Property Type

Corporate Office Properties Trust Sells Two Assets in Northern Virginia for $53M

by John Nelson February 22, 2017

FALLS CHURCH, VA. — Corporate Office Properties Trust (COPT), a publicly traded office REIT, has sold $53 million of suburban assets in Northern Virginia. The REIT sold a 190,500-square-foot office building located at 3120 Fairview Park Drive in Falls Church’s Merrifield submarket for $39 million. The asset was 87 percent leased as of Dec. 31, 2016. The company also sold 5.3 acres of land in northern Virginia for $14 million. COPT has an additional $10 million of asset sales under contract and between $37 million to $47 million in contract negotiations, all of which are expected to close during 2017.

February 22, 2017

Retail Southeast Virginia

Morgan Property Group to Develop Publix-Anchored Shopping Center Near Richmond

by John Nelson February 22, 2017

MECHANICSVILLE, VA. — Morgan Property Group has purchased roughly 18 acres of land in Mechanicsville, about six miles northeast of Richmond, for the development of a new grocery-anchored shopping center with an outparcel. Publix will occupy about 50,000 square feet of the 63,000-square-foot property, which is situated along Mechanicsville Turnpike adjacent to Regency Centers’ Hanover Village. Zach Means of Divaris Real Estate Inc. represented the buyer in the land transaction, and Tred Spratley of Sigma National Inc. represented the seller. Morgan Property Group has selected Means to lease the project. Construction is expected to start in late summer, with an opening slated for fall 2018. This will be Morgan Property’s 31st development in Virginia since 2004 and its 11th retail project in the greater Richmond area.

February 22, 2017

Hospitality Loans North Carolina Southeast

Grandbridge Arranges $27M Refinancing for Hyatt Place in Downtown Charlotte

by John Nelson February 22, 2017

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has arranged the $27 million refinancing for Hyatt Place, a 172-room hotel in downtown Charlotte. Chris Caison of Grandbridge’s Charlotte office arranged the fixed-rate loan through an unnamed CMBS investor on behalf of a repeat client. Located at 222 S. Caldwell St., the hotel features free Wi-Fi, a 24-hour fitness center, outdoor rooftop pool and a bar.

February 22, 2017

California Loans Office Top Stories Western

Natixis Provides $232.5M Loan for Acquisition of Apple’s Sunnyvale Office Complex

by Nellie Day February 22, 2017

SUNNYVALE, CALIF. — Natixis has provided a $232.5 million loan for the acquisition of Crossroads III, a 349,758-square-foot office property in Sunnyvale that is fully leased to Apple. The complex is located at 410, 420 and 430 N. Mary Ave. in the Silicon Valley submarket. Tristar Capital acquired the campus. The property was built between 1990 and 1992. Each building features two wings around one central core. There are also two courtyards with fountains between the buildings. The Santa Clara Light Rail station is situated approximately a half mile north of Crossroads III. The property also sits adjacent to the Technology Corners development along West Moffett Place Drive. Richard Horowitz of Cooper-Horowitz arranged the finance. David Edelstein heads Tristar Capital. — Nellie Day

February 22, 2017

Market Reports Northeast Northeast Market Reports Office Pennsylvania

Philadelphia Office Inventory to Grow by 1.8 MSF This Year as Rents Increase

by Taylor Williams February 22, 2017

Philadelphia’s diverse local economy, healthy hiring trends and area-employers’ ability to draw fresh talent from the metro’s deep college-graduate pool, continue to attract businesses to the area and support improvements in the office property segment. In 2016, Philadelphia firms increased payrolls by 1.9 percent with the creation of 54,000 new positions. Hiring was driven by office-using employment sectors which, over the four-quarter period ending with the second quarter of 2016, accounted for the addition of 21,700 jobs, or nearly 37 percent of all new hires. This year, it is expected that the local workforce will add 49,000 to its ranks, representing a 1.7 percent expansion. Hiring will continue to be strong among office-using companies, as well as in the healthcare and education segments. In the first half of 2016, developers sluggishly completed 178,000 square feet of new office space. In the second half of last year, the construction pipeline exploded, and by year-end 1.2 million square feet of office space had been delivered to the marketplace, with a significant amount of completions pre-leased, which helped mitigate any effects to vacancy levels. Office projects completed in 2016 were spread throughout the metro within the submarkets of Delaware County, Lehigh-Northampton, Harrisburg Area …

