Article List

Bay-Area Listing Tests Office/Lab Demand

Wed, 01 Jul 2020
A Bain Capital partnership is offering a portfolio of life-science office properties in the San Francisco Bay Area that’s expected to fetch up to $950 million — setting the stage for one of the biggest trades since the pandemic hit.The listing consists of three buildings in South San Francisco: the 721,000-square-foot Genesis Towers complex, at 1&2 Tower Place, and a 72,000-sf building at 4000 Shoreline Court, about a mile away. The...



Stalled Listings Restarting for Prime Offices

Wed, 01 Jul 2020
Owners of some office buildings that were listed just before the pandemic struck are relaunching their marketing campaigns — but so far only for stable, core properties.In recent weeks, a handful of listings have re-emerged in scattered markets around the country, including Chicago, North Carolina and Northern Virginia. Brokers and owners are banking on pent-up demand from buyers to get sales processes moving again. But a strong preference...



Lone Star Alum Launching Investment Shop

Wed, 01 Jul 2020
A former Lone Star Funds executive has formed his own investment firm with an eye toward capitalizing on the dislocation of property values.Hugh Ward has been quietly setting up Palomar Capital since April, but just began reaching out to market pros about the initiative in the past two weeks. The New York firm is focused on value-added and distressed investments, particularly Class-B apartments, manufactured housing, industrial properties and...



Cambridge Offices Have Potential

Wed, 01 Jul 2020
Separate sellers have teed up two office buildings in Cambridge, Mass., where market pros expect a quick rebound in leasing activity.Local developer Urban Spaces has listed the leasehold interest in the 60,000-square-foot building at 121 First Street in East Cambridge. The estimated valuation of about $75 million, or $1,250/sf, would generate a 5% initial annual yield.Meanwhile, an unidentified investor is offering the 50,000-sf building at 1430...



Opportunity-Zone Play Near Boston

Wed, 01 Jul 2020
A Carlyle Group partnership is marketing a nearly finished apartment building in an opportunity zone in suburban Boston.The 259-unit Caldwell Apartments, in Lynn, Mass., is expected to attract bids of about $110 million, or $425,000/unit. Walker & Dunlop is representing the owner, a joint venture between affiliates of Carlyle and developer Procopio Cos. of Lynnfield, Mass.Construction of the 10-story building, at 48 Munroe Street, began in March...



Crisis Prompts TriGate to Upsize Fund

Wed, 01 Jul 2020
TriGate Capital is increasing the size of its latest property fund.The Dallas firm closed on $150 million of equity last month for TriGate Property Partners 4. That boosted the vehicle’s total haul to $395 million — in line with its $400 million equity target. Now, in response to market conditions, TriGate is lifting the fund’s equity-raising goal to $500 million, with a maximum size of $600 million.Market pros said...



Ariz. Apartment Portfolio on Block

Wed, 01 Jul 2020
Bascom Group is marketing three Arizona apartment properties worth about $120 million to value-added investors.The 812-unit portfolio includes two garden-style complexes in Tucson and one in Sierra Vista. The estimated valuation works out to $148,000/unit. Bascom, an Irvine, Calif., multi-family shop, gave the listing to Marcus & Millichap’s Institutional Property Advisors group.The properties were developed from 2001 to 2008. The pitch is...



DRA Lists 2 Fla. Rental Complexes

Wed, 01 Jul 2020
DRA Advisors is separately marketing two value-added apartment complexes in Jacksonville that have a combined value of $111 million.The 400-unit St. John’s Plantation, at 7595 Bay Meadows Circle West, is expected to fetch bids of about $64 million, or $160,000/unit. Newmark has the listing.The 300-unit Kensley Apartment Homes, at 6371 Collins Road, is being offered for around $47 million, or $156,000/unit. New York-based DRA has given that...



KBS Pitches More San Jose Offices

Wed, 01 Jul 2020
After selling two San Jose office buildings last week, KBS Realty is looking to duplicate that success by marketing two other properties in the same campus.The new offerings are for 250 and 350 Holger Way, encompassing 173,000 square feet in the District 237 complex. They are being marketed separately, but have similar profiles — newly renovated with single tenants on leases that mature in 2027 — and could be purchased together. CBRE...



New Jacksonville Apartments Shown

Wed, 01 Jul 2020
A new apartment complex is up for grabs in Jacksonville.The 350-unit JTB Apartments could attract bids north of $83 million, or about $238,000/unit. Completed last year, the luxury property is 94.6% leased. Walker & Dunlop is representing the owners: Presidium Group of Dallas, Killashee Investments of Ponte Vedra Beach, Fla., and local firm Schmidt Development.The property is at 8876 A.C. Skinner Parkway, just south of J. Turner Butler Boulevard,...



Hudson Valley Rentals Back on Block

Wed, 01 Jul 2020
The owner of an apartment complex in New York’s Hudson Valley has resumed marketing after suspending the listing amid the coronavirus outbreak.Hampshire Properties of Brooklyn, N.Y., first listed the 360-unit Village at Merritt Park, in Fishkill, via JLL in February. The property hit the market with pricing expectations of about $100 million, or $278,000/unit.But property tours were suspended in mid-March as the pandemic prompted state and...



Rare Value-Added Trade Amid Crisis

Wed, 01 Jul 2020
In one of the few value-added deals during the pandemic, Omninet Capital is set to pay $55 million for a four-building office portfolio in suburban Los Angeles.The 262,000-square-foot package is in Westlake Village, an affluent city in California’s Conejo Valley. At the sale price of $210/sf, the initial annual yield for Beverly Hills-based Omninet is just under 7%. Newmark represented the seller, Topa Equities of Los Angeles. The deal is...



Apartments in Mass. Change Hands

Wed, 01 Jul 2020
BLVD Capital has purchased two affordable-housing complexes in Massachusetts for $76 million.The properties, known as Pynchon Terrace and Edgewater Apartments, share the same address at 101 Lowell Street in Springfield, but span an area of five city blocks that also have single-family homes. The deal closed in early June.The price for the 612-unit package works out to $124,000/unit. CBRE represented the seller, Silver Street Development of...



NC Redevelopment Draws Jamestown

Wed, 01 Jul 2020
Jamestown has agreed to buy a majority stake in a former textile mill in Charlotte that recently was converted to “creative” office space and a food hall.The property, called Optimist Hall, encompasses 147,000 square feet, of which 83,000 sf is for office use and 64,000 sf is retail space. Eastdil Secured is advising the seller, a joint venture between investment firm White Point Partners and developer Paces Partners, both of...



Somera Road Opens "HQ' in Nashville

Wed, 01 Jul 2020
High-yield investment shop Somera Road is growing.The New York firm this month is opening what it’s calling a second headquarters in Nashville, where it has several investments. The outpost also gives it a presence closer to other markets across the Southeast where it buys and develops properties. Somera is moving vice presidents Jonathan Reeser and Joe LeMense from New York to co-head and build out the new office.“In addition to...



Chicago-Area Office Complex Listed

Wed, 01 Jul 2020
Sperry Equities is shopping a well-leased office complex in suburban Chicago that is valued at roughly $30 million.Washington Commons in Naperville, Ill., consists of three buildings totaling 201,000 square feet. At the estimated valuation of $149/sf, a buyer’s initial annual yield would be 7.3%, based on $2.2 million of annual net operating income. Sperry, an Irvine, Calif., investment shop, has given the listing to Newmark.The three...



The Grapevine

Wed, 01 Jul 2020
Kayne Anderson Real Estate of Los Angeles has emerged as the buyer of a massive senior-housing and medical-office portfolio. The package encompasses seven senior-housing communities and 29 medical-office properties with a combined value of about $1 billion. The seller, Welltower, reported the transaction in a June 1 investor update but didn’t identify the properties or the buyer. Newmark represented Welltower, a Toledo, Ohio, REIT. The...



The Grapevine

Wed, 01 Jul 2020
Kevin Swill was laid off from Willton Investment in June. He had joined the New York-based family office in September as a director of capital markets, tasked with syndicating equity for the firm’s investments in development projects. But the coronavirus pandemic slowed dealflow and construction lending, leading to his departure. Swill, based in Boca Raton, Fla., has returned to running JayJon Financial, his own advisory firm. Before...



The Grapevine

Wed, 01 Jul 2020
Vivian McDiarmid has taken an asset-management job at John Hancock. She started this week as a director in San Francisco. McDiarmid relocated to the Bay Area from New York, where she had worked as an associate for San Francisco investment manager Shorenstein Properties. Before that, she spent two-plus years in San Francisco as an investment analyst for Prudential Real Estate...



The Grapevine

Wed, 01 Jul 2020
Kevin Berry has joined Raider Hill Advisors as a senior vice president of operations in Chicago. Raider Hill, a retail-focused investment firm founded in 2015, is based in New York. Berry, who started last week, had been doing consulting work. Prior to that, he was an executive vice president in Brookfield’s retail unit. He also had a seven-year stint at retail giant GGP and worked at Equity Office Properties for a...



The Grapevine

Wed, 01 Jul 2020
Urban Land Institute has cut staff. There’s no word on the number of departures at the Washington trade group, but the buzz is they are related to the economic impact of the coronavirus pandemic. ULI is a nonprofit with 40,000 members, mostly focused on land use and development.



The Grapevine

Wed, 01 Jul 2020
Market Street Real Estate of Miami has added a portfolio asset manager to its team. Khambrel Roach joined in June from Cushman & Wakefield, where he spent three years underwriting and valuing retail properties and drafting marketing materials. Market Street, founded in 2012, partners with investors on value-added deals in primary and some secondary...



The Grapevine

Wed, 01 Jul 2020
Mollie Kinlin has joined Berkshire Residential Investments in Boston as an associate. She is part of the investor-relations and -reporting unit at the multi-family investment firm. Kinlin, who started in June, previously spent two years at Boston Properties as an assistant in the investor-relations group. The placement was arranged by recruiter Keller...



The Grapevine

Wed, 01 Jul 2020
Pacolet Milliken Enterprises has added a senior analyst. Lucas Sherrod starts next week in the investment firm’s Greenville, S.C., headquarters, reporting to senior vice president of acquisitions Brent Abbott and Clay Adams, head of real estate. Sherrod is relocating from Dallas, where he was an analyst at Westmount Realty Capital.



Brookfield Mulls Nixing Denver Tower Deal

Wed, 24 Jun 2020
Brookfield has agreed to buy a majority stake in a Denver skyscraper, but is weighing whether to proceed as the outlook for the property has grown cloudy.The Toronto firm began discussions early this year with owner Beacon Capital about recapitalizing the 1.2 million-square-foot Wells Fargo Center. Brookfield has put down a nonrefundable deposit but is considering walking away from the deal, market sources said. The parties were still in talks...



Pros See Rising Interest in Sale-Leasebacks

Wed, 24 Jun 2020
Specialists in sale-leaseback deals are expecting that niche to be particularly active as the investment-sales market recovers from the coronavirus crisis.For investors, buying a property with a new, long-term lease provides predictable future cashflows at a time of economic uncertainty. At the same time, the downturn is prompting more companies to consider selling the real estate they occupy to raise cash.Property sales by companies that leased...



Big Student-Housing Portfolio Up for Grabs

Wed, 24 Jun 2020
A multi-family REIT is shopping its entire student-housing portfolio, consisting of eight properties in high-growth markets in five states.Preferred Apartment Communities of Atlanta has tapped CBRE to market the 6,095-bed, 2,011-unit portfolio, valued at roughly $480 million. The anticipated price represents $79,000/bed, or $239,000/unit. Investors may bid on individual properties or any combination, but the preference is to strike a deal with a...



Savanna Enlists Capital for NY Deal

Wed, 24 Jun 2020
A joint venture between Declaration Partners and Partners Group is providing capital for Savanna to move forward with its pending $435 million acquisition of a Manhattan office tower.The duo is making an $85 million preferred-equity investment in the 513,000-square-foot building at 1375 Broadway. The partnership will also have an equity participation in the building’s cashflow, but details couldn’t be learned.Savanna, a local...



Pitch for McDonald's HQ Resumes

Wed, 24 Jun 2020
Sterling Bay has jumpstarted its sales campaign for the Chicago headquarters of fast-food giant McDonald’s after a three-month pause due to the pandemic.The 575,000-square-foot building, at 110 North Carpenter Street in the trendy Fulton Market neighborhood, is expected to fetch roughly $450 million, or $783/sf. That would produce an initial annual yield of less than 5%, according to pros familiar with the deal. JLL has the listing.Sterling...



Seattle-Area Hotel Faces Foreclosure

Wed, 24 Jun 2020
Invesco Real Estate is moving to take over a Seattle-area Marriott hotel by foreclosing on a defaulted mezzanine loan.The Dallas investment manager holds the $10 million note backed by AllianceBernstein’s equity interest in the 262-room Seattle Marriott Redmond, in Redmond, Wash. A foreclosure auction is scheduled for July 23 on the steps of the New York State courthouse in Manhattan’s Foley Square.The likely outcome is that Invesco...



JBG Brings Out Washington Offices

Wed, 24 Jun 2020
JBG Smith is shopping a Class-B office building in Washington’s Central Business District that’s expected to fetch bids of about $62 million.It’s the city’s first institutional-size listing since the pandemic brought sales activity to a halt three months ago. The 205,000-square-foot property, at 1730 M Street NW, would produce an initial annual yield of 7% at the estimated value of $302/sf. JBG, a Bethesda, Md., REIT, has...



Apartment Specialist Pitches Fund

Wed, 24 Jun 2020
A multi-family investment shop is seeking $100 million of equity for its debut fund.Croatan Investments of Virginia Beach is targeting a 17%-plus return for Croatan Multifamily All-Weather Fund 1, which will acquire and develop apartment properties in Mid-Atlantic and Sunbelt states. The vehicle closed on an initial $16 million of equity in April, and has lined up some $14 million of additional commitments.Croatan isn’t using a placement...



Pantzer Lists 2 Md. Rental Complexes

Wed, 24 Jun 2020
Pantzer Properties is separately shopping two apartment properties in Washington’s Maryland suburbs, with a combined value of $115 million.The 308-unit Point at Laurel Lakes, in Laurel, is on the block with an asking price of $65 million, or $211,000/unit. Newmark has the listing.The 240-unit Point at Hampton Hollow, in Silver Springs, is being offered for around $50 million, or $208,000/unit. New York-based Pantzer has given that listing...



How Taxes, Regs Influence Investors

Wed, 24 Jun 2020
Tax increases, rent-control rules and other regulations adopted or proposed by major cities recently could drive investors to secondary markets — a trend that’s already playing out in the multi-family sector.That’s the upshot of a forthcoming Newmark report titled “Commercial Real Estate Policy Challenges: Navigating an Environment of Increasing Taxes and Regulations.” The report, to be released on Wednesday, cites...



Virginia Office Listing Breaks the Ice

Wed, 24 Jun 2020
Marcus Partners is offering a just-renovated office complex in Northern Virginia.The two-building property, totaling 284,000 square feet, is at 3170 and 3180 Fairview Park Drive in Falls Church. The complex is 96% occupied with a weighted average remaining lease term of 11 years. It is expected to attract bids of approximately $88 million, or $309/sf. Boston-based Marcus has given the listing to Newmark.The offering is the first sizeable office...



New Buyer Emerges for Fla. Rentals

Wed, 24 Jun 2020
West Shore has stepped in to buy a newly built waterfront apartment property in suburban Jacksonville after an earlier deal collapsed following the coronavirus outbreak.The Boston multi-family shop paid Catalyst Development of Atlanta $53 million, or $211,000/unit, for the 249-unit complex, in Saint Augustine, Fla. That’s about 10% less than an unidentified investor agreed to pay Catalyst for the garden-style property before the pandemic...



Tucson Apartments Put Out for Bid

Wed, 24 Jun 2020
An apartment complex in Tucson, Ariz., that could appeal to value-added investors is on the block.The 428-unit property, at 7671 East Tanque Verde Road, is about 96% occupied. At the estimated value of $45 million, or $105,000/unit, the buyer’s initial annual yield would be 5%. CBRE is representing the owner, Element Property of Marina Del Rey, Calif.Element already has upgraded 120 of the units, resulting in rent increases averaging $125,...



Amazon Warehouse in Texas Offered

Wed, 24 Jun 2020
CenterSquare Investment is marketing a newly renovated distribution center in suburban Houston that is fully leased to Amazon.The 300,000-square-foot property, in Sugar Land, Texas, is expected to fetch $30 million, or $100/sf. A sale at that valuation would produce an initial annual yield of 4.7%. CenterSquare, of Plymouth Meeting, Pa., gave the listing to JLL.Amazon-occupied warehouses continue to trade even as the coronavirus pandemic has...



New, Leased-Up Fla. Rentals Shown

Wed, 24 Jun 2020
The developer of a new garden-apartment complex in Daytona Beach, Fla., is putting it on the market.The 276-unit Tomoka Pointe could attract bids of around $60 million, or about $217,000/unit. Newmark is representing the owner, a partnership between Eastwind Development of Palm Beach Gardens, Fla., and North American Development of Toronto.The property, at 1317 Tomoka Town Center Drive, was completed last year. It is 93.5% occupied —...



The Grapevine

Wed, 24 Jun 2020
Robert Klein and Jonathan Butwin parted ways with Monday Properties this month. Klein was a managing partner at the New York investment shop, while Butwin was a director of acquisitions and capital transactions. Their plans are unknown. Klein joined Monday in 2016 as executive vice president and head of capital markets, tasked with raising capital and working alongside chief executive Anthony Westreich on investment strategy. Klein previously...



The Grapevine

Wed, 24 Jun 2020
Hotel investor AJ Capital added a managing director to its Graduate Hotels unit this month. Michael Mathis had been a senior vice president of business development at MGM Resorts International, where he spent the last eight years. Chicago-based AJ Capital buys, builds and redevelops hotel properties in college towns via its Graduate platform.



The Grapevine

Wed, 24 Jun 2020
Tristan Nadal left Gotham Organization this month to start his own investment and development shop. He was a vice president of acquisitions and development at New York-based Gotham. Before that, he spent about five years at PGIM Real Estate. Gotham is an old-line development shop led by chairman Joel Picket and his son, David Picket, who serves as president.



The Grapevine

Wed, 24 Jun 2020
Heyman Enterprise hired industry veteran Noah Davis last month as chief investment officer. Davis joined the New York firm after a more than 10-year stint at the local office of Argentinian developer IRSA. He previously worked at Lone Star Funds of Dallas and Chetrit Group of New York. A lawyer, Davis also spent a combined four years at Morgan Lewis and Herzog Fox. Heyman Enterprise is the family office for the Heyman family, whose late patriarch...



The Grapevine

Wed, 24 Jun 2020
Tyler Griffin joined GLP Capital as an analyst this month. He moved to the Santa Monica, Calif., affiliate of Singapore-based industrial giant GLP from Eastdil Secured, where he spent two years as an analyst in San Francisco.



The Grapevine

Wed, 24 Jun 2020
Pimco added an associate to its real estate team this month. Andrew Fixler joined the Newport Beach, Calif., investment giant’s New York office as a portfolio manager to work on acquisitions. He was previously a senior analyst at JBG Smith, a Bethesda, Md., REIT, where he worked for two years. Allianz Group, the parent of Pimco, said in March that it would merge its Allianz Real Estate unit with Pimco, creating a real estate-investment...



The Grapevine

Wed, 24 Jun 2020
Multi-family investment shop Casoro Group is looking to hire an asset manager. The recruit would oversee a portfolio of properties in Texas, including many that have value-added potential. He or she would report to chief investment officer Chirag Hathiramani. The position would likely be based in Casoro’s Austin headquarters, but the firm would consider allowing the recruit to work in Houston or San...



The Grapevine

Wed, 24 Jun 2020
Align Residential is looking to hire a seasoned pro to open an office in Seattle. The San Francisco company, led by former Crescent Heights executive Roman Speron, is seeking a vice president to lead development and operations in the Seattle area. The recruit would report to Speron. Send resumes to hr@alignresidential.com.



Seattle Office Trophy Tests Market Recovery

Wed, 17 Jun 2020
Skanska USA is quietly shopping a newly built Seattle skyscraper worth just over $700 million — the biggest office listing to hit the block nationally since the pandemic upended the investment-sales market.The offering of the leasehold interest in the 703,000-square-foot building, called 2+U, will gauge investor appetite for big-ticket offerings as the economy starts to reopen and capital markets begin to thaw. The U.S. arm of Sweden-based...



Firms Prepare to Rescue Hotels - For a Price

Wed, 17 Jun 2020
High-yield investment shops are ready to throw lifelines to owners of struggling hotels, in return for a piece of the action when performance revives.Growing numbers of firms are developing strategies to provide “rescue capital” for hotels that are suffering severe revenue shortfalls due to the pandemic. The thinking is that owners face a long, tough slog to stabilization, and need funding to cover operational expenses and debt for...



Silverstein Eyes LA Tower at Steep Discount

Wed, 17 Jun 2020
Silverstein Properties is in advanced talks to buy U.S. Bank Tower in Los Angeles at a valuation well below what the property was expected to fetch when it hit the block early last year.The owner, OUE of Singapore, put the 1.4 million-square-foot skyscraper up for grabs in January 2019, with expectations that bids would reach $700 million, or roughly $500/sf. New York-based Silverstein is negotiating a price in the range of $425 million to $450...



Shop Eyes "Arbitrage' in Rental Plays

Wed, 17 Jun 2020
Investment shop Beacon Real Estate is expanding its apartment-buying focus, seeing an opportunity to achieve value-added returns on new and core properties amid the current market disruption.Richard Kulick, a managing partner at the Coral Gables, Fla., shop, said a combination of widening capitalization rates and low financing costs is creating an “unusual arbitrage” in some of the Southeastern markets the firm targets.Beacon...



Hotel REIT Seeks Capital Infusion

Wed, 17 Jun 2020
Watermark Lodging is looking for an investor to provide $200 million of capital to help keep its hotel portfolio afloat.The nontraded REIT is proposing the capital be structured as preferred equity, with the investor receiving a prioritized return over common equity and a participation interest in future gains. The offering is being pitched to hotel investors, including fund shops and private equity firms, via Hodges Ward Elliott.With the hotel...



Mass. Complex Has Lab Potential

Wed, 17 Jun 2020
A partnership led by Davis Cos. is marketing an office complex in suburban Boston that is fully occupied, but ripe for partial conversion to lab space when a short-term lease expires.The offering consists of 515,000 square feet in three buildings and developable land within Reservoir Woods, a corporate campus in Waltham, Mass. The largest building, with 313,000 sf, is fully occupied by electric and gas utility National Grid on a long-term lease....



Greystar Buys Rentals Near Denver

Wed, 17 Jun 2020
Greystar Real Estate has paid $119 million for an apartment complex in a suburb of Denver.The price for the 480-unit property, in Thornton, Colo., works out to $248,000/unit. JLL represented the seller, Boston-based Eaton Vance Management. Greystar, a Charleston, S.C., fund shop, closed on the purchase last week.The 28-acre complex, known as Champions Park, is at 2525 East 104th Avenue, about 10 miles north of downtown Denver. Greystar is...



Alexandria Nabs San Diego Offices

Wed, 17 Jun 2020
Alexandria Real Estate Equities this month paid $43 million for a San Diego office building in a short-term sale-leaseback play.The property consists of 41,000 square feet at 4555 Executive Drive. The seller, the Braille Institute, will sign a lease to fully occupy the property for up to three years.Newmark brokered the sale. Alexandria, a Pasadena, Calif., REIT, eventually plans to demolish the structure and develop a life-sciences property...



Boston Rentals Sell at Pre-Crisis Price

Wed, 17 Jun 2020
Another Boston apartment building has traded at a valuation agreed to before the coronavirus pandemic struck.Akelius Residential, a Swedish investment shop, paid $21.9 million this month for the 54-unit building at 49 Worthington Street. The $406,000/unit valuation translates to a capitalization rate of roughly 3.75%. Boutique brokerage Boston Realty advised the local seller, Coppola Management Real Estate.The deal is the second that Coppola...



Equity Sought for Student Housing

Wed, 17 Jun 2020
A student-housing developer is seeking $95 million of equity for the construction of two off-campus complexes in Florida and Minnesota.CA Ventures plans to build a total of 505 units and 1,497 beds near the University of Florida in Gainesville and the University of Minnesota in Minneapolis. The estimated construction cost for the two projects is $213 million, or $142,000/bed ($422,000/unit).The Chicago developer has hired Newmark to line up an...



DRA Finds Taker for R&D Package

Wed, 17 Jun 2020
Kennedy Wilson is in advanced talks to pay DRA Advisors roughly $55 million for six office/R&D buildings in San Jose.The package consists of 257,000 square feet of fully leased space across six properties in the South San Jose submarket. CBRE handled marketing for New York-based DRA.The price that Beverly Hills-based Kennedy Wilson is discussing works out to $214/sf. When the offering hit the block in February, just before the coronavirus...



NEW DEALS

Wed, 17 Jun 2020
Phila. Opportunity Zone SiteToll Brothers and Sundance Bay teamed up last week to pay $14.5 million for a multi-family development site in Philadelphia. The nearly one-acre parcel, at 435 Broad Street, is slated for development of an 18-story apartment building with 346 units. The project, dubbed Broad & Noble, would include street-level retail space and a parking garage. The project cost is estimated at $150 million. Toll, a homebuilder based in...



NEW DEALS

Wed, 17 Jun 2020
South Carolina ApartmentsFoundation Housing paid $42.5 million, or about $81,000/unit, for a 525-unit apartment property in Columbia, S.C. Newmark represented the seller, Southwood Realty of Gastonia, N.C. Greenbrier Apartments, which opened in 1999, is on 33 acres at 100 Willow Oak Drive. The 1-3 bedroom units average 966 square feet. Amenities include two swimming pools, a fitness center, a clubhouse, a business center and grilling and picnic...



Luxury Rentals in Jersey City Listed

Wed, 17 Jun 2020
PE Real Estate Holdings is marketing a luxury apartment building that opened last year in Jersey City, N.J.Bids for the 72-unit Solaris Lofts are expected to come in around $37 million, or $514,000/unit. JLL is representing PE Real Estate, a New York investment firm.The five-story building, at 65 Maple Street in Jersey City’s rapidly developing Bergen-Lafayette neighborhood, is fully occupied. Marketing materials highlight the views of the...



