Property Type

Capital One Closes $90M Construction Loan for Mixed-Use Project in D.C.

by John Nelson May 15, 2015

WASHINGTON, D.C. — Capital One Bank has closed a $90 million construction loan for Grosvenor America’s new mixed-use development in Washington, D.C.’s Capital Riverfront District. The project, named F1RST, will be located adjacent to Nationals Park baseball stadium. F1RST, will span 300,000 square feet and comprise a 13-story apartment building, 170-room Residence Inn by Marriott and 22,000 square feet of retail space. The multifamily component will feature amenities such as a rooftop swimming pool and hot tub, outdoor kitchens, fitness center, lounge, courtyard garden, pet spa and concierge services. Grosvenor Americas has executed leases with Taylor Gourmet and Chop’t for the retail portion. The project team includes contractor Clark Construction Group and McCaffery Interests. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley of Capital One’s Washington office originated the loan on behalf of Grosvenor Americas.

May 15, 2015

Industrial Market Reports Texas Texas Market Reports

World’s Third Busiest Airport Drives Growth, Economic Development in Texas

by Haisten Willis May 15, 2015

Texas has been a beacon of light during our country’s recent bout of recession. No doubt, this has to do with our business-friendly regulations and the physical space and capacity for business growth. Our economy is growing stronger every day. This past March, the United States Bureau of Labor and Statistics (BLS) released the latest employment numbers, and Regional Commissioner Stanley W. Suchman pointed out that the Dallas/Fort Worth (DFW) area ranked first in the rate of job growth and third in the number of jobs added among the country’s largest metropolitan areas. DFW’s largest growth last year was in the professional and business services sector, as 33,000 jobs were added. Other growth sectors included trade, transportation and utilities (30,500 jobs), education and health services (19,200 jobs), and leisure and hospitality (17,300 jobs). It is hard to open the business section of the morning paper anymore without seeing news of a company relocating to the DFW Metroplex, bringing along the promise of thousands of jobs. As a result, commercial real estate is booming in north Texas. Dallas/Fort Worth International Airport is an important force behind Texas’ growth and a contributor to one of the nation’s most prosperous and vital economies. …

May 15, 2015

Multifamily Southeast Virginia

Kettler, Macerich Open 30-Story Luxury High-Rise in Tysons Corner

by John Nelson May 15, 2015

TYSONS CORNER, VA. — Kettler and Macerich have opened VITA Tysons Corner, a 30-story luxury apartment tower in Tysons Corner, a city in Washington, D.C.’s Northern Virginia market. The first residents are now moving into the 429-unit high-rise tower. VITA Tysons Corner is the final component of Macerich’s Tysons Corner Center, which features an 18-story, 300-room Hyatt Regency hotel and the 22-story Tysons Tower trophy office building. Shalom Baranes Associates designed VITA to achieve LEED Silver certification. The apartment tower features an Earls Kitchen + Bar restaurant, rooftop saltwater pool, outdoor terrace with grilling stations, sports lounge, 24-hour concierge service and bicycle storage. The units feature Italian cabinetry, quartz countertops, designer baths and high ceilings.

May 15, 2015

Celebration Pointe Regal Cinemas Gainesville

Florida Mixed-Use Retail Southeast

Regal Cinemas to Open 10-Screen Theater in $200M Celebration Pointe in Gainesville

by John Nelson May 15, 2015

GAINESVILLE, FLA. — Knoxville, Tenn.-based Regal Entertainment Group plans to open a new 10-screen, reserved-seating luxury theater at Celebration Pointe in Gainesville. The theater will feature upscale recliners, a lobby with a full-service bar and lounge seating. 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. Phase I of Celebration Pointe is slated to open in fall 2016.

