Property Type

MJM Group to Develop $20M Marriott-Branded Hotel in Charlotte

by John Nelson July 18, 2016

CHARLOTTE, N.C. — MJM Group plans to develop a new Residence Inn by Marriott-Charlotte/Steele Creek in Charlotte. The $20 million hotel will be situated at the intersection of Dixie River Road and Trojan Drive in Charlotte’s Steele Creek submarket. The 82,000-square-foot property will span 120 rooms and feature an outdoor swimming pool, outdoor living area, meeting space and a fitness center. The project team includes St. Louis-based architect Gray Design and civil engineer Stimmel Associates. Raleigh-based MJM Group has selected St. Louis-based Midas Hospitality to manage the hotel upon completion, which is set for late 2017. Chris Thomas of Childress Klein represented the seller in the land transaction. Kurt Schoenhoff of Selwyn Property Group represented MJM Group, which has developed several Marriott-branded hotels in North Carolina including the dual-branded Residence Inn and Fairfield Inn & Suites by Marriott Charlotte Airport and the Courtyard by Marriott at Triangle Town Center-North Raleigh.

July 18, 2016

Life Sciences Loans Massachusetts Northeast Office Top Stories

Senior Housing Properties Trust Secures $620M Loan for Life Sciences Buildings in Boston

by Nellie Day July 18, 2016

BOSTON — Senior Housing Properties Trust (NYSE: SNH) has obtained a $620 million mortgage loan for two life sciences buildings in Boston’s Seaport District. The 15-story, Class A towers include 1.6 million square feet of lab space, corporate office space, structured parking and ground-floor retail space. SNH purchased the towers in May 2014 for $1.1 billion. They are 96 percent leased to Vertex Pharmaceuticals through 2028. Vertex is the manufacturer of hepatitis C and cystic fibrosis pharmaceutical treatments. The 10-year loan is interest-only, carries a fixed interest rate of 3.53 percent and matures in August 2026. SNH will use the loan proceeds to repay a portion of the outstanding borrowings under the company’s $1 billion unsecured revolving credit facility, as well as for general business purposes. Following the repayment, there will be approximately $900 million available under SNH’s unsecured revolving credit facility. “We are pleased to take advantage of the current low interest rate environment to term out the majority of the outstanding balance on our unsecured revolving credit facility and to extend the average maturity of our debt to 8.9 years,” says David Hegarty, SNH’s president and chief operating officer. “We believe that this transaction also highlights the value …

July 18, 2016

Industrial Texas

Lee & Associates Negotiates 126,882 SF Industrial Lease Renewal in Carrollton

by Haisten Willis July 18, 2016

CARROLLTON, TEXAS — Lee & Associates has completed a lease renewal for a 126,882-square-foot industrial space located at 1440 Lemay Drive in Carrollton. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, Evergreen Industrial Properties. Greg Nelson and Conrad Madsen with Paladin Partners represented the tenant, Hilex Poly Co.

July 18, 2016

Georgia Multifamily Southeast

Atlanta’s Growth Puts Pressure on Affordable Rental Housing

by John Nelson July 18, 2016

With Atlanta’s recent growth in population and workforce, the city has all the attributes of a strong multifamily market. Last year saw peaks in all major metrics: occupancy, absorption and rent. With no end in sight for either trend, developers and investors have focused on urban submarkets — leaving a dearth of inventory in the suburbs and looming questions. Can Atlanta continue to provide affordable communities for its growing middle class or is a housing shortage imminent? A Balancing Act Development has always been a balancing act between the availability of land/zoning, construction costs and the rents a new property can demand. In recent years, almost all new apartment construction has been in high density “urban core” locations. Today, urban locations have matured and are commanding the highest rents in the market due to fundamental changes in perceptions of urban living. Steep rents help offset high construction costs and developers often find more receptive audiences during their zoning hearings in urban areas. While there are pockets of new development in suburban “core” markets, the low levels of activity in the last 10 years don’t compare to Atlanta’s past. For this reason alone, expect to see a long period of rental …

