Property Type

West Elm to Open Location at the Cedros Avenue Design District in San Diego

by Nellie Day April 7, 2017

SAN DIEGO — West Elm will open a store in the Cedros Avenue Design District in San Diego this fall. West Elm, a member of Williams–Sonoma portfolio of brands, will be the anchor retailer located at 212 S. Cedros Ave., a soon-to-be-renovated street-front retail project. West Elm will occupy nearly 11,000 square feet, with additional available retail spaces totaling 5,575 square feet. This will be West Elm’s second store in San Diego. West Elm’s first San Diego location is located in Westfield’s Mission Valley Center East. CBRE’s Dave Hagglund and Robert Gunness represented the owner of the property, Brixton Capital, and CBRE’s Carrie Bobb and Scott Muller represented the tenant.

April 7, 2017

New York Northeast Office

Tishman Speyer Plans “The Wheeler” Office Hub in Downtown Brooklyn

by Haisten Willis April 7, 2017

NEW YORK CITY — Tishman Speyer has unveiled plans for development of The Wheeler, a 10-story office hub to be located above the Macy’s department store in downtown Brooklyn. The Wheeler, named for 19th century Brooklyn developer Andrew Wheeler, will include 620,000 square feet of office space. Features will include 16-foot ceilings on each floor, an acre of outdoor space, a dedicated amenity floor and views of the New York skyline. The project is scheduled for completion in mid-2019. Construction financing, which was arranged by HFF, is being provided by Bank of the Ozarks.

April 7, 2017

New York Northeast Office

DLC Management Corp. to Relocate Headquarters in Metro NYC

by Haisten Willis April 7, 2017

ELMSFORD, N.Y. — DLC Management Corp., an owner and operator of open-air shopping centers, will relocate its headquarters to a 175,000-square-foot office building located at 565 Taxter Road in the New York City suburb of Elmsford. The move will be effective in August, with construction to begin on the 19,533-square-foot space in May. DLC has collaborated with the Westchester County Industrial Development Agency to facilitate the move. The new office will include open workspaces and collaborative areas for all teams, as well as various meeting and conference rooms able to house up to 90 employees. The property will also include an on-site gym, locker room and cafeteria.

April 7, 2017

Industrial Massachusetts Northeast Office

Avison Young Arranges $26.5M Office/Industrial Portfolio Acquisition in Massachusetts

by Haisten Willis April 7, 2017

BEDFORD, ANDOVER & BILLERICA, MASS. — Avison Young, as buyer representative for Atlantic Management, has arranged the purchase of three office/flex buildings in Massachusetts. Atlantic Management acquired the 211,377-square-foot portfolio from Wheelock-Novaya for $26.5 million. The assets are located at 15 Crosby Dr. in Bedford, 200 Bulfinch Dr. in Andover and 5 Federal St. in Billerica. Tenants at the properties include Ocular Therapeutix and Becton Dickinson. Scott Jamieson of Avison Young worked with Joe Zink and Steve Wyman of Atlantic Management on the buyer’s side, while Wheelock-Novaya was represented by Gary Kamin of Wheelock Street Capital and Scott Tully and Shawn Hawthorne of Novaya Real Estate Ventures.

April 7, 2017

Industrial New York Northeast

Simone Development Brokers 73,000 Industrial Lease for Auto Parts Company in NYC

by Haisten Willis April 7, 2017

NEW YORK CITY — Simone Development Companies has brokered a long-term relocation lease for LKQ Hunts Point Auto Parts in New York City. The company is relocating to a different location in the Bronx. Joanna Simone of Simone Development, which owns the property at 1390 Spofford Ave., negotiated the 15-year lease for 73,000 square feet with LKQ Hunts Point Auto Parts. The tenant was previously located at 1480 Sheridan Expressway. The one-story warehouse/distribution building features 26-foot clear ceiling heights, 11 loading docks, three drive-in bays and on-site parking.

April 7, 2017

Connecticut Northeast Office

Second Foundation Purchases Office Building in Farmington, Conn., for $1.1M

by Haisten Willis April 7, 2017

FARMINGTON, CONN. — Second Foundation has purchased a 9,860-square-foot office property located at 21 Talcott Notch Road in Farmington for $1.1 million. SCEN International was the seller of the three-story property, which is located on .99 acres. Sentry Commercial represented the seller and CBRE represented the buyer in the transaction.

April 7, 2017

Arizona Colorado Multifamily Oregon Top Stories Washington Western

Berkeley Point Capital Provides $250.5M Loan for Acquisition of Multifamily Portfolio in Western Region

by Kristin Harlow April 7, 2017

WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller

April 7, 2017

California Industrial Western

Karma Automotive Buys Former Kawasaki USA Headquarters in Irvine for $56.2M

by Nellie Day April 6, 2017

IRVINE, CALIF. — Karma Automotive has purchased the 262,463-square-foot Kawasaki USA headquarters in Irvine for $56.2 million. The facility is located at 9950 Jeronimo Road. The luxury hybrid plug-in vehicle manufacturer had previously leased the facility in August 2016. The company plans to add a Branded Experience Center for its new Revero luxury sedan and employee amenities to the facility. Kevin Leonard of Heathwest Realty represented Karma Automotive. CBRE’s Gregg Haly and Jeff Carr represented the seller, Bixby Land Co., in this transaction.

April 6, 2017

Office Oregon Western

American Bank Building in Portland Trades for $53M

by Nellie Day April 6, 2017

PORTLAND, ORE. — ScanlanKemperBard Cos. (SKB) has sold the historic American Bank Building in Portland’s central business district for $53 million. The 15-story creative office building is located at 621 S.W. Morrison St. The American Bank Building was built in 1914.The property was 61 percent leased to tenants like Wells Fargo and The Department of Justice. HFF’s Nick Kucha represented SKB in the transaction. The firm also recapitalized the property with Lionstone Investments, arranging a four-year, floating-rate loan through CIT Bank for the new partnership. The amount of the financing was not disclosed.

April 6, 2017

California Office Western

Barak Investors Group, MIP Investment Sell Universal City Office Building

by Nellie Day April 6, 2017

LOS ANGELES — A joint venture between Barak Investors Group and MIP Investment has sold a 103,154-square-foot office building in the Los Angeles submarket of Universal City. Though the price was not disclosed, the JV suggested that the property sold for between $35 million and $40 million. The Class A building is located at 3330 Cahuenga Blvd. It is 92 percent leased to tenants like Extreme Reach, Panasonic, EPSCineworks and Abominable Pictures. The buyers are Cahuenga Investment LLC and Cahuenga Equity LLC. NGKF’s Kevin Shannon Team represented the JV in this transaction.

April 6, 2017

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