Property Type

George Smith Partners Secures $125M Loan for Phase I of Celebration Pointe

by John Nelson June 5, 2015

GAINESVILLE, FLA. — Los Angeles-based George Smith Partners has closed a $125 million construction loan for the development of Celebration Pointe, a large-scale mixed-use development underway in Gainesville. George Smith Partners secured the financing on behalf of the project’s developers, comprising Gainesville-based SHD Development, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G. Located at the intersection of I-75 and Archer Road and anchored by Bass Pro Shops, the $200 million, 1 million-square-foot Celebration Pointe will feature a mix of approximately 400,000 square feet of entertainment, outlet retail and restaurants uses, as well as a new 137-room Hotel Indigo. Phase I of Celebration Pointe is slated to open in fall 2016.

June 5, 2015

Maryland Office Southeast

HFF Brokers $63.5M Sale of, Arranges Financing for Downtown Bethesda Office Building

by John Nelson June 5, 2015

BETHESDA, MD. — HFF has brokered the $63.5 million sale of Bethesda Office Center, a 174,449-square-foot, Class A office building located at 4520 East-West Highway in downtown Bethesda. The office property is located at the intersection of East-West Highway and Waverly Street, one block from the Bethesda Metrorail Station. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Robert Jenkins of HFF represented the seller, AEW Capital Management LLC, in the transaction. HFF also arranged acquisition financing on behalf of the undisclosed buyer. Cary Abod and Robert Carey of HFF arranged the fixed-rate loan through JP Morgan Chase Bank, NA.

June 5, 2015

Office South Carolina Southeast

RealOp Investments, Terra Capital Buy Office Portfolio in Greenville

by John Nelson June 5, 2015

GREENVILLE, S.C. — RealOp Investments and Terra Capital Partners have partnered to acquire and manage an office portfolio in Greenville totaling 570,000 square feet. The properties in the portfolio include two office parks totaling 12 buildings. Park East comprises nine multi-tenant office assets, and Park Central contains three buildings. RealOp, along with leasing and management partner NAI Earle Furman, will update, rebrand and reposition the office properties in the portfolio, and Terra Capital Partners will provide financing.

June 5, 2015

Multifamily South Carolina Southeast

Hamilton Point Investments Acquires Apartment Community in Metro Charlotte for $13.4M

by John Nelson June 5, 2015

ROCK HILL, S.C. — Hamilton Point Investments LLC, a Connecticut-based multifamily owner, has purchased the 168-unit Cushendall Commons for $13.4 million. Built in 2002, the apartment community is located directly off of I-177 in Rock Hill, roughly 24 miles south of downtown Charlotte. The complex’s amenity package includes a swimming pool, business center and 24-hour fitness center. The property was 98.1 percent occupied at the time of sale. Alex Brown of Cushman & Wakefield of Georgia Inc. represented the seller, JMG Realty, in the transaction. Hamilton Point Investments was self-represented.

June 5, 2015

Market Reports Office Texas Texas Market Reports

Las Colinas, Far North Dallas And Richardson/Plano Stand Out in Hot Market

by Haisten Willis June 5, 2015

Dallas/Fort Worth has experienced unprecedented growth over the past few years, and we have all the fundamentals in place to continue this growth. Since 2005, we have added more than 600,000 jobs to the region. That’s a whopping increase of 21 percent! The current outlook is for growth to continue at these levels. In fact, by 2030 population in our region is expected to hit 9 million, an increase of 2.1 million new residents. From a real estate perspective, these fundamentals will fuel demand across all property types for the foreseeable future. More importantly, DFW has evolved into one of the most balanced economies in the U.S. and has created the “perfect storm” for our continued, steady growth. In addition to our central location, key drivers include our diverse employment base, deep roots in technology, low cost of doing business, pro-growth philosophy and affordable housing. For a comparison to the rest of the country, office absorption in Dallas has paced ahead of most U.S. markets in the last few years. In the first quarter of 2015, Dallas made up almost 30 percent of the national net absorption among the 50 largest U.S. markets JLL tracks. While a large proportion of …

