Property Type

HCP Acquires Seniors Housing Portfolio in Mid-Atlantic for $186.3M

by John Nelson October 27, 2016

BALTIMORE AND WASHINGTON, D.C. — An affiliate of HCP Inc. (NYSE: HCP), a seniors housing REIT based in Irvine, Calif., has purchased a portfolio of assisted living and memory care properties in the Mid-Atlantic for approximately $186.3 million. Developed between 1993 and 2013, The Morningside House Mid-Atlantic Portfolio consists of seven seniors housing communities located in the greater Baltimore and Washington, D.C. areas. The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, sold the portfolio for roughly $354,000 per unit. HCP has selected Chicago-based Senior Lifestyle Corp. to operate the assets. The portfolio included: — Morningside House of Ellicott City in Ellicott City, Md. — Morningside House of Friendship in Hanover, Md. — Morningside House of Laurel in Laurel, Md. — Morningside House of Satyr Hill in Parkville, Md. — Morningside House of Leesburg in Leesburg, Va. — Morningside House of Saint Charles in Waldorf, Md. and — Poet’s Walk Memory Care in Fredericksburg, Va. Lisa Widmier and Matthew Whitlock led CBRE Capital Markets’ National Senior Housing team in representing the joint venture in the sale. “This transaction had multiple moving parts, including a new operator — Senior Lifestyle — partnering with a …

October 27, 2016

Illinois Market Reports Midwest Midwest Market Reports Retail

Transit-Oriented Developments Are Transforming Chicago’s Urban Core

by Jeff Shaw October 27, 2016

Mixed-use projects are booming, and for good reason: the city as we know it is fundamentally changing. Millennials are flocking away from the suburbs and into the city center, driving development in walkable urban cores that incorporate everything consumers need to live, work and play. In Chicago, a dramatic increase in mixed-use development since the last recession has completely recast the way we think about how retail concepts fit into our unique urban landscape. Mixed-use buildings anchored by residential projects are well supported by the city’s political class because they increase density in a city that’s already bursting at the seams. Changes in the way the City of Chicago approaches zoning has led to an uptick in transit-oriented development, which allows for lower parking requirements in projects centered around mass transit hubs. The city’s transit-oriented development (TOD) ordinance, which was approved in 2013 and revised in 2015, has been the driver behind the massive influx of new mixed-use projects over the last four years. Mixed-use advantages From a purely economic standpoint, mixed-use projects boast a diverse tenant roster, which typically means less risk for investors. Land prices in Chicago have reached a point where in some cases standalone retail is …

October 27, 2016

Features Retail Top Stories

Shopping Center Rents Decline for First Time in Five Years, Says Cushman & Wakefield

by John Nelson October 27, 2016

The retail marketplace continues to undergo a period of retrenchment and reinvention, the likes of which we have not seen since the rise of the suburbs starting in the late 1950s. The new period of disruption has been fueled by the rise of e-commerce, in particular Amazon, with the emergence of smartphones and tablets acting as a major accelerator since 2010. Combined with a consumer base that downshifted into frugality mode during the Great Recession, the current marketplace is one of the most challenging retail landscapes of the past 50 years. In spite of these challenges, overall shopping center vacancy has actually continued to trend downward. Despite a significant increase in retail closures (through the third quarter Cushman & Wakefield has tracked over 4,000 major chain closures for 2016, surpassing 2010’s record of 3,600), as well as multiple notable bankruptcies, the disruption has not equally impacted all retail sectors. Digital media has effectively wiped out the video and record store sectors while creating major challenges for the remaining major bookstore chains. The consumer electronics and office supplies categories continue to face major headwinds from e-commerce, as do a number of other retail categories ranging from gifts to home furnishings. The …

October 27, 2016

District of Columbia Hospitality Southeast

Trump Hotels Opens $212M Trump International Hotel, Washington, D.C.

by John Nelson October 26, 2016

WASHINGTON, D.C. — Trump Hotels has officially opened the Trump International Hotel, Washington, D.C., a 263-room luxury hotel located at 1100 Pennsylvania Ave. N.W. in Washington, D.C. The hotel is a $212 million redevelopment of the former Old Post Office. Hotel rooms feature 16-foot ceilings, crystal sconces and chandeliers and floor-to-ceiling windows. Guest amenities include the Benjamin Bar & Lounge, BLT Prime by David Burke, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes the 4,000-square-foot Presidential Suite, which is located in the former Postmaster General’s office. The suite features three bedrooms, walk-in closets, a fireplace, dining room with butler’s pantry, master bath featuring Calacatta Gold marble and a fitness center. The property will also include the 6,300-square-foot Trump Townhouse, a two-level suite that features a private entrance on Pennsylvania Avenue, two bedrooms, two bathrooms, private office, workout room and a dining room with seating for up to 24 people.

