Sells Research Center Plaza in Carlsbad for $15.3M

by Nellie Day January 4, 2017

CARLSBAD, CALIF. — An entity of Alvarez & Marsal Capital Real Estate has purchased Research Center Plaza, an 81,118-square-foot office/R&D campus in Carlsbad, from Lincoln Property Co. for $15.3 million. The center is located at 2232, 2234 and 2236 Rutherford Road. Research Center Plaza is 90 percent occupied. Lincoln Property upgraded interior and exterior spaces at the property and created office lofts with collaborative features, open ceilings and natural lighting. The buyer represented itself in the transaction, Rick Reeder and Aric Starck of Cushman & Wakefield represented Lincoln.

January 4, 2017

California Office Western

GPI Cos. Buys Media Center North in Burbank

by Nellie Day January 4, 2017

BURBANK, CALIF. — GPI Companies has purchased Media Center North, a 95,000-square-foot office building in Burbank, for an undisclosed sum. The Class A building is located at 2835 N. Naomi St. The building serves as Entertainment Partners’ corporate headquarters. This was one of the largest office building transactions in Burbank in 2016, according to Greg Barsamian of Coldwell Banker Commercial Advisors, who represented the seller.

January 4, 2017

California Office Western

CPT Group Buys Corporate Headquarters Building in Irvine for $5.3M

by Nellie Day January 4, 2017

IRVINE, CALIF. — CPT Group has purchased a 14,208-square-foot corporate headquarters building in Irvine for $5.3 million. The building is located at 50 Corporate Park. CPT Group was looking for a new headquarters with a significant amount of parking. The class-action settlement administration company will occupy the new space in the first quarter of 2017. Chuck Hardy of Lee & Associates represented CPT, while the firm’s John Collins represented the seller, North Tustin Investment Group LLC.

January 4, 2017

California Office Western

Fandango to Relocate Headquarters Within LA

by Nellie Day January 4, 2017

LOS ANGELES — Fandango has announced plans to relocate its headquarters within Los Angeles. The digital movie network has signed a lease for the top two floors of 407 Maple Drive in Beverly Hills. Its current office is located at 12200 W. Olympic Blvd. The relocation will occur in mid-2017. Fox Interactive Media previously occupied the space, which Tishman Speyer owns. David Toomey and Brian Davies of Cresa represented Fandango. Tishman Speyer was represented in-house by John Ollen and Patrick Nally.

January 4, 2017

California Loans Retail Western

HFF Secures $7.3M Refinancing for Retail Center in Moreno Valley

by Nellie Day January 4, 2017

MORENO VALLEY, CALIF. — HFF has secured a $7.3 million refinancing for Ironwood Plaza, a 56,289-square-foot shopping center located in the Inland Empire community of Moreno Valley. Tenants at the center include 99 Cents Only, Bank of America, Aqua Pura, Angela’s Nail Salon, Lorenzo’s Italian Restaurant and Video Vision. Jeff Sause of HFF worked on behalf of the borrower, an undisclosed private investor, to place the 10-year, fixed-rate loan with a local bank. Loan proceeds were used to pay off an existing CMBS loan and cover leasing and closing costs.

January 4, 2017

Florida Multifamily North Carolina Southeast

ARA Newmark Arranges $127M Sale of Multifamily Portfolio in Florida, North Carolina

by John Nelson January 4, 2017

TAMPA, FLA. — ARA Newmark has brokered the $127 million sale of a four-property, 1,153-unit multifamily portfolio in Florida and North Carolina. The properties include the 298-unit ARIUM Bala Sands in Orlando, the 247-unit ARIUM Citrus Park and the 368-unit ARIUM Bay Pointe, both in Tampa, and the 240-unit ARIUM Pineville in Charlotte. The seller, The Carroll Organization, has implemented interior renovations on select units in all four properties. Patrick Dufour, Kevin Judd, John Heimburger, Scott Ramey, Jason Kon, Dick Donnellan, Marc deBaptiste, Dean Smith and Blake Okland of ARA Newmark represented Carroll in the transaction, which was completed in three phases.

January 4, 2017

Multifamily Texas

The Hanover Co. Sells 340-Unit Apartment Property in Downtown Austin

by Amy Works January 4, 2017

AUSTIN, TEXAS — Houston-based The Hanover Co. has completed the disposition of Hanover South Lamar, a 340-unit mid-rise apartment community located in downtown Austin. Boston-based General Investment & Development acquired the property, which was 95 percent occupied, for an undisclosed price. Pat Jones of ARA Newmark represented the seller in the deal. The eco-friendly property features 550 rooftop solar panels, a Heritage Tree Grove of preserved and relocated live oak and pecan trees and electric car charging stations. On-site community amenities include a resort-style swimming pool, courtyard with outdoor cooking stations and private cabanas, clubhouse with theater and gaming rooms, private dog park and a fitness center. Apartment units feature gourmet kitchens, granite and quartz countertops, high ceilings, large windows, wood-style flooring and energy-efficient appliances.

January 4, 2017

Industrial Texas

Marcus & Millichap Arranges Sale of 34,000 SF Industrial Building in Houston

by Amy Works January 4, 2017

HOUSTON — Marcus & Millichap has brokered the sale of an industrial property located at 8934 Gulf Freeway in Houston. A developer acquired the 34,000-square-foot property for an undisclosed price. Derek Hargrove and Matthew Mignerey of Marcus & Millichap represented the seller, a private investor, in the deal.

January 4, 2017

Office Texas

The Dallas Morning News to Relocate Offices to The Statler Library in Dallas

by Amy Works January 4, 2017

DALLAS — The Dallas Morning News, owned by A. H. Belo Corp., has signed a 16-year lease to occupy The Statler Library a 90,000-square-foot office property formerly known as the Old Dallas Central Library in downtown Dallas. The media company will relocate from its current 325,000-square-foot headquarters space to the new facility between April and June. The Statler Library offers a more flexible space that will allow the company to build a contemporary digital newsroom with open floor plans, areas for employees to collaborate and a rooftop patio. Centurion American Development Group, owner and developer of The Statler, is revitalizing the long-vacant building. Slated for completion in mid-2017, the property will feature a boutique hotel, residences, restaurants and retail space, in addition to office and meeting spaces. Russ Johnson of Peloton CRE represented the landlord, Commerce Statler Development LLC, while Jeff Ellerman and Phil Puckett of CBRE represented The Dallas Morning News in the deal.

January 4, 2017

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