Property Type

Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont

by Haisten Willis April 12, 2017

BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.

April 12, 2017

Hospitality Industrial Mixed-Use Northeast Pennsylvania Retail

MRA Group Buys 133-Acre Mixed-Use Complex in Metro Philadelphia

by Haisten Willis April 12, 2017

SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.

April 12, 2017

New Jersey Northeast Office

Vision Real Estate Partners Purchases Office Property in Morristown, N.J.

by Haisten Willis April 12, 2017

MORRISTOWN, N.J. — Vision Real Estate Partners has acquired 1776 On The Green, an office property in downtown Morristown. The company plans to update the 150,000-square-foot tower in collaboration with the adjacent Pioneer Park improvements project. Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue. Cushman & Wakefield arranged the transaction with the seller, Deutsche Bank Asset Management. Built in 1973, the property is undergoing interior upgrades and sits on top of a parking garage shared with the Headquarters Plaza. Vision Real Estate Partners plans to immediately renovate the 10-story building with lobby and common area upgrades and the creation of a third-floor amenity lounge.

April 12, 2017

New York Northeast Retail

Colliers Arranges $16.9M Acquisition of BJ’s Wholesale Club in Metro Rochester, N.Y.

by Haisten Willis April 12, 2017

GREECE, N.Y. — Colliers International has represented the buyer in the $16.9 million purchase of a freestanding BJ’s Wholesale Club located at 300 Bellwood Dr. in the Rochester suburb of Greece. The net leased structure spans 119,600 square feet on 11 acres and includes 485 parking spaces. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer, Professional Properties LLC.

April 12, 2017

New York Northeast Office Top Stories

TF Cornerstone Secures $325M Refinancing for Carnegie Hall Tower in Manhattan

by Nellie Day April 12, 2017

NEW YORK CITY — TF Cornerstone has secured a $325 million refinancing for Carnegie Hall Tower, a 555,000-square-foot, trophy office property on Manhattan’s “Billionaire’s Row.” The 60-story building is located at 152 W. 57th Street. Carnegie Hall Tower opened in 1991 and was designed by Cesar Pelli. The building features a vaulted entrance and a through-block grand lobby adorned with Italian marble, brass and hardwood accents similar to its landmark neighbor, Carnegie Music Hall. Many floors offer 360-degree views of New York City, including Central Park, the skyline, the Hudson and East rivers and the Atlantic Ocean. “Delivered in 1991 during an economic recession, the property took time to lease up and stabilize,” says Jeremy Shell, executive vice president of TF Cornerstone. “The market was soft but the principals of our firm were persistent in waiting out the vacancies of the early 1990s. [Cornerstone] went to great lengths to keep the property solvent and to ultimately realize their vision for Carnegie Hall Tower.” Some of the tower’s current notable tenants include TR Winston & Company, Metacapital, Kingdon Capital, 13D Management, Grubman Indursky Shire & Meiselas law firm and Greystone & Company. Singer & Bassuk Organization (SBO) arranged the financing through …

April 12, 2017

Features Retail Top Stories

Reis: Despite Bankruptcies, Retail Vacancy Holds Steady, Rents Increase

by Jeff Shaw April 12, 2017

NEW YORK CITY — Despite a rash of bankruptcies and store closures by major retailers during the first quarter of 2017, the U.S. retail market overall is quite healthy, according to a report by Reis, a New York-based commercial real estate analytics firm. To gather its data, Reis tracked multi-tenant neighborhood and community shopping centers of 10,000 square feet or larger in 77 primary metro areas throughout the United States. Last week, Payless ShoeSource became the 10th retailer to file for Chapter 11 bankruptcy so far this year, according to CNBC. Others include Gander Mountain, BCBG Max Azria, Wet Seal, Limited Stores, Gordmans Stores, hhgregg, Eastern Outfitters, RadioShack, General Wireless Operations and Michigan Sporting Goods Distributors. Aeropostale also closed nearly 600 locations in 2017, while Sports Authority gave back 460 storefronts after its liquidation. Macy’s, JC Penney and Sears are undertaking additional store closures Despite the headline-grabbing stories that would imply retail is struggling, Reis reports that the vacancy rate held steady at 9.9 percent during the first quarter of 2017 — identical to both the previous quarter and previous year. Both asking and effective rents increased as well. Asking rents rose to $20.55 per square foot, an increase of …

April 12, 2017

California Multifamily Western

Orion Properties, DVO Real Estate Purchase Bel Brook and Hideaway Apartments in San Leandro for $36.6M

by Nellie Day April 11, 2017

SAN LEANDRO, CALIF. — A joint venture between Trion Properties and DVO Real Estate has acquired the 146-unit Bel Brook and Hideaway Apartments in San Leandro for $36.6 million. The community is located at 77-85 Estabrook St. Bel Brook and Hideaway was originally built in 1967. It was 94 percent occupied at the time of acquisition. The JV plans to modernize the property through exterior and interior renovations, including the installation of new vinyl wood plank flooring, stainless steel kitchen appliances, modern cabinetry, high-end finishes and bathroom upgrades. The property will also be rebranded and receive new signage. John Leyvas Jr. and Brad Lehman of Newmark, Cornish and Carey represented both the buyer and seller, John Sullivan Family, in this transaction. Continental Partners arranged acquisition financing through NXT Capital.

April 11, 2017

California Loans Office Western

Quantum Capital Partners Secures $33.5M to Build New DaVita Facility in Downtown LA

by Nellie Day April 11, 2017

LOS ANGELES — Quantum Capital Partners has secured secured $33.5 million in permanent and construction financing for a 60,000-square-foot medical office building and parking structure in downtown Los Angeles. DaVita Healthcare Partners will lease the new space. The facility is being built on a 2.9-acre site at 1120 W. Washington Blvd., near the US 10 and CA 110 interchange. The borrower is Robhana Group, which acquired the development site in 2012. The permanent loan portion of the financing is secured by the fully occupied, 50,000-square-foot building that sits adjacent to the new development.

April 11, 2017

California Office Western

Lincoln Property Co., Long Wharf Capital Acquire Office Tower in Glendale

by Nellie Day April 11, 2017

GLENDALE, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Capital has purchased an eight-story office building in downtown Glendale for an undisclosed sum. The property is located at 520 N. Central Ave. The JV plans to renovate the 96,140-square-foot property in the next few months. This will include modernizing the outdoor amenity space, upgrading the lobby and common areas, and upgrades to four full-floor vacancies. The asset was originally built in 1985. Notable tenants include North American Title, Logic Mate International and H&R Block.

April 11, 2017

California Hospitality Western

Stargazer Inn & Suites in Monterey Sells for $8.4M

by Nellie Day April 11, 2017

MONTEREY, CALIF. — A local private investor has acquired the 52-room Stargazer Inn & Suites for $8.4 million. The boutique hotel is located at 1046 Munras Ave. in Monterey. The hotel features an indoor pool and spa, breakfast room and parking. Many guest rooms offer fireplaces and partial ocean views. Eric Gunderson of Avison Young represented the seller, Monterey Signature Hotels, in this transaction.

April 11, 2017

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