Property Type

Stan Johnson Arranges $3.5M Sale of FedEx Ground Industrial Facility in Macon

by John Nelson August 31, 2016

MACON, GA. — Stan Johnson Co. has brokered the $3.5 million sale of a freestanding, 66,449-square-foot industrial facility leased to FedEx Ground Package System Inc. in Macon. Constructed in 2006, the build-to-suit property sits on 11.4 acres at 244 Mercer Junction. Alliance Commercial Real Estate Group purchased the asset, which FedEx uses as a package sorting and distribution facility. Britton Burdette and Mollie Alteri of Stan Johnson Co.’s Atlanta office represented the seller, 244 Mercer Junction Road LLC, and procured the buyer in the transaction.

August 31, 2016

Illinois Midwest Mixed-Use Office Top Stories

CIM Group to Buy Tribune Tower in Chicago for $205M

by Haisten Willis August 31, 2016

CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …

August 31, 2016

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

by John Nelson August 31, 2016

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …

August 31, 2016

Central-CT-Industrial-2016-Cushman-Wakefield

Connecticut Industrial Market Reports Northeast Northeast Market Reports

Connecticut Industrial Sector Sees Steady Demand from Tenants, Investors

by Jaime Lackey August 31, 2016

The Connecticut industrial market has changed. The days of large corporate surplus assets littering our industrial parks, mid-teen vacancy rates and discounted lease rates are over — or at least on a hiatus. In the last few years, the market has tightened with many of the larger blocks of space absorbed by various local and national tenants. The last 20 to 25 years saw corporate consolidations, downsizing and the move to cheaper markets dominate our industrial landscape. Left behind were inefficient, large manufacturing facilities in a market losing its manufacturing base. As time went by, these idle, surplus assets were acquired by local and regional investors who eventually made these properties functional again. Over the years, steady absorption has chipped away at vacancy rates, and quality available product has become increasingly difficult to find for tenants. Traditionally, an industrial tenant needing 100,000 square feet or greater would have numerous alternatives to consider and a wide range of quality too. This gave tenants enormous leverage, allowing them to negotiate more flexible and favorable terms and conditions. The relatively recent shift in tide has allowed landlords to control the process and we’ve seen a corresponding upward tick in lease rates. The sales …

August 31, 2016

Industrial Loans New York Northeast Office

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $40M Sale of Storage Facility in Manhattan

by Amy Works August 30, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a storage facility located at 305 E. 61st St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the property for $40 million in an all-cash transaction. The 11-story, 65,886-square-foot building, which features 358 individual storage lockers, was vacant at the time of sale. Bob Knakal, Clint Olsen and Jonathan Hageman of Cushman & Wakefield arranged the transaction. The name of the seller was not disclosed.

August 30, 2016

Hospitality Mixed-Use New York Northeast

Corona Operating Co. Acquires 266,800 BSF Conversion Site in Queens for $37.3M

by Amy Works August 30, 2016

NEW YORK CITY — Corona Operating Co. has acquired a conversion site located at 37-10 114th St. in the Corona neighborhood of Queens. Meadows Corona LLC sold the site for $37.3 million. The site offers 226,800 buildable square feet and currently houses an eight-story building with 95,040 square feet above ground with additional built out and useable cellar space of 11,880 square feet. Previously, the building operated as a 200-room hotel featuring a pool, exercise facility, multiple event spaces and parking for 86 cars. The building was vacant at the time of sale. Stephen Preuss of Cushman & Wakefield represented the seller in the deal.

August 30, 2016

Massachusetts Northeast Office

Enel Green Power North America Moves Headquarters to Andover Landing at Brickstone in Massachusetts

by Amy Works August 30, 2016

ANDOVER, MASS. — Enel Green Power North America (EGP-NA) has leased 66,000 square feet of space at Andover Landing at Brickstone in Andover for its new North American headquarters location. Located at 100 Brickstone Square, the facility features a renovated full-service cafeteria, flexible conference facilities, a coffee/juice bar, fitness center with yoga room, shower and locker facilities, a Bright Horizons Day Care facility, outdoor seating, on-site property management and ample parking. EGP-NA is an operator of more than 100 renewable energy plants in North America, and its parent company, Enel Group, is a multinational power company headquartered in Rome, Italy. Kerry Hawkins, Jason Levendusky and Jake Borden of CBRE/New England represented the landlords, KS Partners and Oaktree Capital, while Brooks Murphy and Brian Morrissey of JLL represented the tenant in the lease.

August 30, 2016

Multifamily Texas

Morgan Opens Pearl at The Mix Apartment Community in Midtown Houston

by Haisten Willis August 30, 2016

HOUSTON — Morgan, a company specializing in multifamily development, construction and property management, has opened Pearl at the Mix in Houston’s Midtown district. Located at 2910 Milam St., the new apartment community sits on the city block bound by Louisiana, Tuam, Milam and Anita streets. Pearl at the Mix, the second Midtown property Morgan has opened in the past two years, is one block away from Pearl Midtown. Pearl at the Mix consists of five residential levels above a two-level parking garage. The property’s 196 units are a mix of studios, one- and two-bedroom units. Unit interiors feature stainless steel appliances, quartz countertops, under-mount sinks, under-cabinet lighting, walk-in closets with wood shelving, full-size washers and dryers, USB charging ports and floor-to-ceiling windows. Community amenities include a WiFi-enabled club lounge furnished with a pool table, two classic arcade machines, TVs, a patio facing downtown, swimming pool, outdoor kitchen, fitness center and grilling stations. Cadence Bank provided construction financing for Pearl at the Mix.

August 30, 2016

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