Property Type

CBRE | Raleigh Arranges Sale of 387,987 SF Office Park in Triangle

by Camren Skelton November 1, 2017

CARY, N.C. — CBRE | Raleigh has arranged the sale of Regency Office Park, a 387,987-square-foot office campus in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Leslie Holmes, Elliott Brewer, Brad Corsmeier and Brian Carr of CBRE | Raleigh represented the seller, Regency Park Corp., in the transaction. Michigan-based Alidade Capital acquired the asset for an undisclosed price. Regency Office Park includes 2000, 3300, 3333, 3700 and 8000 Regency Parkway. At the time of sale, the property was leased to tenants including CBC Americas Corp., Michael Baker Engineering, Zurn, Siemens and Erie Insurance.

November 1, 2017

Florida Industrial Southeast

Meridian Development Sells 200,000 SF Industrial Center in Tampa for $8.3M

by Camren Skelton November 1, 2017

TAMPA, FLA. — Meridian Development Group has sold Meridian East, a three-building, 200,000-square-foot industrial center in Tampa, for $8.3 million. Boston-based High Street Realty Co. acquired the asset. During ownership, Meridian invested $600,000 in the property to improve the appearance of the exteriors, construct additional parking and renovate the vacant interiors. At the time of sale, Meridian East was fully leased to tenants including Bailey Industries, which occupies 45,000 square feet.

November 1, 2017

Retail Southeast Tennessee

Nassimi Realty Acquires 245,000 SF Retail Center Near Nashville

by Camren Skelton November 1, 2017

CLARKSVILLE, TENN. — Nassimi Realty has acquired Two Rivers Center, a 245,000-square-foot retail property in Clarksville, roughly 50 miles northwest of Nashville. The sales price and seller were not disclosed. The property is located less than one mile from Clarkesville’s central business district and 10 miles southeast of Fort Campbell, a U.S. Army installation. At the time of sale, Two Rivers Center was home to tenants including Harbor Freight Tools, Bargain Hunt, Citi Trends and Hooters.

November 1, 2017

Hospitality Indiana Loans Midwest Top Stories

Ashford Hospitality Trust Closes $427M Refinancing for 17-Property Hotel Portfolio

by Nellie Day November 1, 2017

DALLAS — Ashford Hospitality Trust (NYSE: AHT) has closed a $427 million refinancing of 17 properties within its hotel portfolio. The hotels in the portfolio are situated throughout the West, Midwest and South. The new loan is expected to result in annual interest savings of about $9.8 million. Properties included in the portfolio are — Courtyard Alpharetta, Georgia — Courtyard Bloomington, Indiana — Courtyard Crystal City, Virginia — Courtyard Foothill Ranch, California — Embassy Suites Austin, Texas — Embassy Suites Dallas, Texas — Embassy Suites Houston, Texas — Embassy Suites Las Vegas, Nevada — Embassy Suites Palm Beach, Florida — Hampton Inn Evansville, Indiana — Hilton Garden Inn Jacksonville, Florida — Hilton Nassau Bay, Texas — Hilton St. Petersburg, Florida — Residence Inn Evansville, Indiana — Residence Inn Falls Church, Virginia — Residence Inn San Diego, California and — Sheraton Indianapolis, Indiana The new mortgage loan has a two-year initial term and five, one-year extension options. The loan is interest-only features a floating interest rate of LIBOR plus 3 percent. The previous mortgage loan that was refinanced was the BAML 17 Pool loan with a final maturity date in December 2021. “The early execution of this refinancing provided us with …

November 1, 2017

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

New Jersey Multifamily Demand Keeps Pace With Stepped-Up Supply

by Taylor Williams November 1, 2017

With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide. Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway point of 2017, according to Reis. Vacancy had been trending down since mid-2016, with a slight tick up in the second quarter of 2017, currently resting at 5.2 percent due to the delivery of 1,600 units in the last three months. Compare this to a $1,336 average rent and 4.4 percent vacancy rate nationwide, and New Jersey’s sustained appeal to investors and developers is unquestionable. However, multifamily investment sales to date in 2017 have been fairly measured — with fewer opportunities coming onto the market. For sales in excess of $10 million through August 2017, the volume has totaled $1.07 billion with the number of units sold totaling 4,708 (down 12 percent and 43 percent respectively compared to the same time in 2016) …

