Property Type

CenterPoint Properties Acquires 615,090 SF Industrial Development in Metro Charleston for $41M

by John Nelson December 8, 2016

SUMMERVILLE, S.C. — CenterPoint Properties has acquired Charleston Gateway Distribution Center, a 615,090-square-foot, three-building development that features 473,124 square feet of bulk warehouse space, 121,466 square feet of cold storage space and 21,060 square feet of truck maintenance and storage space. CenterPoint purchased the asset from J.L. Woode Ltd. for $41 million. Chris Norvell of HFF represented the seller in the transaction. Situated on 109 acres at 1125 Newton Way in Summerville, Charleston Gateway Distribution Center was fully leased at the time of sale to three port-related tenants — Zinus Inc., Argo Merchants Group and H&E Equipment Services. The industrial complex features up to 42-foot clear heights, 64 dock-high loading positions, a 205-foot truck court and 94 trailer storage spaces. The property fronts I-26 and provides easy access to the Port of Charleston.

December 8, 2016

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

North Carolina Retail Southeast Virginia

Armada Hoffler Acquires Two Retail Properties in Metro Charlotte, Virginia Beach

by John Nelson December 8, 2016

DAVIDSON, N.C. AND VIRGINIA BEACH, VA. — Armada Hoffler Properties Inc., a publicly traded REIT based in Virginia Beach, has closed on the acquisitions of Renaissance Square, a grocery-anchored retail center located in the greater Charlotte area, and Columbus Village II, a retail and entertainment center adjacent to the Town Center of Virginia Beach. Armada Hoffler acquired Renaissance Square for approximately $17.1 million in cash and Columbus Village II for 2 million shares of common stock. The 80,000-square-foot Renaissance Square is currently 92 percent leased and anchored by a 50,000-square-foot Harris Teeter store with over 11 years remaining on its lease term. Columbus Village II comprises over 92,000 square feet and is 100 percent leased to Bed Bath & Beyond, Regal Cinemas and Schlotzsky’s Deli. Gerald Divaris of Divaris Real Estate Inc. represented both Armada Hoffler and the seller, Capitol Industries, in the Columbus Village II transaction. Armada Hoffler has retained Divaris Real Estate and Divaris Property Management to manage and lease the property. Armada Hoffler acquired Columbus Village I, a 65,000-square-foot retail center, in 2015.

December 8, 2016

Florida Hospitality Southeast Top Stories

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Indiana Market Reports Midwest Midwest Market Reports Office

Investment by Salesforce.com in Indianapolis Office Tower Creates Ripple Effect

by Jeff Shaw December 8, 2016

Downtown Indianapolis is already feeling the impact of Salesforce.com Inc.’s recent decision to lease more than 220,000 square feet for a new regional headquarters in the state’s tallest office building, located at 111 Monument Circle. The firm’s $40 million investment over 10 years includes expansion plans for its regional headquarters as well as changing the name of the 48-story office tower from Chase Tower to Salesforce Tower Indianapolis. This will be one of only four towers in the world that bear the Salesforce name — the others are located in New York, London and San Francisco. Salesforce.com, a publicly traded company (NYSE: CRM), is a business software provider best known for applications that help salespeople track customer contacts and marketers plan campaigns, according to The Wall Street Journal. The San Francisco-based tech company currently has 1,400 employees in Indianapolis and plans to hire 800 new employees over the next five years. The company is expected to move into the tower in early 2017. The firm currently leases space in three other buildings downtown. This speaks volumes about Indianapolis’ efforts to become the Midwest hub for technology. While Salesforce is one of Indianapolis’ largest technology employers, nearly 100 tech companies are …

