Property Type

Pope & Land Acquires Siemens Office Building in Metro Atlanta

by John Nelson July 26, 2016

ALPHARETTA, GA. — Pope & Land Enterprises Inc., with assistance from capital advisor Patterson Real Estate Advisory Group, has purchased a five-story, 113,000-square-foot office building located on a 10.2-acre parcel at 3333 Old Milton Parkway in Alpharetta. Siemens, which will be vacating the property in August, sold the asset to Pope & Land for an undisclosed price. Patterson arranged debt financing through The Brand Banking Co. for the office acquisition. The building is situated adjacent to 27 acres of land that Pope & Land owns, as well as a mile from Avalon and GA 400. Siemens has owned and operated the office asset since the company built it in 1987.

July 26, 2016

Office Top Stories

Workspace Property Trust to Acquire 108 Office and Flex Properties from Liberty Property Trust for Nearly $1B

by Katie Sloan July 26, 2016

HORSHAM, PA. — Horsham-based Workspace Property Trust (WPT), in partnership with global investment firm Safanad, has agreed to buy 108 office and flex buildings from Liberty Property Trust (NYSE: LPT) for approximately $969 million. The acquired properties — located in Arizona, Florida, Minnesota and Pennsylvania — total roughly 7.6 million square feet. The sale is expected to close before the fourth quarter of this year. Of the 30 properties to be acquired in Pennsylvania, two dozen are located within the Great Valley Corporate Center in Malvern, according to reports by The Philadelphia Business Journal. The balance of the portfolio is largely located in Florida, with 34 buildings to be acquired in the Tampa market and 11 properties to be acquired in Southern Florida. At the closing of the transaction, WPT’s total portfolio will be composed of approximately 9.9 million square feet of leasable space across 149 properties in five markets. Workspace Property Trust specializes in the development, management and operation of office and flex space. The company is a partnership between Rizk Ventures, Forum Partners, JMP Group, EverWatch Capital and, with the closing of this transaction, Safanad. Liberty Property Trust is an $8.2 billion real estate investment trust, which owns …

July 26, 2016

Features Retail Top Stories

Need for Customer Engagement, Sense of Belonging Turns Traditional Shopping Center Paradigm on Its Head

by Christina Cannon July 26, 2016

Gathering spaces and food are changing the format of the physical shopping environment, say retail architects and designers who are being tasked with creating new designs for older shopping centers and new retail-oriented projects. “Retail projects are requiring a different approach as far as what they mean to the customer anymore,” says Sy Perkowitz, principal with KTGY in Irvine, Calif. “What we want is something that is an attraction; something that brings you out to the retail center as opposed to Internet shopping or other activities that you may be involved in,” explains Perkowitz, “The need to be physically present at a retail project has changed. It used to be out of necessity, and today it’s more about wanting to be there because you’re interested in communicating with other people face-to-face.” As a result, retail developers are incorporating more places for people to socialize in shopping centers, whether that is restaurants, outdoor dining areas or public gathering spaces at shopping centers, something that used to be taboo in retail design. In former times, gathering spaces were thought to disengage shoppers from spending time in stores. Today, the opposite is true: the longer visitors spend at the center, and the more …

July 26, 2016

California Hospitality Western

Carey Watermark Investors 2 Buys San Diego Marriott La Jolla

by Nellie Day July 25, 2016

SAN DIEGO — Carey Watermark Investors 2 has acquired the 372-room San Diego Marriott La Jolla for an undisclosed sum. The hotel is located at 4240 La Jolla Village Drive. The 14-story building includes 24,000 square feet of meeting and event space, three food and beverage outlets, 467-space parking garage, outdoor pool, sundeck, fitness center and business center. The hotel has undergone a total of $21 million worth of capital improvements since 2011, including a $17 million comprehensive renovation in 2013.

July 25, 2016

California Industrial Western

Majestic Realty Co. Breaks Ground on 239,400 SF Manufacturing Facility in Ontario

by Nellie Day July 25, 2016

ONTARIO, CALIF. — Majestic Realty Co. has broken ground on a 239,400-square-foot, build-to-suit warehouse and manufacturing/production facility in Ontario. The site, which was the former home of the Sunkist factory, is located at 752 Campus Ave. Melmarc will occupy the property. The screen printing package company will consolidate its multiple Orange County operations and headquarters into this single facility. The building is scheduled for completion and occupancy in early 2017.

