sales_and_leases

CBRE Brokers $28.3M Sale of Mixed-Use Development in Historic Asheville

by John Nelson June 7, 2017

ASHEVILLE, N.C. — CBRE has arranged the $28.3 million sale of Pack Square, a 137,592-square-foot mixed-use development located in Asheville’s historic district. Wicker Park Capital Management purchased the five-building project from Southeastern Development. Pack Square was 82.4 percent leased at the time of sale to tenants such as Rhubarb, Posana Café, Bomba!, Novus Architects, French Broad Chocolate Lounge and Edgewater Media Group Inc. Patrick Gildea, Mike Burkard, Steve Shields and Matt Smith of CBRE represented Southeastern Development in the sale.

June 7, 2017

Indiana Midwest Office

CBRE Arranges Sale of 243,271 SF Office Property in Carmel, Indiana

by Kristin Harlow June 7, 2017

CARMEL, IND. — CBRE has arranged the sale of One & Two Penn Mark office buildings in Carmel, about 20 miles north of Indianapolis. The sales price was not disclosed. Together, the two office buildings combine for 13 floors and 243,271 square feet of Class A office space. Amenities include an exercise facility, tenant lounge, conference center and an outdoor amenity area with shaded seating. Dan Richardson of CBRE represented the seller, TNHYIF REIV Sierra LLC. Omaha-based Metonic Real Estate Solutions was the buyer.

June 7, 2017

Industrial Midwest Wisconsin

Dickman Brokers Sale of 40,427 SF Industrial Building in Brookfield, Wisconsin

by Kristin Harlow June 7, 2017

BROOKFIELD, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 40,427-square-foot industrial building in Brookfield. The property is located at 12745 W. Townsend St. Ryan Opportunity Investments LLC purchased the building from Favorite Son LLC for an undisclosed price. Samuel M. Dickman Jr., Samuel D. Dickman and TJ Huenerbein of Dickman brokered the transaction.

June 7, 2017

The-Crossings-Jefferson-Park-Whippany-NJ

New Jersey Northeast Office

Barclays Capital Acquires 525,000 SF Office Property in Whippany, New Jersey

by Amy Works June 7, 2017

WHIPPANY, N.J. — Barclays Capital, an anchor tenant, has acquired The Crossings at Jefferson Park, an 525,000-square-foot office property located at 115 S. Jefferson Road in Whippany. Vision Real Estate Partners and Rubenstein Partners sold the office campus for $69 million. The seller recently completed a revitalization and rebranding of the 65-acre campus, with the redesign focused on promoting health, wellness and sustainability. The campus features gourmet food services with indoor and open-air seating, a multi-function business lounge with casual seating and WiFi, and a 2,300-square-foot health and wellness center with state-of-the-art equipment, free weights and locker rooms with showers. Arthur J. Gallagher, PSKW, WithumSmith+Brown, JP Morgan Chase and Lord Abbett are tenants at the three-building campus.

June 7, 2017

Healthcare Midwest Minnesota

Minnesota Gastroenterology Signs 18,000 SF Medical Office Lease at CityPlace in Woodbury, Minnesota

by Kristin Harlow June 7, 2017

WOODBURY, MINN. — Minnesota Gastroenterology has signed an 18,000-square-foot medical office lease at CityPlace in Woodbury, a suburb of St. Paul. The clinic and endoscopy center will occupy space within the planned 50,000-square-foot medical office building. The building will join the 75,000-square-foot Tria Orthopaedic Center, which is currently under construction and slated to open this summer. Minnesota Gastroenterology specializes in the diagnosis and treatment of adults and children with GI disorders, and will open its ninth location in CityPlace in the first quarter of 2018. CityPlace is a 100-acre master-planned development located off Radio Drive and I-94.

June 7, 2017

Office Washington Western

Kennedy Wilson Buys Office Campus in Bellevue for $153M

by Nellie Day June 6, 2017

ISSAQUAH, WASH. — Kennedy Wilson has acquired 90 East, a three-building, 573,000-square-foot office campus in greater Bellevue, for $153 million. Located in Issaquah, the campus was built between 1999 and 2001 and is fully leased to Microsoft and Costco. During the last 12 months, the property produced approximately $13 million in net operating income. Kennedy Wilson financed the purchase using a 10-year, interest-only, $77 million loan that features a fixed interest rate of 3.85 percent.

June 6, 2017

Multifamily New Mexico Seniors Housing

CareTrust Enters New Mexico with $27.3M Acquisition of Two-Property Skilled Nursing Portfolio

by Nellie Day June 6, 2017

ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.

June 6, 2017

Hospitality North Carolina Southeast

Carey Watermark Investors 2 Acquires Charlotte Marriott City Center for $152.2M

by John Nelson June 6, 2017

CHARLOTTE, N.C. — Carey Watermark Investors 2 Inc. (CWI 2) has purchased Charlotte Marriott City Center, a 19-story, 446-room hotel located in Uptown Charlotte. The sales price and seller were not disclosed, but Charlotte Business Journal reports that Marriott Hotel Services Inc. sold the hotel to CWI 2 for $152.2 million. The hotel underwent more than $40 million of capital improvements in 2016, including the addition of eight guest rooms, five food and beverage outlets and a fitness center, as well as updates to M Club Lounge and the lobby. Other hotel amenities include a business center and 20,000 square feet of meeting space, including 13 breakout rooms and a 9,100-square-foot ballroom.

June 6, 2017

Florida Hospitality Southeast

Summit Buys Courtyard by Marriott Fort Lauderdale for $85M

by John Nelson June 6, 2017

FORT LAUDERDALE, FLA. — Summit Hotel Properties Inc., a hotel REIT based in Austin, Texas, has purchased the Courtyard by Marriott Fort Lauderdale, a 261-room hotel situated on Fort Lauderdale Beach. The $85 million acquisition includes a 0.8-acre vacant land parcel and 6,200 square feet of retail space. The hotel’s guestrooms were recently renovated, and Summit plans to invest $1.6 million over the next year into public space improvements and a patio bar redesign that will enhance the hotel’s outdoor experience. Over the past 12 months, the hotel had revenue per available room (RevPAR) of $155, which represents a 36 percent premium over the Summit’s pro forma RevPAR for the comparable period. The seller was not disclosed.

June 6, 2017

139-Fredericksburg-Road-Fredericksburg-PA

Industrial Northeast Pennsylvania

Ace Hardware Leases 1.1 MSF Distribution Facility in Fredericksburg, Pennsylvania

by Amy Works June 6, 2017

FREDERICKSBURG, PA. — Ace Hardware has signed a long-term lease for 1.1 million square feet of distribution space at Lebanon Valley Distribution Center, located at 139 Fredericksburg Road in Fredericksburg. The lease involves a 1.1 million-square-foot cross-docked, 36-foot clear height distribution facility. The existing 874,126-square-foot facility will be expanded by 225,875 square feet and delivered to Ace Hardware for occupancy by year’s end. Joseph McDermott, Jake Terkanian, Vincent Ranalli and David Lind of CBRE represented Ace Hardware. The property is owned by USAA Real Estate Co. and is being developed by Trammell Crow Co.

June 6, 2017

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