Property Type

Golf Galaxy Opens 36 New Stores

by Nellie Day May 2, 2017

PASADENA, CALIF. — DICK’S Sporting Goods has opened 36 new Golf Galaxy stores throughout the United States. This includes two stores in Arizona, five in California, two in Colorado and one in Oregon. These new locations were formerly Golfsmith properties acquired by DICK’S and have been converted to Golf Galaxy stores, bringing the specialty golf retailer’s footprint to 98 locations across 33 states. Founded in 1948, DICK’S Sporting Goods, Inc. is a leading omnichannel sporting goods retailer. As of January 28, 2017, the company operated more than 675 DICK’S Sporting Goods locations nationwide. Headquartered in Pittsburgh, DICK’S also owns and operates Golf Galaxy and Field & Stream specialty stores.

May 2, 2017

Oklahoma Retail Texas Top Stories

Joint Venture Acquires The Outlet Shoppes at Oklahoma City for $130 Million

by Katie Sloan May 2, 2017

OKLAHOMA CITY — A joint venture between The Outlet Resource Group (TORG) and Singerman Real Estate has acquired The Outlet Shoppes at Oklahoma City, a 400,000-square-foot retail center located in Oklahoma City, for $130 million. The mall is the only outlet center in the state of Oklahoma, according to TORG. The center — which opened in 2011 — is home to more than 90 retail outlets, including Nike, Vera Bradley, Michael Kors, Polo Ralph Lauren, Brooks Brothers, Disney, Forever 21, The North Face, Bath & Body Works and Under Armour. A joint venture between Michigan-based Horizon Group Properties Inc. and Chattanooga, Tenn.-based CBL & Associates Properties Inc. sold the property. Richard Frolik of CBRE represented the sellers in the transaction. “We are excited to enter the Oklahoma City market,” says Lisa Wagner, principal of TORG. “The previous ownership established the center as a shopping destination, and we look forward to optimizing and improving the experience for shoppers and retailers.” The new ownership is currently reviewing all aspects of operations, and expects to rebrand the center in the coming months. Avison Young will handle property management. The Outlet Resource Group is a global alliance of experts focused on the acquisition, management, …

May 2, 2017

Features Multifamily Top Stories

Low Turnover, Higher Rental Prices Lead to Attractive Apartment Market for Landlords

by Kristin Harlow May 2, 2017

CHICAGO — Six in 10 apartment landlords say it is more profitable and attractive to be a landlord than it was five years ago, according to a new survey from TransUnion SmartMove, a tenant screening service for owners. The survey was conducted in March 2017 and included responses from 689 landlords across the country. At the close of the first quarter of 2017, property owners indicated it was easier to find qualified renters and that resident turnover had declined compared with the same time last year. Only 21 percent of respondents found it more difficult to find qualified renters. Data also shows that landlords utilized rent screening solutions to evaluate prospective tenants during the past year. “Our survey clearly shows it is a landlord’s market as the number of renters rises and these renters are remaining in units longer,” says Jason Norton, vice president of TransUnion SmartMove. “As a result, landlords are using sophisticated tools and screening solutions to evaluate potential long-term renters with greater certainty.” Six in 10 landlords reported that renters are remaining in their units for longer than they were a year ago. To ensure these residents are good prospects, the majority of owners (90 percent) conduct …

May 2, 2017

Industrial Market Reports Nevada Western Western Market Reports

The Trump, Tesla Effects in Northern Nevada

by Camren Skelton May 2, 2017

Local market conditions are always related in some way to what’s happening on the national stage, so let’s first acknowledge our new leadership. Trump has continued talking like the businessman he is and in very much the same style that got him elected. In reaction, equities markets have continued to boil over into record-setting heights as the business sector embraces the potential for more business-friendly stances that will sooner or later emerge from Washington. Business resurgences always impact Northern Nevada, thanks to both its strategic location advantage in distributing to the 11 Western states and its highly business-friendly state climate. As for Tesla, 2016 showcased increasingly tangible direct and indirect effects from the expanding Gigafactory. Tesla leased a large warehouse in the Tahoe Reno Industrial Center near the Gigafactory to receive product for several years. Panasonic, Tesla’s quieter partner in the Gigafactory, also leased a large warehouse in the same park that is close to the plant. Another Tesla vendor, Daehan Solutions America, an international company supplying the automotive industry and headquartered in South Korea, leased a large space in the vacant ex-Amazon space in Fernley. These three transactions alone comprise a large portion of the market’s total quarterly absorption. …

