SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
TEXAS AND NORTH CAROLINA — A subsidiary of CubeSmart (NYSE: CUBE), along with a joint venture partner, has acquired a 36-property self storage portfolio in Texas and North Carolina for $326.2 million. NGKF Capital Markets represented the two sellers, Private Mini Storage and a joint venture between Clarion Partners and Private Mini Storage. The portfolio totals more than 3 million square feet and includes 28 properties in Houston, seven properties in Austin, Texas, and one property in Charlotte, N.C. “This truly was one of the most unique portfolio opportunities in the self storage space I’ve ever seen,” says Aaron Swerdlin, executive managing director of NGKF Capital Markets. “The geographic concentration in Austin and Houston, two of the best economies in the country, really accentuated the value of the high-quality self storage portfolio that Clarion and Private Mini had developed and assembled.” To break down the transaction, Private Mini Storage individually sold six properties, all in Texas, for approximately $68.3 million. The joint venture between Clarion Partners and Private Mini Storage sold 30 properties — 29 in Texas and one in North Carolina — for approximately $257.9 million. A Clarion Partners press release reported that the 30 properties sold by the …
NEW YORK CITY — Marcus & Millichap has arranged the $1.3 million sale of 355 Stockholm Street, a six-unit apartment property in Brooklyn. Said Boukhalfa of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and represented the buyer, a developer, in the transaction. The three-story apartment building is located on Stockholm Street between Wyckoff and St. Nicholas avenues in the Bushwick section of Brooklyn. All of the two-bedroom units in the building were recently renovated and include mahogany wood cabinets, granite counter tops and stainless steel appliances. The property’s basement is finished with tile floors and may be leased as a medical office.
RICHMOND, VA. AND SALISBURY, MD. — Rouse Properties Inc. (NYSE: RSE), a REIT based in New York City that specializes in enclosed regional malls, has acquired Chesterfield Towne Center in Richmond, Va. and The Centre at Salisbury in Salisbury, Md. for an aggregate purchase price of $292.5 million. The two properties total nearly 2 million square feet of retail space. The Macerich Company (NYSE: MAC), based in Santa Monica, Calif., sold the malls. “Chesterfield Towne Center and The Centre at Salisbury are key additions to our portfolio of dominant, middle-market regional malls,” says Andrew Silberfein, president and CEO of Rouse. “These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes.” The 1 million-square-foot Chesterfield Towne Center is located in the Chesterfield County retail corridor, a submarket with average household income of $101,000 in a five-mile radius. Opened in 1975 and most recently renovated in 2008, the mall serves a trade area of more than 550,000 people. The property was 88.1 percent leased at the time of the sale and anchored by Macy’s, Sears, JC Penney and Garden Ridge. The tenant lineup also features other prominent retailers such as Victoria’s Secret, LOFT, …
SAN FRANCISCO — Pebblebrook Hotel Trust (NYSE: PEB), a publicly traded REIT that invests in upscale hotels in gateway cities, has acquired the Radisson Hotel Fisherman’s Wharf and Retail for $132 million. The 355-room hotel, which includes approximately 44,000 square feet of street-level retail space, is located in the heart of Fisherman’s Wharf in San Francisco. Davidson Hotels & Resorts will manage the property. “We’re very pleased with our acquisition of the Radisson Hotel Fisherman’s Wharf and Retail, located in one of San Francisco’s strongest submarkets,” says Jon Bortz, chairman and CEO of Pebblebrook Hotel Trust. “This hotel benefits from an excellent location in the heart of Fisherman's Wharf, which is reflected in the hotel's consistently high occupancy levels and strong cash flows. The property’s diversity of income streams, including the revenue from 44,000 square feet of premier ground-level retail space, coupled with a significant repositioning opportunity, makes the Radisson Hotel Fisherman’s Wharf and Retail another terrific addition to our expanding portfolio.” The Radisson Hotel Fisherman’s Wharf and Retail occupies an entire block and is bordered by Jefferson, Mason, Beach and Powell streets, across the street from Pier 39. The hotel is situated on San Francisco Bay and offers views …
EAST ST. LOUIS, ILL. — Gaming and Leisure Properties Inc. (Nasdaq: GLPI) has entered into an agreement to purchase the real estate assets associated with the Casino Queen in East St. Louis for $140 million. The casino and adjacent land, which sit on approximately 78 acres, include a 157-room hotel, 38,000-square-foot casino, fine-dining steakhouse, a sports bar/entertainment venue and an RV park. In addition, GLPI will provide Casino Queen with a $43 million loan, which will completely refinance all of the property’s outstanding long-term debt obligations. The initial lease term is 15 years, with an option to renew for four successive five-year terms. “This is our first acquisition as a standalone company and is representative of the robust opportunities that exist in the gaming asset markets that our company is targeting,” says Peter Carlino, chairman and CEO of Wyomissing, Pa.-based GLPI. “Gaming and Leisure Properties seeks to become a consolidator of choice and a leading provider of unique financing solutions for highly levered regional gaming operators,” adds Carlino. “The Casino Queen adds a newly constructed asset with strong market share to our portfolio and further diversifies our operating partners, while strengthening our cash flow.” Under the terms of the agreement, …
