Property Type

Cambridge Property Group Sells Flex Facility in Metro D.C. for $12.9M

by John Nelson May 9, 2016

LANHAM, MD. — Cambridge Property Group LLC has sold a 142,810-square-foot flex building located at 10201 Good Luck Road in Lanham, a city roughly 13 miles outside of Washington, D.C. The Washington Metropolitan Area Transit Authority purchased the property for approximately $12.9 million. Cambridge Property Group developed the office and distribution building in 2005 as a build-to-suit for the General Services Administration on behalf of a tenant client, which occupied the property continuously until December 2015. William Czekaj, Ingo Mayr and Benjamin Eldridge Jr. of Cambridge Property Group negotiated the transaction on behalf of developer client CA/Development Associates LLC.

May 9, 2016

California Healthcare Multifamily Seniors Housing Top Stories Western

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

Industrial Market Reports Southeast Southeast Market Reports Tennessee

The ‘Maker Economy’ Joins Industrial Giants in Nashville Market

by John Nelson May 9, 2016

Beretta, Nissan, General Motors, Electrolux and Hankook Tire are a few manufacturing giants that call Middle Tennessee home. Expanding the manufacturing presence throughout 2015, 29 advanced manufacturing companies announced relocations or expansions in Middle Tennessee. Of that total, six companies revealed plans to create a combined 710 jobs and occupy more than 1 million square feet during the fourth quarter of 2015 alone. Nashville’s central location, skilled workforce and labor cost advantages continue to make the market a magnet for manufacturing companies. Unsurprisingly, in its Emerging Trends in Real Estate 2016 report, Urban Land Institute named Nashville the “No. 7 U.S. Market to Watch for 2016” and an “18-Hour City.” Additionally, Nashville’s low cost of doing business and consistent job and population growth favor the industrial market, and the pipeline for talent across all multiple industries remains full. Nashville’s industrial market is firing on all cylinders — with record low vacancy rates and historically high rents, which is driving robust speculative warehouse development. Interestingly, a new trend is occurring that is breaking the paradigms of traditional industrial space use — the appearance of the maker economy. These “makers” are modern, small-scale manufacturers that “are emerging as a revitalizing force in …

May 9, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $165M Sale of Mixed-Use Portfolio in Manhattan

by Amy Works May 6, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a portfolio of nine mixed-use, elevator-serviced buildings in Manhattan’s Washington Heights neighborhood. WHP LLC acquired the portfolio, which totals 487,700 square feet, from Intervest Development Corp. for $165 million. Located on major corridors between W. 164th and W. 192nd streets, the portfolio consists of 413 apartments, of which 70 percent contain two or more bedrooms; 48 street-level retail stores; two professional offices; and one rooftop antenna. Marcia Rose Yawitz, Ron Solarz and Wade Hazelton of Eastern Consolidated represented the seller and procured the buyer in the deal.

May 6, 2016

Massachusetts Northeast Office

Deka Immobilien Acquires 220,000 SF Office Building in Boston for $139M

by Amy Works May 6, 2016

BOSTON — Deka Immobilien GmbH has acquired an office building located at 175 Federal St. in Boston from Blackstone for $139 million. Built in 1979, the 220,000-square-foot building is leased to 34 tenants, with the major tenant being Fiduciary Trust Co., an independent asset manager. Additionally, the Class A property features 25 parking spaces. The buyer plans to place the property in the Deka-ImmobilienGlobal portfolio, an open-ended real estate mutual fund.

May 6, 2016

Multifamily New Jersey Northeast Seniors Housing

IPA Negotiates Sale of Assisted Living, Memory Care Facility in New Jersey

by Amy Works May 6, 2016

TINTON FALLS, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Kensington Court, an assisted living and memory care facility located at 864 Shrewsbury Ave. in Tinton Falls. An affiliate of the Carlyle Group acquired the 118-unit, 121-bed facility from Clark, N.J.-based TAK Group for an undisclosed price. Built in 2001, the 91,000-square-foot facility features 42 studio units and 49 one-bedroom apartments in the assisted living portion, and 26 studio apartments and two one-bedroom units in the memory care portion. Mark Myers, Joshua Jandris and Charles Loccisano of IPA and J.D. Parker of Marcus & Millichap represented the seller in the deal.

May 6, 2016

New Jersey Northeast Office

Bergman Real Estate Group Sells 90,339 SF Office Building in New Jersey

by Amy Works May 6, 2016

EAST HANOVER, N.J. — Bergman Real Estate Group has completed the disposition of an office building located at 100 Eagle Rock Ave. in East Hanover. Zeinvest Real Estate Group acquired the 90,339-square-foot property for an undisclosed sum. Situated on 8.6 acres, the three-story building was 79 percent occupied at the time of sale and features a two-story atrium lobby, on-site café service with Wi-Fi and an outdoor seating area. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield brokered the transaction.

May 6, 2016

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $1M in Refinancing for New Hampshire Apartment Portfolio

by Amy Works May 6, 2016

MANCHESTER, N.H. — NorthMarq Capital has arranged $1 million in refinancing for an apartment portfolio located in Manchester. Michael Chase and Ed Riekstins of NorthMarq’s Boston office secured the commercial mortgage financing for the undisclosed borrower through its relationship with a regional bank. Totaling 28 units, the three multifamily properties are located on Chestnut, Orange and Brook streets.

May 6, 2016

200-town-center-blvd-garland-texas-panera-bread

Restaurant Retail Texas

InvestCore Commercial Brokers $3.2M Sale of Panera Bread in Metro Dallas

by Haisten Willis May 6, 2016

GARLAND, TEXAS — InvestCore Commercial has brokered the $3.2 million sale of a 4,315-square-foot retail building in Garland, which is triple-net leased to Panera Bread. The 0.9-acre pad is located at 200 Town Center Blvd., directly adjacent to an In-N-Out Burger. The eatery is situated at the entrance to Firewheel Town Center, a more than 1 million-square-foot shopping center owned by Simon Property Group. Panera Bread opened on Feb. 8. The fast-casual bakery-café holds a 15-year ground lease, with three, five-year renewal options. Rent schedules include increases of up to 7.3 percent. An out-of-state investor purchased the asset from Next Play Firewheel LLC in an all-cash, 1031 tax-deferred exchange transaction. The deal closed at a 4.25 percent cap rate. Michael Campbell and Ed Colson of InvestCore Commercial represented the seller.

May 6, 2016

Loans Office Texas

Versant Completes $32.5M Bridge Recapitalization of Met Center 15 in Austin

by Haisten Willis May 6, 2016

AUSTIN, TEXAS — Versant Commercial Brokerage Inc. has recapitalized the 256,000-square-foot Met Center 15 office building located in Austin. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt and preferred equity, overseeing structural remediation and utilizing Internal Revenue Code Section 721 to roll up the TIC structure into a limited liability company on a tax-deferred basis. In 2010, the TIC owners discovered that there was a construction defect at the property. Expansive soils underneath the slab were causing the building to shift. At the same time, their loan was maturing and lenders were unwilling to refinance the property due to the construction defects. In addition, the owners did not have the financial resources to pay for the $4 million remediation cost. Versant designed a financing package to maximize returns for the TIC investors. With the assistance of Ethan Schelin of Landmark Capital Advisors, Versant originated new debt of $28 million and $4.5 million of preferred equity through Versant’s network of investors. The new sponsor is Virtua Partners, which also provided the loan guarantees.

May 6, 2016

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