Property Type

Colliers Facilitates $4.2M Sale of Industrial/Office Property in Pennsauken, New Jersey

by Amy Works January 4, 2017

PENNSAUKEN, N.J. — Colliers International has brokered the sale of an industrial and office building located at 1700 Suckle Highway in Pennsauken. Edison Lithograph and Printing acquired the property for $4.2 million. The printing company plans to expand its operations at the 114,000-square-foot facility. Situated on 7.7 acres, the building features 18-foot clear heights, tailgate and drive-in loading, abundant parking, heavy power and highway frontage on Route 130. The seller, Hill-Rom, is relocating to a renovated facility in Moorestown, N.J. Marc Isdaner of Colliers represented the seller, while Scott Mertz of NAI Mertz Corp. represented the buyer in the deal.

January 4, 2017

Industrial Northeast Pennsylvania

GM Global Acquires 22,900 SF Industrial Property in Philadelphia

by Amy Works January 4, 2017

PHILADELPHIA — GM Global LLC has purchased a manufacturing and warehouse facility located at 9999 Global Road in Philadelphia. 9999 Global LLC sold the property for $1 million. The 22,900-square-foot facility features a two-story office area, two tailgate loading doors and one drive-in door. Sean Durkin of Roddy Inc. represented the seller in the deal.

January 4, 2017

Office Texas Top Stories

J.C. Penney Sells 1.8 MSF Home Office Campus in Plano for $353M

by Nellie Day January 4, 2017

PLANO, TEXAS — J.C. Penney (NYSE: JCP) has sold its home office campus and 45 surrounding acres of land in Plano to Dreien Opportunity Partners for $353 million. The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent, or 1.1 million square feet, of the campus, with the remaining space available for new tenants. The building lease expense would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction, according to the apparel and home furnishings retailer. “Since we began exploring the sale of our home office, we have been quite pleased by the level of interest in the building,” says Marvin Ellison, J.C. Penney’s chairman and CEO. “This transaction also represents a significant financial milestone for the company, as proceeds from the sale give us the opportunity to reduce outstanding debt and make improvements to our workspace, creating a modern and efficient environment.” Eight office wings that span 56.8 acres flank the three-story office building. The Class A campus is situated near the intersection of Dallas North Tollway and State Highway 121 within the …

January 4, 2017

Colorado Loans Multifamily Western

George Smith Partners Secures $41M for the Vineyards Apartments in Colorado Springs

by Nellie Day January 3, 2017

COLORADO SPRINGS, COLO. — George Smith Partners has arranged $41 million in acquisition financing for the Vineyards, a 300-unit apartment community in Colorado Springs. The community is located at 4350 Mira Linda Point. The private real estate investment and development company that purchased the asset plans to renovate all units and upgrade the community’s landscaping and on-site amenities, including the clubhouse, fitness center, leasing offices and business center. The non-recourse loan features a fixed 4.31 percent interest rate with nine years of interest-only payments. George Smith Partners’ Jonathan Lee arranged the financing, which Walker and Dunlop provided.

January 3, 2017

Hawaii Retail Western

TRC Develops Two Retail Centers in Hawaii

by Nellie Day January 3, 2017

MAUI AND KAUAI, HAWAII — TRC, formerly Terramar Retail Centers, is in the final phase of construction on two shopping centers located on the islands of Maui and Kauai in Hawaii. Developments include Pu’unene Target Center, a 264,000-square-foot retail center anchored by Target and Petco in Kahului, Maui; and Hokulei Village Shopping Center, a 125,000-square-foot retail center anchored by Safeway and Petco in Lihue, Kauai. The anchor Target location is currently open at Pu’unene Target Center. Commercial Consultants Inc. is in charge of leasing for both projects.

