Property Type

Second City Real Estate Sells Four-Building Office Asset in Syracuse for $15.8M

by Amy Works June 22, 2016

SYRACUSE, N.Y. — Second City Real Estate has completed the sale of Salina Meadows, a four-building office property located at 200, 220 and 231 Salina Meadows Parkway and 301 Plainfield Road in Syracuse. A local investor acquired the 239,320-square-foot Class A office park for $15.8 million. At the time of sale, the office park was 85.2 percent leased to a variety of tenants, including Traveler’s Indemnity Co., Mutual of Omaha Insurance Co., Walgreen Co. and Acadia Insurance Co. Rob Rizzi, Jose Cruz, Kevin O’Hearn, David Fowler and Michael Oliver of HFF represented the seller in the transaction.

June 22, 2016

Industrial Massachusetts Northeast

CBRE/NE Arranges $10.35M Sale of Industrial Facility in Massachusetts

by Amy Works June 22, 2016

DEVENS, MASS. — CBRE/New England has arranged the sale of an industrial facility located at 36 Saratoga Blvd. in Devens. Cabot Properties acquired the 162,000-square-foot facility from J.G. Petrucci Co. for $10.35 million. Developed in 1999, the property was fully occupied at the time of acquisition. Bob Gibson, Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer.

June 22, 2016

Connecticut Northeast Office

Angel Commercial Brokers $2.9M Sale of Office Building in Connecticut

by Amy Works June 22, 2016

FAIRFIELD, CONN. — Angel Commercial has arranged the sale of a commercial office building located at 418 Meadow St. in Fairfield. Milford, Conn.-based Julian Enterprises acquired the 24,866-square-foot building from BAO Partners for $2.9 million. Situated on 1.05 acres, the building features 24,866 square feet of office space. Brett Sherman of Angel Commercial represented the seller, while Lester Fradkoff of Angel Commercial represented the buyer.

June 22, 2016

District of Columbia Loans Mixed-Use Office Retail Southeast Top Stories

KeyBank, Walton Street Originate $196M Refinancing for The Atlantic Building in D.C.

by Haisten Willis June 22, 2016

WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …

June 22, 2016

Features Retail Top Stories

Wave of Store Closures Presents Opportunity to Reimagine Retail Spaces

by Christina Cannon June 22, 2016

The recent move by several national retail chains to close hundreds of their stores across the country creates a tremendous opportunity for shopping center owners, developers, communities and design professionals. This is a nationwide trend that reflects a shift in how we are shopping and living today. Property owners around the country are evaluating what to do with these empty big boxes. In years past, if a large retailer couldn’t be found, the space would be divided into two or three smaller retail spaces. This remains a viable option today in some cases. Expanding retailers with a store footprint of 10,000 to 20,000 square feet are also attracted to these locations. Breaking down the large boxes to mid-size footprints creates an opportunity for expanding retailers to open a new store in an established, mature location. However, with more cities encouraging mixed-use and vertical developments, owners are studying options to break out of the confines of the enclosed mall to create a multi-use environment. Such developments might include residential, hotel, shopping, dining and office uses, much like what is found on the vibrant streets of the world’s greatest cities. This forward thinking is redefining shopping centers and big-box retail spaces across …

June 22, 2016

Market Reports New York Northeast Northeast Market Reports Retail

In NYC, High Retail Rents Still an Issue, but e-Commerce May Loom Larger

by Jaime Lackey June 22, 2016

Although it would appear that retail landlords in New York City are reaping the benefit of high rents — and many are, if they bought at the right time — demand has declined and leasing velocity has slowed, mostly due to inflated landlord expectations, tenant hesitancy and increased supply from tenant defaults. Yes, the Manhattan retail leasing market has softened, but not enough to significantly reduce historically high asking rents. For example, the fourth quarter of 2015 saw ground-floor average asking rent decreasing in the majority of the major corridors over the second quarter 2015. Fifth Avenue, from 49th to 59th, saw an 8 percent decrease; Madison, from 57th to 72nd, saw a 5 percent decrease; West 34th Street, from Fifth to Seventh avenues, saw a 16 percent decrease; and Broadway, from Houston to Broome, saw a 15 percent decrease. The corridors which saw rent increases were modest compared to the rises we saw in early 2015 and 2014. While this is in part due to increasing supply, an adjustment in landlord expectations is having the greatest impact. High rates of default and eviction have plagued New York City for years, mostly due to inexperienced tenants relying on unrealistic revenue …

June 22, 2016

California Office Western

Align Real Estate Buys Comcast Office Center in Livermore for $59M

by Nellie Day June 21, 2016

LIVERMORE, CALIF. — Align Real Estate has acquired Comcast Office Center, 219,631-square-foot office campus in Livermore, for $59 million. The three-building campus serves as the regional headquarters for Comcast. The space is located at 3011, 3055 and 3077 Comcast Place in the Tri-Valley region of the greater San Francisco Bay Area. Comcast Office Center features outdoor seating, and volleyball and basketball courts. HFF’s Michael Leggett, Scott Pertel and Gerry Rohm represented the buyer and seller, Gramercy Property Trust, in this transaction.

June 21, 2016

Arizona Industrial Western

BKM Capital Partners Purchases Tempe Commerce Park for $58M

by Nellie Day June 21, 2016

TEMPE, ARIZ. — BKM Capital Partners has purchased Tempe Commerce Park, a 535,976-square-foot industrial asset in Tempe, for $58 million. The five-building park is located at 7410-7419 S. Roosevelt. Tempe Commerce Park was purchased at 30 percent below replacement costs. It is currently fully occupied. The asset was acquired through BKM Industrial Value Fund I L.P. JLL’s Mark Detmer and Bo Miles represented the seller, Invesco, which sold the asset on behalf of its client, Ohio Police and Fire.

June 21, 2016

Arizona Multifamily Western

Continental Realty Advisors Acquires Courtney Village Apartments in Phoenix for $45.5M

by Nellie Day June 21, 2016

PHOENIX — Continental Realty Advisors has purchased the 368-unit Courtney Village apartment complex in Phoenix for $45.5 million. The community is located at 4848 E. Roosevelt St. Courtney Village was built in 2002. It includes two resort-style pools, a spa, 24-hour fitness center, gated access and dog park. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Passco, in this transaction.

June 21, 2016

California Multifamily Western

Patio Gardens Apartment Complex in Long Beach Sells for $35.3M

by Nellie Day June 21, 2016

LONG BEACH, CALIF. — Jaison Robinson has purchased the 127-unit Patio Gardens in Long Beach for $35.3 million. The community is located at 4874 E. Los Coyotes Diagonal in the Traffic Circle neighborhood. Patio Gardens is situated on nearly six acres that front Los Coyotes Diagonal. It is also less than two miles from California State University of Long Beach, and three miles from the Belmont Shore neighborhood. The property was built in 1958. It contains 19 two-story buildings. The purchase allowed Robinson to complete a 1031 exchange. Robert Stepp of Stepp Commercial represented Robinson in both transactions. Gregory Harris of Marcus & Millichap represented the seller, Patio Gardens LLC, in this transaction.

June 21, 2016

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