Property Type

Paramount Completes $850M Refinancing of 1.8 MSF Office Building in Manhattan

by Jeff Shaw October 12, 2016

NEW YORK CITY — Paramount Group Inc. (NYSE: PGRE) has received an $850 million refinancing for 1301 Avenue of the Americas, a 1.8 million-square-foot trophy office building located between 52nd and 53rd streets in Midtown Manhattan. The 45-story office tower includes 30,000 square feet of ground-floor and concourse-level retail space. The property also features in-building access to Rockefeller Center and views of Central Park. Cushman & Wakefield arranged the five-year, interest-only loan, which matures in October 2021 and has two one-year extension options. The net proceeds from the financing were used to repay the company’s 2017 debt maturities at 900 Third Avenue in Manhattan and Waterview in Washington, D.C. Paramount plans to use the remaining proceeds to help fund the previously announced acquisition of One Front Street in San Francisco, which is expected to close by the end of the year. “By capitalizing on today’s attractive credit markets for our high-quality, Class A assets, we strengthen our balance sheet and fortify our position in the market,” says Albert Behler, chairman, CEO and president of Paramount. “Over the past 10 months, we have successfully financed over $2.35 billion of debt at attractive rates,” adds Wilbur Paes, chief financial officer of Paramount. …

October 12, 2016

Hawaii Mixed-Use Western

Salem Partners to Build $700M Mixed-Use Tower in Honolulu

by Nellie Day October 11, 2016

HONOLULU — The Honolulu City Council has approved Salem Partners’ plan to develop a 36-story mixed-use tower in Honolulu. The $700 million project will be situated across from the Convention Center. Named Mana`olana Place, this will be the first project in the city’s newly adopted Ala Moana transit-oriented district. The tower will feature 505,000 square feet that will house a 125-room ultra-luxury hotel, 109 condominiums, about 12,500 square feet of retail and dining, a large public plaza and gardens. Construction is expected to start in 2017 for completion in 2020. Mana`olana Place will create a pedestrian-friendly environment with street frontages leading to the public plaza at the corner of Kapiolani Boulevard and Atkinson Drive.

October 11, 2016

Office Oregon Western

The Specht Company Sells Beaverton Creek Business Park for $51.1M

by Nellie Day October 11, 2016

BEAVERTON, ORE. — The Specht Company and its affiliates have sold four phases of Beaverton Creek Business Park for $51.1 million. The sale consists of 11 buildings totaling 380,050 square feet and one 2.4-acre parcel of land in Beaverton. Artemis Real Estate Partners and Cruzan purchased three phases of the property totaling 311,337 square feet for $41.6 million. An undisclosed buyer acquired the remaining 68,713-square-foot phase for $9.5 million. Another Specht entity retains ownership of a separate six-acre parcel within the park that is immediately adjacent to the Beaverton Creek Light Rail Station. All of these properties are leased to Nike. The sports apparel company has been a tenant at the park since 1991. HFF executed the sales transactions and secured a $27 million, 10-year, fixed-rate acquisition loan for Artemis and Cruzan through a correspondent life insurance company lender.

October 11, 2016

Oregon Retail Western

JLL Income Property Acquires Timberland Town Center in Portland for $43.1M

by Nellie Day October 11, 2016

PORTLAND, ORE. — Gramor Development Inc. has sold Timberland Town Center, a 91,000-square-foot shopping center located in Portland, for $43.1 million. A 40,000-square-foot Market of Choice grocery store anchors the center, which is also home to Orangetheory Fitness, H&R Block, Blu Olive Mediterranean Cuisine, B’Tan Sun Studio and Supercuts. JLL Income Property Trust acquired the property. Capital Pacific LLC brokered the transaction.

October 11, 2016

California Mixed-Use Western

DJM Capital Partners Completes Phase I of Pacific City in Huntington Beach

by Nellie Day October 11, 2016

HUNTINGTON BEACH, CALIF. — DJM Capital Partners has completed the development of Phase I of Pacific City, a mixed-use development located in Huntington Beach. Phase I features 191,000 square feet of retail, 100,000 square feet of outdoor community space and 400,000 square feet of on-grade and subterranean parking. An eight-story, four-star oceanfront hotel named Pasea also opened at the property this year. Future components of the development will include a 516-unit residential community to be named The Residences at Pacific City. C.W. Driver Cos. built the first phase of the project, which is currently 80 percent leased to tenants including Equinox Fitness, LOT 579, Ola Mexican Kitchen, Tank Farm & Co., Barnabas Clothing, H&M, Free People, Tommy Bahama and Sephora. Jerde Partnership, SMS Architects and Lifescapes International designed the development.

