Property Type

Darden Restaurants to Acquire Cheddar’s Scratch Kitchen for $780M

by Nellie Day March 29, 2017

ORLANDO, FLA. — Darden Restaurants has agreed to purchase Cheddar’s Scratch Kitchen for $780 million in an all-cash transaction. Cheddar’s was founded in 1979 in Arlington, Texas, and now has 165 locations, including 140 owned and 25 franchised, across 28 states with average annual restaurant volumes of $4.4 million. “We are excited about the opportunity to be a part of Darden,” says Ian Baines, CEO and president of Cheddar’s. “Our operating philosophy and values are similar. Additionally, Darden’s expertise will enable us to further capitalize on our growth potential.” Baines will remain as president of Cheddar’s. He will report to Gene Lee, Darden’s president and CEO. The transaction is expected to be complete in Darden’s fiscal 2017 fourth quarter. It is subject to customary closing conditions. “Cheddar’s is a great fit in the Darden portfolio because it complements our existing brands,” says Lee. “This addition will also enable Darden to further strengthen two of our most important competitive advantages: our significant scale and our extensive data and insights.” Orlando, Fla.-based Darden Restaurants Inc. owns and operates more than 1,500 restaurants. Darden’s portfolio currently includes Olive Garden, LongHorn Steakhouse, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.

March 29, 2017

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

E-commerce Activity Drives Boston Industrial Vacancy to Lowest Rate in 15 Years

by Taylor Williams March 29, 2017

E-commerce and the growth of the digital age have become important factors in the tightening industrial real estate market. With single-digit vacancy rates becoming the norm in nearly all of the Greater Boston submarkets, existing product cannot supply the space necessary to meet current market demand. Consumers’ shopping attitudes have changed, and retailers are having to adjust their strategies to meet their needs. In 2016, the Greater Boston industrial market recorded vacancies averaging 6.8 percent, the lowest in more than 15 years. The thriving e-commerce industry has been a large factor in the spike in demand. Last year, major e-commerce tenants like Amazon, FedEx and Wayfair expanded their presence in the Boston market with new leases on distribution centers, pushing 2016 absorption to almost 6 million square feet, an all-time record. Retailers are now looking to expand their coverage with multiple warehousing locations, pushing for facilities proximate to their specified consumer base. Instead of having one regional warehouse/distribution center, retail giants have zeroed in on infill submarkets surrounding cities to locate multiple warehouses close to the population center. Just last year, Amazon leased a 96,600-square-foot warehouse in Everett, minutes from Downtown Boston, which would become a base for grocery and …

March 29, 2017

Colorado Loans Multifamily Western

Griffis Residential Obtains $81.9M Acquisition Loan for Skye 2905 Urban Flats in Denver

by Nellie Day March 28, 2017

DENVER — Griffis Residential has obtained an $81.9M acquisition loan to purchase the 400-unit Skye 2905 Urban Flats apartment community in Denver. The property is situated across from 20th Street from the Union Station neighborhood. The property was formerly named Skye 2905. HFF’s Eric Tupler and Josh Simon represented the borrower to place the 10-year, 3.98-percent, fixed-rate loan with five years of interest-only payments. A correspondent life insurance company provided the capital.

March 28, 2017

California Multifamily Western

Marina Vista Apartments in Napa Sells for $10.3M

by Nellie Day March 28, 2017

NAPA, CALIF. — A private investor has purchased the 42-unit Marina Vista Apartments in Napa for $10.3 million. The community is situated approximately one mile from Highway 29 and nearby to the 150,000-square-foot River Park Shopping Center. It was built in 1978. Greg Cohn of Capital Realty Group and Ron Karp represented the buyer. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern California, in this transaction.

March 28, 2017

Industrial Oregon Western

Staples Rents 263,413 SF at Interstate Crossroads Distribution Center in Portland

by Nellie Day March 28, 2017

PORTLAND, ORE. — Staples has leased 263,413 square feet of industrial space at Interstate Crossroads Distribution Center (ICDC) in Portland. The center is situated in the Portland’s Airport Way industrial submarket at 16441 N.E. Cameron Blvd. Interstate Crossroads LLC (a partnership between Specht affiliates and Pacific Coast Capital Partners LLC) developed the warehouse and distribution center in 2015. Specht Properties manages the asset. Staples will use the facility for the warehousing and distribution of consumer goods. Paul Breuer and Jerry Matson of the Portland office of Colliers International represented ICDC.

March 28, 2017

Colorado Industrial Western

Pet Scoop Leases Industrial Space in Denver

by Nellie Day March 28, 2017

DENVER — Pet Scoop has leased a 10,000-square-foot of industrial space in Denver. The space is located at 1260 West Byers Place. Pet Scoop is the largest private dog waste contractor in the state. Nick Schill of Pinnacle Real Estate Advisors represented Pet Scoop in this transaction.

March 28, 2017

California Multifamily Seniors Housing Western

Blueprint Arranges Sale of 100-Unit Assisted Living Community in Visalia

by Nellie Day March 28, 2017

VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a California-based third party management company to turnaround operations. However, after the first year occupancy remained constantly below market levels, the owner elected to transition the operations to a Midwest-based provider that stabilized key leadership staff positions and improved occupancy and cash flow. The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia representing the company’s fourth California seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not disclosed. The new owner will transition management to a new operator that has several other communities in California. Jacob Gehl, Ben Firestone, and Michael Segal of Blueprint were the lead advisors on the transaction.

March 28, 2017

Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $29.2M Sale of Apartment Properties in East Orange/Orange, N.J.

by Haisten Willis March 28, 2017

EAST ORANGE & ORANGE, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the $29.2 million sale of two apartment properties in East Orange and Orange. Oropeza represented the sellers and identified the buyers of each property. The first transaction was the $15.7 million sale of 151 units in East Orange. Oropeza also arranged the sale of 157 total units in Orange for $13.5 million.

March 28, 2017

Massachusetts Northeast Retail

New England Retail Properties Brokers 24,000 SF Lease to Liquors 44 in Springfield, Mass.

by Haisten Willis March 28, 2017

SPRINGFIELD, MASS. — Matt Halprin of New England Retail Properties has brokered a 24,000-square-foot lease to Liquors 44 at 1755 Boston Road in Springfield. Liquors 44 is locally owned and operated.

March 28, 2017

Healthcare New Jersey Northeast Office

CBRE Secures $41M Loan for Medical Office Building in Cherry Hill, N.J.

by Haisten Willis March 28, 2017

CHERRY HILL, N.J. — CBRE’s capital markets debt and structured finance team has secured a $41 million acquisition loan for a 155,000-square-foot medical office building located at 1865 Marlton Pike E. in Cherry Hill. The property, which is leased on a long-term basis to University of Pennsylvania Health System, serves as a primary care center and clinical offices for medical practices including cardiology and radiology. CBRE’s Nick Harris, Steve Roth and Steven Doherty procured financing for the borrower.

March 28, 2017

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