Property Type

Intercontinental Real Estate Buys Apollo at Rosecrans Office Campus in El Segundo

by Nellie Day May 10, 2016

LOS ANGELES — Intercontinental Real Estate Corp. has purchased Apollo at Rosecrans, a 546,833-square-foot creative office campus in the Los Angeles submarket of El Segundo, for an undisclosed sum. The four-building, 13-acre campus is located at 2150, 2120, 2121 and 2175 Park Place, along the Rosecrans Corridor, a hotspot for tech and creative companies. Apollo at Rosecrans is 98 percent leased. Amenities include concrete floors, African Mahogany accent panels, LED strip accent lights, a basketball court, dog park, biking and walking trails, shower facilities and an outdoor fireplace. NGKF’s Kevin Shannon and CBRE represented the sellers, Invesco Real Estate and Second Street Ventures, in this transaction.

May 10, 2016

Arizona Retail Western

CBRE Brokers $10M Sale of Shops at Arrowhead Gateway in Arizona

by Nellie Day May 10, 2016

GLENDALE, ARIZ. — CBRE has arranged the $10 million sale of Shops at Arrowhead Gateway, a 35,684-square-foot shopping center located on an outparcel of Arrowhead Towne Center Mall in Glendale. Steve Julius and Jesse Goldsmith of CBRE negotiated the transaction on behalf of the buyer, NLT Properties LLC. Chad Tiedeman and Steve Underwood of Phoenix Commercial Advisors represented the seller, FPWL Bell and 75th LLC, in the transaction. The 95 percent-occupied property is home to tenants including Red Mountain Weight Loss, iRepair Plus, Salon Boutique and Merle Norman. The center is also home to a medical component, with tenants including IMS Urologist, IMS Allergist, Noah’s Ark Pediatrics and Desert Valley Dental.

May 10, 2016

California Retail Western

BRC Advisors Arranges 846 SF Restaurant Lease in Pasadena

by Nellie Day May 10, 2016

PASADENA, CALIF. — BRC Advisors has brokered the lease of a retail property located at 59 Colorado in Pasadena. Situated within Indiana Colony, a new marketplace concept, the 846 square feet restaurant space is located within a 5,500-square-foot retail building. Surrounding tenants include CoolHaus, Pressed Juicery, Piehole and Intelligentsia Coffee & Tea. Lorena Tomb of BRC Advisors represented the tenant in the transaction. The names of the tenant and landlord were not released.

May 10, 2016

California Retail Western

JLL Expands Retail Leasing, Sales in Southern California

by Nellie Day May 10, 2016

LOS ANGELES — JLL has hired Scott Kaplan as executive vice president and Erik Westedt as senior vice president to expand the firm’s Southern California retail practice. The pair brings a combined 35 years of experience in the leasing, development and sale of retail properties locally, regionally and nationally. Throughout their careers, the pair has completed transactions encompassing 25 million square feet of retail space valued at more than $5 billion. Prior to joining JLL, Kaplan served as a senior vice president at a global commercial real estate firm and Westedt served as a vice president at a global commercial real estate firm.

May 10, 2016

Healthcare Southeast Virginia

Gyrodyne Sells Fairfax Medical Center to JAG Associates for $14M

by John Nelson May 10, 2016

FAIRFAX, VA. — Gyrodyne LLC has sold Fairfax Medical Center, a two-building, 57,621-square-foot medical office complex in Fairfax. JAG Associates LLC purchased the property for $14 million. Gyrodyne’s predecessor, Gyrodyne Co. of America Inc., purchased the property in 2009 for $12.9 million.

May 10, 2016

Florida Office Southeast Top Stories

Dockerty Romer & Co. Arranges $105.3M Acquisition of Aventura Corporate Center in Suburban Miami