July 18, 2016

Industrial Texas

Bob Moore Construction Breaks Ground on 610,000 SF Distribution Center in Arlington

by Haisten Willis July 15, 2016

ARLINGTON, TEXAS — Bob Moore Construction has broken ground on a 610,000-square-foot distribution center for TTI Inc. in Fort Worth’s Mercantile Center Business Park. The new TTI facility will house the company’s North American warehouse, assembly and distribution facilities. The space will feature conveyors, pick modules, racking systems and a three-level carousel platform. The building will provide space for office and employee facilities and will include a gym and multiple break areas. The building will be built with tilt-up construction and the entire facility, including the distribution area, will be heated and air-conditioned by a central plant to maintain consistent temperature throughout the building. The property will also include 500 employee parking spaces.

July 15, 2016

California Retail Western

ArcWest Partners Acquires 50,000 SF Historic Retail Center in Los Angeles

by Nellie Day July 15, 2016

LOS ANGELES — ArcWest Partners, a joint venture between Arc Capital Partners and Belay Investment Group, has acquired Chapman Plaza, a historic retail center in Los Angeles’s Koreatown, for an undisclosed sum. Originally opened in 1929 and renovated in 1990, the property is anchored by Baekjeong and Quarters, two Korean-barbeque restaurants. Ben Wagner of CBRE worked with Thorofare Capital and DoubleLine Capital to arrange for bridge acquisition and renovation financing. Jay Chu and Ryan Yatman of Secured Properties advised the buyer and seller in an off-market basis. The names of the seller and buyer were not released.

July 15, 2016

California Multifamily Seniors Housing Western

JCH Arranges $13.1M Sale of Skilled Nursing Facility in California

by Nellie Day July 15, 2016

RIVERSIDE, CALIF. — JCH Consulting Group has arranged the sale of a skilled nursing facility in the Los Angeles suburb of Riverside for $13.1 million. Built in 1969, the facility features 188 beds, resulting in a sale price of $69,680 per bed. The community was 60 percent occupied at the time of sale The buyer was a California owner-operator, and the seller was a regional operator. Shep Roylance was the lead agent on the transaction.

July 15, 2016

Arizona Retail Western

Orion Investment Arranges $2M Sale of Red Devil Center in Tempe

by Nellie Day July 15, 2016

TEMPE ARIZ. — Orion Investment Real Estate has arranged the $2 million sale of Red Devil Center, an 18,170-square-foot shopping center located near Arizona State University in Tempe. Fry’s Food Store shadow-anchors the property, which was 81 percent occupied at the time of sale by tenants including H&R Block, Red Devil Italian Restaurant and Trophy Den. Derek Buescher of Orion represented the seller, John A. Teberg Trust, in the sale of the property to Norte Land Holdings LLC.

July 15, 2016

California Retail Western

High-Street Retail Property Trades Hands on Rodeo Drive in Los Angeles

by Nellie Day July 15, 2016

LOS ANGELES — A property occupied by fashion house Bijan has traded hands on Rodeo Drive in Los Angeles. An undisclosed investor acquired the property, located at 420 N. Rodeo Drive, in an all-cash transaction. Bijan has operated at the property for more than 40 years, and is the longest standing privately owned designer house on Rodeo Drive. Marc Schillinger, Bryan Ley and Bill Fishel of HFF represented the undisclosed seller in the transaction.

July 15, 2016

California Retail Western

Dunkin’ Donuts Plans 8 New Restaurants in Los Angeles

by Nellie Day July 15, 2016

LOS ANGELES — Dunkin’ Donuts has signed a development agreement with Precision Hospitality & Development to develop eight new restaurants in Los Angeles. The first restaurant is planned to open in 2018. This agreement closes out the company’s first wave of franchise commitments since announcing the state would be open for franchise sales in January 2013. In 2014, Precision Hospitality & Development signed a store development agreement to open 10 Dunkin’ Donuts restaurants in South Orange County and surrounding cities. The group already has two restaurant locations open in Laguna Hills and Irvine, with plans to open a multi-brand restaurant with sister-brand Baskin-Robbins this fall in Foothill Ranch.

July 15, 2016

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