Property Type

NorthMarq Arranges $93M Refinancing for Office Park in Chandler

by Nellie Day February 10, 2016

CHANDLER, ARIZ. — NorthMarq Capital has arranged a $93 million refinancing for a 523,673-square-foot office park in Chandler. The Class A park is located at the intersection of highways 101 and 202. The property contains six office buildings within a master-planned business park that also features office, hospitality and restaurant properties. The office park is fully leased to tenants like Healthways, Infineon Technologies and Infusion Software. The loan features a 10-year term with three years interest-only payments, followed by a 30-year amortization schedule. Eric Flyckt of NorthMarq Capital’s San Diego office arranged the financing through the firm’s relationship with Citi Group. Douglas Allred Company owns the property.

February 10, 2016

California Office Western

Newark Arranges $65M in Financing for California Highway Patrol Office Complex in Sacramento

by Nellie Day February 10, 2016

SACRAMENTO, CALIF. — Newmark Realty Capital has arranged $65 million in permanent financing for a 284,000-square-foot office complex in Sacramento that serves as the headquarters for the California Highway Patrol. The facility is situated within the River District Redevelopment Area. The recently renovated property is leased to the State of California. George Mitsanas, Fritz Grim and Armen Hadjimanoukian of Newmark Realty Capital arranged the non-recourse, fixed-rate, term loan. It was placed with one of the firm’s correspondent life insurance company lenders.

February 10, 2016

Multifamily Washington Western

Meadows at Cascade Park Apartments in Vancouver Sells for $35.2M

by Nellie Day February 10, 2016

VANCOUVER, WASH. — The 198-unit Meadows at Cascade Park Apartments in Vancouver has sold to a California-based firm for $35.2 million. The community is located at 13314 SE 19th St. The sale represented a price per unit of $164,141, or $163 per square foot. This is one of the three highest sales per square foot that Vancouver has experienced in the past 12 months, according to HFO Investment Real Estate, which represented the seller. A Canadian investment firm with numerous Portland/Vancouver-area holdings sold the asset. The value-add acquisition allowed the buyer to enter the Washington market.

February 10, 2016

Industrial Nevada Western

LogistiCenter at Cheyenne in Las Vegas Achieves Full Capacity

by Nellie Day February 10, 2016

LAS VEGAS — LogistiCenter at Cheyenne, a 381,804-square-foot distribution facility in North Las Vegas, has achieved full occupancy. The facility is located at 4025 E. Cheyenne Ave. Priority Wire & Cable leased the remaining 223,000 square feet. The supplier of wire and cable for wholesale distributors will use the space for distribution. Priority will relocate from a 180,000-square-foot distribution center in Las Vegas to the new facility this May. A joint venture between Dermody Properties and Hillwood Investment Properties developed LogistiCenter at Cheyenne. Susan Borst and Dan Doherty of Colliers International represented the JV in the lease transaction.

February 10, 2016

lipstick-building-885-third-avenue-manhattan-new-york-city

Multifamily New York Northeast Office Top Stories

SL Green Completes Sale of Two New York Assets for $508M

by Haisten Willis February 10, 2016

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has completed the sale of two properties with a total value of $508 million. The first sale is the leased fee interest in 885 Third Ave. in Manhattan, also known as “The Lipstick Building,” for a gross sales price of $453 million, or $713 per square foot. The deal was originally announced in October. A partnership between Ceruzzi Properties and Shanhai Municipal Investment USA is the buyer, according to the Commercial Observer, a New York-based publication covering commercial real estate transactions. SL Green acquired the leased fee interest in 885 Third Ave. in a joint venture in 2007 at a gross asset valuation of $317 million and fully consolidated its position in 2010 at a valuation of $352 million. As part of the transaction, SL Green will retain a preferred equity position. The sale, executed at a capitalization rate of 3.8 percent, will generate net proceeds to SL Green of approximately $45 million. The second sale is the company’s 90 percent stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building in Williamsburg, Brooklyn, at a gross asset valuation of $55 …

