Property Type

Retail Properties of America Acquires Retail Portion of Downtown Crown in Metro D.C. for $162.8M

by John Nelson January 13, 2015

GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.

January 13, 2015

Station Square at Cosner’s Corner Fredericksburg

Multifamily Southeast Virginia

Doster Construction to Break Ground on Multifamily Community in Virginia

by John Nelson January 13, 2015

FREDERICKSBURG, VA. — Doster Construction Co. has been selected to construct Phase II of Station Square at Cosner’s Corner, a 120-unit apartment complex in Fredericksburg. The project team, including developer MAA Communities and architect Davis Architects, will break ground on the apartment community in the first quarter. Upon completion, the property will feature upscale kitchens, crown molding, screened balconies and patios, washers and dryers, walk-in closets, a resort-style swimming pool, fitness center and a business center.

January 13, 2015

Alabama Retail Southeast

GBT Realty Corp. to Develop $18M Shopping Center in Alabama

by John Nelson January 13, 2015

ALBERTVILLE, ALA. — GBT Realty Corp. will soon begin developing The Shoppes of Albertville, an $18 million, 135,000-square-foot retail center located on a 13.2-acre tract of land in Albertville. The property is currently 92 percent pre-leased to tenants such as PetSmart, T.J. Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. GBT Realty expects to deliver the property in spring 2016. GBT entered into a development agreement with the city of Albertville whereby the city agreed to sell bonds to provide $5 million of funding to offset pre-development and development costs. Upon completion, a portion of the sales tax generated at the shopping center will pay off the bonds.

January 13, 2015

Alabama Restaurant Retail Southeast

STREAM Capital Partners Brokers $23.3M Sale-Leaseback of KFC Portfolio in Alabama

by John Nelson January 13, 2015

CHICAGO — STREAM Capital Partners, a sale-leaseback advisory group based in Chicago, has brokered the $23.3 million sale-leaseback of 18 KFC restaurants in Alabama. The locations are all under long-term triple-net leases to a KFC franchisee. Adam English, Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners advised the undisclosed seller in the transaction. The buyer was a public REIT.

January 13, 2015

North Carolina Office Southeast

Ziff Properties Sells Three Office/Industrial Assets in Charlotte for $10M

by John Nelson January 13, 2015

CHARLOTTE, N.C. — Ziff Properties Inc. has sold three office and light industrial assets in Charlotte for a combined $10 million. The assets include Arcade Square, Coffey Creek and Rubin Business Center II. Rob Cochran and Jared Londry of DTZ Charlotte represented Ziff Properties in the transaction. Christian Chamblee was the internal representation for Ziff Properties.

January 13, 2015

Nevada Retail Western

Craig Valley Plaza in Las Vegas Sells for $8.2M

by Nellie Day January 13, 2015

LAS VEGAS – Craig Valley Plaza, a 73,455-square-foot retail center in Las Vegas, has sold to Marker Craig LLC for $8.2 million. The plaza is located at 4180-4280 W. Craig Road. Jeff Chain of Millennium Commercial Properties represented the buyer. The seller, Omninet Craig LLC, was represented by CBRE’s Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski.

January 13, 2015

Healthcare Office Oregon Western

MBRE Healthcare Buys Mt. Scott Professional Center II in Portland

by Nellie Day January 13, 2015

PORTLAND, ORE. – MBRE Healthcare has acquired Mt. Scott Professional Center II, a 48,500-square-foot medical office building in the Portland submarket of Happy Valley, for $11 million. The center is located off SE Johnson Creek Boulevard. Notable tenants include Mt. Scott Surgery Center, Metropolitan Pediatrics and Adventist Health. MBRE was represented by Brian Norton of KW Commercial. The seller, Mt. Scott Professional Center II LLC, was represented by Raymond Duchek and Thomas McDowell of Norris & Stevens.

January 13, 2015

California Industrial Market Reports Western Western Market Reports

OC’s Industrial Market is About to Get Tighter

by Nellie Day January 13, 2015

The Southern California Leading Economic Indicator is continuing its upward trend. It has been on the incline for more than four years, since the last decrease in 2009. This suggests a rise in economic activity over the next six months that will continue the solid fundamentals for the Orange County industrial market well into 2015. A near record low industrial vacancy rate of 3.5 percent, along with an unemployment rate of less than 6 percent, has caused an aggressive search for viable land amongst developers. Numerous cities in Orange County have modified their industrial zoning regulations this year to permit a variety of additional uses that encourage new development. As a result, residential and retail property developers have been removing existing industrial buildings from current inventory. Growing companies in Orange County are starting to feel the inventory squeeze. The lack of available space is making it difficult to meet a client’s needs. This is causing landlords, buyers and tenants to make extensive renovations to the few buildings left available to them. The limited supply has been a major factor in the increase in value for larger assets, as clients are willing to pay more for properties. Sale prices are up …

January 13, 2015

Mixed-Use New Jersey Northeast

Kushner Cos., The KABR Group Acquire One Journal Square Development Site for $27M in Jersey City

by Amy Works January 12, 2015

JERSEY CITY, N.J. — Kushner Cos. and The KABR Group have acquired a development site at One Journal Square in Jersey City for $27 million. Located at the intersection of Sip Avenue and John F. Kennedy Boulevard, the two-acre development site is entitled for mixed-use development, including approximately 1,500 multifamily units and a large retail component with ample parking. The companies plan to work with the city to develop a project that will help revitalize Jersey City’s Journal Square neighborhood. Currently, Kushner Cos. and The KABR Group are developing Trump Bay Street, a 50-story residential tower located at 65 Bay St. in Jersey City’s Powerhouse District.

January 12, 2015

New Jersey Northeast Office

HFF Arranges $10.95M Sale of New Jersey Office Building

by Amy Works January 12, 2015

EAST HANOVER, N.J. — HFF has brokered the sale of Eagle Rock Executive Office IV, an office building located in East Hanover. Griffin Capital Essential Asset REIT Inc. sold the property to Boxer F3 LLC for $10.95 million, free and clear of existing debt. Boxer Property will manage and lease the facility. Situated on 15.25 acres at 120 Eagle Rock Ave., the three-story 177,820-square-foot building is part of the three-building Eagle Rock Executive Park. The building features a granite and reflective glass curtain wall façade, two-story atrium, full-service cafeteria and adjacent pond with fountains. Current tenants include Prudential, GfK US Holdings, CAI, Fishman McIntyre PC, and John Van Deusen & Associates. Jose Cruz, Kevin O’Hearn, Marc Duval and Andrew Scandalios of HFF represented the seller in the transaction.

January 12, 2015

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