Property Type

NAI Avant, Sumter Partner on $7.5M Historic Rehab Project in Downtown Columbia

by John Nelson July 15, 2016

COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.

July 15, 2016

New Jersey Northeast Office

Prism Capital Partners Signs Purchase, Sale Agreement for 116-Acre Campus in New Jersey

by Amy Works July 15, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I LLC, an affiliate of Prism Capital Partners, has signed a purchase and sale agreement with Hoffmann-La Roche Inc. to acquire the pharmaceutical company’s 116-acre former North American headquarters campus in Nutley and Clifton. At the time of the sale, Hackensack Meridian Health and Seton Hall University committed to leasing two major buildings and 16 acres at the property. The buyer plans to make substantial improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Additionally, Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated clinical research center at the campus. The sale is expected to close Sept. 30. Financial terms of the deal were not released.

July 15, 2016

Connecticut Northeast Office

CBRE Brokers $41M Sale of Office Building in Connecticut

by Amy Works July 15, 2016

GREENWICH, CONN. — CBRE has arranged the sale of an office building located at 500 W. Putnam Ave. in Greenwich. Fareri Associates acquired the four-story, 121,000-square-foot property from SL Green for $41 million. The Class A property is located in close proximity to Greenwich Avenue, which features high-end retail destinations and restaurants. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller in the deal.

July 15, 2016

Mixed-Use New York Northeast Office Retail

Triangle Equities Completes 88,000 SF Multi-Use Complex in the Bronx

by Amy Works July 15, 2016

NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.

July 15, 2016

Industrial Northeast Pennsylvania

NAI Mertz Negotiates Sale of 65,219 SF Industrial Building in Pennsylvania

by Amy Works July 15, 2016

MONTGOMERYVILLE, PA. — NAI Mertz has arranged the sale of an industrial building located at 220 Commerce Drive in Montgomeryville. LMP Montgomeryville LLC sold the 65,219-square-foot building to ClientLink Inc. for an undisclosed price. As an existing tenant, ClientLink exercised its option to purchase the property. Located within Montgomeryville Industrial Park, the facility features 4,818 square feet of office space, 41,733 square feet of warehouse space, an 18,000-square-foot production area, four tailgate loading docks and one oversized drive-in door. ClientLink is a production and marketing company that provides a variety of services, including e-commerce, fulfillment, digital and offset printing, direct mail, promotional items, warehousing and logistics. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller. Nick Adams of Jackson Cross Partners also co-brokered the deal.

July 15, 2016

Hospitality Southeast Tennessee Top Stories

North Point Hospitality Breaks Ground on $137M Marriott Hotel in Nashville

by Katie Sloan July 15, 2016

NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …

July 15, 2016

Market Reports Multifamily Texas Texas Market Reports

Oil Prices Cause Dip in Multifamily Market, But Value-Add Opportunities Remain Strong

by Haisten Willis July 15, 2016

Although Houston’s local economy is not exclusively dependent on oil and gas, re-energizing this sector will be key to a multifamily rebound in the area. Since the downturn in oil prices over the last two years, Houston’s multifamily market has been one of the most impacted victims of the area’s economic slowdown. Oil and gas is estimated to represent about one-fifth of Houston’s economy. This does not include construction and other new development that depends on the oil and gas industry. The Houston market’s annual rent growth rate is well below the national average of 4.1 percent, according to Axiometrics’ Houston-area Market Performance Survey. From the fourth quarter of 2015 to the first quarter of 2016, the annual growth rate in Houston’s multifamily sector was only 0.8 percent. The annual effective rent growth in the area is forecast to be 2.4 percent in 2017 and is expected to average 3.6 percent from 2018 to 2020. According to the Bureau of Labor Statistics, job growth in the Houston metro area was 0.3 percent in April 2016, reflecting 10,000 jobs added during the preceding 12-month period. The metro job growth figure was below the national number of 1.9 percent. Limited Demand On …

July 15, 2016

Nevada Retail Western

Shopoff Realty Acquires Firecreek Crossing in Reno for $48.5M

by Nellie Day July 14, 2016

RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.

July 14, 2016

California Multifamily Seniors Housing Western

Bernards Starts Construction of $95.5M Luxury Seniors Housing Community Near Los Angeles

by Nellie Day July 14, 2016

LAGUNA NIGUEL, CALIF. — Bernards, a commercial builder, has commenced work on Crestavilla, a 220-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Santa Ana-based William Hezmalhalch Architects designed the community, which Irvine-based Steadfast Senior Living is developing. Since the project was first announced in February, the number of units and acuity mix have changed. The 211,387 square feet will now feature 112 independent living units (formerly announced as 61), 72 assisted living units (formerly announced as 115) and 36 memory care units (formerly announced as 25). The project is located on 11.5 acres and is scheduled for completion in November 2017.

July 14, 2016

California Hospitality Loans Western

Continental Funding Group Secures $19M Refinancing for Courtyard by Marriott in Baldwin Park

by Nellie Day July 14, 2016

BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.

July 14, 2016

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