Property Type

The Roasterie Signs 1,538 SF Lease at Corrigan Station in Kansas City, Missouri

by Kristin Harlow December 13, 2016

KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.

December 13, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 273,254 SF Shopping Center in Benton Harbor, Michigan

by Kristin Harlow December 13, 2016

BENTON HARBOR, MICH. — Mid-America Real Estate Corp. has arranged the sale of Fairplain Plaza in Benton Harbor. The 273,254-square-foot shopping center in Southwest Michigan is located at the southeast corner of Napier Avenue and Scottdale Road. Tenants include Ulta, TJ Maxx, Dollar Tree and more. Ben Wineman and Bran Rosenberg of Mid-America represented the seller, an institutional real estate fund managed by Coventry Real Estate Advisors. Bloomfield Hills, Mich.-based Lormax Stern Development Co. was the buyer.

December 13, 2016

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.6M Loan for Construction of Multifamily Property in Victoria, Minnesota

by Kristin Harlow December 13, 2016

VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.

December 13, 2016

Illinois Industrial Midwest

Brown Commercial Brokers Sale of 30,500 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow December 13, 2016

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.

December 13, 2016

California Office Top Stories Western

Hudson Pacific Acquires Leasehold Interest in Five-Property Office Campus in Silicon Valley for $150M

by Katie Sloan December 13, 2016

PALO ALTO, CALIF. — Hudson Pacific Properties Inc. (NYSE: HPP) has acquired the leasehold interest in Page Mill Hill, a five-building office campus totaling 182,676 square feet in Stanford Research Park in Palo Alto, for $150 million. HPP acquired the leasehold interest from a joint venture owned by Lionstone Investments and CalSTRS. The campus is currently fully occupied by legal and accounting firms including Gibson, Dunn & Crutcher; Frank, Rimerman + Co.; Manatt, Phelps & Phillips; and Perkins Coie. Stanford Research Park is affiliated with Stanford University, and was founded in partnership with the city of Palo Alto in 1951. The 160-building park focuses on innovation, housing predominantly startups and research and development companies. Office tenants include Google, Tesla, Ford, Skype, Nest, Hewlett-Packard, Toyota Research Institute and Lockheed Martin. Hudson Pacific is the largest office landlord in the park. The company owned the leasehold interest in six buildings totaling more than 1 million square feet prior to the recent acquisition of Page Mill Hill. Hudson Pacific also claims to be the largest institutional leasehold owner of office space in Silicon Valley, with 22 assets totaling over 7 million square feet. Among its properties in the region are Palo Alto Square; Foothill …

December 13, 2016

Features Hospitality Top Stories

Ten-X Ranks Las Vegas As Top ‘Buy Market’ for Hotel Investors in 2017

by Jeff Shaw December 13, 2016

IRVINE, CALIF. — The U.S. hotel market faces many long-term challenges, including a slowdown in international travel, an increase in supply and a decrease in demand, according to the most recent Quarterly Hotel Monitor report from Ten-X, an online real estate marketplace. The leading “buy markets” for hotels will be those that most strongly fight against these negative trends, while the top “sell markets” reflect the strongest negative forecast indicators. According to the Ten-X reports, the top buy markets for 2017 are (1) Las Vegas; (2) Jacksonville, Fla.; (3) Sacramento, Calif.; (4) Los Angeles; and (5) Indianapolis. The top sell markets are (1) Houston; (2) New York City; (3) Pittsburgh; (4) San Jose, Calif.; and (5) Northern New Jersey. In Las Vegas, occupancy jumped 110 basis points in the third quarter alone to 73.4 percent and room rates also spiked dramatically, according to Ten-X. Meanwhile, supply has dwindled due to the closing of underperforming hotels, and the new supply pipeline is relatively small. These factors combined to make Las Vegas the top buy market. In Houston, the top sell market, the prolonged oil price slump continues to take its toll. Energy and manufacturing jobs dropped 6.8 percent year-to-date through the …

