PORT ARTHUR, TEXAS — Agree Realty Corp. has acquired an 84,584-square-foot, net-leased retail property located in Port Arthur. The fully occupied center was renovated in 2014 and is home to tenants including Hobby Lobby, Party City and PetSmart. Ryan West and Matt Berry of HFF represented the seller, Baker Katz, in the transaction.
AUSTIN, TEXAS — Hunter Hotel Advisors has arranged the sale of two hotels in Austin: the 80-room StayBridge Suites Austin Northwest, and the 82-room Fairfield Inn & Suites Austin Northwest. Hunter Hotel’s Los Angeles office represented the seller, Excel Hotel Group, in both transactions. The buyer of both assets was an unnamed opportunity fund based in New York. The buyer plans to invest $1 million in the Staybridge Suites hotel, which was built in 2009. The Fairfield Inn was built in 2014. Hunter’s Los Angeles office arranged the sale of six hotels in the third quarter and has at least five sales scheduled to close this quarter.
SAN DIEGO — An affiliate of Alexandria Real Estate Equities Inc. (NYSE: ARE), an urban office REIT based in Pasadena, Calif., has purchased Torrey Ridge Science Center in San Diego’s Torrey Pines submarket. Walton Street Capital and SteelWave sold the campus to Alexandria for $182.5 million. Torrey Ridge Science Center is a Class A life science campus leased to companies such as Regulus Therapeutics, Pacira Pharmaceuticals, Nitto BioPharma, Interpreta and BP Technology Ventures. The three-building, 291,799-square-foot campus was 87 percent leased at the time of sale. “This was a highly strategic acquisition for Alexandria in Torrey Pines, one of our core San Diego submarkets,” says Daniel Ryan, executive vice president and regional market director of San Diego for Alexandria Real Estate Equities. Located at 10578, 10614 and 10628 Science Center Drive, Torrey Ridge Science Center was built in 2004 and since 2012 the sellers invested $55 million in base building and tenant improvements. The renovations included upgrading common areas, signage and landscaping, as well as creating a new dedicated central plant and adding chilled water systems for each building. The campus also features newly built tenant amenities including a fitness center, conference center and Wich Addiction café. “The Torrey Ridge …
NEW ORLEANS — The 14th annual National Multifamily Housing Council (NMHC) Student Housing Conference & Exposition was held Sept. 28-30 at the New Orleans Marriott in Louisiana, with over 700 leaders from all facets of the sector convening to network, discuss and dine over a range of industry topics. The outlook throughout the conference was overwhelmingly bright. Each panel and session showed the sector to be robust, with reports of rising rental rates, a record year in asset sales in the sector, and increasing investor interest and capital entering the student housing market. The conference began on Wednesday, Sept. 28, with opening remarks by NMHC president Doug Bibby, followed by a panel titled “Keeping Count: The Public Company Perspective.” Led by CEO of Peak Campus Bob Clark, the panel went in-depth with the CEOs of the two public REITs in the industry — Bill Bayless, president and CEO of American Campus Communities (ACC), and Randy Churchey, chairman and CEO of Education Realty Trust (EdR). Clark began the panel with a variety of statistics on the sector today, as reported by Axiometrics. New supply deliveries for the last five years have been 61,000-beds in 2013; 62,000-beds in 2014; 47,000-beds in 2015; 48,000-beds in 2016; and 36,000 …
It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, punctuated by a handful of larger deals that have taken place. The higher profile moves include Detroit-based auto lender and bank holding company Ally Financial taking approximately 320,0000 square feet on 13 floors at One Detroit Center, now known as the Ally Detroit Center. A number of law firms have inked leasing deals. For example, longtime Detroit tenant Miller, Canfield, Paddock and Stone PLC renewed its lease at 150 W. Jefferson, a 25-story skyscraper formerly known as the Madden Building, where the law firm occupies approximately 97,000 square feet. Southfield, Mich.-based Redico LLC recently acquired the 500,000-square-foot tower, built in 1989, from Piedmont Office Realty Trust for $81.5 million. While leasing activity is strong in the central business district (CBD) — driven in …
HAPPY VALLEY, ORE. — MG Properties Group has purchased the 390-unit Green Leaf Monterey Apartments in the Portland suburb of Happy Valley for $76 million. The community is located at 8640 S.E. Causey Ave. The 11.8-acre site is near the Clackamas Town Center. Green Leaf Monterey has been continually upgraded over the past few years. Tyler Johnson, Cody Hagerman, Greg Frick and Rob Marton of HFO Investment Real Estate executed the sale. The seller was Green Leaf Partners.
SEATTLE — R.C. Hedreen Co. and an affiliate of Hyatt Hotels Corp. have entered into a management agreement to develop a 1,260-room Hyatt Regency hotel in Seattle. The hotel will be situated at 8th and 9th avenues, between Stewart and Howell streets, in the Denny Triangle neighborhood. The new Hyatt will include more than 100,000 square feet of flexible meeting and event facilities, multiple food and beverage outlets, and a Regency Club lounge. The hotel will be in close proximity to the Washington State Convention Center, Pike Place Market, the Space Needle and the Seattle Aquarium. The full-service hotel is expected to open in mid-2018. R.C. Hedreen Co. currently owns Grand Hyatt Seattle and Hyatt at Olive 8.
PALM DESERT, CALIF. — Ashford Hospitality Trust has sold a two-hotel portfolio in Palm Desert for $36 million. The transaction includes the 151-room Courtyard Palm Desert and the 130-room Residence Inn Palm Desert. The portfolio achieved RevPAR (revenue per available room) of $92 with an occupancy rate of 74 percent and ADR (average daily rate) of $123. The portfolio also had an existing debt balance of about $24 million that was assumed by the buyer.
LOS ANGELES — Bold Films has announced plans to relocate its headquarters to the new Hollywood 959 creative entertainment campus. The campus is located at 959 N. Seward St. in the Hollywood Media District. Bold Films has leased 15,000 square feet in the five-story West Wing building. The independent entertainment production and finance company has worked on films such as “Nightcrawler,” “Whiplash” and “Drive.” JH Snyder Company developed and built Hollywood 959 this past March. The campus includes 245,000 square feet of creative office space in two wings. Greg Frankovich of Newmark Grubb Knight Frank represented Bold Films in the transaction. Michael Geller of First Property represented JH Snyder.
LAS VEGAS — Burke Construction Group has completed construction on an expanded warehouse facility for the Frito Lay Las Vegas Distribution Center. The center is located at 1209 Trade Drive. The 30,000-square-foot addition will allow Frito Lay to expand its existing warehouse facility. The space was built directly adjacent to the active warehouse, creating one common warehouse space. William E. Franz designed the property. Burke built the space on behalf of Con-Real LP.
