Property Type

Crossroads-Logistics-Center-Jonestown-PA

Ridgeline Property Group Breaks Ground on Crossroads Logistics Center in Pennsylvania

by Amy Works May 16, 2016

JONESTOWN, PA. — Ridgeline Property Group has broken ground on Crossroads Logistics Center, a speculative industrial building located on MSC Drive in Jonestown. Expandable to 450,000 square feet, the 398,250-square-foot building will feature 36-foot clear heights, 85 dock doors in a cross-docked configuration, four drive-in doors, 55-foot by 56-foot column spacing, ESFR sprinkler systems, 206 auto parking spaces and 116 trailer storage stalls. Completion is slated for December. CBRE has been retained to market the property for lease.

May 16, 2016

Hospitality Massachusetts Northeast

KW Development Sells Three Hotels in Boston Metro for $71.5M

by Amy Works May 16, 2016

CAMBRIDGE, REVERE AND CONCORD, MASS. — KW Development has completed the sales of three hotels in the Boston metro area for a combined $71.5 million. The company sold the 121-key Best Western Plus Hotel Tria, located at 220 Alewife Brook Parkway in Cambridge, to an undisclosed buyer in February; the 180-room Four Points by Sheraton Boston Logan Airport, located at 407 Squire Road in Revere, sold in March; and the 105-key Best Western at Historic Concord, located at 740 Elm St. in Concord, sold in April. The properties were sold to three different undisclosed buyers. Additional details of the sales were not released. Denny Meikelham and Alan Suzuki of HFF represented KW in all three sales.

May 16, 2016

New York Northeast Retail

King’s Mall in New York Changes Hands for $19.6M

by Amy Works May 16, 2016

KINGSTON, N.Y. — Unison Realty Partners has completed the disposition of King’s Mall, a retail-anchored shopping center located in Kingston. An affiliate of Paragon Realty Group acquired the 186,000-square-foot property for $19.6 million. Tenants at the property include Marshalls, HomeGoods, DSW, Ulta Beauty and Mother Earth’s Storehouse. Newmark Grubb Knight Frank brokered the transaction.

May 16, 2016

Industrial Loans Massachusetts Northeast

CBRE/NE Secures $9.1M Acquisition Financing for Two Industrial Properties in Massachusetts

by Amy Works May 16, 2016

MARLBOROUGH, MASS. — CBRE/New England’s Debt & Structured Finance team secured $9.1 million in acquisition financing for Calare Properties Inc. The company used loan proceeds to purchase two industrial/flex properties located at 261 Cedar Hill St. and 753 Forest St. within Cedar Hills Business Park in Marlborough. 261 Cedar Street is a 59,404-square-foot industrial/flex building that is fully occupied by four long-term tenants with staggered lease expiration dates. 753 Forest Street is a 75,000-square-foot property fully leased to five tenants. HarborOne Bank provided the financing. Kyle Juszczyszyn, Chris Coutts and Lenny Pierce of CBRE/NE arranged the financing for the borrower.

May 16, 2016

District of Columbia Office Southeast

Carr Properties Breaks Ground on 862,000 SF Midtown Center in D.C.

by John Nelson May 16, 2016

WASHINGTON, D.C. — Carr Properties has broken ground on Midtown Center, a Class A, 862,000-square-foot trophy office development in Washington, D.C. The LEED Gold-certified project will be located at the corner of 15th and L streets, a 90,000-square-foot site that served as the headquarters location for The Washington Post for over 50 years. Fannie Mae will anchor the 14-story development with its new national headquarters upon completion, which is slated for June 2018. Fannie Mae will pay roughly $38 million annually to occupy Midtown Center, according to the Washington Business Journal. The project team includes architect SHoP Architects and general contractor Clark Construction. The groundbreaking ceremony took place on Thursday, May 12 and was attended by Washington, D.C. Mayor Muriel Bowser and Councilmember Jack Evans. Midtown Center will feature two office towers separated by a European-style public plaza. The amenities will include three levels of below-grade parking, an 8,300-square-foot fitness center, 1,300-square-foot bike room, 1,000-square-foot rooftop conference center and 50,000 square feet of retail space.

May 16, 2016

Retail South Carolina Southeast

Misuma Holdings, Peak Financial to Begin $30M Redevelopment of Myrtle Beach Mall

by John Nelson May 16, 2016

MYRTLE BEACH, S.C. — Misuma Holdings and Peak Financial Partners Inc. have announced plans to begin a $30 million redevelopment of Myrtle Beach Mall. The redevelopment will de-mall the property to create an open-air retail, restaurant and entertainment district. The project, which is being leased by Avison Young and managed by JLL, will include the redevelopment of more than 375,000 square feet of space, major architectural renovations, significant landscaping, lighting and facilities improvements and the addition of more than a dozen new tenants. The owners plan to begin the redevelopment in 2017. Existing tenants at the center include Belk, J.C. Penney, Carmike Cinema 12 and Bass Pro Shops Outdoor World.

May 16, 2016

District of Columbia Loans Multifamily Southeast

Federal Capital Partners Provides $20.6M Construction Loan for D.C. Apartment Community

by John Nelson May 16, 2016

WASHINGTON, D.C. — Federal Capital Partners (FCP) has provided a $20.6 million mezzanine loan to finance the development of a 197-unit, Class A apartment community located at 1255 22nd St. N.W. in Washington, D.C.’s West End neighborhood. Eagle Bank provided the senior financing for the project, which will include the ground-up construction of a connected nine-story, 65-unit apartment building with five, two-story carriage homes with private parking. The development will comprise a mix of studios, one-bedroom and two-bedroom apartments, as well as a fitness center, rooftop pool and 5,000 square feet of retail space. The co-developers include Tasea Investment Co. and the Auger family. Peter Witham of The Greenwich Group International arranged the loan on behalf of the developers. Construction will begin in June.

May 16, 2016

Maryland Retail Southeast

KLNB Retail Brokers $20M Sale of Shopping Center in Metro D.C.

by John Nelson May 16, 2016

CLINTON, MD. — KLNB Retail has brokered the $20 million sale of Clinton Plaza, a 210,000-square-foot shopping center located at 8899 Woodyard Road in Clinton, roughly 16 miles from Washington, D.C. The property is located approximately three miles south of Joint Base Andrews, the home of Andrews Air Force Base and Naval Air Facility Washington. Kmart occupies a 107,000-square-foot anchor space at Clinton Plaza, which features 10 inline restaurants and several pad sites leased to tenants such as Checkers and Popeyes Chicken. There is a vacant 43,000-square-foot junior anchor space and an additional 10,000 square feet of space available for lease. Andy Stape and Vito Lupo led KLNB Retail’s investment sales team in representing the seller, Columbia Regency Retail Partners LLC. The KLNB Retail team also procured the buyer, Clinton Investors LLC.

May 16, 2016

Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Community in Metro Atlanta for $17.5M

by John Nelson May 16, 2016

MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.

May 16, 2016

Restaurant Retail Texas

Vitorino Group Arranges Sale of Old Chicago Pizza in Fort Worth

by Haisten Willis May 16, 2016

FORT WORTH, TEXAS — The Vitorino Group, a commercial real estate investment sales firm in Dallas, has arranged the sale of an Old Chicago Pizza ground lease in Fort Worth. The property is located on a 2.3-acre outparcel to Presidio Towne Crossing, a 600,000-square-foot power center anchored by both a Super Target and Costco in north Fort Worth. The transaction consists of a 15-year ground lease term with rental increases and new construction.

May 16, 2016

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