Property Type

Kilroy Sells Minority Stake in Two Office Towers in San Francisco for $452.9M

by John Nelson September 1, 2016

SAN FRANCISCO — Kilroy Realty LP, the operating arm of Kilroy Realty Corp. (NYSE: KRC), has agreed to sell minority interests in two Class A office towers in San Francisco to Norges Bank Real Estate Management for $452.9 million. Norges Bank is the real estate investment arm of the government pension fund of Norway. Under the terms of the agreement, Norges Bank will invest in a 44 percent common equity interest in two existing companies that own the towers, which are located at 100 First St. and 303 Second St. in San Francisco’s SOMA district. The sales price is based on an appraisal value of $1.16 billion for both assets and includes Norges Bank’s proportionate assumption of the existing mortgage debt, or $55.3 million. Kilroy will remain the majority owner of the two office towers and will continue to provide property management, leasing and construction management services for the properties. The two office towers span approximately 1.2 million square feet combined. The assets were 96.4 percent leased as of July 31. The transaction was structured with a staggered closing, whereby the 100 First St. venture closed on Aug. 30 with a contribution by Norges Bank of $191.4 million. The 303 …

September 1, 2016

Industrial Iowa Market Reports Midwest Midwest Market Reports Mixed-Use Multifamily Office Retail Uncategorized

Sioux City Experiences ‘Crane Craze’ Across Property Types

by Christina Cannon September 1, 2016

The skies are dotted with cranes — not the type you would find on route west to the Sandhills of Nebraska, but the type synonymous with a robust economy. It is safe to say there have never been so many cranes at work in the history of Sioux City. Several large industrial projects are resulting in further development of retail and multifamily space that has been in demand for some time in Sioux City. Retail, entertainment wave Helping to draw residents and visitors alike out into the streets of Sioux City is the $130 million Hard Rock Hotel & Casino. The Hard Rock replaced the floating Argosy riverboat casino in a first-in-the-state competitive bidding war for a land-based casino. Due to the popularity of the development since it opened in August 2014, the Hard Rock already has plans to add an $8 million casino expansion by the end of the year. Hard Rock has played a vital role in making Sioux City a regional, cultural and entertainment destination. Dallas-based Anthony Properties is planning to deliver 350,000 square feet of retail space by the summer of 2018. The 64-acre site, located at the intersection of Sunnybrook Drive and Sergeant Road, is …

September 1, 2016

Industrial Massachusetts Northeast

Colony Capital Sells 450,000 SF Industrial Facility in Massachusetts for $39.7M

by Amy Works August 31, 2016

LITTLETON, MASS. — Colony Capital has completed the sale of Potpourri | Littleton, a newly completed industrial facility located in Littleton. Gramercy Property Trust acquired the built-to-suit, 450,000-square-foot facility for $39.7 million. The property is fully leased to Potpourri Group on a long-term basis and will serve as the company’s regional fulfillment center. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the deal.

August 31, 2016

Massachusetts Northeast Office

Colliers Negotiates Sale of 80,000 SF Office Building in Massachusetts

by Amy Works August 31, 2016

FOXBOROUGH, MASS. — Colliers International has brokered the sale of an office building located at 33 Commercial St. in Foxborough. An affiliate of Lexington Realty Trust sold the property for an undisclosed sum. Situated on approximately 18 acres, the property features 80,000 square feet of office space. Caleb Hudak, P.J. Foster and Steve Woelfel of Colliers handled the transaction. The name of the buyer was not released.

August 31, 2016

Loans Mixed-Use New York Northeast Office Retail

Thorofare Capital Secures $15.3M Loan for Mixed-Use Property in Brooklyn

by Amy Works August 31, 2016

NEW YORK CITY — Thorofare Capital has secured a $15.3 million fixed-rate bridge loan for a mixed-use property in Brooklyn’s Gowanus section. The property features 57,050 square feet of mixed-use space. Kevin Miller and Felix Gutnikov of Thorofare Capital arranged the recapitalization and tenant improvement/leasing commissions facility for the undisclosed borrower.

August 31, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $8M Sale of 45 Multifamily Units in New Jersey

by Amy Works August 31, 2016

WEST NEW YORK, N.J. — Gebroe-Hammer Associates has arranged the sale of 45 multifamily units at 5907 Boulevard East, a five-story multifamily property located in West New York. A private investor acquired the assets for $8 million, or $177,777 per unit. The property features a mix of one- and two-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer Associates represented the buyer and seller, a private investor, in the deal.

August 31, 2016

Loans New Jersey Northeast Retail

Q10 New York Realty Advisors Arranges $2.5M Loan for Retail Center in New Jersey

by Amy Works August 31, 2016

JERSEY CITY, N.J. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged a $2.5 million loan for a retail strip center located at 2825 Kennedy Blvd. in Jersey City’s Journal Square neighborhood. Provided by a major New York-based bank, the non-recourse, loan features a 10-year term with a fixed rate for the first seven years and then floating and open to prepayment without penalty the last three years. The fully occupied property features six retail stores. Jeanne Cronin of Q10 New York Realty Advisors arranged the loan for the borrowers. Elizabeth Smith, Aubrey Riccardi and Sarah Benji of Goldberg Weprin, Finkel & Goldstein represented the borrower in the lease transaction.

August 31, 2016

Multifamily Texas

Oden Hughes Begins Construction on Lenox Springs in South Austin

by Haisten Willis August 31, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has begun construction on Lenox Springs, a luxury apartment community in south Austin that will include 660 Class A apartments. Located along the southbound I-35 frontage road between Old San Antonio Road and FM 1626, the project will be built in two phases with leasing set to begin on the first 400 units in fall 2017. The one-, two- and three-bedroom units in the first phase are expected to rent for between $1,000 and $2,000. The start date of the second phase, consisting of 260 units, has yet to be determined. Lenox Springs will be the fifth south Austin community Oden Hughes has developed since it was founded in 2010. Oden Hughes Taylor Construction will be the general contractor for Lenox Springs, while Oden Hughes Management will lease and manage the community.

August 31, 2016

Industrial Texas

Arch-Con Breaks Ground on I-20 Commerce Center in Metro Dallas

by Haisten Willis August 31, 2016

LANCASTER, TEXAS — Arch-Con Construction has broken ground on I-20 Commerce Center, a 900,043-square-foot speculative warehouse for Copeland Commercial LLC. Located at 3535 N. Houston School Road in Lancaster, the warehouse is on a 50-acre site near I-35 and I-20. Powers Brown Architecture designed the tilt-wall warehouse, which features a cross-dock configuration, 36-foot clear height and a building depth of 600 feet. The building will feature two stories of glass at the office entries. The project is expected to be complete in May 2017, and JLL’s Kurt Griffin and Nathan Orbin are the leasing agents.

August 31, 2016

Mixed-Use Office Texas

FM Global to Become Largest Commercial Tenant of The Star in Frisco

by Haisten Willis August 31, 2016

FRISCO, TEXAS — FM Global has signed on as an office tenant at The Star, home of the Dallas Cowboys headquarters that opened in July 2016. The commercial property insurance company will occupy more than 79,000 square feet of office space across floors five and six, including that tower’s entire top floor. The Star includes 398,000 square feet of Class A office space, including a two-story underground parking garage. Established nearly 200 years ago, FM Global is a multi-national mutual insurance company. The company is the Dallas Cowboys’ provider of property and builders’ risk insurance. The move will bring over 300 of FM Global’s employees, mostly from the company’s current space in Plano, to The Star in June 2017.

August 31, 2016

Newer Posts

Older Posts