Property Type

Shorenstein Properties Sells 741,200 SF Center Plaza in Boston for $365M

by John Nelson April 13, 2017

BOSTON — After more than three years of ownership, Shorenstein Properties has sold Center Plaza, a 741,200-square-foot mixed-use asset in downtown Boston. Synergy Investments, a Boston-based real estate owner and investor, and GreenOak, an international real estate investment and lending firm, have jointly purchased Center Plaza for $365 million. Developed by Beacon Capital in phases in the late 1960s and early 1970s, Center Plaza consists of three interconnected, nine-story buildings comprising more than 600,000 square feet of office space, 77,000 square feet of street-level retail and a below-grade parking garage with 575 spaces. Situated at 1-3 Center Plaza, the retail and office development features nearly 875 feet of frontage along Cambridge Street. Center Plaza, which is currently 60 percent leased to 31 tenants, sits at the entrance to Boston’s Beacon Hill neighborhood. The project is situated across the street from Boston’s City Hall. Shorenstein Properties purchased Center Plaza in January 2014 for $307 million, according to the Boston Business Journal. The media outlet also reported that Shorenstein’s planned $25 million overhaul of Center Plaza never took shape. The NGKF Capital Markets Boston team led by Robert Griffin, Edward Maher, Matthew Pullen and James Tribble represented Shorenstein Properties, which sold the …

April 13, 2017

Conference Coverage Multifamily Texas Texas & Oklahoma Feature Archive Top Stories

Apartment Locators, Property Managers in Houston Cash In On Rent Slump, Say InterFace Panelists

by Taylor Williams April 13, 2017

HOUSTON — While it’s not an ideal time to be a multifamily property owner in Houston, it is a good time to be working on behalf of one. With their clients sitting on excess supply, apartment locators — middlemen who match tenant preferences to properties — are being increasingly called upon to deliver tenants. Locators work on commission, typically earning about 20 percent of the first month’s rent for their services. But in Houston’s soft market, that figure is rapidly rising. Ricardo Rivas, chief investment officer at Allied Orion Group and one of several panelists who spoke at the InterFace Houston Multifamily conference on March 28, noted that while locators are costly, the services they provide in a down market are crucial. “They [locators] are our best friends right now,” Rivas said to 175 industry professionals who gathered at the Royal Sonesta Hotel. “We reach out to them, we throw them parties and we give them big incentives to bring tenants over.” Todd Marix, a senior managing partner in HFF’s Houston office who spoke on an earlier panel, addressed the rising operating costs that landlords are facing. In his view, fees paid to apartment locators are quietly doing major damage …

April 13, 2017

Indiana Industrial Market Reports Midwest Midwest Market Reports

Greater Indianapolis Industrial Market Shatters Records

by Kristin Harlow April 13, 2017

To say that the greater Indianapolis industrial market experienced a historical year in 2016 almost seems trite. By every measure, the city’s industrial records were shattered. Net absorption in 2016—8.3 million square feet—crushed that of previous years. Additionally, 11.2 million square feet of new leases were signed, which is more than the 2014 and 2015 totals combined. And, the market saw its lowest vacancy rate in 36 years at 3 percent – down from 5.8 percent at the end of 2015. Now that’s historic! The industrial market is on fire, and Indianapolis is among the brightest embers. While the city has always competed well with its peers, Indianapolis outpaced the competition in 2016. The city was ranked in the top 10 for industrial space absorbed last year, and it has a history of being “recession-resilient,” in that it is one of the few industrial markets that actually grew during the last recessionary period. The industrial market was tight heading into 2016 and tightened even further throughout the year as historic leasing demand dramatically outpaced new supply. After no new buildings were delivered in the third quarter of 2016, the fourth quarter produced four newly constructed industrial warehouses totaling 635,000 square …

April 13, 2017

Arizona Multifamily Western

Resource Real Estate Acquires Indigo Creek Apartments in Arizona for $55.2M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Resource Real Estate has purchased the 408-unit Indigo Creek apartment complex in Glendale for $55.2 million. The community is situated on more than 19 acres in the Arrowhead region of Greater Phoenix, about three miles from the Bell Road Retail Corridor. Indigo Creek was built in 1998. Unit amenities include ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three swimming pools and two spas accented by gas-burning fire pits. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Bascom Arizona Ventures, in this transaction.