July 25, 2016

California Retail Western

Hanley Investment Arranges Sale of Two 7-Eleven Locations in California for $6.1M

by Nellie Day July 25, 2016

LAKEWOOD AND CULVER CITY, CALIF. — Corona Del Mar-based Hanley Investment Group Real Estate Advisors has arranged the sale of two 7-Eleven stores located in California. The properties include a 1,481-square-foot 7-Eleven located in Culver City, as well as a 4,690-square-foot, two-tenant strip center occupied by 7-Eleven in Lakewood. Jeremy McChesney of Hanley represented the buyer and seller, both undisclosed private investors, in the sale of the Culver City property for $2.7 million. McChesney represented the buyer, an undisclosed private investor, and Dave Hunsaker and Chuck Noble of Lee & Associates represented the sellers, Orange, Calif.-based private investors, in the sale of the Lakewood strip center for $3.4 million.

July 25, 2016

California Multifamily Seniors Housing Western

JCH Brokers $1M Sale of 32-Bed Memory Care Community in Walnut Creek

by Nellie Day July 25, 2016

WALNUT CREEK, CALIF. — JCH Seniors Housing Group has brokered the $1 million sale of Heatherwood Alzheimer’s Assisted Living, a 32-bed memory care community in Walnut Creek, located approximately 25 miles northeast of San Francisco. Next Level Skilled Nursing purchased the community from Alzheimer Program Development Corp. Heatherwood was built in 1964 and has undergone numerous renovations since that time. Shep Roylance and Chris Harmon of JCH facilitated the transaction.

July 25, 2016

California Office Western

AEssense Expands, Relocates to Sunnyvale

by Nellie Day July 25, 2016

SUNNYVALE, CALIF. — Aessense is consolidating, expanding and relocating its headquarters and R&D facility to Sunnyvale. The 16,260-square-foot, single-story building is located at 1281 Reamwood Drive. The Class A flex property has been fully renovated. It is situated near Highway 237 and the Lawrence Expressway. The developer of aeroponic plant growth systems and products is currently located at 1400 Terra Bella Ave. in Mountain View and 1220 Alderwood Drive in Sunnyvale. The company has nearly tripled its size. It will occupy the new space in October. AEssense is a Pan-Pacific company with a significant manufacturing facility in Shanghai. Scott Kinder of Savills Studley represented AEssense, while Greg Davies, Steve Horton, Alan Guterman and Kelly Yoder of Cushman & Wakefield represented the landlord, WTA Reamwood LLC, in this transaction.

July 25, 2016

Massachusetts Multifamily Northeast

The Davis Companies Breaks Ground on 85-Unit Condo Building in Massachusetts

by Amy Works July 25, 2016

ALLSTON, MASS. — The Davis Companies has broken ground on Telford 180, a condominium building in Allston. The six-story building will feature 85 condos in a mix of studio, one-, two- and three-bedroom layouts. Each residence will include large windows, high ceilings, a washer/dryer, and a kitchen with an open layout. On-site amenities include a first-floor lobby; rowing room; bike storage area with lounge and dog wash; an outdoor courtyard with grills, a fire pit and green space; private conference rooms and a fitness center with an outdoor wellness retreat area. The project is slated for completion in early fall 2017. CUBE3 with Stantec is serving as project architect and Ryan Associates is providing landscape design services.

July 25, 2016

Hospitality Texas

Tabani Realty Arranges Sale of Best Western Hotel in Dallas

by Haisten Willis July 25, 2016

DALLAS — Salman Tabani of Tabani Realty has arranged the sale of the Best Western Plus Hotel and Conference Center in Dallas. The newly renovated, 160-room hotel is located at the intersection of Highway 635 and Highway 75. The property was sold to an out-of-state private investor. Tabani Realty is a commercial brokerage firm based in Addison, Texas that specializes in hospitality, retail, land, multifamily, office and investment property sales.

July 25, 2016

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