Property Type

ACADIA SELLS FORDHAM PLACE IN NYC FOR $133.9M

by admin November 20, 2013

NEW YORK CITY — Acadia Strategic Opportunity Fund II, a subsidiary of Acadia Realty Trust, has sold Fordham Place, a 262,000-square-foot mixed-use property in the Bronx, for $133.9 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the fully leased property. Sears, Best Buy and Walgreens, along with a mix of government service and not-for-profit office tenants occupy the property. Fordham Place was redeveloped in 2009 and is LEED Gold certified. Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented Acadia in the transaction.

November 20, 2013

PCCP PROVIDES $57.5M IN LOANS TO RECAPITALIZE TWO HOTELS

by admin November 20, 2013

EAST RUTHERFORD AND EDISON, N.J. — PCCP has provided two senior loans totaling $57.5 million to a private East Coast-based real estate firm for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room, full-service hotel located less than a mile from MetLife Stadium, the site of the 2014 Super Bowl. The company also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276-room, full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and more than 13 million square feet of industrial and office space.

November 20, 2013

Industrial Northeast

JLL BROKERS $20.7M SALE OF INDUSTRIAL PROPERTY IN BOSTON

by admin November 20, 2013

BOSTON — Jones Lang LaSalle has arranged the $20.7 million sale of an industrial property within Devens Industrial Park in Boston. Jones Lang LaSalle represented O’Reilly Auto Parts, one of the nation’s top auto parts suppliers, in the purchase of 15 Independence Drive from Hackman Capital Partners, Oak Tree Capital and Calare Properties. The Class A warehouse property spans 370,545 square feet and includes 30-foot clear heights and 57 loading docks. Rick Schuhwerk, executive vice president, Tony Coskren, vice president and Brian Pinch, associate at Jones Lang LaSalle, have executed 605,545 square feet of transactions in the Devens Industrial Park in the past three months.

November 20, 2013

Mixed-Use Northeast

FANTINI & GORGA ARRANGES $3.1M FOR CVS-ANCHORED CENTER

by admin November 20, 2013

GEORGETOWN, MASS. — Fantini & Gorga has arranged $3.1 million in first mortgage financing for a 21,418-square-foot mixed-use property in Georgetown, a northern suburb of Boston. Keith Wentzel, managing director at Fatini & Gorga, arranged the acquisition financing for a New Jersey-based investment group, which was funded by a Massachusetts-based community bank. A CVS/pharmacy anchors the property, while the office spaces are leased to a variety of medical practices and professional services. The non-recourse loan includes a fixed interest rate of approximately 4 percent and a 30-year amortization schedule.

November 20, 2013

Industrial Texas

MONMOUTH BUYS HOUSTON INDUSTRIAL ASSET FOR $15.3M

by admin November 20, 2013

SPRING, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 114,923-square-foot industrial asset in Spring, a northern suburb of Houston, for $15.3 million. The building, net leased for 10 years by FedEx Ground Package System Inc., is located at 21200 Spring Plaza Drive on approximately 17 acres. The property is in close proximity to Interstate 45 and the site of Exxon Mobil’s new headquarters. Monmouth has now acquired five properties totaling more than 1.1 million square feet in the first quarter of fiscal 2014, which runs from Oct. 1, 2013 to Sept. 30, 2014.

November 20, 2013

Multifamily Texas

PRESIDIUM, SECOND CITY JV ACQUIRES DALLAS APARTMENTS

by admin November 20, 2013

DALLAS — A joint venture between investment and management firm Presidium Group and private equity firm Second City Real Estate has acquired the Easton Hills apartment complex, a 282-unit property in the White Rock Lake neighborhood of Dallas. The new ownership will rebrand the asset as The Grove at White Rock and implement a capital improvement program valued at $1.7 million. Enhancements of apartment interiors will include new flooring, hardware, plumbing, lighting fixtures and appliances, while exterior renovations will consist of upgrades to building exteriors, landscaping, community amenities and leasing office and the addition of a fitness center. The property is located at 10429 Lone Tree Lane.

November 20, 2013

Retail Texas

M&M BROKERS 31,407 SF RETAIL SALE IN DALLAS MSA

by admin November 20, 2013

ENNIS, TEXAS — Marcus & Millichap has brokered the sale of a 31,407-square-foot retail property in Ennis, approximately 35 miles southeast of Dallas. Located at 1012 E. Ennis Ave., the asset includes a shopping center that is 92 percent leased to tenants including Sally Beauty Supply, Dollar Tree, GameStop and Starbucks Coffee, as well as the ground lease for an adjacent, freestanding location of Chili’s Grill & Bar. Vincent Knipp of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Philip Levy, also of Marcus & Millichap’s Fort Worth office, secured the buyer, a limited liability company.

November 20, 2013

Industrial Texas

LEE & ASSOCIATES BROKERS 20,471 SF WAREHOUSE SALE IN DALLAS

by admin November 20, 2013

DALLAS — Lee & Associates has brokered the sale of a 20,471-square-foot industrial property in Dallas. The warehouse facility, located at 2605 Northaven Road, was originally constructed in 1971 and features 20-foot clear heights. Nathan Denton of Lee & Associates represented the seller, McGray Group II LLC, in the transaction. Tracy Peterson of ReMax DFW represented the buyer, remediation and compliance services provider Environmental Logistics.

November 20, 2013

Hospitality Western

AUBERGE RESORTS ACQUIRES CALISTOGA RANCH IN NAPA

by admin November 20, 2013

NAPA, CALIF. – Auberge Resorts and its partners have acquired the 50-room Calistoga Ranch in Napa Valley for a reported $55 million. The ultra-luxury resort is situated on 157 acres at 580 Lommel Road in an Upper Napa Valley canyon. The transaction represents the highest price per room of any hotel sold this year, according to Jones Lang LaSalle. Olympus Real Estate Partners developed Calistoga Ranch 10 years ago. It had previously sold the hotel’s 22 residential units. Auberge has managed the hotel since it opened in 2004. The resort sale was handled by John Straussof Jones Lang LaSalle’s Hotels & Hospitality Group. Strauss represented Olympus in that transaction.

November 20, 2013

Hospitality Western

THE RITZ-CARLTON, DENVER RECEIVES $51M IN FINANCING

by admin November 20, 2013

DENVER — The Ritz-Carlton, Denver, a 202-room hotel in the city’s Downtown region, has received $51 million in financing. The luxury resort is located at 1881 Curtis Street in the Financial District. The hotel occupies the initial 14 floors of the 37-story tower. It is the only AAA Five Diamond-rated hotel in the city. The Apartments at Denver Place and the Residence XXV condominiums occupy the remaining levels and were not part of this transaction. The three-year, floating-rate loan will be used to refinance an existing loan facility. It was arranged by HFF’s Eric Tupler, John Bourret, Josh Simon and Matt Gangaware on behalf of Pearlmark Real Estate Partners. Financing was secured through a joint origination effort by Annaly Commercial Real Estate Group and Principal Real Estate Investors. The hotel will continue to be managed by The Ritz-Carlton Hotel Company, L.L.C.

November 20, 2013

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