ATLANTA — HREC Investment Advisors has brokered the sale of the Sheraton Atlanta Airport Hotel, a 395-room property located one mile from Hartsfield-Jackson Atlanta International Airport. Monty Levy, Bill Murney and Scott Stephens of HREC represented the seller, FelCor Lodging Trust Inc., in the transaction. The buyer, an affiliate of Hotel Capital LLC, has selected Expotel Hospitality to manage the hotel.
A strengthening national economy and housing market are benefiting all segments of seniors housing, according to Marcus & Millichap’s National Seniors Housing Research Report for the second half of 2014. In some segments, such as independent living and continuing care retirement communities, occupancies and rents are expected to grow strongly through the end of the year. In the newly improving economy, retirees are using equity —which was previously tied up in their homes due to the soft housing market following the recession — toward entrance-fee continuing care retirement communities or other seniors housing options, the report says. The improving economy has been enormously beneficial to baby boomers, according to Marcus & Millichap. Boomers’ parents are the primary users of assisted living facilities. “Equipped with refilled retirement accounts, this group will feel more comfortable with the expenditure for seniors housing when the need arises,” the M&M research team wrote. This increased demand is spurring development activity. In states where barriers to entry are reduced, construction is underway, whereas states with tougher permitting and entitlement processes lag. Investment Sales Trends Smaller owners of seniors housing properties are being priced out of the market, according to Marcus & Millichap. Simultaneously, the strong demand …
MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.
MOONACHIE, N.J. — Principal Real Estate Investors has acquired One Lladro Drive, an industrial facility located in Moonachie, for an undisclosed price. The 216,000-square-foot industrial facility will undergo a major capital improvements program, including improved sprinkler systems, lighting and loading capabilities, to ensure the property as an institutional-quality asset. Principal Real Estate Investors has selected the CBRE team of William Waxman, Mindy Lissner, Matthew Corpuel, Thomas Tucci and Jamie Dennison to rebrand and reposition the property, which will be renamed Tri-State Commerce Center.
NEW YORK CITY — Eastern Union Funding has arranged $26 million in refinancing for 333 Greene Ave., a 12-story residential building located in New York City. The 56-unit project, which was bought out of foreclosure in 2013 by Bonjour Capital, is now 99 percent leased. When originally purchased, 333 Greene was an unfinished skeleton of a building. Now the property features lofts and apartments with floor-to-ceiling windows, stainless steel appliances and Caesarstone countertops. Shaya Sonnenschein of Eastern Union Funding arranged and underwrote the loan, which features a fixed 3.45 percent interest rate on a seven-year term. Mercantile Bank provided the loan.
LIVINGSTON, N.J. — The Fresh Market has opened its third location in New Jersey at The Village at Livingston in Livingston. The store has signed a long-term lease to occupy 23,000 square feet at the 93,000-square-foot shopping center, which is owned and managed by Eastman Cos. Located at 277 Eisenhower Parkway, the shopping center serves a growing residential population of more than 185,000 people within a five-mile radius. The Fresh Market was founded in 1982 and provides a product selection and expert customer service in an atmosphere that is reminiscent of European-style markets. The company currently operates 155 stores in 26 states.
NEW YORK CITY — FilmRise, a digital distribution company, has acquired office space at Industrial City in Brooklyn’s Sunset Park neighborhood. Located at 34 35th St., the 5,000-square-foot space was designed by Lester Evan Tour and features a large open floor space, bare ceilings, the original restored 100-year-old wood floors and more than 30 windows overlooking the New York City Harbor and the Statue of Liberty.
AUSTIN — DivcoWest has purchased Lakewood Center and The Park, two office complexes located in Austin’s northwest submarket. The projects contain three buildings totaling 185,000 square feet of Class A office space. Lakewood Center consists of two buildings located on Highway 360, one with 48,000 square feet and the other with 44,000 square feet. The Park, located on Highway 1, consists of one building with 93,000 square feet.
DALLAS — Law firm Lewis Brisbois Bisgaard & Smith LLP has leased 30,073 square feet at 2100 Ross Ave. in Dallas. Randy Cooper, Craig Wilson, Frank McCafferty and Jonathan Larsen of Cassidy Turley represented the law firm. The property is owned by Atlanta-based Cousins Properties. Cynthia Cowen and William Brokaw of Cushman & Wakefield represented the landlord. The building consists of 33 stories and includes a conference center that seats 175, cafes, a fitness center and sky bridge pedestrian system.
RICHARDSON AND CARROLLTON, TEXAS — HFF has arranged $18.8 million in acquisition financing for a six-property, 16-building industrial portfolio totaling 462,618 square feet in the north Dallas area. HFF worked on behalf of the borrower, Red Tail Acquisitions, to secure the 10-year, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to purchase the portfolio. HFF also represented the seller. The portfolio consists of 1360-1420 Presidential Drive and 850-890 North Dorothy Drive in Richardson, along with 1420 Halsey Way, 1406 Halsey Way, 2122 Country Club Drive and 2855 Trinity Square Drive in Carrollton, Texas. The properties are located near I-635 and Highway 75. The properties are 87 percent leased overall to 41 tenants, including NOW Specialties Inc., Optex Systems Inc., Laboratory Corp. of America, SKH Beauty Inc. and All Sorts Mailing Services Inc.