June 5, 2015

California Multifamily Western

Kennedy Wilson Buys Majority Interest in Western-Based Apartment Portfolio

by Nellie Day June 5, 2015

LOS ANGELES — Kennedy Wilson has purchased a majority interest in Vintage Housing Holdings (VHH), which owns certain interests in a Western-based multifamily portfolio. The real estate investment and services company acquired a 61 percent equity ownership in VHH for $78 million, giving this portfolio a valuation of about $486 million. The portfolio contains 30 multifamily properties with a total of 5,485 units throughout the West. The properties are primarily located in Washington (3,796 units), California (756 units) and Nevada (544 units). The units were built, on average, in 2006. The portfolio has produced net operating income of about $12 million, year to date, as of April 31, 2015, according to Kennedy Wilson. The firm now maintains a portfolio of more than 25,000 multifamily units, including more than 9,000 units in the State of Washington. VHH, the portfolio’s developer and manager, will maintain a 39 percent equity interest. It will also continue to manage the portfolio.

June 5, 2015

California Retail Western

Rouse Properties Buys Fig Garden Village in Fresno for $106M

by Nellie Day June 5, 2015

FRESNO, CALIF. — Rouse Properties has acquired Fig Garden Village, a 301,459-square-foot lifestyle center in Fresno, for $106.1 million. The center is located at 5082 N. Palm Ave. Fig Garden Village is anchored by Whole Foods. Other notable tenants include Lululemon, Williams-Sonoma, J. Crew, Pottery Barn, Chicos, White House Black Market, Chipolte and Starbucks. The center was built in 1956 and renovated in 2007. It was 93.9 percent leased at the time of sale. The acquisition was financed with a new $74.2 million, non-recourse CMBS loan that features an interest rate of 4.14 percent.

June 5, 2015

Multifamily Seniors Housing Washington Western

Evans Senior Investments Arranges Sale of Skilled Nursing Facility in Washington for $6.6M

by Nellie Day June 5, 2015

SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.

June 5, 2015

California Retail Western

DJM Capital Partners Signs Steven Alan at Lido Marina Village in Newport Beach

by Nellie Day June 5, 2015

NEWPORT BEACH, CALIF. — DJM Capital Partners has signed Steven Alan, a luxury clothing, home and accessories store, as the newest retailer at Lido Marina Village in Newport Beach. The 1,526-square-foot retail store is slated to open late this fall. The store will carry the designer’s line of ready-to-wear casual, smart essential for both men and women, as well as a hand-curated selection of clothing, handbags and optical from an eclectic group of emerging designers. Other tenants at the 116,000-square-foot center, which is undergoing a renovation, include Juice|Served Here, Jolie, Honor Coffee Roasters and Charlie & Me.

June 5, 2015

California Retail Western

Progressive Inks Seven New Leases at Hesperia Shopping Center

by Nellie Day June 5, 2015

HESPERIA, CALIF. — Progressive Real Estate Partners has signed seven new leases, totaling 19,600 square feet, at The Marketplace on Main in Hesperia. The recently opened Walmart-anchored retail center is located at 13401 Main St. Paul Galmarini of Progressive represented the ownership, Pacific/Lewis Properties, a division of Pacific Development Group, in the following transactions: • Petco, 10,000 square feet • The Habit Burger Grill, 2,500 square feet • Pieology Pizzeria, 2,000 square feet • Yogurtland, 1,200 square feet • Metro PCS, 1,400 square feet • Great Clips, 1,200 square feet • Nail Salon, 1,300 square feet The ownership broke ground on the two-building, 24,000-square-foot retail center in April. The seven new retailers are slated to open prior to Holiday 2015. There are three retail units, ranging from 1,500 to 1,600 square feet, available at the center.

June 5, 2015

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