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Boston Properties to Sell Office Property in Washington, D.C. for $318M

by Jonathan Mehall July 31, 2015

WASHINGTON, D.C. — Boston Properties (NYSE: BXP) has entered into a binding agreement for the sale of a Class A office building located at 505 9th St. NW in Washington, D.C. for approximately $318 million, including the assumption of $117 million in mortgage debt. The buyer of the 321,943-square-foot building was undisclosed. Boston Properties developed and built the property in 2007. Boston Properties owns a 50 percent interest in the office building as part of a joint venture. The completion of the sale is expected by the end of the third quarter. 505 9th St. NW is located midway between the White House and the U.S. Capitol and just two blocks from both Pennsylvania Avenue and the Verizon Center. The site is situated in the heart of the Penn Quarter in Washington D.C.’s East End submarket. The property features three levels of below-grade parking, two outdoor/roof top decks, a fitness center and in-building retail amenities, including an entertainment club. The primary tenant is law firm DLA Piper. Other tenants include AARP, law firm Duane Morris LLP and American College of Radiology. Boston Properties reported that its funds from operations (FFO), a closely watched metric among REITs, were $208.7 million in …

July 31, 2015

Franklin Street Brokers $5.9M Sale of Mixed-Use Asset in Metro Atlanta

by John Nelson July 31, 2015

WOODSTOCK, GA. — Franklin Street Real Estate Services has brokered the $5.9 million sale of a mixed-use asset in downtown Woodstock, a northern suburb of Atlanta. Built in 2014, the Class A property features 23 apartment residences and 8,624 square feet of retail space. Jake Reid and Ricky Jones of Franklin Street represented the undisclosed seller in the transaction.

July 31, 2015

Arizona Industrial Western

Bixby Land Co. Acquires Tharco Freeport Distribution Center in Phoenix for $8.1M

by Nellie Day July 28, 2015

PHOENIX — Bixby Land Co. has purchased the Tharco Freeport Distribution Center, a 108,287-square-foot industrial distribution center in Phoenix, for $8.1 million. The institutional-quality center is located at 640 S. 51st Ave. The building is fully leased to Tharco, one of the largest manufacturers and suppliers of unprinted corrugated stock boxes in the U.S. It was built in 1994. DTZ’s Will Strong, Mike Haenel, Andy Markham and Phil Haenel executed the transaction.

July 28, 2015

Top Stories

Medical Properties Trust to Buy Seven Hospitals, Interest in Capella Healthcare for $900M

by Scott Reid July 28, 2015

BIRMINGHAM, ALA. — Medical Properties Trust Inc. (NYSE: MPW) has entered into a definitive agreement to acquire real estate and operations of Capella Holdings Inc. (Capella), a privately owned hospital company headquartered in Franklin, Tenn., for $900 million. The $900 million total value of the transactions comprises a $600 million investment in Capella’s real estate, including the acquisition of seven hospitals, and an approximate $300 million investment in Capella’s operating entities, which is expected to be owned jointly by Birmingham, Ala.-based MPT and Capella management. “The acquisition of Capella, which in a single stroke accretively increases our portfolio of high-quality hospital real estate by nearly 20 percent, is simply the next step along our track record of creating strong double-digit growth,” says Edward Aldag Jr., chairman, president and CEO of MPT. With the acquisition, MPT will be adding to its acute care portfolio seven hospitals located in five states, with an aggregate 1,169 beds and more than 2 million square feet. MPT’s interest in the hospitals will be subject to sale-leaseback and mortgage loan arrangements. Following the acquisition, acute care facilities as a percentage of MPT’s portfolio will increase to 62 percent globally and 74 percent in the United States. …

July 28, 2015

Features Top Stories

Reis Predicts Slow, Steady Improvement for U.S. Office Sector

by Katie Sloan July 28, 2015

NEW YORK CITY — The U.S. office sector is poised for continued growth in the second half of 2015, though stagnant vacancy has slightly tempered previously high expectations, according to the latest Reis analysis based on second-quarter data. “Occupied stock rose by 8.4 million square feet, outpacing new completions of 8.3 million square feet in the second quarter,” reports Victor Calanog, chief economist and senior vice president at New York-based Reis. “While this was not sufficient to nudge vacancies downward, it still does provide evidence of a slow simmer in terms of leasing activity. Employers are hiring, albeit slowly, and are leasing up space at the same plodding pace.” Vacancy rates in the office sector, which remained at 16.6 percent in the first and second quarters of 2015, vary by location. In central business districts (CBDs), the vacancy rate stood at 13.3 percent in the second quarter as opposed to 18.3 percent in suburban areas. The report notes that this is a reversal from the 1990s, when CBD vacancy rates were higher than those in suburbs as employers sought lower crime rates and better school systems. Another struggle for suburban areas is large inventory. From 1990 to 2010, more than …

