Property Type

Starwood Hotels Considers Terminating Merger with Marriott in Favor of $13.2B Proposal from Anbang

by Christina Cannon March 18, 2016

STAMFORD, CONN. — Starwood Hotels & Resorts Worldwide Inc. is considering terminating its planned acquisition by Marriott in light of a new offer from a Chinese-led joint venture. Beijing-based Anbang Insurance Group is leading the new offer of $13.2 billion, which includes investment from J.C. Flowers & Co. and Primavera Capital Limited. The joint venture is collectively known as Anbang Consortium. Starwood, which is based in Stamford, said that the Anbang bid is a superior proposal to the price tag that Marriott agreed to pay in November. Marriott’s cash-and-stock proposal was valued at $68.06 per share, or $13.06 billion as of Thursday’s closing price, according to The Wall Street Journal. Anbang Consortium would pay $78 per share, an increase from the $76 per share proposal it made on March 10. Click here to read the details on the initial Marriott offer. Marriott has until March 28 to make a counter offer to Starwood, and has stated that it “continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers the best value to Starwood shareholders.” Under the terms of the original merger agreement, Starwood, which owns the Westin, St. Regis, Sheraton and W hotel …

March 18, 2016

Market Reports Restaurant Retail Texas Texas Market Reports

Retail, Restaurant Activity in The Woodlands is Robust and Continues to Grow

by Haisten Willis March 18, 2016

Retail and restaurant activity is strong in Houston. The Woodlands, an award-winning master planned community located 27 miles north of downtown Houston, has defied the negative impact of the oil and gas market by staying extremely solid with high occupancy and strong rents. Both retail and restaurants have seen robust growth. “Despite reports of Houston’s economic slowdown, the retail market isn’t fazed by the dropping oil prices,” says CBRE’s Houston retail research report for third quarter 2015. “In fact, construction has increased, national retailers are bullish on the Bayou City and five years of the strongest population gains in the nation are driving healthy retail growth.” Retail occupancy in the Far North sector, including The Woodlands, remains at approximately 94 percent for the third quarter of 2015, according to CBRE. Suburban Expansion While traffic in the Houston area continues to become congested, suburban cities such as The Woodlands offer shoppers and diners almost all of their retail needs within the walls of the community. Residents are finding no reason to leave. Retail in Houston and The Woodlands is limited by supply. As quickly as construction begins on new retail sites, preleasing occurs. “Fortunately, there is currently 2.6 million square feet …

March 18, 2016

Mixed-Use New York Northeast Office Retail

Howard Hughes Corp. Completes $390M Sale of Lower Manhattan Development Site

by Amy Works March 17, 2016

NEW YORK CITY — The Howard Hughes Corp. has completed the sale of a development site located at 80 South St. in Lower Manhattan. China Oceanwide Holdings acquired the 42,694-square-foot lot for $390 million. Adjacent to the revitalized Seaport District, the site is capable of supporting 817,784 square feet of fully entitled development rights. The newly repositioned Seaport District will encompass seven buildings on several city blocks totaling more than 365,000 square feet of dining, shopping, entertainment and cultural event space.

March 17, 2016

Bridge-Point-South-Brunswick-Manor-South-Brunswick-NJ

Industrial New Jersey Northeast

Bridge Development Partners to Develop 488,800 SF Industrial Facility in New Jersey

by Amy Works March 17, 2016

SOUTH BRUNSWICK, N.J. — Bridge Development Partners is developing Bridge Point South Brunswick Manor, a speculative industrial distribution facility in South Brunswick. Situated on 35 acres, the 488,800-square-foot facility will feature 36-foot clear ceiling heights; 98 truck dock positions; two drive-in doors; an ESFR fire protection sprinkler system; and 800-amp, 277/480-volt electrical service. Additionally, the property will feature a parking lot with 100 spaces for cars and 85 spaces for trailers. Premier Design + Build is serving as general contractor for the building, which is slated for delivery in third quarter 2016.