February 10, 2016

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Northern New Jersey Multifamily Continues Momentum, Driven by Employment Growth

by Jaime Lackey February 10, 2016

New Jersey and New York City employers have been expanding their ranks this year, allowing New Jersey residents to recognize new opportunities as economic growth in both areas continues to pick up steam. In Northern New Jersey, employment growth continues to follow a positive course as companies in New York City are attracted to the region’s lower operating costs and highly educated workforce. This year, companies are on track to add 29,000 employees, representing a year-over-year expansion of 1.4 percent. This will be the largest gain in jobs created since 2000. Job creation has been highest in the leisure and hospitality industry, as well as education and health services sectors, where 12,200 new jobs were created in the first half of the year. Newly employed professionals in search of affordable housing are opting for rentals in Northern New Jersey, where average rents can be half the cost of the greater New York City area. As a result of this growing demand for Northern New Jersey rentals, developers have expanded the pipeline of multifamily projects to more than 12,000 apartments with completions scheduled through 2017. Developers are on track to deliver over 7,900 apartments this year, representing the widest pipeline and …

February 10, 2016

Industrial Market Reports New Jersey Northeast Northeast Market Reports

Data Infrastructure Positions Newark to Emerge as a Tech Sector Hub

by Jaime Lackey February 10, 2016

For Newark, New Jersey, the well-documented trend toward urbanism and the emergence of creative solutions that position older properties to serve modern needs are creating strong momentum. At a time when leasing activity is ticking upward across the city’s diverse tenant base, it also is becoming clear that Newark’s superior data capacity positions the city to become a hub for tech start-ups and, ultimately, a national hub for the tech sector. For Millennials, Old is “In” According to new Pew Research Center analysis of U.S. Census Bureau data, it is estimated that about 53.5 million millennials (adults aged 18 to 34) are part of the U.S. workforce today. Companies run by or interested in attracting millennials — whether focused on technology or any other sector — are gravitating to 24/7 downtown or urban locations. And they are seeking smart, collaborative work spaces. The result? Old is “in” — at least when it comes to tenant preferences for office space. At The Berger Organization, we are stripping antiquated fit-outs and tapping into the popularity of exposed ductwork, open floor plans and loft-inspired architectural elements. The resulting environments speak to modern desires and individual company cultures, while paying homage to their urban …

February 10, 2016

California Office Western

Cypress Office Properties Acquires Willow Creek Corporate Center in San Diego for $19.7M

by Nellie Day February 9, 2016

SAN DIEGO — Cypress Office Properties has purchased the 114,355-square-foot Willow Creek Corporate Center in the San Diego submarket of Scripps Ranch for $19.7 million. The center is located at 10089 Willow Creek Road. Willow Creek is situated within the master-planned Scripps Ranch Business Park. It sits just east of Interstate 15, near State Routes 52, 56 and 163. The property is minutes from more than 1 million square feet of retail amenities and abundant housing options. JLL’s Bob Prendergast and Lynn LaChapelle represented the seller, LBA Realty, in this transaction.

February 9, 2016

California Office Western

Stockdale Capital Partners Buys Medical Office Building in Los Angeles

by Nellie Day February 9, 2016

LOS ANGELES — Stockdale Capital Partners has acquired a 140,054-square-foot medical office building in Los Angeles for an undisclosed sum. The building is located at 2100 W. 3rd St. The space was built in two phases between 1991 and 2007. It includes medical office, laboratory and general office space. Notable tenants at the property include UCLA, Children’s Hospital Los Angeles, ViraCor-IBT Laboratories and the House Ear Clinic. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, a joint venture between Watt Investment Partners and Rockpoint Group, in this transaction.

February 9, 2016

Arizona Retail Western

Colliers International Arranges $9.7M Sale of Mountain Park Plaza in Phoenix

by Nellie Day February 9, 2016

PHOENIX — Colliers International has arranged the $9.7 million sale of Mountain Park Plaza, an 87,672-square-foot shopping center located in Phoenix. Mindy Korth and Kirk Kuller of Colliers represented the seller, Issaquah, Wash.-based Western America Commercial, in the transaction. The buyer was Fairfield, N.J.-based Lamar Cos. Tenants at the 95-percent-occupied center include anchor Fry’s Food and Drug, Nationwide Vision and Sally Beauty Supply. Three pads occupied by a Fry’s Food Stores fueling station, Taco Bell and Kidz Connextion Dental Center were not included in the sale.

February 9, 2016

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