January 3, 2017

Arizona Mixed-Use Multifamily Retail Western

JV Begins Construction of Mixed-Use Development in Tempe

by Nellie Day January 3, 2017

TEMPE, ARIZ. — A joint venture between Opus Development Group LLC and Seventh Street Tempe AZ Manager LLC has begun construction of a mixed-use development located at the northwest corner of University Drive and Forest Avenue in Tempe. The project — which has yet to be named — will transform a surface parking lot into a residential and retail center. The development will consist of two towers featuring 407 residential units and 31,000 square feet of retail space. The residential portion of the property will offer a mix of studio, one- and two-bedroom apartments and walk-up city homes and flats. Community amenities will include an amenity deck with a resort-style swimming pool, a barbecue grilling stations and outdoor lounges with cabanas and fire pits; a state-of-the-art fitness center; dog walk; and bike workroom. SmithGroupJJR is a design consultant for the project, and Sundt Construction Inc. will perform all concrete, civil and utility work. An expected opening for the development has yet to be announced.

January 3, 2017

Multifamily Nevada Student Housing Western

Asset Campus Housing Awarded Management of Three Student Housing Communities

by Nellie Day January 3, 2017

RENO, NEV. AND SAN LUIS OBISPO, CALIF. — Houston-based Asset Campus Housing has been awarded management of three student housing properties located in Nevada, California and Texas. Assets include Sterling Summit, a 709-bed community located near The University of Nevada – Reno; The SLO, a 644-bed community located near Cal Poly and Cuesta College in San Luis Obispo, Calif.; and 34 Hundred, a 675-bed community located near The University of Texas –Tyler. Each property offers community amenities include a swimming pool, tanning area and fitness center.

January 3, 2017

Arizona Industrial Western

REI Completes First U.S. LEED Platinum, Net Zero Energy Distribution Center

by Nellie Day January 3, 2017

GOODYEAR, ARIZ. — REI’s distribution center in Goodyear, Ariz., has achieved LEED (Leadership in Energy and Environmental Design) Platinum certification — the highest level in the U.S. Green Building Council’s (USGBC) green building rating system — making it the first distribution center in the U.S. to achieve both LEED Platinum certification and Net Zero Energy. The facility is the first distribution center to earn Platinum certification in 2016 and, at 400,000 square feet, is the second largest Platinum-certified distribution or warehouse facility in the U.S. REI achieved LEED Platinum certification by implementing sustainable strategies and solutions throughout the building, including a 2.2 megawatt solar energy system, water conservation and restoration systems, eco-friendly building features and a recycling program that reuses 93 percent of the center’s waste. Butler Design Group, Rocky Mountain Institute, Merit Partners Inc., The Renaissance Companies, DMW&H, KNAPP, CBRE and EDF Climate Corps. helped achieve the certification. REI is a specialty outdoor retailer headquartered near Seattle with 149 stores in 36 states.

January 3, 2017

Multifamily New Jersey Northeast Seniors Housing

Walters Group Opens 70-Unit Cornerstone at Barnegat in New Jersey

by Amy Works January 3, 2017

BARNEGAT, N.J. — Walters Group has opened Cornerstone at Barnegat, an age- and income-restricted housing project located at 9 S. Main St. in Barnegat. The three-story building features 70 energy-efficient units in a mix of one- and two-bedroom layouts with balconies. On-site amenities include large gathering areas, fitness center, conference room, computers, outdoor barbecue area, secured access, elevators, and on-site management and maintenance. The property is restricted to residents age 55 or older.

January 3, 2017

Loans New Jersey Northeast Office

KFH Capital Investment Co. Receives $107.3M in Acquisition Financing for Two Riverfront Place in New Jersey

by Amy Works January 3, 2017

NEWARK, N.J. — Kuwait-based KFH Capital Investment Co. has received $107.3 million in financing for the acquisition of Two Riverfront Plaza, a 337,543-square-foot office tower in Newark. James Gunning, Donna Falzarano and Stephen Joseph of CBRE’s Saddle Brook, N.J., office secured the loan, which was provided by Ladder Capital. KFH Capital Investment Co. acquired the 12-story office tower for $165 million. The property is fully occupied by Panasonic Corp. through April 2031. The acquisition was previously announced in early December.

January 3, 2017

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