Property Type

KLNB Retail Arranges $15.9M Sale of Retail Center in Virginia

by John Nelson December 13, 2016

WINCHESTER, VA. — KLNB Retail’s investment sales group has brokered the $15.9 million sale of Pleasant Valley Marketplace, a 104,703-square-foot retail center located at 2021-20165 S. Pleasant Valley Road in Winchester. Andy Stape and Vito Lupo of KLNB Retail represented both the seller, Pleasant Valley Marketplace LLC, and the undisclosed 1031 buyer in the transaction. Built in 1995, Pleasant Valley Marketplace was fully leased at the time of sale to tenants such as Hobby Lobby, Staples, Dollar Tree, Jimmy John’s, Cici’s Pizza and Verizon Wireless.

December 13, 2016

Georgia Retail Southeast

Franklin Street Brokers $11M Sale of Publix-Anchored Shopping Center in Georgia

by John Nelson December 13, 2016

GAINESVILLE, GA. — Franklin Street has brokered the $11 million sale of Robson Crossing, a Publix-anchored shopping center located at 3446 Winder Highway in Gainesville, roughly 40 miles northeast of Atlanta and minutes from Lake Lanier. Since opening in 1998, Robson Crossing has maintained an occupancy rate at or above 90 percent. The 99,170-square-foot center’s current tenant roster includes GNC, The UPS Store, Ace Hardware, O’Reilly Automotive, Sonic and Chick-fil-A. John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the Gainesville-based seller, Robson Crossing LLC, in the transaction. The buyer, Ontario, Canada-based SUSO 3 Lovingston LP, plans to upgrade the center and extend the lease with Publix.

December 13, 2016

Hospitality Midwest Ohio

CBRE Hotels Brokers Sale of Crowne Plaza in Columbus, Ohio

by Kristin Harlow December 13, 2016

COLUMBUS, OHIO — CBRE Hotels has brokered the sale of the Crowne Plaza in Columbus for an undisclosed amount. The 300-room hotel is located at 6500 Ave. The hotel, which underwent a renovation in 2013, features 20,000 square feet of flexible event space, a full-service restaurant, indoor and outdoor pool, fitness center and business center. Eric Belfrage and Michael Shirey of CBRE represented the seller, VWI Columbus LLC, a joint venture of Varde Partners, Waramaug Hospitality and Interstate Hotels and Resorts. Florida-based TJM Properties Inc. was the buyer.

December 13, 2016

Midwest Missouri Restaurant Retail

The Roasterie Signs 1,538 SF Lease at Corrigan Station in Kansas City, Missouri

by Kristin Harlow December 13, 2016

KANSAS CITY, MO. — The Roasterie has signed a 1,538-square-foot retail lease at Corrigan Station, a mixed-use project under construction in Kansas City. Copaken Brooks and 3D Development are the project’s co-developers. The Roasterie Café, which offers coffee, tea and pastries, will be located on the first floor. Construction of the café is slated for completion in March 2017. This is the second retail tenant announced for the historic building since construction began on the project. Corvino Supper Club and Tasting Room, a new concept by chef Michael Corvino, was announced earlier this summer and will be the only other tenant occupying the first floor. The Corrigan Station project includes the redevelopment of the historic 10-story, 110,000-square-foot Corrigan Building and approximately 40,000 square feet of new office and retail space with an adjacent parking structure. The mixed-use property is located on 19th Street connecting Walnut and Main streets in the heart of the Crossroads, the city’s art district.

December 13, 2016

Michigan Midwest Retail

Mid-America Arranges Sale of 273,254 SF Shopping Center in Benton Harbor, Michigan

by Kristin Harlow December 13, 2016

BENTON HARBOR, MICH. — Mid-America Real Estate Corp. has arranged the sale of Fairplain Plaza in Benton Harbor. The 273,254-square-foot shopping center in Southwest Michigan is located at the southeast corner of Napier Avenue and Scottdale Road. Tenants include Ulta, TJ Maxx, Dollar Tree and more. Ben Wineman and Bran Rosenberg of Mid-America represented the seller, an institutional real estate fund managed by Coventry Real Estate Advisors. Bloomfield Hills, Mich.-based Lormax Stern Development Co. was the buyer.

December 13, 2016

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $14.6M Loan for Construction of Multifamily Property in Victoria, Minnesota

by Kristin Harlow December 13, 2016

VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.

