STOCKBRIDGE, GA. — The LaSalle Group has broken ground on Autumn Leaves of Stockbridge, a 26,000-square-foot memory care facility located at 100 Monarch Village Way in Stockbridge. The $10 million property is the first stand-alone memory care facility in Henry County. The LaSalle Group partnered with Silverado Interests and OmniAmerican Bank for the project. The memory care facility is expected in open in the summer of 2014.
WEST NEW YORK, N.J. — Continuing its strategy to expand in the multifamily sector, Mack-Cali Realty Corp. (NYSE: CLI) and its wholly owned subsidiary, Roseland, have opened a new 316-unit luxury rental community in West New York. Developed by Roseland and financed by Switzerland-based UBS, the $120 million RiverTrace at Port Imperial is located along the Hudson River waterfront facing Midtown Manhattan. “This is one of the most spectacular waterfront locations in the region,” says Mitchell Hersh, president and CEO of New Jersey-based Mack-Cali. “We believe RiverTrace, with its high level of design, remarkable amenity offering and innovative approach to environmental sensitivity, will allow residents to enjoy it to the fullest.” RiverTrace was designed to the standards of the U.S. Green Building Council that would achieve LEED for new construction. Green features at the property include an exterior wall thermal insulation system, Energy Star appliances, low-VOC paints and building materials that contained recycled content. Roseland tapped feng shui expert Alex Stark to help incorporate concepts and elements of the system into the design features of the building. “To me this is fantastic because it means our town is growing,” says Felix Roque, mayor of West New York. “As you all …
Hampton Roads, the grouping of cities clustered around the meeting of the Atlantic Ocean, the Chesapeake Bay and the Intracoastal Waterway, is long known for its huge and vital military installations, and its tremendous maritime/shipping industries. The Port of Virginia is one of the busiest ports on the Eastern Seaboard, and is about to become even busier. At the end of the second quarter of 2012, the port posted a 7.2 percent year-over-year increase in cargo. Furthermore, with the widening of the Panama Canal, there will be a new breed of container ships carrying vastly more cargo than conventional ships. Only a few ports will be able to handle those ships, and Hampton Roads is the first to be ready. This increase in container shipments through our 55-foot, ice-free harbor will be an economic boon for Hampton Roads. The military has had, and will continue to have, a major impact on the local economy. However, there has been a concerted effort among all the cities of Hampton Roads to diversify the economic base. Technology-driven industries, including healthcare, modeling and simulation and research and development are all growing industries in the region. Seven of the world’s 10 largest aerospace and defense …
NEW HYDE PARK, N.Y. — Kimco Realty Corp. (NYSE: KIM) has signed a purchase and sale agreement to acquire a 24-property retail portfolio in New England for $270 million. The portfolio includes 17 assets in metro Boston, four other centers in Massachusetts, two grocery-anchored properties in northern New Jersey and one Walmart-anchored shopping center in Danbury, Conn. “This acquisition is in line with our communicated strategy of focusing on key territories that boast solid demographics and growth potential,” says David Henry, president and CEO of New Hyde Park-based Kimco. “The assets are largely located in the high-barrier-to-entry Boston market with attractive infill locations and a large consumer base.” The 1.4 million-square-foot portfolio is 96 percent occupied. Anchor tenants include Whole Foods Market, Trader Joe’s, Lowes, Kohl’s, Petco, Pier 1 Imports and Aldi Supermarket. The transaction, which is expected to close during the first quarter of 2014, includes the assumption of $121.5 million of mortgage debt. Jim Koury with HFF marketed the portfolio on behalf of the seller, a private, non-institutional owner. Kimco is a real estate investment trust that focuses on the acquisition, development and management of neighborhood and community shopping centers. As of June 30, the company owned interests …
NEW YORK CITY AND PHOENIX — American Realty Capital Properties Inc. (NASDAQ: ARCP) and Cole Real Estate Investments Inc. (NYSE: COLE) have signed a definitive agreement to merge the two companies. The transaction is valued at $11.2 billion and will create the largest net lease REIT with an enterprise value of $21.5 billion. (The new REIT’s value is 64 percent larger than the closest comparable net lease REIT, according to a statement from ARCP and Cole). The merger agreement has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including stockholder votes by both companies. ARCP has secured $2.75 billion of fully committed financing from Barclays in connection with the transaction, which is expected to close in the first half of 2014. “This merger represents a new beginning for former competitors, and we look forward to uniting two of the industry's most talented organizations,” says Nicholas Schorsch, chairman and CEO of ARCP. ““We benefit by uniting not only two exceptional real estate portfolios, but also by joining forces with Cole's world-class management team.” Under the terms of the merger agreement, Cole will merge with and into a wholly owned subsidiary of …
