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Eight Stores to Open at Danville Hotel Redevelopment

by Nellie Day August 26, 2015

DANVILLE, CALIF. —Eight stores are set to open at a mixed-use redevelopment of the historic Danville Hotel in downtown Danville, a project by joint developers Castle Cos. and Nearon Enterprises. Retail tenants will receive space in late August through September. New openings will include a 1,200-square-foot Papyrus; a 2,000-square-foot Heavenly Couture; a 1,100-square-foot Sole Desire Shoes; a 1,000-square-foot Look + See Luxury Optical; a 400-square-foot BoBen Designs jeweler; a 3,700-square-foot Danville Brewing Co.; a 2,800-square-foot Pizza Antica; and a 1,600-square-foot Basque Boulangerie Café. Adria Giacomelli and Gary Riele of Newmark Cornish & Carey led the leasing efforts.

August 26, 2015

Indiana Industrial Midwest Retail

Bradley Co. Negotiates Leases Totaling More than 15,000 SF in Fort Wayne

by Jeff Shaw August 11, 2015

FORT WAYNE, IND. — Bradley Co. has arranged two leases totaling more than 15,000 square feet in Fort Wayne. In the first transaction, Mike Dahm represented the landlord, Industrial Road Enterprises, as well as the tenant, HD Supply Waterworks, in the lease renewal of 13,480 square feet of industrial space located at 5120 Industrial Road. In the second transaction, Dahm and Kelly Castle represented the tenant, RPM Pizza Midwest LLC, in the lease of 2,130 square feet of retail space located at 301 W. Jefferson Blvd. Bradley Co. has served the Northern Indiana and West Michigan commercial real estate market since 1978.

August 11, 2015

Multifamily Seniors Housing Washington Western

Aegis Breaks Ground on Seniors Housing Community and Cultural Center

by Nellie Day August 3, 2015

NEWCASTLE, WASH. — Seniors housing developer Aegis Living has broken ground on Aegis Gardens in Newcastle near Seattle, marking the Pacific Northwest’s first senior living community for Chinese-Americans. Situated on a 7.5-acre waterfront site with access to Lake Boren, the resort-style, 110-home community is slated to open in 2017. When completed, Aegis Gardens’ activity center will host civic activities and cultural exhibitions. The center will also provide daycare services to promote multigenerational engagement. According to Nielson, 92,000 Chinese-Americans live within a 25-mile radius of the Newcastle location. Aegis Gardens’ community programming will include celebrations of Chinese holidays, traditional cuisine representing major regions of China, mahjong, calligraphy, cribbage, Tai Chi classes, a central Zen garden and a tearoom. Staff fluent in Cantonese, Mandarin and English will provide 24-hour care. The development site in Newcastle, a block from the Bellevue city line, is culturally relevant for Chinese-Americans because immigrants from China mined coal there in the late 1800s, contributing to Seattle’s rise to prominence.

August 3, 2015

Indiana Midwest Retail

Brennan Investment Group Acquires Hillsdale Business Park In Indianapolis

by Jonathan Mehall July 29, 2015

INDIANAPOLIS — Brennan Investment Group LLC has acquired Hillsdale Business Park, a six-building business park comprising 445,892 square feet, in Indianapolis. Hillsdale Business Park is located at 7700 North Shadeland Ave. on the northeast side of Indianapolis at the intersection of I-465 and I-69, two main interstates that serve the Indianapolis metro area. The business park is within minutes of a number of restaurants, banks, and Castleton Square Regional Mall. Tenants of Hillsdale feature Community Hospital, Verizon Wireless, State Farm Insurance, Ingersoll Rand, Northeast Family Physicians and Pro Kids Inc. Originally developed by Duke Realty, Hillsdale Business Park is owned by Hillsdale Property Company and is leased and managed by Jones Lang LaSalle.

July 29, 2015

California Multifamily Student Housing Western

EdR to Begin Construction of Housing at UC Berkeley

by Nellie Day July 13, 2015

BERKELEY, CALIF. — EdR will soon begin construction on the redevelopment of Bowles Hall, a historic residential facility serving the University of California, Berkeley. The Bowles Hall Foundation (BHF) is funding the $39.5 million project primarily through tax-exempt revenue bonds underwritten by Raymond James Financial Inc. and a capital campaign led by Bowles Hall alumni and foundation members. The University of California Board of Regents approved the BHF’s proposal in March 2014 to renovate, refurnish and reestablish Bowles Hall as a residential college. With the signing of a ground lease with the University of California, Berkeley, the Bowles Hall Foundation will become the owner and independent operator of Bowles Hall for 45 years. EdR was selected by BHF last year to execute all the aspects of this renovation, including the design and construction processes, which will be led by PYATOK Architecture + Urban Design and Clark Construction Group, respectively. Construction will begin this month. EdR will provide property management services to the community upon its completion in summer 2016. The University of California, Berkeley has been selected by U.S. News & World Report magazine as the highest ranked public university for nearly 20 years. Bowles Hall was built in 1929 …