December 13, 2016

Illinois Industrial Midwest

Brown Commercial Brokers Sale of 30,500 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow December 13, 2016

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale of a 30,500-square-foot industrial building in Elk Grove Village, about 25 miles northwest of Chicago. The sales price was not disclosed. The buyer, Gorilla Paper, purchased the property as part of an expansion of its distribution capability. The new space is four times the size of the former facility and will serve as the paper roll manufacturer’s new distribution headquarters. The building is located at 1125 Lunt Ave. Mike Antonelli of Brown Commercial completed the transaction.

December 13, 2016

California Office Top Stories Western

Hudson Pacific Acquires Leasehold Interest in Five-Property Office Campus in Silicon Valley for $150M

by Katie Sloan December 13, 2016

PALO ALTO, CALIF. — Hudson Pacific Properties Inc. (NYSE: HPP) has acquired the leasehold interest in Page Mill Hill, a five-building office campus totaling 182,676 square feet in Stanford Research Park in Palo Alto, for $150 million. HPP acquired the leasehold interest from a joint venture owned by Lionstone Investments and CalSTRS. The campus is currently fully occupied by legal and accounting firms including Gibson, Dunn & Crutcher; Frank, Rimerman + Co.; Manatt, Phelps & Phillips; and Perkins Coie. Stanford Research Park is affiliated with Stanford University, and was founded in partnership with the city of Palo Alto in 1951. The 160-building park focuses on innovation, housing predominantly startups and research and development companies. Office tenants include Google, Tesla, Ford, Skype, Nest, Hewlett-Packard, Toyota Research Institute and Lockheed Martin. Hudson Pacific is the largest office landlord in the park. The company owned the leasehold interest in six buildings totaling more than 1 million square feet prior to the recent acquisition of Page Mill Hill. Hudson Pacific also claims to be the largest institutional leasehold owner of office space in Silicon Valley, with 22 assets totaling over 7 million square feet. Among its properties in the region are Palo Alto Square; Foothill …

December 13, 2016

Features Hospitality Top Stories

Ten-X Ranks Las Vegas As Top ‘Buy Market’ for Hotel Investors in 2017

by Jeff Shaw December 13, 2016

IRVINE, CALIF. — The U.S. hotel market faces many long-term challenges, including a slowdown in international travel, an increase in supply and a decrease in demand, according to the most recent Quarterly Hotel Monitor report from Ten-X, an online real estate marketplace. The leading “buy markets” for hotels will be those that most strongly fight against these negative trends, while the top “sell markets” reflect the strongest negative forecast indicators. According to the Ten-X reports, the top buy markets for 2017 are (1) Las Vegas; (2) Jacksonville, Fla.; (3) Sacramento, Calif.; (4) Los Angeles; and (5) Indianapolis. The top sell markets are (1) Houston; (2) New York City; (3) Pittsburgh; (4) San Jose, Calif.; and (5) Northern New Jersey. In Las Vegas, occupancy jumped 110 basis points in the third quarter alone to 73.4 percent and room rates also spiked dramatically, according to Ten-X. Meanwhile, supply has dwindled due to the closing of underperforming hotels, and the new supply pipeline is relatively small. These factors combined to make Las Vegas the top buy market. In Houston, the top sell market, the prolonged oil price slump continues to take its toll. Energy and manufacturing jobs dropped 6.8 percent year-to-date through the …

December 13, 2016

California Market Reports Office Western Western Market Reports

The Office Sector Continues to Perform

by Camren Skelton December 13, 2016

The Orange County office sector continues to see falling vacancy rates, positive net absorption and rising asking rates. Orange County has beaten the U.S. national average for office vacancy since the fourth quarter of 2014. Office vacancy fell to 8.9 percent in the third quarter, down from 9.4 percent in the second quarter and 9.9 percent in the first quarter of 2016. We continue to see positive net absorption to the tune of 626,900 square feet, but that number is down from 730,844 square feet in the second quarter, a difference of 15,044 square feet. Asking rates continue to trend upward from $27.61 per square foot to $27.73 per square foot annually. Class A buildings lead the way, with asking rates averaging $32.89 per square foot. Class B and C buildings come in at $26.28 per square foot and $21.57 per square foot, respectively. These are all good signs for the new development coming to market in 2017. One of the more notable projects to soon come to fruition is 400 Spectrum Center Drive in Irvine. This 466,696-square-foot, Class A office tower is expected to be complete in the third quarter of 2017. This will be the sister tower to …

December 13, 2016

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