Property Type

Duke Realty Identifies Five Healthcare Real Estate Trends to Watch in 2016

by John Nelson March 15, 2016

INDIANAPOLIS — What does the future hold for the healthcare real estate industry in 2016? In a new white paper penned by Keith Konkoli, executive vice president of healthcare at Duke Realty (NYSE: DRE), the author predicts the industry will experience an increase in the development of new facilities, as well as an uptick in consolidation in 2016. Here’s a summary of five key trends and issues the firm expects this year and beyond: 1. Healthcare real estate construction will continue to increase — Healthcare development has been strong in recent years, and there should be no letup in activity in 2016. A recent study by the American Institute of Architects (AIA) says it expects “healthy growth” for non-residential construction this year. That includes the healthcare sector, which AIA predicts will experience a 5.8 percent increase in construction in 2016. The industry is experiencing an uptick in the development of a wide variety of healthcare properties, including rehabilitation hospitals, medical office buildings and off-campus emergency rooms/community micro-hospitals. Even so, the industry hasn’t reached a point of saturation and providers aren’t yet overbuilding. 2. Healthcare providers will need to deal with the challenges of ‘site neutrality’ — An important but perhaps overlooked …

March 15, 2016

Retail Texas

Pierson Retail Advisors Arranges Sale of Southwest Plaza in Arlington

by Haisten Willis March 14, 2016

ARLINGTON, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manuel Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shadow-anchored by Albertsons with a mix of national, regional and local tenants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Office Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi’s Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale.

March 14, 2016

Office Texas

Lionstone–Hermes Acquires University Park in Austin

by Haisten Willis March 14, 2016

AUSTIN, TEXAS — Lionstone–Hermes Real Estate Venture, a joint partnership, has purchased University Park, a Class A office building located in central Austin near the University of Texas. The eight-story, 206,657-square-foot building was 94 percent leased at the time of sale to tenants such as Google, WeWork, ESPN and Evernote. Launched in 2014, the primary objective of the Lionstone–Hermes Investment Management joint venture is to invest in office properties in high-growth U.S. markets such as Austin. HFF brokered the sale. Aquila Commercial Properties will continue to manage leasing, and Transwestern will provide property management.

March 14, 2016

Industrial Texas

Lee & Associates Arranges Industrial Lease in Houston

by Haisten Willis March 14, 2016

HOUSTON — Communications Test Design Inc. has leased a 114,467-square-foot industrial facility located at 6215 West by Northwest Blvd. in Houston. Mike Spears of Lee & Associates’ Houston office represented the tenant in the lease transaction. Ed Frantz from CBRE represented the landlord, DCT West by Northwest LP.

March 14, 2016

Industrial Texas

Stream Realty Partners Hires Victoria Knudson as Executive Vice President

by Haisten Willis March 14, 2016

DALLAS — Stream Realty Partners, a real estate investment, development and services company, has hired Victoria Knudson as executive vice president and leader of the company’s national industrial property management division. Knudson will be responsible for expanding and leading the direction and operations of Stream’s industrial property management platform. Prior to joining Stream, Knudson served as senior managing director and national property management leader at Cushman & Wakefield. Prior to her time at Cushman & Wakefield, Knudson was with AMB Property Corp. and Trammell Crow Co. Knudson will be based in Stream Realty Partners’ Dallas office.

March 14, 2016

Connecticut Industrial Northeast Office

The Silverman Group Sells Five-Property Office/Flex Park in Connecticut for $26.7M

by Amy Works March 14, 2016

TRUMBULL, CONN. — The Silverman Group has completed the sale of Trefoil Park, a five-building office/laboratory/flex park in Trumbull. 265 West 34th Street LLC acquired the asset for $26.7 million. The park includes a three-story, 54,899-square-foot building located at 35 Corporate Drive; a three-story 47,264-square-foot building located at 55 Corporate Drive; a 44,221-square-foot asset at 126 Monroe Turnpike; a 45,615-square-foot property at 30 Trefoil Drive; and a 40,675-square-foot building at 204 Spring Hill Road. In addition to a mix of office, industrial and flex space, the park features a fitness center and a child care center. At the time of sale, Trefoil Park was 95 percent leased to a diverse roster of 37 corporate and industrial tenants. Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz of Cushman & Wakefield represented the seller in the transaction.

March 14, 2016

Multifamily New York Northeast

GFI Realty Negotiates $19.5M Sale of Apartment Building in Brooklyn

by Amy Works March 14, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 601 Ocean Parkway in Brooklyn’s Ditmas Park neighborhood. Meridian Properties acquired the property from Duo Ocean Parkway LLC for $19.5 million. The newly constructed 45,000-square-foot building features 44 residential units in a mix of one- and two-bedroom layouts, 14 indoor parking spaces, a lounge, fitness center, common outdoor terrace and a laundry facility. At the time of sale, the property was 100 percent occupied. Shulem Paneth and Eli Matyas of GFI represented the seller, while Erick Yankelovich represented the buyer in the transaction.

March 14, 2016

Loans New York Northeast Retail

M&T Bank Provides $13M Loan for Acquisition of Eight CVS Properties

by Amy Works March 14, 2016

BUFFALO, N.Y. — Buffalo-based M&T Bank has provided $13 million in financing for the acquisition of eight CVS/pharmacy properties in Long Island, N.Y.; Upstate New York, Connecticut and Massachusetts. A Case Real Estate Capital-sponsored venture acquired the high-credit, triple-net leased retail properties, which total approximately 85,000 square feet. Case originally purchased the properties without financing in 2015 through a deed-in-lieu of foreclosure agreement.

March 14, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Alpha Realty Brokers Four Sales in Brooklyn Totaling $9.7M

by Amy Works March 14, 2016

NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.

March 14, 2016

New Jersey Northeast Office

Unity Bancorp Acquires Headquarters Facility in New Jersey for $4.1M

by Amy Works March 14, 2016

CLINTON, N.J. — Unity Bancorp has acquired its headquarters facility, which is located at 64 Old Highway 22 in Clinton. Clinton Unity Group sold the property for $4.1 million. Built in 1996, the three-story building features 20,000 square feet of office space. Recently the property underwent renovations including new workspaces, flooring and a remodeled lunchroom with new seating and appliances. With this acquisition, Unity Bancorp now owns 12 of its 15 business locations.

March 14, 2016

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