Dallas Redevelopment Play on Tap

Wed, 17 Jun 2020
A homeowners association is marketing a Dallas condominium complex as a redevelopment site, with expectations that bids will reach about $45 million.The 4.5-acre property, at 2525 Turtle Creek Boulevard, can accommodate up to 872,000 square feet of residential or commercial development. Cushman & Wakefield is shopping the complex on behalf of the Turtle Creek Gardens Homeowner’s Association. The offering encompasses 108 existing condo...



Nevada Industrial Site Changes Hands

Wed, 17 Jun 2020
A MetLife Investment partnership has paid about $25 million for a suburban-Las Vegas parcel where it plans to build a warehouse.The insurer, with partner Panattoni Development of Irvine, Calif., closed in recent weeks on the 39-acre site in Henderson, Nev., about 15 miles south of the Las Vegas Strip. Plans call for a roughly 150,000-square-foot building.The total development cost, including the land, is projected to be about $50 million. The...



The Grapevine

Wed, 17 Jun 2020
Brad Petersen joined Jamestown this month to lead the firm’s efforts to raise capital from U.S. institutions. As a senior vice president in New York, Petersen also will assist with investor relations. He joined the Atlanta investment manager from Garrison Investment of New York, where he spent four years working on investor relations and fund raising. He had a prior stint at Aetos Capital Real Estate of New...



The Grapevine

Wed, 17 Jun 2020
JLL has hired two brokers from Cushman & Wakefield to join its multi-family investment-sales team in Orlando. Jay Ballard and Ken Delvillar started this week as managing directors, reporting to senior managing director Brad Peterson, who heads JLL’s capital-markets unit in Orlando. Ballard spent 20 years at Cushman, while Delvillar logged more than 14 years. Both were executive directors focused on multi-family sales across Florida. Ballard...



The Grapevine

Wed, 17 Jun 2020
Evan August left Eastdil Secured this month to help launch an investment and development shop in Dallas. He has teamed up with his father, former Equity Office Properties chief executive Thomas August, and brother, Jordan August, to form August Real Estate, a family office that’s starting off with a focus on creative-office projects in Dallas. Evan August was a senior vice president in Eastdil’s Dallas office, where he spent six...



The Grapevine

Wed, 17 Jun 2020
Hodges Ward Elliott has added a vice president to its New York investment-sales team. Frank Dalicandro, who started June 1, will oversee financial underwriting and help drum up listings. He reports to managing directors Paul Gillen and Anthony Ledesma. Dalicandro previously spent three years in a similar role at JLL, where Ledesma also worked before joining Hodges Ward in October. The brokerage focuses on hotel sales across the country, but its...



The Grapevine

Wed, 17 Jun 2020
Nascent investment shop Targo Capital has begun assembling a staff. The New York firm, launched earlier this year by founder and managing principal David Gleitman, hired Ben Wiggins a few weeks ago as an investment associate. Wiggins joined straight from business school. Targo, which will fund deals on a one-off basis with capital from wealthy individuals, targets value-added multi-family and mixed-use properties in New York. Before founding...



The Grapevine

Wed, 17 Jun 2020
Hodes Weill & Associates is searching for an analyst to work in the firm’s New York headquarters. The advisory shop is looking to fill an entry-level position on its project-management team, led by partner Stuart Baldwin. The firm continues to hire amid the pandemic. This week, it added Rima Batal as a vice president in London. She will work with institutions and family offices in Europe and the Middle East to help boost the firm’s...



The Grapevine

Wed, 17 Jun 2020
The buyers in a pending Manhattan apartment trade worth about $200 million are two wealthy Argentinian brothers. Edgardo Khafif and Isaac Khafif have agreed to buy the 240-unit residential portion of a 27-story building at One Union Square South for roughly $833,000/unit. The property also has a retail component. The sale was reported by The RealDeal on June 5, but the identity of the buyer wasn’t disclosed. New York-based Related Cos....



Summer Thaw Could Follow Spring Freeze

Wed, 10 Jun 2020
It’s going to be a summer of discovery for the investment-sales market.The season when market pros traditionally head off on vacation and the flow of listings slows to a trickle is expected instead to bring an uptick in offerings, following months of inactivity due to the coronavirus pandemic.Brokers typically avoid taking bids on deals in July and August, because fewer potential buyers turn out. But with the gradual lifting of...



Callahan Launches Investment Firm - Again

Wed, 10 Jun 2020
Powerhouse investor Tim Callahan is building a new investment shop.The former chief executive of Equity Office Properties and Trizec Properties formed Callahan Capital Partners in mid-April to purchase office and multi-family properties nationwide.Market pros have been told the Chicago firm will look to build up a multi-billion-dollar platform, similar to what Callahan did at his previous shop — which initially had the same name and was...



Stressed Hotel Owners Eye Conversion Exits

Wed, 10 Jun 2020
As the hotel industry struggles through its worst-ever downturn, some owners are quietly examining whether it makes sense to shut their properties for good and market them as apartment-conversion plays.Brokers say they’re receiving a growing number of requests to evaluate the potential of pitching hotels to multi-family developers. So far, few owners have been ready to pull the trigger, reluctant to sell at prices low enough to make the...



Mezz on Hotel Portfolio Up for Grabs

Wed, 10 Jun 2020
The offering of a $61.3 million mezzanine loan backed by four Club Quarters hotels once valued at more than $400 million could put the portfolio in play, as some investors view the debt as a way to take over the troubled properties.The hotels, consisting of 1,228 rooms in Boston, Chicago, Philadelphia and San Francisco, are owned by Blackstone. They back $335 million of debt, including a $273.7 million senior mortgage and the mezzanine piece,...



Calpers Buys New Warehouse in NJ

Wed, 10 Jun 2020
Calpers last week paid roughly $165 million for a brand new warehouse in Central New Jersey — among the highest valuations ever for an industrial property in the state.The seller, a partnership between Carlyle Group and Crow Holdings Industrial, marketed the 925,000-square-foot building, in Franklin Township, via Cushman & Wakefield. The duo developed the property on a speculative basis and in December signed LG Electronics USA to fully...



Foreclosed Houston Offices on Block

Wed, 10 Jun 2020
A nearly vacant Houston office property is up for grabs in that market’s first major distressed offering since it was clobbered by both the pandemic and an oil-price crash.The 455,000-square-foot Two Westlake Park, in the city’s Energy Corridor, is expected to fetch roughly $35 million, or $77/sf. That’s a whopping 70% discount to the $120 million the Class-A property last traded for six years ago, when it was fully leased. Its...



FPA Apartment Fund Exceeds Goal

Wed, 10 Jun 2020
Investment manager FPA Multifamily has closed on $970 million of equity for its largest core-plus apartment fund to date — a sign of the resiliency of the multi-family sector amid the pandemic.The San Francisco operator wrapped up its marketing campaign for FPA Core Plus Fund 5 at the end of May. The vehicle blew past its $750 million equity target, a strong indicator that investors expect apartment buildings to weather the crisis better...



Leased-Up Labs Shown Near Boston

Wed, 10 Jun 2020
A suburban Boston life-science building, freshly leased to a company that’s in the race to develop a coronavirus vaccine, is about to hit the market.Biotech firm Moderna recently signed a 15-year triple-net lease for the 243,000-square-foot building, at 200 Tech Drive in Norwood, Mass. The owner, Baum Revision of Chicago, has given the listing to Newmark, which is preparing to launch the marketing campaign.The property, dubbed One Upland,...



Net-Leased Offices Traded in SoCal

Wed, 10 Jun 2020
IRA Capital last week paid $73.5 million for a recently renovated office complex in California’s Orange County that is fully leased by a medical-device maker.The property, called Element, consists of 160,000 square feet in Aliso Viejo. Newmark represented the seller, a partnership between Boston-based CrossHarbor Capital and Waterford Property of Newport Beach, Calif. The deal closed Friday, with the sale price working out to $459/sf.IRA,...



All-Cash Trade for Nashville Hotel

Wed, 10 Jun 2020
A BentallGreenOak partnership this week paid just over $70 million for a luxury hotel in Nashville, closing quickly in an all-cash deal.The New York fund shop, with partners Geolo Capital of San Francisco and New York developer Flank, bought the 247-room Hutton Hotel from Watermark Lodging, a nontraded REIT. Geolo is the private equity investment arm of the family office of John Pritzker, whose family founded Hyatt Hotels. Hodges Ward Elliott...



Chicago-Area Apartments on Block

Wed, 10 Jun 2020
Two Chicago firms are marketing a luxury apartment building in a prestigious North Shore suburb of the city.The 73-unit McGovern House, in Highland Park, Ill., could attract bids of $31 million, or $425,000/unit. At that price, a buyer’s initial annual yield would be 5%.CBRE is representing the owners, a partnership between Nexstep and Eiserman Investments.The six-story building, at 760 Central Avenue, opened in 2017 and is 94.5% occupied....



Manager Delays Launch Amid Crisis

Wed, 10 Jun 2020
Suffolk Ventures has pushed off the capital-raising campaign for its second development fund amid the coronavirus pandemic.The Boston investment manager started the year with plans to begin marketing the vehicle, likely dubbed SV Real Estate Fund 2, in the second quarter. But investors have been told the effort is on hold. Fund raising could begin before yearend.The coronoavirus crisis has prompted many fund managers to delay marketing campaigns...



Buyer Sought for Midtown NY Hotel

Wed, 10 Jun 2020
A Rockpoint Group partnership has listed a Midtown Manhattan hotel that’s likely to trade for less than its basis in the property, acquired three years ago.The 168-room Royalton New York is being pitched to investors as an opportunity to either continue operating the property as a hotel or redevelop it. JLL has the listing on behalf of Boston-based Rockpoint and Highgate of New York.It’s unclear where bids might land. The duo paid $55...



Busted CBL Mortgage Out for Bid

Wed, 10 Jun 2020
Greystone is marketing a $27 million mortgage on a distressed mall that embattled CBL Properties plans to surrender.Bids are due June 19 for the loan, which is backed by the 800,000-square-foot Hickory Point Mall in Forsyth, Ill. Eastdil Secured is handling marketing for Greystone’s special-servicing group, which the New York firm established with its January purchase of C-III Asset Management.CBL took out the $33 million acquisition loan...



NEW DEALS

Wed, 10 Jun 2020
South Florida ApartmentsPrism Multifamily stands to realize a 5% capitalization rate on its $54 million purchase of two stabilized apartment properties in South Florida. The Toronto-based firm paid $32 million for the 230-unit Hamlet Plantation, at 4401 Northwest 10th Court in Plantation, and just over $21 million for the 168-unit Continental Apartments, at 1861 Northwest 46th Avenue in Lauderhill. The deal, which closed in the last few weeks,...



The Grapevine

Wed, 10 Jun 2020
Veteran fund marketer John Bottomley left Berkshire Group this month to open his own shop. The Rye, N.Y., startup, Brock Street Capital, will invest in real estate and advise clients on issues including capital raising and investor relations. Bottomley was a managing director at Berkshire, a Boston-based investment manager where he spent seven years. Before that, he was a managing director at Rockefeller Group of New York, where he served for...



The Grapevine

Wed, 10 Jun 2020
NorthMarq has hired two former JLL brokers as managing directors in San Antonio, expanding the firm’s multi-family investment-sales division in Texas. Moses Siller started on May 24 and Zar Haro arrived on June 3. Both report to Trevor Koskovich, president for investment sales, who set up NorthMarq’s first multi-family team in Phoenix in 2018. Before JLL, Siller and Haro both worked in Marcus & Millichap’s Institutional Property...



The Grapevine

Wed, 10 Jun 2020
Boston-based GID has hired Andrew Zelman as vice president of acquisitions to manage its multi-family investment activities in the Southeastern U.S. Zelman started on June 1 with a focus on stabilized, Class-A deals and joint-venture development opportunities. He is based in Atlanta and reports to Bill Chiasson, GID’s senior vice president and director of acquisitions for the Eastern region. Zelman previously was executive vice president of...



The Grapevine

Wed, 10 Jun 2020
Heidi Learner joined CBRE Global Investors last week as head of research for the Americas, supporting the Los Angeles firm’s investment activities. Learner previously was chief economist at Savills North America, where she worked for eight years. Before that, she was a vice president at State Street. At CBRE, Learner is a New York-based member of the investment committee for the Americas. She reports to Sabina Kalyan, global head of...



The Grapevine

Wed, 10 Jun 2020
Christopher Monsif has joined Angelo, Gordon & Co. as a fund-raiser. He started this month as a director and real estate product specialist in New York. He reports to global head of investor relations Garrett Walls. Monsif moved over from New York placement agent Hodes Weill & Associates, where he was a principal and head of the firm’s advisory-services platform. Monsif joined Hodes Weill in 2016 after stints at Five Mile Capital, a...



The Grapevine

Wed, 10 Jun 2020
Meanwhile, Nicholas Grace returned to Angelo, Gordon & Co.’s New York headquarters this month. He’s a vice president on the net-lease acquisitions team, reporting to managing director Chris Capolongo. Grace previously worked at Angelo Gordon for nearly three years before leaving for a two-and-a-half-year stint at Spear Street Capital of San Francisco, where he was a New York-based...



The Grapevine

Wed, 10 Jun 2020
Paramount Group acquisitions staffer Ryan Zega parted ways with the New York REIT last month to join blockchain-technology firm tZERO. Zega had been a director of acquisitions and business development at Paramount since 2017. His duties included underwriting, dispositions, asset management and debt origination. He had prior stints at Normandy Real Estate, a Morristown, N.J., fund shop, and PGIM Real Estate. At tZERO, Zega’s title is...



Crisis Forces Brokers to Retool Campaigns

Wed, 03 Jun 2020
As cities and states begin the process of reopening their economies, brokers are rethinking both the mechanics and content of their marketing campaigns.With social-distancing protocols likely to remain in place for months, possibly years, brokers plan to rely more heavily on technology to address buyers’ due-diligence needs as the investment-sales market begins to thaw. They also plan to augment their marketing materials and presentations...



Opportunity-Zone Funds Gaining Momentum

Wed, 03 Jun 2020
After a slow start, managers of opportunity-zone funds have been raising capital at an accelerated rate, according to Real Estate Alert’s second-annual review of the sector.Twenty-two sponsors working independently and 12 others acting in partnerships have collected at least $2.8 billion of equity for 34 commingled vehicles targeting multiple development and redevelopment projects in opportunity zones, which offer tax breaks to investors...



Analyst Sees Steep Losses at Property Funds

Wed, 03 Jun 2020
Cumulative losses on commercial real estate are expected to reach double digits in the second quarter for fund managers, according to a Hodes Weill & Associates analysis of a sampling of top firms.The New York advisory firm found first-quarter gross returns reported by four of the biggest public companies in the sector ranged from negative-1% to negative-8.8%. Given that the economic effects of the coronavirus pandemic only began in mid-March,...



Md. Rentals Have Upgrade Potential

Wed, 03 Jun 2020
A suburban Baltimore apartment complex is being pitched to value-added investors.The 720-unit Milbrook Park, in Pikesville, Md., is expected to draw bids of around $80 million, or $111,000/unit. CBRE is representing the owner, Blue Ocean Realty of Baltimore, which purchased the property six years ago.The garden-style complex encompasses 73 buildings developed between 1964 and 1969 on 40 acres at 6808 Milbrook Park Drive. Its one, two- and...



Fund Targets Single-Family Rentals

Wed, 03 Jun 2020
A nascent investment manager is looking to raise $200 million of equity for a fund that would target rental-housing plays.Hudson Oak Development is telling investors the planned Hudson Oak-Rental Housing Fund 1 would seek an 18% return by acquiring and developing single-family rental properties. The vehicle would set aside about 10% of its equity for multi-family properties, including manufactured housing.Hudson Oak, based in Greenville, S.C.,...



Cold-Storage Sale-Leaseback Pitched

Wed, 03 Jun 2020
A wholesale grocery-distribution company is looking to sell and lease back a Florida distribution center with a large cold-storage component.The 823,000-square-foot warehouse, in the Tampa suburb of Plant City, is expected to fetch bids of about $75 million. CBRE is marketing the property for C&S Wholesale Grocers.The seller would sign a 15-year, absolute-net lease for the entire facility, at an initial rent of $5.50/sf, which would generate $4.5...



Loans to Brooklyn Developer Offered

Wed, 03 Jun 2020
Fortress Investment is shopping three nonperforming loans on properties owned by embattled Brooklyn developer Toby Moskovits that have a total balance of $50.3 million.The New York investment manager is offering a $40.4 million senior mortgage backed by an office building in Brooklyn’s Bushwick section, as well as a $6.4 million senior loan and $3.6 million of mezzanine debt on an adjacent development site.The loans are in varying stages of...



Baltimore Hotel Ripe for Conversion

Wed, 03 Jun 2020
A downtown Baltimore hotel is being shopped as an ideal candidate for conversion to apartments — the building’s original use.The owner, a Starwood Capital partnership, acquired the 300-room Embassy Suites Baltimore Inner Harbor in 2017 for $46.6 million, or $155,000/room. A current valuation couldn’t be learned, but market pros said it’s unlikely to reach its previous sale price.CBRE is representing Miami Beach-based...



CBRE Buys New Warehouse in Md.

Wed, 03 Jun 2020
CBRE Global Investors last week paid $76 million for a newly built distribution center in Maryland that includes a big chunk of cold-storage space.The 555,000 square-foot Principio Commerce Center 2, completed last year and fully leased by a natural-foods distributor, is near Interstate 95 in North East, Md. Some 35% of the space is cold storage.The price works out to about $138/sf. JLL advised the seller, Stewart Properties of York, Pa.The...



Long Island Condo Loan Up for Grabs

Wed, 03 Jun 2020
Marathon Asset Management is shopping a $24 million mortgage backed by a partially built residential condominium on Long Island’s South Shore.The nonperforming loan on the property, in Freeport, N.Y., is likely to attract bids from local operators looking to take over the project. But an investor also could seek to restructure the debt and participate in the proceeds from unit sales.Newmark, which is representing Marathon, will take...



Black Creek Extends Buying Spree

Wed, 03 Jun 2020
Black Creek Group has agreed to pay a Principal Real Estate Investors partnership more than $50 million for a “last-mile” distribution center in Northern Virginia that is largely occupied by Amazon.The 190,000-square-foot Capital Distribution Center, in Springfield, was completed last year. It is fully leased, with a weighted average remaining lease term of 7.8 years. Amazon occupies 133,000 sf.Transwestern marketed the warehouse for...



Class-A Ariz. Offices Change Hands

Wed, 03 Jun 2020
Cush Enterprises has paid Roxborough Group about $30 million for a Phoenix-area office building that serves as the corporate headquarters for restaurant chain P.F. Chang’s China Bistro.The 105,000-square-foot property, called Perimeter Parkview Corporate Center, is in Scottsdale, Ariz. Cushman & Wakefield advised San Francisco-based Roxborough on the sale last month at a price equivalent to $286/sf. The property is 92% leased, with the...



Class-B Maryland Apartments Listed

Wed, 03 Jun 2020
A Maryland apartment complex is being marketed with potential to boost rents by continuing a renovation program.The 302-unit Shelter Cove Apartments, in Odenton, is valued at about $70 million, or $233,000/unit. CBRE is representing the owner, Goldstar Group of Bethesda, Md.A buyer must assume existing debt that includes a $34 million Freddie Mac loan originated in 2014 with a 4.5% interest rate and a July 2024 maturity date.The Class-B complex,...



Seized Hotel Defying Weak Market

Wed, 03 Jun 2020
The auction of a Beverly Hills hotel that the U.S. government seized as part of an international financial scandal has instantly drawn a crowd of prospective bidders.Following a four-year process to take control of the 116-room L’Ermitage Beverly Hills from fugitive Malaysian businessman Low Taek Jho, a U.S. District Court in Los Angeles last month ordered a sale of the property. The sales effort started last week, with court-appointed...



Building Sites in Phila. on the Block

Wed, 03 Jun 2020
Separate investors are offering two multi-family development sites in Philadelphia worth about $25 million combined.The properties are in the Allegheny West and Fishtown neighborhoods, which have seen a wave of millennial-driven redevelopment in recent years. Both are in federal opportunity zones, where backers of development and redevelopment projects are entitled to capital-gains tax breaks. CBRE has both listings.While the public-health crisis...



The Grapevine

Wed, 03 Jun 2020
Buy-side pro Gardner Ellner joined Exeter Property’s Los Angeles office this week as a principal and head of industrial acquisitions on the West Coast. He previously was a senior director of acquisitions at CBRE Global Investors, where he worked for nearly six years. He also has worked at Equus Capital and Unilev Capital. At Exeter, Ellner reports to chief investment officer Matt Brodnik and chief executive Ward Fitzgerald. The...



The Grapevine

Wed, 03 Jun 2020
Multi-family veteran Andrew Marshall has launched his own shop, M5 Residential. The firm formed last month following Marshall’s departure from apartment investor Wolff Co. of Scottsdale, Ariz. He had joined that firm in late 2018 as president, and later ran the Wolff Co. East unit. M5 is based in the New York area, where Marshall previously spent most of his career. Before joining Wolff, he was president of Roseland Residential, a REIT that...



The Grapevine

Wed, 03 Jun 2020
Arun Singh left MetLife Investment this month to join industrial specialist MDH Partners as chief financial officer. He is based in the fund shop’s Atlanta headquarters. He replaced Mike Herman, who moved over to become managing director of operations. Singh had been a vice president at MetLife, where he spent eight years. He had two stints with the insurer, interrupted by a one-year detour in Google’s real estate...



The Grapevine

Wed, 03 Jun 2020
Executive vice president Adam Rubenstein parted ways in recent weeks with Metropolitan Realty Associates. His plans are unknown. Rubenstein joined the New York investment shop in 2009. He headed up acquisitions, financings and dispositions, while also assisting with leasing and asset management. Rubenstein previously worked at Newmark, where he handled acquisitions for the firm’s principals through an affiliate, KG Urban Advisors....



The Grapevine

Wed, 03 Jun 2020
John Walton left CIM Group in May to join Willoughby Capital of New York as a principal. He spent nearly seven years at Los Angeles-based CIM, where he was a vice president of investments based in New York. He previously worked at Moelis & Co. and Rothschild.



The Grapevine

Wed, 03 Jun 2020
Belay Investment has added a senior vice president. Kelsey Harstad joined the Los Angeles firm Monday in San Francisco, reporting to managing principals Barry Chase, Amy Ko and Eliza Bailey. Harstad works on building and managing relationships with operating partners, vetting investment opportunities and assisting with business development. She spent the past five years in the Bay Area office of Aulder Capital, a New York investment shop. She had...



The Grapevine

Wed, 03 Jun 2020
Retail acquisitions veteran Ed Senenman left Sterling Organization last month after six years with the West Palm Beach, Fla., firm. The split was amicable. Senenman, who was a director of investments based in New York, is mulling his next move. He has hung his own shingle with the aim of doing consulting work or advising groups of investors targeting smaller properties in the Northeast. Senenman previously worked at Edens & Avant of Columbia,...



The Grapevine

Wed, 03 Jun 2020
Angelo, Gordon & Co. recently added an analyst at its New York headquarters. Nicholas Wilson is focused on asset management. He previously held a similar position at DivcoWest of San Francisco. Prior to that, he was at Wells Fargo.



Amazon's Growth Spurs Warehouse Listings

Wed, 27 May 2020
Amazon, the e-commerce titan that was already leasing warehouse space at a breakneck pace, has kicked into an even higher gear as the pandemic prompts more online shopping.That has already led to listings of new, leased-up distribution centers, and industrial pros expect developers to put many more on the block this year, providing a steady stream of activity in an otherwise sluggish investment-sales market.Properties occupied by Amazon have long...



Debt on NY's Stressed NoMad Hotel in Play

Wed, 27 May 2020
Once again, the fate of Manhattan’s NoMad Hotel hinges on its capital stack, as one of its lenders shops a senior note backed by the troubled property.A partnership between Ellington Management of Old Greenwich, Conn., and Triangle Capital of New York has tapped JLL to market the defaulted $91 million A-note. The note is subject to a forbearance agreement that extended its maturity to July. The property also is encumbered by a $14 million...



Bid-Ask Gap Stymies Multi-Family Trading

Wed, 27 May 2020
Continued uncertainty about the duration and long-term impact of the coronavirus pandemic on multi-family properties is causing a disconnect between the pricing expectations of potential buyers and sellers.Owners point to strong April and May rent-collection statistics as evidence that their properties’ values are holding up. But with unemployment rising and the economy slowing, buyers are skeptical.The result, according to market pros:...



Deal Struck on Big Warehouse Bundle

Wed, 27 May 2020
AGC Equity has agreed to pay $250 million for a 2.9 million-square-foot portfolio of industrial properties in the Southeast, in one of the sector’s largest deals since the start of the coronavirus pandemic.The package consists of five distribution centers, all completed within the past year and fully leased to single tenants. They’re in the markets of Nashville, Raleigh, Savannah, Ga., Charlotte and Huntsville, Ala. The price is...



Amazon Warehouse in Calif. Offered

Wed, 27 May 2020
A developer is marketing a new Amazon distribution center in San Francisco’s East Bay that is expected to fetch $155 million — potentially a record price for an industrial property in that market.The 708,000-square-foot Bay Area Logistics Center is in Richmond, Calif. At the estimated value of $219/sf, a buyer’s initial annual yield would be 4.1%, reflecting intense investor demand for Amazon-occupied properties in top...



Owners Swap Boston-Area Properties

Wed, 27 May 2020
Spear Street Capital is acquiring a suburban Boston property that’s ripe for repositioning as office/laboratory space — by swapping it for a vacant campus a dozen miles away.The San Francisco fund operator has arranged an off-market trade with Tufts Health Plan to take over the insurer’s approximately 600,000-square-foot headquarters building in Watertown, Mass. As part of the deal, Spear Street will sell Tufts a Canton, Mass.,...



