Property Type

Cross-Border Investments Continue to Surge in Manhattan

by Camren Skelton May 24, 2017

As the U.S. economy passes through the third largest expansion cycle in the economic history, every sector in the economy has seen phenomenal growth over the last six to seven years. The growth in other industries has had a trickle-down effect on the real estate sector. U.S. real estate has seen rents surging and even surpassing the previous expansion cycle, as well as an increase in leasing and absorption activity and a record rise in the value of sales transactions. Manhattan has always been at the epicenter of this real estate growth. With the combination of developed market and investment-grade properties, Manhattan has regularly attracted the majority of foreign direct investment in the real estate sector throughout the country. Increased demand from TAMI (technology, advertising, media and information) and FIRE (finance, insurance and real estate) sector tenants have made these properties an attractive investment option for both the local institutional investors and foreign direct investment. The Manhattan commercial real estate market has seen a 33 percent (see footnote 1) increase in the transactions above $1,000 per square foot over the last seven years. These values are no longer limited to only trophy properties in Midtown but have spread across both Midtown …

May 24, 2017

Arizona Mixed-Use Office Retail Western

HFF Arranges $26M Sale of Mixed-Use Development in Scottsdale

by Nellie Day May 23, 2017

SCOTTSDALE, ARIZ. — HFF has arranged the $26 million sale of The Village at Hayden, a 156,751-square-foot mixed-use development located in Scottsdale. The property is home to retail and office tenants including Capital Consultants Management, Company Nurse, Phoenix Photonix, Zipps Sports Grill, Twisted Grove, Melting Pot and Grassroots Kitchen. CJ Osbrink and Derreck Barker of HFF marketed the property on behalf of the seller, Village at Hayden LLC, which is a partnership between AEW Capital Management L.P. and The Muller Co. HFF also procured the buyer, Arizona Partners.

May 23, 2017

Loans Montana Multifamily Seniors Housing Western

Ziegler Closes $65.4M Bond Financing for 261-Unit Seniors Housing Community in Montana

by Nellie Day May 23, 2017

KALISPELL, MONT. — Ziegler, a specialty investment bank, has arranged a total of $65.4 million in tax-exempt, fixed-rate bonds for Immanuel Lutheran Corp., which operates a seniors housing community in Kalispell, approximately 75 miles south of the Canadian border. The property is a nonprofit, faith-based community known as Immanuel Lutheran Communities. It features 106 units of independent living and assisted living and 155 units for skilled nursing on a 13-acre campus. Immanuel Lutheran Corp. will use the financing to refund two previous series of bonds and fund an expansion and renovation project at the community. The multi-phase plan will introduce entrance-fee independent living apartments, add a new memory care unit, expand amenities and “right-size” the skilled nursing area. Immanuel is partnering with seniors housing development and advisory firm Sawgrass Partners on the expansion project.

May 23, 2017

California Multifamily Western

Villa Quixote Apartments in Escondido Sells for $11.8M

by Nellie Day May 23, 2017

ESCONDIDO, CALIF. — A family trust has acquired the 78-unit Villa Quixote apartments in Escondido for $11.8 million. The community is located at 400-408 E. Mission Ave. It was built in 1969. Community amenities include controlled-access entry, a swimming pool, spa and covered parking. Christopher Zorbas and Joseph Berkson represented both the buyer and the seller, another family trust, in this transaction.

May 23, 2017

California Retail Western

Award-Winning NYC Chef to Open First LA Restaurant

by Nellie Day May 23, 2017

LOS ANGELES — According to Westfield Corp., Jonathan Waxman’s NYCA Restaurant Group will be bring the chef’s cuisine back to Southern California with a restaurant to open in spring 2018. Waxman first gained fame with Alice Waters at Chez Panisse in Berkeley, and later worked at Michael’s in Santa Monica and Jams in New York City. Today, he is the chef and owner of Manhattan’s Barbuto restaurant, where he earned the 2016 James Beard Award as Best Chef – New York City. Waxman and NYCA Restaurant Group have now made the decision to open their first restaurant in Los Angeles at Westfield Century City. The restaurant will be located alongside the property’s front façade on Santa Monica Boulevard. Westfield Century Center is preparing for its grand opening in fall 2017. The redeveloped center will include more than 200 stores and restaurants including a new Nordstrom, new Macy’s, completely remodeled Bloomingdale’s and an Equinox fitness club. In addition to the new restaurant (which has yet to be named), other new dining options at Century City will include the West Coast’s first Eataly, Din Tai Fung, Javier’s Finest Foods of Mexico, Petros Benekos (Petros fine Hellenic cuisine, The Kafe and Kafe Bugatsa), Tender Greens, …