NEW YORK — HFF has arranged $110 million in permanent financing for 25 Broad at the Exchange, a 308-unit, Class A multifamily property in Manhattan’s Financial District. HFF worked on behalf of LCOR, a fully integrated real estate company, to secure the seven-year, fixed-rate loan. Northwestern Mutual Life Co. is the lender. Originally constructed in 1902 and recently renovated, 25 Broad at the Exchange is located adjacent to the New York Stock Exchange. Apartment options include one- and two-bedroom floor plans and 19 penthouse units. The residences are currently 95 percent leased. A fitness center, yoga studio, children’s playroom, resident lounge and billiards room are among the community amenities. The 25 Broad at the Exchange property also includes three retail spaces, leased to Bobby Van’s Steakhouse, men’s formal wear boutique Canali and a dry cleaner. Battery Park, the 9/11 Memorial and Brooklyn Bridge are all in close proximity. LCOR, formed in 1992 to continue the legacy of The Linpro Company, specializes in property management, development and investment. The company’s operating and development business manages a portfolio including approximately 8,500 multifamily units, 7.5 million square feet of commercial space and several mixed-use projects in core markets nationwide. Jon Mikula and Jim …
The San Diego apartment market is doing unsustainably well. About 400 buildings will sell this year, which is the average volume of the past 30 years. Sellers are obtaining prices near peak levels, while buyers are capturing cash flow twice as good as the stock market — and with less risk. There are three sources of buyers: cash that was sitting on the sidelines; investors who bought houses and condos at half price and are now ready to move up; and 1031 buyers. Investors are tired of going broke safely. Hundreds have had cash in the bank that was paying a pittance while inflation and taxes slowly dissolve capital. Apartments deliver cash returns that are two to three times what stocks offer. Additionally, over the past few years there have been more than 30,000 homes and condos sold at distressed prices. Many of those owners have doubled their equity and are ready to re-leverage their equity and trade up. This is creating a significant number of 1031 buyers again. It is not quite a chain reaction, but the ripple is helpful. Apartment financing is easy and interest rates are cheaper than they have been for 48 of the past 50 …
NEW YORK CITY — JPMorgan Chase & Co. (NYSE: JPM) has sold One Chase Manhattan Plaza, a 60-story office tower in New York City, to Shanghai, China-based Fosun International Ltd. for $725 million. The 2.2 million-square-foot building is located at 16-48 Liberty St. in downtown Manhattan. The transaction is the largest purchase of a New York building by a Chinese buyer, according to Bloomberg. The Class A property had never changed its ownership since the Chase Manhattan Bank built the building in 1961. The New York City Landmarks Preservation Commission designated One Chase Manhattan Plaza as a landmark in 2009. The office building includes a 2.5-acre plaza that connects with seven subway lines. Fosun says that the reconstruction of the World Trade Center and the upgrades to the Fulton Street transportation hub will create a new business section that will enhance the value of the property. Also, according to the agreement between the companies, JP Morgan Chase Bank will remain a tenant at the building. Fosun International Ltd. is a wholly owned subsidiary of Fosun International. On July 16, 2007, Fosun International was listed on the Hong Kong Stock Exchange. JPMorgan Chase & Co. is global financial services firm with …
SAN FRANCISCO – A portfolio sale that includes Apple’s retail store and Bulgari’s flagship location within San Francisco’s Union Square has closed for a total of $160 million. The buyer was a private, U.S.-based investor. The Bulgari Building is located at One Union Square and 212 Stockton Street. Itis a fully leased retail and Class A office building. The property is anchored by Bulgari, though it includes other luxury retail and boutique office tenants like Loro Piana, Lacoste, Vera Wang and Union Square Investments. The Apple store is located at 1 Stockton Street. Other notable tenants within the Union Square neighborhood include Barneys New York, bebe, De Beers, Dior, Ferragamo, Gucci, Hermes, Louis Vuitton, Marc Jacobs, MaxMara, Prada, Saks Fifth Ave and Tumi.The seller, Deka Immobilien, was represented by Savills.
WOODSTOCK, GA. — CBL & Associates Properties Inc. has closed on an $80 million non-recourse loan secured by The Outlet Shoppes at Atlanta, a 370,000-square-foot outlet retail center located in Woodstock, a northern suburb of Atlanta. The 10-year loan features a 4.9 percent fixed interest rate. Proceeds from the loan will be used to repay a $53.2 million construction loan. The Outlet Shoppes at Atlanta is a 75/25 joint venture between CBL & Associates and Horizon Group Properties, co-developers of the outlet center. Horizon is handling the development’s leasing, marketing and management. The retail center features tenants such as Nike, Saks Fifth Avenue OFF 5TH, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour and Talbots.