Property Type

CBRE Negotiates $12M Sale of Shops at Stonecreek Plaza in Los Banos

by Nellie Day August 31, 2016

LOS BANOS, CALIF. — CBRE’s National Retail Investment Group – West has arranged the sale of Shops at Stonecreek Plaza, a retail strip center located at 1363-1451 W. Pacheco Blvd. in Los Banos. Rich Development Co. sold the 52,171-square-foot property to a Northern California-based private investor for $12 million. Situated on 6.3 acres, the property was 89 percent leased at the time of sale to a variety of tenants, including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and Starbucks Coffee. Philip Voorhes, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, Preston Fetrow and Richard Rizika of CBRE represented the seller, while a cooperating/selling broker represented the buyer in the deal.

August 31, 2016

Industrial Southeast Tennessee

Hillwood to Develop 924,325 SF Industrial Complex in Metro Nashville

by John Nelson August 31, 2016

SMYRNA, TENN. — Hillwood plans to develop two industrial facilities totaling 924,325 square feet within Airport Business Park. Situated on 75 acres in Smyrna, a southeastern suburb of Nashville, the property has access to rail and three interstates. The project will feature 32- to 36-foot clear heights, ESFR fire protection, T5 or LED lighting, cross-dock loading and 130- and 185-foot truck courts. Kurt Nelson of Hillwood’s Memphis office is overseeing the development of the project. Hillwood has selected Brian Camp of ProVenture to lease both buildings.

August 31, 2016

Georgia Multifamily Southeast

Federal Capital Partners Buys Apartment Community in Roswell for $29.5M

by John Nelson August 31, 2016

ROSWELL, GA. — Federal Capital Partners (FCP) has purchased River Trace Apartments, a 312-unit apartment community in Roswell, a suburb of Atlanta. The $29.5 million transaction is FCP’s fourth acquisition in the Atlanta area this year. The lakefront property is situated on 34 acres within walking distance of the Chattahoochee River. The one-, two-, three- and four-bedroom apartments feature full-size washer and dryer connections and private balconies or patios. Community amenities include a clubhouse with a fitness center, pool, playground, picnic area and a laundry center. FCP plans to rebrand the asset as River Crossing at Roswell as part of the community’s renovation program.

August 31, 2016

Florida Multifamily Southeast

ARA Newmark Brokers $26.9M Sale of Apartment Community in Orlando

by John Nelson August 31, 2016

ORLANDO, FLA. — ARA Newmark has brokered the sale of Chickasaw Crossing, a 292-unit, garden-style apartment community located at 7960 Pine Crossing Circle in Orlando. The sales price was not disclosed, but the Orlando Business Journal reports the property traded for $26.9 million. Built in 1986, the property comprises one- and two-bedroom units and features gated access, a fitness center, business center, laundry facility, racquetball court and a tennis court. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan represented the sellers, Villabar Real Estate Inc. and Westdale Property Management, in the transaction. Oak Residential Partners purchased the property, which was 94 percent occupied at the time of sale.

August 31, 2016

Florida Georgia Southeast Student Housing

Pierce Education Properties Buys Two Student Housing Communities in Florida, Georgia

by John Nelson August 31, 2016

ATHENS, GA. AND TALLAHASSEE, FLA. — Pierce Education Properties LP has acquired two student housing communities located in Florida and Georgia. The acquisitions include The Commons at Tallahassee, a 732-bed community located just north of the Florida State University campus in Tallahassee; and The Reserve at Athens, a 612-bed community located near the University of Georgia campus in Athens. KeyBank Real Estate provided debt financing for both acquisitions. Amenities at The Commons at Tallahassee include a resort-style swimming pool and hot tub, lighted tennis court, 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed wireless internet. Amenities at The Reserve at Athens include a resort-style saltwater swimming pool with a hot tub and sun deck, cook-out and lounge areas, 24-hour fitness center, outdoor basketball court, lighted tennis court, game room, dedicated “Night Life Shuttle” service to downtown Athens and high-speed wireless internet.