December 8, 2016

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Pace of Apartment Construction Slows Due to Growing Supply, Cautious Bankers, Say InterFace Panelists

by John Nelson December 8, 2016

The multifamily industry has entered a phase in the development cycle where the velocity of starts and completions is decreasing. Through the first 10 months of 2016, multifamily starts nationally are down 1.8 percent year-over-year, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Completions are down 3.1 percent during the same period. One of the governors on construction today is the ample supply of existing multifamily product in the top markets nationally, according to the development panel at the seventh-annual InterFace Multifamily Southeast conference. Alan Dean, region president of multifamily development firm Terwilliger Pappas Multifamily Partners, cited Nashville as an example of an overheated market. “Nashville delivered a record 5,300 units in the past 12 months. Next year, they’re going to deliver 10,000 units,” said Dean at the conference, which was held on Thursday, Dec. 1 at the Westin Buckhead in Atlanta. “Nashville in large part has been redlined by the financing community because of those supply numbers. Looking at it, it’s probably a healthy thing that the pipeline is slowing down and banks are pulling back.” Michael Blair, managing director of development at Atlanta-based Pollack Shores Real Estate Group, doesn’t believe overbuilding is …

December 8, 2016

California Multifamily Western

Waterton Buys Candlewood North Apartments in LA for $43.5M

by Nellie Day December 7, 2016

LOS ANGELES — Waterton has purchased the 189-unit Candlewood North Apartments in the Los Angeles submarket of Northridge for a reported $43.5 million. The community is located at 9830 Reseda Blvd. Candlewood North contains three three-story buildings with apartments ranging from studios to two bedrooms. The community is within walking distance of the Cal State Northridge campus. Waterton plans to renovate the property, including the unit interiors and amenities.

December 7, 2016

California Industrial Western

Badiee Development Starts Construction of Carlsbad Victory Industrial Park

by Nellie Day December 7, 2016

CARLSBAD, CALIF. — Badiee Development has broken ground on Carlsbad Victory Industrial Park in the San Diego submarket of Carlsbad. The park will be located at 3248 Lionshead Ave. The first phase is a 55,573-square-foot industrial building is slated for completion early next summer. Carlsbad Victory Industrial Park has been designed with a mix of office and warehouse space for two tenants with suites measuring 25,148 square feet and 30,425 square feet. The project will feature two upgraded tenant entries, dock-high and grade-level loading, 26-foot clear height, automatic fire suppression system, mezzanine space, skylights and a large outdoor patio area. Badiee has begun pre-leasing for Carlsbad Victory Industrial Park. Tucker Hohenstein and Mike Erwin of Colliers International is acting as the project’s leasing agents. The team also represented Badiee in the purchase of the land parcel for Carlsbad Victory Industrial Park in December 2015. Smith Consulting Architects is the architect and TFW Construction is the general contractor for Carlsbad Victory Industrial Park.

December 7, 2016

Colorado Retail Western

Hanley Negotiates Sale of 83,279 SF Shopping Center in Arvada

by Nellie Day December 7, 2016

ARVADA, COLO. — Hanley Investment Group Real Estate Advisors has arranged the sale of Arvada West Town Center, an 83,279-square-foot shopping center located roughly 11 miles outside Denver in Arvada. Walmart Neighborhood Market shadow-anchors the center, which is 89 percent leased to tenants including AutoZone, Wendy’s, Fantastic Sam’s, The Salvation Army, Quiznos and Qdoba Mexican Grill. Kevin Fryman and Edward Hanley of Hanley Investment Group represented the buyer, Starboard Realty Advisors LLC, and the seller, Arvada West 04 LLC, in the transaction. The sales price was undisclosed.

December 7, 2016

Arizona Retail Western

Cushman & Wakefield Arranges $14.8M Sale of Bell Tower Village in Arizona

by Nellie Day December 7, 2016

GLENDALE, ARIZ. — Cushman & Wakefield has arranged the $14.8 million sale of Bell Tower Village, a 166,830-square-foot shopping center in Glendale. Walgreens anchors the center, which was 63.6 percent leased at the time of sale to tenants including Planet Fitness, Harbor Freight Tools, Freddy’s Frozen Custard & Steakburgers, Audio Express and Mattress Firm. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller, Bell Tower Village LLC, in the transaction. New Bell Tower LLC, a company formed by DPC Development Co., acquired the property.

December 7, 2016

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