Property Type

New York REIT, JBG to Merge, Creating $8.4B REIT

by Nellie Day May 26, 2016

NEW YORK CITY — New York REIT (NYSE: NYRT) has agreed to acquire all properties of JBG Cos. and some of its private funds, creating an $8.4 billion real estate investment trust (REIT) named JBG Realty Trust. JBG Realty Trust’s portfolio will span more than 14.5 million square feet of office, residential and retail properties across the gateway markets of New York City and Washington, D.C. The properties are concentrated in transportation-served, urban-infill submarkets. The combined company will be headquartered in Chevy Chase, Md., with a regional office in New York City. JBG has received all required approvals for the transaction from its owners and JBG Fund Advisory Committee members. The board of directors of NYRT has approved the merger agreement and recommended that its stockholders approve the issuance of common stock and operating partnership units in the transaction. JBG Cos. will receive 319.9 million shares of common stock and operating partnership units of NYRT in exchange for the contributed JBG properties. NYRT stockholders will own about 34.8 percent of the combined company’s shares and units, while JBG equity holders will own about 65.2 percent once the deal is complete. The Eastdil Secured group of Wells Fargo Securities acted as …

May 26, 2016

Market Reports Northeast Northeast Market Reports Office Rhode Island

Rhode Island Office Market Sees Positives, Despite Shadow of Superman Building

by Jaime Lackey May 26, 2016

Overall the Rhode Island office market exited 2015 with positive momentum, which resulted in a strong first quarter 2016. While much of the activity is intrastate, it is a sign that local businesses have regained confidence in the overall economy outside of Rhode Island. In Providence, office building conversions to residential apartments continues to drive much of the urban office building demand. The largest of the recent residential conversions include the sale of 95 Chestnut Street (57,000 square feet) and 170 Westminster Street (62,000 square feet), which has resulted in contraction of the Class B Providence office market. In addition, The Rhode Island School of Design’s (RISD) recent expansion/purchase of a 12,000-square-foot office condominium at 123 Dyer Street has also spurred downtown demand. The Providence office market has also been affected by corporate consolidation. Citizens Bank, Bank of America, Textron and Blue Cross have all reduced the size of their footprints in Providence over the past 18 months. As a result, the Providence office market experienced a slight uptick in vacancy rates ending 2015, at about 16.5 percent. In the Jewelry District, three construction projects are well underway. The South Street Landing project is a $220 million dollar renovation of …

May 26, 2016

Market Reports Midwest Midwest Market Reports Retail Wisconsin

From Brews to J. Crew: Retailers Tap Revamped Milwaukee-Area Warehouses

by Christina Cannon May 26, 2016

In real estate, where some see an eyesore, others can sometimes find opportunity. Such was the case with The Mayfair Collection, a new regional shopping center in Wauwatosa, Wis., located approximately 10 miles west of downtown Milwaukee. Just a few years ago, the 69-acre site was filled with old, obsolete industrial buildings that were mostly unoccupied, but the City of Wauwatosa and our firm, Chicago-based HSA Commercial, shared the vision of transforming the vacant industrial park into a vibrant mixed-use community. The project initially involved adaptively repurposing 1 million square feet of warehouse space into a contemporary retail destination that has brought national retailers like Nordstrom Rack and Saks Fifth Avenue OFF 5TH to Wisconsin. The development also has helped launch new national brands such as J. Crew Mercantile and Off/Aisle by Kohl’s. The once-empty industrial structures are now completely transformed into lively shops and restaurants that are drawing customers from all over southeast Wisconsin. Phase I: Find the right mix What historically made the site attractive for industrial use — its highly accessible location, at the interchange with U.S. Highway 45 and Burleigh Street, less than five miles north of Interstate 94 — also made it ideal for retail, …

May 26, 2016

California Loans Multifamily Seniors Housing Western

CBRE Secures $17.1M Acquisition Loan for 54-Unit Assisted Living Community in San Francisco

by Nellie Day May 25, 2016

SAN FRANCISCO — CBRE Multifamily Capital has arranged a $17.1 million Fannie Mae loan for the acquisition of Eden Villa Assisted Living & Memory Care, a 54-unit assisted living and memory care community in San Francisco. A joint venture between Auctus Capital Partners and Och-Ziff Capital Management is purchasing the property from an undisclosed seller. The buyers will bring in Integral Senior Living to manage the property. Following the acquisition, the buyers plan to invest in adding additional units and cosmetic enhancements to the property. Aron Will, executive vice president of CBRE National Senior Housing, arranged the non-recourse, 10-year, fixed-rate loan with 60 months of interest-only payments.

