Property Type

Cabela’s to Open New 70,000 SF Store in Metro Atlanta

by John Nelson April 29, 2016

MCDONOUGH, GA. — Cabela’s Inc. plans to open a new 70,000-square-foot store off I-75 in the south Atlanta suburb of McDonough. The new store will anchor Jodeco | Atlanta South, a $300 million mixed-use development that RCP Cos. is developing in Henry County. Cabela’s is the first confirmed tenant in the project. The outdoor retailer plans to open the new location in the fall of 2017. The McDonough location will be Cabela’s fourth Georgia store, joining existing stores located in Augusta, Acworth and Fort Oglethorpe. Cabela’s expects to employ approximately 130 full-time, part-time and seasonal employees at the store. The McDonough Cabela’s will include an archery and firearm tech room, indoor archery range and a “Bargain Cave,” along with thousands of outdoor products displayed using a new floor plan that emphasizes hunting, fishing, camping and recreational shooting.

April 29, 2016

Healthcare New York Northeast Office

NYU Langone Medical Center Leases 389,522 SF of Office Space in Midtown Manhattan

by Amy Works April 29, 2016

NEW YORK CITY — NYU Langone Medical Center has signed a 30-year lease with Columbia Property Trust Inc. for an entire office property located at 222 E. 41st St. in Midtown Manhattan. The triple-net lease encompasses all 389,522 square feet of Class A office space at the building, including all 25 floors, the lobby, common areas and parking garage. NYU Langone is slated to take possession of the property at year end, following the expiration of the current tenant’s lease for 353,541 square feet. The new tenant plans to convert the property into a combination of medical office, ambulatory care facilities and other ancillary uses. Columbia recently upgraded the property, which it acquired in 2007. Paul Amrich, Neil King, James Ackerman and Jackie Marshall of CBRE represented the landlord, while Bruce Mosler and Mark Mandell of Cushman & Wakefield represented the tenant. Financial terms of the transaction were not released.

April 29, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges $19M Acquisition Loan for Apartment Community in Wilmington

by John Nelson April 29, 2016

WILMINGTON, N.C. — Financial Federal Bank has arranged a $19 million acquisition loan for Abbotts Run Apartments, a 264-unit multifamily community in Wilmington. Built in 2001, the garden-style property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, floating-rate loan with two years of interest-only payments and a 30-year amortization schedule through Freddie Mac.

April 29, 2016

Loans New York Northeast Office

Equicap Arranges $8.1M Acquisition Loan for Office Condo in Chelsea

by Amy Works April 29, 2016

NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.

April 29, 2016

Industrial New York Northeast Top Stories

Gramercy Property Trust Acquires Industrial Portfolio for $115.2M

by Christina Cannon April 29, 2016

NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent. Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.

April 29, 2016

California Loans Multifamily Western

Capital Funding Provides $6.8M Acquisition Loan for Skilled Nursing Facility in San Marcos

by Nellie Day April 28, 2016

SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.

April 28, 2016

Colorado Multifamily Student Housing Western

Core Spaces Acquires 665-Bed Student Housing Community Near Colorado State University

by Nellie Day April 28, 2016

FORT COLLINS, COLO. — Chicago-based development and management firm Core Spaces has acquired a 665-bed student housing community located one block away from the Colorado State University campus in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform in September 2015. The company will renovate and rebrand the three-year-old asset. During renovations, the fitness center will be relocated and increased in size by 2,500 square feet while adding equipment, free weights, stand-up tanning facilities, a yoga room and sauna. Improvements to the outdoor courtyards will take place, as well as the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas. The community’s computer lab will also be expanded during renovations with the addition of new computers, printers, four group study areas and individual study nooks. Other improvements to the facility will include improvements to the lobby, reception area and offices and the addition of a 313-space parking garage. The community is currently fully occupied and already 85 percent pre-leased for the 2016-17 school year. Renovations are scheduled for completion by the start of the fall semester.

April 28, 2016

Colorado Multifamily Seniors Housing Western

Northstar Commercial Partners Breaks Ground on 74-Unit Assisted Living Community in Denver

by Nellie Day April 28, 2016

DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.

April 28, 2016

California Retail Western

Aldi to Open 25 Stores in California

by Nellie Day April 28, 2016

PALM DESERT, CALIF. — ALDI, a discount supermarket chain that had no locations in California at the start of the year, will have 25 locations in the state as of May 19, when seven locations will have their grand openings. The company plans to operate approximately 45 California stores by the end of 2016, and more than 2,000 stores nationwide by the end of 2018. Currently, the grocer operates more than 1,500 stores in 33 states. ALDI stores opening on May 19 include: • 2120 Panama Lane, Bakersfield, Calif. • 2450 Rockwood Ave., Calexico, Calif. • 2050 Imperial Ave., El Centro, Calif. • 1545 N. Hacienda Ave., La Puente, Calif. • 72543 Highway 111, Palm Desert, Calif. • 5830 Firestone Blvd., South Gate, Calif. • 1750 University Ave., Vista, Calif.

April 28, 2016

Hospitality Texas

The Westin at The Woodlands Hotel Opens in Metro Houston

by Haisten Willis April 28, 2016

THE WOODLANDS, TEXAS — The Westin at The Woodlands hotel is now open. Developed, managed and owned by The Howard Hughes Corp., the Waterway Square district anchor is the first Westin in The Woodlands master planned community and the 50th Starwood hotel in Texas. The hotel features 302 guestrooms, with interiors designed by Dallas-based waldrop+nichols studio. Boston-based Elkus Manfredi Architects and the Houston office of Gensler designed the 13-story hotel’s exterior.

April 28, 2016

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