Property Type

LCB Senior Living Opens The Residence at Riverbend in Massachusetts

by Amy Works December 9, 2014

IPSWICH, MASS. — LCB Senior Living has opened The Residence at Riverbend, located at 149 Country Road in Ipswich. The seniors housing property features 53 studio, one-bedroom and two-bedroom units for traditional independent and assisted living, and 22 studio and shared memory-care living apartments. Situated on the former Riverbend Estate along the Ipswich River, the community offers 24-hour security, on-site laundry and cleaning services, a restaurant, an activities program, and building and grounds maintenance. Peabody, Mass.-based Congress Building Corp. provided construction management services for the 75-unit, 73,674-square-foot facility. The developers have conveyed approximately 3 acres of the original 15.5-acre site to the town and the Ipswich River Watershed Association (IRWA) as conservation land along the riverfront. Additionally, IRWA has been granted access to a wetland area of the site for public educational purposes. Norwood, Mass.-based LCB Senior Living was founded in 2010 by the management team of the former Newton Senior Living LLC.

December 9, 2014

Multifamily New York Northeast

Acuity Capital Partners Buys Six-Building Manhattan Portfolio for $30M

by Amy Works December 9, 2014

NEW YORK CITY — Chicago-based Acuity Capital Partners has purchased a six-building portfolio in Upper Manhattan for $30 million. The portfolio consists of 102 apartment units and 21 retail spaces. The buildings include 1697-1701 Amsterdam Ave. in Hamilton Heights, 2500-2504 Adam Clayton Powell Blvd. in Harlem and 2090-2093 Amsterdam Ave. in Washington Heights. The portfolio sold for 12.88 times its current rent roll. Peter Vanderpool and Lazer Sternhell of Cignature Realty Associates represented the buyer and seller, a local real estate investor, in the deal.

December 9, 2014

Industrial New York Northeast

Kalmon Dolgin Affiliates Arranges 10,000 SF Lease in Brooklyn

by Amy Works December 9, 2014

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has brokered a 10,000-square-foot lease for United Yoram, a 40-year-old national medical supply distributor. The company will relocate from a warehouse in Gowanus to 933 Stanley Ave. in Brooklyn. The new space offers two drive-in doors and finished office space. Allison Chambers of KDA represented the tenant, while Hillel Galosher of S&Z represented the landlord, Casella Food.

December 9, 2014

District of Columbia Office Southeast

PRP Acquires Office Building in D.C.’s West End for $31.6M

by John Nelson December 9, 2014

WASHINGTON, D.C. — PRP LLC has purchased a 100,000-square-foot office building located at 2501 M St. N.W. in Washington, D.C.’s West End for $31.6 million. PRP acquired the property from the Association of American Medical Colleges on behalf of one PRP’s real estate funds in partnership with an institutional investor. PRP will convert the building into a 60-unit luxury residential condominium property with 11,475 square feet of retail space featuring outside dining. PRP plans to begin selling condo units in 2015 and deliver the finished homes by mid-2016.

December 9, 2014

Florida Multifamily Seniors Housing Southeast

Forest City Sells Independent Living Community in Florida for $18.5M

by John Nelson December 9, 2014

LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.

December 9, 2014

Florida Office Southeast

CBRE Brokers Sale of Wells Fargo Center in Downtown Tampa

by John Nelson December 9, 2014

TAMPA, FLA. — CBRE has brokered the sale of Wells Fargo Center, a Class A, 389,608-square-foot office building located at 100 S. Ashley Drive in downtown Tampa. The 22-story LEED Gold-certified building was 93 percent leased at the time of sale to tenants such as Wells Fargo, UBS, USAA, Valet Waste, Phelps Dunbar, AllegiantMD, Warren Averett and Carlton Fields. Wells Fargo Center features a fitness center, café, full-service bank branch, ATM, new conference center and a complimentary shuttle service. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE brokered the transaction.

December 9, 2014

Florida Industrial Southeast

Calkain Cos. Brokers $9.6M Flex Building in Panama City Beach

by John Nelson December 9, 2014

PANAMA CITY BEACH, FLA. — Calkain Cos. has brokered the $9.6 million sale of a single-tenant office/industrial asset located at 1300 Thomas Drive in Panama City Beach. The 83,000-square-foot property is anchored by Booz Allen Hamilton. Stephen Counts and Brian O’Hear of Calkain Cos. represented the seller, Skyview Development, in the transaction.

December 9, 2014

Arizona Industrial Market Reports Western Western Market Reports

Sound Fundamentals Drive User Activity, Development in Phoenix’s Industrial Market

by Nellie Day December 9, 2014

The Phoenix industrial market is definitely following national trends in terms of recovery. Since 2010, U.S. industrial markets have seen rising demand trends with supply additions that have not kept pace. Demand for newer, Class A industrial space, as well as for use-specific space, is outpacing supply and encouraging more build-to-suit and speculative development activity across markets. Developers have shown discipline so far, however, as the amount of new supply added to the market since 2010 is well below the levels seen during previous expansionary periods. These trends are manifesting themselves in a variety of ways in Metro Phoenix. First, it’s clear that demand is definitely up. The industrial market has seen significant activity over the past several quarters. Leases for spaces between 20,000 and 200,000 square feet have totaled more than 10.5 million square feet since January 2013. Deals of this size have totaled more than 1.4 million square feet of absorption this year alone. This is important to note because the overall health of the Metro Phoenix industrial market has historically been supported by midsized users. This size range shows no signs of slowing as we round out 2014 and head into 2015. In fact, we know of …

December 9, 2014

Hospitality Texas

Aries Capital Arranges $8.9M Loan for Hospitality Property in Metro Houston

by Haisten Willis December 8, 2014

BAYTOWN, TEXAS — Aries Capital has arranged an $8.9 million loan for the Holiday Inn Express in Baytown. The property opened in April and is located at 7515 Garth Road across the bay from Houston. Rushi Shah of Aries’ Chicago office arranged the non-recourse, 10-year loan on behalf of the borrower, Pride Management. The loan replaces an existing full recourse, bank-constructed loan.

December 8, 2014

Multifamily Texas

BMC Provides $1.1M Loan for Apartment Complex in San Antonio

by Haisten Willis December 8, 2014

SAN ANTONIO — BMC Capital has arranged a $1.1 million purchase loan for an apartment complex in San Antonio. The 10-year loan was cross-collateralized on two properties at a 65 percent loan-to-value ratio, with a 4.9 percent interest rate and 30-year amortization schedule. The loan was arranged through one of BMC’s correspondent banking relationships. Brian Gramlich of BMC Capital’s Dallas office arranged the loan.

December 8, 2014

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