Property Type

Batson-Cook Breaks Ground on SkyHouse Nashville

by John Nelson August 13, 2015

NASHVILLE, TENN. — Batson-Cook Construction has begun building SkyHouse Nashville, a luxury mixed-use tower in midtown Nashville. Upon completion in the summer of 2016, the 25-story property will feature 352 luxury apartment residences, more than 10,000 square feet of retail space and a rooftop amenities deck. The property will be situated along Broadway, 17th Avenue and Division Street and offer panoramic views of downtown Nashville. The development’s amenity package will include an upscale clubhouse, fitness center, swimming pool and an outdoor kitchen. The design team includes co-developers Batson-Cook Development Co. and Novare Group and architect Smallwood, Reynolds, Stewart, Stewart. SkyHouse Nashville is the 15th SkyHouse-branded project that Batson-Cook has constructed since 2001. Earlier this year, the company delivered SkyHouse Buckhead in Atlanta, SkyHouse Channelside in Tampa and SkyHouse Raleigh in Raleigh.

August 13, 2015

Maryland Mixed-Use Southeast

Lantian Development, 1788 Holdings Purchase 31-Acre Site in Maryland for $50M

by John Nelson August 13, 2015

ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.

August 13, 2015

California Multifamily Western

The Garibaldi Co. Buys Sacramento Apartment Building for $35M

by Nellie Day August 13, 2015

SACRAMENTO, CALIF. — The Garibaldi Co. has acquired 3310 Apartments, a 384-unit apartment building in Sacramento, for $35 million. The Class B community is located at 3310 Winter Park Drive in the city’s South Natomas area. The property was built in 1985. Though minor interior improvements were completed prior to the sale, the buyer plans to implement an improvement plan that will focus on building exteriors and common areas. Mark Leary of ARA Newmark represented both Garibaldi and the seller, Prometheus, in this transaction.

August 13, 2015

California Loans Office Western

Britannia Business Center III in Pleasanton Receives $27.4M Loan

by Nellie Day August 13, 2015

PLEASANTON, CALIF. — Britannia Business Center III, a 191,000-square-foot office and R&D portfolio in Pleasanton, has received $27.4 million in acquisition financing. The portfolio is located at 5870 Stoneridge Drive. The center contains about 125,000 square feet of office space and 66,000 square feet of research and development facilities. This space is situated in three non-contiguous buildings. The R&D portion is fully occupied by contact lens developer CooperVision. The non-recourse loan was secured by Steven Buchwald and Lexington Henn of Mission Capital Advisors’ Debt & Equity Finance Group on behalf of Ridge Capital Investors. The firm’s Will Sledge, Patrick Arnold and Gregg Applefield executed the $35.1 million sale.

August 13, 2015

California Retail Western

CBRE Arranges Three Retail Leases in Oxnard for Repositioned Kmart Site

by Nellie Day August 13, 2015

OXNARD, CALIF. — CBRE Group, in collaboration with Red Mountain Group, has arranged three retail leases at the vacated Kmart property at the corner of Ventura Road and Channel Island Boulevard in Oxnard. The 137,175-square-foot retail site is being redeveloped into an anchored multi-tenant retail center. LA Fitness has leased 37,500 square feet, Smart & Final inked a deal for 31,044 square feet, and Star World, an appliance and electronic company, signed a lease for 26,487 square feet at the property. Each company signed a 15-year lease for the space. Scheduled for completion in the second quarter of 2016, the proposed renovations include new storefront elevations, parking lot, landscaping and lighting, as well as the construction of a new drive-thru pad along Ventura Road. The new tenants are scheduled to open for business in 2016. Several restaurant and retail spaces, ranging from 1,200 to 15,000 square feet, will be available for lease at the property. Scott Siegel, Larry Tanji and Lisa Engle of CBRE, along with Kristin Ambrose of Red Mountain, negotiated the leased on behalf of the investor, Red Mountain Group.

