sales_and_leases

HFF Brokers $109M Sale of Downtown D.C. Office Building

by John Nelson April 2, 2015

WASHINGTON, D.C. — HFF has brokered the $109 million sale of a 195,624-square-foot office building located at 2025 M St. N.W. in downtown Washington, D.C.’s Golden Triangle area. James Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Jessica Diorio of HFF represented the seller, a partnership between The Oliver Carr Co. and Clark Enterprises Inc. Mikeone EK purchased the asset, which was fully leased at the time of sale to tenants such as Kaplan, Radio Free Asia and Smith Bucklin. CBRE arranged acquisition financing for the transaction.

April 2, 2015

Retail Southeast Virginia

Vornado Completes $465M Sale of Virginia Mall to PREIT

by John Nelson April 1, 2015

SPRINGFIELD, VA. — Vornado Realty Trust has completed the previously announced $465 million sale of the redeveloped Springfield Town Center in Springfield to Pennsylvania Real Estate Investment Trust (PREIT). The approximately 1.4 million-square-foot mall is comprised of 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Target, Macy’s and JC Penney anchor the mall. Other notable retailers include Michael Kors, H&M, Chico’s, Pandora, Francesca’s Collection, Maggiano’s Little Italy, Yard House Restaurant, Wood Ranch BBQ, LA Fitness, Regal Cinema, Dick’s Sporting Goods and Topshop. The sales price comprises $340 million in cash and 6.25 million operating partnership units of PREIT, granted at $20 per unit. Vornado’s 8.07 percent ownership interest in PREIT will be accounted for under the equity method. Vornado has treated the $19 million of tenant improvements and allowances as a closing adjustment.

April 1, 2015

New Hampshire Northeast Retail

HFF Brokers $46.1M Sale of New Hampshire Shopping Center

by Amy Works April 1, 2015

BEDFORD, N.H. — HFF has brokered the sale of The Shoppes at Bedford Mall, a shopping center located at 73 South River Road in Bedford. Emmes Asset Management Co. sold the 277,289-square-foot center to an undisclosed buyer for $46.1 million. HFF represented the seller, and placed a 10-year, fixed-rate $30 million loan with Guggenheim Commercial Real Estate Finance LLC for the buyer. Renovated in 2012, the property is 98.6 percent leased to a variety of tenants, including Kohl’s, The Fresh Market, Marshalls, Staples, Weight Watchers, Pet Supplies Plus, Bob’s Store, Starbucks Coffee, Chipotle and Outback Steakhouse. James Koury and Xave Jacoby of HFF represented the seller, and Porter Terry, also of HFF, placed the financing for the buyer in the transaction.

April 1, 2015

Multifamily Nevada Western

Bascom Group, Oaktree Buy Villa Serena in Las Vegas

by Nellie Day April 1, 2015

LAS VEGAS — The 288-unit Villa Serena apartment complex in the Las Vegas submarket of Henderson has sold to a joint venture between the Bascom Group and funds managed by Oaktree Capital Management for an undisclosed sum. The community is located at 325 North Gibson Road. Villa Serena was built in 1996. It is located near Union Village, a 155-acre site that is classified as the first integrated health village in the world. Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the unnamed seller on the transaction.

April 1, 2015

Arizona Multifamily Western

Willow Springs Apartments in Phoenix Sells for $13.2M

by Nellie Day March 31, 2015

PHOENIX – The 468-unit Willow Springs Apartments in Phoenix has sold to Resort on 27th LLC for $13.2 million. The Class C community is located at 4715 N. 27th Ave. It was built in 1986. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest Team represented both the buyer and seller, MLCFC 2007-7 North 27th Avenue LLC, in this transaction.

March 31, 2015

Office Texas

CBRE Arranges $16M Acquisition Financing For Medical Office Building in Austin

by Haisten Willis March 31, 2015

AUSTIN, TEXAS — CBRE has arranged $16 million in acquisition financing for Southwest Medical Village, a fully occupied Class A medical office building in Austin. Working on behalf of an undisclosed borrower, CBRE Capital Markets secured a 10-year loan with eight years of interest-only payments and a 60 percent loan-to-value ratio. The loan was originated through CBRE Capital Markets’ relationship with PNC Bank. Built in January 2014, the fully leased asset includes 70,000 square feet of medical office space and offers a parking ratio of 5.1 per 1,000 net rentable square feet. The property, located at 5625 Eiger Road, is anchored by Premier Family Physicians, an independent, physician-owned family medicine practice, and also includes 18 other specialty practices. Kornberg, Doug Seylar, Scott Larson, Ben Bastian, Greg Greene, Scott Lewis and Taylor Pearce of CBRE arranged the loan for the borrower.

March 31, 2015

Multifamily New York Northeast

Kushner Cos. Buys 16-Building Multifamily Portfolio in NYC for $131.5M

by Amy Works March 31, 2015

NEW YORK CITY — Kushner Cos. has acquired a 16-building portfolio of Manhattan and Brooklyn multifamily properties for $131.5 million from Stone Street Properties and HIG Realty Partners. The portfolio, which also includes five retail stores, consists of 14 Manhattan buildings totaling 251 units in the Upper East Side, Murray Hill, East Village and Greenwich Village, and two buildings, totaling 40 units, in Brooklyn’s Boerum Hill district.

March 31, 2015

California Retail Western

Faris Lee Arranges $29.3M Sale of Rosedale Village in Bakersfield, Calif.

by Haisten Willis March 30, 2015

BAKERSFIELD, CALIF. — Faris Lee Investments has arranged the $29.3 million sale of a 222,000-square-foot, Class B shopping center in Bakersfield. Rosedale Village is located at Rosedale Highway and Calloway Road. Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented the buyer, JH Real Estate Partners. The team also represented the seller, Standard Management. Faris Lee Investments is a retail advisory and investment sales firm.

March 30, 2015

Restaurant Retail Texas

The Woodmont Co. Arranges Ground Lease in Metro Dallas

by Haisten Willis March 30, 2015

MANSFIELD, TEXAS — The Woodmont Co. has arranged a ground lease with Raising Cane’s Chicken Fingers at Mansfield Town Center. Raising Cane’s is a restaurant chain offering chicken fingers as its only main course. Raising Cane’s expects to open their 2,650-square-foot restaurant this summer. Bryan Dyer of The Woodmont Co. represented the owner of Mansfield Town Center, Kossman Development Co, in the transaction. Kevie Beard of Venture Commercial represented the unnamed tenant. Mansfield Town Center is located at the intersection of U.S. Highway 287 and Cooper Street in Tarrant County. The center is 96 percent leased and boasts more than 40 retailers.

March 30, 2015

Washington Square Piggly Wiggly North Carolina

North Carolina Retail Southeast

Wheeler REIT to Acquire North Carolina Shopping Center for $20M

by John Nelson March 30, 2015

WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.

March 30, 2015

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