October 26, 2016

Delaware Multifamily Northeast

The Galman Group Completes $31.1M Sale of 286-Unit Apartment Building in Claymont, Delaware

by Amy Works October 26, 2016

CLAYMONT, DEL. — The Galman Group has completed the disposition of The Edge at Greentree, a garden-style apartment community located off Namaans Road in Claymont. A joint venture between two private groups acquired the asset free and clear of existing debt for an undisclosed price. The 26-building community features 286 apartments in a mix of one-, two- and three-bedroom units averaging 844 square feet. Community amenities include a state-of-the-art fitness center and tech lounge. Mark Thomson and Carl Fiebig of HFF represented the seller in the transaction.

October 26, 2016

Loans Massachusetts Multifamily Northeast

EagleBridge Capital Arranges $9.5M Loan for 24-Unit Apartment Complex in Boston

by Amy Works October 26, 2016

BOSTON — EagleBridge Capital has arranged $9.5 million in permanent mortgage financing for an apartment complex located at 8-12-16 Harvard Terrace in Boston’s Allston neighborhood. Brian Sheehan and Ted Sidel of EagleBridge secured the loan, which was provided by a major commercial bank, for the undisclosed borrower. The fully occupied three-building apartment complex features 18 three-bedroom/two-bath units and six two-bedroom/one-bath units. Apartments feature hardwood floors, fully equipped designer kitchens with stainless steel appliances, granite countertops, contemporary cabinetry and a private balcony or patio.

October 26, 2016

Massachusetts Multifamily Northeast

True North Capital Partners Acquires 207-Unit Apartment Community in Waltham, Massachusetts

by Amy Works October 26, 2016

WALTHAM, MASS. — An affiliate of True North Capital Partners has acquired Waltham Overlook, an apartment community located in Waltham, for an undisclosed sum. Built in 1979 and renovated in 2010, the community comprises nine three-story garden-style apartment buildings, a fitness center, outdoor pool, grill area and sun deck. The property features 207 apartment units in a mix of one- and two-bedroom layouts. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

October 26, 2016

New York Northeast Retail

The North Face Launches First Flagship Store in NYC on Fifth Avenue

by Amy Works October 26, 2016

NEW YORK CITY — The North Face has opened its first-ever flagship store in New York City. Located at 510 Fifth Ave., the 20,000-square-foot store offers an immersive brand experience for customers by bringing the beauty of outdoor exploration inside while inspiring customers to push their limits outside. The new store features a climbing wall; custom product available only at the Fifth Avenue location, including a limited edition Original Daypack collection, a collaboration with New Era; and on-site product customization featuring vintage and new collectible patches in partnership with Lot, Stock and Barrel. Additionally, the store has specialist associates on hand to assist customers with choosing technical apparel. This year marks the 50th anniversary of The North Face, which was founded in 1966.

October 26, 2016

Connecticut Industrial Northeast Office

O,R&L Commercial Arranges Sale of 28,712 SF Industrial/Office Building in East Haven, Connecticut

by Amy Works October 26, 2016

EAST HAVEN, CONN. — O,R&L Commercial has arranged the sale of the former Connecticut Food Bank building, located at 150 Bradley St. in East Haven. Mario Luciani acquired the 28,712-square-foot industrial and office property for an undisclosed price. The buyer plans to use the building as headquarters for his ServPro franchises. Frank Hird and Tim McMahon of O,R&L Commercial represented the undisclosed seller, while Natuzza Dimasi of William Raveis Real Estate represented the buyer in the transaction.

October 26, 2016

Hospitality Texas

Q Hotels Plans $39.5M Dual-Branded Marriott Hotel in Arlington

by Haisten Willis October 26, 2016

ARLINGTON, TEXAS — Q Hotels plans to develop and operate a $39.5 million, dual-branded Marriott hotel property at 3800 S. Collins St. in Arlington. Construction on the combined SpringHill Suites and TownePlace Suites will begin in December and end in summer 2018. The 230-room hotel will include 130 suites for traditional hotel guests and 100 extended-stay suites. Outdoor amenities will include an event lawn and amphitheater-style entertaining space. Indoor amenities will include a gym, steam room, dry sauna and restaurants.

October 26, 2016

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