Property Type

Thanksgiving Holdings Obtains $52.6M in Financing for Utah Office Complex

by Nellie Day June 3, 2016

LEHI, UTAH — Thanksgiving Holdings has received a $52.6 million loan for two office buildings in Lehi. The buildings are known as Thanksgiving Park V and Thanksgiving Park VI. They contain a total of 291,040 square feet. Fred Dockweiler and Mike Keach of KeyBank’s Commercial Mortgage Group arranged the non-recourse, first-mortgage loan for the five-story, Class A office buildings through a correspondent life-company relationship. The loan was used to refinance two existing KeyBank construction loans

June 3, 2016

California Retail Western

CBRE Arranges 19,000 SF Lease for Co-Opportunity Natural Foods in Culver City

by Nellie Day June 3, 2016

CULVER CITY, CALIF. — CBRE Group has completed a 19,000-square-foot lease for Co-Opportunity Natural Foods, a Santa Monica-based boutique grocery store, at Access Culver City in Culver City. Known as The Co-op, Co-Opportunity Natural Foods has sold natural, organic and local foods to the Santa Monica area since 1974. The new location, which is slated to open in early 2017, will be the company’s second store. Located at 8770 Washington Blvd., Access Culver City is a transit-oriented urban mixed-use project featuring 31,240 square feet of retail and restaurant space below 115 apartments.

June 3, 2016

California Retail Western

Marcus & Millichap Negotiates $2.4M Sale of 7,840 SF Retail Property in Los Angeles

by Nellie Day June 3, 2016

LOS ANGELES — Marcus & Millichap has arranged the sale of Vernon Square, a retail property located at 515 E. Vernon Ave. in Los Angeles. A limited liability company acquired the 7,840-square-foot asset from a private investor for $2.4 million. Built in 1988, the property features a stable tenant mix of local retailers. Chris Martin of Marcus & Millichap’s West Los Angeles office represented the seller and buyer in the transaction.

June 3, 2016

California Retail Western

Retail California Brokers 3,300 SF Retail Lease in Madera

by Nellie Day June 3, 2016

MADERA, CALIF. — Retail California, a division of Pearson Realty, has arranged the lease of 3,300 square feet of retail space at 422 S. Gateway Drive in Madera. Francisco and Valderama leased the space from 2004 Knox Family Revocable Trust for an undisclosed sum. Nick Frechou of Retail California represented the tenant and landlord in the transaction.

June 3, 2016

Vigavi-realty-fairmont-industrial-center-hydrotex-la-porte-texas

Industrial Texas

Vigavi Realty Breaks Ground on Manufacturing Facility in Metro Houston

by Haisten Willis June 3, 2016

LA PORTE, TEXAS — Vigavi Realty has completed the sale of a 3.3-acre land parcel at Fairmont Industrial Center for the development of a new 36,000-square-foot manufacturing facility. HydroTex, a Chicago-based pump systems and engineering services firm, purchased the parcel located at 11802 Fairmont Parkway in La Porte. Vigavi Realty has broken ground on the project, which is slated for completion by the end of the year. The facility will expand HydroTex’s real estate footprint in the Houston area. JLL’s Mark Nicholas and Richard Quarles negotiated the terms on behalf of the owner, Vigavi Realty. Lee & Associates’ Preston Yaggi and Stephen Kuper represented the buyer. Architect Terry Kennedy of Munson Kennedy Partnership and Vigavi Realty will lead the project construction. The facility is located 20 miles from Houston’s central business district, near the Port of Houston’s Bayport Container and Barbours Cut terminals.

June 3, 2016

Market Reports Multifamily Texas Texas Market Reports

Are We Overbuilding Multifamily in Dallas? Let’s Review the Data

by Haisten Willis June 3, 2016

Most of us have read articles or seen reports that suggest we are building too many apartment units in the Dallas/Fort Worth Metroplex. Thus, we potentially could have a surplus of multifamily units resulting in lower occupancies and stabilizing rents (sorry to all the apartment renters — don’t anticipate rents going down). Let’s review historical data and trends, then see if we are truly overbuilding. Over the past 22 years, an average of 29,542 single-family building permits were issued annually across the Dallas/Fort Worth area. However, the figure fell to 22,678 on average from 2011 to 2015. Thus, over the past five years there were 34,320 less single-family units delivered than what the market has historically absorbed. In comparison, multifamily permits (those of two or more units) have averaged 14,094 annually over the past 22 years, and 18,417 annually from 2011 to 2015. Over the past three years, 2013 through 2015, the average increased for both single-family (25,937) and multifamily (21,231). The combined average of 47,168 permits over the last three years is above the 22-year average of 43,636 permits. Multifamily permits have most likely increased as a result of a significant decrease in single-family permits. We have only recently …

