Property Type

Amazon, Whole Foods Focus on Lowering Prices for Shoppers

by John Nelson August 29, 2017

SEATTLE AND AUSTIN, TEXAS — Amazon (NASDAQ: AMZN) has officially closed its $13.7 billion acquisition of Whole Foods Market. The first order of business for the e-commerce giant is making the Austin-based grocer’s high-quality and organic food more affordable for its shoppers. Beginning yesterday, Whole Foods Market now offers lower prices on selected grocery staples across its stores, with more to come. These include fair-trade bananas, organic avocados, organic large brown eggs, organic salmon and tilapia, organic baby kale and baby lettuce, animal-welfare-rated 85 percent lean ground beef, creamy and crunchy almond butter, organic Gala and Fuji apples, organic rotisserie chicken and organic butter. “We’re determined to make healthy and organic food affordable for everyone,” said Jeff Wilke, CEO of AmazonWorldwide Consumer, in a statement. “We will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.” Due to Amazon’s reputation and ability to deliver on its promises, other grocers are watching closely as Whole Foods transitions to the new model, according to Rick Scardino, principal of Lee & Associates’ Chicago office. “Most grocers will be concerned for obvious reasons as to Amazon’s plan to lower pricing because that will shrink already tight margins in the grocery …

August 29, 2017

Loans Massachusetts Multifamily Northeast

KeyBank Secures $36.2M for 196-Unit Multifamily Property in Massachusetts

by Jaime Lackey August 28, 2017

NORTH ANDOVER, MASS. — KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover. The Class A, 196-unit multifamily property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.

August 28, 2017

Industrial New York Northeast

Kamber to Acquire Riverside Garage Portfolio on Manhattan’s Upper West Side

by Jaime Lackey August 28, 2017

NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.

August 28, 2017

Massachusetts Northeast Office

Co-Working Startup Leases 30,000 SF in South Boston

by Jaime Lackey August 28, 2017

BOSTON — G-Tek Labs has leased 30,000 square feet at 28 Damrell Street in South Boston. The company provides hardware workspace, creating an environment that supports development, manufacturing and scaling of electronic devices. The shared workspace will provide access to design software and state-of-the-art equipment, such as 3D printers and pick and place machines. G-Tek Labs, backed by Taiwan-based Gigatek, has begun construction on its two-story space with plans to launch Phase 1 in September. Colliers International’s Ryan Healy and Mike Shakespeare represented G-Tek in their search for space. Attorneys Ku Yoo of Chang & Yoo LLP and James Heffernan of Rich May, PC represented G-Tek Labs in negotiating the lease and other corporate matters. Scott Gredler with Cushman & Wakefield represented the landlord, Damrell Properties, in the transaction.

August 28, 2017

Massachusetts Northeast Retail

Kids & Co. Opens Childcare Center in Boston’s Seaport District

by Jaime Lackey August 28, 2017

BOSTON — Canada-based Kids & Co. is continuing its U.S. expansion into the New England market with a 20,000-square-foot childcare center at 451 D Street in Boston. The building is owned in a joint venture led by Meritage Properties and CV Properties. CBRE/New England is the leasing agent for 451 D Street. The center will offer education and care to more than 200 children, providing full-time, part-time and emergency backup care for children from the ages of six weeks to six years. Kids & Company offers guaranteed placement to 451 D employees, no late fees, password protected web cams and proprietary educational programs, including music, Spanish, on-site special needs coaching, and sign language. The center also provides children with snacks and meals fresh-from-scratch, and free of chemicals, additives and preservatives. Kids & Company was launched in 2002 in Toronto, Canada, by Victoria Sopik, a mother of eight, and Jennifer Nashmi, a mother of three.

August 28, 2017

Hospitality Texas

Omni, Dallas Cowboys Cut Ribbon for Omni Frisco Hotel at The Star

by John Nelson August 28, 2017

FRISCO, TEXAS — Omni Hotels & Resorts and the Dallas Cowboys have officially cut the ribbon for the Omni Frisco Hotel, a 16-story hotel in Frisco. Situated within The Star development, the 300-room hotel in Frisco officially opened in July and features dining outlets including Neighborhood Services, Edge Bar and Lobby Bar. Gensler is the architect of record, and Wilson Associates consulted on the project. The hotel features 24,000 square feet of meeting space, including a 13,000-square-foot ballroom. The floor-to-ceiling windows offer expansive views of The Star, the Dallas Cowboys’ practice fields and the Championship Plaza.

August 28, 2017

Multifamily Student Housing Texas

Servitas Breaks Ground on Residence Hall at Junior College in Brenham, Texas

by John Nelson August 28, 2017

BRENHAM, TEXAS — Servitas LLC, a privately owned student housing developer based in Dallas, has broken ground on a new 464-bed, four-story residence hall at Blinn College, a two-year school in Brenham with more than 19,000 students. Situated at the corner of Seager Street and Old Mill Road, the property will feature approximately 9,000 square feet of common space, including study spaces, an outdoor courtyard and an engineering classroom. Houston-based Kirksey Architecture is designing the project, and El Paso-based Moss & Associates is the general contractor. Servitas expects for students to be able to move in by fall 2018. Raymond James Financial is completing financing for the project on behalf of Servitas.

August 28, 2017

Multifamily Texas

ARA Newmark Brokers Sale of Apartment Community in East Austin

by John Nelson August 28, 2017

AUSTIN, TEXAS — ARA Newmark has arranged the sale of 7East, a new 186-room midrise apartment community in east Austin. Pat Jones of ARA Newmark represented the sellers, Stonelake Capital Partners and Ardent Residential, in the transaction. The buyer was GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. Situated on 1.9 acres near downtown Austin, 7East includes a rooftop lounge and clubroom, resort-style pool, 24-hour fitness center, business center with Apple computers and conference room and a leash-free dog park. Unit interiors feature up to 10-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and downtown views in select units.

August 28, 2017

Retail Texas

Marcus & Millichap Arranges Sale of Retail Strip Center Near Dallas

by John Nelson August 28, 2017

HURST, TEXAS — Marcus & Millichap has brokered the sale of a 22,066-square-foot retail property located at 740 W. Pipeline Road in Hurst, roughly 25 miles west of Dallas. At the time of sale, the multi-tenant property was leased to Advance Auto Parts, America’s Best Contacts & Eyeglasses and Dollar Tree. Built in 2015, the center is adjacent to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company. Mike James and Tony Michael Anderson of Marcus & Millichap’s Encino, Calif., office procured the buyer, an individual/property trust.

August 28, 2017

California Industrial Western

MAT Holdings Purchases Industrial Building in Riverside for $28.2M

by Nellie Day August 28, 2017

RIVERSIDE, CALIF. — MAT Holdings Inc. has purchased a 303,100-square-foot industrial building in Riverside for $28.2 million. The Class A facility is located at 6975 Sycamore Canyon Blvd. The company plans to use the building as its West Coast distribution center. The seller was Investment Building Group.

August 28, 2017

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