May 2, 2017

Hospitality Loans New York Northeast

Silver Arch Capital Partners Secures $30.4M Acquisition Loan For Out Hotel in New York City

by Haisten Willis May 1, 2017

NEW YORK CITY — Silver Arch Capital Partners has secured a $30.4 million loan for the purchase of the Out Hotel in Midtown Manhattan. The borrower, real estate management company Merchants Hospitality, has entered a partnership with hotel and restaurant branding company Cachet Hospitality Group to rebrand the 105-room, three-story hotel as the Cachet Boutique New York. A New York-based investment firm was the lender. Playboy Enterprises has partnered with Cachet to construct a Playboy Club franchise location on the property’s ground floor. Expected to open later this year, Cachet Boutique New York will feature an open-air garden and an outdoor spa. A central feature of the hotel, the Great Lawn, will be a 2,000-square-foot indoor-outdoor wine bar and meeting space. The Eden restaurant will provide on-site dining space. The property is located on West 42nd Street between 10th and 11th avenues. The Carlton Group’s Howard Michaels and Steven Weiss represented the borrower in the transaction.

May 1, 2017

California Loans Retail Western

The Moinian Group Arranges $120M Refinancing for International Jewelry Center in Los Angeles

by Jeff Shaw May 1, 2017

LOS ANGELES — The Moinian Group has arranged a $120 million loan to refinance the International Jewelry Center in Los Angeles. The center is located at 550 S. Hill St. within the Jewelry District. The building contains 405 tenants that are primarily within the jewelry industry. Bank of China provided the five-year, interest-only loan.

May 1, 2017

Loans Multifamily Northeast Pennsylvania

Eastern Union Funding Arranges $14.2M Acquisition Loan for Hawthorne Gardens in Lancaster, Pa.

by Haisten Willis May 1, 2017

LANCASTER, PA. — Eastern Union Funding has arranged $14.2 million in acquisition financing for Hawthorne Gardens Associates’ purchase of Hawthorne Gardens in Lancaster. Eastern Union’s David Metzger and Nate Hyman worked with Greystone on behalf of the New Jersey-based private investor, securing a 12-year, fixed-rate loan with six years of interest-only payments. Located at 99 Dickens Drive, Hawthorne Gardens includes six, three-story apartment buildings. All apartments are two-bedroom, two-bathroom units. The 144-unit community was built in 2014 and is 97-percent occupied. Robert Holland of The Kislak Co. represented the seller in the transaction.

May 1, 2017

Industrial Office Texas

Farmers Brothers Coffee Opens $90M, 538,000 SF Headquarters in Northlake

by Taylor Williams May 1, 2017

NORTHLAKE, TEXAS — Farmers Brothers Coffee, a wholesaler and distributor of coffee, tea and culinary products, has opened a $90 million, 538,000-square-foot headquarters in the Fort Worth suburb of Northlake. Located at 1912 Farmers Brothers Drive, the headquarters includes a 125,000-square-foot roasting plant with the capacity to roast 24 to 28 million pounds of coffee per year and a 258,000-square-foot distribution center. Stream Realty Partners developed the facility, which will house approximately 175 employees as the company begins its complete relocation from California to Texas.

May 1, 2017

Industrial Loans Northeast Pennsylvania

Cronheim Mortgage Secures $12M Financing for Industrial Park in Metro Philadelphia

by Haisten Willis May 1, 2017

HORSHAM TOWNSHIP, PA. — Cronheim Mortgage has secured $12 million in financing for a 562,000-square-foot industrial park located in Horsham Township. The 10-year loan includes a 20-year amortization schedule for the borrower, Heffernan and Partners. The loan was placed with American United Life Insurance Co., which Cronheim represented as correspondent and servicing agent. The subject property is Babylon Business Campus, a 15-building property constructed between 1972 and 1987 on 55 acres. There are over 50 tenants in the industrial park, with leases ranging from 600 square feet to more than 100,000 square feet. Andrew Stewart, Dev Morris and Allison Villamagna of Cronheim originated and placed the loan.

May 1, 2017

Colorado Multifamily Western

TruAmerica Multifamily, Magnolia Real Estate Fund Acquire Fox Creek Apartments in Thornton for $53M

by Jeff Shaw May 1, 2017

THORNTON, COLO. — TruAmerica Multifamily and the Magnolia Real Estate Fund have acquired the 287-unit Fox Creek apartments in Thornton for $53 million. The community is located at 12220 Colorado Blvd. The property was built in two phases between 1984 and 1999. CBRE’s David Potarf and Dan Woodward represented the buyers and private seller. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program.

May 1, 2017

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