October 11, 2016

California Multifamily Seniors Housing Western

JCH Arranges Sale of Six-Property Skilled Nursing Portfolio in Central California

by Nellie Day October 11, 2016

ANAHEIM HILLS, CALIF. — JCH Consulting Group has arranged the sale of six skilled nursing facilities in Central California for an undisclosed price. Riverside Healthcare sold the facilities to Meridian Management Services, which operates all six. The specific facilities and purchase price were not disclosed. Built between 1950 and 1975, the facilities range from 42 to 99 beds. The average occupancy rate at the time of closing was 80 percent. JCH represented the buyer while Marcus and Millichap represented the seller. Nick Stahler was JCH’s lead agent on the transaction. Anaheim Hills-based JCH Consulting Group is a brokerage firm focused on the seniors housing industry.

October 11, 2016

Industrial Loans Texas

CBRE Arranges $32.1M in Acquisition Financing for Industrial Portfolio in Dallas

by Katie Sloan October 11, 2016

DALLAS — CBRE Capital Markets’ Debt & Structured Finance team has arranged $32.1 million in financing for the acquisition of a portfolio of industrial properties in Dallas. The buyer of the portfolio, known as Riverbend, is a joint venture between Augustus Investment Holdings and Taurus Investment Holdings. Citizens Bank provided the capital. The acquisition includes 15 buildings totaling 962,000 square feet. The portfolio was 95 percent leased at the time of sale. The specific properties in the portfolio were not named. Scott Lewis and Greg Greene with CBRE’s Dallas office originated and secured the financing.

October 11, 2016

Industrial Texas

Trammell Crow, Clarion Partners Acquire 95-Acre Site for Industrial Development in Austin

by Katie Sloan October 11, 2016

AUSTIN, TEXAS — Trammell Crow Co. (TCC) and Clarion Partners, on behalf of a comingled fund, have acquired a 95-acre site for the development of Park 183, a master-planned industrial business park. The 964,000-square-foot project, located at the intersection of Burleson Road and U.S. Route 183 in Austin, will be developed in multiple phases. Phase I will consist of the speculative development of two buildings totaling 247,000 square feet and significant road, drainage and utility infrastructure for the industrial park. Construction is expected to begin in January 2017. The design team for Park 183 includes STG Design, Jones|Carter, Wylie Consulting Engineers and Bihner Chin Engineering Ltd. Leasing and marketing will be handled by Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon of CBRE.

October 11, 2016

Multifamily Texas

Embrey Partners Breaks Ground on 350-Unit Multifamily Community in Frisco

by Katie Sloan October 11, 2016

FRISCO, TEXAS — Embrey Partners has broken ground on Domain At The Gate, a 350-unit multifamily community located within the master-planned community of The Gate in Frisco. The community will offer one- and two-bedroom units. Shared amenities will include an 11,000-square-foot clubhouse; a two-level fitness center; a golf simulator; a dog spa; and a bike garage. The property is scheduled for completion in summer 2018. The Gate master-planned community is currently being developed by Invest Group Overseas, and will offer office, residential, hospitality and retail space.

October 11, 2016

Loans Multifamily Texas

BMC Capital Arranges $2.6M Loan for Multifamily Property in San Antonio

by Katie Sloan October 11, 2016

SAN ANTONIO — BMC Capital has arranged a $2.6 million bridge loan for the purchase and renovation of The Dunes Apartments in San Antonio. The property offers one- and two-bedroom units. Community amenities include laundry facilities, a swimming pool and night patrol. The three-year, fixed-rate loan featured a 75 percent loan-to-cost ratio with two to three years of interest-only payments, as well as funds for significant capital improvements. The loan was arranged by BMC on behalf of the undisclosed borrower through a non-bank lender.

October 11, 2016

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