Property Type

Georgia State University Finalizes Purchase of Turner Field, Announces Redevelopment Plan

by John Nelson August 18, 2016

ATLANTA — The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Atlanta Mayor Kasim Reed and Georgia State University president Mark Becker held a press conference this morning at Turner Field, current home of the Atlanta Braves and former site of the track and field events at the 1996 Summer Olympic Games. Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. The terms of the sale were not disclosed, but the Atlanta Journal Constitution reports the sales price as $30 million. Georgia State and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The Atlanta Fulton County Recreation Authority passed a resolution in December naming Georgia State and development partners as the preferred bidders for the project. The university has been working with Carter since 2014 following the Atlanta Braves announcement in late 2013 to develop SunTrust Park, the team’s new ballpark set to open in April 2017 in Cobb County. The Braves will not renew its 20-year lease at Turner Field following the 2016 season. “The acquisition of the Turner …

August 18, 2016

Features Industrial Top Stories

Cushman & Wakefield: Goods Distribution Industry in a State of Disruption

by John Nelson August 18, 2016

ROSEMONT, ILL. – The goods distribution industry is in a state of controlled disruption, according to a mid-year update on North American ports and transportation published by Cushman & Wakefield’s ports/intermodal practice group. The report, titled Ship – Shore – To Your Front Door, outlines that sector’s ongoing transition and the resulting opportunities. Challenges and shifts, such as marine terminal closures, driver shortages, new ocean carrier alliances, Panama Canal issues and others have created an increasingly complex environment. Yet according to Cushman & Wakefield’s Kevin Turner, who leads the ports/intermodal practice group, across the supply chain there is light at the end of the tunnel. “Times are changing,” said Turner. “Stakeholders are charting a new way forward with automation, supply chain transparency, new port labor contracts, technological advances, congressional support and stabilizing fuel costs. Occupiers and landlords are positioning with logistics partners to increase delivery metrics, alleviating supply chain bottlenecks with scalable real estate solutions.” Inland Ports Inland ports are steaming ahead across the country. These logistics hubs combine containerized rail intermodal and trucking interchange with warehousing and distribution activity, offering virtually everything found at a seaport except for ships and salt water. The intermodal rail ramps — facilities to …

August 18, 2016

Market Reports Midwest Midwest Market Reports Office Uncategorized Wisconsin

Late to the Economic Recovery, Madison’s Office Sector is Now in a Growth Mode

by Christina Cannon August 18, 2016

The Madison office market finally emerged from its post-recession stupor in 2015 and chalked up its best performance since the early 2000s. The 430,000 square feet of positive net absorption recorded last year exceeded the combined total of the previous three years. This strong trend continues in 2016. Nearly 150,000 square feet of office space was leased during the first quarter, driving the vacancy rate down to 10.2 percent. The Madison office market was slow to recover from the Great Recession. As recently as 2014, office vacancies increased, and only 67,000 square feet of net positive absorption was tallied that year. As the state capital and home to the University of Wisconsin, the local economy depends on government and education as base industries — sectors where employment and spending had been retreating until recently. Insurance, financial services, medical services, research, information technology and software development are also important and growing sectors in Madison, accounting for a lot of new office leasing activity. Who’s taking space? Among the large lease deals in recent months: Arrowhead Research inked a deal to occupy 68,000 square feet in University Research Park; M3 Insurance completed and moved into its building at 828 John Nolen Drive; …

August 18, 2016

New Jersey Northeast Office

Onyx Equities, Garrison Investment Acquire 300,260 SF Office Campus in New Jersey

by Amy Works August 17, 2016

PARAMUS, N.J. — Onyx Equities, in partnership with Garrison Investment Group, has acquired Country Club Plaza, an office campus located at 115-117 W. Century Road in Paramus. Cornerstone Real Estate Advisers sold the property for undisclosed price. The two-building, 300,260-square-foot office complex features a full-service cafeteria, fitness center and conference facility. Jeffrey Dunne, Kevin Welsh and Brian Schultz of CBRE represented the seller in the transaction.

August 17, 2016

Northeast Pennsylvania Retail

PREIT Sells Washington Crown Center in Pennsylvania for $20M

by Amy Works August 17, 2016

WASHINGTON, PA. — PREIT has completed the sale of Washington Crown Center, a shopping mall located at 1500 W. Chestnut St. in Washington, a city approximately 30 miles south of Pittsburgh. An undisclosed buyer acquired the property for $20 million, or $313 per square foot. The approximately 63,897-square-foot property had a non-anchor occupancy of 87.4 percent at the time of sale. Anchor tenants include Bon-Ton, Macy’s, Gander Mountain and Sears.

