Property Type

Home2 Suites by Hilton Opens New 110-Room Hotel in Milwaukee

by Christina Cannon March 24, 2016

MILWAUKEE — Home2 Suites by Hilton has opened a new 110-room hotel in Milwaukee. Raymond Management Co. will own and manage the Home2 Suites by Hilton Milwaukee Airport. The pet-friendly hotel will feature fully equipped kitchens, modular furniture, Internet access, a combined laundry and fitness area, complimentary breakfast, indoor pool and outdoor grill area. The hotel also provides a 24-hour shuttle to and from the General Mitchell International Airport, which is one mile away. The hotel is located at 5880 S. Howell Ave.

March 24, 2016

Illinois Industrial Midwest

Transwestern Arranges 107,800 SF Distribution Lease in Batavia, Illinois

by Christina Cannon March 24, 2016

BATAVIA, ILL. — Transwestern has arranged the lease of a 107,800-square-foot distribution center in Batavia, approximately 45 miles west of Chicago. PDS, a transportation and logistics provider, will consolidate its existing locations at the new headquarters facility, which will be located at the building at 1070 Swanson Drive. PDS expects to move into the building this May. Liberty Property Trust owns the property, which was built in 1999 and is located in the Batavia Industrial Center. The asset features 30-foot clear heights, 10 exterior docks, one drive-in door, 69 auto parking spaces and 17 trailer spaces. Michael Marconi of Transwestern represented the tenant in the transaction. Marconi, along with Joe Karmin of Transwestern, also represented the landlord.

March 24, 2016

New York Northeast Office

New York City REIT to Acquire 250,000 SF Office Property in Midtown Manhattan for $180M

by Amy Works March 24, 2016

NEW YORK CITY — American Realty Capital New York City REIT Inc. has entered into an agreement to acquire an office building located at 1140 Avenue of the Americas in Midtown Manhattan. An affiliate of Blackstone Real Estate Partners VI is selling the property for $180 million, exclusive of closing costs. The transaction is expected to close in the second quarter, subject to customary closing conditions. The 22-story, 250,000-square-foot property is currently 91 percent leased, with City National Bank being the largest tenant.

March 24, 2016

Multifamily New Jersey Northeast

Castle Lanterra Properties Buys 224-Unit Multifamily Property in New Jersey for $56M

by Amy Works March 24, 2016

RARITAN, N.J. — Castle Lanterra Properties has acquired River Park, a multifamily property located at 100 River Park Drive in Raritan, for $56 million. Constructed in 2007, the property features 224 multifamily units. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller, a global insurance group, and procured the buyer in the transaction. This transaction is Castle Lanterra’s second New Jersey acquisition in the past five months, following the purchase of Harbor Pointe, a 544-unit property acquired for $147.5 million in October 2015.

March 24, 2016

Industrial Massachusetts Northeast

Calare Properties Sells 588,000 SF Industrial Property in Massachusetts for $31.5M

by Amy Works March 24, 2016

LEOMINSTER, MASS. — Calare Properties has completed the disposition of an industrial property located at 25 Tucker Drive in Leominster. An undisclosed buyer acquired the 588,000-square-foot building for $31.5 million. Situated on 24 acres, the manufacturing, distribution and office property is fully occupied by Affordable Interior Systems. Calare Properties, in partnership with Fir Tree Partners, originally acquired the property in 2012.

March 24, 2016

Massachusetts Northeast Office

ClearRock, Juster Properties Acquires 73,689 SF Office Building in Boston for $27.5M

by Amy Works March 24, 2016

BOSTON — ClearRock Properties and Juster Properties have partnered to acquire an office building located at 201-207 South St. in downtown Boston’s Leather District. Meritage Properties sold the six-story property for $27.5 million. Built in 1909, the 73,689-square-foot property was recently revitalized with a full façade restoration; renovation of the entry, lobby, elevator cabs and common areas; and the conversion of a 4,000-square-foot storage area into quality office space. Current tenants include Credo Mobile, Publishers Clearing House, BlueConic and Evidox. Under the new ownership, JLL will continue as leasing agent and Lincoln Property Co. will continue as property manager. Jessica Hughes of JLL represented the seller in the transaction.

