Property Type

Cushman & Wakefield Brokers $47.9M Sale of Industrial Park Near Orlando International Airport

by John Nelson October 31, 2016

ORLANDO, FLA. — Cushman & Wakefield has brokered the $47.9 million sale of LeeVista Business Center, a 479,100-square-foot, three-building warehouse and distribution park adjacent to Orlando International Airport. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Atlanta-based McDonald Development Co., in the transaction. Los Angeles-based Colony Capital purchased LeeVista Business Center, which was developed between 2009 and 2016 and was 84.4 percent leased at the time of sale to tenants such as Thales USA, ThyssenKrupp Industrial Services, Siemens Corp., Carrier and DHL Global Mail. The $100 per square foot price tag makes the transaction the record high per-square-foot sale of a multi-tenant warehouse and distribution project in Orlando.

October 31, 2016

Georgia Industrial Southeast

Clarion Partners, Seefried Break Ground on $25M Industrial Project in Metro Atlanta

by John Nelson October 31, 2016

BUFORD, GA. — Clarion Partners and Seefried Properties have started construction on Buford Mill Distribution Center, a $25 million industrial development in Buford, a northeast suburb of Atlanta. Situated on 43.1 acres near the Highway 20/I-985 interchange, the project will feature two distribution buildings totaling 422,140 square feet with 32-foot minimum clear heights, T-5 lighting and trailer parking. Clarion is co-developing the project on behalf of a commingled fund it manages.

October 31, 2016

Office Southeast Top Stories Virginia

Atlantic Realty, Angelo, Gordon Acquire Office Complex in Virginia for $78.8M

by John Nelson October 31, 2016

TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons. The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million. Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking. The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual. The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center. The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis. Eastdil Secured represented CalSTRS in the transaction. — John Nelson

October 31, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Broward County’s Office Sector is Operating at Peak Performance

by John Nelson October 31, 2016

Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages. “Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity to Latin America and the Caribbean, and access to three international airports and three seaports,” says Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s public/private partnership for economic development. Broward County’s office sector performance is a big story in an area of very positive commercial real estate headlines. It can be argued that South Florida trails only the two Bay Area bellwethers, San Francisco and the Silicon Valley, in property performance nationwide. Office rental rates in the county — CoStar reported that the market’s average rate increased 1.4 percent during first quarter to $25.14 per square foot — are most likely reaching the top of the arc in the present economic cycle. “Some of our strongest job growth has been in high-wage …

October 31, 2016

California Retail Western

Faris Lee Arranges $56.6M Sale of Shopping Center in Rancho Santa Margarita

by Nellie Day October 28, 2016

RANCHO SANTA MARGARITA, CALIF. — Faris Lee Investments has arranged the sale of Plaza El Paseo at Rancho Santa Margarita Town Center, located at the corner of El Paseo and Alma Aldea in Rancho Santa Margarita. K&G El Paseo 1 & 2 LLC sold the property to Plaza El Paseo Center LLC for $56.6 million. Built in 2002, the 107,000-square-foot property is anchored by Bed, Bath & Beyond, BevMo and Wood Ranch BBQ. Rick Chichester, Nicholas Coo and Chris DePierro of Faris Lee represented the seller and buyer in the deal.

October 28, 2016

California Loans Retail Western

Calmwater Capital Originates $19.8M Loan for 98,000 SF Retail Center in Monrovia

by Nellie Day October 28, 2016

MONROVIA, CALIF. — Calmwater Capital has provided $19.8 million in financing to 723 EHD LLC for the acquisition and lease-up of Shamrock Center, a retail center located at 723-727 E. Huntington Drive in Monrovia. The financing consists of a $9 million senior term loan for the acquisition of the property and $10.8 million in additional potential funding for future leasing and tenant improvements. At the time of sale, the 98,000-square-foot property was 90 percent vacant due, in part, to the loss of its anchor tenant, a 70,000-square-foot Albertson’s that closed as a result of a consolidation strategy.

October 28, 2016

California Office Western

Marcus & Millichap Brokers $16.7M Sale of Retail/Medical Office Property in Santa Ana

by Nellie Day October 28, 2016

SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of Hacienda Plaza, a retail and medical office property located at the corner of West 17th Street and College Avenue in Santa Ana. A private 1031 exchange investor acquired the 77,610-square-foot asset for $16.7 million, or $215 per square foot. The two-building property comprises a 28,800-square-foot retail/medical building on 17th Street and a 29,310-square-foot medical/warehouse building on 19th Street. Built in 1976, the properties are occupied by Northgate Market, Don Roberto Jewelers and Hacienda Restaurant. Michael Lawrence and Michael Woolbright of Marcus & Millichap represented the seller, while Rob Duong, also of Marcus & Millichap, represented the buyer in the transaction.

October 28, 2016

California Loans Retail Western

Newmark Realty Capital Arranges $10M in Acquisition Financing for Gelson’s Market in California

by Nellie Day October 28, 2016

LAGUNA BEACH, CALIF. — Newmark Realty Capital has arranged $10 million in financing for the acquisition of Gelson Market’s in Laguna Beach. The 34,478-square-foot grocery store is located on Pacific Coast Highway. George Mitsanas and Doug Tisdale of Newmark arranged the fixed-rate, non-recourse financing for the borrower, a Beverly Hills-based developer. The 10-year loan, provided by a life insurance company, features interest-only payments during the first five years and a 30-year amortization schedule.

October 28, 2016

California Retail Western

RCG Ventures Expands to West Coast with New Office in Los Angeles

by Nellie Day October 28, 2016

LOS ANGELES — RCG Ventures has expanded to the West Coast by opening a new office in Los Angeles. The company promoted Scott Tarbet to senior vice president and director of acquisitions – western region. In this role, Tarbet will oversee the new office. RCG Ventures currently owns 90 shopping centers, totaling 10 million square feet in 20 states. The company plans to acquire $250 million in value-add shopping centers.

October 28, 2016

Hospitality Texas

Meyers Group Purchases Historic Camino Real Hotel in El Paso

by Haisten Willis October 28, 2016

EL PASO, TEXAS — The Meyers Group has acquired the historic Camino Real Hotel in El Paso. The 356-room property is located at 101 S. El Paso St. in the city’s downtown district. The Meyers Group plans to completely renovate the property, which was named to the National Register of Historic Places in 1979. After the completion of the 18-month renovation project, the hotel will reopen under its historic name, Hotel Paso del Norte. The historic 10th-floor ballroom and terrace, currently being used for mechanical purposes, will be restored and will feature a full-service spa, gym, pool and pool deck.

October 28, 2016

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