August 17, 2016

Healthcare Loans Northeast Pennsylvania Retail

Progress Capital Advisors Arranges $16.2M Bridge Loan for Retail Property in Pennsylvania

by Amy Works August 17, 2016

NATRONA HEIGHTS, PA. — Progress Capital Advisors has secured a $16.2 million 24-month bridge loan for Harrison Town Square, a retail center located in Natrona Heights formerly known as Heights Plaza. The borrower, Steve Kogut, plans to use the loan to retire current CMBS debt and rebrand the center into a retail/medical destination. Current tenants at the center include a physical rehabilitation center, Planet Fitness, urgent care facilities for University of Pittsburgh Medical Center (UPMC) and Allegheny Health Network, as well as multi-specialty physician practices. Kathy Anderson of Progress Capital arranged the loan for the borrower.

August 17, 2016

Delaware Industrial Northeast

Penguin Industries Sells 151,000 SF Warehouse Facility in Delaware

by Amy Works August 17, 2016

NEWARK, DEL. — Penguin Industries has completed the sale of a 151,000-square-foot warehouse building located at 701 Pencader within Pencader Industrial Park in Newark. Situated on 8.65 acres, the building has 24-foot clear heights and an ESFR sprinkler system. Wye Realty Advisors arranged the purchase of the property on behalf of the buyer, a Delaware-based private investor, for undisclosed price. AVIR Realty assisted the seller in the deal. Whitewoods Capital Advisors, along with Wye Realty Advisors, originated an acquisition loan for the buyer. At the time of sale, the building was fully leased to two tenants.

August 17, 2016

Hospitality Loans New York Northeast

Q10|New York Realty Advisors Secures $7.5M Loan for Best Western Hotel in New York

by Amy Works August 17, 2016

ROCKVILLE CENTRE, N.Y. — Q10|New York Realty Advisors has arranged a $7.5 million permanent loan for Best Western Mill River Manor, located at 173 Sunrise Highway in Rockville Centre. The 10-year non-recourse loan features a 4 percent interest rate for the first five years. The full-service hotel features a banquet facility, on-site parking and a swimming pool. Jeanne Cronin and Zeev Douek of Q10 secured the financing for the undisclosed borrower.

August 17, 2016

Restaurant Retail Texas

MOD Pizza to Open 11 New Locations in Houston

by Haisten Willis August 17, 2016

HOUSTON — Transwestern has represented MOD Pizza in 11 new leases in Houston, bringing the restaurant chain to 15 open and planned Houston locations. Transwestern’s Grant Walker and Chris Reyes, who serve as exclusive advisors for MOD Pizza in the Houston market, represented the chain in the transactions. MOD is operating nearly 150 stores across the United States and the United Kingdom and plans to open 50 more stores by the end of 2016, including five UK locations. MOD Pizza’s most recently opened Houston locations include: Riverpark Shopping Center(3,175 square feet) at 19820 Southwest Freeway in Sugar Land; The Market at Crenshaw (2,600 square feet) at 4541 E. Sam Houston Parkway S. in Pasadena; Meadows Marketplace(2,600 square feet) at 6825 S. Fry Road in Katy; The Boardwalk at Towne Lake(2,443 square feet) at 9925 Barker Cypress Road in Cypress; and Kroger Conroe Shopping Center(2,400 square feet) at 1240 N. Loop 336 W. in Conroe.

August 17, 2016

Loans Multifamily Texas

JLL Secures Acquisition Loan for Apartment Complex in Arlington

by Haisten Willis August 17, 2016

ARLINGTON, TEXAS — On behalf of S2 Capital, JLL Capital Markets has secured financing for the acquisition and rehabilitation of River Oaks apartments, a 188-unit value-add asset located in Arlington. Green Bank N.A. provided the loan. Mark Brandenburg led the JLL team in the transaction. River Oaks is located near the Texas Rangers’ Globe Life Park, Dallas Cowboys’ AT&T Stadium, Six Flags Over Texas and the Riverside Golf Course. Community amenities include a barbecue and picnic area, fitness center and a swimming pool. JLL Capital Markets is a provider of capital solutions for real estate investors and occupiers.

August 17, 2016

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