Las Vegas-Area Rentals on the Block

Wed, 27 May 2020
A suburban Las Vegas apartment complex worth about $70 million is being pitched to value-added investors.The 368-unit property, at 6151 South Mountain Vista Street in Henderson, Nev., is 99% occupied. The estimated value translates to $190,000/unit. Colliers International is representing the owner, Los Angeles investment shop Empire USA.The broker has collected signed confidentiality agreements from more than 145 prospective buyers, reflecting...



New Suburban NY Warehouse Listed

Wed, 27 May 2020
A Lincoln Equities partnership is marketing a Long Island distribution center it’s building for Home Depot.The 196,000-square-foot building, in Hicksville, N.Y., is slated to be completed in July. Bids are expected to hit $75 million, or $383/sf. That would translate to an initial annual yield just north of 4%. JLL is marketing the property for Lincoln, of East Rutherford, N.J., and an unidentified private investor.Industrial properties...



Virginia Apartment Package In Play

Wed, 27 May 2020
The offering of five apartment properties in Central and Southern Virginia could attract bids of $50 million from value-added investors.The so-called Langley Portfolio consists of 720 units in the Lynchburg and Roanoke markets that have an estimated value of $69,000/unit. The garden-style properties, built mostly in the 1970s, are 82% occupied. Cushman & Wakefield is marketing the package on behalf of Lynchburg-based Langley Apartments, owned by...



Engine Maker Offers Sale-Leaseback

Wed, 27 May 2020
Briggs & Stratton is offering a pair of manufacturing facilities that it plans to lease back from a buyer.The 723,000-square-foot portfolio consists of properties in Alabama and Missouri. Bids are expected to hit $55 million. CBRE is marketing the facilities as a package for the Wauwatosa, Wis., company, which manufactures gasoline engines and power equipment.While the coronavirus pandemic has disrupted investment sales nationwide, the industrial...



The Grapevine

Wed, 27 May 2020
Kushner Cos. wants to add a general counsel to its senior leadership team. Candidates should have extensive experience with complex real estate transactions. The recruit would advise the firm on investment strategy, deal structuring and risk management as it continues to grow its portfolio of multi-family, office, hotel and retail properties. The position reports to president Laurent Morali. Executive recruiter Rhodes Associates is conducting the...



The Grapevine

Wed, 27 May 2020
Former Blackstone managing director Phillip Solomond plans to return to his real estate roots later this year. Solomond left the investment giant’s infrastructure group at the end of February. Market pros said he plans to begin investing in real estate once his gardening leave ends — though it’s unclear if he’s identified a new firm. Solomond spent about a decade in Blackstone’s real estate group, then helped launch...



The Grapevine

Wed, 27 May 2020
Hines hired Andrew McGeorge last month as a managing director overseeing the Houston firm’s multi-family development activities in the Mid-Atlantic. He is based in Washington, reporting to chief operating officer Sarah Hawkins, who oversees the firm’s business in the Eastern U.S. McGeorge spent the previous three years as a vice president at San Diego-based Fairfield Residential, where he was responsible for development, construction...



The Grapevine

Wed, 27 May 2020
Daniel Tropp was among the Avison Young staffers in New York who were laid off last month. Tropp, who joined the brokerage last year, specialized in development projects. He reported to principal James Nelson. Tropp previously spent seven years at Ariel Property, a New York brokerage. Avison cut positions in its New York office due to pressure from the coronavirus pandemic. Also let go was workout specialist Terri Gumula, who signed on last year...



The Grapevine

Wed, 27 May 2020
Executive-search firm Bachrach Group is growing its team in the New York area. Ronni Deserto joined the firm’s office in Farmingdale, N.Y., this month as an associate. She will work with Chris Papa, a senior vice president and national practice leader for the real estate team. Deserto previously was a director of operations at Brooklyn law firm Zwaik...



The Grapevine

Wed, 27 May 2020
Phil Greenberg joined U.S. Steel’s pension fund two weeks ago as head of alternative assets. He is based in the pension’s Pittsburgh headquarters, reporting to chief investment officer Bryan Lewis. Greenberg moved over from Pennsylvania State Employees, where he spent the past three-plus years as a managing director overseeing real assets, including real estate. Before that, he was a senior managing director at C-III Capital of...



The Grapevine

Wed, 27 May 2020
Two multi-family investment-sales pros have joined Capstone’s Tampa office. Kyle Kaylor started this month as a director in Capstone’s Equity Solutions unit. Nasser Al-Hafi is serving as an advisor focused both on existing apartment properties and land suitable for multi-family development. Both men report to managing director Jad Richa, who leads the Tampa office. Kaylor previously was a managing partner at Tampa-based Oak Creek...



Private Capital Keeping Some Brokers Busy

Wed, 20 May 2020
While the coronavirus pandemic has largely sidelined institutional investors, some private buyers are moving ahead with trades, making brokers who specialize in that segment among the busiest in the market.Wealthy individuals, family offices, private equity firms and other smaller buyers are typically more nimble than institutions, and can act more quickly because they aren’t subject to investment committees and other organizational...



Hotel Portfolio Pulled Amid Bid-Ask Chasm

Wed, 20 May 2020
Park Hotels & Resorts has cancelled an offering of four hotels in the wake of a bidding contest that highlighted the wide gap between buyer and seller expectations in the beleaguered hotel sector.The Tysons, Va., REIT tapped Hodges Ward Elliott early in the year to market the 780-room portfolio, encompassing properties in San Diego, San Francisco, Seattle and Washington. Park was hoping to attract offers of about $300 million, or $385,000/room,...



Barachs' Real Estate Shop Seeking Partners

Wed, 20 May 2020
Vista Investment is looking for equity partners to help purchase up to $1 billion of properties in the Western U.S.The Santa Monica, Calif., firm, founded in 2008 by Philip Barach and his son, Jonathan Barach, currently has about $1 billion under management, including partner money. Vista wants to buy another $500 million to $1 billion of properties in the next 24 months, with the goal of reaching roughly $5 billion of assets by 2025.The push...



Listings Sprout for NY Land, Projects

Wed, 20 May 2020
In a sign of optimism for post-pandemic New York, listings for development sites and projects have emerged as green shoots in a mostly dormant market.At least a half-dozen parcels in the city have hit the block over the past month, with marketing campaigns that emphasize the opportunity to invest equity now and reap gains during a rebound.Given that construction takes anywhere from 18 months to three years, investors would be underwriting market...



Crisis Derails 2 Mass. Office Deals

Wed, 20 May 2020
The pending sale of one suburban-Boston office property has unraveled amid the pandemic, while another has stalled.While core office properties with high occupancy rates and long-term leases are still trading, buyers and lenders are finding it difficult, if not impossible, to underwrite core-plus and value-added deals.The deal that fell through was for a 532,000-square-foot property in Marlborough, Mass., that was 76% leased when marketing began....



Despite Crisis, Chicago Tower Trades

Wed, 20 May 2020
Spear Street Capital closed on its acquisition of a Chicago office trophy last week for $210 million — a 5% discount to pricing struck before the onset of the pandemic.The sale of the 651,000-square-foot tower, at 225 West Wacker Drive, is the largest office trade to close in Chicago since March, when the coronavirus brought most transactions to a halt nationwide.Spear Street, a San Francisco fund manager, negotiated a small discount to the...



Westbrook Grabs Mass. Warehouses

Wed, 20 May 2020
Westbrook Partners has agreed to pay an Investcorp partnership roughly $100 million for a portfolio of six industrial buildings in Massachusetts.The package encompasses 1.1 million square feet of space that is 96.8% leased. CBRE is representing Bahrain-based Investcorp and its partner, Condyne Capital of Braintree, Mass.When the listing hit the market in February, market pros estimated it would fetch $105 million, or $95/sf, translating to an...



Luxury Hotel Offered in Nashville

Wed, 20 May 2020
A high-end boutique hotel in Nashville is on the market as its owner faces a looming loan expiration.The 247-room Hutton Hotel could fetch about $80 million, or $324,000/room. Hodges Ward Elliott is marketing it on behalf of Watermark Lodging, a non-traded REIT, and has already taken an initial round of bids.The property backs a securitized loan with a balance of $41.6 million that matures in July. The debt was originated in 2013, with an initial...



New Apartments Shown Near Austin

Wed, 20 May 2020
A developer is shopping a new apartment complex that caters to Greater Austin’s fast-growing millennial population.The 310-unit North Creek Apartments, in the rapidly growing suburb of Hutto, Texas, has an estimated value of $60 million, or $194,000/unit. CBRE is representing CMC Commercial Realty of Dallas, which completed the property last year.The property, which began leasing in late 2018, is 96% occupied. No concessions were offered...



Garage in North Jersey Up for Grabs

Wed, 20 May 2020
Toll Brothers is pitching a parking garage in Northern New Jersey whose steady cashflow could serve as a hedge against pandemic-related volatility.The 1,250-space garage is at 1450 Bloomfield Street in Hoboken, just across the Hudson River from Manhattan. Built in 2004, it serves residents in surrounding high-rises as well as visitors to the city, which has a shortage of parking. Some spaces are leased by rental-car company Avis.Bids are expected...



NY Warehouse With Vacancy Pitched

Wed, 20 May 2020
A nearly vacant industrial building with redevelopment potential is on the block in Queens, N.Y., with an asking price of $26.5 million.The 66,000-square-foot property is in the borough’s Ridgewood neighborhood. The suggested price works out to $402/sf. The unidentified local owner listed the property with B6 Real Estate.The industrial sector is expected to be more resilient during the coronavirus pandemic than most other property types, in...



Senior Apartments Available in Md.

Wed, 20 May 2020
Penzance Cos. is marketing a senior-housing complex in suburban Maryland that’s valued at around $24 million.The 75-unit Willows at Victoria Falls, at 14001 Belle Chasse Boulevard in Laurel, is in a planned community that also includes condominiums and single-family homes for residents ages 55 and up. The valuation works out to $320,000/unit. Washington-based Penzance has given the listing to CBRE.The apartments are 100% occupied. Completed...



Net-Leased Offices Listed in Calif.

Wed, 20 May 2020
A Southern California office building that is fully occupied by a healthcare company on a long-term lease is on the block for $22.6 million.The two-story building, in the Orange County city of Tustin, encompasses 52,000 square feet. At the $437/sf asking price, a buyer’s initial annual yield would be 5.75%. CBRE is representing the owner, a local partnership.While the public-health crisis has shut down large swaths of the investment-sales...



Builder Shops Fort Worth Apartments

Wed, 20 May 2020
Talos Holdings is marketing a new apartment complex in Fort Worth, Texas, that’s valued at roughly $57 million.The 300-unit property was completed last year and is in its initial lease-up phase, with 31% occupancy to date. It’s expected to draw bids around $190,000/unit. Cushman & Wakefield is marketing the property for Talos, a multi-family developer in Phoenix.Called The View at Fort Worth, the complex is at 1852 East Northside...



The Grapevine

Wed, 20 May 2020
Newmark has hired former JLL executives Elizabeth Gagliardi and Chuck Johanns as senior managing directors for its Midwest Multifamily Capital Markets Investment Sales group. Both started this month in Chicago, reporting to vice chairman and group head Blake Okland. Gagliardi previously spent nearly 14 years working for JLL in Chicago, most recently as a senior vice president. Johanns was at JLL for six years as a senior director. He also has...



The Grapevine

Wed, 20 May 2020
Richard Kulick joined Beacon Real Estate of Coral Gables, Fla., this month as a partner. In his new role, Kulick will lead multi-family acquisitions for a family-office client in Latin America, primarily focusing on value-added and core-plus deals in the Southeast. He previously was chief investment officer for multi-family assets at Gamma Real Estate, a New York investment and development shop where he started in 2015. He earlier worked on...



The Grapevine

Wed, 20 May 2020
Senior managing director Alex Virtue left CBRE Capital Advisors last week. He was based in Los Angeles, where his duties included mergers-and-acquisitions advisory work, capital raising for real estate vehicles and restructuring assignments in the Western U.S. He reported to managing principal James Scott. Virtue’s plans are unknown. He joined the real estate investment-banking unit of CBRE in 2016 after a five-year stint in a similar role...



The Grapevine

Wed, 20 May 2020
Continuing an expansion of its multi-family investment-sales division, NorthMarq last week hired Scott Lamontagne as a managing director in Austin. He reports to Trevor Koskovich, president for investment sales. Lamontagne most recently spent nearly six years at JLL as a managing director, and previously worked in Marcus & Millichap’s Institutional Property Advisors group covering central...



The Grapevine

Wed, 20 May 2020
Multi-family investment shop Castle Lanterra Properties has hired Javier Vergara as a director of investor relations and marketing, with a mandate to develop relationships in Latin America. He is expected to start this week at the firm’s Suffern, N.Y., headquarters, reporting to founder and chief executive Elie Rieder. Vergara previously was a senior vice president at Carmo Cos. of New York, where he helped connect family offices and...



The Grapevine

Wed, 20 May 2020
Anthony Clarke has left Pimco and this month launched his own investment shop in Austin. The new operation, Narrow Road Group, is on the hunt for opportunistic plays across property types in the Austin area. Clarke spent more than six years at Pimco, starting in the firm’s Newport Beach, Calif., headquarters. Most recently, he was a senior vice president in Austin. Clarke had a previous stint at Walton Street Capital of...



The Grapevine

Wed, 20 May 2020
Granite Properties, a Plano, Texas, developer and investment firm, has added a senior project manager. Jeannie Edwards will be based in Newport Beach, Calif., where she will manage tenant and capital-improvement projects for Granite’s properties in Southern California. She previously spent more than seven years at Hager Pacific Properties of Newport Beach as a project manager. Executive-search firm RETS Associates handled the...



New Bid Revives Big Va. Apartment Trade

Wed, 13 May 2020
CIM Group has negotiated a lower purchase price for a massive apartment complex in Northern Virginia, after initial talks with the seller stalled amid the coronavirus outbreak.The Los Angeles investment manager has now agreed to pay roughly $510 million for the 2,311-unit Southern Towers complex in Alexandria, setting the stage for the biggest multi-family trade ever in the Washington area.CIM was among a number of investors that submitted bids...



As Hiring Slows, Pockets of Demand Remain

Wed, 13 May 2020
The abrupt halt in the long-running bull market for commercial real estate is leading to a broad slowdown in hiring and shifts in the types of professionals most in demand.Recruiters expect a sharp drop-off in assignments in the short term, but with bright spots in positions that focus on the strongest property sectors and on firms’ internal operations.“In the near term, over the next 3-6 months, hiring and recruiting activity is...



Preferred Equity Mulled for NY Office Deal

Wed, 13 May 2020
Savanna is quietly talking to potential equity partners about backing its pending $435 million purchase of a Midtown Manhattan office tower, which went under contract before the pandemic.The New York fund shop agreed in February to buy the 513,000-square-foot building, at 1375 Broadway, and put down a nonrefundable deposit sources pegged at roughly $35 million. About a month later, New York City shut down most commercial buildings to stem the...



Rescue Eyed After SF Deal Unravels

Wed, 13 May 2020
Angelo, Gordon & Co. is in advanced talks to provide a capital infusion for a San Francisco office building after e-cigarette maker Juul’s effort to sell the property collapsed.The potential deal would value the 346,000-square-foot property at a price in the vicinity of $800/sf, or $277 million. The negotiations come a couple of weeks after PGIM Real Estate backed out of a pending deal to buy it for roughly $400 million, or nearly...



Rental Complex in Va. on the Block

Wed, 13 May 2020
In what is being billed as the first large multi-family listing to hit the Washington area since the investment-sales market seized up in late March, Dweck Properties is shopping an apartment complex in Northern Virginia that’s worth about $135 million.The 457-unit property, in Dulles, is 96% occupied. The estimated sale price would translate to $295,000/unit. Dweck, a Washington firm led by investor Ralph Dweck, gave the listing to...



Value-Added Shop Buys LA Offices

Wed, 13 May 2020
Omninet Capital has purchased two office properties in Greater Los Angeles via separate deals totaling $71 million.In the larger transaction, Omninet paid Boston-based TA Realty $39 million for a 204,000-square-foot complex in Torrance, Calif. In the other deal, the Beverly Hills investment firm paid Colony Capital of Los Angeles $32 million for the 195,000-sf Commerce Plaza in Commerce, Calif.Newmark brokered both deals, which went under...



Dweck Set to Buy DC-Area Rentals

Wed, 13 May 2020
Equity Residential is under contract to sell a luxury apartment building in Chevy Chase, Md., to Dweck Properties.While the exact price was unavailable, the 525-unit property, at 4701 Willard Avenue, was valued at around $270 million, or $514,000/unit, when the listing came out last fall. CBRE is representing Equity Residential, a Chicago REIT. Washington-based Dweck is led by veteran investor Ralph Dweck.The building, within walking distance of...



Insurer Buying Phila. HQ at Premium

Wed, 13 May 2020
Independence Blue Cross is buying back its headquarters building in Philadelphia for $360 million — a premium to the anticipated valuation when the listing hit the market before the pandemic.The insurer has agreed to buy the 801,000-square-foot building, at 1901 Market Street, which it has occupied for more than three decades. The seller, Piedmont Office Realty, said late last month that it was under contract to sell the property, but...



Brokerages Trim Staff in Slowdown

Wed, 13 May 2020
Commercial real estate brokerages have begun cutting capital-markets staff as the stalled investment-sales market has crimped cashflow.JLL last week let go some 80-100 people nationwide, sources said. While most were lower-level analysts or support staff, the departures included international director Peter Nicoletti and managing director Robert Rizzi in New York and senior director Steve Forte in Philadelphia.JLL had already been trimming staff...



Crisis Clouds NJ Warehouse Deal

Wed, 13 May 2020
BentallGreenOak is weighing how to proceed with a brand new warehouse in Central New Jersey it agreed to buy earlier this year.Carlyle Group and Crow Holdings Industrial marketed the 925,000-square-foot building, in Franklin Township, via Cushman & Wakefield. While the property was developed on a speculative basis, the joint venture signed LG Electronics USA to fully occupy the warehouse on a seven-year lease.BentallGreenOak emerged as the winner...



Net-Leased San Diego Offices Shown

Wed, 13 May 2020
Buchanan Street Partners is seeking $21 million for a Class-A office building in San Diego that’s fully occupied by a cybersecurity firm under a triple-net lease that runs until 2028.The 52,000-square-foot property is at 6059 Cornerstone Court West. At the asking price of $406/sf, a buyer’s initial annual yield would be 6.5%, and investors have been told rent bumps would increase the capitalization rate to 7.25% within five years.CBRE...



NY Developer Seeks Equity Partner

Wed, 13 May 2020
A developer is looking to raise about $95 million of equity for a multi-family construction project in Queens, N.Y.BRP Cos. hired JLL to line up an equity partner for&nbsp;<span style="background-color: initial;"&rt;the planned 24-story building, dubbed Archer Towers, in the borough’s Jamaica neighborhood. The building site is a 55,000-square-foot lot, at 163-05 Archer Avenue, that currently is vacant.</span&rt;The project’s estimated cost is $286...



Chicago Offices Ripe for Remodeling

Wed, 13 May 2020
A vacant, landmark office building in Chicago&rsquo;s East Loop is being marketed as an opportunity to redesign its space to attract tenants in a post-pandemic market.The 487,000-square-foot building, at 401 South State Street, was once the flagship store of Sears, Roebuck & Co. and more recently housed a private college.Owner Rampante Realty of Chicago listed the property more than a year ago, when it was about 75% occupied by Robert Morris...



Value-Added Rentals for Sale in NC

Wed, 13 May 2020
A Charlotte-area apartment complex is being shopped by its local owner as a value-added proposition.The 423-unit Ashbrook Village, in Gastonia, N.C., could attract bids of about $37.5 million, or $89,000/unit. Southwood Realty, which developed the property in the mid-1980s, has given the listing to Charlotte-based brokerage Capstone.The complex, at 2295 Pineview Lane, is 95.3% occupied. All of the apartments could benefit from renovations. The...



Cold-Storage Leasing Play Near DC

Wed, 13 May 2020
Grocery giant Albertsons is marketing a distribution center in Maryland that it plans to exit this summer, in a listing that will test investor appetite for vacancy in a high-demand sector.The 762,000-square-foot complex includes a 302,000-sf refrigerated warehouse. It&rsquo;s in Upper Marlboro, about 15 miles west of Washington and 30 miles south of Baltimore. Bids are expected to fall in the vicinity of $95 million, or $125/sf. Cushman &...



Rare Apartment Listing in Florida

Wed, 13 May 2020
An apartment complex has gone on the market in suburban Tampa, one of the few multi-family listings in Florida since the pandemic struck in mid-March.The 320-unit complex, in Clearwater, Fla., is 96% occupied. Expected bids are around $53 million, or $165,000/unit. Marcus & Millichap&rsquo;s Institutional Property Advisors group is representing the owner, Insula Cos. of Sarasota, Fla., which bought the property last year.At a time when financing...



NEW DEALS

Wed, 13 May 2020
Suburban Denver ApartmentsOakmont Properties stands to realize a 4.8% stabilized capitalization rate on its $90.7 million purchase of an apartment complex that opened last year in Broomfield, Colo. The Sacramento firm paid $315,000/unit on April 28 for the 288-unit Caliber at Flatirons, at 13872 Del Corso Way. CBRE represented the seller, Garrett Cos. of Greenwood, Ind. The units, with 1-3 bedrooms, were 80% leased at the time of the sale. The...



The Grapevine

Wed, 13 May 2020
Acquisitions pro Jarett Kaplus parted ways this month with Kandle, a Scottsdale, Ariz., development shop. His plans are unclear, but he told colleagues he&rsquo;s returned to Seattle full time. He joined Kandle in 2018, splitting time between Seattle and Scottsdale. Kaplus previously scouted Western U.S. deals for Admiral Capital of New York, opening the firm&rsquo;s Seattle office in 2016. Before that, he ran the New York office of Lubert-Adler,...



The Grapevine

Wed, 13 May 2020
Veteran Chicago broker Gary Nussbaum joined CBRE as a senior vice president last week to lead its suburban office sales. He will work with Blake Johnson, an executive vice president appointed this year to build out the firm&rsquo;s institutional-sales business in Chicago and the Midwest. Nussbaum previously was a managing director at Transwestern, where he had led the firm&rsquo;s Midwestern office-sales group since...



The Grapevine

Wed, 13 May 2020
Meanwhile, CBRE has added another seasoned hotel broker to its team. Michael DiPrima joined the firm&rsquo;s office in Newport Beach, Calif., last month as an executive vice president. He is focused on hotel sales in the Western U.S., as well as sourcing debt and equity for operators. DiPrima previously was a managing director at Hodges Ward Elliott, where he worked for 15 years. Earlier this month, CBRE hired another Hodges hotel broker, Bob...



The Grapevine

Wed, 13 May 2020
James Nass joined industrial-focused fund operator Dermody Properties last week as a senior vice president of development. He is working in the Reno, Nev., firm&rsquo;s office in Chicago, where his duties include analysis and due diligence of potential acquisition sites, as well as construction oversight. He works closely with Neal Driscoll, the company&rsquo;s Midwest regional partner. Nass previously spent more than two decades at industrial...



The Grapevine

Wed, 13 May 2020
Newport Capital has hired an acquisitions pro to work in its Chicago headquarters. Heather Hanley, who will start in June as a vice president of investments, initially will target shopping centers in the Central U.S. for the retail-focused shop. Hanley will work under Ben Andrews, a principal and director of transactions. Hanley previously was an investment associate at Equity Commonwealth, a retail REIT in Chicago, where she worked for four...



The Grapevine

Wed, 13 May 2020
Adam Chrisakis joined Exeter Property two weeks ago as an associate in the investor-relations and reporting group. He had been an investor-relations manager at Westwood Financial of Los Angeles, where he spent the last decade. At Exeter, Chrisakis will report to Rayenne Chen, head of investor relations and reporting for the Conshohocken, Pa., fund operator. Executive-search firm Keller Augusta handled the...



The Grapevine

Wed, 13 May 2020
Musashi Liu started last week as a senior associate at Tishman Speyer in New York. He will work on acquisitions, asset management and development. Liu spent the past two years earning an MBA. Before that, he was an associate at Mill Creek Residential of Boca Raton, Fla., where he lined up joint-venture equity for acquisitions and debt for the firm&rsquo;s existing portfolio. Liu has also worked at New York brokerage BlueGate Partners and Bank of...



Hotel Leaseholds Under Extra Stress in Crisis

Wed, 06 May 2020
In the hard-hit New York hotel market, owners of leasehold interests are facing a deeper level of pain.With many hotels closed due to the coronavirus pandemic, owners whose revenues have dried up are negotiating with lenders for forbearance on debt payments. On top of that, in cases where the buildings and underlying ground are held separately, the hotel owners have another problem: ground rent.&ldquo;Typically, the ground leases require payment...



Banks Held Little Bad Debt Before Pandemic

Wed, 06 May 2020
Banks are less likely to be a major source of distressed-debt opportunities resulting from the coronavirus crisis than they were in the last downturn, investors say, because they are better positioned to absorb the shock.Nonperforming loans on the balance sheets of large U.S. banks hit a post-Great Recession low last year, according to regulatory data compiled by Trepp Bank Navigator (see tables on Pages 7-9). And while a spike in commercial...



Deal for SF's Pyramid Tower Faces Hurdles

Wed, 06 May 2020
The coronavirus crisis is complicating one of the highest-profile deals of the year: Michael Shvo&rsquo;s bid to pay $711 million for the iconic Transamerica Pyramid Center in San Francisco.Sources said Shvo, a New York investor, and his German partners, BVK and Deutsche Finance, have been unable to line up financing. Meanwhile, loan spreads have widened so much in the past six weeks that the cost would be prohibitive even if the partnership...



Macy's Pitches Industrial Portfolio

Wed, 06 May 2020
Macy&rsquo;s is shopping a 2.9 million-square-foot warehouse portfolio as a short-term sale-leaseback play that also offers future redevelopment potential.The package includes five distribution centers in Houston, Tampa, Eastern Ohio, the Hartford area and California&rsquo;s East Bay. Cushman & Wakefield is seeking bids for them as a portfolio, but investors can make offers on individual properties. The entire package could sell for $200 million,...



