Property Type

NAI KLNB Brokers $60.5M Sale of Office Portfolio in Metro D.C.

by John Nelson October 21, 2014

CHANTILLY, VA. — NAI KLNB has brokered the $60.5 million sale of a five-building office portfolio totaling 318,000 square feet in Chantilly, roughly 30 miles west of Washington, D.C. Hayden Maguire Real Estate Fund purchased the portfolio, which is located in Avion Business Park, from JPMCC 2006-CIBC14 Chantilly Office LLC. The Class A properties included MidRise I at 14500 Avion Parkway; MidRise II at 14520 Avion Parkway; Service Center III at 3650 Concorde Parkway; Avion Tech Center II at 14700 Avion Parkway; and Avion Tech Center III at 3635 Concord Parkway. Avion Business Park was originally developed by Trammell Crow Co. between 1987 and 2001. Kevin Goeller, Chris Kubler and Josh Simon of NAI KLNB, along with C-III Realty Services LLC, represented the seller in the transaction.

October 21, 2014

Kentucky Retail Southeast

Inland, PGGM Buy Metro Cincinnati Shopping Center for $23.6M

by John Nelson October 21, 2014

NEWPORT, KY. — Inland Real Estate Corp., in a joint venture arrangement with Dutch pension advisor PGGM, has acquired Phase II of Newport Pavilion, a shopping center located in Newport, part of the Cincinnati MSA. Inland and PGGM purchased the 115,000-square-foot asset for $23.6 million. Phase II’s tenant roster includes Dick’s Sporting Goods, T.J. Maxx, Buffalo Wild Wings, Panera Bread, Chipotle Mexican Grill, T-Mobile and Sport Clips. The Inland-PGGM joint venture purchased Phase I of Newport Pavilion earlier this year. The entire 337,300-square-foot power center is currently 96 percent leased.

October 21, 2014

Florida Retail Southeast

Plaza Advisors Brokers Sale of Two Orlando-Area Shopping Centers

by John Nelson October 21, 2014

ORLANDO AND CLERMONT, FLA. — Plaza Advisors has brokered the sale of two shopping centers in the greater Orlando area. The properties include Phillips Village in Orlando and East Towne Center in Clermont. The 66,218-square-foot Phillips Village was 95 percent leased at the time of sale to Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint. Portland Investment Co. of America purchased the asset from Weingarten Realty Investors for roughly $18.8 million. The 69,840-square-foot East Towne Center was 92 percent leased at the time of sale to tenants such as Publix, Chase Bank, Pizza Hut, Hair Masters and The UPS Store. Publix Supermarkets purchased the property from Regency Centers for an undisclosed sales price. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the sellers in both transactions. Plaza Advisors was the only brokerage firm involved in both deals.

October 21, 2014

Loans Multifamily New York Northeast

Emerald Creek Capital Lends $23M for Acquisition of Manhattan Development Site

by Amy Works October 21, 2014

NEW YORK CITY — Emerald Creek Capital has provided a $23 million acquisition loan for the purchase of a development site in Manhattan’s Lower East Side. Located at 50 Clinton St., the development site is zoned R7A and has approved plans for a seven-story condominium building offering 37 residential units and grade-level retail. The borrower is DHA Capital, a New York City-based development firm.

October 21, 2014

Industrial New York Northeast

CPEX Brokers $7.5M Sale of Warehouse Property in Brooklyn

by Amy Works October 21, 2014

NEW YORK CITY — The CPEX Industrial sales team has brokered the sale of a warehouse building located at 74 Kent Street in Brooklyn. Leeds United Construction Group LLC purchased the building for $7.5 million or $420 per square foot in an all-cash transaction. Leeds plans to convert the building into a combination of office and retail space. The three-story, 17,845-square-foot property was delivered vacant. Jacob Tzfanya and Christopher Burti of CPEX represented the undisclosed seller in the transaction.

October 21, 2014

Maryland Restaurant Retail Southeast

True Food Kitchen Leases Space on Ground Floor of Upscale Bethesda Apartment Building

by John Nelson October 21, 2014

BETHESDA, MD. — Washington Property Co. has signed True Food Kitchen to occupy street-level space at Solaire Bethesda, an upscale apartment building located at the corner of Wisconsin and Woodmont avenues in Bethesda. Solaire Bethesda broke ground this summer and is expected to open in 2016. The 6,400-square-foot restaurant will be True Food Kitchen’s second property in the Washington, D.C. metropolitan area. Lee Engle of Streetsense and Joshua Gurland of WPC represented WPC in the lease transaction. Tom Papadopoulos of Papadopoulos Properties represented Phoenix-based Fox Restaurant Concepts in the transaction.

October 21, 2014

Multifamily New Jersey Northeast

Marcus & Millichap Arranges Sale of 19-Unit Apartment Building in Jersey City

by Amy Works October 21, 2014

JERSEY CITY, N.J. — Marcus & Millichap has arranged the sale of an apartment building located at 14-20 Park St. in Jersey City’s Bergen-Lafayette section. The asset sold for $3.6 million or $189,000 per unit. The four-story, 19-unit apartment building underwent an extensive renovation in 2009. Steven Matovski and Umar Sheikh of Marcus & Millichap brokered the transaction. The names of the seller and buyer were not disclosed.

October 21, 2014

California Industrial Market Reports Western Western Market Reports

Demand for Industrial Product in LA Continues to Rise

by Nellie Day October 21, 2014

The Los Angeles industrial market continues to lead the country with the lowest vacancy of any industrial market. The combination of the overall market’s size and lack of inventory continues to put upward pressure on rents. Not only is there limited inventory, but a lack of quality product puts top economical facilities in high demand. The inability to build new product readily, combined with increasing demand, changes the focus of the marketplace going forward. As rents for high-quality properties continue to rise, developers and land owners are looking for ways to redevelop existing product to take advantage of this need. A number of redevelopment projects have recently commenced construction, and many of those properties are already pre-leased prior to completion. This increased demand also gives owners of older, less functional properties the ability to spend the necessary funds to upgrade their facilities with the anticipation of receiving higher rents and a return on their investment. The increase in demand from international commerce through the Port of Los Angeles, combined with growth in the manufacturing, aerospace and healthcare sectors, have all assisted in this overall increase in demand. The need for third-party logistics companies to acquire large chunks of space to …

October 21, 2014

Industrial Texas

SkyWalker Property Partners Sells 111-Year-Old Factory in Dallas

by Haisten Willis October 20, 2014

DALLAS — SkyWalker Property Partners has sold the 111-year-old Hughes Brothers Candy Factory in Dallas to Flint Hills Development Group. The property is located at 1401 Ervay St. in the Cedars neighborhood of Dallas, which is just south of downtown. The factory opened in 1903 and closed in the 1930s, later becoming a production site for ice cream cones. The structure was shuttered in 2000. It sits near several entertainment destinations in an area that has gentrified over the last several years.

October 20, 2014

Retail Texas

M&M Arranges Sale of Net Leased Property in Metro Dallas

by Haisten Willis October 20, 2014

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of a 9,026-square-foot Dollar General located in McKinney. Chance Hales and Vincent Knipp of Marcus & Millichap’s Fort Worth office secured and represented the buyer. The store is located at 3717 East University Drive in McKinney. The property has a corporate, 15-year triple net lease, which began in February 2014. Terms of the net lease include a 10 percent rent increase at the beginning of each option period.

October 20, 2014

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