November 1, 2017

California Loans Retail Western

Walker & Dunlop Secures $24M Financing for Retail Center in Clovis

by Nellie Day October 31, 2017

CLOVIS, CALIF. — Walker & Dunlop has secured $24 million in permanent financing for The Trading Post Shopping Center, a 127,764-square-foot retail center in Clovis. Jeff Hudson, Riley Manke and Andrew Westling of Walker & Dunlop secured the 10-year, fixed-rate loan on behalf of the borrower, Rich Development Enterprises LLC. At the time of sale, The Trading Post Shopping Center was more than 95 percent leased to tenants including Sprouts Farmer’s Market, Ross Dress for Less, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious and Union Bank.

October 31, 2017

California Industrial Western

Duke Realty Buys Two Industrial Assets in Southern California Totaling 873,870 SF

by Nellie Day October 31, 2017

FONTANA AND CITY OF INDUSTRY, CALIF. — Duke Realty Corp. has purchased two industrial buildings totaling 873,870 square feet in Southern California. The assets are part of a larger $700 million, 12-property industrial portfolio Duke has purchased from Bridge Development Partners. The assets include a 429,870-square-foot building at South Ajax Avenue in the City of Industry and a 444,000-square-foot facility at 11250 Poplar Ave. in Fontana. Poplar Avenue was completed and leased in 2016, while Ajax Avenue was completed in 2017. HFF’s Anthony Brent and Ryan Martin represented both the buyer and seller in this transaction.

October 31, 2017

California Retail Western

HFF Arranges Sale of 165,528 SF Grocery-Anchored Center in Burbank

by Nellie Day October 31, 2017

BURBANK, CALIF. — HFF has arranged the sale of Plaza del Sol, a 165,528-square-foot grocery-anchored center in Burbank. Gleb Lvovich and Bryan Ley of HFF represented the seller, Tourmaline Capital, in the transaction. The buyer and sales price were not disclosed. Constructed in 1984, Plaza del Sol served as a Costco store until a retrofit in 2005 and 2006 that transformed the project into a retail center with street-facing retail in the front and last-mile industrial space in the back. Vallarta Supermarkets anchors Plaza del Sol, which was leased to 23 tenants with food, fitness and distribution uses at the time of sale.

October 31, 2017

Arizona Industrial Western

AllState Buys Last-Mile Warehouse Facility in Tempe

by Nellie Day October 31, 2017

TEMPE, ARIZ. — AllState has purchased Tempe Logistics Center, a 175,314-square-foot industrial building in Tempe, for an undisclosed sum. The building is located at 1524 W. 14th St. The asset serves as a “last-mile” warehouse with 18- to 24-foot clear heights, automatic fire suppression, 23 dock loading doors, six grade-level doors, an over-standard parking ratio and 130-foot truck courts. Recent tenant improvements include the installation of full air conditioning in the office and warehouse space, a new office and kitchen buildout, and an upgraded power supply. The asset is fully leased to investment-grade tenants. CBRE Global Investors acquired the property on behalf of AllState. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, LBA Realty, in this transaction.

October 31, 2017

Loans New York Northeast Office

M&T Bank, Natixis Co-lead $195M in Financing for Office Building in Midtown Manhattan

by Amy Works October 31, 2017

NEW YORK CITY — M&T Bank and Natixis are co-lead arrangers on a $195 million senior loan secured by Tower 46, a Class A office building located at 55 W. 46th St. In Midtown Manhattan. The borrowers, SL Green Realty Corp. and PGIM, acquired the property in 2014. Proceeds of the loan will provide capital to complete the lease up of the building, which was built in 2013. The 347,694-square-foot property includes a commercial condominium unit that comprises the top 13 floors (22 through 34) of the building with a dedicated entrance on 46th Street, as well as retail space on the second floor and ground-floor. Tenant amenities include a Starbucks Coffee, a fitness center for tenant-use only and on-site parking.

October 31, 2017

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