March 17, 2016

New York Northeast Office

Eastern Consolidated Negotiates $13M Sale of Vacant Building in Manhattan

by Amy Works March 17, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a vacant building located at 216 Bowery in Manhattan. The 25-foot wide, 4,900-square-foot property sold for $13 million, or $2,653 per square foot. The property is located within the Little Italy Special District and is a short walk to multiple subway lines, including the J and Z at Bowery and Delancey Street, the 6 at Spring and Lafayette streets, the F at Second Avenue and East Houston, and the N and R at Broadway and Prince Street. Adelaide Polsinelli of Eastern Consolidated represented the buyer, an owner-user, and the seller, an out-of-state owner-user, in the transaction.

March 17, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Brokers $11M Sale of Two Buildings in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of two buildings, located at 706-764 Manhattan Ave. in Brooklyn’s Greenpoint neighborhood. Agmine Corp. acquired the assets, which are located on the same tax lot, for $11 million, or $709 per square foot. 764 Manhattan Avenue is a mixed-use building offering four retail units and nine residential units, and 760 Manhattan Avenue features two stories of commercial space, with RadioShack occupying the ground-floor unit. Combined, the properties offer 15,500 square feet of commercial and residential space. Brendan Maddigan of Cushman & Wakefield represented the seller, the Hazelwood family, in the transaction.

March 17, 2016

New York Northeast Office

GFI Realty Arranges $3.4M Sale of Office Building in Brooklyn

by Amy Works March 17, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an office building located at 2571 E. 17th St. in Brooklyn’s Sheepshead Bay section. Vasco Ventures acquired the asset from a local investor for $3.4 million. The three-story 13,014-square-foot building was vacant at the time of sale. Erik Yankelovich of GFI Realty Services represented the seller and buyer in the transaction.

March 17, 2016

New Jersey Northeast Office

Tabula Rasa HealthCare Leases 74,565 SF at Moorestown Corporate Center in New Jersey

by Amy Works March 17, 2016

MOORESTOWN, N.J. — Tabula Rasa HealthCare has signed a lease for 74,565 square feet of office space at Moorestown Corporate Center on Route 38 in Moorestown. The healthcare technology company provides specific, data-driven technology and solutions for healthcare organizations. The three-building, 223,000-square-foot office park is owned by Keystone Property Group. Brian Saggiomo of CBRE represented the tenant, while Scott Paymer provided in-house representation for the landlord in the transaction.

March 17, 2016

Loans Multifamily Texas

LMI Capital Secures Three Multifamily Loans Totaling $15M in Houston

by Haisten Willis March 17, 2016

HOUSTON — Jamie Safier of LMI Capital has procured financing of $15 million for the acquisition of three garden-style multifamily communities in Houston. The first transaction is a five-year, 75 percent leverage loan with a national bank for a 120-unit asset in east Houston. The terms of the first mortgage include a fixed interest rate of 3.7 percent and a flexible prepayment structure. Safier secured the note on behalf of a first-time buyer. The second transaction is a five-year, 5.5 percent loan for a 50-unit asset in the Greater Inwood submarket. The first mortgage includes a one-year interest-only period to facilitate the borrower’s capital improvements plan. The third transaction is a five-year loan for a 135-unit asset in the Clear Lake submarket. The non-recourse first lien features a 5 percent fixed interest rate, flexible prepayment and two years of interest-only payments. The proceeds included a significant rehab component for the borrower to draw upon for planned renovations. In addition, the borrower can obtain additional proceeds after closing in the form of an earnout, subject to specific performance thresholds.

March 17, 2016

Multifamily Texas

JPI Sells 360-Unit Apartment Community, Opens New Complex in Metro Dallas

by Haisten Willis March 17, 2016

RICHARDSON AND DALLAS, TEXAS — JPI, a developer, builder and investment manager of Class A multifamily assets, has sold the 30-acre Jefferson Center development in Richardson. In addition to the sale, JPI has opened another Jefferson project known as South Side Flats by Jefferson. The project is a 290-unit apartment community sitting on 3.9 acres in the South Side neighborhood of Dallas. South Side Flats is a joint venture between JPI and landowner Matthews Southwest, as well as a partnership with the City of Dallas and Dallas County. Residents are within walking distance of the Dallas Farmer’s Market, Alamo Drafthouse, South Side Ballroom and Soda Bar. South Side Flats includes 22 one- and two-bedroom open floor plans as well as live-work studios with views of Downtown Dallas. Amenities include 10-foot and 14-foot ceilings, kitchens with islands and granite countertops, private balconies, washers and dryers, electronic key systems and a parking garage.

March 17, 2016

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