by Katie Sloan May 10, 2016

AVENTURA, FLA. — Dockerty Romer & Co. has arranged the $105.3 million acquisition of Aventura Corporate Center, a 242,244-square-foot office complex located in Aventura, roughly 18 miles outside of Miami. The Class A property, located along Biscayne Boulevard, comprises two five-story buildings, one six-story building and three parking garages with additional development rights. Major tenants at the complex include Morgan Stanley, South Broward Hospital, Regus and Serendipity Labs. Buildings I and II, located at 20801 and 20803 Biscayne Blvd., were constructed in 1987 and 1988, respectively, and underwent renovations in 2005. Building III, located at 20807 Biscayne Blvd., was built in 2007. Bob Dockerty of Dockerty Romer & Co. arranged the transaction on behalf of the 1031 exchange buyer, Renaissance Aventura LLC. HFF represented the seller, ACC/GP Development LLC and ACC/GP Investment LLC, in the transaction. The 1031 exchange buyer, which is affiliated with investors Kenneth and Robert Fishel, sold an asset located in Manhattan before acquiring Aventura Corporate Center. The investors primarily own multifamily and office assets across the New York City metro area. Dockerty Romer also secured a seven-year, $50 million acquisition loan on behalf of the buyer through Prudential Mortgage Capital Co. Since its inception in January 2000, …

May 10, 2016

Features Hospitality Industrial Multifamily Office Retail Top Stories

U.S. Commercial Property Values See 7 Percent Annual Growth, According to Ten-X

by Haisten Willis May 10, 2016

IRVINE, CALIF. — Commercial real estate values in the United States increased by 7 percent from April 2015 to April 2016, according to Ten-X, an online real estate marketplace. The company has released its latest Commercial Real Estate (CRE) Nowcast. The pricing index, which combines Google Trends data, Ten-X’s proprietary transaction data and investor surveys to forecast CRE pricing trends in real time, reveals that commercial valuations increased by 0.6 percent month-over-month in April and are back above their year-end 2015 level. The Ten-X CRE Nowcast (formerly the Auction.com CRE Nowcast) is a price index covering the entire U.S. commercial market, including individual price trends for the office, apartments, retail, industrial and hotel sectors. “Even though the April all-sector increase is significantly stronger than the prior month’s slight gain of 0.2 percent, this still is the slowest annual growth rate from pricing for the cycle,” says Ten-X chief economist Peter Muoio. “April’s uptick in growth was seen across all major CRE sectors except hotel, where that segment’s fundamentals, as well as its pricing, continue dwindling. Meanwhile, the multifamily sector displayed the strongest pricing trends with a 1.8 percent gain in April.” The Ten-X Hotel Nowcast dipped 1 percent from March …

May 10, 2016

Multifamily New York Northeast

Rosewood Realty Arranges $130M Sale of Six-Building Multifamily Portfolio in Manhattan

by Amy Works May 9, 2016

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-building multifamily portfolio in Manhattan’s East Village. Lightstone Group acquired the 181-unit residential portfolio from Pan Am Equities for $130 million. The properties are a six-story, 106-unit building at 85 E. 10th St., and five five-story buildings totaling 75 units at 112-120 E. 11th St. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.

May 9, 2016

Multifamily New York Northeast

HAP Investments to Develop 21-Story Residential Towers in Chelsea

by Amy Works May 9, 2016

NEW YORK CITY — HAP Investments is developing a residential complex with both for-sale and rental units at 215 W. 28th St. in Chelsea. Designed by DXA Architects, the two-building, 290,000-square-foot apartment complex will feature residences ranging in size from studios to four-bedroom units, outdoor spaces and 15,000 square feet of amenity space, including a 50-foot pool, full-service gym with yoga studio and children’s interactive space. The residential towers are currently in pre-construction phase with condo units slated for completion in summer 2018 and rental units expected for delivery by year-end 2018.

May 9, 2016

Office Texas

Bob Moore Breaks Ground on GM Financial’s Regional Service Center in San Antonio

by Haisten Willis May 9, 2016

SAN ANTONIO — Bob Moore Construction has broken ground on a regional financial servicing center in San Antonio for GM Financial Credit Inc. The servicing center is the fifth in North America for GM Financial. The new facility is projected to employ up to 700 people in the Westover Hills area of the city. The project received a $2.5 million grant from the Texas Enterprise Fund, as well as tax incentives from the city of San Antonio and Bexar County. San Antonio-based RVK Architects is the architect and Pape-Dawson Engineers Inc. is the civil engineer. The new building will include 100,000 square feet of office and call center facilities over two floors. The building will also include 720 parking spaces for employees and guests. The building is projected to go into operation in mid-2017.

May 9, 2016

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