TULSA, OKLA. — Stan Johnson Co. has closed the $52.6 million sale-leaseback of 10 retail locations leased to BluePearl Veterinary Partners, a 24-hour emergency pet care provider, to Lexington Realty Trust (NYSE: LXP). All of the properties, which span more than 139,000 square feet of emergence care space and administrative offices, are under a long-term lease. Five of the assets are in Florida, while the other properties in the portfolio are located in Georgia, Texas, Michigan and Illinois. ”This transaction is significant due to the low benchmark cap rate achieved for a small-cap company, the unique nature of the veterinary use and the complexity of the master-lease structure,” says Joshua Pardue of Stan Johnson’s New York Office, he represented both parties in the transaction. According to Pardue, Tulsa, Okla.-based Stan Johnson structured the transaction in a way that helped capitalize the veterinary organization. He calls the structure a win-win that facilitated the investment objectives of Lexington. Tampa, Fla.-based BluePearl Veterinary Partners LLC is a privately owned company, which offers specialty and emergency veterinary medicine. BluePearl is wholly owned by its employees and veterinary professionals and operates 33 locations in 13 states. According to Stan Johnson, the veterinary business is a …
PHOENIX — Cole Capital, the private capital management business of Cole Real Estate Investments Inc. (NYSE: COLE), has acquired five single-tenant office properties throughout the United States for approximately $202 million. “These latest acquisitions are consistent with Cole's strategy of securing mission-critical properties nationwide that are essential for corporate operations,” says Thomas Roberts, executive vice president and head of real estate investments at Phoenix-based Cole. “These necessity properties boast credit-quality tenants, long-term leases, valuable rent increases and varied industries, while providing geographic diversification to the expanding Cole portfolio.” The properties, which are located in San Jose, Calif.; Colorado Springs, Colo.; St. Louis; and Houston, highlight the trust’s focus on building a portfolio of diversified single-tenant properties with creditworthy tenants under long-term net leases, according to a statement from the trust. Cole Real Estate Investments Inc. (CCIT) acquired two office properties in the San Jose metropolitan area. The first is a 98,874-square-foot, two-story office building leased to Lattice Semiconductor Corp. in San Jose, Calif. The Class A facility serves as a development center and product design facility for Lattice. The building houses Lattice’s research and development operations, as well as prototype product manufacturing and testing. Lattice has 12.9 years remaining on …
OAKBROOK TERRACE, ILL. — NAI Hiffman has represented the ownership in three separate retail transactions in the Chicago suburbs. Jewel Food Stores Inc. signed a new 10-year lease with F&J Tan LLC, a dental group, at the Jewel-anchored center at 7339 S. Cass Ave. in Darien. F&J Tan plans to open in early 2014. At the Jewel-anchored Woodstock Center at 113 S. Eastwood Drive in Woodstock, 111 Eastwood LLC signed physical therapy provider, Athletico, to a five-year lease for 2,625 square feet. Athletico plans to open this location by the end of the year. At City Park, located at 250 Parkway Drive in Lincolnshire, ECD-Lincolnshire Retail LLC signed Roosters Men’s Grooming Center to a five-year lease for 1,300 square feet. The men’s hair salon will open for business in early 2014. Jennifer Hopkins, Michael Meksto and Jim Tsevis of NAI Hiffman’s retail services group represented Jewel Food Stores in its lease with F&J Tan. Hopkins also represented 111 Eastwood LLC and ECD-Lincolnshire Retail LLC. Joseph Rossi of Joseph Rossi & Associates represented F&J Tan; Peter Scannell of Mid-America represented Athletico; and Jack Siragusa of Cushman & Wakefield represented Roosters Men’s Grooming Center.
NAPLES, FLA. — GE Capital Real Estate has provided $145 million in refinancing for The Mercato, a 456,000-square-foot mixed-use development in Naples. Dan Martin, managing director, and Andy McLay, senior relationship manager at GE Capital Real Estate, worked with HFF to secure the financing. GE provided the five-year, floating-rate loan to the borrower, a joint venture entity between Madison Marquette Retail Enhancement Fund, Barron Collier Cos. and The Lutgert Cos. The Mercato is located at 9115 Strada Place along Tamiami Trail, also known as U.S. Highway 41. The 14-building development was constructed in 2009 and features 320,000 square feet of retail and 136,000 square feet of office space. The property is 85 percent leased and its retail tenant roster includes Whole Foods Market, Silverspot Theatre and Nordstrom Rack. Mark Remington, managing director, Chris Drew, director, and Jordan Lex, associate director of HFF, originated the loan on behalf of the borrower. “GE Capital performed flawlessly, generating a huge win for our clients and this trophy asset, providing financing critical to the continuation of the successful business plan at The Mercato,” says Remington. GE Capital Real Estate, founded in 1973, has been a lender and operator of commercial real estate around the …