May 23, 2017

California Company News Retail Western

Gymboree Names New President, CEO

by Nellie Day May 23, 2017

SAN FRANCISCO — The Gymboree Corporation has appointed Daniel Griesemer as the company’s new president and chief executive officer. Griesemer joins Gymboree after a five-year tenure leading Tilly’s, an action sports-inspired teen and young adult apparel retailer where he served as president and CEO. Griesemer assumes his responsibilities from interim CEO Mark Weikel, who will continue his role as a member of the board of directors. In addition to his experience at Tilly’s, Griesemer previously served as president and CEO at Coldwater Creek, a women’s clothier, and held executive leadership positions at Gap Inc., GapKids and Gap Inc. International division. Griesemer began his career with Macy’s Stores. As of April 29, 2017, the The Gymboree Corporation operated 1,281 retail stores: 582 Gymboree stores, 172 Gymboree Outlet stores, 149 Janie and Jack shops and 378 Crazy 8 stores.

May 23, 2017

Multifamily North Carolina Southeast Tennessee

Capital One Closes $61.6M in Fannie Mae Financing for Two Southeast Apartment Communities

by John Nelson May 23, 2017

CORDOVA, TENN. AND HIGH POINT, N.C. — Capital One Multifamily Finance has originated $61.6 million in two Fannie Mae loans for the refinancing of two apartment communities in the Southeast. The financing included a $25.6 million loan for Lincoln at Wolfchase, a 408-unit apartment community located in Cordova, about 15 miles east of Memphis. The other deal was a $36 million loan for Laurel Springs Apartments, a 501-unit multifamily community in High Point. Chad Thomas Hagwood and Brandon Pate of Capital One Multifamily Finance’s Birmingham, Ala., office arranged both 12-year, fixed-rate loans on behalf of the borrower, EBSCO Income Properties. Laurel Springs was financed under Fannie Mae’s Green Building Certification program.

May 23, 2017

Mixed-Use South Carolina Southeast

MetLife Real Estate Provides $50M Refinancing for The Cigar Factory in Charleston

by John Nelson May 23, 2017

CHARLESTON, S.C. — MetLife Real Estate has provided a $50 million loan for the refinancing of The Cigar Factory, a historic redevelopment project located at 701 E. Bay St. in downtown Charleston. The mixed-use project spans five stories and features 50,000 square feet of retail space and 150,000 square feet of office space. The Cigar Factory’s office tenants include JLL, KSQ Design, Patterson Real Estate Advisory Group, The Shopping Center Group, Lee & Associates Charleston, Garden & Gun Magazine, SnapCap and ServisFirst. Retail tenants include Fritz Porter, KOKO FitClub, Mercantile & Mash and Trunk Club, as well as event space called The Cedar Room. MetLife Real Estate provided the fixed-rate loan with a 20-year amortization schedule to the owner, a joint venture between Federal Capital Partners (FCP), Wecco Development and Weaver Capital Partners LLC. The joint venture purchased the vacant project in April 2014 and is using the refinancing to replace construction financing, which was provided by PNC Real Estate. FCP provided mezzanine debt and equity in the joint venture’s original purchase. Patterson Real Estate Advisory Group arranged the permanent loan with MetLife, as well as the original construction financing with PNC Real Estate and the partnership with FCP.

May 23, 2017

District of Columbia Mixed-Use Retail Southeast

Wegmans to Anchor Former Fannie Mae Headquarters Redevelopment in D.C.

by John Nelson May 23, 2017

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have inked a deal with supermarket chain Wegmans to anchor the redevelopment of the former Fannie Mae headquarters at 3900 Wisconsin Ave. in Washington, D.C. The redevelopment includes the original brick buildings that were constructed by Equitable Life Co. in 1958 and 1962, as well as nearly 10 acres surrounding the buildings. The redevelopment will feature retail, residential, cultural arts, hospitality and commercial space. The development team includes Shalom Baranes Associates and Michael Vergason Landscape Architects. A timeline for the project has yet to be announced.

May 23, 2017

Georgia Healthcare Southeast

Bull Realty Brokers $16.8M Sale of Medical Office Building in Athens, Georgia

by John Nelson May 23, 2017

ATHENS, GA. — Atlanta-based Bull Realty has brokered the $16.8 million sale of The Exchange, a two-building medical office campus in Athens spanning 61,203 square feet. St. Mary’s Healthcare System occupies all of Building 300 and the majority of the space in Building 200. Services at this location include full modality outpatient diagnostic imaging, wellness, cardiology, neurology, and endocrinology. Other tenants include Athens Dentistry for Children and Athens Oconee Dentistry at the Exchange. American Healthcare Investors LLC/ Griffin American Healthcare REIT purchased the property from the sellers, 316 LLC and Exchange Building 300 LLC. Paul Zeman of Bull Realty represented the sellers in the transaction. Bell Harrison Development built The Exchange in 2007.

May 23, 2017

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