Property Type

Gramercy Property Trust Acquires Industrial Portfolio for $115.2M

by Christina Cannon April 29, 2016

NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent. Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.

April 29, 2016

California Loans Multifamily Western

Capital Funding Provides $6.8M Acquisition Loan for Skilled Nursing Facility in San Marcos

by Nellie Day April 28, 2016

SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.

April 28, 2016

Colorado Multifamily Student Housing Western

Core Spaces Acquires 665-Bed Student Housing Community Near Colorado State University

by Nellie Day April 28, 2016

FORT COLLINS, COLO. — Chicago-based development and management firm Core Spaces has acquired a 665-bed student housing community located one block away from the Colorado State University campus in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform in September 2015. The company will renovate and rebrand the three-year-old asset. During renovations, the fitness center will be relocated and increased in size by 2,500 square feet while adding equipment, free weights, stand-up tanning facilities, a yoga room and sauna. Improvements to the outdoor courtyards will take place, as well as the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas. The community’s computer lab will also be expanded during renovations with the addition of new computers, printers, four group study areas and individual study nooks. Other improvements to the facility will include improvements to the lobby, reception area and offices and the addition of a 313-space parking garage. The community is currently fully occupied and already 85 percent pre-leased for the 2016-17 school year. Renovations are scheduled for completion by the start of the fall semester.

April 28, 2016

Colorado Multifamily Seniors Housing Western

Northstar Commercial Partners Breaks Ground on 74-Unit Assisted Living Community in Denver

by Nellie Day April 28, 2016

DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.

April 28, 2016

California Retail Western

Aldi to Open 25 Stores in California

by Nellie Day April 28, 2016

PALM DESERT, CALIF. — ALDI, a discount supermarket chain that had no locations in California at the start of the year, will have 25 locations in the state as of May 19, when seven locations will have their grand openings. The company plans to operate approximately 45 California stores by the end of 2016, and more than 2,000 stores nationwide by the end of 2018. Currently, the grocer operates more than 1,500 stores in 33 states. ALDI stores opening on May 19 include: • 2120 Panama Lane, Bakersfield, Calif. • 2450 Rockwood Ave., Calexico, Calif. • 2050 Imperial Ave., El Centro, Calif. • 1545 N. Hacienda Ave., La Puente, Calif. • 72543 Highway 111, Palm Desert, Calif. • 5830 Firestone Blvd., South Gate, Calif. • 1750 University Ave., Vista, Calif.

April 28, 2016

Hospitality Texas

The Westin at The Woodlands Hotel Opens in Metro Houston

by Haisten Willis April 28, 2016

THE WOODLANDS, TEXAS — The Westin at The Woodlands hotel is now open. Developed, managed and owned by The Howard Hughes Corp., the Waterway Square district anchor is the first Westin in The Woodlands master planned community and the 50th Starwood hotel in Texas. The hotel features 302 guestrooms, with interiors designed by Dallas-based waldrop+nichols studio. Boston-based Elkus Manfredi Architects and the Houston office of Gensler designed the 13-story hotel’s exterior.

April 28, 2016

Industrial Texas

Amazon Leases 318,488 SF of Industrial Space in Fort Worth

by Haisten Willis April 28, 2016

FORT WORTH, TEXAS — Amazon has leased 318,488 square feet of industrial space at 4601 Gold Spike Drive in Fort Worth. The space is located within the Railhead Industrial Park. CBRE’s Ryan Keiser represented Amazon in the transaction, while Holt Lunsford Commercial’s Donnie Rohde and Matt Carthey represented the owner, Prologis.

April 28, 2016

Office Texas

Weitzman Negotiates Sale of East Dallas Land Tract to Uplift Education

by Haisten Willis April 28, 2016

DALLAS — Uplift Education has purchased a seven-acre tract of land located at the northwest corner of I-30 and Ferguson Road in east Dallas. Horizons Hospitality was the seller. Eddie Liebman with The Weitzman Group handled negotiations for the seller in cooperation with Craig Phelps of JLL, who represented the buyer. Uplift Education, which operates a network of public charter schools serving 14,000 students in under-served areas across north Texas, will develop an elementary school at the site.

April 28, 2016

Multifamily Texas

MBP Capital to Renovate Apartment Complex in Metro Dallas

by Haisten Willis April 28, 2016

RICHARDSON, TEXAS — MBP Capital Inc. has purchased Frances Way Villas in Richardson. The Class B multifamily property includes 200 units with an average size of 968 square feet. The majority of units include two or three bedrooms. The property will be rebranded as “The Beverly” and will undergo a $2.5 to $2.7 million renovation, averaging about $12,000 per unit. Renovations will include new signage, a fully remodeled office, security gates, fitness center, sand volleyball pit, splash pad, dog park, patio and balcony cedar fencing. The interiors will also be renovated with the addition of washer and dryer connections, new paint, black appliances, wood-style flooring, new cabinetry and brushed nickel fixtures. The MBP team includes Mike Phillips, Ryan Heddleston, Cathy Finn and Mark Christ. A new DART rail line is located less than two miles away from Frances Way Villas. The property is also near the new CityLine mixed-use development, which when complete will house 12,800 employees.

April 28, 2016

Office Texas

Cushman & Wakefield Arranges Law Firm’s Office Lease in Dallas

by Haisten Willis April 28, 2016

DALLAS — Law firm Palmer & Manuel LLP has leased 9,006 square feet of office space in Campbell Centre North Tower, located at 8350 N. Central Expressway in Dallas. Cribb Altman, Robbie Baty and Bill McClung with Cushman & Wakefield represented Palmer & Manuel in the transaction.

April 28, 2016

Newer Posts

Older Posts

Upcoming Events

Aug
06