June 3, 2016

Loans Retail Southeast Tennessee

Goldman Sachs Provides $107M Loan to CBL for Hamilton Place Mall in Chattanooga

by John Nelson June 2, 2016

CHATTANOOGA, TENN. — Goldman Sachs Mortgage Co. has provided a $107 million loan to CBL & Associates Properties Inc. for Hamilton Place Mall, an enclosed regional mall located at 2100 Hamilton Place Blvd. in Chattanooga. Located off I-75, the mall features six department stores and roughly 200 stores and services, including Sephora, J Crew Factory, bareMinerals, Banana Republic, Barnes & Noble Booksellers, White House | Black Market and Pandora. The 10-year loan features a 4.36 percent interest rate. CBL used the loan proceeds to retire an existing $98.2 million loan maturing in August. CBL owns Hamilton Place in a 90/10 consolidated joint venture with an undisclosed partner. CBL owns, holds interests in or manages 148 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.5 million square feet, including 8.6 million square feet of non-owned shopping centers managed for third parties.

June 2, 2016

Johns Hopkins Medicine All Children’s Hospital St. Petersburg

Florida Healthcare Southeast

Skanska USA to Build $62.7M Medical Research, Education Facility in St. Petersburg

by John Nelson June 2, 2016

ST. PETERSBURG, FLA. — Skanska USA has signed a $62.7 million contract to build a 230,000-square-foot research and education facility on the Johns Hopkins Medicine All Children’s Hospital campus in St. Petersburg. Designed by HDR, the new property will include 30,000 square feet of research and laboratory spaces and 30,000 square feet of educational space, which will feature a 400-seat auditorium. The project will also have 50,000 square feet of offices and administrative spaces, a 20,000-square-foot collaboration space and a “biorepository” — a repository of biological materials. More than 200 professionals will occupy the building, which will house the hospital’s Maternal, Fetal & Neonatal Institute; Heart Institute; Cancer & Blood Disorders Institute and the Institute for Brain Protection Sciences. Skanska USA expects to deliver the new property in 2018.

June 2, 2016

Fiat Chrysler Automobiles Stonewall Industrial Park Winchester

Industrial Southeast Virginia

Equus to Develop 400,400 SF Distribution Facility for Fiat Chrysler in Virginia

by John Nelson June 2, 2016

WINCHESTER, VA. — Equus Capital Partners Ltd. has entered into a build-to-suit lease agreement with Fiat Chrysler Automobiles for the development of a 400,400-square-foot warehouse and distribution facility within Stonewall Industrial Park in Winchester. The facility will create more than 70 new jobs in the region. The industrial park is located along the I-81 Corridor in Frederick County, approximately 75 miles west of Washington, D.C. The property will be a Mid-Atlantic parts distribution center for Fiat Chrysler’s parts, service and customer care organization. Jarred Testa and Michael Walsh of Cushman & Wakefield’s Baltimore office represented Fiat Chrysler in the lease deal. The Class A facility will feature 32-foot clear heights, T5 interior lighting, concrete floors, 50- by 50-foot column spacing and an ESFR sprinkler system. BPG Development Co. LP, Equus’ development operating arm, will oversee development and construction. Equus plans to complete construction by the end of November 2016.

June 2, 2016

Hospitality Loans Southeast Virginia

PMZ Realty Capital Closes $38M Refinancing of Hotel Portfolio in Virginia

by John Nelson June 2, 2016

NEW YORK — New York-based PMZ Realty Capital LLC has closed a $38 million loan to refinance a four-property hotel portfolio in Virginia. The properties include the 136-room Aloft Chesapeake, 148-room Fairfield Inn & Suites by Marriott Williamsburg, 131-room SpringHill Suites by Marriott and the 121-room Residence Inn by Marriott Chesapeake Greenbrier. The undisclosed borrower will use the proceeds to retire existing debt on the four hotels and help recapitalize the company for future development and acquisition opportunities.

June 2, 2016

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