April 12, 2017

Arizona Multifamily Western

Del Marco Buys Desert Gardens Apartments in Glendale for $19.5M

by Nellie Day April 12, 2017

GLENDALE, ARIZ. — Del Marco LLC has acquired the 307-unit Desert Gardens apartments in Glendale for $19.5 million. The community is located at 13517 W. Glendale Ave. Desert Gardens was 99 percent leased at the time of the sale. It contains 17 two-story buildings situated on 11.1 acres. Community amenities include a covered playground, basketball court, dog park, tennis court, horseshoe pit, sand volleyball court, fitness center, clubhouse, heated pool, jetted hot tub and barbecue areas. It is situated near Luke Air Force Base, the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International represented both the buyer and seller, Desert Gardens V LLC, in this transaction.

April 12, 2017

California Hospitality Western

New Hyatt Place Emeryville/San Francisco Opens in East Bay

by Nellie Day April 12, 2017

EMERYVILLE, CALIF. — The 175-room Hyatt Place Emeryville/San Francisco hotel has opened in East Bay. The hotel is located at 5700 Bay St. in Emeryville. The new Hyatt has been a part of Emeryville’s ongoing downtown expansion and restoration initiative. It serves as the flagship hotel in Bay Street Emeryville, a three-block-long development. The retail mega-center features 65 stores, 10 restaurants, a movie theater and 400 residential units. Ensemble Real Estate Investments led the hotel’s development.

April 12, 2017

California Office Western

Affirm Leases 86,225 SF of Office Space in San Francisco

by Nellie Day April 12, 2017

SAN FRANCISCO — Financial technology company Affirm has signed an eight-year lease for 86,225 square feet of office space in San Francisco. The space is located at 650 California St. Affirm will occupy floors eight through 12, as well as the building’s annex. The company is scheduled to relocate its headquarters from nearby 633 Folsom St. this August. Co-working company WeWork also recently leased space at this property. The landlord is Columbia Property Trust.

April 12, 2017

Office Oregon Western

The PIA Agency Rents Creative Office Space at the New Market Theater in Portland

by Nellie Day April 12, 2017

PORTLAND, ORE. — The PIA Agency has leased 9,380 square feet of creative office space at the New Market Theater in Portland. The theater is located at 115 S.W. Ash St. in the Old Town-Chinatown historic district. The New Market Theater was built as a marketplace and 1,200-seat theater in two phases in 1872 and 1875. It was modeled after a building in Venice, Italy. The space was converted into creative office after it was purchased by Swift Real Estate Partners in 2015. Jennifer Medak of Colliers International represented PIA, a creative content agency. CBRE’s Trevor Kafoury, Michelle Franceschi and Autumn Brice represented Swift.

April 12, 2017

Multifamily Texas

Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton

by Taylor Williams April 12, 2017

CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos. and partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. Broadway St. in Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet.

April 12, 2017

Loans Multifamily Texas

Dougherty Mortgage Places $9.4M Acquisition Loan for 224-Unit Apartment Complex in Dallas

by Taylor Williams April 12, 2017

DALLAS — Dougherty Mortgage LLC has placed a $9.4 million Fannie Mae for the acquisition of Sierra Vista Apartments on behalf of SevenSeas Holdings IV LLC. The 224-unit multifamily property is located at 2775 Northaven Road in Dallas. The 12-year loan, which was arranged through a partnership with Old Capital Lending, features a 30-year amortization schedule and one year of interest-only payments.

April 12, 2017

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