Recruiting Firm Casts Wider Net

Wed, 06 May 2020
Executive-search firm Rhodes Associates, which has long focused on senior-level placements, is now pursuing assignments for mid- and junior-level roles.The new platform, led by partner Paul Dunlevy, has begun taking on retained or contractually exclusive assignments for positions in the New York area ranging from associate to vice president in capital markets, acquisitions, asset management, portfolio management and accounting. Traditionally,...



Shop's 2nd Fund Eyes Ground Leases

Wed, 06 May 2020
Montgomery Street Partners has held an initial close on $150 million of equity for its second opportunity fund, which will add ground-lease deals to its investment strategy.The Dallas shop closed a few weeks ago on the capital for MSP GP Fund 2. The vehicle, which targets a 16-18% return, can raise up to $200 million of equity. It can buy across property types nationwide. The firm has historically focused on manufactured housing, senior housing,...



Colorado Treatment Center on Block

Wed, 06 May 2020
The owner of a new addiction-treatment center in Vail, Colo., is pitching the property as a sale-leaseback play.Developer Noah Nordheimer is asking $65 million for the upscale property, called All Points North Lodge, which opened on March 15 just as the pandemic was shutting down travel and prompting stay-at-home restrictions nationwide. Still, about a third of the facility&rsquo;s 77 &ldquo;wellness&rdquo; rooms are currently occupied. The lodge...



Receiver to Auction Baltimore Hotel

Wed, 06 May 2020
A full-service hotel in Baltimore&rsquo;s Inner Harbor that previously traded for $35 million is on the auction block as a distressed play.A receiver plans to sell the 365-room Holiday Inn Baltimore Inner Harbor via an online auction scheduled to start June 1. JLL has been tapped to market the hotel, while Ten-X Commercial will run the auction.Bids will start at $5 million, or a mere $14,000/room. It&rsquo;s unclear where pricing might land given...



NEW DEALS

Wed, 06 May 2020
Recently Built Offices in CharlotteCrown Realty & Development of Costa Mesa, Calif., will realize a 5.2% capitalization rate on its $58.5 million purchase of a fully occupied office building in Charlotte. The all-cash deal closed last month, three weeks after Crown was selected as the buyer. The 182,000-square-foot building, valued at $321/sf, serves as the headquarters of Corning Optical Communications. It drew offers from a crowd of 30 bidders,...



NEW DEALS

Wed, 06 May 2020
Distressed Office Play in DelawareChopp Holdings of Lakewood, N.J., last month paid $16.6 million, or $80 per square foot, for a 207,000-sf office building in Wilmington, Del., that&rsquo;s just 67% leased. Seller Ellington Management acquired the property out of bankruptcy last year. The building, at 824 North Market Street, last traded on the open market in 2007, when it was acquired by now-defunct Triple Net Properties of Santa Ana, Calif.,...



Crisis Scuttles Mayflower Hotel Sale

Wed, 06 May 2020
An Apollo Global partnership has backed out of a deal to purchase the historic Mayflower Hotel in Washington, in yet another sign of the pandemic&rsquo;s heavy toll on the hotel sector.The New York investment manager, in a partnership with Tamarack Capital of Santa Monica, Calif., agreed in January to buy the 581-room hotel from Rockwood Capital for roughly $175 million, or $301,000/room. But Apollo abandoned the trade in the past few weeks,...



Co-Working Fund Lines Up Equity

Wed, 06 May 2020
An investment manager focused on the co-working sector is lining up commitments for its third property fund as it looks for opportunities amid the current dislocation.Novel Coworking of Chicago held an initial close in February on $50 million of equity for the vehicle, which has a $350 million target. Novel Coworking Fund 3 aims for a 17% return by acquiring 20-25 properties in major markets nationwide. With leverage, the fund could have north of...



Harbor Closes on NJ Apartment Deal

Wed, 06 May 2020
The sale of a Northern New Jersey luxury apartment property made it across the finish line despite the widespread market disruption caused by the pandemic.A Harbor Group International partnership paid $68 million for the 212-unit complex, at 1715 U.S. Route 46 in Parsippany. At the estimated valuation of $321,000/unit, Harbor, of Norfolk, Va., and its New York-based partner, Maya Capital, will see an initial annual yield of around 5%. JLL...



Whole Foods Listed in Santa Barbara

Wed, 06 May 2020
A freestanding Whole Foods grocery in Southern California has hit the market in a rare retail listing unaffected by pandemic-related shutdowns.The 30,000-square-foot store is on two acres at 3761 State Street in the affluent city of Santa Barbara. Bids are expected to hit about $50 million, producing an initial annual yield of just under 4.2%, based on its $2.1 million of annual net operating income. Newmark is representing the owner, a Los...



Fully Leased Offices Near LA Listed

Wed, 06 May 2020
A Walton Street Capital partnership is marketing two office buildings in a Los Angeles suburb that are each fully leased to a single tenant.The 178,000-square-foot package, in San Dimas, Calif., is expected to fetch about $49 million, or $276/sf. At that valuation, a buyer&rsquo;s initial annual yield would be a little more than 6.8%, based on net operating income of just under $3.4 million.Walton Street, a Chicago fund manager, and its local...



The Grapevine

Wed, 06 May 2020
Peter Casey joined apartment investor Sack Properties last week as a managing director. He is based in the firm&rsquo;s San Francisco headquarters, focused on fund formation and lining up debt for the shop&rsquo;s properties. Casey previously was a director at multi-family fund operator Interstate Equities of Los Altos, Calif., where he spent about six years before leaving in January. He earlier worked at J.P....



The Grapevine

Wed, 06 May 2020
Industrial giant Prologis has drastically scaled back its disposition plans for 2020 &mdash; a sign of the turmoil the pandemic is causing even in the resilient warehouse sector. The San Francisco REIT initially planned to shed up to $1.5 billion of properties this year. But in its first-quarter earnings report, Prologis cut the target to $250 million, representing deals that already are under contract. The firm also has put acquisitions on hold...



The Grapevine

Wed, 06 May 2020
Peter Bauman and Tivon Moffitt joined Marcus & Millichap as senior directors in Phoenix late last month. They work in the firm&rsquo;s Institutional Property Advisors unit, primarily targeting industrial and office sales across the Southwest. Bauman specializes in sale-leaseback and recapitalization plays, and also assists on single-tenant and ground-lease deals nationally. The duo came from JLL, where they spent nearly four years as members of a...



The Grapevine

Wed, 06 May 2020
Veteran asset manager Todd Hartman has left Ivanhoe Cambridge. He was a senior vice president in Chicago for the Toronto investment giant. Hartman joined Ivanhoe in 2018 when it bought Callahan Capital of Chicago, where he had worked since 2009. He reported to executive vice president Jonathan Pearce at Ivanhoe, the real estate unit of Canadian pension-fund advisor Caisse de Depot et Placement du Quebec. Hartman had prior stints at Broe Real...



The Grapevine

Wed, 06 May 2020
Artemis Real Estate has added a vice president of asset management to work on its medical-office portfolio. Brian Lessans started in mid-March, just as the Chevy Chase, Md., fund operator shut down its offices to work remotely amid the coronavirus pandemic. He joined from Kayne Anderson Real Estate, a Boca Raton, Fla., fund manager where he worked on acquisitions and sales of medical-office buildings and senior housing. He had prior stints at...



The Grapevine

Wed, 06 May 2020
Long Wharf Capital is expanding its investment team. Samantha Torto joined the Boston fund operator last month as an associate focused on analyzing investments across property sectors. She spent the last three-plus years at Newmark, where she was a senior financial analyst on the capital-markets team. Search firm Keller Augusta arranged the placement. Long Wharf held a final close on its latest value-added vehicle, the $504.5 million Long Wharf...



The Grapevine

Wed, 06 May 2020
Oracle, which is shopping the 476-room San Mateo Marriott San Francisco Airport, is offering seller financing in hopes of landing a buyer despite the market disruption caused by the pandemic. The software giant listed the hotel in February with the expectation that bids would come in around $190 million, or about $400,000/room. It&rsquo;s unclear how investors would value the property at this point, given the heavy toll the coronavirus crisis is...



PGIM Team Walks Away From SF Purchase

Wed, 29 Apr 2020
PGIM Real Estate has dropped out of a deal to buy a San Francisco office building for roughly $400 million, after the coronavirus pandemic transformed the property&rsquo;s sky-high vacancy from a big opportunity to a risky bet.The Prudential unit and its partner, Madison Capital, last month entered into exclusive negotiations with e-cigarette maker Juul to purchase the 346,000-square-foot building at 123 Mission Street for nearly $1,200/sf. But...



Senior-Housing Pros See Resilience in Sector

Wed, 29 Apr 2020
Despite negative headlines and falling stock prices brought on by the coronavirus pandemic, senior-housing specialists remain bullish on the property type&rsquo;s future.Shares of REITs with significant senior-housing portfolios have tumbled as the crisis has unfolded, due to concerns over contagion among residents and declines in occupancy rates. But sector pros contend the industry is being unfairly tarnished by reports of devastating death...



Amid Crisis, Deal Struck on San Jose Offices

Wed, 29 Apr 2020
CBRE Global Investors has agreed to purchase a recently completed office complex in San Jose from a PCCP partnership, in a deal reached after the area went into lockdown due to the coronavirus outbreak.The price being paid for the two Class-A buildings, totaling 369,000 square feet, is around $535/sf, or just under $200 million. However, there appear to be seller credits being negotiated that could offset the price by as much as $15 million, and...



Brothers 'Go Hard' on NY Retail Deal

Wed, 29 Apr 2020
British investors have agreed to pay roughly $170 million for a retail condominium on New York’s Fifth Avenue — believed to be the largest deal to go under contract in Manhattan since the city shut down six weeks ago.Billionaire brothers David Reuben and Simon Reuben put down a nonrefundable deposit on the 27,000-square-foot condo, at 609 Fifth Avenue, in the past two weeks. The seller, SL Green Realty, had been planning a sales campaign for...



New Rentals in Nashville Available

Wed, 29 Apr 2020
A Nationwide Insurance joint venture is pitching a nearly finished multi-family development in an opportunity zone in Nashville, where delays caused by recent tornadoes and the pandemic could actually work in the listing&rsquo;s favor.The 322-unit property, at 101 Athens Way in the Metrocenter business park, is expected to attract bids of about $90 million, or $279,000/unit. Walker & Dunlop is representing Nationwide and its partner, Embrey...



Colliers' New York Sales Team Out

Wed, 29 Apr 2020
Colliers International parted ways with its New York investment-sales team in the past few weeks.Vice chairmen Richard Baxter, Yoron Cohen and Scott Latham are out, as is senior managing director Jason Gold. Several analysts also were let go.The three vice chairmen joined Colliers in 2016 as the firm was looking to expand its footprint in the country&rsquo;s largest market. But the push failed to result in a significant increase in market...



Chicago Office Deals Still Advancing

Wed, 29 Apr 2020
Buyers are moving forward with two Chicago office transactions that went under contract before the coronavirus crisis.Spear Street Capital plans to close on its purchase of the 651,000-square-foot building at 225 West Wacker Drive within the next few weeks. The San Francisco fund shop had agreed to pay roughly $220 million, or $338/sf, but has since negotiated a small discount. The revised price couldn&rsquo;t be learned. Cushman & Wakefield is...



CBRE Hires Team to Boost Hotel Sales

Wed, 29 Apr 2020
CBRE has tapped veteran hotel broker Bob Webster to lead efforts to increase its share of U.S. institutional sales in the sector.Webster and his team, brokers Tim Southard, John Harper and James Savier, jumped this month from JLL. They&rsquo;re based in Atlanta, working on full-service and luxury-class hotel trades, loan sales and financings nationwide.As a vice chairman in the hotel group and president of its institutional sales practice,...



Braemar Scraps Florida Hotel Sale

Wed, 29 Apr 2020
Braemar Hotels & Resorts was nearing a deal to sell a luxury hotel in Key West, Fla., when the property was pulled from the market last week.Sources said the Dallas REIT had received bids &ldquo;just shy&rdquo; of $120 million for the 142-room Pier House Resort and Spa, which it began shopping a few weeks earlier to raise capital amid the travel shutdown brought on by the pandemic. Although the investment-sales market for hotels is virtually...



NJ Office Deal Crosses Finish Line

Wed, 29 Apr 2020
An investment shop has purchased a majority stake in an office complex in New Jersey &mdash; one of the largest trades in the state since the investment-sales market seized up six weeks ago.Opal Holdings of Lakewood, N.J., bought the interest in the three-building property, in Hopewell, from American Real Estate and Independencia Asset Management. The deal, which closed about two weeks ago, valued the 380,000-square-foot property at $95 million,...



Knickpoint Hires for Distress Strategy

Wed, 29 Apr 2020
A New York investment firm has added an acquisitions pro as it plans to target distressed assets amid the economic downturn.Knickpoint Ventures hired Jamie Michalove last week to help identify buying opportunities including defaulted loans and foreclosed properties held by commercial MBS trusts. He reports to founders and managing partners Zain Koita and Matt Sprayregen.Michalove previously was a member of Varde Partners&rsquo; U.S. real estate...



NEW DEALS

Wed, 29 Apr 2020
Indiana Multi-Family PropertyNew York-based Lightstone Group paid $43 million last month for a 280-unit apartment complex in suburban Indianapolis. The pricing works out to $154,000/unit for the property, at 1490 Berry Lane in Noblesville, Ind. CBRE represented the seller, Passco Cos. of Irvine, Calif. The garden-style complex, known as Autumn Breeze, was built in 2009. The 1-3 bedroom units have energy-efficient appliances, full-size...



Investment Startup Bullish on Hiring

Wed, 29 Apr 2020
A real estate investment startup with a novel business model is looking to capitalize on the economic downturn by recruiting seasoned industry pros whose current positions are threatened by the crisis.iREITs, a San Francisco shop led by former HFF broker Thomas Foley, has begun raising capital for a series of single-asset property portfolios in targeted markets &mdash; for example, Oakland office buildings or Denver-area apartments. The shop...



Fully Leased Food Warehouses Listed

Wed, 29 Apr 2020
Two cold-storage warehouses with new 10-year leases are up for grabs.The properties, in the St. Louis and San Antonio markets, total 500,000 square feet. They are fully leased to discount retailer Dollar General, which uses them to distribute fresh and frozen food to its stores. The portfolio is worth about $135/sf, or $67 million. At that price, a buyer would see an initial annual yield of 5.75%.The seller, Provender Partners, is pitching the...



Rental Listing Tests Midwest Market

Wed, 29 Apr 2020
A suburban-Chicago apartment complex is being pitched to core-plus investors.The 144-unit property, in Des Plaines, Ill., could attract bids of roughly $42 million, or $292,000/unit. The owner, San Francisco-based Friedkin Property, has given the listing to CBRE.Known as Kingston Pointe, the nine-story complex, at 1645 River Street, was developed as a condominium project in 2010 but converted to apartments in the aftermath of the housing bust....



Colorado Retail Center Hits the Block

Wed, 29 Apr 2020
A grocery-anchored shopping center in Colorado is on the block with an asking price of $33.7 million.The 245,000-square-foot Horizon Park Shopping Center is in Longmont, a suburb of Boulder. If the property trades at the asking price, the buyer&rsquo;s initial annual yield will be 6%.SRS Real Estate is marketing the property for an unidentified private real estate firm based in Southern California. Investors are being told the property has three...



"Creative' Offices in Denver Listed

Wed, 29 Apr 2020
A partnership between Aecom Capital and Mass Equities is pitching a former industrial building in Denver that they redeveloped as &ldquo;creative&rdquo; offices and fully leased up.The 68,000-square-foot property, at 3060 Brighton Boulevard in the trendy River North Art District, is expected to fetch about $39 million, or $568/sf. At that valuation, a buyer&rsquo;s initial annual yield would be 5.5%. JLL is marketing the property for Los...



Atalaya Tries Hand at Property Fund

Wed, 29 Apr 2020
Debt-focused fund manager Atalaya Capital is setting up a vehicle to invest in commercial properties.Atalaya Commercial Real Estate Fund 1 raised at least $100 million of equity from three investors last month. It&rsquo;s unclear how much the New York firm hopes to raise overall, or what property types the fund will target.Atalaya began working on the fund long before the coronavirus pandemic caused property cashflows to plummet and the...



The Grapevine

Wed, 29 Apr 2020
Nuveen Real Estate has hired a managing director to help drum up capital for its investment vehicles. Jennifer Wilkening started this month in the company&rsquo;s Chicago office, where she&rsquo;s responsible for working with investors in the central U.S. Wilkening will seek to raise capital for vehicles across the risk-return spectrum, including both real estate equity and debt strategies. She joined from Principal Real Estate Investors of Des...



The Grapevine

Wed, 29 Apr 2020
Eli Rozansky joined OpenPath Investments this month as director of acquisitions. Based in Denver, Rozansky is tasked with expanding the multi-family investment firm&rsquo;s portfolio, which is concentrated in the Western U.S. He reports to founder and managing member Peter Slaugh and chief operating officer Mike Swilling. Rozansky previously worked at Denver-based JCR Capital. OpenPath, of Truckee, Calif., has a portfolio of more than 5,000...



The Grapevine

Wed, 29 Apr 2020
Chicago investment shop Waterton has hired Christopher Kersten as a vice president in charge of the firm&rsquo;s business intelligence, data analytics and reporting platform. He&rsquo;s scheduled to start on April 30. In his new role, Kersten will serve as Waterton&rsquo;s &ldquo;data evangelist,&rdquo; managing intelligence across the firm&rsquo;s multi-family, senior-living and hospitality portfolios. He will report to senior vice president of...



The Grapevine

Wed, 29 Apr 2020
Elie Mansdorf joined Eden Health as head of real estate partnerships in New York this month. He was brought on to help the healthcare-services company expand its footprint by forming partnerships with office landlords to provide the firm&rsquo;s services to building tenants. Among other things, Eden wants to help owners plan &ldquo;re-entry processes&rdquo; as the pandemic subsides and screen employees as they return. Mansdorf previously was head...



The Grapevine

Wed, 29 Apr 2020
Industrial specialist Andrew Forsyth left Black Creek Group earlier this month to join Prologis as a leasing director. He is working in the Rutherford, N.J., office of the San Francisco industrial-property giant. Forsyth spent seven years working on acquisitions and development in New Jersey for Black Creek, a Denver investment shop. Before that, he worked in Jersey City, N.J., as a consultant for Altus Group of...



The Grapevine

Wed, 29 Apr 2020
Florida-focused fund shop AW Property is looking to hire an acquisitions pro as it prepares to expand into other parts of the Southeast. The North Palm Beach, Fla., firm wants to add an analyst with 1-3 years of experience to its acquisitions team. The recruit would report to David Lebenson, director of investments. The firm, founded in 2002 and led by Brian Waxman, has launched three funds focused exclusively on medical offices in Florida....



The Grapevine

Wed, 29 Apr 2020
Lee & Associates plans to add sales associates in Atlanta. The brokerage is seeking candidates with 1-3 years of commercial real estate experience. Prior business-development experience is preferred. Duties include canvassing property owners, market research and working with more-senior team members on marketing campaigns.



Sale of Houston Office Trophy Falls Through

Wed, 22 Apr 2020
KB Securities has abandoned its plan to pay $675 million for a Houston skyscraper, as the city struggles with fallout from both the coronavirus pandemic and plunging oil prices.A partnership between Calpers and Hines awarded the deal for the 1.1 million-square-foot property, at 609 Main Street, to the South Korean investment bank last month. At that $613/sf valuation, the initial annual yield would have been just over 5%.Market sources cited the...



Pension Pledges Fall in Early Warning Sign

Wed, 22 Apr 2020
Pledges by U.S. public pensions to commercial real estate vehicles plunged 32% in the first quarter from a year ago, in an early indication of the toll the public-health crisis is taking on the sector.Pensions committed $9.4 billion of equity to commingled funds and separate accounts in the first three months of 2020, down from $14 billion a year earlier, according to research firm FPL Associates. The latest tally was well below the five-year...



Office Owners Focus on Keeping Values Up

Wed, 22 Apr 2020
As office-property owners grapple with short-term cashflow issues caused by the coronavirus pandemic, they are looking for strategies that will also preserve the value of their properties for the long term.In many cases, that means working with a tenant that’s hard-pressed to pay its rent, with the aim of keeping it in its space once the crisis eases. It also means reconsidering how buildings should be configured and operated once stay-at-home...



Resort Draws Bids Despite Shutdown

Wed, 22 Apr 2020
Braemar Hotels & Resorts is eyeing the sale of a hotel in Key West, Fla., as the REIT looks to raise cash amid the travel shutdown caused by the coronavirus pandemic.The 142-room Pier House Resort & Spa, at One Duval Street, could fetch about $120 million. It&rsquo;s one of a handful of properties the REIT has quietly shopped to investors recently &mdash; and pros familiar with the effort say it&rsquo;s the most likely one to trade, as offers...



Team Pulls Big Boston Office Listing

Wed, 22 Apr 2020
A BentallGreenOak partnership has shelved its listing of a recently renovated office complex in downtown Boston.The 718,000-square-foot Center Plaza attracted an initial round of bids from a wide field of investors including blue-chip names such as Blackstone and Starwood Capital. But that was just before the coronavirus outbreak officially was declared a pandemic on March 11 and locked up the investment-sales market nationwide.BentallGreenOak...



CBRE's Ingrum Returning to Texas

Wed, 22 Apr 2020
After expanding and leading CBRE&rsquo;s office-sales teams in Northern California, veteran broker Russell Ingrum is headed back to Texas to help rebuild the firm&rsquo;s platform in his home state.Ingrum, a vice chairman, will be based in Dallas, where the brokerage saw its market-leading office team jump to Newmark earlier this year. He will lead CBRE&rsquo;s institutional office sales across Texas, overseeing its teams in Austin and Houston as...



Crisis Delaying Charlotte Office Deal

Wed, 22 Apr 2020
Arden Group has found a buyer for an office tower in Charlotte, but sources said the deal is being held up by the coronavirus crisis.Accesso Partners has agreed to buy the 570,000-square-foot BB&T Center for about $130 million, or $228/sf. The deal was reached just before the pandemic shut down large segments of the economy and stifled investment sales. Accesso, a Hallandale Beach, Fla., investment shop, is still trying to complete the purchase,...



Investors Shown Upstate NY Project

Wed, 22 Apr 2020
A developer is seeking partners or buyers for a mixed-use project in upstate New York, betting that it will appeal to investors even during the current crisis.The development, dubbed Hudson Valley Wine Village, has approvals in place to include some 450,000 square feet of light-industrial space, 800 residential units, roughly 155,000 sf of office/retail space and a 140-room hotel.The estimated cost of development is $273 million. The owner, the...



Bain Team Buys Mass. Warehouse

Wed, 22 Apr 2020
A Bain Capital partnership last month paid $19.4 million for a fully-leased warehouse in suburban Boston.The 180,000-square-foot building is at 45 Holton Street in Winchester, Mass. The price works out to $108/sf. JLL advised the seller, an unidentified partnership, on the off-market deal with Bain and its partner, Oliver Street Capital, both of Boston.The warehouse is on 10 acres near the Woburn, Mass., border, less than 10 miles from Boston. It...



NorthMarq Adds Sales Pro in Denver

Wed, 22 Apr 2020
Continuing to expand its multi-family sales operation, NorthMarq has hired a former high-ranking JLL broker.David Martin, who is based in Denver, will lead NorthMarq&rsquo;s growth plans in that market. He started this month as a managing director, responsible for building an investment-sales team. He works with David Link, managing director of debt and equity, to arrange financing for trades. The Denver office includes eight other...



More Relief Sought for 1031 Buyers

Wed, 22 Apr 2020
Two weeks after the U.S. Treasury Department loosened the deadlines for completing tax-deferred real estate trades, industry groups are lobbying for additional relief.At issue is Section 1031 of the Internal Revenue Code, which allows investors to defer capital gains from the sale of one property by reinvesting the proceeds in another property within 180 days. But with the investment-sales market largely shut down due to the coronavirus pandemic,...



"Zero-Cashflow' Play Listed in Conn.

Wed, 22 Apr 2020
Tax-conscious investors are getting a crack at a mixed-use property in New Haven, Conn., that&rsquo;s suitable for a 1031 exchange.An unidentified family office is asking $60.1 million for the leasehold interest in the property, which encompasses a 62,000-square-foot office building, a 24-room hotel and a 970-space garage. Yale-New Haven Hospital owns the underlying ground and occupies the property on an 18-year triple-net lease. SRS Real Estate,...



Value-Added Texas Rentals Pitched

Wed, 22 Apr 2020
While most property-sales campaigns have been suspended due to the pandemic, an investment shop is pushing ahead with its listing of a San Antonio apartment complex as a renovation play.The 308-unit Live Oak Place, at 13012 Oak Terrace Drive in northeast San Antonio, could attract bids of $26.5 million, or $86,000/unit. The Austin-based owner, Artesia Real Estate, has given the listing to Newmark.The property is 97% occupied. Marketing materials...



SoCal Offices Shopped as Core Play

Wed, 22 Apr 2020
The asking price is $24.7 million for a fully leased office building in California&rsquo;s Orange County that counts one of the nation&rsquo;s top providers of coronavirus testing as a tenant.The property has 93,000 square feet of &ldquo;creative office&rdquo; space in the wealthy coastal city of San Clemente, about halfway between Los Angeles and San Diego. CBRE is marketing the property for an unidentified local investor.The marketing campaign...



The Grapevine

Wed, 22 Apr 2020
Blackstone has added a managing director focused on acquisitions. Marshall Nevins started this month in New York, reporting to Tyler Henritze, the firm&rsquo;s head of acquisitions for the Americas. Nevins will scout investments across property types. He joined Blackstone from the New York office of Denver-based Northwood Investors, led by former Blackstone executive John Kukral. Nevins had been with Northwood for nine-plus years, and before that...



The Grapevine

Wed, 22 Apr 2020
Capital-markets pro Christopher Klare started at Novel Coworking this month as a director in Chicago. He is tasked with capital raising for the firm&rsquo;s investment vehicles, as well as broadening its relationships with lenders. Klare reports to founder Bill Bennett. Novel operates its own funds to purchase buildings &mdash; a strategy it touts as giving it more control in leasing the properties for co-working space. Klare joined the Chicago...



