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Stockbridge, Trinity Sell Toringdon Office Park in Charlotte for $114.4M

by Nellie Day December 7, 2015

CHARLOTTE, N.C. — Stockbridge Capital Group and Trinity Capital Advisors have sold Toringdon Office Park, a 519,698-square-foot office park in Charlotte, to an unnamed buyer for $114.4 million. The six-building park is located at 3420, 3430, 3440, 3426, 3436 and 3530 Toringdon Way in the Ballantyne submarket, about 10 miles south of Charlotte’s Central Business District. The buildings were constructed between 2001 and 2008. The park is 87 percent leased. Notable tenants include Selective Insurance, Crown Castle, Heartland Payment Systems and TIAA-CREF. HFF’s Ryan Clutter represented the seller in the transaction. HFF’s Travis Anderson and Cory Fowler also arranged a $79 million acquisition loan through CIBC Capital Markets for the buyer. Clutter notes this was the first core office asset to be marketed and sold in the Ballantyne area since its inception more than 18 years ago. “The Toringdon transaction is a compelling sale for the Charlotte market as larger, non-CBD office trades have been less frequent in most U.S. office markets since the downturn in the economy,” he says. “Institutional capital was drawn to the compelling growth of the area, the considerable rise in rents and the strong leasing activity currently taking place in the park.” San Francisco-based Stockbridge …

December 7, 2015

Comstock Partners Signs Founding Farmers to Lease at Reston Station in Virginia

by John Nelson October 20, 2015

RESTON, VA. — Comstock Partners LLC has signed a roughly 10,000-square-foot lease with Farmers Restaurant Group (FRG) for restaurant space at Reston Station, a transit-oriented, mixed-use development located in the Washington, D.C., suburb of Reston. FRG’s Founding Farmers, an American eatery serving farm-to-table food, plans to open its new restaurant at Reston Station in late 2016. Currently under construction, Reston Station will serve as the gateway to the Wiehle Reston-East Metro Station and the terminus of Phase I of Metro’s new Silver Line.

October 20, 2015

Industrial Massachusetts Northeast

China Railway Rolling Stock Corp. Breaks Ground on 200,000 SF Facility

by Amy Works September 9, 2015

SPRINGFIELD, MASS. — China Railway Rolling Stock Corp. has broken ground on its 200,000-square-foot facility in Springfield. Situated on 40 acres, the $60 million facility will be used to manufacture 284 subway cars for the Massachusetts Bay Transportation Authority (MBTA). MBTA awarded the China-based company a $566 million contract to supply care for Boston’s Red and Orange subway. The company purchased the former Westinghouse-owned land for $12 million. China Railway Rolling Stock Corp. was recently formed through a merger between China North Locomotive and Rolling Stock Industry Corp. and the China South Locomotive and Rolling Stock Corp. The company plans to begin production next year and deliver its first cars in 2018.

September 9, 2015

Blackstone to Buy Strategic Hotels & Resorts in $6B Stock Deal

by Scott Reid September 8, 2015

CHICAGO — Blackstone Real Estate Partners VIII LP and Strategic Hotels & Resorts Inc. (NYSE: BEE) have entered into a definitive agreement in which Blackstone will acquire all outstanding Strategic common stock, in a transaction totaling approximately $6 billion. Blackstone will acquire the shares in cash at a share price of $14.25. The transaction will also include all outstanding membership units of Strategic’s subsidiary, Strategic Hotels Funding LLC, for the same cash price. “We believe this transaction capitalizes on our unique portfolio, strong asset management platform and continued operating outperformance over the past several years,” said Raymond “Rip” Gellein, chairman and CEO of Strategic Hotels. “The board thoroughly considered various alternatives over the course of the past few years, and this all-cash offer from Blackstone creates significant stockholder value with a high degree of execution certainty.” The transaction is expected to be completed by the first quarter of 2016, and is contingent upon customary closing conditions, including the approval of Strategic Hotel’s stockholders, who will vote on the transaction on a date to be announced. Strategic Hotels’ board of directors has unanimously approved the merger agreement. The offer price represents a premium of approximately 13 percent over the unaffected intra-day …

September 8, 2015

Features Top Stories

U.S. Commercial Real Estate Booming Despite International Stock Market Volatility

by Scott Reid September 8, 2015

Despite recent volatility in the international stock markets, commercial real estate performance remains high, according to a recent report by Marcus & Millichap. The recent devaluation of China’s currency, coupled with the collapse of the Shanghai Stock Exchange, struck U.S. equity markets, driving down the S&P 500 by nearly 10 percent in one week and pushing the S&P’s Volatility Index to its highest level since 2011. Commercial real estate, however, the report says, continues to outperform due to increased investment, a tightening unemployment rate and generational trends. According to Marcus & Millichap’s special report, the U.S. economy has added nearly 1.5 million jobs through June of this year, and falling gas prices and rising wage pressure will continue to increase discretionary income. Additionally, rising consumption and emergence of Internet retail will boost industrial demand for storage and supply-chain management in major hubs and local markets. Vacancy rate nationwide for industrial properties has reached its tightest level since 2000, according to the report, contracting to 6.9 percent on steady quarterly absorption in excess of 50 million square feet. Office vacancy, too, edged lower to 15.3 percent in the second quarter, as the sector benefited from still-limited construction. The retail vacancy …

