Property Type

Rothenberg-Rosenfield Acquires Flex Office Complex in Metro Atlanta for $36.6M

by John Nelson March 21, 2016

NORCROSS, GA. — Rothenberg-Rosenfield, a private real estate investment firm based in New York, has acquired Oakbrook North, a 700,000-square-foot flex office complex in Norcross, a northeast suburb of Atlanta. The buyer purchased the 11-building complex from Irvine, Calif.-based Sperry Equities for $36.6 million. The property is situated on a 50-acre parcel along Oakbrook Parkway. Rothenberg-Rosenfield plans to invest $1.5 million to upgrade the property, which was 74 percent leased at the time of sale to tenants such as American Megatrends, PulteGroup and YesVideo. Colliers International represented Sperry Equities in the transaction. Reinsurance Group of America provided acquisition financing. The buyer has hired David Nash of Nash Commercial Real Estate to lease the asset. With the addition of Oakbrook North, Rothenberg-Rosenfield is now operating over 1.2 million square feet of commercial assets in Atlanta.

March 21, 2016

Georgia Multifamily Southeast

Berkadia Arranges $25.2M Sale of Apartment Community in South Georgia

by John Nelson March 21, 2016

HINESVILLE, GA. — Berkadia has brokered the $25.2 million sale of Tattersall Village, a 222-unit upscale apartment community located in Hinesville, roughly one hour southwest of Savannah. Built in 2010, Tattersall Village is a garden-style community with an average unit size of 1,110 square feet. Pillar Income Asset Management Inc. purchased the property from BF/EBSCO Hinesville LLC. David Oakley, David Etchison, Mark Boyce, Paul Vetter and Andrew Mays of Berkadia represented the seller in the transaction.

March 21, 2016

Maryland Retail Southeast

Foundry Row in Maryland to Add 11 New Retailers, Restaurants

by John Nelson March 21, 2016

OWINGS MILLS, MD. — Greenberg Gibbons and Vanguard have announced 11 new tenants set to open at Foundry Row, a $140 million mixed-use development in Owings Mills. New tenants include Bar Louie, Mission BBQ, La-Z-Boy, Foundry Row Wine & Spirits, Xfinity, Massage Envy, Sleep Number, Mani Luxe, Chipotle, Hair Cuttery and Floyd’s 99 Barbershop. Foundry Row is currently 88 percent leased and is set to open in the fall. The new tenants will join a mix of previously announced retailers and restaurants such as a 130,000-square-foot Wegmans, LA Fitness, DSW, Ulta Beauty, Bagby Pizza, Panera Bread, Zoe’s Kitchen, Smashburger, Nally Fresh and LifeBridge Health.

March 21, 2016

Industrial South Carolina Southeast

Colliers Brokers $4.8M Sale of 131,535 SF Industrial Facility in South Carolina

by John Nelson March 21, 2016

SUMMERVILLE, S.C. — Colliers International has brokered the $4.8 million sale of a 131,535-square-foot industrial facility located at 211 Farmington Drive in Summerville. Hagood Morrison and Hagood S. Morrison of Colliers International’s Charleston office represented the seller, The W.W. Williams Co., a national industrial equipment sales and service company. The unnamed buyer is currently renovating the property and will offer it to lease as soon as construction is completed. The property features five acres of undeveloped land suitable for a build-to-suit project.

March 21, 2016

Hospitality Top Stories

Marriott Tops Anbang Bid to Acquire Starwood, Raising Offer to $13.6B

by Nellie Day March 21, 2016

STAMFORD, CONN. — Marriott International Inc. (NASDAQ: MAR) has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $13.6 billion. Marriott had previously offered $12.2 billion to acquire the hospitality company, which owns the Westin, St. Regis, Sheraton and W hotel brands, before being outbid by Beijing-based Anbang Insurance Group at $13.2 billion. The new Marriott offer values Starwood at $79.53 per share, topping Anbang’s offer of $78 per share. Marriott’s initial offer in November would’ve given shareholders 0.92 share of Marriott stock and $2 cash for each share of Starwood they own. The new offer will give shareholders less Marriott stock — 0.8 share — but considerably more cash at $21 per share, according to The New York Times. Under the new agreement, the “break-up fee” — what Starwood will have to pay Marriott if it backs out of the deal — has been increased from $400 million to $450 million. On a conference call this morning, Marriott CEO Arne Sorenson noted that Anbang could still make another offer to disrupt the deal, according to Hotel News Now. The Starwood and Marriott shareholders are both scheduled to vote April 8 on which proposal to accept. “We are pleased that …

March 21, 2016

Loans Multifamily New York Northeast Retail

Eastern Consolidated Arranges $83.8M in Financing for 65,700 SF Tribeca Development

by Amy Works March 18, 2016

NEW YORK CITY — Eastern Consolidated has arranged $83.8 million in total financing for Cape Advisors for the construction of a retail and residential condominium project in Tribeca. The financing package consists of a $19 million mezzanine loan from Terra Capital Partners behind a $64.8 million first mortgage from Bank of the Ozarks. Located at 30 Warren St., the 12-story, 65,700-square-foot property will feature 23 apartments in one-, two- and three-bedroom layouts, and 10,858 square feet of retail space. On-site residential amenities include a fitness center, attended lobby, children’s playroom and storage. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated represented the developer and borrower in the transaction.

March 18, 2016

Loans Multifamily New York Northeast

Meridian Capital Group Secures $46.5M in Acquisition Financing for 125-Unit Multifamily Portfolio in NYC

by Amy Works March 18, 2016

NEW YORK CITY — Meridian Capital Group has arranged $46.5 million in acquisition financing for Sugar Hill Capital Partners for the purchase of six contiguous multifamily properties located at 471-476 Central Park West in New York. The three-year loan, which was provided by a mortgage REIT, features a floating rate and interest-only payment for the full term. The semi-vacant multifamily properties total 125 units. Ronnie Levine and Shamir Seidman of Meridian Capital Group negotiated the financing for the borrower.

March 18, 2016

Nevada Retail Western

CityCenter Holdings, Invesco, Simon Property Group Agree to Buy The Shops at Crystals in Las Vegas for $1.1B

by Jeff Shaw March 18, 2016

LAS VEGAS — A joint venture between CityCenter Holdings LLC, Invesco Real Estate (NYSE: IVZ) and Simon Property Group (NYSE: SPG) has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion. CityCenter Holdings LLC is itself a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp. The Shop at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” says Jim Murren, chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the …

March 18, 2016

New York Northeast Office

Cushman & Wakefield Negotiates $51.7M Sale of Office Building in Manhattan

by Amy Works March 18, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of the fee interest in 10 E. 34th St., an office property located in Manhattan. The asset was sold for $51.7 million, or $946 per square foot, in an all-cash transaction. The 10-story commercial loft building consists of full-floor units and a total rentable space of 54,680 square feet plus an additional 2,500 square feet in the basement designed for use by the ground-floor retail tenant. Bob Knakal, John Ciraulo and Jonathan Hageman of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

March 18, 2016

Massachusetts Northeast Office

CIM Group Acquires 114,000 SF Office Building in Boston’s South End

by Amy Works March 18, 2016

BOSTON — CIM Group has acquired an office building located at 95 Berkeley St. in Boston’s South End for an undisclosed sum. CIM made the acquisition with Boston-based Center Court Mass. Constructed in 1920, the six-story building features 114,000 square feet of office space and a below-grade parking structure. The property was last renovated in 1988.

March 18, 2016

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