The Grapevine

Wed, 22 Apr 2020
Berkadia has hired Toby Booker as a senior director on its Philadelphia investment-sales team. Booker, who started April 13, is working alongside senior managing directors Zac Pierce and Matthew Stefanski and associate directors Alan Krawitz and Christopher Farmer. Booker reports to senior vice president Keith Misner, who oversees investment sales nationally. He previously worked at Michaels Organization, a Camden, N.J., real estate firm that...



The Grapevine

Wed, 22 Apr 2020
Meanwhile, Berkadia has added Marco Mosleh as a senior real estate analyst in its joint-venture equity and structured-capital group in New York. Mosleh, who started at the end of March, previously was part of NorthMarq&rsquo;s structured-finance group in Newport Beach, Calif. The Berkadia group is led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, who joined the brokerage last year via its acquisition of their New York firm, Central Park...



The Grapevine

Wed, 22 Apr 2020
Singerman Real Estate wants to expand its investment team as it seeks opportunities arising from the sudden market downturn. The Chicago firm plans to add a vice president or principal with at least a decade of experience, preferably across asset classes and strategies. It also wants to hire an investment analyst with 1-3 years of experience in private equity or banking. Both would report to president Seth Singerman. For more information, email...



The Grapevine

Wed, 22 Apr 2020
Scott Osman joined Fifteen Group of Miami a couple of weeks ago as chief operating and financial officer. He spent the last four years at Housing Trust Group, a Coconut Grove, Fla., affordable-housing developer, leaving as chief operations officer. Prior to that, Osman spent five years at New Urban Development of Miami. At Fifteen Group, he will report to founders Ian Sanders and Mark Sanders. The firm&rsquo;s investments have included...



The Grapevine

Wed, 22 Apr 2020
Shelby Downs joined executive-search firm Rhodes Associates as a vice president last month. She previously was a director in the real estate practice at recruiting firm TBG, where she spent three years. Downs is based in New York.



Crisis Sidetracks Fund Shops' Equity Raises

Wed, 08 Apr 2020
The coronavirus chaos is taking its toll on fund managers&rsquo; capital campaigns.Operators across the country are postponing initial and final closes, or discussing doing so, as investors focus on the dire outlook for their own investment portfolios. Among the shops pushing off dates are Encore Capital of Boca Raton, Fla., Newport Capital of Chicago, and TerraCap Management of Estero, Fla.In addition, market pros say they expect few managers to...



Signs of Hope for Record Oakland Office Sale

Wed, 08 Apr 2020
After the coronavirus crisis claimed one blockbuster Oakland office trade, another appears to have a fighting chance.TMG Partners is still on deck to buy the 1 million-square-foot Lakeside complex from a partnership between Rockpoint Group and Swig Co., sources said. TMG agreed in February to pay nearly $475 million, winning a heated bidding contest that also included Blackstone, Brookfield and Hines. The price would be by far the highest ever...



Broken Trades Seen Leading to Court Battles

Wed, 08 Apr 2020
As property deals unravel amid the current market turmoil, expect disputes over deposits to land in court.Several buyers have already walked away from purchases after putting down nonrefundable cash, and more busted deals are expected. Market pros anticipate some will try to get their money back, hoping courts will take into account the extraordinary circumstances.Real estate attorneys say courts are likely to enforce contracts and deny refunds....



Blackstone Scraps Seattle Office Deal

Wed, 08 Apr 2020
Blackstone has abandoned its plan to purchase a Seattle office building that&rsquo;s fully leased to Amazon until 2028.The would-be seller, a partnership between Goldman Sachs Asset Management and Unico Properties, has now pulled the 170,000-square-foot building from the market. It&rsquo;s a dramatic example of how even a deal for a core property with a top-notch tenant can fall apart amid the coronavirus crisis.When the listing rolled out in...



Hiring Efforts Slow, But Don't Stop

Wed, 08 Apr 2020
For commercial real estate firms looking to make essential hires, the search must go on.Among companies that recently tapped search firms to fill openings, many are pushing ahead despite the coronavirus crisis, while some have paused temporarily as they sort out logistical issues such as arranging final interviews. Recruiters believe only a limited number of assignments have been put on hold indefinitely.Whether a search is &ldquo;full-steam...



Backer Sought for Virginia Projects

Wed, 08 Apr 2020
The owner of a growing mixed-use portfolio in Northern Virginia is looking for an investor willing to kick in $100 million of preferred equity.Comstock Cos. is developing 2.9 million square feet of office, residential and retail space near Washington Metro stations in Ashburn and Reston, where it already has assembled a 2 million-sf portfolio. The firm has acquired land with approvals for development of an additional 1.5 million sf.Comstock, a...



Sales Freeze Seen Prompting Recaps

Wed, 08 Apr 2020
With the sales and financing markets largely frozen, market pros expect to see an increase in recapitalization opportunities.A number of office owners have already started exploring the sale of equity and preferred-equity interests as a way of raising capital in the short term. Those initial conversations are expected to balloon into a spate of offerings in the months to come.Some will come from owners facing sudden drops in rent revenue, or...



Will LPs Turn to Opportunity Zones?

Wed, 08 Apr 2020
The coronavirus crisis could be a boon for managers of opportunity-zone funds.In running for cover from the economic fallout from the pandemic, wealthy investors have liquidated stock portfolios they built up during a record-long bull market that began in 2009. Many are now looking at opportunity-zone funds as a way to minimize capital-gains taxes owed on their stock sales.&ldquo;We&rsquo;ve seen a tremendous amount of interest during the past...



Economy Hotels Show "Silver Lining'

Wed, 08 Apr 2020
While the market for large hotel sales has largely come to a halt, properties at the lower end of the spectrum are showing signs of life.Lodging performance has taken a huge hit nationally, but there is one segment that has suffered less than others: economy hotels. Investors continue to be attracted to such properties, which tend to be smaller, offer fewer services and charge the lowest rates.&ldquo;If there is a silver lining, it is...



"Virtual Closing' for NC Rental Deal

Wed, 08 Apr 2020
Working around the shutdowns and travel bans caused by the coronavirus crisis, Hercules Real Estate last week completed its purchase of a new apartment complex in Durham, N.C.The Virginia Beach, Va., firm paid $66 million, or $206,000/unit, for the 320-unit property, at 3130 Hillandale Road. JLL represented the seller, a partnership including Davis Cos. of Boston.The deal closed a week ahead of schedule, even though all parties were working from...



NY Office Deal Has Breathing Room

Wed, 08 Apr 2020
RFR Holding has until the third quarter to close on its roughly $350 million purchase of a Midtown Manhattan office condominium.The New York investment shop, led by Aby Rosen and Michael Fuchs, put the property at 522 Fifth Avenue under contract early last month, just before the coronavirus crisis upended the capital markets. The seller, Morgan Stanley, which fully occupies the 553,000 square feet of office space, is being represented by CBRE.As...



Mezz Loan Sale Planned Before Crisis

Wed, 08 Apr 2020
Investors are getting a crack at a prominent New Jersey office building that fell into default before the coronavirus struck.A foreclosure auction is scheduled for May 5 on the 406,000-square-foot Two Tower Center, in East Brunswick. Morrison Street Capital, which holds a $12 million mezzanine loan on the property, initiated the proceedings. Newmark has been hired to drum up interest, a routine step in Uniform Commercial Code foreclosures to...



Korean Investor Behind Chicago Deal

Wed, 08 Apr 2020
A Mirae Asset Global Investments partnership closed last week on the purchase of an apartment high-rise in Chicago, even as the pandemic has disrupted commercial-property trades nationwide.The South Korean investment manager teamed up with Strategic Properties of North America to buy the 480-unit CityFront Place from DWS Group for roughly $155 million, or $323,000/unit. CBRE represented DWS, an asset-management arm of Deutsche Bank.Crain&rsquo;s...



BH Recruit Assumes Crisis Role

Wed, 08 Apr 2020
Rowan Sbaiti joined BH Properties&rsquo; acquisitions team last week, bringing experience in distressed deals that could benefit the firm given the market upheaval caused by the pandemic.Sbaiti, formerly a vice president at Fortress Investment, is working in BH&rsquo;s Los Angeles headquarters as a senior managing director of acquisitions. He works alongside Andrew Van Tuyle, senior managing director of investments, and under president James...



SPOTLIGHT: Northern New Jersey Multi-Family Properties

Wed, 08 Apr 2020
The coronavirus crisis has halted most sales efforts, as pros wait to gain clarity. Last year, sales of large properties soared 107% to $2 billion, according to Real Estate Alert&rsquo;s Deal Database.The market has historically benefited from tenants priced out of Manhattan, but a sluggish economy and subpar population growth have been drags on apartment fundamentals. In its five-year forecast for job growth, Green Street Advisors ranks the...



The Grapevine

Wed, 08 Apr 2020
Benefit Street Partners is shopping a defaulted bridge loan backed by a Brooklyn hotel it&rsquo;s foreclosing on. The New York lender, via Newmark, is offering a $65.7 million A-note and a $13.3 million B-note on the 147-room Williamsburg Hotel, opened in 2017 by developer Toby Moskovits. The interest-only loan defaulted at maturity in June 2019. Investors can bid on either or both notes, and would likely continue foreclosing. The...



The Grapevine

Wed, 08 Apr 2020
Eric Polkow joined the U.S. unit of Australian developer Lendlease last month as a senior vice president in New York. He is focused on acquisitions and strategic initiatives nationwide. Polkow reports to Jason Alderman, managing director of development and investments for Lendlease&rsquo;s Americas division. Polkow previously was an executive director at J.P. Morgan Asset Management, where he spent the past 16 years. His experience there included...



The Grapevine

Wed, 08 Apr 2020
Kevin Chang joined JLL&rsquo;s net-lease team in California&rsquo;s Orange County in late March. He is a director based in Newport Beach, reporting to senior managing director Sean Deasy. Chang previously worked at Matthews Real Estate, an El Segundo, Calif., brokerage where he spent five years, most recently as an associate. He is the second recent addition to JLL&rsquo;s Newport Beach office. As previously reported, Blake Bokosky joined the...



The Grapevine

Wed, 08 Apr 2020
CBRE added a five-person investment-sales team to its Cincinnati office at the end of March to handle office, industrial and retail deals in Ohio and Kentucky. Steve Timmel, Jeff Johnston and Chris Prosser joined as senior vice presidents, while Will Roberts was named a senior associate and Bridget Thompson is a client-services coordinator. They all previously worked together at Colliers...



The Grapevine

Wed, 08 Apr 2020
Lisa Strope joined TA Realty as a vice president and director of research this month. She previously held the same title at JLL, where she worked for nearly six years. Strope is based in the Boston fund operator&rsquo;s headquarters.



The Grapevine

Wed, 08 Apr 2020
Kimberly May joined Oaktree Capital of Los Angeles last week as a vice president of portfolio management. She spent the last three years as an asset manager at Boston-based Intercontinental Real Estate. Before that, she was an associate focused on asset management and acquisitions at fund shop CenterSquare Investment of Plymouth Meeting, Pa. She also has worked at TIAA. LT Executive Search arranged the...



The Grapevine

Wed, 08 Apr 2020
Leah Woogen joined San Francisco fund shop Carmel Partners last month as a vice president of asset management. She reports to Gabi Franco, senior vice president of asset management. Woogen is responsible for the firm&rsquo;s Northern California and Hawaii apartment portfolios. She previously held a similar role at Mill Creek Residential of Boca Raton, Fla., where she managed the firm&rsquo;s West Coast portfolio. Before that, she spent six years...



The Grapevine

Wed, 08 Apr 2020
MetLife Real Estate has hired Kevin Kawachi as an associate director of asset management. Kawachi, who started late last month, is based in Los Angeles. He previously spent more than 12 years at Paris-based Unibail-Rodamco-Westfield and predecessor Westfield, an Australian shopping-center REIT that was acquired by Unibail-Rodamco in 2018.



Office Trades Unraveling as Valuations Sink

Wed, 01 Apr 2020
As the coronavirus pandemic escalates, the wreckage in the investment-sales market for office properties is piling up.Increasing numbers of listings are being held back or pulled from the market, and even deals under contract are collapsing as job losses mount and the economic outlook worsens. Market pros suspect valuations are plummeting, too, but a lack of liquidity makes it hard to gauge to what extent.Even those still willing to transact are...



Apartment Owners Facing Revenue Squeeze

Wed, 01 Apr 2020
Spring normally brings apartment owners a boost in traffic, occupancy and rent growth, but market pros are instead bracing for a wave of rent delinquencies and revenue shortfalls as the coronavirus crisis puts many tenants out of work.The sudden surge of layoffs across many industries is expected to translate into widespread inability of renters to make the monthly payments that, in many cases, come due today. In response, many states and cities...



In Stalled Market, Slight Glimmers of Hope

Wed, 01 Apr 2020
Eyeing a mostly frozen investment-sales landscape, optimistic pros see some green shoots.They point to the relative safety of net-lease properties, the expected return of foreign buyers, and brokers making quiet pitches to select investors as positive signs that listings and deals, while sparse, will continue to emerge in the coming weeks.The launch of a sales campaign for an Apple store near Los Angeles, which could fetch $100 million, and the...



Dallas Trophy Coming, But When?

Wed, 01 Apr 2020
J.P. Morgan Asset Management has tapped JLL to shop a trophy office complex in Dallas &mdash; but amid the pandemic, it&rsquo;s unclear when it may hit the market.The offering would be for 1.3 million square feet at the Crescent mixed-use complex in the trendy Uptown neighborhood. The space includes 164,000 sf of upscale shops. The development also has a hotel that wouldn&rsquo;t be part of the listing.Before the coronavirus crisis hit, market...



Crisis Threatens DC Office Deals

Wed, 01 Apr 2020
Japanese investor Unizo Holdings has found buyers for two of five Washington office properties it listed last year, though market pros said the deals could unravel amid the global economic downturn.As of last week, Goddard Investment of Atlanta was still in line to buy the 332,000-square-foot Executive Building, at 1030 15th Street NW in Washington&rsquo;s East End submarket. Pricing was unavailable, but Unizo was seeking about $180 million...



Apple Store Listing Could Defy Crisis

Wed, 01 Apr 2020
Investors are getting a crack at an Apple store in Santa Monica, Calif. &mdash; a rare opportunity that could draw strong bids despite the pandemic&rsquo;s social and economic upheaval.The 18,000-square-foot property, along the usually heavily trafficked Third Street Promenade, is worth about $100 million. Newmark is representing the owner, KLM Equities of New York.At the estimated valuation, the initial annual yield would be in the mid-3% range....



Survey Highlights Gender Pay Gap

Wed, 01 Apr 2020
Preliminary results from an online survey of real estate investment professionals quantify what many in the industry recognize: women tend to earn less than men.The ongoing survey, administered by executive-recruiting firm TBG, so far has analyzed compensation data from more than 520 industry pros &mdash; about a fifth of them women. The bottom line: Female acquisition, development and capital-markets pros, asset managers and property managers...



Brooklyn Building Site Up for Grabs

Wed, 01 Apr 2020
A joint venture is marketing a waterfront development site in Brooklyn with an asking price of $165 million.The 2.5-acre parcel, at One Java Street in the burgeoning Greenpoint neighborhood, currently is occupied by a vacant warehouse. A buyer could raze the building and develop up to 645,000 square feet of commercial space. The asking price translates to about $255 per buildable foot.London investment manager JZ Capital and Brooklyn-based RedSky...



Equity Sought for Phila. Lab Project

Wed, 01 Apr 2020
A developer is seeking an equity partner for the construction of a life-science building in Philadelphia&rsquo;s University City neighborhood.University Place Associates wants to raise up to $60 million for a planned 268,000-square-foot office/laboratory property at 4101 Market Street. The local builder already has pre-leased about 30% of the space and is negotiating with a potential anchor tenant.An equity infusion of $50 million to $60 million...



Prodigy Lists Adjacent NY Offices

Wed, 01 Apr 2020
Prodigy Network, the embattled crowdfunding platform, is looking to sell two recently renovated office properties in Midtown Manhattan with a combined value of roughly $95 million.The adjacent 12-story buildings, totaling 90,000 square feet, are being marketed as a package by Newmark. The listing encompasses the 39,000-sf building at 331 Park Avenue South and the 50,000-sf property at 114 East 25th Street. The estimated valuation works out to...



NEW DEALS

Wed, 01 Apr 2020
Northern Virginia OfficesEquus Capital sold a 283,000-square-foot office building in Merrifield, Va., to a family office that paid $51.3 million in cash. Newmark closed the sale in the past two weeks for the unidentified buyer, which plans to take on a mortgage later. The building, at 8111 Gatehouse Road, is 92% occupied. Tenants include Inova, which leases 94,000 and operates a hospital campus a half-mile away. The Defense Health Agency leases...



Buyers Circle Indiana Rental Portfolio

Wed, 01 Apr 2020
Two apartment properties in Greater Indianapolis are being pitched to investors across the core to value-added spectrum.The properties, totaling 577 units, are worth an estimated $107 million combined, or $185,000/unit. CBRE is representing the owner, Inland Real Estate of Oak Brook, Ill.The listing includes a 384-unit complex in Indianapolis that was completed in 2014. At the estimated value of $71 million, a buyer&rsquo;s initial annual yield...



New Rentals in North Jersey on Block

Wed, 01 Apr 2020
A developer is marketing a nearly finished apartment building in an opportunity zone in Northern New Jersey.The 111-unit property, in Fairview, is expected to attract bids of about $50 million, or $450,000/unit. JLL is representing the unidentified seller.The four-story building, at 520 Cliff Street, is due to be completed in May. The pitch is that a buyer could close the deal before a temporary certificate of occupancy is issued and qualify for...



JV Pitches Renovated Offices in Ariz.

Wed, 01 Apr 2020
A Contrarian Capital partnership is marketing a recently renovated office building in suburban Phoenix worth about $36 million.The 149,000-square-foot Raintree Corporate Center 1, in Scottsdale, is 90.8% occupied. At the estimated value of $241/sf, a buyer&rsquo;s initial annual yield would be 7.6%.Newmark is marketing the property for Contrarian, of Greenwich, Conn., and its partner, Phoenix-based ViaWest Group. The broker is offering virtual...



SPOTLIGHT: Philadelphia-Area Office Properties

Wed, 01 Apr 2020
The coronavirus crisis is interrupting many sales efforts. Pros are waiting to gain clarity on the market, and for lenders to resume activity.Rubenstein Partners is shopping two Philadelphia-area properties as part of a 14-property national portfolio valued at roughly $2 billion, via JLL. They are the 1 million sf office portion of the Wanamaker Building in Philadelphia and the 473,000-sf Makefield Crossing complex in Yardely, Pa.The pending $18...



The Grapevine

Wed, 01 Apr 2020
Berkadia has poached two brokers from JLL to join its Orlando multi-family investment-sales team. Matt Wilcox and Brett Moss started about two weeks ago as managing directors, reporting to senior vice president Keith Misner. Wilcox spent six years at JLL as a managing director focused on multi-family sales across Florida, and before that was a senior vice president at Apartment Realty Advisors. Moss brings 13 years of experience. At JLL, he was a...



The Grapevine

Wed, 01 Apr 2020
A developer has suspended marketing for a garden-style apartment complex in Naples, Fla., in light of the coronavirus pandemic. The 304-unit Inspira, completed last year, was valued at more than $90 million, or about $300,000/unit. Local firm Stock Development had given the listing to Cushman & Wakefield. In an email to prospective buyers last week, Cushman said Stock would re-list the property &ldquo;as soon as conditions...



The Grapevine

Wed, 01 Apr 2020
Shannon Hill has left KBS Realty. Hill was a senior vice president of acquisitions in New York for KBS, a Newport Beach, Calif., investment manager. He had been at the firm for 15 years before stepping down in February. He earlier spent about 10 years at ING Realty of New York, and had a prior stint at Prudential Real Estate. Hill has told market pros he is co-founder of Next Cities Investments, which launched a few years ago to invest in Detroit...



The Grapevine

Wed, 01 Apr 2020
Seth Werbitt has joined APF Properties of New York as chief operating officer and head of real estate. He started in March. Werbitt most recently spent nearly two years as a vice president in J.P. Morgan&rsquo;s global real estate group, with a focus on asset management. Before that, Werbitt worked in New York for Houston-based Hines and New York-based Slate Property. At APF, he reports to principals Berndt Perl and Kenneth Aschendorf. The firm...



The Grapevine

Wed, 01 Apr 2020
Multi-family investment shop Casoro Group hired Jon Mendoza in March as a vice president of acquisitions. He was brought on with a mandate to help the Austin firm expand its Sunbelt portfolio to 20,000 units by the end of 2022. Casoro currently owns or manages apartment complexes, mainly in Texas, with 5,000-plus units. Mendoza reports to chief investment officer Chirag Hathiramani. He previously worked at New York real estate fund manager Abacus...



The Grapevine

Wed, 01 Apr 2020
Newmark has added an associate to its New York capital-markets team. Nader Shishechi, who started last week, will focus on multiple property types across the U.S. His duties include investment sales, equity and debt placement, loan sales, recapitalizations and development deals. He reports to the co-chairs of capital markets, Jordan Roeschlaub and Dustin Stolly. Shishechi previously worked at JLL, where he focused on investment...



Buyers Out of the Market as Crisis Deepens

Wed, 25 Mar 2020
Hopes that the coronavirus outbreak&rsquo;s impact on commercial real estate sales would be short-lived evaporated in the past week, as market pros began to hunker down for a slog that could last months.As lockdowns intended to slow the spread of the pandemic intensified across the nation, the realization has sunk in that what began as a logistical problem is taking deeper root. The issue is no longer simply that investors can&rsquo;t travel and...



Multi-Family Pros Looking Past Interruption

Wed, 25 Mar 2020
The coronavirus pandemic is complicating the sales process for apartment buildings, but market pros remain hopeful that strong fundamentals will allow the multi-family sector to weather the turmoil.Many apartment owners and brokers have postponed listings until they gain more clarity on how long the crisis will last and the extent of the economic damage. Some have pulled offerings from the market for fear of exposing residents and staff during...



Hotel Trading Seizes; Some Deals Collapse

Wed, 25 Mar 2020
The market for large hotel sales has frozen in the past week, as buyers and lenders pulled back from the property sector hit hardest by the coronavirus crisis.What looked a few weeks ago like a potential stall turned into a full stop. Most large listings were shelved. Some buyers walked away from deals, while others were scrambling to renegotiate prices &mdash; and to line up financing, even as lenders largely have shunned the sector.&ldquo;It...



For Xenia, 1 Deal Falters, 1 Proceeds

Wed, 25 Mar 2020
As Xenia Hotels & Resorts seeks to close two large hotel sales totaling some $585 million, it has run into an obstacle with one deal while the other appears to be holding together.Walton Street Capital appears to have decided to walk away from its agreement to pay Xenia $100.5 million for the 492-room Renaissance Austin Hotel. It&rsquo;s unclear whether Walton Street, a Chicago fund operator, had made a deposit. Eastdil Secured marketed the...



Student Apartments Bundled for Sale

Wed, 25 Mar 2020
Four student-housing complexes in separate states are on the block with an estimated combined value of $125 million.The portfolio encompasses 894 units with 3,090 beds. The properties, which are being pitched to value-added investors, are adjacent to universities in Indiana, North Carolina, New Mexico and Michigan. The owner, Pierce Education Properties of San Diego, has given the listing to Newmark.Investors can bid on individual complexes or...



Apartments Near Phoenix Available

Wed, 25 Mar 2020
A joint venture is shopping a garden-style apartment complex in suburban Phoenix.The 296-unit property, at 1260 East University Drive in Tempe, Ariz., is valued at about $85 million, or $287,000/unit. CBRE is representing the owner, a partnership between DiNapoli Capital of Walnut Creek, Calif., and Cruachan Capital of Salt Lake City.The complex, completed in 2016, is 97% occupied.The apartments range from studios to three bedrooms, with an...



La. Student Complex Offers Upside

Wed, 25 Mar 2020
A student-housing complex near Louisiana State University is being pitched as an opportunity to lift rents.The Exchange at Baton Rouge has 299 units with 898 beds. It&rsquo;s expected to fetch about $55 million, or $184,000/unit ($61,000/bed). The owner, a joint venture between San Diego-based Fairfield Residential and AIG Global Real Estate, has listed the property with Newmark.The property was 85.6% occupied as of January. Built in 2015, its...



Retail Center in SoCal on the Block

Wed, 25 Mar 2020
Gerrity Group is marketing a shopping center in California&rsquo;s Orange County as an opportunity for value-added investors.The 79,000-square-foot Gateway Center, in Mission Viejo, is 81% leased. Bids are expected to hit nearly $41 million. A sale at that valuation would translate to an initial annual yield of 5.85%. Gerrity, a Solana Beach, Calif., fund shop, has given the listing to JLL.The marketing campaign is touting the potential to lift...



Investors Sought for Ohio Project

Wed, 25 Mar 2020
The developer of a large mixed-use complex near the University of Cincinnati is looking for partners or buyers for portions of the project.The master-planned development, called District at Clifton Heights, is expected to cost up to $425 million. Trinitas Ventures of Lafayette, Ind., has completed the first phase, a 1,000-bed student-housing complex. Approvals are in place for a 400-unit apartment building, 200 units of senior housing,...



Simon Lists Retail Center Near Phila.

Wed, 25 Mar 2020
Simon Property is marketing a shopping center in suburban Philadelphia that could command bids of $45 million.Lincoln Plaza, in Langhorne, Pa., encompasses 273,000 square feet. At the estimated value, a buyer&rsquo;s initial annual yield would be in the vicinity of 6.75%. The Indianapolis REIT listed the property with JLL.The center is 88% leased, with a weighted average remaining lease term of five years.Raymour & Flanigan is the largest tenant,...



Equity Sought for Chicago High-Rise

Wed, 25 Mar 2020
A Time Equities partnership is looking to raise about $65 million of preferred equity to fund construction of a condominium tower in Chicago.The group led by the New York investment manager broke ground on the 450-unit project in November. The 72-story building, at 1000 South Michigan Avenue in the South Loop, will be among the tallest in Chicago when completed around yearend 2022. The estimated cost is $475 million.Time Equities and its minority...