July 13, 2015

Indiana Midwest Office

CBRE Arranges Sale of Suburban Office Park in Indianapolis to Group RMC

by Jonathan Mehall July 9, 2015

INDIANAPOLIS — Group RMC has acquired Castleton Park, a 1.1 million-square-foot suburban office park in Indianapolis. The purchase price and seller were undisclosed. The office park is located in an affluent area of Indianapolis between I-465 and I-69. Castleton Park sits on 120 acres of land and is comprised of 31 office buildings. During the last two years, tenants signed leases totaling more than 176,000 square feet at the property, which is currently 79 percent occupied. Group RMC also recently purchased Park Fletcher, a two-building business park in Indianapolis, and Summit, a four-building office park in Cleveland Ohio. A representative of Group RMC emphasized the Midwest is “the backbone of America.” Andy Banister and Dan Richardson, who are part of CBRE’s investment property group in Indianapolis, represented the seller in the transaction.

July 9, 2015

Loans Multifamily Northeast Pennsylvania

Berkadia Closes $80.4M Acquisition Loan for ICON 1616 in Philadelphia

by Amy Works June 26, 2015

PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.

June 26, 2015

New Senior Investment Group to Buy 28-Property Seniors Housing Portfolio for $640M

by Scott Reid June 23, 2015

NEW YORK — New Senior Investment Group Inc. (NYSE: SNR) has entered into an agreement to acquire a 28-property portfolio of private-pay, independent living senior housing properties from affiliates of Holiday Retirement for approximately $640 million. New Senior expects to invest approximately $190 million of equity and incur approximately $450 million of debt to purchase the portfolio. New Senior anticipates the closing of the acquisition by the third quarter. “We are excited to add 28 independent living properties to our portfolio through this accretive acquisition,” says New Senior CEO Susan Givens. “This transaction further increases our private-pay seniors housing NOI (net operating income) exposure to 91 percent of our portfolio.” The portfolio is 100 percent private pay and contains 3,298 independent living units located across 21 states, which as of May had an average occupancy rate of 88 percent. The portfolio is currently operated by Holiday, and New Senior expects Holiday will continue to operate the portfolio following the closing of the acquisition under new property management agreements. New Senior also expects the portfolio to generate an initial cash NOI of approximately 6.4 percent after property management fees. The transaction is the second large sale of properties Lake Oswego, Ore.-based …

June 23, 2015

Colorado Market Reports Retail Western Western Market Reports

Investor Demand Outpaces Retail Property Listings in Booming Denver Metro

by Nellie Day June 9, 2015

A booming Denver economy has strengthened the local real estate market, creating strong demand across all property sectors, including multifamily, housing, office and retail. The wealth effect stemming from robust employment and rising home values will specifically drive retail sales in the Denver metro this year. A thriving retail market will attract new tenants to the metro, and facilitate healthy rent growth. Employers will continue to expand in the metro, pushing total employment to a new high and drawing additional residents to the metro. Hiring will expand 3.3 percent this year as employers are expected to add 45,000 total workers to payrolls. Metro Denver has also attracted high-wage earners. For instance, Lockheed unveiled plans to add 850 high-paying jobs at its Jefferson County facility over the next few years. Meanwhile, rising housing demand has lifted the median price of an existing home nearly 60 percent over the past six years. This has caused Denver to become one of the most expensive non-coastal housing markets in the nation. High home values will positively affect how homeowners feel about their ﬁnancial situation, encouraging retail spending. Retail construction will slow this year as many developers focus on redevelopment projects like the Southwest Plaza …

June 9, 2015

Retail Texas

Bright Realty Brokers Sale of Land in Metro Dallas

by Haisten Willis May 13, 2015

LEWISVILLE, TEXAS — Bright Realty has brokered the sale of 5.6 acres in Lewisville in the Castle Hills area. The company owned 19 acres of SH 121 frontage road property adjacent to Nebraska Furniture Mart and has sold the final acreage to Unser Racing for an indoor go-cart racing and events center. Tim McNutt and Britton Lankford of Bright Realty brokered the sale for Bright Realty. Forshey Hoobler and Craig Phelps of JLL represented the buyer.

May 13, 2015

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