August 13, 2015

Arizona Retail Western

Lee & Associates Arranges $14M Sale of Arrowhead Plaza in Glendale

by Nellie Day August 13, 2015

GLENDALE, ARIZ. — Lee & Associates has arranged the sale of Arrowhead Plaza, an 84,389-square-foot shopping center, for $14 million. The center is located at 7700 W Arrowhead Towne Center. It was purchased by Beardsley-67th Avenue LLC. Ian Fincham and Patrick Dempsey of Lee & Associates worked on behalf of the buyer and seller.

August 13, 2015

California Retail Western

Phillips Edison Grocery Center REIT II Acquires Shopping Center in Fresno

by Nellie Day August 13, 2015

FRESNO, CALIF. — Phillips Edison Grocery Center REIT II Inc. has acquired a grocery-anchored shopping center in Fresno. West Acres LLC sold the 83,414-square-foot West Acres Shopping Center for $10.2 million. The fully leased center is occupied by 14 tenants, including Best Cuts, Little Caesars and Atlas Healthcare, and anchored by a 55,080-square-foot Food Maxx.

August 13, 2015

CSRT’s new 11-story corporate headquarters in downtown Cedar Rapids

Industrial Iowa Market Reports Midwest Midwest Market Reports Multifamily Office Retail

Cedar Rapids Rises to Commercial Real Estate Challenge Following Major Flood

by Jeff Shaw August 13, 2015

In the April 2014 edition of Heartland Real Estate Business, I pointed out that the recovery from the historic 2008 flood was nearing completion in Cedar Rapids, a city of approximately 129,000 residents. The last of the damaged city facilities, a recreation center in the Time Check neighborhood on the city’s northwest side, has been demolished. Taking its place will be a new 17,000-square-foot recreation center currently under construction. In July, the Cedar Rapids City Council approved the $600 million flood protection system alignment on both sides of the Cedar River; all the flood system funding plan is now in place, except for the federal appropriation of $78 million pending approval in Congress. Three sections of flood protection are complete or under construction. The National Civic League recognized this feat in 2014 when it named Cedar Rapids as a recipient of the All-America City Award, which recognizes communities that overcome citywide challenges and achieve uncommon results. (The National Civic League is a nonprofit organization that advocates for transparency, effectiveness, and openness in local government.) The city’s strong recovery following the devastating flood in 2008 is evident by the accolades it has received from a variety of media outlets and interest …

August 13, 2015

New York Northeast Office

Savanna Completes Sale of 31 Penn Plaza to Vanbarton Group

by Amy Works August 12, 2015

NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has completed the sale of 31 Penn Plaza to Vanbarton Group LLC for an undisclosed sum. Located at 132 W. 31st St., the 18-story property features 444,000 square feet of office space. Savanna acquired the property in 2011 and completed a $20 million renovation, including redesigning the lobby, security infrastructure and entrance, modernizing the elevators, restoring the façade, upgrading coming areas and adding retail amenities. During the period Savanna owned the property, the firm entered into 260,000 square feet of lease agreements with tenants that included Friedman’s, Pennsylvania Six and Dee Daa. Douglas Harmon, Adam Spies, Joshua King, Adam Donegar and Michael Saclarides of Eastdil Secured represented Savanna in the transaction. Christopher Price and Adam Kopald of Goodwin Procter served as the seller’s counsel for the sale.

August 12, 2015

Healthcare New York Northeast

Our Lady of Lourdes Memorial Hospital Medical Office Building in New York Sells for $22M

by Amy Works August 12, 2015

VESTAL, N.Y. — Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Company of Binghamton Inc. have arranged the sale of Our Lady of Lourdes Memorial Hospital medical office building in Vestal. A major private healthcare buyer acquired the 57,000-square-foot property for $22 million. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield negotiated the transaction. The name of the seller was not released.

August 12, 2015

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