Builder Lists Apartments in Virginia

Wed, 25 Mar 2020
A developer is pitching a luxury apartment building in Richmond, Va.The 212-unit property, at 505 Porter Street in the trendy Manchester neighborhood, could attract bids of about $50 million, or $236,000/unit. Berkadia is representing the owner, a joint venture between local developers CMB Development and Purcell Construction.The 10-story building, known as River&rsquo;s Edge at Manchester, was completed in 2018 and is 97% occupied. Units average...



NEW DEALS

Wed, 25 Mar 2020
NJ Offices Near PhiladelphiaNessel Development of Dallas paid $33.6 million for a 235,000-square-foot office park in the Philadelphia suburb of Mount Laurel, N.J. Newmark brokered the sale late last month. Liberty Walk at East Gate is 90% leased to nine tenants. The unidentified seller recently completed a fresh round of leasing, including signing Conrail to a 32,000-sf deal and extending a lease with Marlin Capital, which updated its space....



SPOTLIGHT: East Bay Office Properties

Wed, 25 Mar 2020
Sales in Oakland and surrounding California cities surged by 62% last year, to a record $3 billion, according to Real Estate Alert&rsquo;s Deal Database, putting the market in the top 10 nationally for the first time.The &ldquo;shelter-in-place&rdquo; order designed to curb the spread of coronavirus across the San Francisco Bay Area has put a freeze on property tours.Marketing campaigns are expected to be slowed down or paused, and new listings...



The Grapevine

Wed, 25 Mar 2020
Cushman & Wakefield has added a veteran apartment-sales team in Florida. The five-member group, led by vice chairmen Denny St. Romain and Jubeen Vaghefi, arrived last week from Walker & Dunlop. Also making the move were senior director Charles Crapse and directors Alex Kupp and Scott Peek. St. Romain and Vaghefi will work with vice chairman Robert Given and executive managing director Robert Kaplan to expand Cushman&rsquo;s sales and debt...



The Grapevine

Wed, 25 Mar 2020
Eric Spencer has joined GBT Realty of Brentwood, Tenn., as a vice president of investments and strategic planning. He started this month, relocating from Atlanta, where he was a vice president and head of asset-management analytics at Jamestown. He previously spent five-plus years at JLL focused on retail investment sales. GBT, led by George Tomlin, invests in retail and mixed-use properties...



The Grapevine

Wed, 25 Mar 2020
Acquisitions pro Joshua Kay joined Longpoint Realty as a vice president this month. He is based in the Boston headquarters of Longpoint, which targets value-added industrial and retail properties. Kay focuses on the Northeast and Mid-Atlantic regions. He previously was a vice president at Boston-based AEW Capital, where he spent five years. He earlier had a four-year stint at Evercore of New...



The Grapevine

Wed, 25 Mar 2020
Exeter Property hired Monica Khalid two weeks ago as head of investor relations and reporting for its multi-family division. Khalid was previously head of investor relations at Lurin Capital, a Dallas investment firm where she spent three years. At Exeter, she is working in the Conshohocken, Pa., firm&rsquo;s office in Addison, Texas. Khalid reports to Bryan Lamb, who heads Exeter&rsquo;s multi-family division. She also is working closely with...



The Grapevine

Wed, 25 Mar 2020
Blake Bokosky joined JLL this month as a senior director in the firm&rsquo;s Newport Beach, Calif., office. He handles office and industrial sales, reporting to senior managing director Sean Deasy. Bokosky previously spent four years at Newmark, where he was a managing director. He also has worked at CBRE and Marcus & Millichap.



The Grapevine

Wed, 25 Mar 2020
Executive-search firm Keller Augusta hired Ellen Haber earlier this month as a managing director to oversee its New York office. Her responsibilities include business development, implementing search strategy and developing candidates. She spent the last 23 years at rival recruiting firm Rhodes Associates, where she was a senior principal. Keller Augusta, founded in 2001, also has offices in Boston and Palm Beach,...



The Grapevine

Wed, 25 Mar 2020
JLL is looking to hire a vice president for its multi-family investment-advisory team in Philadelphia. The recruit would support the growth of JLL&rsquo;s multi-family sales business and provide analysis to the execution team, reporting to senior managing director Mark Thomson. Candidates should have at least five years of experience in the multi-family sector. Send inquiries to Heather Pushinsky at...



The Grapevine

Wed, 25 Mar 2020
Shorenstein Properties wants to add an analyst to the investment group based in its San Francisco headquarters. The position requires 1-3 years of experience in real estate valuation. The recruit would perform financial analysis and transaction support for acquisitions and asset management, reporting to the head of asset management. For more information, go to the careers section of...



Correction

Wed, 25 Mar 2020
A listing of high-yield funds that ran March 18 incorrectly identified the sponsors of New York City Property Fund 2. The value-added vehicle is co-managed by Nuveen Real Estate and Taconic Partners of New York, not Taconic Capital.



Investors Tap the Brakes on Fund Commitments

Wed, 18 Mar 2020
After several years of explosive growth, the market for high-yield real estate funds is slowing.The total amount of equity managed in closed-end funds fell for the first time since 2013, according to Real Estate Alert&rsquo;s 24th annual review of the fund industry. Other key metrics including the number of fund operators in the market and number of vehicles that held a final close also dipped.&ldquo;It does feel a little slower out there,&rdquo;...



Dealmaking Slows as Virus Crisis Intensifies

Wed, 18 Mar 2020
The coronavirus pandemic has begun to constrain commercial real estate activity, as restrictions on travel and access to properties combine with an increasingly grim economic outlook to slow sales and delay listings.Brokers and investors said transactions that weren&rsquo;t already far along were being put on hold. &ldquo;Once the current deals get decided, there will be nothing new until there is clarity,&rdquo; said one senior broker. &ldquo;So...



Fund Sector Shows First Signs of Slowdown

Wed, 18 Mar 2020
The amount of equity in high-yield real estate funds has leveled off following years of steady growth.While the number of vehicles in the market and total amount being sought remain historically high, the aggregate equity raised by active closed-end funds dropped 2% to $307 billion, according to Real Estate Alert&rsquo;s annual review of the fund industry. That&rsquo;s the first such decline since 2013.The review, contained in a 44-page...



Korean Buyer Strikes Houston Office Deal

Wed, 18 Mar 2020
KB Securities has emerged as the winning bidder for a Houston skyscraper at a price of $675 million, setting the stage for one of the biggest trades in the city’s history.A partnership between Calpers and Hines last week awarded the deal for the 1.1 million-square-foot building, at 609 Main Street, to the South Korean firm. The estimated value of $613/sf would translate to an initial annual yield of just over 5%. Cushman &amp; Wakefield is the...



PGIM Team Eyes Leasing Play in SF

Wed, 18 Mar 2020
A PGIM Real Estate partnership is poised to buy the San Francisco office property that e-cigarette maker Juul had planned to use for its headquarters.The Prudential unit and its partner, Madison Capital, are in exclusive negotiations to purchase the 346,000-square-foot building at 123 Mission Street. The price being discussed couldn&rsquo;t be learned, but when the property hit the block in December, it was expected to fetch roughly $400 million,...



Luxury Rentals in Jersey City Listed

Wed, 18 Mar 2020
LeFrak Organization is marketing four luxury apartment buildings in Jersey City, N.J., worth about $370 million combined.The adjacent buildings, about a half-mile from the Hudson River waterfront, have a total of 607 units that are 99% occupied. At the estimated valuation of $610,000/unit, a buyer&rsquo;s initial annual yield would be 4.2%. JLL is representing LeFrak, a family-run real estate developer in New York.The listing encompasses two...



Skanska Tops Bidding for Boston Site

Wed, 18 Mar 2020
Skanska USA has won a heated bidding contest for a &ldquo;shovel-ready&rdquo; development site in Boston&rsquo;s Back Bay neighborhood.Offers for the site, where insurer John Hancock planned a 625,000-square-foot office tower, are said to have topped $350 per buildable foot, or $219 million. The U.S. arm of Sweden-based Skanska edged out other high-profile developers such as local firm Related Beal, Tishman Speyer of New York and Oxford...



TerraCap Lifts Sights for 5th Fund

Wed, 18 Mar 2020
TerraCap Management is seeking to raise $400 million of equity for its fifth and largest value-added property fund.TerraCap Partners 5 would shoot for a return of 14-16%. With leverage, it could have some $1.2 billion of buying power.The Estero, Fla., fund operator buys apartment, office, light-industrial, hotel and mixed-use properties, typically investing $15 million to $30 million of equity per deal. It targets situations where troubled...



Office Properties Listed in Eastern Pa.

Wed, 18 Mar 2020
Two office properties in Eastern Pennsylvania are on the block with a combined valuation of about $50 million.Roch Capital of Glen Mills, Pa., has listed the 181,000-square-foot King of Prussia Business Center in King of Prussia, a Philadelphia suburb. And Franklin Realty Development of Blue Bell, Pa., is offering Saucon Valley Plaza, an 83,000-sf building in the Lehigh Valley area. Each property is expected to fetch about $25 million and deliver...



Shopping Center Near Phila. on Block

Wed, 18 Mar 2020
Sun Equity is marketing a grocery-anchored shopping center in suburban Philadelphia that&rsquo;s worth about $130 million.The 566,000-square-foot Greenleaf at Cheltenham, in Wyncote, Pa., is 90% leased, with a weighted average remaining term of 11.2 years. New York-based Sun Equity, which redeveloped the former mall in 2018, has given the listing to Marcus & Millichap&rsquo;s Institutional Property Advisors unit.Home Depot and ShopRite anchor the...



Builder Shows New South Fla. Rentals

Wed, 18 Mar 2020
A new garden-apartment complex is up for grabs in Florida.The 304-unit Inspira, in Naples, could attract bids north of $90 million, or about $300,000/unit. Local firm Stock Development has given the listing to Cushman & Wakefield.Completed last year, the luxury property is still in its initial leasing phase and is 89% occupied. The average unit encompasses 1,059 square feet and rents for $1,813, or $1.71/sf. The apartments have 1-3 bedrooms and...



Florida Coast Apartments Hit Market

Wed, 18 Mar 2020
Three Central Florida apartment properties near the Atlantic Ocean are being marketed to value-added investors.The three properties, totaling 594 units, are worth an estimated $95 million, or $173,000/unit. They&rsquo;re being marketed as a package, but investors may bid on individual properties or any combination. Marcus & Millichap&rsquo;s Institutional Property Advisors unit is representing the owner, Abacus Capital of New York.The portfolio...



JV Shops Lab Building Near Boston

Wed, 18 Mar 2020
A joint venture between Longfellow Real Estate and Bain Capital is offering a laboratory building in suburban Boston that has substantial vacancy.The 144,000-square-foot One Patriots Park, in Bedford, Mass., is just 66% occupied. The listing is expected to fetch bids of about $80 million, or $556/sf. The stabilized capitalization rate would be about 7.25%, assuming an existing tenant expands its footprint, or slightly more if new tenants are...



NEW DEALS

Wed, 18 Mar 2020
NJ Mixed-Use PortfolioFederal Realty Investment is expected to realize an initial annual yield in the high 4% range from its purchase of a majority stake in a Hoboken, N.J., mixed-use portfolio.The Rockville, Md., REIT this month bought a 90% interest in a 39-property package valued at $203 million. The unidentified local seller retained the minority interest. Newmark brokered the sale. While the properties are about 95% occupied, Federal Realty...



The Grapevine

Wed, 18 Mar 2020
The buzz is that Barings plans to extend its reach in closed-end real estate funds following the hiring this week of former Goldman Sachs executive Joe Gorin. Barings, the investment-management arm of MassMutual, named Gorin head of real estate portfolio management and value-added investing. He reports to John Ockerbloom, who joined last year as head of U.S. real estate equity. Gorin previously was co-head of the private real estate group of...



The Grapevine

Wed, 18 Mar 2020
Evercore has added a managing director to its real estate capital-advisory team. Mark Owen started work this month in the investment bank&rsquo;s New York headquarters, reporting to Bill Thompson and Jarrett Vitulli, who co-head the advisory unit. Owen previously spent 10 years at Eastdil Secured. Before that, he worked at Edens, a shopping-center developer in Columbia,...



The Grapevine

Wed, 18 Mar 2020
Acquisitions pro Michael Narciso landed at Hines this month as a director in the Chicago office of the Houston-based firm. He had joined Callahan Capital of Chicago in 2013 and remained on board following the firm&rsquo;s acquisition by Ivanhoe Cambridge in late 2018. At Callahan, Narciso was a director of investments focused on Chicago, Denver, Los Angeles and San...



The Grapevine

Wed, 18 Mar 2020
Zach Fox joined Midtown Capital of Miami last month as an acquisitions director. He previously focused on acquisitions as a vice president at Urstadt Biddle Properties, a Greenwich, Conn., REIT focused on grocery-anchored shopping centers. He was there for seven years. Midtown owns office, retail and residential properties in Florida.



The Grapevine

Wed, 18 Mar 2020
Investment shop Pacific Oak continues to expand its team. Jeremy Warren joined the Costa Mesa, Calif., firm this month as an investment analyst. He&rsquo;s focused on analysis and financial modeling both for acquisitions and asset management. Warren previously was a director at Faris Lee Investments of Newport Beach, Calif., where he worked for almost three years. KBS Capital alumni Keith Hall and Peter McMillan launched Pacific Oak in November...



The Grapevine

Wed, 18 Mar 2020
Catalyst Housing has hired a director to oversee government affairs and partnerships. Allison Arnold joined the Larkspur, Calif., shop this month as it looks to expand. The firm, founded in 2015 by Jordan Moss, develops, acquires, finances and manages workforce-housing properties throughout California. Catalyst recently was hired to advise the California Community Housing Agency, which formed last year to invest in affordable housing. Arnold...



The Grapevine

Wed, 18 Mar 2020
Executive-search startup Sighthound hired two more staffers last week. Shabnam Boettle came aboard as a partner, while Emma Neef joined as a principal. Boettle previously was a managing partner and head of real estate in North America at Sousou Partners of New York, where she worked for a year and a half until June 2017. She then launched her own recruiting business. Neef most recently was an associate at New York-based SG Partners. James...



Korean Group Eyes Chicago's Citadel Center

Wed, 11 Mar 2020
A South Korean syndicate has emerged as the leading candidate to acquire a trophy office tower in Chicago at a price of roughly $620 million.The unidentified group of investors has been in talks for the past few months to buy the 1.5 million-square-foot Citadel Center. A preliminary contract was signed, but market pros are divided on whether the deal is near closing.The seller is a partnership between Angelo, Gordon & Co. of New York,...



Coronavirus Seen Slowing Hotel Sales

Wed, 11 Mar 2020
The impact of the coronavirus crisis on travel is expected to stall sales of large U.S. hotels, as investors weigh the severity and length of the disruption.Conference cancellations, airline-schedule cuts and a pullback in business travel in recent days have delivered a wallop to hotel bookings. While the resulting empty rooms have yet to show up in hotel performance data, owners are bracing for the inevitable drop in revenues.Travel issues also...



And Delaying Pitches to Foreign Buyers

Wed, 11 Mar 2020
Just when falling hedging costs were bringing many Asian investors back into the competition for U.S. commercial real estate, coronavirus concerns have halted the trend.As a result, some would-be sellers are hesitating to bring out listings that would have strong appeal to those buyers, such as large Class-A properties in top markets. That could contribute to a dip in sales volume in the near term.&ldquo;I think you will see a delay in the launch...



Large DC Apartment Property for Sale

Wed, 11 Mar 2020
Equity Residential is pitching a Washington apartment complex as a rare opportunity to acquire a large value-added property in a supply-constrained market.The 625-unit building, at 3003 Van Ness Street NW, could draw bids of around $240 million, or $384,000/unit. The Chicago REIT has given the listing to CBRE.Built in 1970, the property has undergone only minor upgrades over the years. While it is subject to rent control, investors are being told...



Renovated Chicago Offices on Block

Wed, 11 Mar 2020
An Angelo, Gordon & Co. joint venture has listed a Class-A office tower in Chicago&rsquo;s West Loop that&rsquo;s been renovated and leased up in the last few years.The 487,000-square-foot building, at 200 West Jackson Boulevard, is expected to fetch bids in the vicinity of $150 million, or $308/sf. A sale at that price would produce an initial annual yield just under 6%.New York-based Angelo Gordon and its partner, White Oak Realty of Chicago,...



Suburban-DC Offices Available

Wed, 11 Mar 2020
A German fund operator is shopping a Class-A office complex in the Washington suburb of Chevy Chase, Md.The 247,000-square-foot Chase Tower, at 4445 Willard Avenue, encompasses a 12-story office building and a low-rise building with 18,000 sf of retail space. The listing is expected to attract bids of about $150 million, or $607/sf. Cushman & Wakefield is marketing the property for WealthCap of Grunwald, Germany.WealthCap acquired the property in...



Equity Eyed for Silicon Valley Project

Wed, 11 Mar 2020
A developer is seeking an equity partner to put up about $100 million for a San Jose office/apartment project.Bay West Development plans to construct 230,000 square feet of office space and 590 market-rate apartments next to a light-rail station, about 3 miles southwest of downtown. The estimated cost is $600 million. Newmark is contacting investors on behalf of the Campbell, Calif., developer.The project, called Bascom Station, is described as...



Site Available in Growing LA District

Wed, 11 Mar 2020
A development site is up for grabs in one of Los Angeles&rsquo; hottest office submarkets.The offering is for 3.6 acres at 3401 South La Cienega Boulevard, in the Culver City submarket. Bids are expected to hit $90 million. The owner, an unidentified wealthy family, has given the listing to Newmark.There are 1,144 self-storage units on the property, so a buyer would have steady income while drawing up redevelopment plans. Current zoning allows...



Noble Preps Core-Plus Hotel Fund

Wed, 11 Mar 2020
Hotel-focused fund shop Noble Investment wants to raise $500 million of equity for what would be its largest vehicle to date.The Atlanta manager has begun talking to investors about Noble Hospitality Fund 5-Income, a core-plus offering that would target a 12% return by acquiring select-service hotels with minimal need for capital expenditures. With leverage, the fund would have more than $1 billion of buying power.It is Noble&rsquo;s second...



Spear Street Snags Chicago Offices

Wed, 11 Mar 2020
Spear Street Capital has won the bidding contest for a downtown Chicago office tower, with an offer of around $225 million.The 651,000-square-foot building is at 225 West Wacker Drive, along the South Bank of the Chicago River in the West Loop. San Francisco-based Spear Street has agreed to pay roughly $346/sf to acquire it from Mirae Asset Global Investments. Cushman & Wakefield is the broker.The property is 96% occupied, but that&rsquo;s...



AIG Team Lists New Austin Offices

Wed, 11 Mar 2020
An AIG Global Real Estate partnership is marketing newly built offices in downtown Austin that could fetch up to $70 million.The building, at 310 Comal Street in the trendy East Side neighborhood, has 80,000 square feet of &ldquo;creative&rdquo; office space that is 91% leased by three tenants. Bids are expected to reach as high as $879/sf amid intense investor demand fueled by the city&rsquo;s booming technology sector. That would be among the...



Prologis Tees Up DC Office Building

Wed, 11 Mar 2020
Prologis is offering a Washington office building it just acquired via its purchase of Liberty Property.Up for grabs is the 176,000-square-foot Liberty Building, at 1129 20th Street NW in the Central Business District. Bids are expected to top $100 million, or $568/sf. Eastdil Secured has the listing.The 10-story building is 99% occupied, mostly by law firms, government-affairs groups and professional associations. The anchor tenant is the...



Clarion Shops Class-B Boston Offices

Wed, 11 Mar 2020
Clarion Partners is marketing a distinctive office building in downtown Boston that&rsquo;s expected to trade for roughly $100 million.The 157,000-square-foot One Liberty Square is 97% occupied, but on relatively short-term leases, providing an opportunity to lift below-market rents upon rollover. The estimated value works out to $637/sf. Newmark is representing New York-based Clarion.The Class-B property is considered a &ldquo;jewel box&rdquo;...



Value-Added Office Play in Maryland

Wed, 11 Mar 2020
A fund manager is marketing an office building in suburban Washington to value-added investors, highlighting the opportunity to lease vacant space to federal agencies.The 209,000-square-foot Calverton Tower, in Beltsville, Md., is just 67% occupied, well below the 96% average for other office properties nearby. The listing is expected to fetch bids of about $29 million, or $139/sf. That price would produce an initial annual yield in the vicinity...



Rentals in Suburban Atlanta Listed

Wed, 11 Mar 2020
A Carroll Organization partnership is marketing an apartment property in Sandy Springs, Ga., near Atlanta&rsquo;s upscale Chastain Park neighborhood.The 212-unit garden-style complex, on seven acres at 240 East Belle Isle Road, is expected to attract bids of around $47 million, or $222,000/unit. Walker & Dunlop is representing Atlanta-based Carroll, a multi-family fund shop, and its unidentified partner.The complex, called Arium Chastain, opened...



SPOTLIGHT: Chicago Office Properties

Wed, 11 Mar 2020
The market is picking up traction following last year&rsquo;s 61% slide in large sales. Already, $1.5 billion of deals have closed or are pending, matching 2019&rsquo;s full-year total.Buyers have shown a clear preference for high-quality, core offices and owners are responding in kind. So far, this year&rsquo;s pipeline is heavy on newer or updated properties that are well-leased.Downtown submarkets saw net absorption of 2.7 million square feet...



The Grapevine

Wed, 11 Mar 2020
Randal Howard has left multi-family broker Moran & Co. to start his own brokerage, Lion Real Estate. The McLean, Va., firm, which opened this month, is seeking to represent both sellers and buyers, with a focus on multi-family, retail and office properties. Howard joined Chicago-based Moran in 2009 as a managing partner, tasked with opening an office in Washington. He previously worked at Eastdil Secured and helped launch Keystone Realty Capital...



The Grapevine

Wed, 11 Mar 2020
Eastdil Secured has hired a vice president in New York. Harley Dalton started last week, joining an investment-sales team led by managing directors Gary Phillips and Will Silverman. Dalton previously worked at JLL, where she was a senior vice president focused on landlord and tenant representation.



The Grapevine

Wed, 11 Mar 2020
Investment firm PIA Residential hired two senior executives last week as it continues to shift its focus from single-family rentals to multi-family properties. James Shearer joined managing director of asset management, while David Stiller started as a senior acquisitions manager. Shearer previously founded Performance Asset Management of Jacksonville Beach, Fla. Stiller was director of acquisitions and dispositions at American Landmark...



The Grapevine

Wed, 11 Mar 2020
Chris Caltabiano joined Northwood Investors last month as a senior vice president in the firm&rsquo;s Denver headquarters. He previously spent four years at San Francisco-based Shorenstein Properties, where he was a senior vice president in New York. Before that, Caltabiano worked at AIG for nearly nine years in various asset-management roles. Northwood is led by former Blackstone real estate chief John...



The Grapevine

Wed, 11 Mar 2020
George Baker has left the real estate investment-banking team at JLL to join Cypress West Realty in a full-time role. Baker, who had been a senior advisor to the Aspen, Colo., shop since it formed in 2014, started last month as a director of acquisitions. He is focused on buying medical-office properties in the Central and Mountain regions and on capital-raising. Baker was at JLL for about five years. He previously had a stint at Capital Creek...



The Grapevine

Wed, 11 Mar 2020
Acquisitions pro Sean Fay has returned to Shorenstein Properties. He recently started in New York as a vice president covering the Eastern U.S. He joined from Boston-based TA Realty, where he logged four years. Before that, he spent a year and a half at San Francisco-based Shorenstein. His experience also includes stops at J.P. Morgan and Cabot Properties of...



The Grapevine

Wed, 11 Mar 2020
New York investment shop Somera Road added two staffers to its home office two weeks ago. Attorney Adam Kent joined the firm&rsquo;s legal team from private-equity shop Sovereign Capital of San Diego, where he served as in-house legal counsel for eight years. The other recruit is Andrew Ringie, who focuses on acquisitions and asset management. Ringie spent the last three-and-a-half years at Outlier Realty Capital of Bethesda, Md., where he was an...



The Grapevine

Wed, 11 Mar 2020
Ted Kakambouras joined Welcome Group this month as an acquisitions director. The Houston investment firm targets single-tenant office, lab, industrial and manufacturing facilities nationally. Kakambouras came aboard from Brookwood Financial of Beverly, Mass., where he spent a year as an assistant vice president. His prior experience includes stints at Colony Capital, Cushman & Wakefield and RMR...



The Grapevine

Wed, 04 Mar 2020
Veteran retail-property brokers Patrick Toomey and Tom Lagos decamped from JLL last month to join Marcus & Millichap&rsquo;s Institutional Property Advisors division. Both are executive directors based in the Los Angeles area, focusing on the Western U.S. and Hawaii. Toomey and Lagos each spent two years at JLL as executive vice presidents. They both have lengthy resumes that include a 10-year stint at CBRE for Toomey and a similar term at...



The Grapevine

Wed, 04 Mar 2020
Tony Ecker joined Montana Avenue Capital as director of asset management in the past few weeks. He is based in the value-added investment shop&rsquo;s Los Angeles headquarters. Ecker had been a senior director at CBRE Global Investors of Los Angeles, where he spent 22 years. Montana Avenue was founded in 2010 by Rockwood Capital alumnus Jeremy Rogers. The firm specializes in properties occupied by technology and life-science companies, with...



The Grapevine

Wed, 04 Mar 2020
Retail-focused fund shop Newport Capital has added Amanda Jacobson as a vice president and senior asset manager in its Chicago headquarters. She started about a month ago. Jacobson previously spent nearly nine years in the Chicago office of Boyd Watterson Asset Management, a Cleveland-based investment manager. She had prior stints at RREEF, Equity Residential and PricewaterhouseCoopers. Newport was founded in 2004 by managing principal Derrick...