March 24, 2016

Multifamily New York Northeast

Cushman & Wakefield Brokers $7.3M Sale of Multifamily Building in Manhattan

by Amy Works March 24, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a multifamily property located at 331 E. 89th St. in Manhattan’s Upper East Side. ACNY Developers Inc. acquired the property from E-Wei Tao for $7.3 million, or $862 per square foot. The five-story, 8,500-square-foot building features 11 residential units divided into eight free-market and two rent-stabilized units and one rent-controlled unit. The property also features approximately 1,567 square feet of remaining development rights. Thomas Gammino and Brett Weisblum of Cushman & Wakefield brokered the transaction.

March 24, 2016

California Mixed-Use Top Stories Western

Lennar Urban Wins Approval for Phase I of $3B Candlestick Point Development in San Francisco

by Christina Cannon March 24, 2016

SAN FRANCISCO — Lennar Urban has won approval for its updated development plans for Candlestick Point, a massive mixed-use development planned for the site of Candlestick Park, former home of the San Francisco 49ers football team. San Francisco’s Commission on Community Investment and Infrastructure and the San Francisco Planning Commission unanimously approved the amended plans for the first phase of the development. Phase I is expected to cost between $2 billion and $3 billion, according to the San Francisco Business Times. The first phase of Candlestick Point includes: 16 city blocks anchored by an outdoor urban outlet retail district. 2,214 housing units, including the transformation and redevelopment of the 256-unit Alice Griffith public housing complex into a mixed-income housing development. The multifamily complex will be completely reconstructed without dislocating current residents. More than 1 million square feet of commercial space including a hotel, offices, a regional outlet shopping center and neighborhood retail, which will feature locally owned shops, a grocery store, restaurants and entertainment. A film and arts center. Sites for community services, including a new community garden for residents of Alice Griffith. Nine acres of parks and open space. Payments to the state for improvements, operations and maintenance at …

March 24, 2016

Features Georgia Hospitality Southeast Top Stories

Hospitality Experts Offer Five Tips for Running a Successful Full-Service Hotel

by Christina Cannon March 24, 2016

ATLANTA — When it comes to successfully operating a full-service hotel there is no silver bullet for achieving success, but there are some smart steps owners and operators should take, say industry experts who spoke at the 28th annual Hunter Hotel Conference. The three-day event at the Marriott Marquis drew 1,300 attendees, up 8 percent from a year ago, according to conference organizers. In a panel titled “The Evolution of Full-Service Hotels,” professionals from Horwath HTL, GF Management, Davidson Hotels and Resorts, Legacy Ventures and Hyatt Hotel Corp. emphasized time and again that full-service hotels are in no way dying. They are simply evolving, and owners and operators must also evolve if they have hopes of being successful. “It’s still a street corner business,” said Thom Geshay, senior vice president of business development for Davidson Hotels and Resorts. “You have to look at the market you’re in, you have to define and profile your customer and give them what they need.” 1. Get Creative in Controlling Costs — Full-service hotels have a slew of amenities, and each amenity presents a new place to create revenues. “Our job is to find something that is broken or not maximized in some way …

March 24, 2016

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Milwaukee Apartment Market on Track to Post Another Strong Year in 2016

by Christina Cannon March 24, 2016

We can expect to see a combination of new and familiar trends in the Milwaukee apartment sector in 2016 that will continue to attract investors to the local apartment market. What makes the start of 2016 different from 2015 is progress toward the normalization of monetary policy. In December, the Federal Reserve Board decided to raise the federal funds rate by a quarter percentage point, the first such increase in nearly a decade. The Federal Reserve Board’s widening may have an impact on the short-term rates, but the long-term interest rates that impact real estate values the most are influenced by the yields on the long-term U.S. Treasury bonds. We expect the long-term interest rates to stay low for the foreseeable future. When there is high demand for the Treasury bonds, the price of the bonds increase and the yields decrease, keeping long-term lending rates low. The two factors responsible for driving rates down in early 2016 are the high levels of volatility in stock markets around the globe and the drastic drop in oil prices. The volatility in the stock markets drives global capital to flow into the safe haven of bonds, and specifically the U.S. Treasury bonds, as …

March 24, 2016

Newer Posts

Older Posts