Property Type

CBRE Arranges $71.6M Acquisition Loan for Office Portfolio in Boca Raton

by John Nelson March 16, 2015

BOCA RATON, FLA. — CBRE’s capital markets debt and structured finance team has arranged $71.6 million in acquisition financing for an office portfolio in Boca Raton. Spanning 330,438 square feet, the portfolio includes two Class A office buildings: The Plaza at 5355 Town Center Road and One Town Center at 1 Town Center Road. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the 3.5-year bridge loan through Mesa West Capital LLC on behalf of the borrower, Boca Raton-based Crocker Partners. The interest-only loan was structured with a floating interest rate. Crocker Partners purchased the portfolio from MetLife Real Estate Investors. Lee, Foschini and Apone, along with Jose Lobon and Michael Erickson of CBRE, represented MetLife in the transaction.

March 16, 2015

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51M

by John Nelson March 16, 2015

BUFORD, GA. — Steadfast Apartment REIT has acquired Preston Hills at Mill Creek, a 464-unit apartment community in Buford, roughly 35 miles outside of downtown Atlanta. The Orange County, Calif.-based REIT purchased the community for roughly $51 million and has now invested more than $350 million in nine apartment communities in the Midwest and Southeast. Constructed in 2000, the multifamily property is more than 90 percent occupied and is comprised of one- to three-bedroom units ranging from 882 to 1,426 square feet. Average in-place rents are $899 per month. The apartment community’s amenity package includes two resort-style swimming pools, a clubhouse, tennis court, two fitness centers, volleyball court, detached garages, business center, playground, spa and valet dry cleaning. Steadfast plans to upgrade the unit interiors and common areas in the next several months.

March 16, 2015

Retail Southeast Virginia

Benderson Development Acquires Bed Bath & Beyond in Metro D.C. for $29M

by John Nelson March 16, 2015

VIENNA, VA. — Benderson Development has purchased a 55,695-square-foot Bed Bath & Beyond store located at 2051 Chain Bridge Road in Vienna, a suburb of Washington, D.C. Benderson’s $29 million acquisition of Bed Bath & Beyond is the company’s entry into Tysons Corner, a super-regional retail destination in the greater D.C. area. Sarasota, Fla.-based Benderson has a portfolio that comprises more than 40 million square feet in 38 states.

March 16, 2015

Florida Restaurant Retail Southeast

Marcus & Millichap Brokers $3.3M Sale of Starbucks in Destin

by John Nelson March 16, 2015

DESTIN, FLA. — Marcus & Millichap has brokered the $3.3 million sale of a 2,960-square-foot Starbucks Coffee located at 10410 US Highway 98 West in Destin. Mike Marzinske, Adam Prins and Matt Hazelton of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, in the transaction. Kirk Felici of the firm’s Miami office assisted in the transaction. Starbucks has seven years remaining on the lease.

March 16, 2015

Village West Orlando Cosmo Prof Coast Dental

Florida Retail Southeast

Equity Investment Services Brokers $1.9M Sale of Retail Strip Center in Orlando

by John Nelson March 16, 2015

ORLANDO, FLA. — Equity Investment Services (EIS) has brokered the $1.9 million sale of Village West, an unanchored retail center located at 6404 W. Colonial Drive in Orlando. The 18,000-square-foot center is leased to tenants such as Cosmo Prof and Coast Dental. Kevin Yaryan and Derek Francis of EIS represented both the buyer and seller in the transaction. EIS also arranged acquisition financing on behalf of the buyer.

March 16, 2015

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Global, National Brands Heat Up Nashville’s Industrial Market

by John Nelson March 16, 2015

Jack Daniels, FedEx and Gibson Guitar are a few international brands that already call Tennessee home, and the list has expanded over the past two years, as major brands have chosen to grow their operations in Middle Tennessee. Recent industrial relocations including Under Armour, Beretta and Hankook Tire are a few notable companies that chose Nashville over other major markets in the U.S. In addition, existing companies such as General Motors, FedEx and Nissan continue to expand their footprint in the region, creating more jobs and building larger facilities. All of this activity has created the demand for more site-ready properties that can accommodate build-to-suit projects and be delivered quickly. Nashville’s continued evolution as the South’s leading auto manufacturing hub, as well as its favorable central location, has bode well for the industrial market over the last few years. Favorable Fundamentals Nashville’s industrial market vacancy rate of 7.1 percent at the end of fourth-quarter 2014 is the lowest it has been since the fourth quarter of 2008, and the 2014 total net absorption has reached more than 2.25 million square feet, the highest absorption since 2006. This year is projected to be a banner year for new construction with multiple …

March 16, 2015

New Jersey Northeast Office

Colliers Arranges $14.1M Sale of Intel Corporate Center in Parsippany

by Amy Works March 13, 2015

PARSIPPANY, N.J. — Colliers has arranged the sale of Intel Corporate Center, a two-building office property located at 1515 Route 10 in Parsippany. An affiliate of Stanbery Development and developer/owner of The Shoppes at Union Hill in Denville, N.J., acquired the property for $14.1 million. The two three-story buildings, which total 288,742 square feet, are currently leased to Intel Corp. through the end of the year. On-site amenities include a full-service cafeteria, professional gym facility, conference areas and an outdoor terrace with seating. Jacklene Chesler, Richard Madison, Jeffrey Oram and Chuck Kohaut of Colliers represented the undisclosed seller in the transaction.

March 13, 2015

New York Northeast Office

OnDeck Capital Expands Headquarters to 117,000 SF at 1400 Broadway

by Amy Works March 13, 2015

NEW YORK CITY — Empire State Realty Trust Inc. has announced that OnDeck Capital Inc. has expanded its headquarters space by approximately 79,000 square feet at 1400 Broadway by in New York. The company, a platform for small business loans, will now occupy 117,000 square feet within the property. Paul Ippolito of Newmark Grubb Knight Frank represented OnDeck in the lease negotiations, while Keith Cody of ESRT, along with Scott Klau, Erik Harris and Neil Rubin of Newmark Grubb Knight Frank, represented the landlord.

March 13, 2015

New York Northeast Retail

Cushman & Wakefield Brokers Sale of Three-Property Portfolio in Queens

by Amy Works March 13, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Vanguard Retail Portfolio, a three-building portfolio in Queens. The properties, which total 44,858 square feet, were sold in all-cash transactions totaling $23.8 million, or $530 per square foot. The 18-unit, 33,698-square-foot property at 221-02/50 Horace Harding Expressway sold for $17 million. The seven-unit, 8,970-square-foot property, located at 137-67/79 Queens Blvd./138-09 84th Dr., sold for $5.6 million. The third property, located at 138-07/11 Queens Blvd., sold for $1.2 million. Thomas Donovan, Stephen Preuss and Brian Sarath of Cushman & Wakefield negotiated the transaction. The buyer was an undisclosed local investor.

March 13, 2015

New Jersey Northeast Retail

Marcus & Millichap Arranges Sale of 11,348 SF Retail Property

by Amy Works March 13, 2015

WEST ORANGE, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 640-642 Eagle Rock Ave. in West Orange. The 11,348-square-foot property sold for $2.7 million. Michael Lombardi of Marcus & Millichap represented the seller, a private investor, and Michael Rothstein, also of Marcus & Millichap, represented the buyer, a private investor, in the all-cash 1031 exchange.

March 13, 2015

Newer Posts

Older Posts

Upcoming Events

Aug
06