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Boston Properties Acquires 392,600 SF Office Complex in Massachusetts for $106M

by Taylor Williams September 9, 2019

WALTHAM, MASS. — Boston Properties Inc. (NYSE: BXP) has acquired 880 and 890 Winter Street, a two-building, 392,600-square-foot office complex in Waltham, a suburb of Boston. The all-cash deal fetched a sales price of $106 million. The complex was 82 percent leased at the time of sale to 24 tenants in the healthcare, technology and energy sectors. Amenities include a two cafés, an outdoor seating area, a fitness center and a conference center. The 28-acre property is situated adjacent to Bay Colony, Boston Properties’ 1 million-square-foot business park. Following this acquisition, Boston Properties owns more than 4 million square feet of Class A office space in Waltham. The company owns and manages more than 5 million square feet of commercial space along the Route 128/Interstate 95 corridor in the Boston suburbs. “Waltham continues to be one of the region’s most desirable urban edge locations for organizations that want to attract and retain highly educated associates,” says Bryan Koop, executive vice president at Boston Properties. “The 880 and 890 Winter Street campus provides both location and amenities that offer long-term value for current and prospective tenants.” Boston Properties is one of the largest developers and owners of Class A office space, …

September 9, 2019

Acquisitions Industrial New York Northeast Top Stories

Broadstone Acquires 23 Industrial Properties for $735.7M as Part of Portfolio Transformation

by Alex Tostado September 5, 2019

ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …

September 5, 2019

Lenders Investors InterFace DFW Industrial

Conference Coverage Features Industrial Texas Texas & Oklahoma Feature Archive

InterFace Panel: Dallas Industrial Market Poised to Withstand Recession

by John Nelson September 5, 2019

DALLAS — The Dallas industrial market is on fire, as a number of industry professionals repeatedly pointed out during the InterFace DFW Industrial conference. Held on Sept. 4 at the Westin Galleria Hotel in Dallas, the event drew more than 200 people in its inaugural year. Demand for industrial real estate from tenants, investors and lenders is strong enough to insulate the Dallas market from capitulation, even if the U.S. economy enters a recession, which some economists think may still be a ways off. During the event’s lenders and investors panel, speakers credited strong job and population growth in Dallas for this market insulation. Annually, the metroplex has added roughly 100,000 people and 75,000 jobs for the past several years. The market boasts a vacancy rate of 6 percent even with more than 30 million square feet of space under construction, according to CoStar Group. And tenant demand in Dallas continues to surge as well, fueling 12-month rent growth of 5.6 percent. Nikki Gibson, senior counsel at Bell Nunnally, moderated the panel. Market Evolution Central to the panel’s discussion as to why the Dallas-Fort Worth (DFW) industrial market is likely to weather severe economic storms was the notion that the …

September 5, 2019

Acquisitions Industrial Massachusetts Northeast Top Stories

TA Realty Sells National Industrial Portfolio in Two Transactions Totaling $1B

by John Nelson September 3, 2019

BOSTON — TA Realty, a real estate investor based in Boston, has sold off a national industrial portfolio in two separate deals for a little over $1 billion. The portfolio spans 8.3 million square feet of multi-tenant distribution space in 96 separate properties. Situated across 14 markets, the portfolio was 91 percent leased to more than 325 tenants as of July 1. In one transaction, AEW Capital Management acquired 28 facilities in the state of Texas from TA Realty. In the other transaction, funds managed by Blackstone Group (NYSE: BX) acquired 68 properties that are situated in 10 separate markets across the United States. Blackstone has a strong appetite for logistics space, having recently agreed to purchase GLP’s 179 million-square-foot industrial portfolio for nearly $19 billion. “Logistics remains our highest conviction investment theme,” says Nadeem Meghji, senior managing director and head of real estate Americas at Blackstone. “The portfolio we are acquiring from TA Realty is another example of last-mile logistics assets that will help meet the growing e-commerce demand.” The TA Realty team members involved in the transactions included Greg Bonomo, Ridgley Provencal and Luke Marchand. CBRE National Partners represented TA Realty in transaction negotiations. Specific properties and markets …

