Driven by strong leasing activity, the New Hampshire Seacoast industrial market now has a limited supply of available options. The overall Seacoast vacancy rate is currently 5.6 percent. Compare that to the end of 2010, when vacancy in the market hit 12.9 percent. Narrowing the focus to the Portsmouth industrial market (excluding the Pease Tradeport), the vacancy hit 8 percent in 2010 but it had dropped to 3 percent at the end of 2015 — and at the end of June 2016, the vacancy rate hovered at 2 percent. This significant drop in vacancy leaves users with less viable product to choose from and is pushing them away from the Interstate 95 corridor of Portsmouth and Seabrook. Industrial Users Turn to Ground-Up Development Users in Portsmouth and surrounding communities, unable to find existing buildings to meet their needs, have turned to ground-up development in areas outside of Portsmouth and further away from the Interstate 95 corridor. Two large industrial users, Rand Whitney and Stonewall Kitchen, broke ground on projects in 2015 and have recently moved into their new facilities. Rand Whitney, part of the Kraft Group, originally opened a corrugated cardboard sheet plant in Dover back in 1972. Over the …
Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on …
LOS ANGELES — Sandstone Properties has purchased the Tower at Sherman Oaks, a 167,726-square-foot office building in the Los Angeles submarket of Sherman Oaks, for $56.7 million. The Class A building is located at 14724 Ventura Blvd. The Tower at Sherman Oaks was built in 1966 and underwent a complete renovation in 1991. It is currently 96 percent occupied. Sandstone Properties plans to reposition the asset as a creative campus. Bob Safai, Chris DuMont and Bob Pearson of Madison Partners will handle leasing efforts. The firm also arranged acquisition and renovation financing totaling $48.1 million with Loancore Capital. Safai also represented the seller, Douglas Emmett, along with Matt Case and Brad Schlaak.
IRVINE, CALIF. — Consolidated-Tomoka Land Co. (CTO) has sold a 14-property portfolio of single-tenant income assets for $51.6 million. The portfolio includes nine Bank of America financial centers in Orange County. The buyer assumed CTO’s existing $23.1 million mortgage loan secured by the properties. The portfolio sale resulted in an estimated gain of about $11.1 million for CTO, or about $1.20 per share, after tax. CTO plans to use the proceeds for the recently reported Bloomin’ Brands sale-leaseback and future acquisitions as part of one or more Section 1031 like-kind exchange transactions.
PORTLAND, ORE. — BPM Real Estate Group has started construction of the Broadway Tower office and hotel project in downtown Portland. The 19-story project will include a 180-room Radisson RED hotel, 175,000 square feet of office space and more than 2,000 square feet of ground-floor retail space. Radisson RED will occupy Broadway Tower’s first eight floors, with Class A office space occupying the top 11 floors. The project is scheduled for completion in the third quarter of 2018. Howard S. Wright, a Balfour Beatty company, is building the project, which GBD Architects designed. Broadway Tower is Howard S. Wright’s second project for BPM Real Estate Group in Portland. The firm delivered the Pearl West office building for the developer earlier this year.
GOODYEAR, ARIZ. — Huhtamaki North America has purchased a 750,000-square-foot manufacturing and distribution facility at Cotton Lane Commerce Park in Goodyear. The Finland-based global food packaging specialist intends to invest about $100 million at the site to create a “21st-century work environment.” The facility will serve West Coast food service packaging and retail tableware markets. Construction will begin in the second quarter of 2017, with commercial production scheduled in late 2017. NGKF’s Jim Belcher and Robert Stephens represented Huhtamaki in the transaction.
NORTH KINGSTOWN, R.I. — Holliday Fenoglio Fowler, L.P. (HFF) has represented Waterford Development Corp and XSS Hotels in the sale of the 104-suite TownePlace Suites Providence North Kingstown, which was sold unencumbered by management. HFF also procured the buyer, whose name was not disclosed. The TownePlace Suites Providence North Kingstown is located 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, barbecue/picnic area, guest laundry and complimentary shuttle service. The HFF investment sales team representing the seller was led by Denny Meikleham and Alan Suzuki.
RIVERSIDE, CALIF. — Dunkin’ Donuts has opened its 12,000th restaurant worldwide with its new location in Riverside. The new restaurant is part of the company’s westward expansion, opening more than 30 new restaurants in California with plans for about 300 new locations to be developed in the state over the coming years. Franchisee Parag Patel owns and operates the location. Patel opened two other Southern California Dunkin’ Donuts this summer in Villa Park and Yorba Linda. He plans to open approximately 20 new Riverside and Orange County locations in the coming years. Founded in 1950, Dunkin’ Donuts has more than 11,900 restaurants in 44 countries worldwide. Based in Canton, Mass., Dunkin’ Donuts is part of the Dunkin’ Brands Group Inc. family of companies.
CANTON, MASS. — JLL’s Capital Markets team has completed the sale of the Arboretum Apartments in Canton. Universal Realty Inc. purchased the 156-unit value-add multifamily asset, which is located off Route 138, 11 miles south of downtown Boston. The property comprises 12 buildings and a resident clubhouse, and offers amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars. Travis D’Amato, Michael Coyne, Kevin Gleason and Brendan Shields led the JLL team on the deal, representing the seller and procuring the buyer.
WINDSOR, CONN. — Ezra Silva Lane LLC has purchased an industrial property at 60 Ezra Silva Lane in Windsor for $1.75 million. The 33,400-square-foot building at the property is currently occupied by Precision Finishing Services while All-Crate Inc. occupies the 30,000-square-foot rear building. Sentry Commercial represented the buyer and CB Richard Ellis/New England represented the seller, Clinton Street Associates, in this transaction.