PAINTSVILLE, KY. — Louisville, Ky.- based Dahlem and partner Berkeley Capital Advisors have brokered the $30.3 million sale of Mayo Plaza, a 600,000-square-foot shopping center in Paintsville. The property’s tenant roster includes Lowe’s Home Improvement, Food City, Dollar Tree, Shoe Show and Big Sandy Superstore. Dahlem and Berkeley Capital represented the seller, the Homer & Mary Short Estate, in the transaction.
ATLANTA — Lincoln Property Co. Southeast has executed four lease deals at 309 East Paces, a redevelopment of the former Aaron’s Inc. headquarters office building in Atlanta’s Buckhead district. The new tenants include Chicago-based Industrious, Patterson Real Estate Advisory Group, The Loudermilk Cos. and Atlanta Consulting Group Advisors. Shaun Weinstock of Weinstock Realty & Development LLC represented Industrious in the lease deal. Set to open in June, the property will span 80,000 square feet of office space atop ground-level retail space. The property is currently 60 percent preleased, but Lincoln Property Co. Southeast expects the property will be fully leased upon delivery.
NORWOOD, MASS. — Transwestern Consulting Group (TCG) has brokered the $14 million sale of Norwood Business Center, an office property located at 1400 Providence Highway in Norwood. Calare Properties, a Massachusetts-based real estate investment firm and operator, was the seller. Jumbo Capital Management purchased the three-building portfolio, which totals 155,975 square feet of office, flex and research and development space. TCG’s Chris Skeffington and Roy Sandeman represented the seller and sourced the buyer, while Transwestern’s Andrew Stone assisted Jumbo Capital Management in arranging the financing for the purchase with Middlesex Savings Bank.
WASHINGTON TOWNSHIP, N.J. — Markeim Chalmers has negotiated a long-term lease for The Rothman Institute to occupy 20,000 square feet of a new 40,000-square-foot medical office building at Washington Township Town Center in Washington Township. Scott Martin represented both the tenant, The Rothman Institute, and developer The Atkins Cos. in the transaction. Located between Virtua Wellness Center and Kennedy Hospital, the two-story building is scheduled for completion by January 2018.
BOCA RATON AND ORLANDO, FLA. — Kayne Anderson Real Estate Advisors (KAREA) has entered into a definitive merger agreement under which affiliates of KAREA will acquire Sentio Healthcare Properties Inc. KAREA will acquire all of the outstanding shares of Sentio in an all-cash transaction valued at $825 million. Sentio is a public, non-listed real estate investment trust (REIT), externally advised by Sentio Investments. The firm’s portfolio includes 34 seniors housing communities and medical office buildings located in 16 states across the United States. The Orlando-based company is financially backed by KKR (NYSE: KKR), a global private equity firm based in New York City. The merger would end KKR’s partnership with Sentio. Sentio’s board of directors has unanimously approved the merger, which is expected to close in the third quarter of this year. KAREA plans to increase the value of the Sentio portfolio through property renovations, facility expansions and other operational enhancements. KAREA is part of Kayne Anderson Capital Advisors LP, a $26 billion, Los Angeles-based alternative investment management firm with more than 30 years of experience in the energy, infrastructure, growth capital, real estate, middle market credit and distressed municipal sectors. KAREA, which operates out of Boca Raton, focuses on …
Similar to the past couple of years, it is difficult to identify one or two items to highlight about the Omaha industrial market. Although the most impressive improvement might be the amount of new construction starts in 2016, factors such as sales prices per square foot, number of overall transactions, average asking rents, vacancy rates, landlord concessions all trended in a favorable direction for owners of industrial properties. This has been a staggering year- over-year trend, which has led many industry professionals to ask the same question: Is the market becoming too hot? User-driven projects over 100,000 square feet were the highlight of 2016, with multiple large projects breaking ground. Those users included Thrasher Inc., a rapidly growing, Omaha-based basement waterproofing and foundation repair company, which broke ground on its 209,000-square-foot office and warehouse facility located near 120th Street and Valley Ridge Drive; and Oxbow Industries, a Murdock, Neb.-based manufacturer, that is working with a developer on a new 140,000-square-foot facility at 150th Street and Schram Road. However, new construction starts for large projects were not the only storyline. Companies including Rotella’s Italian Bakery (6949 S. 108th St.) and State Steel (13413 Centech Road) made notable expansions to their existing …
Steady growth of the U.S. economy will likely continue through 2017, benefitting a wide range of single-tenant, net-lease retail concepts that will dominate the development pipeline over the coming year, according to Marcus & Millichap’s latest Net-Leased Retail Research Report. The report details three aspects of the U.S. economy that are proving to be positive forces for the net-leased retail sector: job growth, consumer sentiment and core retail sales. Job growth gains averaged 195,000 positions per month over the last year, and the unemployment rate has fallen to 4.7 percent, the lowest level since 2007. The report also references an annual increase in average hourly earnings of 2.8 percent. Consumer sentiment posted its highest level since 2000, with expectations also elevated. The U.S. consumer confidence index is 11.9 percent above the average reading since the survey began in 1967. Core retail sales, defined as aggregate sales excluding automobile and gasoline sales, vaulted 5.7 percent year-over-year in February. Lead growth categories within the retail sector include e-commerce, food and drink establishments and health and personal care stores. As For Rising Interest Rates The postelection surge of the 10-year Treasury yield, as well as the Federal Reserve’s decision to increase the federal funds …
WASHINGTON, D.C. — Commercial and multifamily mortgage originations increased by 9 percent during the first quarter of 2017 on a year-over-year basis, according to the Mortgage Bankers Association (MBA). The results are based on the MBA’s Commercial/Multifamily Mortgage Bankers Originations index, which has tracked quarterly activity since 2002. The first quarter saw the dollar volume of loans for industrial properties increase by 40 percent compared with the first quarter of 2016. The volume of loans for healthcare and multifamily properties rose by 22 percent and 14 percent, respectively, during the same time frame. Loan production for all property classes was down 27 percent relative to the fourth quarter of 2016, but that was to be expected, says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Commercial real estate borrowing and lending started 2017 on much the same footing it ended 2016,” says Woodwell. “Multifamily properties remain the key force behind overall origination trends. Matching, broader investment themes, financing for industrial properties also picked up while retail declined.” The dollar volume of loans originated by Fannie Mae and Freddie Mac during the first quarter represented a 33 percent increase from the same period a year ago. On the flip …
CEDAR PARK, TEXAS — Developers IGX Brushy Creek LLC and American National Insurance Co. Eagle LLC have broken ground on Brushy Creek Corporate Center, a two-building, 231,030-square-foot flex/industrial campus in the northern Austin suburb of Cedar Park. Situated on 16 acres along Brushy Creek Drive, the buildings will feature 48-inch dock-high doors and 24-foot clear heights. The general contractor, Cantera Design Builders LLC, is expected to deliver the project in August. AQUILA Commercial will serve as the leasing and sales broker on the project.
TOMBALL AND JOURDANTON, TEXAS — HCA Holdings, a Tennessee-based, publicly traded operator of more then 300 medical properties, will acquire two hospitals totaling 417 beds in Texas from subsidiaries of Community Health Systems. The two properties are Tomball Regional Medical Center, a 350-bed facility in the Houston metro of Tomball, and South Texas Regional Medical Center, a 67-bed facility in the San Antonio metro of Jourdanton. The transaction is expected to close this summer.