August 31, 2016

Georgia Industrial Southeast

Stan Johnson Arranges $3.5M Sale of FedEx Ground Industrial Facility in Macon

by John Nelson August 31, 2016

MACON, GA. — Stan Johnson Co. has brokered the $3.5 million sale of a freestanding, 66,449-square-foot industrial facility leased to FedEx Ground Package System Inc. in Macon. Constructed in 2006, the build-to-suit property sits on 11.4 acres at 244 Mercer Junction. Alliance Commercial Real Estate Group purchased the asset, which FedEx uses as a package sorting and distribution facility. Britton Burdette and Mollie Alteri of Stan Johnson Co.’s Atlanta office represented the seller, 244 Mercer Junction Road LLC, and procured the buyer in the transaction.

August 31, 2016

Illinois Midwest Mixed-Use Office Top Stories

CIM Group to Buy Tribune Tower in Chicago for $205M

by Haisten Willis August 31, 2016

CHICAGO — Tribune Media Co. (NYSE: TRCO) has agreed to sell the iconic Tribune Tower in downtown Chicago to Los Angeles-based CIM group for $205 million in cash at closing. The buyer could pay up to an additional $35 million based on contingencies and conditions, which could bring the total up to $240 million. The sale is expected to close by the end of September. Built in 1925, the building features 35 stories and nearly 740,000 square feet. The sale also includes a 36,000-square-foot development site located directly to the east of Tribune Tower, fronting Cityfront Plaza. “Tribune Tower has been a unique part of Chicago’s skyline since the 1920s,” says Peter Liguori, Tribune Media’s president and CEO. “It is a gem of architectural and structural accomplishment and a constant reminder of the important role that Tribune has played in the development of the city itself.” Since the beginning of the year, Tribune Media has sold several smaller properties in markets ranging from South Florida to Seattle for gross proceeds of approximately $89 million. Earlier this year, the company agreed to sell the north block of the Los Angeles Times Square property and the nearby Olympic printing plant, both in Los …

August 31, 2016

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Should Seniors Housing Developers Focus More on Hospitality or Healthcare?

by John Nelson August 31, 2016

ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …

August 31, 2016

Central-CT-Industrial-2016-Cushman-Wakefield

Connecticut Industrial Market Reports Northeast Northeast Market Reports

Connecticut Industrial Sector Sees Steady Demand from Tenants, Investors

by Jaime Lackey August 31, 2016

The Connecticut industrial market has changed. The days of large corporate surplus assets littering our industrial parks, mid-teen vacancy rates and discounted lease rates are over — or at least on a hiatus. In the last few years, the market has tightened with many of the larger blocks of space absorbed by various local and national tenants. The last 20 to 25 years saw corporate consolidations, downsizing and the move to cheaper markets dominate our industrial landscape. Left behind were inefficient, large manufacturing facilities in a market losing its manufacturing base. As time went by, these idle, surplus assets were acquired by local and regional investors who eventually made these properties functional again. Over the years, steady absorption has chipped away at vacancy rates, and quality available product has become increasingly difficult to find for tenants. Traditionally, an industrial tenant needing 100,000 square feet or greater would have numerous alternatives to consider and a wide range of quality too. This gave tenants enormous leverage, allowing them to negotiate more flexible and favorable terms and conditions. The relatively recent shift in tide has allowed landlords to control the process and we’ve seen a corresponding upward tick in lease rates. The sales …

August 31, 2016

Industrial Loans New York Northeast Office

Rubenstein Partners Secures $197M in Construction Financing for 500,000 SF Mixed-Use Property in Brooklyn

by Amy Works August 30, 2016

NEW YORK CITY — Rubenstein Partners has secured a $197 million first mortgage construction loan for 25 Kent Avenue, a mixed-use property in the Williamsburg section of Brooklyn. Serving as co-lead arrangers and co-bookrunners, Wells Fargo Bank and Natixis Real Estate Capital committed $197 million for the project. The new loan provides for all future construction costs and fully capitalizes the project. Being developed by Rubenstein Partners and Heritage Equity Partners, the eight-story building will feature 500,000 square feet of office and industrial space tailored to the creative and tech sectors.

August 30, 2016

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