Property Type

Investors Purchase 4.5 Acres of Commercial Space in Historic Downtown Pensacola

by John Nelson October 15, 2014

PENSACOLA, FLA. — One Palafox Place LLC, a group of investors managed by Robert Switzer, has entered into a purchase agreement to acquire a block of commercial space in the Palafox Historic District in downtown Pensacola. The 4.5-acre city corner is bound by Garden, Palafox, Romana and Baylen streets. The purchase includes a parking lot on the west side of Baylen Street and the historic Blount and Brent buildings. One Palafox Place LLC is purchasing the properties from Durnford Enterprises Ltd., which purchased the city block in 1980. The new ownership plans to honor all current tenants’ leases and contracts for their full term.

October 15, 2014

California Multifamily Western

SyRES Properties Buys Rosemeade at Olympus Pointe in Roseville

by Nellie Day October 15, 2014

ROSEVILLE, CALIF. — SyRES Properties has acquired the 465-unit Rosemeade at Olympus Pointe apartment complex for an undisclosed sum. The community is located at 1451 Rocky Ridge Drive. Rosemeade at Olympus Pointe was built in 1992. The transaction is the largest multifamily deal ever in the Sacramento region, according to CBRE, which represented the seller, the ConAm Group and an institutional client advised by CenterSquare Investment Management. Reports put the deal valued at more than $70 million. The ConAm Group ultimately re-capitalized the deal, partnering with SyRES Properties, a subsidiary of Syufy Enterprises. This is SyRES Properties’ first multifamily acquisition. The seller was represented by CBRE’s Marc Ross, William Blucher, Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch.

October 15, 2014

California Office Western

San Francisco Creative Office Building Sells for $48.2M

by Nellie Day October 15, 2014

SAN FRANCISCO – A global investment manager has purchased a 75,523-square-foot creative office property for $48.2 million. The transit-oriented building is located at 1019 Market Street. The space is situated within one block of the Civic Center and Power Street BART/Muni subway stations. It is within two blocks of the future Central Subway project, which will provide access to Caltrain with connections to the Peninsula and Silicon Valley. The building was originally constructed in 1909. It was completely redeveloped in 2013. The space is fully leased to cloud-based customer service firm Zendesk. There is also a small ground-floor, triple-net retail tenant that’s signed on for 10 years. The seller, a joint venture between certain affiliates of Westport Capital Partners LLC and Cannae Partners LLC, was represented by HFF’s Steven Golubchik, Nicholas Bicardo, John Simerlein, Nathan Blair and Josh DiSalle.

October 15, 2014

Industrial Market Reports New York Northeast Northeast Market Reports

New York’s Tech Valley Expects Continued Industrial Growth

by Jaime Lackey October 15, 2014

The New York Capital Region’s industrial market has experienced strong growth over the past 24 months, and promises a continued pattern of growth for the next 12 to 24 months. As the office market in the central business district struggles to right itself fueled by the State’s tenuous occupancy of numerous privately held properties, the industrial marketplace has flourished with extended commitments from existing users and the entrance of new users. Upstate New York is making a name for itself in the nanotech industry, and a great deal of national and international attention has been drawn to the region. In addition to activity driven by high-tech companies, national distribution and manufacturing groups have committed to the region or have focused their site searches in the Capital District. The most significant job creation mechanism in the region has been the nanotech industry. Billions of private and public sector money has been invested since 2010 into Luther Forest Technology Campus in Malta, N.Y., as well as SUNY Polytechnic Institute (also known as the Colleges of Nanoscale Science and Engineering). These facilities have placed our region firmly on the international map and have transformed the appearance of New York’s Capital Region. The strongest …

October 15, 2014

California Office Western

Manning & Kass to Lease Space in Downtown Los Angeles

by Nellie Day October 15, 2014

LOS ANGELES – Manning & Kass, Ellrod, Ramirez, Trester LLP has renewed its lease for 80,328 square feet of office space in Downtown Los Angeles. The space is located at 801 S. Figueroa Street. The law firm has used the Class A tower as its corporate headquarters since 2006. It occupied floors 12 through 16. This transaction included a restructure of the firm’s existing commitment, as well as a long-term lease extension.

October 15, 2014

California Multifamily Western

TIAA-CREF Buys Park Lake Apartments in Walnut Creek

by Nellie Day October 15, 2014

WALNUT CREEK, CALIF. – TIAA-CREF has acquired the 184-unit Park Lake Apartments in Walnut Creek for an undisclosed sum. The community is located at 100 Park Lake Circle. Community amenities include a heated swimming pool and spa, fitness center and assigned covered parking. The seller, Carmel Partners, was represented by HFF’s Nathan Blair, Adam Simon and Michael McDermott.

October 15, 2014

Colorado Hospitality Western

Quality Inn – Denver Tech Center Sells for $2.6M

by Nellie Day October 15, 2014

DENVER – The 62-room Quality Inn – Denver Tech Center in Centennial has sold to a private investor for $2.6 million. The hotel is located at 9799 E. Geddes Ave. Neville Rustomjee of Marcus & Millichap’s Denver office represented the seller, a limited liability company, in this transaction

October 15, 2014

Features Georgia Office Southeast Southeast Feature Archive

Atlanta Office Vacancies Tumble Toward Pre-Recession Levels

by Scott Reid October 14, 2014

The Atlanta office market’s decline in vacancies continued in the third quarter of 2014, with the quarter ending at 17.9 percent, according to a report by Cushman & Wakefield. This rate is the first drop below 18 percent since the first quarter of 2009. These gains in office occupancy represent a 130 basis point decrease in vacancy from the end of 2013 and a 150 basis point decrease year-over-year. The research presented by Cushman & Wakefield showed healthy absorption totaling more than 450,000 square feet during the third quarter of 2014, giving the Atlanta market 11 consecutive quarters of net occupancy gains. This quarterly absorption brings the total year-to-date to 1.7 million square feet, an increase of 54 percent compared to the pace during the same period in 2013. “Atlanta is seeing consistent momentum in terms of tenant activity and absorption,” says Logan Menne, the research manager of Cushman & Wakefield. “As vacancy continues to tighten, the supply of existing available options is becoming more and more limited. Additionally, due to the increased demand from tenants in the Atlanta market, many landlords are beginning to increase asking rents, particularly in high-demand submarkets like Buckhead and Central Perimeter.” Several large lease …

October 14, 2014

California Loans Retail Western

Norwalk Plaza Receives $5M Loan

by Nellie Day October 14, 2014

NORWALK, CALIF. — Norwalk Plaza, a 59,736-square-foot retail property, has received a $5-million mortgage. The property is located at 11660-11790 Firestone Blvd. in Norwalk. The loan features a five-year term and 30-year amortization schedule. Financing was arranged by Michael T. Elmore and Ory Schwartz of NorthMarq Capital’s Los Angeles regional office. It was arranged for a Los Angeles-based private investor through the firm’s correspondent relationship with a life insurance company.

October 14, 2014

Colorado Loans Multifamily Western

Advenir at Cheyenne Crossing in Colorado Springs Receives $3.8M Loan

by Nellie Day October 14, 2014

COLORADO SPRINGS, COLO. — Advenir at Cheyenne Crossing, an apartment complex in Colorado Springs, has received a $3.8-million loan. The community is located at 640 Wycliffe Drive. The supplemental loan was originated by Charles J. Foschini, Christopher Apone and Christian Lee of the CBRE Capital Markets, South Florida Institutional Properties team, on behalf of Advenir@Cheyenne.

October 14, 2014

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