Property Type

Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M

by Nellie Day November 29, 2017

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip’s Plaza University in Tucson, Ariz. The Courtyard New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza …

November 29, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Retail

Urbanizing the Suburbs: Retail’s Role in Reshaping Boston’s Landscape

by Taylor Williams November 29, 2017

Over the past decade, urbanization has emerged as one of the most impactful trends to hit the real estate industry. This trend, embodied by the live-work-play concept, has been embraced by all demographic cohorts, from millennials to baby boomers and even retirees. While the impact has been most visible in the urban core, Boston’s suburbs are also being transformed, and the inclusion of pedestrian-oriented retail into new and existing projects is playing the integral role. Modernized, high-traffic retail concepts now provide the coveted ability to work, shop, dine and entertain with the same convenience of downtown while being proximate to the region’s top bedroom communities. The Polaroid Site, Waltham Waltham is Boston’s top suburban office market; however, its biggest drawback had been a lack of real amenities. Sam Park & Company acquired Polaroid’s former headquarters and planned a 1.5 million-square-foot, mixed-use development, which includes Market Basket, Not Your Average Joe’s, Flank, Starbucks and Jake n Joes Sports Grille. The existing and improving amenity package at 1265 Main immediately drew the attention of Clarks, which moved its American headquarters to a new 120,000-square-foot building on the site. MarketStreet Lynnfield Once the Colonial Country Club, MarketStreet Lynnfield is now a mixed-use development …

November 29, 2017

Loans New York Northeast Retail

HFF Secures $33.7M Refinancing for 21-Property Retail Portfolio in New York, Ohio

by Amy Works November 28, 2017

ROCHESTER, N.Y., AND CLEVELAND — HFF has secured $33.7 million for the refinancing of a 21-building retail portfolio located in the greater Rochester and Cleveland metro areas. The borrower is FX Net Lease Holdings LLC. Chris Hew, Dan Martin and Evan Parker of HFF arranged the 18.5-year, fixed-rate loan with Allegiant Real Estate Capital. Totaling 65,588 square feet, the properties are all triple-net leased to Wendy’s.

November 28, 2017

Loans New York Northeast Retail

Integra Real Estate Capital Arranges $16M in Financing for Retail Space in Brooklyn

by Amy Works November 28, 2017

NEW YORK CITY — Integra Real Estate Capital has secured $16 million in financing for a retail condominium located at 1809 Emmons Ave. in Brooklyn. Located at the base of The Vue, the two-story condominium features 26,000 square feet of retail space. The Vue is a newly constructed residential tower developed by Rybak Development. Igor Goldenberg of Integra negotiated the 10-year interest-only loan with a CMBS lender for the undisclosed borrower.

November 28, 2017

Industrial Massachusetts Mixed-Use Northeast Office Retail

Senate Construction to Build 50,000 SF Mixed-Use Facility in Tyngsborough, Massachusetts, for Crane Realty Trust

by Amy Works November 28, 2017

TYNGSBOROUGH, MASS. — Senate Construction Co. has been awarded the design/build contract to construct a mixed-use facility in Tyngsborough for Crane Realty Trust. The 50,000-square-foot building will feature office and manufacturing space. Mass Crane & Hoist Inc. will use the facility as its new headquarters.

November 28, 2017

New York Northeast Office

NAI Long Island Brokers $1.3M Sale of Office Building in Huntington, New York

by Amy Works November 28, 2017

HUNTINGTON, N.Y. — NAI Long Island has arranged the sale of an office building located at 187 E. Main St. In Huntington. Home Energy Solutions acquired the property from an undisclosed seller for $1.3 million. The building features 4,750 square feet of office space, as well as a large storage area. Gary Pezza of NAI Long Island represented the buyer and seller in the deal.

November 28, 2017

Industrial Texas

Falcon Steel Acquires 226,000 SF Manufacturing Facility in Conroe, Texas

by Taylor Williams November 28, 2017

CONROE, TEXAS — Falcon Steel America (FSA), a metro Fort Worth-based producer of steel structures, has acquired a 226,000-square-foot manufacturing facility. The property is situated on 25 acres at 3575 Pollok Drive in Conroe, about 40 miles north of Houston. The company expects to hire 150 new employees to work at the plant, approximately doubling its manufacturing capacity.

November 28, 2017

Industrial Texas

NAI Partners Negotiates 101,460 SF Industrial Lease in Houston

by Taylor Williams November 28, 2017

HOUSTON — NAI Partners has negotiated a 101,460-square-foot industrial lease at 971 N. Sam Houston Parkway E. in Houston on behalf of Air General Inc., an air and water cargo handling firm. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant in the lease negotiations. Blake Warren and Justin Robinson of Stream Realty Partners represented the landlord, Teachers Insurance and Annuity Association of America.

November 28, 2017

Healthcare Texas

CBRE Brokers Sale of 80,000 SF Medical Building in San Antonio

by Taylor Williams November 28, 2017

SAN ANTONIO — CBRE has arranged the sale of an 80,000-square-foot medical building located at 5109 Medical Drive in San Antonio. Built in 2008, the property is located on the CHRISTUS Santa Rosa medical center campus on the city’s northwestern side. The facility includes 38 semi-private rooms for 100 patient beds, a clinical lab and a pharmacy. Scott Herbold of CBRE represented the seller, Stream Realty Partners, in the transaction. PPH Real Estate LLC, a partnership of local physicians and investors, purchased the asset for an undisclosed price.

November 28, 2017

Loans Multifamily Texas

NorthMarq Arranges $15.8M Refinancing for Apartment Complex in Midland

by Taylor Williams November 28, 2017

MIDLAND, TEXAS — NorthMarq Capital has arranged a $15.8 million refinancing of The Azure, a 156-unit affordable housing property in the West Texas city of Midland. The property offers amenities such as a business center, resident clubhouse, pool and fitness center. Carl Pankratz of NorthMarq Capital secured the 10-year Freddie Mac loan, which features a 30-year amortization schedule. The borrower was not disclosed.

November 28, 2017

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