July 28, 2015

Top Stories

Summit Hotel Properties Buys Two Residence Inn by Marriott Hotels for $56.8M

by Nellie Day July 27, 2015

BALTIMORE, M.D. AND BRANCHBURG, N.J. — Summit Hotel Properties (NYSE: INN) has acquired two Residence Inn by Marriott hotels for a total of $56.8 million. The acquisition includes the 141-guestroom Residence Inn in Hunt Valley, just outside Baltimore, and the 141-guestroom Residence Inn in Branchburg, N.J. “We are very happy to announce the addition of these Residence Inn hotels to our portfolio,” says Daniel Hansen, president and CEO of Austin, Texas-based Summit Hotel Properties, a publicly traded REIT. “We remain very positive on the current state of the lodging cycle and see these two acquisitions as solid contributors to our long-term growth plan. Both of these acquisitions are located in strong markets that fit well with our growth strategy and portfolio of premium select-service assets.” Summit plans to spend about $1.5 million on capital improvements at the Hunt Valley property, which is situated just 18 miles outside of downtown Baltimore. Notable employers in the area include PayPal, eBay, McCormick Spice Co., Men’s Warehouse and Johns Hopkins University. The company will spend an additional $1.1 million on capital improvements at the Branchburg property, which is located about an hour outside of New York City. Notable employers in the area include Johnson …

July 27, 2015

New York Northeast

McGraw Hill Financial Agrees to Buy SNL Financial for $2.2B

by Amy Works July 27, 2015

NEW YORK CITY — New York City-based McGraw Hill Financial Inc. (NYSE: MHFI) has agreed to acquire Charlottesville, Va.-based SNL Financial from New Mountain Capital for $2.2 billion. SNL Financial will join McGraw Hill’s roster of subsidiaries, including Standard & Poor’s Rating Services, the S&P Dow Jones Indices and Platts. SNL provides data and analysis on the banking, insurance, energy and real estate industries. This acquisition comes two years after McGraw Hill staked its future on financial services by selling off its publishing business. According to the company, McGraw Hill will finance the transaction by issuing $1.7 billion of long-term debt, and the economic impact will be partly offset by tax benefits with an estimated present value of about $550 million. McGraw Hill Financial’s stock price dropped to $99.54 per share as of late morning Monday in intraday trading, down from $105.58 per share at the close of business on Friday, July 24.

July 27, 2015

Georgia Retail Southeast

SRS Real Estate Brokers Three Leases at Gateway in Metro Atlanta

by John Nelson July 27, 2015

SANDY SPRINGS, GA. — SRS Real Estate Partners (SRS) has brokered three new leases at Gateway, a 21-acre, 121,071-square-foot mixed-use development in Sandy Springs, a suburb of Atlanta. The development project, owned by Core Property Capital, consists of 630 apartment units, a 20,000-square-foot office component and 100,000 square feet of retail space. New stores will include a 1,530-square-foot Buttermilk Sky Pie Shop, an 850-square-foot Kale Me Crazy and a 2,765-square-foot flagship BLAST fitness studio. Adrienne Crawford and Lily Heimburger of SRS represented Core Property Capital in all three transactions. Steve Shuler of Shuler Properties LLC represented Buttermilk Sky Pie Shop, Shaun Weinstock of Weinstock Realty & Development represented Kale Me Crazy and Jenna Schulten of Richard Bowers & Co. represented BLAST Fitness.

July 27, 2015

Top Stories

Columbia Property Trust To Acquire Office Portion of Historic New York Times Building for $516M

by Jonathan Mehall July 24, 2015

NEW YORK CITY — Columbia Property Trust Inc. (NYSE: CXP) has signed a definitive agreement to acquire the commercial condominium unit in the historic New York Times Building from affiliates of Blackstone Real Estate Partners VI LP for $516 million. The 16-story, 481,110-square-foot, Class A building is located at 229 W. 43rd St. in the Times Square submarket of Manhattan. The acquisition is expected to be funded with a $300 million six-month bridge loan and short-term borrowings under Columbia’s $500 million unsecured credit facility, which is expected to increase the company’s leverage to approximately 39 percent of gross real estate assets (as of June 30, adjusted for recent dispositions). Currently 98 percent leased, the commercial unit of 229 W. 43rd St. is expected to have first-year in-place net operating income of approximately $22.3 million. “Acquiring this iconic property with such strong tenancy and below-market rents at attractive pricing compared with other New York transactions enables us to increase exposure in what will be our second largest market, while spreading out lease maturities and capital commitments,” says Nelson Mills, president and CEO of Atlanta-based Columbia Property Trust. The acquisition is expected to close within 30 days, subject to customary closing conditions. …

July 24, 2015

Market Reports Multifamily Texas Texas Market Reports

Why San Antonio’s Multifamily, Corporate Housing Markets are Hot, Stable

by Haisten Willis July 24, 2015

San Antonio, despite being the second largest city in Texas by population, sometimes takes a back seat to the Lone Star State’s other booming metro areas. The city might not have the energy of Houston, the weirdness of Austin or the Cowboys of Dallas, but more than 1.4 million people call the Alamo City home, and businesses are starting to take notice. San Antonio has added more than 300,000 residents since 2000, and a reasonable cost of living makes it an attractive city for workers young and old. The city continues to experience strong corporate growth and increased tourism activity, which is bringing more jobs to the city. San Antonio’s unemployment rate of 3.8 percent sits well below the national rate of 5.5 percent, and is also below Texas’ unemployment rate of 4.2 percent. Texas is the home of oil, and recent price uncertainty has made some investors worry about the state’s big cities. But there’s no worry in San Antonio: While new oil and gas production from the Eagle Ford Shale south of the city is expanding and having a positive impact on the region, the presence of energy-related businesses in San Antonio represents only one sector of the …

July 24, 2015

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