May 25, 2016

California Multifamily Western

Skya, Gelt Buy Highland Park Apartment Complex in Los Angeles for $14.2M

by Nellie Day May 25, 2016

LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.

May 25, 2016

California Multifamily Seniors Housing Western

JCH Arranges Sale of 130-Bed Skilled Nursing Facility Near Los Angeles

by Nellie Day May 25, 2016

LYNWOOD, CALIF. — JCH Senior Housing Group has brokered the sale of Bloomfield East, a 130-bed skilled nursing facility in the Los Angeles submarket of Lynwood, for an undisclosed price. A Los Angeles-based real estate investment company purchased the community from an undisclosed for-profit corporation, and immediately triple-net leased it to a new operator, Reliant Management Group. Shep Roylance, senior vice president with JCH, facilitated both the sale and lease transactions.

May 25, 2016

California Industrial Western

Partners Capital Buys Industrial Building in Compton for $5.7M

by Nellie Day May 25, 2016

COMPTON, CALIF. — Partners Capital has purchased a 51,674-square-foot industrial building in Compton for $5.7 million. The fully occupied facility is located at 510 W. Carob St. It was built in 1974. Remington Moses and Trauger Ralston of Lee & Associates LA/Long Beach represented both the buyer and seller, Create & More LLC, in this transaction. The buyer purchased the property as a sale-leaseback.

May 25, 2016

Life Sciences Loans Massachusetts Northeast Office

Longfellow Real Estate Partners Receives $51M in Financing for Biotech Building in Massachusetts

by Amy Works May 25, 2016

CAMBRIDGE, MASS. — An affiliate of Longfellow Real Estate Partners has received $51 million in recapitalization financing for a laboratory/biotechnology building located at 1030 Massachusetts Ave. in Cambridge. Greg LaBine of HFF placed the five-year, fixed-rate loan with Capital One Healthcare for the borrower. The 77,805-square-foot property is fully leased to seven tenants: five biotech tenants, an indoor cycling studio and a restaurant, which is slated to open in early this summer.

May 25, 2016

Mixed-Use Multifamily New Jersey Northeast Retail

Brunetti Organization to Develop 2,400-Acre Mixed-Use Town Center in New Jersey

by Amy Works May 25, 2016

OLD BRIDGE, N.J. — The Brunetti Organization is developing The Oaks at Glenwood, a 2,400-acre mixed-use town center development in Old Bridge. Construction for the 90,000-square-foot ShopRite supercenter is slated to begin soon, with occupancy of the grocery store and other retail tenants scheduled for summer 2017. ShopRite will anchor the retail portion of the property. Upon completion, the mixed-use property will feature 2,000 residential units and more than 500,000 square feet of retail space. The Goldstein Group is marketing the retail portion of the property.

May 25, 2016

New York Northeast Office

Kinsey Capital Negotiates $38.2M Acquisition of 29,162 SF Office Property in Manhattan

by Amy Works May 25, 2016

NEW YORK CITY — Kinsey Capital has arranged the acquisition of an office property located at 4-6 E. 34th St. in Manhattan’s NoMad neighborhood. An affiliate of Caerus Group acquired the 29,162-square-foot property from the Zionist Organization of America for $38.2 million, or $1,312 per square foot. The property also features air rights to allow for a total of 52,300 square feet. Brent Glodowski of Kinsey Capital represented the buyer, while CBRE represented the seller.

May 25, 2016

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