The Grapevine

Wed, 04 Mar 2020
Michael Cohen joined fund shop CIM Group last month as an assistant vice president focused on hotel deals. He will work on acquisitions, asset management, operations and dispositions for the Los Angeles firm. He previously had a brief stint at RCLCO Real Estate of Bethesda, Md. Before that, he spent just over four years at Blackstone, where part of his focus was asset management and disposition of select-service...



Rental Renovation Play Pitched in Fla.

Wed, 04 Mar 2020
A South Florida apartment property is on the block as a value-added play.The 345-unit Del Oro, in the Broward County city of Plantation, is expected to attract bids of about $60 million. At that $174,000/unit valuation, the capitalization rate would be 5%. Newmark is representing Northland Investment of Newton, Mass., which has owned the property for more than 20 years.The garden-style complex, at 7001 NW 16th Street, was completed in 1973 and is...



SPOTLIGHT: San Jose/Silicon Valley Office Properties

Wed, 04 Mar 2020
Sales of large properties have been on an extraordinary run in recent years, exceeding the previous cyclical peak of $5.4 billion in five of the last six years, according to Real Estate Alert&rsquo;s Deal Database. Last year&rsquo;s tally of $8.2 billion was second only to the record $9.7 billion in 2015.Average valuations have soared by 78% since the last cyclical peak, the biggest jump of any major market nationally. But that blistering pace...



The Grapevine

Wed, 04 Mar 2020
The buzz is that industry veteran Kevin Traenkle, whose departure from Colony Capital was announced last week, plans to start his own investment shop. Market pros believe Traenkle could launch a business later this year after serving a gardening leave. He was executive vice president and chief investment officer of Los Angeles-based Colony, as well as chief executive and president of Colony Credit Real Estate, the firm&rsquo;s mortgage REIT. His...



The Grapevine

Wed, 04 Mar 2020
Two senior investment-sales brokers based in South Florida parted ways with Walker & Dunlop last month, about six months after moving over from JLL. Managing directors Jubeen Vaghefi and Denny St. Romain focused on property sales as well as equity and debt placement, primarily involving multi-family properties in South and Central Florida. There&rsquo;s no word on their next move. They joined Walker & Dunlop shortly after JLL completed its...



Apple-Leased Offices Shown in Calif.

Wed, 04 Mar 2020
A Pimco partnership is marketing an office/R&D property in Silicon Valley that is fully leased by Apple.The listing includes four adjacent buildings totaling 110,000 square feet at 10300-10460 Bubb Road in Cupertino, Calif., two miles from Apple&rsquo;s headquarters. Bids are expected to hit $72 million, or $656/sf. Pimco, of Newport Beach, Calif., and San Francisco-based Graymark Capital have given the listing to Cushman &...



Conn. Apartment Portfolio Offered

Wed, 04 Mar 2020
A portfolio of 45 older apartment buildings covering a two-block area in Hartford is on the market with an anticipated price tag of $65 million.The mostly contiguous buildings, in Hartford&rsquo;s West End neighborhood, have a total of 640 units where occupancy historically has hovered around 95%. The estimated valuation works out to $101,000/unit.The property is being marketed by Marcus & Millichap&rsquo;s Institutional Property Advisors and...



Phoenix-Area Rentals Up for Grabs

Wed, 04 Mar 2020
A suburban-Phoenix apartment complex worth about $60 million is being pitched to value-added investors.The 240-unit property, in Peoria, Ariz., is about 95% occupied. The anticipated sale price is equivalent to about $250,000/unit. CBRE is representing the owner, a joint venture among Wermers Properties and R&V Management, both of San Diego, and Loma Linda University Endowment.The complex, known as Enclave at Arrowhead, is within Peoria&rsquo;s...



Bay Area Office Complex in Play

Wed, 04 Mar 2020
A Calpers partnership is looking to sell a majority stake in a San Mateo, Calif., office complex worth about $200 million.The three-building property, called San Mateo Bay Center, has 308,000 square feet of Class-A space that&rsquo;s 92% leased. Newmark is marketing an ownership stake of 80-95% for Calpers and its partner, San Francisco-based Rubicon Point Partners. Bids are expected to value the complex at $649/sf.The property, 20 miles south of...



Lab-Conversion Play Near Boston

Wed, 04 Mar 2020
An office property in Cambridge, Mass., is being pitched as well-suited for conversion to laboratory space, which is in hot demand around Boston.The 89,000-square-foot building, in the West Cambridge submarket, is expected to draw bids of roughly $55 million, or $618/sf. Newmark is handling the listing for James Campbell Co. of Kapolei, Hawaii.The four-story property, called One Alewife Center, is 90% leased, with a weighted average remaining...



New South Fla. Apartments Available

Wed, 04 Mar 2020
A recently developed apartment complex in Florida&rsquo;s Palm Beach County is up for grabs.The 341-unit property, in Boynton Beach, could attract bids of about $100 million, or $293,000/unit. Owner LeCesse Development of Altamonte Springs, Fla., has given the listing to Newmark.LeCesse completed the six-story complex, called 500 Ocean, in 2018. The apartments are 95% occupied and the 20,000 square feet of commercial space is 81% leased to a mix...



Lower NY Hotel Pitched With Upside

Wed, 04 Mar 2020
A developer is pitching the leasehold interest in a two-year-old Manhattan hotel that offers the potential to boost revenue.The 298-room Moxy NYC Downtown is a boutique property at 26 Ann Street in the Financial District. It&rsquo;s expected to fetch bids in the vicinity of $125 million, or $419,000/room. A buyer could look to continue ramping up the hotel&rsquo;s performance and choose a strategy for its now-vacant 8,400 square feet of retail...



Keystone Shops Offices Near Phila.

Wed, 04 Mar 2020
Keystone Property is shopping an office complex in suburban Philadelphia that&rsquo;s expected to fetch about $140 million.Westlakes Office Park encompasses four buildings totaling 453,000 square feet in Berwyn, Pa. At the estimated valuation of $309/sf, the initial annual yield would be roughly 7%. Keystone, a Conshohocken, Pa., developer and investment manager, has given the listing to CBRE.The complex, at 1000-1235 Westlakes Drive, is 96%...



Swift Hits Equity Target for Fund 3

Wed, 04 Mar 2020
Swift Real Estate has raised $500 million of equity for its third value-added fund.The San Francisco manager achieved its capital-raising goal for Swift Real Estate Partners Fund 3, which held a final close six weeks ago. Swift began marketing the vehicle in late 2018 and already has deployed about a third of its equity. With leverage, the fund will have roughly $1.4 billion of buying power.Swift targets a 13-16% return via acquisitions of...



Builder Lists Corporate HQ in Chicago

Wed, 04 Mar 2020
Developer Sterling Bay is offering up the first office building completed as part of its Lincoln Yards mixed-use project in Chicago.The 207,000-square-foot property, at 1515 West Webster Avenue, is fully occupied as the headquarters of C.H. Robinson Worldwide. It&rsquo;s expected to fetch bids of roughly $120 million, or $580/sf. That valuation would produce an initial annual yield in the vicinity of 5%, in line with comparable sales in the city....



CIM Showing More Oakland Offices

Wed, 04 Mar 2020
CIM Group is shopping a 27-story Oakland office tower worth about $270 million, as the fund shop continues its efforts to capitalize on the surging market.The 538,000-square-foot building, called The Ordway, is at One Kaiser Plaza in the Uptown neighborhood. At the estimated value of $502/sf, a buyer&rsquo;s initial annual yield would be 5.1%. JLL has the listing.The Class-A property is 97% leased, but the marketing campaign is touting the...



Trophy Offices in Phila. on Block

Wed, 04 Mar 2020
Piedmont Office Realty has teed up a fully occupied, Class-A office tower in Philadelphia&rsquo;s Central Business District valued at around $340 million.The 801,000-square-foot building, at 1901 Market Street, is occupied by Independence Blue Cross on a long-term lease. At the estimated valuation of $424/sf, a buyer&rsquo;s initial annual yield would be about 5.9%. CBRE is brokering the offering for Piedmont, a Johns Creek, Ga., REIT.If bids...



NJ Office Listing Could Set Record

Wed, 04 Mar 2020
Mack-Cali Realty is shopping a Jersey City office tower that could fetch $450 million &mdash; a potential price record for New Jersey&rsquo;s Hudson River waterfront.The 1.4 million-square-foot building, at 101 Hudson Street in Jersey City, is just 75% leased, allowing a buyer to boost cashflow by increasing occupancy. Moreover, existing tenants pay below-market rents.At the estimated valuation of $334/sf, the initial annual yield would be under...



San Jose Office Listing in Record Territory

Wed, 04 Mar 2020
A USAA Real Estate partnership is marketing a San Jose office complex that could fetch $625 million, which would be the highest amount ever paid for an office property in the city.The property, called America Center, encompasses four Class-A office buildings and an amenities center totaling 893,000 sf. The offering also includes a land parcel with approvals for development of another 200,000 square feet of office space. The anticipated sale price...



Half of Real Estate Firms Plan More Hiring

Wed, 04 Mar 2020
A majority of private real estate firms in the U.S. plan to continue hiring this year, while most public REITs expect to maintain or trim their staff sizes, according to an annual survey by Ferguson Partners.Overall, exactly half of almost 300 respondents said they plan to increase staffing during 2020, in line with last year. But the gap between the expectations of public and private companies widened further. The executive-recruiting firm...



Large Office Portfolio Could Fetch $2 Billion

Wed, 04 Mar 2020
Rubenstein Partners is quietly shopping an 8.7 million-square-foot office portfolio valued at about $2 billion.The listing includes 14 properties, mostly in the Eastern U.S. from Boston to Atlanta, divided into two groups: eight properties totaling 5.8 million sf with a core-plus profile and six totaling 2.9 million sf that are suitable for value-added investors. Rubenstein, a Philadelphia fund shop, tapped JLL to market the portfolio to a...



The Grapevine

Wed, 04 Mar 2020
Net-lease advisory shop B+E this week hired Sam Wilson as a director in Atlanta. He will work on cell-phone tower and billboard deals, a new business line for the brokerage. Wilson joined from Landmark Dividend of El Segundo, Calif., and before that spent five years at TowerPoint of Atlanta. Both firms invest in telecommunications infrastructure and properties. Wilson reports to B+E chief executive Camille Renshaw, who launched the New York firm...



ON THE MARKET

Wed, 04 Mar 2020
OFFICEProperty: AmberGlen Corporate Center, 1400 & 1600 Northeast Compton Drive, Hillsboro, Ore.Size: 156,000 sf, 70% leasedEstimated Value: $30 million, $192/sfOwner: Swift Real Estate, San FranciscoBroker: JLLColor: Two-building complex in tech-heavy Portland suburb. Renovated in 2017. About 40% of the space is leased by Skyworks Solutions (eight years remaining) and Grass Valley (10 years). Overall weighted average remaining lease term is 5.8...



Two East Bay Office Deals to Set New Marks

Wed, 26 Feb 2020
Two office properties in Oakland are set to trade at record-breaking prices for the East Bay market, where demand is being fueled by rising rents and attractive valuations relative to San Francisco and Silicon Valley.TMG Partners has emerged from a crowded field of bidders with a deal to pay a Rockpoint Group partnership nearly $475 million for a 1 million-sf complex that has approvals for additional development. It would be the highest price...



Net-Lease Property Sales Set Record, Again

Wed, 26 Feb 2020
Sales of net-lease properties jumped 11% to a new high in 2019 &mdash; and brokers see no slackening of demand this year.Some $77.5 billion of net-lease office, industrial and retail properties changed hands last year, up from 2018&rsquo;s record $69.6 billion, according to a CBRE report to be released this week.The sector is benefiting from a confluence of factors. The overall increase in large property sales nationwide is boosting net-lease...



Recap or Sale Eyed for Chicago Skyscraper

Wed, 26 Feb 2020
A Chicago office trophy worth an estimated $900 million is coming into play.The 1.2 million-square-foot skyscraper, at 150 North Riverside Plaza, was completed three years ago by a joint venture between Riverside Investment & Development and Wanxiang America Real Estate. The partnership has tapped JLL to explore a recapitalization. The preference is to sell a 49% interest, but other offers, including for the entire property, would be considered.A...



Silvercup Mulls Recap of NY Studios

Wed, 26 Feb 2020
Silvercup Studios is considering selling a majority interest in a large portfolio of film- and video-production space in New York that could fetch bids north of $500 million.The New York company, led by brothers Alan Suna and Stuart Suna, is listening to offers on 23 studios at two locations in the Long Island City section of Queens and one in the Bronx. Eastdil Secured is advising Silvercup, which market pros expect would retain a minority...



Hong Kong Shop Pitching SF Offices

Wed, 26 Feb 2020
Gaw Capital USA is marketing a San Francisco office building that could command bids north of $200 million, as valuations continue to rise in the booming market.The 243,000-square-foot, Class-A property is at 555 Montgomery Street, in the North Financial District. It’s expected to fetch about $850/sf, or $206 million. Eastdil Secured has the listing.The 17-story building is 92% leased, with no tenant taking up more than 16% of the total space....



2 Rental Complexes Listed in Virginia

Wed, 26 Feb 2020
Chandler Residential is offering two Virginia apartment properties that are expected to fetch about $130 million combined.The garden-style complexes, about a mile apart in Fredericksburg, encompass 676 units that are about 95% occupied. At the estimated valuation of $192,000/unit, a buyer&rsquo;s initial annual yield would be roughly 5.5%. Chandler gave the listing to Berkadia, which is accepting bids on the properties separately or as a...



Waterfront Rentals Shown in South Fla.

Wed, 26 Feb 2020
An apartment property on the Intracoastal Waterway in Fort Lauderdale, Fla., is on the block with expectations that bids will come in around $130 million.Port Royale Apartments, a 553-unit complex at 3101 Port Royale Boulevard, is 95% occupied. At the estimated value of $235,000/unit, a buyer&rsquo;s initial annual yield would be about 4.5%. Cushman & Wakefield is marketing the property on behalf of Chicago fund operator Waterton.The complex...



Builder Shows Corporate HQ in Seattle

Wed, 26 Feb 2020
The developer of a fully leased Seattle office property that houses a corporate headquarters has put it on the market.The 183,000-square-foot building, at 200 Occidental Avenue South in the Pioneer Square neighborhood, was completed in 2016. Bids are expected to hit $160 million, or $962/sf. JLL is representing the owner, local developer Urban Visions.Timber giant Weyerhaeuser occupies all 166,000 sf of Class-A office space under a long-term...



San Diego Building Site On Market

Wed, 26 Feb 2020
A Lennar partnership is offering a development site in downtown San Diego that&rsquo;s approved for construction of up to 1.7 million square feet of mixed-use space.The 3.2-acre property, one block from the home stadium of the San Diego Padres baseball team, is valued at about $100 million. JLL is marketing the &ldquo;shovel-ready&rdquo; site for a partnership between Miami homebuilder Lennar and JMI Equity of La Jolla, Calif.The property, at 58...



Stanford Shops Life-Science Building

Wed, 26 Feb 2020
Stanford University is shopping the leasehold interest in a new Silicon Valley office building that&rsquo;s fully leased to a biopharmaceutical company, seeking to replicate the success of a similar sale last year.The 99,000-square-foot life-science property, in Palo Alto, Calif., is expected to fetch bids of about $110 million, or $1,100/sf. Eastdil Secured has the listing.The two-story building, completed in October, is at 3181 Porter Drive...



Equity Sought to Build Mexico Resort

Wed, 26 Feb 2020
A developer is seeking $300 million of equity to fund construction in Mexico of a Marriott-branded all-inclusive resort.The project, estimated to cost around $775 million, would encompass four hotels with 1,440 rooms on 220 acres. The oceanfront site is along the Riviera Nayarit on the Pacific Coast.Artha Capital of Mexico City has already acquired the land, secured approvals for the project and arranged for financing to cover about 60% of the...



New Rentals For Sale in Boca Raton

Wed, 26 Feb 2020
A developer is marketing a luxury apartment building in Boca Raton, Fla., that could fetch $180 million.The 398-unit property, at 5500 North Military Trail, was completed in 2018 and now is 94% occupied. The estimated value works out to around $452,000/unit. Cushman & Wakefield is representing the local developer, Altman Cos.The six-story building, called Altis Boca Raton, is on an 11-acre site and has an attached garage. The units have 1-3...



Large Tract in Vegas Up for Grabs

Wed, 26 Feb 2020
Investors are getting a crack at a large redevelopment site in Las Vegas valued at roughly $400 million.The 97-acre property, a few blocks from the Las Vegas Strip, is being pitched as an opportunity to continue collecting income from an existing mix of older buildings with office, warehouse, retail and entertainment space while laying the groundwork for a massive mixed-use complex. Developer Red Rock Resorts of Las Vegas assembled the parcels...



KBS Markets Silicon Valley Offices

Wed, 26 Feb 2020
KBS Realty is marketing two adjacent office buildings in San Jose that are fully leased by defense contractor Raytheon for at least another decade.The Class-A buildings, totaling 143,000 square feet, are at 100 Headquarters Drive and 200 Holger Way. Bids are expected to reach about $95 million, or $666/sf, which would produce an initial annual yield of 5.5%. CBRE is handling the sale for KBS, of Newport Beach, Calif.The exact amount of time...



California Agency Buys More Rentals

Wed, 26 Feb 2020
A state agency outbid private investors for a suburban-San Francisco apartment complex it plans to convert to affordable housing.California Community Housing Agency bought the 342-unit property, in Larkspur, Calif., for $222.5 million, or $651,000/unit. The seller was a joint venture between DWS Group, an asset-management arm of Deutsche Bank, and Maximum Real Estate of San Francisco. Eastdil Secured brokered the sale, which closed two weeks...



Blackstone Lists Rentals Near Boston

Wed, 26 Feb 2020
Blackstone is shopping a suburban Boston apartment property that&rsquo;s expected to appeal to value-added investors.The 256-unit Kimball Towers, in Burlington, Mass., could draw bids of around $80 million, or $312,500/unit. CBRE is representing the New York fund giant.The property, developed in 2006, encompasses two 10-story buildings flanking an attached 357-space garage. The studio, one- and two-bedroom units are 96% occupied. A buyer could...



Builder Offers 2 Boston Area Hotels

Wed, 26 Feb 2020
A developer is pitching two select-service hotels in Boston and Cambridge that are valued at about $160 million combined.Up for grabs is the 205-room AC Hotel Boston Downtown and the 123-room Fairfield Inn & Suites Boston Cambridge. The initial annual yield is projected to be 6.5%, based on the estimated valuation of about $488,000/room.XSS Hotels of Hooksett, N.H., which developed both properties, gave the listing to JLL. The broker is accepting...



SPOTLIGHT: Northern Virginia Apartment Properties

Wed, 26 Feb 2020
Sales of large properties soared 31% to $4.2 billion last year, according to Real Estate Alert&rsquo;s Deal Database. Amazon&rsquo;s plan to build a second headquarters in Arlington&rsquo;s Crystal City section is fueling investor demand for apartments.Average monthly rent rose by 2.7% during 2019, to $1,832, exceeding the five-year average annual growth rate of 2%, according to Newmark. The occupancy rate increased 40 bp, to 96%.The development...



The Grapevine

Wed, 26 Feb 2020
Rockpoint Group managing member Paisley Boney left the Boston fund shop two weeks ago. He spent 15 years as a member of the Rockpoint team that focuses on acquisitions and asset management in New York. The word is Boney is looking to launch his own firm. Before joining Rockpoint in 2005 as an associate, he worked in the real estate investment-banking group at Wachovia for two...



The Grapevine

Wed, 26 Feb 2020
Olivia John has ended a 13-year run at Blackstone, where she was a New York-based managing director focused on the multi-family sector. She left last week. Among other duties, John helped launch LivCor, a Blackstone portfolio company that owns and operates a 68,000-unit portfolio of apartment complexes in 22 states. After taking some time off, the buzz is John will start her own real estate investment...



The Grapevine

Wed, 26 Feb 2020
Hines has added a director in Chicago, focused on capital raising and client relationships in the central U.S. Lynette Mays, who started last month, reports to J.D. Sitton, senior managing director of capital markets for the Americas. Mays joined Houston-based Hines from Stoltz Real Estate, a Bala Cynwyd, Pa., fund operator where she worked on capital raising and investor relations. She previously worked at Newport Capital of...



The Grapevine

Wed, 26 Feb 2020
Acquisitions veteran Edward Oprindick joined Mandrake Capital of New York last month as a managing director. He was hired to build out a business that aims to develop single-family rentals in the Southeast and Southwest. Mandrake was formed last year by Benjamin Haefele and Joseph O&rsquo;Connor. Oprindick spent the past four years as a director at Sherman Capital of Charleston, S.C. He earlier logged 15 years at Hunt Cos. of El Paso, Texas, and...



The Grapevine

Wed, 26 Feb 2020
Deke Schultze joined Lionstone Investments last month as a vice president and client portfolio manager. He is working in the Boston area as a member of the Houston fund shop&rsquo;s capital-formation team, which handles capital raising and investor relations. He reports to co-founder Dan Dubrowski. Schultze previously spent 11 years at Rubenstein Partners of Philadelphia, most recently as a principal responsible for investments in New England....



The Grapevine

Wed, 26 Feb 2020
Sentinel Real Estate managing director Robert Bartlett retired last month. He had been with the New York investment shop for about nine years, working on capital raising and other duties. He previously was a marketing director at PRP Real Estate Investments of Washington, and had prior stints at GE Asset Management, Lend Lease Real Estate Investments and Equitable Real...



The Grapevine

Wed, 26 Feb 2020
Douglas Scott parted ways this month with ALTO Real Estate Funds of Hoboken, N.J. He spent four years as a senior vice president in the firm&rsquo;s Dallas office, where he oversaw asset management. There&rsquo;s no word on Scott&rsquo;s next move. His previous experience includes stints at CBRE, Parmenter Realty of Doral, Fla., and Weitzman Group of New...



The Grapevine

Wed, 26 Feb 2020
Michael Griffin has joined the investment team of Davis Cos., a Boston fund shop. He started two weeks ago as a senior associate responsible for originating and underwriting investment and development opportunities for the firm&rsquo;s value-added funds. Griffin previously worked at Westbrook Partners of New York, where he spent two-and-a-half years focused on acquisitions and asset management. At Davis, he reports to Quentin Reynolds, managing...



ON THE MARKET

Wed, 26 Feb 2020
RETAIL:Property: Village at Copper Mountain, 189 Ten Mile Circle, Frisco, Colo.Size: 98,000 sf, 97% leasedEstimated Value: $33 million, Yield: 6.75%+Owner: MMG Equity, Imperium Cos., Blue River Family OfficeBroker: JLLColor: Nineteen buildings at Copper Mountain ski resort, leased to restaurants, shops, breweries and office tenants. Leases on more than 60% of the space are backed by Powdr, owner of the resort. Those have a weighted average...



ON THE MARKET

Wed, 26 Feb 2020
RETAIL:Property: 3060 Fillmore Street, San FranciscoSize: 11,000 sf, 100% leasedEstimated Value: $26 million, Yield: 4.25%Owner: CenterCal Properties, El Segundo, Calif.Broker: NewmarkColor: Former grocery store repositioned as multi-tenant space, in Cow Hollow neighborhood. The tenants, Shake Shack, Rumble and Indie Superette, have long-term leases. Over 4,000 people live within a five-minute walk. They have an average age of 35 years and...



The Grapevine

Wed, 19 Feb 2020
Peter Casey left multi-family fund shop Interstate Equities last month. He was a director at the Los Altos, Calif., firm, which he joined in 2014. He raised capital for Interstate&rsquo;s funds and for individual deals. Casey had prior stints at J.P. Morgan and Birch Point Partners of Los Angeles.



The Grapevine

Wed, 19 Feb 2020
John Block has joined Bristol Group, an investment firm that targets industrial, self-storage and mixed-use properties nationally. He started this month in the value-added shop&rsquo;s San Francisco headquarters, with a focus on acquisitions and asset management in the Los Angeles and Denver markets. Block most recently spent a year-and-a-half at WeWork. He previously worked at Denver-based Black Creek Group, Eastdil Secured and...



The Grapevine

Wed, 19 Feb 2020
Danny Reddin joined AlixPartners this month as a vice president. He is working in Dallas for the New York-based firm. Reddin came from EB Arrow, a Dallas investment firm where he spent two years. He also has worked at San Francisco fund shop Merlone Geier Partners, HFF and CBRE.



The Grapevine

Wed, 19 Feb 2020
Mark Halford ended a nearly nine-year run at Hudson Advisors last month to join Hillview Capital as a managing director. The newly formed Dallas firm is focused on buying both stabilized and value-added properties in the South. At Hudson, also of Dallas, Halford was a senior vice president for portfolio management. He previously worked at Fortress Investment of New York and Lone Star Funds of...



The Grapevine

Wed, 19 Feb 2020
Shorenstein Properties wants to add a development pro to its team. The opening is for head of development services, based in the firm&rsquo;s San Francisco headquarters. It requires at least 10 years of experience. Responsibilities include all aspects of development projects, including evaluating acquisition targets, due diligence and oversight through the entitlement, design and pre-construction phases. The recruit also would work with the...



Upstate NY Rentals Ripe for Upgrades

Wed, 19 Feb 2020
Hampshire Properties is marketing an apartment complex in the Hudson Valley region of New York that could appeal to value-added investors.The 360-unit Village at Merritt Park is at 80 Jefferson Boulevard in Fishkill, about 65 miles north of Manhattan. It could draw bids of $100 million, or $278,000/unit. At that price, the buyer&rsquo;s initial yield would be roughly 5.5%. Brooklyn-based Hampshire has given the listing to JLL.The property...



DWS Buys Class-A Houston Offices

Wed, 19 Feb 2020
DWS Group has paid a J.P. Morgan Asset Management partnership about $115 million for a stabilized office building in Houston.The 250,000-square-foot property, called Kirby Grove, is at 2925 Richmond Avenue, in the Upper Kirby district. At the sale price of about $460/sf, market pros estimate an initial annual yield of roughly 5.75% for the buyer, the asset-management unit of Deutsche Bank. Cushman & Wakefield brokered the sale, which closed last...



