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HospitalitySoutheastTop StoriesVirginiaWestern

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

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District of ColumbiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

D.C. Multifamily Market Absorbing Massive Amount of New Supply

by John Nelson

Over the last year, metropolitan Washington, D.C.’s multifamily market has seen staggering amounts of new construction deliver, with net absorption levels that have surpassed all expectations. This is likely a result of similarly unexpected rates of job growth in the area and the remarkable resiliency of the metro D.C. economy as a whole. Among the major metropolitan markets around the country, metro D.C. — with the sense of permanence lent by the presence of the federal government — has historically been the most stable year to year, making it one of the safest bets for investors. Yet, given the massive amount of supply in the pipeline in recent years, the multifamily market has suffered a degree of hesitancy from investors fearing supply would outpace demand. However, this trend has reversed in the last 12 months, during which a record-setting 13,800 Class A multifamily units were absorbed. That figure jumps to 16,484 with Class B product in the mix. For all investment-grade apartments, stabilized vacancy has dropped 50 basis points to 3.7 percent. Class B units in particular have experienced excellent rent growth, rising 3 percent annually, while Class A maintains a growth rate of between 1 and 2 percent. Although …

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70-Hudson-St-Jersey-City-NJ
New JerseyNortheastOffice

Gramercy Property Trust Sells Two Hudson Street Properties in Jersey City for $299M

by Amy Works

JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.

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1125-S-Market-St-Mechanicsburg-PA
IndustrialNortheastPennsylvania

The Hampshire Companies Sells 596,703 SF Industrial Building in Pennsylvania

by Amy Works

MECHANICSBURG, PA. — The Hampshire Companies has completed the disposition of a 596,703-square-foot industrial building located at 1225 S. Market St. in Mechanicsburg. Allen Distribution acquired the property for an undisclosed price. Situated on more than 100 acres, the property features ceiling heights ranging from 16 feet to 30 feet, 58 loading doors, one drive-in door, 747 car parking spots and 24 trailer stalls. Additional features include a fire suppression system, office-chiller air handler HVAC system, warehouse rooftop cooling units, gas-fired heating air rotation units, on-site helicopter pad and power sub-station. At the time of sale, the property was 65 percent occupied with an available 205,858 square feet of vacancy. Gerard Blinebury, Marie Connell and Samantha Kennedy of Cushman & Wakefield brokered the transaction.

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337-W-36th-St-NYC
HospitalityNew YorkNortheast

McSam Hotel Group Breaks Ground on 89-Room Choice Hotel in Manhattan

by Amy Works

NEW YORK CITY — McSam Hotel Group, as developer, has broken ground for a 25,000-square-foot Choice Hotel at 337 W. 36th St. in Manhattan. Designed by Gene Kaufman Architect, the 23-story, 89-room hotel is rising on a site that is only 25 feet wide. The hotel will feature a stone base, brick façade and penthouse with an angled mirror-and-glass front.

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One-Palmer-Ter-Carlstadt-NJ
IndustrialNew JerseyNortheast

NAI Hanson Brokers Sale of 53,152 SF Industrial Building in New Jersey

by Amy Works

CARLSTADT, N.J. — NAI James E. Hanson has arranged the sale of a newly constructed 53,152-square-foot industrial building in Carlstadt. Loftex Logistics LLC, a Chinese textile company, acquired the property from Sitex Group for an undisclosed price. Located at One Palmer Terrace, the warehouse features 32-foot clear ceiling heights, 52-foot by 60-foot column space, five loading docks with 30,000-pound capacity levelers and one drive-in door. Additionally, the facility features state-of-the-art energy-efficient T-5 fluorescent lighting, 41 on-site parking spaces, a 130-foot truck court with a 60-foot concrete apron. Loftex Logistics plans to use the property as its first fulfillment and distribution center in the United States. Tom Vetter and Jeff DeMagistris of NAI James E. Hanson represented the seller, while Century 21 New Beginnings Realty represented the buyer in the transaction.

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The-Carlyle-Hackensack-NJ
LoansMultifamilyNew JerseyNortheast

Cronheim Mortgage Secures $18M Loan for New Jersey Multifamily Property

by Amy Works

HACKENSACK, N.J. — Cronheim Mortgage has arranged $18 million in financing for The Carlyle, an apartment building located in Hackensack. Constructed in 1976, the 13-story property features 128 residential units. Andrew Stewart and Allison Moravec of Cronheim secured the financing, which features a three-year fixed rate. The name of the borrower was not released.

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Parkside-at-Firewheel
MultifamilyTexas

Waterton Acquires Parkside at Firewheel Apartments in Garland

by Haisten Willis

GARLAND, TEXAS — Waterton, a real estate investor and operator, has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland. Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers access to nearby employment centers including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson. Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area. When the community was built, 30 percent of the units in each phase were finished with a higher-quality interior package that includes hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70 percent of units to offer a similar level of finishes.

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IndustrialTexas

IPA Negotiates Sale of Development Site in Metro Dallas

by Haisten Willis

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap serving institutional and major private real estate investors, has negotiated the sale of a 30-acre development site along State Highway 121/U.S. Highway 75 corridor in McKinney. The site is located at 5401 Collin McKinney Parkway, one block north of State Highway 121, two miles west of Highway 75 and east of the Dallas North Tollway. The site is adjacent to the master-planned Craig Ranch community.

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RestaurantRetailTexas

M&M Arranges Sale of Golden Corral in Austin

by Haisten Willis

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of a 14,039-square-foot net-leased Golden Corral located at 12509 N. Lamar Blvd. in Austin. Douglas Diffie and Bruce Bentley III of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a limited liability company. The Mansour Group in Marcus & Millichap’s San Diego office represented the buyer, an out-of-state private investor. Built in 2010, Golden Corral is situated on 2.8 acres.

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