September 8, 2015

Chambers Street to Buy Gramercy Property in $5.7B Stock Deal

by Nellie Day July 2, 2015

PRINCETON, N.J. and NEW YORK CITY — Chambers Street Properties (NYSE: CSG) has agreed to buy Gramercy Property Trust Inc. (NYSE: GPT) in an all-stock deal valued at about $5.7 billion. The merger will create the largest industrial and office net lease REIT, according to the firms. The Board of Trustees of Chambers Street and the Board of Directors of Gramercy have unanimously approved the merger agreement and the transaction. Per the agreement, Gramercy shareholders will receive 3.18 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own about 56 percent and Gramercy shareholders will own about 44 percent of the combined company. The stock-for-stock transaction is expected to be tax free to shareholders. The combined portfolio includes 288 properties and 52 million square feet of space in major markets throughout the U.S. and Europe. About 85 percent of the merged company’s real estate assets will be in target markets such as New York/New Jersey, Dallas, Baltimore/Washington, D.C., Los Angeles and South Florida. The portfolio will have an average lease term of more than seven years, with 43 percent of the tenants being investment grade. “This strategic combination is the …

July 2, 2015

California Retail Western

Stock Building Supply Flagship Sells in Los Angeles

by Nellie Day May 18, 2015

LOS ANGELES – A local private investor has purchased a 31,242-square-foot building in Los Angeles that is net leased to Stock Building Supply Holdings for $15.7 million. The building is located at 3860 Grand View Blvd. Stock Building Supply had occupied the building for more than 20 years before deciding to sell the property in late 2014. The lease was restructured into a 15-year term after the building was purchased. This space is the builder’s West Coast flagship property. Stock Building Supply was represented by Chris Sands of Sands Investment Group.

May 18, 2015

Illinois Industrial Midwest

NelsonHill Brokers Sale of 87,000 SF Building in Chicago’s Stockyards Industrial Park

by Danielle Everson March 30, 2015

CHICAGO — NelsonHill has brokered the $2.8 million sale of 1120 W. Exchange Avenue in Chicago’s Stockyard Industrial Park. Florock, an industrial flooring systems firm, purchased the property. The 63-year-old, global firm plans to consolidate its other locations into one site. The 87,982-square-foot property sits on nearly three acres and includes more than 40 parking spaces, 17-foot to 22-foot ceiling heights and a 4,000-square-foot office. The property also features two interior docks and two overhead doors. Michael Nelson and Mark Nelson of NelsonHill represented the seller, The Missner Group. Adam Tarantur, Corey Chase and Kyle McKechnie of Podolsky|Circle CORFAC International represented the buyer.

March 30, 2015

California Hospitality Western

LaSalle Hotel Sells 7.6M Shares of Stock to Fund Western Hotel Purchases

by Nellie Day December 12, 2014

BETHESDA, MD. — LaSalle Hotel Properties has sold 7.6 million shares of common stock to Barclays, Deutsche Bank Securities and Morgan Stanley for $40.30 per share. LaSalle will use the net proceeds from this underwritten public offering to fund three hotel acquisitions out West. Though the properties were not named, LaSalle noted the hotels were located in San Francisco, Los Angeles and Portland, Ore. They will be purchased for a total of about $500 million. The company will also use some of the proceeds to reduce the amount of its outstanding $750-million senior unsecured credit facility, as well as for general corporate purposes. Barclays, Deutsche Bank Securities and Morgan Stanley are acting as the offering’s underwriters. LaSalle has also granted the underwriters an option to purchase up to 1.14 million additional shares. Bethesda, Md.-based LaSalle Hotel Properties is a multi-operator REIT that owns 44 hotels. The portfolio contains a total of 11,100 guest rooms in upscale, full-service hotels throughout 13 markets in nine states and the District of Columbia. LaSalle specializes in the ownership, redevelopment and repositioning of upscale, full-service hotels in urban, resort and convention markets.

December 12, 2014

Office Western

STOCKBRIDGE BUYS ST. LUKE’S MEDICAL BUILDING IN PHOENIX FOR $8.4M

by admin August 29, 2014

PHOENIX — Stockbridge Funds has acquired St. Luke’s Medical Building, a 49,816-square-foot medical office building in Phoenix, for $8.4 million. The building is located at 555 North 18th Street in the downtown area. It sits adjacent to St. Luke’s Medical Center. The facility was built in 2006. It is currently 86 percent leased. Eric Wichterman and Mike Coover of Cassidy Turley represented both the buyer and seller.

August 29, 2014

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