December 13, 2016

California Market Reports Office Western Western Market Reports

The Office Sector Continues to Perform

by Camren Skelton December 13, 2016

The Orange County office sector continues to see falling vacancy rates, positive net absorption and rising asking rates. Orange County has beaten the U.S. national average for office vacancy since the fourth quarter of 2014. Office vacancy fell to 8.9 percent in the third quarter, down from 9.4 percent in the second quarter and 9.9 percent in the first quarter of 2016. We continue to see positive net absorption to the tune of 626,900 square feet, but that number is down from 730,844 square feet in the second quarter, a difference of 15,044 square feet. Asking rates continue to trend upward from $27.61 per square foot to $27.73 per square foot annually. Class A buildings lead the way, with asking rates averaging $32.89 per square foot. Class B and C buildings come in at $26.28 per square foot and $21.57 per square foot, respectively. These are all good signs for the new development coming to market in 2017. One of the more notable projects to soon come to fruition is 400 Spectrum Center Drive in Irvine. This 466,696-square-foot, Class A office tower is expected to be complete in the third quarter of 2017. This will be the sister tower to …

December 13, 2016

Maryland Multifamily Southeast

Federal Capital Partners Sells Multifamily Portfolio in Metro D.C. for $328M

by John Nelson December 12, 2016

CHEVY CHASE, MD. — Federal Capital Partners (FCP) has completed the largest multifamily transaction in the Washington, D.C., metropolitan area in 2016 with the $328 million sale of a five-community apartment portfolio. The portfolio includes: • Cypress Creek in Hyattsville, Md. (760 units) • Penn Landing in Forestville, Md. (598 units) • Cambridge Apartments at New Carrollton Station in New Carrollton, Md. (466 units) • Summerlyn Place in Laurel, Md. (424 units) • Toledo Plaza in Hyattsville, Md. (242 units) FCP sold the 2,490-unit portfolio through the firm’s Funds I and II. CBRE represented FCP in the portfolio sale to the undisclosed buyer.

December 12, 2016

Georgia Office Southeast

Preferred Apartment Communities Agrees to Purchase Trophy Office Building in Atlanta

by John Nelson December 12, 2016

ATLANTA — Preferred Apartment Communities Inc. has agreed to purchase Three Ravinia, an 813,748-square-foot trophy office building located at 3 Ravinia Drive in Atlanta’s Central Perimeter office submarket. Built in 1991 by Hines, the 31-story office building was 98 percent leased at the time of sale to tenants such as InterContinental Hotels Group (IHG) and State Farm, with an average remaining lease term of approximately 10 years. Last summer IHG renewed its lease to keep its corporate headquarters at Three Ravinia. PAC’s operating partnership, Preferred Apartment Communities Operating Partnership LP, committed to acquire Three Ravinia pursuant to a signed agreement of purchase and sale with the current owner, SPUS6 Three Ravinia LP. The sales price was undisclosed, but the property traded for $145 million in 2013, according to media reports. PAC plans to fund the transaction using a combination of cash on hand, borrowings from its senior secured credit facility with KeyBank NA, proceeds from stock issuances and proceeds from selling other assets. PAC also applied for a non-recourse loan with John Hancock for 55 percent of the purchase price.

December 12, 2016

Loans Mixed-Use Southeast Virginia

Phillips Realty Capital Arranges $90M Loan for Mixed-Use Project in Metro D.C.

by John Nelson December 12, 2016

FALLS CHURCH, VA. — Phillips Realty Capital has arranged a $90 million permanent loan for West Broad Residences, a newly built seven-story mixed-use complex in Falls Church, roughly nine miles west of Washington, D.C. Developed by Rushmark Properties, the property features 285 residential units, a 60,000-square-foot Harris Teeter grocery store, 2,250 square feet of ancillary retail space and an underground parking garage. West Broad’s apartments began leasing in January and the Harris Teeter opened in July. Stephen Shaw Jr., John Sieber Jr. and Emily Beeler of Phillips Realty Capital arranged the financing on behalf of Rushmark Properties.

December 12, 2016

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