February 22, 2017

Colorado Multifamily Western

Advenir Acquires Rockledge Bear Valley Apartments in Denver for $38M

by Nellie Day February 21, 2017

DENVER — Advenir has purchased the 230-unit Rockledge Bear Valley apartments in Denver for $38 million. The community is located at 3550 S. Kendall St. Rockledge Bear Valley amenities include a fitness center, WiFi Café, dog park, business center, outdoor grilling area, outdoor sport court, bocce ball court, resort-style pool and outdoor lounge with a fireplace. It is situated approximately five miles from Denver’s financial center. HFF’s Jordan Robbins and Jeff Haag represented the seller, Jackson Square Properties. The firm also arranged a three-year, full-term, interest-only, floating-rate loan with two 12-month extension options through Freddie Mac’s Green Program and Value-Add Program. HFF will service the securitized loan.

February 21, 2017

California Office Western

Robhana Group, Inception Property Group Break Ground on New Healthcare Campus in Los Angeles

by Nellie Day February 21, 2017

LOS ANGELES — Robhana Group and Inception Property Group have broken ground on the first phase of a new healthcare campus in downtown Los Angeles. Phase I will include a 60,000-square-foot outpatient medical office building situated at Washington Boulevard and Hoover Street at the I-110/I-10 freeway intersection. HealthCare Partners, a DaVita Medical Group has already leased the new building. It will be used for primary and urgent care services. This project marks the first of several phases of healthcare investment and development in the area, establishing the Pico-Union neighborhood as a new healthcare hub in the Downtown West Area. Oltmans Construction Co. is building the project, which Ware Malcomb designed. The next phase, City West Medical, will include a 48,000-square-foot, healthcare-related project and subterranean parking.

February 21, 2017

California Office Western

Nativo Leases Headquarters Space at Pacific Corporate Towers in Los Angeles

by Nellie Day February 21, 2017

LOS ANGELES — Nativo has leased 25,051 square feet of office space at Pacific Corporate Towers (PCT) in the Los Angeles submarket of El Segundo. The building is located at 100, 200 and 222 N. Sepulveda Blvd. Nativo will relocate from 9,000 square feet in the 200 building to PCT’s 100 building for its new corporate headquarters. JLL’s Jason Fine represented Nativo in the lease. CBRE represented the landlord, GM Pension Fund / Blackrock.

February 21, 2017

California Loans Retail Western

Sterling Organization Receives $12.1M in Acquisition Financing for Retail Building in Beverly Hills

by Nellie Day February 21, 2017

BEVERLY HILLS, CALIF. — Sterling Organization has received $12.1 million in financing for the acquisition of a vacant 4,700-square-foot retail building located on North Beverly Drive in Beverly Hills. Marc Schillinger, Chris Drew and Ryan Ash of HFF worked on behalf of the borrower to place the non-recourse, fixed-rate loan at $2,583 per-square-foot.

February 21, 2017

California Office Western

LevitZacks Relocates Headquarters Within Downtown San Diego

by Nellie Day February 21, 2017

SAN DIEGO — LevitZacks, a public accounting firm, has leased a 14,424-square-foot office space in downtown San Diego. The new space is in 450 B Tower, which is located at 450 B St. The firm will relocate from nearby 701 B St. LevitZacks was looking to upgrade its headquarters, while creating a more efficient floor plan and reducing its real estate costs. JLL’s Joe Bernstein and Bill Fleck represented LevitZacks in the lease. The firm’s Julie Kilpatrick will oversee the build-out for LevitZacks. CBRE represented the landlord, Bollert/LeBeau Inc.

February 21, 2017

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