CLINTON TOWNSHIP, MICH. — FM Capital has acquired a $2.8 million non-performing loan that is secured by three K&S industrial buildings in Clinton Township, approximately 25 miles northeast of Detroit. The three facilities total 54,000 square feet and were constructed between 1989 and 2002.
SUNNYVALE, CALIF. — Google Inc. (NASDAQ: GOOG) has entered into a purchase agreement to buy eight office buildings in Silicon Valley from NetApp (NASDAQ: NTAP) for $250 million, according to a document filed with the Securities and Exchange Commission on March 9. The tech companies amended the filing on March 11. NetApp plans to lease back an unspecified portion of the office footprint from Google, according to the filing. The office properties, located in Sunnyvale in Santa Clara County, include the following: • 1299 Orleans Drive (46,170 square feet) • 1277 Orleans Drive (42,624 square feet) • 1260 Crossman Ave. (95,464 square feet) • 1240 Crossman Ave. (125,648 square feet) • 549 Baltic Way (110,160 square feet) • 641 Baltic Way (88,320 square feet) • 611 Baltic Way (43,372 square feet) • 633 Caribbean Drive (43,372 square feet) According to the filing, the sale is expected to close prior to April 12, 2016, and in no circumstance later than April 22. NetApp, a data storage management provider and servicer, recently announced it would cut roughly 12 percent of its workforce, according to the Silicon Valley Business Journal. NetApp currently has more than 12,000 employees in more than 150 offices worldwide. …
ATLANTA — Too often hoteliers are so immersed in executing their business plans they miss golden opportunities that suddenly arise, according to hotel experts speaking at the 28th annual Hunter Hotel Conference. During the “State of the Industry” panel, executives from Blackstone, Starwood Capital Group, Rockbridge, MCR Development LLC and Apple Hospitality REIT took the stage to discuss opportunities they see in the marketplace. Tyler Morse, CEO and managing partner of MCR Development, said the lodging industry in the United States will present ample opportunities in the next couple years. “The hotel space in particular in the U.S. economy is going to be great in 2016 and 2017. The rest of the world is kind of a disaster,” said Morse. “Funds are coming to the U.S. as a flight to quality. The U.S. is where the growth is, and the hotel business is a beneficiary of that.” In a real-world example of being opportunistic, Brian Kim, managing director of real estate at Blackstone, spoke about how the firm’s recent $6.5 billion sale of Strategic Hotels & Resorts to Beijing-based Anbang Insurance Group Inc. wasn’t the original strategy for Blackstone. Having just closed on the Strategic purchase in December 2015, Blackstone’s …
NEW YORK CITY — A partnership between Westbrook Partners and RXR Realty has received $162 million in first mortgage financing for the conversion of Hall Street Complex, a 10-building, 665,000-square-foot mixed-use complex in Brooklyn. Michael Tepedino, Steven Klein and Christopher Peck of HFF arranged the floating-rate loan through Starwood Property Trust Inc. for the borrower. The loan proceeds were used to acquire the property and will fund the repositioning of the asset into a creative loft office property. Located across the street from Brooklyn Navy Yard, Hall Street Complex features an exposed brick-and-mortar industrial design, 14-foot ceilings, expansive window lines, large and flexible 4,500-square-foot to 28,000-square-foot floor plates and Manhattan skyline views.
TRUMBULL, CONN. — Paredim Partners, in partnership with LEM Capital, has acquired Eaves Trumbull Apartments, an apartment community located in Trumbull, for $70.2 million. Situated on 38 acres, the multifamily community features 340 apartment units in a mix of one-, two- and three-bedroom layouts, and an 11,000-square-foot clubhouse with a pool, indoor basketball and racquet courts. The seller was Avalon Bay Communities. Paredim Partners is an owner-operator of multifamily residential properties in the Northeast, specializing in the Connecticut marketplace.
FLORHAM PARK, N.J. — A joint venture partnership between The Rockefeller Group and Korman Communities has started construction on AVE Florham Park, a flexible-stay community located within The Green at Florham Park in Florham Park. Slated to open in 2017, the 450,000-square-foot property will feature 256 corporate suites for corporate housing and relocations and 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, a community courtyard with lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbeque area, a movie screen, fire pits and cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including an indoor media center, café with weekday club breakfast, conference suites, a fitness center, a yoga studio, a spa and a 24-hour concierge. The Green at Florham Park is The Rockefeller Group’s 268-acre master-planned development. Additional plans for The Green at Florham Park include a 425-unit active adult residential community, to be developed by Pulte Homes on 100 acres, and an Archer Hotel.
PARAMUS, N.J. — NorthMarq Capital has negotiated $11.3 million in refinancing for the acquisition of a retail property at 501 Route 17 in Paramus. The 10-year loan features a 25-year amortization schedule. The 38,729-square-foot property is anchored by Staples. Ed Riekstins of NorthMarq secured the financing for the undisclosed borrower through its correspondent relationship with a life insurance company.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of an industrial/office building located at 14-29 112th St. in the College Point neighborhood of Queens. Excavators Union Local 731 acquired the asset from RJB Realty LLC for $4.2 million, or $200 per square foot. The two-level building features 21,058 square feet of industrial and office space. Located within a M1-2 zone, the property also features up to 14,002 square feet in air rights. Stephen Preuss of Cushman & Wakefield represented the seller in the transaction.
PORTLAND, ORE. — MG Properties Group (MGPG) has acquired the 283-unit Russellville Commons Apartments in Portland for $57.8 million. The community is located at 10320 S.E. Pine St., within the Gateway District. Russellville was built in 1999. This is MGPG’s seventh acquisition in the past year. MGPG is currently targeting much of the West, including Arizona, California, Colorado, Nevada, Oregon and Washington. Cody Hagerman and Tyler Johnson of HFO Investment Real Estate represented the seller, the Reliant Group, in this transaction. Joe Briganti at PNC Real Estate arranged a 10-year, fixed-rate mortgage for the transaction.
SCOTTSDALE, ARIZ. — A joint venture between Lincoln Property Co. and Goldman Sachs has purchased Gainey Center II, a 146,770-square-foot office building in Scottsdale, for $35.2 million. The building is located at 8501 N. Scottsdale Road. Gainey Center is situated about one mile from Loop 101 within the Gainey Ranch community. The building is 89 percent occupied. Notable tenants include J.P. Morgan, TPI Composites Inc., Apriva and McGraw Hill Financial. The space will undergo minor renovations to the lobby, common area, landscaping and signage. CBRE’s Jerry Roberts and Pat Boyle are handling the building’s leasing efforts, while LPC is providing management services.
