sales_and_leases

Gramercy Property Trust Sells Two Hudson Street Properties in Jersey City for $299M

by Amy Works February 26, 2016

JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.

February 26, 2016

Multifamily Texas

Waterton Acquires Parkside at Firewheel Apartments in Garland

by Haisten Willis February 26, 2016

GARLAND, TEXAS — Waterton, a real estate investor and operator, has acquired Parkside at Firewheel, a 594-unit rental community located in the Dallas suburb of Garland. Built in two phases in 2007 and 2013, the community is adjacent to the Firewheel Town Center, a 1 million-square-foot regional shopping center that includes more than 125 storefronts and 70,000 square feet of office space. Parkside at Firewheel also offers access to nearby employment centers including the Telecom Corridor and CityLine, a 186-acre mixed-use development in nearby Richardson. Parkside at Firewheel includes a mix of studio, one-, two- and three-bedroom residences ranging in size from 569 to 2,457 square feet. Shared amenities include two swimming pools, a pair of fitness centers, a wellness studio and a grilling/patio area. When the community was built, 30 percent of the units in each phase were finished with a higher-quality interior package that includes hardwood-style flooring and upgraded kitchens with stainless steel appliances, granite countertops and tile backsplashes. As the property’s new owner, Waterton plans to update the remaining 70 percent of units to offer a similar level of finishes.

February 26, 2016

Hospitality Illinois Midwest

Banyan Investment Group, Compass Real Estate Acquire 120-Room Hilton Garden Inn in St. Charles, Illinois

by Christina Cannon February 26, 2016

ST. CHARLES, ILL. — A partnership between Banyan Investment Group and Compass Real Estate has acquired the Hilton Garden Inn in St. Charles, approximately 45 miles west of Chicago, for an undisclosed price. Oakwood Properties Inc. was the seller. The hotel opened in 2000 and includes 120 rooms and 4,400 square feet of meeting space. The facility also includes an indoor pool, fitness center and bistro-style restaurant. Attached to the hotel is an independently owned 18,000-square-foot conference and training center. The property will undergo a $2 million renovation of the guestrooms and public areas that is expected to be complete by March 2017.

February 26, 2016

Indiana Midwest Multifamily

Colliers Brokers Sale of Historic Apartment Building in Downtown Indianapolis

by Christina Cannon February 26, 2016

INDIANAPOLIS — Colliers International has brokered the sale of a historic apartment building in downtown Indianapolis for an undisclosed price. Janus Lofts is a 35,640-square-foot, 23-unit building that was constructed in 1914. Silver Point Capital sold the five-story property, located at 240 S. Meridian St., to Buckingham Cos. The building, which contains an underground parking garage and three commercial spaces, was most recently redeveloped in 2003. The Fahnley & McCrea Millinery Co., which sold women’s hats, occupied a building at the location from the late 1800s until a fire burned it down in 1905. A building reconstructed on the same site in 1914 was where the millinery company operated until it closed.

February 26, 2016

California Industrial Western

McGuire Building in San Francisco Sells for $47M

by Nellie Day February 26, 2016

SAN FRANCISCO — A joint venture between SKS Partners LLC and ProspectHill Group has purchased the McGuire Building, a 140,000-square-foot industrial property in San Francisco, for $47 million. The building is located at 1201 Bryant St., within the South of Market (SOMA) district. The JV plans to redevelop the space to re-introduce it in “like-new” condition, per the facility’s production, distribution and repair zoning. Tim Mason and Gerald Norton of Binswanger represented the seller, Kohler Co., in this transaction.

February 26, 2016

Arizona Industrial Western

JV Buys Riverview Point Office Campus in Arizona for $34.3M

by Nellie Day February 26, 2016

MESA, ARIZ. — A joint venture between Harvard Investments and Lincoln Property Co. (LPC) has purchased Riverview Point in Mesa for $34.3 million. The two-building property will be part of the JV’s new Waypoint office campus, which will be situated along the Loop 202 at the borders of Tempe, Scottsdale and Mesa. The new 34.5-acre development will include the recently completed Waypoint One, as well as Waypoint Two, which has yet to break ground. Riverview Point was built in 2008. It is currently 98 percent occupied. Notable tenants include Ashton Woods, Mitel Corp. and Udall Shumway PLC. It also serves as the corporate headquarters for Nextcare. The JV plans to renovate Riverview Point as it creates the cohesive Waypoint office campus. LPC will manage all four buildings at the project. CBRE’s Barry Gabel and Chris Marchildon represented the seller, R&R Riverview LLC, in the transaction. The financing partner is BMO Harris.

February 26, 2016

California Industrial Western

Munchkin Leases Space at Prologis Redlands Distribution Center

by Nellie Day February 26, 2016

REDLANDS, CALIF. — Munchkin has leased 341,280 square feet of industrial space at Prologis Redlands Distribution Center. The center is located at 27334 San Bernardino Ave. in Redlands. The infant and toddler product designer and manufacturer will use the space as its new regional warehouse and distribution facility. JLL’s Tim O’Rourke and Mike McRoskey represented Munchkin in the deal. CBRE’s Tyson Chave represented Prologis in the lease transaction.

February 26, 2016

Office Washington Western

Oracle Leases Space at Century Square in Seattle

by Nellie Day February 26, 2016

SEATTLE — Oracle has leased 90,000 square feet of space at Century Square in downtown Seattle. The space is located at 1501 4th Ave. The Class A property is now 98 percent leased. It is situated between South Lake Union and the financial district. Laura Ford and David Abbott of Colliers International represented the landlord.

February 26, 2016

Maryland Retail Southeast

Greenberg Gibbons Acquires Shopping Center in Maryland for $34.5M

by John Nelson February 25, 2016

REISTERSTOWN, MD. — Greenberg Gibbons has purchased Reisterstown Shopping Center, a 167,212-square-foot shopping center in Reisterstown, for $34.5 million. The property’s tenant roster includes Mars Supermarket, Planet Fitness and a mix of national and regional stores and restaurants. Greenberg Gibbons purchased the center from a partnership including Chesapeake Realty Partners for an undisclosed price. Greenberg Gibbons plans to remerchandise the property and bring new stores and restaurants to the retail lineup.

February 25, 2016

Retail Southeast Tennessee

BC Wood Properties Sells Shopping Center in Tennessee for $9M

by John Nelson February 25, 2016

GALLATIN, TENN. — BC Wood Properties has sold Gallatin Center, a 138,238-square-foot shopping center located in Gallatin, for $9 million. The center’s tenant roster includes Burke’s Outlet, Ollie’s, Tractor Supply, Hibbett Sports and Goodwill. BC Wood increased the property’s occupancy from 80 percent to 99 percent during the life of its ownership of the center. The Lexington, Ky.-based shopping center owner and manager sold Gallatin Center through BC Wood Properties Fund I, an investment vehicle that BC Wood launched in 2013.

February 25, 2016

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