Property Type

Cullinan Properties to Develop 7,680 SF Retail Building at The Levee District in East Peoria, Illinois

by Kristin Harlow June 19, 2017

EAST PEORIA, ILL. — Cullinan Properties is developing a 7,680-square-foot retail building at The Levee District in East Peoria. The multi-tenant building, currently under construction in central Illinois, will be located at 4015 Spinder Drive between Panda Express and McDonald’s. T-Mobile will open at the building this fall, with additional tenants to be announced. Anchored by Target, The Levee District is over 90 percent occupied by tenants including Ross, Ulta, Tequila’s Mexican Restaurant, Jenny Craig and Heartland Dental. The property encompasses more than 86 acres.

June 19, 2017

Arkansas New York Northeast Retail Southeast Top Stories

Walmart Agrees to Acquire Apparel Retailer Bonobos for $310M

by Taylor Williams June 19, 2017

BENTONVILLE, ARK., AND NEW YORK CITY — Walmart (NYSE: WMT) has agreed to acquire online apparel retailer Bonobos Inc. for approximately $310 million in cash. Walmart, the giant discount department store chain, expects to complete the transaction by September. The announcement comes on the heels of Walmart’s acquisition of online women’s apparel retailer ModCloth in March. Founded in 2007 by Andy Dunn and Brian Spaly, New York-based Bonobos designs and sells its own brands of clothing for men. These brands will be featured and sold on various Walmart-owned digital platforms, including Jet.com, which Bentonville-based Walmart acquired in August 2016 for approximately $3 billion. Bonobos also operates 35 physical retail locations, known as Guideshops, across the United States. Walmart currently has no plans to feature lines of Bonobos clothing in its brick-and-mortar locations, according to The New York Times. Under the terms of the agreement, Dunn, the current CEO of Bonobos, will oversee the company’s collection of clothing brands that are designed in-house and distributed online. Marc Lore, CEO of Walmart U.S. e-commerce and founder of Jet.com, says the acquisition reflects the company’s long-term e-commerce strategy. “We’re seeing momentum in the [e-commerce] business as we expand our value proposition with customers,” he …

June 19, 2017

Alabama Industrial Market Reports Southeast Southeast Market Reports

Automotive Users Put Birmingham’s Industrial Market in the Fast Lane

by John Nelson June 19, 2017

When comparing Birmingham’s industrial market to other major cities in the Southeast, “The Tortoise and the Hare” comes to mind. Birmingham has had slow and steady progress — not to say that our sister cities have periods of laziness and napping. Birmingham’s current pace of activity is more the norm and thankfully the trends remain positive with 2016’s transaction numbers actually tilting in the direction of a “hare-like” pace. Occupancy rates for the 15 million-square-foot, multi-tenant industrial market eclipsed 90 percent for the first time since 2005. We had positive absorption of over 400,000 square feet with just under 1.5 million square feet of inventory remaining. During 2016, 12 new lease transactions of 50,000 square feet and larger were completed, eight of which were automotive related. These 12 transactions compare to seven and eight in 2014 and 2015, respectively, which is a strong increase. Leases of note include 270,600 square feet to a third-party logistics provider for Mercedes-Benz; 240,240 square feet to Grupo Antolin, a Spanish-based supplier of interior parts for Mercedes-Benz; and a 225,496-square-foot lease directly with Mercedes-Benz. Much of the remaining 1.5 million square feet of inventory is Class B or lower quality, so finding suitable space has …

June 19, 2017

Industrial New Jersey Northeast

The Hampshire Cos. Sells Industrial Portfolio in Northern New Jersey for $146.8M

by Amy Works June 16, 2017

CARTERET, LODI, SADDLE BROOK, SOUTH HACKENSACK AND WEST CALDWELL, N.J. — The Hampshire Cos. has completed the sale of a six-building industrial portfolio totaling 1.2 million square feet in Northern New Jersey. An undisclosed buyer acquired the portfolio for $146.8 million. The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell. At the time of sale, the stabilized portfolio was 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air. Joe Thornton Jr., Jon Mikula, Jose Cruz, David Giancola and Robert Borny of HFF represented the seller in the transaction.

June 16, 2017

New Jersey Northeast Office

Mountain Development Acquires 170,000 SF Office Property in New Providence, New Jersey

by Amy Works June 16, 2017

NEW PROVIDENCE, N.J. — Mountain Development Corp. has acquired an office building located at 41 Spring St. in New Providence for an undisclosed price. The building features 170,000 square feet of Class A office space. Geoffrey Schubert and Nick Savage of CBRE represented the buyer and undisclosed seller in the transaction. Jordan Roeschlaub of Newmark Grubb Knight Frank assisted the buyer in securing financing for the acquisition.

June 16, 2017

Loans Multifamily New Jersey Northeast

HAP Investments Raises $6.8M to Fund 800-Unit Multifamily Development in Jersey City

by Amy Works June 16, 2017

JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.

June 16, 2017

Loans Massachusetts Multifamily Northeast Seniors Housing

Monticello Provides $69.3M Acquisition Loan for 616-Bed Skilled Nursing Portfolio in Massachusetts

by Amy Works June 16, 2017

NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.

June 16, 2017

Arizona Multifamily Western

DiNapoli Capital Partners Buys 278-Unit Alta Paradise Ridge in Scottsdale

by Nellie Day June 16, 2017

SCOTTSDALE, ARIZ. — DiNapoli Capital Partners has acquired the 278-unit Alta Paradise Ridge apartments in Scottsdale for an undisclosed sum. The community is located at 18220 N. 68th St. It has a mix of one- to three-bedroom units. Amenities include a clubhouse, pool and rooftop lounge. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Wood Partners, in this transaction.

June 16, 2017

California Mixed-Use Office Retail Western

Faris Lee Arranges $6.6M Sale of Mixed-Use Property in Dana Point

by Nellie Day June 16, 2017

DANA POINT, CALIF. — Faris Lee Investments has arranged the sale of La Plaza Pacifica, a retail and office property located at 34052 La Plaza Drive in Dana Point. Raintree Evergreen LLC acquired the property from Trowbridge Vaughen Vivos Trust for $6.6 million, or $463 per square foot. At the time of sale, the 14,900-square-foot property was 95 percent occupied. Jeff Conover of Faris Lee Investments represented the buyer and seller in the deal.

June 16, 2017

California Retail Western

Regency Centers Signs Two New Tenants in San Diego, Poway

by Nellie Day June 16, 2017

SAN DIEGO AND POWAY, CALIF. — Regency Centers has signed two new tenants at retail centers in San Diego and Poway. Marshalls signed a 10-year lease for 23,500 square feet of space at Point Loma Plaza, a 200,000-square-foot retail property located at 3645 Midway Drive in San Diego. Omar Hussein provided in-house representation for Regency Centers, while Don Moser of Retail Insite represented Marshalls. 7 Seas International Market signed a 15-year lease at Twin Peaks, a 210,000-square-foot community shopping center located at 14287 Pomerado Road in Poway. Both Marshalls and 7 Seas International Market are slated to open this fall.

June 16, 2017

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