September 3, 2019

Market Reports Multifamily Texas Texas Market Reports

Up To the Challenge: Dallas Apartment Market Absorbs Record Levels of New Supply

by Taylor Williams September 2, 2019

In 2019, Dallas/Fort Worth (DFW) once again represents the nation’s top metro for job creation and net migration. These market conditions are occurring at an opportune time as more than 26,000 multifamily units have been completed throughout the market this year, marking a record wave of annual deliveries. This influx of new apartments will increase the metro’s rental inventory by 3.3 percent, yet robust demand for new supply allows net absorption to match delivery volume, lowering overall vacancy by 20 basis points. Prolonged Absorption Over the past three years ending in June, DFW’s apartment stock expanded by 10 percent, or 74,000 units, yet vacancy adjusted moderately during this period. Unit availability hovered in the high-4 to high-5 percent range, with demand supported by the creation of 400,000 jobs, robust in-migration and the widening gap between a monthly mortgage payment and average rent. The extended period of strong leasing velocity was highlighted by the second quarter of 2019, when a record 12,000 apartments were absorbed. Performance during this three-month stretch lowered vacancy by 90 basis points on a quarter-over-quarter basis. With employment growth slated to further improve during the second half of this year — the result of corporate relocations and …

September 2, 2019

Features

No Indication Recession is Imminent, Says Economist Roger Tutterow

by Jeff Shaw August 30, 2019

ATLANTA — Expect the U.S. economy to remain in an expansion mode through early 2020, effectively staving off the threat of recession, but look for the pace of growth to continue to slow. That’s the message Roger Tutterow, professor of economics at Kennesaw State University (KSU), is delivering to the commercial real estate industry based in part on the Leading Economic Index compiled by the Conference Board, a non-governmental organization. The monthly index, which is used to determine future economic activity, tracks 10 key components, some of which include building permits, stock prices, new orders for capital goods and initial jobless claims. “Over the last six months the leading indicators were up eight-tenths of a percent, so we’re not getting a recession-is-imminent signal from the leading economic indicators,” emphasized Tutterow. “What we are getting is a signal that says economic growth remains in place, but at a more timid pace than what we’ve enjoyed in the past couple of years.” Tutterow’s comments came Wednesday morning, Aug. 28, during his keynote presentation at InterFace Seniors Housing Southeast. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference attracted 436 professionals from all corners …

August 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

by Alex Tostado August 30, 2019

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack Obama and Bill Clinton visited 815 Connecticut Ave. as part of Obama’s Better Building Initiative, according to the Washington Business Journal. Under the initiative, the building’s owner at the time, an affiliate of Swedish pension fund Alecta Real Estate Investment LLC, and general contractor Forrester Construction Co. completed a $30 million renovation. That project included an extensive update to the building’s mechanical systems, common areas and exterior facade that earned the building a LEED Gold certification, the Business Journal reported at the time. Ponte Gadea also purchased an 800,000-square-foot office building in Seattle for $740 million in March. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net …

August 30, 2019

Acquisitions Office Southeast Top Stories Virginia

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

by Kristin Harlow August 28, 2019

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …

August 28, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Office Realty Trust Buys Two Office Towers in Atlanta’s Cumberland-Galleria Area for $231M

by John Nelson August 27, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …

August 27, 2019

Industrial Leasing Activity Texas

Benjamin Moore Signs 237,926 SF Industrial Lease in Metro Dallas

by Taylor Williams August 26, 2019

LEWISVILLE, TEXAS — Paint supplier Benjamin Moore & Co. has signed a 237,926-square-foot industrial lease at 121 Lakepointe Crossing Building 1 in Lewisville. The property is located along State Highway 121 on the north side of the metroplex. Blake Kendrick and Mac Hall of Stream Realty Partners represented the landlord, Stockbridge Real Estate, in the lease negotiations. Mark Collins of Cushman & Wakefield represented Benjamin Moore.

August 26, 2019

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