Property Type

DoubleTree by Hilton Debuts New Philadelphia Airport Hotel

by Amy Works October 28, 2014

PHILADELPHIA — DoubleTree by Hilton and Hilton Worldwide have opened DoubleTree by Hilton Philadelphia Airport, located adjacent to the Philadelphia International Airport. Formerly a Hilton Hotel, the nine-story, 331-room hotel joins the DoubleTree by Hilton brand following a $3 million property-wide renovation that includes modern updates throughout the hotel’s lobby, guest rooms, restaurant and bar areas, banquet and meeting areas. The hotel features 12,000 square feet of meeting space, Players Sports Bar, Café Express and the Landing Restaurant. The hotel is owned by Sotherly Hotels and managed by Chesapeake Hospitality.

October 28, 2014

Loans Multifamily Northeast Pennsylvania Student Housing

Grandbridge Facilitates $8.99M Seniors Housing Refinancing

by Amy Works October 28, 2014

ALLENTOWN, PA. — The Atlanta-based Seniors Housing and Healthcare Finance team of Grandbridge Real Estate Capital has closed an $8.99 million permanent fixed-rate loan secured by Woodland Terrace at the Oaks. Located in Allentown, the 84-bed seniors housing community provides a mix of assisted living and memory care units. BB&T Real Estate Funding provided the funding, which features a 10-year term and 30-year amortization with a three-year interest-only component. Richard Thomas of Grandbridge originated the transaction.

October 28, 2014

Colorado Industrial Western

Oxford-Santa Fe Business Park in Sheridan Receives $10.5M

by Nellie Day October 28, 2014

SHERIDAN, COLO. – Oxford-Santa Fe Business Park, a 190,000-square-foot industrial property in Sheridan, has received $10.5 million in acquisition financing. The park is located at 1800 & 1880 W. Oxford Ave. and 4111-4251 S. Natches Court. Oxford-Santa Fe was built between 1983 and 1985. It is currently 96 percent leased, with 44 tenants. Financing was arranged by Steve Bye and Conor McCahill of NorthMarq Capital’s Denver regional office.

October 28, 2014

Office Western

Snell & Wilmer Renews at Plaza Tower in Costa Mesa

by Nellie Day October 28, 2014

COSTA MESA, CALIF. – Snell & Wilmer law firm has renewed its lease for 53,000 square feet at Plaza Tower in Costa Mesa. The Class A property is located at 600 Anton Blvd. It sits adjacent to South Coast Plaza and the Segerstrom Center for the Arts. Snell & Wilmer was represented by CBRE’s Kevin Bender and Steve Bay. The landlord was represented by Rick Kaplan, Robert Lambert and Matt Moore of Cushman & Wakefield.

October 28, 2014

Arizona Office Western

Gateway Office Center in Phoenix Sells for $3M

by Nellie Day October 28, 2014

PHOENIX – Gateway Office Center, a 31,557-square-foot office complex in Phoenix, has sold to Garnett Capital Corporate for $3 million. The center is located at 4130 E. Van Buren Ave., within the Phoenix Gateway Center Office Park. It was built in 1987. The property is fully leased. The seller, Brentwood Gateway Center, was represented by Eric Wichterman, Mike Coover and Gordon Raguse of Cassidy Turley.

October 28, 2014

Idaho Retail Western

Courtyard Retail Center in Sun Valley Sells for $2.5M

by Nellie Day October 28, 2014

KETCHUM, IDAHO – The Courtyard, a 17,500-square-foot retail center in downtown Ketchum, has sold to a California investor for $2.5 million. The eight-tenant center sits adjacent to the Ketchum Town Center, on East Avenue. The buyer and unnamed seller were represented by Paul Kenny & Matt Bogue Commercial.

October 28, 2014

California Retail Western

7-Eleven Property in Wildomar Sells for $2.4M

by Nellie Day October 28, 2014

WILDOMAR, CALIF. – A 7-Eleven property that anchors the Shops at Clinton Keith in Wildomar has sold to an unnamed buyer for $2.4 million. The 7-Eleven is located on a separate parcel at the center. There are 13 years remaining on that lease. Scott Hook of Coldwell Banker Commercial (CBC) Alliance Orange County represented both the buyer and seller in this transaction.

October 28, 2014

California Industrial Market Reports Western Western Market Reports

OC Industrial Base Looks for New Strategies

by Nellie Day October 28, 2014

No one will deny that the Orange County industrial market is tight, boasting a 4.1 percent vacancy. If you are an industrial user looking for 100,000 square feet or more, your options are extremely limited, as supply and demand are not working in your favor in terms of rental rates and landlord concessions. According to CoStar, positive net absorption was just above 900,000 square feet for the second quarter of 2014. Compare that with the 978,000 square feet currently under construction and it is easy to see why most believe these rate and scarcity trends will continue. A number of large warehouse and industrial buildings in Orange County are also being raised and converted to high-density residential or data center space. These facts beg the question, where will all the industrial users go? Two counterbalances have the potential to cool the decreasing vacancy and create disintermediation to the benefit of Orange County industrial users. As rental rates continue to rise in Orange County, more and more companies are being lured to the Inland Empire where they can still make two port trips a day and consolidate into a much more efficient and affordable building. Companies that grew by necessity in …

October 28, 2014

Mixed-Use Top Stories

Brandywine Realty Trust, LCOR to Develop Mixed-Use Project at 1919 Market St. in Philadelphia

by John Nelson October 27, 2014

PHILADELPHIA — Brandywine Realty Trust (NYSE: BDN) has formed a 50/50 joint venture partnership with LCOR/CalSTRS for a mixed-use development located at 1919 Market St. in Philadelphia’s City Center neighborhood. The joint venture is planning a 29-story, 455,000-square-foot glass tower consisting of residential, retail and parking components. The project will be comprised of 321 luxury apartments with full concierge service and rooftop amenities that include a fitness center, club room with demonstration kitchen, outdoor roof garden with a fire pit and ledge pool and a game room including a golf simulator. The commercial space will consist of 24,000 square feet and is 90 percent pre-leased to Independence Blue Cross and CVS/pharmacy. A 215-car structured parking facility will support the development and also offer parking to the public. Brandywine has contributed the land parcel at 1919 Market St. and will manage the retail and parking components of the project. LCOR will oversee construction of the project and will be responsible for the marketing, leasing and management of the multifamily component. The project team includes architect Barton Partners and construction manager Hunter Roberts Construction Group. Construction will begin immediately with an expected spring 2016 delivery. “With LCOR’s experience developing transit-oriented communities, we …

October 27, 2014

Colorado Multifamily Western

Bascom Group Buys Denver Apartment Community for $8.4M

by Nellie Day October 27, 2014

DENVER – The Bascom Group acquired the 112-unit Skyline View apartment community in the Denver submarket of Aurora for $8.4 million. The community is located at 456 South Ironton Street. It was built in 1972 and renovated in 2007. Debt financing was arranged by Gary Mozer and Katie Rodd of George Smith Partners. It was provided by One West Bank.

October 27, 2014

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