May 15, 2015

Georgia Multifamily Southeast

Berkshire Group Completes Purchase of Crescent Howell Mill in Atlanta

by John Nelson May 15, 2015

ATLANTA — Affiliates of Boston-based Berkshire Group have completed their purchase of Crescent Howell Mill, a new 256-unit apartment community that Crescent Communities recently delivered in Atlanta’s West Midtown district. The transaction is part of the sale of a nine-property, $700 million portfolio of Crescent Communities-developed assets in the Southeast. Berkshire’s affiliates have also purchased three other assets in the portfolio and are expected to acquire two more, according to Crescent Communities. UBS Global Asset Management is the buyer of the other three portfolio properties, including the recently opened Crescent Bayshore in Tampa.

May 15, 2015

Multifamily North Carolina Southeast

Capstone Brokers Sale of Three Apartment Communities Totaling $21.8M

by John Nelson May 15, 2015

GREENSBORO AND ASHEBORO, N.C. — Capstone Apartment Partners has brokered the sale of three apartment communities in North Carolina’s Triad area for a combined $21.8 million. Totaling 403 units, the three properties include Rehobeth Pointe and Juliet Place in Greensboro and Hanover Court in Asheboro. Elkal Inc. purchased Rehobeth Pointe and Juliet Place from The Keystone Group for $16 million. Beau McIntosh and Austin Green of Capstone represented the seller in the transaction. The Keystone Group purchased Hanover Court from Kings Cross and Hanover Associates for $5.8 million. John Ackiss and Andrew Klenk of Capstone represented the seller in the transaction.

May 15, 2015

Mixed-Use New York Northeast

Dalan Management, RWN Real Estate Partners Buy Mixed-Use Property for $14.6M

by Amy Works May 15, 2015

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to acquire a mixed-use property located at 235 Elizabeth St. in New York City’s Nolita district. Gordon Chin, who owned the property with his family since 1987, sold the property for $14.6 million, or approximately $800 per square foot. The six-story, 18,081-square-foot property features 27 residential apartments and three retail spaces. Daniel Altman of Belkin Burden Wenig and Goldman LLP provided legal counsel for the buyer in the transaction, which was brokered by George Solano of City Limits.

May 15, 2015

New York Northeast Retail

Eastern Consolidated Arranges $8M Sale from $107M Lee Estate Portfolio in Brooklyn

by Amy Works May 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged the $8 million sale of a retail property located in Brooklyn. Supermarket Farm Country, the current tenant, has purchased the 26,800-square-foot property located at 2203-2225 Linden Blvd. from the Lee Estate. Adelaide Polsinelli and Ben Tapper of Eastern Consolidated represented both parties in the transaction.

May 15, 2015

Healthcare Northeast Pennsylvania

Colliers Brokers $3.8M Sale of Healthcare Facility in Pennsylvania

by Amy Works May 15, 2015

TREVOSE, PA. — Colliers International has brokered the sale of a healthcare facility located at 2500 Northgate Road in Trevose. The 24,458-square-foot property traded between two local private entities for $3.8 million. Situated within the 657,000-square-foot Neshaminy Interplex business campus, the property is absolute net-leased to LIFE St. Mary, which is guaranteed by St. Mary Medical Center, a member of investment grade credit CHE Trinity Health. Jeff Algatt and Matthew Shanahan of Colliers represented both parties in the transaction.

May 15, 2015

New Jersey Northeast Office

NAI James E. Hanson Arranges Sale of Two-Building Office Complex in New Jersey

by Amy Works May 15, 2015

PARSIPPANY, N.J. — NAI Hanson has arranged the sale of Boulevard Common, an two-building office complex located at 1140-1160 Parsippany Blvd. in Parsippany. Micro Strategies Inc. purchased the properties for an undisclosed price and will relocate its offices from Mt. Olive, N.J. The complex offers 44,596 square feet of Class A office space, a state-of-the-art infrastructure and close proximity to Routes 287, 80 and 46. Josh Levering and Michael Walters represented the seller, HGF Parsippany Blvd LLC, in the transaction. The buyer was represented by Cushman & Wakefield.

May 15, 2015

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