The Grapevine

Wed, 19 Feb 2020
East End Capital has hired a managing partner to lead a West Coast push. Shep Wainwright joined the New York firm last month to open an office in California&rsquo;s Orange County. He will pursue value-added office deals in Southern California, San Francisco and Seattle. Wainwright previously was a senior vice president at KBS Realty of Newport Beach, Calif., where he had worked on acquisitions since 2013. He had a prior stint at New York fund...



The Grapevine

Wed, 19 Feb 2020
Timothy Franzen joined Chicago-based developer Akara Partners last month as chief operating officer and president of its property-management unit. He spent the last six years at AJ Capital, most recently serving as president of the Chicago firm&rsquo;s Graduate Hotels line. At Akara, he will oversee the build-out of a property-management platform to support two multi-family development programs &mdash; one geared toward millennials, the other...



The Grapevine

Wed, 19 Feb 2020
TruAmerica Multifamily has hired Ammanuel Metta to head a new office in Dallas. Metta, who started this week as a senior director of acquisitions, is tasked with leading the Los Angeles firm&rsquo;s push into Texas and the Midwest. He reports to acquisitions chief Matt Ferrari. Metta spent the last seven years at Price Realty of Addison, Texas. TruAmerica, founded in 2013 by Robert Hart, opened an office in Washington in 2016 to support its...



New Warehouse in Pa. on the Block

Wed, 19 Feb 2020
A development team is shopping a newly built warehouse in Pennsylvania&rsquo;s Lehigh Valley that could attract bids of $70 million.The 600,000-square-foot property, in Shoemakersville, was completed last year and is fully leased to two tenants. JLL is representing the developer, a joint venture between Charlotte-based Keith Corp. and Kiel Group of Bethlehem, Pa.The tenants are Ryder Integrated Logistics, which occupies 327,000 sf until 2025, and...



Leased-Up Denver Warehouse Listed

Wed, 19 Feb 2020
A developer is marketing a recently built and fully leased distribution center in Denver that&rsquo;s worth about $90 million.The 647,000-square-foot warehouse is in the Airport submarket. Bids are expected to come in around $140/sf. CBRE is marketing the property for United Properties of Minneapolis, which completed the building in 2017.Beverage Distributors Co. fully occupies the facility under a lease that has 12 years remaining. It pays rent...



Madison Fund Locks in $1.2 Billion

Wed, 19 Feb 2020
Madison International Realty last month held a final close for its seventh opportunity fund, with equity pledges totaling $1.2 billion.The New York firm began marketing Madison International Real Estate Liquidity Fund 7 at yearend 2017 with an equity goal of up to $1.5 billion.The manager, which targets a 20% return, acquires minority stakes in Class-A properties and portfolios in the U.S., the U.K. and other countries in Western Europe. It...



Mixed-Use Play in Greenwich, Conn.

Wed, 19 Feb 2020
An Acadia Realty partnership is shopping a newly renovated mixed-use property in tony Greenwich, Conn.The joint venture is offering two adjacent buildings, at 239 Greenwich Avenue and Two Elm Street, that encompass 21 fully occupied apartments and nearly 17,000 square feet of street-level and basement retail space. Bids are expected to come in around $47 million, which would translate to a 4.5% initial annual yield based on in-place net operating...



Fully Leased Charlotte Offices Listed

Wed, 19 Feb 2020
Stream Realty is looking to sell a newly renovated office building in Charlotte that is fully occupied by Wells Fargo on a long-term lease.The 358,000-square-foot property, at 300 South Brevard Street in the Uptown submarket, is expected to draw bids of up to $200 million, or $559/sf. That price range would produce an initial annual yield of up to 5.5%. Stream has given the marketing assignment to CBRE.Previous tenant AT&T pulled out in 2015,...



Lender Pitches Miami Building Site

Wed, 19 Feb 2020
A lender is offering a sizable development site in Miami&rsquo;s trendy Design District, seeking bids in line with the $180 million loan balance.The listing encompasses 14 parcels totaling 2.5 acres concentrated around Northeast 40th Street and North Miami Avenue. The property is zoned for at least 628,000 square feet of mixed-use space.Cushman & Wakefield is marketing the site for Apollo Commercial Real Estate Finance, which effectively took...



Atlanta Offices Have Leasing Potential

Wed, 19 Feb 2020
Dilweg Cos. is pitching a newly renovated office tower in Atlanta as a core-plus leasing play.The 670,000-square-foot building, at 101 Marietta Street, is 83% leased at below-market rents. It&rsquo;s expected to fetch bids in the vicinity of $220/sf, or up to $150 million. That would produce a 7% initial annual yield, which a buyer could lift by filling vacant space and increasing rents. CBRE is representing Dilweg.The Durham, N.C, investment...



California Apartment Portfolios Trade

Wed, 19 Feb 2020
Two rent-controlled apartment portfolios in California changed hands this month at a combined valuation of $292 million.In the larger deal, Prado Group and Rockpoint Group sold 11 properties in San Francisco, totaling 275 units, to three buyers for a total of about $175 million. Eastdil Secured and Colliers International brokered the sales for San Francisco-based Prado and Boston-based Rockpoint. The overall price translates to...



Rental Complex Up for Grabs Near DC

Wed, 19 Feb 2020
A suburban Washington apartment complex with a large, grocery-anchored retail component is on the market with an estimated value of $300 million.The Vienna, Va., property encompasses 628 units that are 95% occupied and 124,000 square feet of retail space that is 96% leased. The anticipated valuation would translate to $478,000/unit.JLL is marketing the property for a partnership between Mill Creek Residential of Boca Raton, Fla., and...



Retail Shop Moves Into Boston Rentals

Wed, 19 Feb 2020
An Israeli investment firm has struck a deal to buy a luxury apartment tower in Boston for north of $340 million &mdash; a record price for the city.Gazit Horizons, which previously focused mainly on retail properties, is under contract to purchase the 405-unit property at 180 Brookline Avenue, in the Fenway neighborhood. Newmark is brokering the sale for J.P. Morgan Asset Management and its local partner, Samuels & Associates.The building,...



Developer Offering Pieces of Miami Complex

Wed, 19 Feb 2020
A Hong Kong developer is shopping the office and hotel components of an upscale mixed-use complex in Miami&rsquo;s Brickell submarket that together could fetch bids of around $370 million.Swire Properties is separately marketing 263,000 square feet of office space and the 352-room East Hotel, both part of the 4.9 million-sf Brickell City Centre. Bids on the office property are expected to come in around $170 million, or $649/sf. The hotel could...



Land Sales Tick Up 4%; Cushman Top Broker

Wed, 19 Feb 2020
Commercial real estate brokerages closed $5.2 billion of large raw-land sales last year, a 4% increase from 2018.It was the third year in a row of growth in the sector, and brokers say the market for undeveloped parcels remains strong.Cushman & Wakefield was the top broker, representing sellers on $1.7 billion of last year&rsquo;s trades, for a market share of 33.4%. CBRE came in second, advising on $1.2 billion of sales, or 24% of the total. The...



Blackstone Gobbles Up More Industrial Space

Wed, 19 Feb 2020
Blackstone has agreed to pay CenterPoint Properties about $400 million for a portfolio of warehouses in the Chicago and Milwaukee markets.The package encompasses 27 buildings, totaling 5.9 million square feet, heavily concentrated along Interstate 94. The estimated sales price works out to about $68/sf.Eastdil Secured and Colliers International marketed the portfolio for CenterPoint, an industrial-focused investment manager in Oak Brook, Ill....



Sales Up 8% to Record; CBRE Stays on Top

Wed, 12 Feb 2020
Sales of large commercial properties rose 8% to a new high in 2019, with CBRE winning the crown as the nation&rsquo;s top broker for the third straight year.Some $305.9 billion of deals across the five major asset classes closed last year, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of $25 million or more. That was up from $283.4 billion in 2018 and surpassed the $284.3 billion record set in 2015.Growth in...



Blackstone, Brookfield Mull NY Tower Recap

Wed, 12 Feb 2020
The skyscraper at One Liberty Plaza in Manhattan&rsquo;s Financial District is in play.Brookfield Property and Blackstone have been quietly talking to investors in recent weeks about selling a partial interest in the 2.3 million-square-foot building. New York-based Brookfield owns 51% of the tower, with Blackstone owning the rest.The duo is seeking bids that would value the building at north of $1.6 billion, or about $680/sf. Blackstone bought...



Starwood Nabs Office Trophy in Nashville

Wed, 12 Feb 2020
A Starwood Capital vehicle has agreed to buy the office component of a premier building in Nashville for just north of $260 million, a record price for the market.The 362,000 square feet of Class-A space is in a two-year-old building at 222 Second Avenue South. Eastdil Secured is brokering the sale for the developer, a joint venture between J.P. Morgan Asset Management and Houston-based Hines.A wide pool of bidders pushed the price some $10...



Garden Complexes Bundled for Sale

Wed, 12 Feb 2020
Three apartment properties in high-growth markets are on the block with expectations that bids will land around $260 million.The package consists of garden-style complexes in Texas, Florida and Arizona, totaling 1,733 units, with an estimated value of roughly $150,000/unit. CBRE is marketing the properties for a partnership between Chicago-based Acre Valley Real Estate and BH Equities of Des Moines, Iowa.The properties are being marketed together...



New Rentals in Oakland Up for Grabs

Wed, 12 Feb 2020
A developer is offering a new luxury apartment building in Oakland that&rsquo;s expected to fetch about $190 million.Hanover Co. of Houston completed the 254-unit property last year and currently is finishing the lease-up phase, with about 90% of the units already occupied. The estimated valuation translates to $748,000/unit. Eastdil Secured has the listing.All of the apartments are market rate, and rents average $3,600, or $4.50 per square foot....



Green Street Acquiring REA

Wed, 12 Feb 2020
Green Street Advisors has agreed to acquire Real Estate Alert and its three sister publications from Harrison Scott Publications.Green Street&rsquo;s new chief executive officer, Jeffry Stuek Jr., will oversee the integration of HSP&rsquo;s news and data into Green Street&rsquo;s cloud-based platform. Green Street &mdash; a global real estate research, analytics and advisory firm headquartered in Newport Beach, Calif. &mdash; was acquired in...



UK Shop to Buy LA Office Property

Wed, 12 Feb 2020
U.K. investment manager Global Mutual has agreed to pay an Angelo, Gordon & Co. partnership $211 million for an office complex in Los Angeles.The 513,000-square-foot property, called Campus at Warner Center, encompasses two six-story buildings in the Woodland Hills neighborhood. At the negotiated sale price of $410/sf, Global Mutual&rsquo;s initial annual yield would be a little more than 6%. Newmark is representing New York-based Angelo Gordon...



Pension Pledges Slipped 5% in 2019

Wed, 12 Feb 2020
Pledges to commercial real estate vehicles from U.S. public pension systems fell 5% last year from 2018&rsquo;s post-crash peak &mdash; but the tally was still the second-highest on record.Pensions tracked by FPL Associates committed $47.3 billion to commingled funds and separate accounts in 2019. That was down from 2018&rsquo;s record of $49.6 billion, but 12% higher than the average annual total of $42.1 billion over the previous five...



Office Deals Pending Outside Boston

Wed, 12 Feb 2020
Two buyers have deals in place to acquire three office properties in suburban Boston worth about $500 million combined.Healthpeak Properties, an Irvine, Calif., REIT, has agreed to pay roughly $320 million for the Post, a 426,000-square-foot office, research and laboratory campus in Waltham, Mass. JLL is brokering the sale for a partnership between Anchor Line of Boston and Northwood Investors of New York.At the same time, Greatland Realty of...



Hotel Near SF Airport on the Block

Wed, 12 Feb 2020
Oracle is pitching the leasehold interest in a newly renovated, full-service hotel near San Francisco International Airport.The 476-room San Mateo Marriott San Francisco Airport is expected to fetch bids topping $400,000/room, or $190 million. Eastdil Secured has the listing.The software giant, headquartered nearby in Redwood City, Calif., paid $132 million, or $277,000/room, for the hotel in 2016, with plans to upgrade the property and use it to...



Retail Sales Keep Falling; Eastdil Regains Title

Wed, 12 Feb 2020
Sales of large retail properties fell 11% last year &mdash; the fourth consecutive annual decline &mdash; as Eastdil Secured bucked the trend and reclaimed the brokerage crown.Only $19.8 billion of properties worth at least $25 million changed hands in 2019, down from $22.1 billion the year before, according to Real Estate Alert&rsquo;s Deal Database. A collapse in mall sales helped drive the beleaguered sector to its lowest annual transaction...



LPs Lining Up for Albany Road Fund

Wed, 12 Feb 2020
Albany Road Real Estate held a first close last week on $170 million of equity for its third property fund.The Boston shop is seeking to raise a total of $250 million for Albany Road Real Estate Fund 3, which targets a return in the mid-teens. The manager mainly buys core and core-plus industrial and office properties in the Northeast, Southeast and Southwest. It also will consider value-added deals.With leverage, Fund 3 could have $750 million...



Amazon Warehouse for Sale in Mass.

Wed, 12 Feb 2020
A suburban-Boston warehouse that&rsquo;s fully leased to Amazon for &ldquo;last mile&rdquo; delivery is on the block.The 234,000-square-foot building, at 480 Sprague Street in Dedham, Mass., is expected to trade for around $44 million, or $188/sf. At that valuation, the initial annual yield would be in the vicinity of 5%.The seller, a joint venture between Boston-based Griffith Properties and Echo Bridge Partners of Wellesley Hills, Mass., has...



Calif. Offices Have Development Angle

Wed, 12 Feb 2020
An office complex in California&rsquo;s Orange County is being marketed as an opportunity to add a multi-family component.The 8.3-acre property, in Santa Ana, includes two office buildings totaling 317,000 square feet. The existing buildings are worth an estimated $83 million, though bidding could go higher depending on how investors value the expansion potential.Newmark is marketing the property for a partnership that includes C-III Capital of...



Investcorp Rolls Out Houston Offices

Wed, 12 Feb 2020
Investcorp is marketing a Class-A office building in Houston that could command bids of $72 million &mdash; a substantial discount to market expectations when it was on the block six years ago.The 466,000-square-foot property is 83.5% leased. At the estimated value of $155/sf, a buyer&rsquo;s initial annual yield would be 8.2%. Bahrain-based Investcorp has given the listing to JLL.The pitch is that the building, in the Westchase district, already...



Luxury Rentals Hit Market in Tampa

Wed, 12 Feb 2020
A luxury high-rise in downtown Tampa is on the block.The 324-unit building, in the burgeoning Channel District, is valued at about $113 million, or $350,000/unit. JLL is representing the owner, a partnership between Atlanta-based ECI Group and Tampa-based Mercury Advisors.The 22-story property, at 1115 East Twiggs Street, was completed in 2018 and is 94.4% occupied.Units range from studios to two bedrooms and average 911 square feet. They have...



Northern NJ Industrial Portfolio in Play

Wed, 12 Feb 2020
Investors are getting a crack at an 849,000-square-foot industrial portfolio in Northern New Jersey worth about $140 million.The listing encompasses 21 warehouses in the Meadowlands area with an average occupancy of 99%. The portfolio also includes four pieces of developable land. The owner, Tyron Management of Teaneck, N.J., gave the listing to CBRE, which is accepting bids on the entire package or any combination of properties.A buyer can...



SPOTLIGHT: Suburban Boston Office Properties

Wed, 12 Feb 2020
Sales of large office properties in Boston&rsquo;s Massachusetts suburbs hit a record $2.2 billion last year, up 18.5% from the previous year. Already, more than $900 million of deals have closed or gone under contract in 2020.Whether the brisk sales pace continues will depend largely on supply. Investor appetite remains strong, but the pipeline of potential offerings is thin.Buyers are drawn by the market&rsquo;s solid fundamentals. More offices...



The Grapevine

Wed, 12 Feb 2020
Details have emerged about a massive San Francisco apartment portfolio whose listing has touched off an affordable-housing spat. The package&rsquo;s 76 buildings, with a combined value of about $1.4 billion, are being jointly marketed by Eastdil Secured and Ackman-Ziff Real Estate, which in December began reaching out to select investors on behalf of a joint venture between local firm Veritas Investments and Baupost Group of Boston. The portfolio...



The Grapevine

Wed, 12 Feb 2020
Kevin Morgenroth has joined nascent investment shop Mandrake Capital as a managing director. He is focused on acquisitions and asset management for the New York firm, launched last year by managing partners Benjamin Haefele and Joseph O’Connor. Both previously worked for the real estate-investment arm of New York-based York Capital. Morgenroth formerly spent about seven years working in New York for Pimco, the Newport Beach, Calif., investment...



The Grapevine

Wed, 12 Feb 2020
KB Asset Management of South Korea purchased a trophy office property in Dallas last week for nearly $375 million &mdash; one of the biggest trades in the city&rsquo;s history. JLL advised the seller, Phoenix-based Red Development. KB acquired a condominium interest in a mixed-use property called The Union, in the Uptown neighborhood. The deal included 420,000 square feet of offices and 86,000 sf of retail space. Exact terms couldn&rsquo;t be...



The Grapevine

Wed, 12 Feb 2020
Carl Shorett joined AvalonBay Communities this month as a director of development, based in Seattle. He will help manage the Arlington, Va., apartment REIT&rsquo;s existing development pipeline and pursue new opportunities. He reports to senior vice president of development Brian Fritz. Shorett previously spent seven years at CBRE, most recently as a first vice...



The Grapevine

Wed, 12 Feb 2020
Dane Chodos started this month as an associate at IPI Partners. He is working in San Francisco for the Chicago investment manager, a joint venture between Iconiq Capital of San Francisco and Iron Point Partners of Washington. Chodos most recently worked at Digital Realty, a San Francisco REIT where he spent three years. His prior employers also include Barrington Capital of Newport Beach,...



The Grapevine

Wed, 12 Feb 2020
Alec Werner joined SHVO last month as a director of development at the New York firm. He reports to Garland deGraffenried, who joined in September as a managing director of development. Werner previously was an associate at New York-based Ceruzzi Properties for nearly four years. Executive-search firm Rhodes Associates recruited Werner and deGraffenried for SHVO. The firm, led by investor Michael Shvo, largely focuses on luxury residential...



The Grapevine

Wed, 12 Feb 2020
Luis Gonzalez joined Related Cos. as an analyst in Los Angeles this month. He is working on urban mixed-use development projects for the New York company. He previously worked at Eastdil Secured, where he spent nearly two years as an analyst in the brokerage&rsquo;s San Francisco office.



ON THE MARKET

Wed, 12 Feb 2020
OFFICEProperty: Cerritos Center Court, 1777 Center Court Drive, Cerritos, Calif.Size: 171,000 sf, 98% leasedEstimated Value: $46 million, $269/sfOwner: Blackstone (EQ Office)Broker: CBREColor: Class-A office building in downtown Cerritos, within Los Angeles County. The 18 tenants have a weighted average remaining lease term of 4.5 years. Eight-story property was completed in 2002. A $2.2 million renovation in 2018 upgraded common...



ON THE MARKET

Wed, 12 Feb 2020
MULTI-FAMILYProperty: Netherlands, 4300 Chestnut Street and Chester Plaza, 4605 Chester Avenue, PhiladelphiaSize: 186 units, 97% leasedEstimated Value: $41 million, $220,000/unit, Yield: 5%Owner: Brick Capital, New YorkBroker: JLLColor: Two buildings in University City neighborhood. Marketed as a package, but investors can bid on either the 109-unit Netherlands (average rent $1,345, built in 1909) or the 77-unit Chester Plaza ($1,042, 1925). Both...



ON THE MARKET

Wed, 12 Feb 2020
MULTI-FAMILYProperty: Signature Place, 600 West Grove Parkway, Tempe, Ariz.Size: 300 units, 95% leasedEstimated Value: $60 million, $200,000/unitOwner: Western Wealth, Vancouver, CanadaBroker: CBREColor: Complex of two-story buildings developed in 1996 on 24 acres. Apartments intermixed with 140 individually owned condominiums converted in 2006. Control of homeowner association will transfer with the sale of rental units. Pitch highlights...



Apartment Sales Up 4%; CBRE Keeps Crown

Wed, 05 Feb 2020
Sales of large apartment properties increased 4% last year to another all-time record, although second-half volume fell short of the year-earlier period.A total of $115.8 billion of multi-family properties traded in 2019, up from $111.4 billion the year before, according to Real Estate Alert&rsquo;s Deal Database. For the second year in a row, apartment trades of $25 million and up surpassed those of offices, traditionally the most-active...



Cambridge Rentals Could Fetch All-Time High

Wed, 05 Feb 2020
An AvalonBay Communities partnership is teeing up a multi-family complex in Cambridge, Mass., that could set a price record.The 528-unit property includes two buildings on adjacent blocks in the trendy East Cambridge neighborhood. Bids are expected to come in around $350 million, or $663,000/unit. At that price, a buyer&rsquo;s initial annual yield would be a little more than 4%.Walker & Dunlop is pitching the buildings as a package for...



Manhattan Hotel's Distressed Debt Pitched

Wed, 05 Feb 2020
The Manhattan hotel once billed as the &ldquo;Lullaby of Broadway&rdquo; is back for a repeat performance as a distress play.Colony Credit Real Estate is looking to sell a nonperforming $315.2 million package of senior and mezzanine debt backed by the leasehold interest in The Row, a 1,331-room hotel near Times Square that was formerly known as Milford Plaza.Eastdil Secured is marketing the debt, which can be acquired at a &ldquo;significant...



Blackstone Offering Calif. Resort

Wed, 05 Feb 2020
Blackstone is shopping a trophy resort in Southern California that&rsquo;s expected to fetch about $235 million.La Quinta Resort & Club, near Palm Springs, has 777 rooms, including 160 villas that are separately owned but operated and leased as part of the hotel&rsquo;s inventory. Blackstone has given the marketing assignment to Eastdil Secured.Hilton Worldwide currently manages the resort under its Waldorf Astoria luxury flag. But the McLean,...



Apollo Team Buying Mayflower Hotel

Wed, 05 Feb 2020
An Apollo Global partnership has agreed to pay roughly $175 million for Washington&rsquo;s historic Mayflower Hotel.The New York investment manager is teaming up with Tamarack Capital Partners of Santa Monica, Calif., to buy the 581-room hotel for about $301,000/room. The capitalization rate would be in the vicinity of 6.3%. Hodges Ward Elliott is brokering the sale for the owner, Rockwood Capital.The price is sharply lower than the $260 million...



Clarion, Lincoln Circle Offices in LA

Wed, 05 Feb 2020
Clarion Partners and Lincoln Property have agreed to pay about $170 million for a three-building campus on the Westside of Los Angeles that recently was converted to &ldquo;creative&rdquo; office space.The 152,000-square-foot property is at 5870-5890 West Jefferson Boulevard in Los Angeles, on the border of Culver City. Market pros say Clarion and Lincoln plan to expand the complex by adding 350,000 sf of space to capitalize on booming demand for...



Calif. R&D/Industrial Portfolio Listed

Wed, 05 Feb 2020
A DRA Advisors partnership is offering a portfolio of R&D, industrial and data-center properties in Silicon Valley that could fetch $190 million.The offering encompasses seven buildings totaling 648,000 square feet at two locations in Santa Clara, Calif. The estimated valuation would translate to $293/sf. Buyers are being told they could achieve a stabilized capitalization rate of 7.75% in four years by leasing up vacant space and raising...



Multi-Family Shop Pitches 10th Fund

Wed, 05 Feb 2020
Covenant Capital is seeking to raise $400 million of equity for its 10th apartment fund.The Nashville manager is shooting for a 16-18% return, primarily by acquiring value-added properties in large Mid-Atlantic and Southeast markets. Covenant historically has targeted aging multi-family complexes with an eye toward bringing them up to an institutional-quality level. Including leverage, Covenant Apartment Fund 10 would have some $1.1 billion of...



Portland, Ore., Offices Up for Grabs

Wed, 05 Feb 2020
Investors are getting a crack at a Class-A office building in downtown Portland, Ore., that&rsquo;s expected to command bids of about $160 million.The 19-story property encompasses 418,000 square feet at 200 Southwest Market Street. Local player Russell Development and its partner, Cambia Health of Portland, Ore., have given the listing to Eastdil Secured.The building is 90% occupied, and leases on 75% of the space mature in the next five years....



Granite Lists North Dallas Offices

Wed, 05 Feb 2020
Granite Properties is pitching an office building in suburban Dallas to value-added investors.The 614,000-square-foot Spectrum Center, in Addison, Texas, is 80% leased. Bidding is expected to reach $135 million, or $220/sf. JLL is marketing the property for Granite, a Plano, Texas, investor and developer.The marketing campaign highlights the potential for a buyer to boost income by leasing up the vacant space and raising rents upon rollover....



Industrial Portfolio in Mass. on Block

Wed, 05 Feb 2020
An Investcorp partnership is shopping a 1.1 million-square-foot industrial portfolio in Massachusetts that could fetch $105 million.The offering includes six buildings that are 96.8% leased. At the estimated value of $95/sf, a buyer&rsquo;s initial annual yield would be 5.75%. CBRE is shopping the portfolio for Bahrain-based Investcorp and Condyne Capital of Braintree, Mass.The portfolio has 18 tenants with a weighted average remaining lease term...



REIT Markets NJ Rental Property

Wed, 05 Feb 2020
Roseland Residential is offering a Central New Jersey apartment complex that is expected to draw bids of about $51 million from value-added investors.The 200-unit Riverwatch Commons in New Brunswick is 93% leased. At the estimated value of $255,000/unit, a buyer&rsquo;s initial annual yield would be 5%. JLL is representing Roseland, a Parsippany, N.J., REIT managed by Mack-Cali Realty of Jersey City, N.J.The property encompasses two three-story...



Philadelphia Shopping Center in Play

Wed, 05 Feb 2020
A shopping center in Northeast Philadelphia is on the block with an estimated value of $81 million.The 500,000-square-foot Northeast Tower Center, at 4640 Roosevelt Boulevard, is 99% leased. A sale at the anticipated price would produce an initial annual yield in the vicinity of 5.75%. Marcus & Millichap&rsquo;s Institutional Property Advisors unit is marketing the property for Paramount Realty Services of Lakewood, N.J.The shopping center is...



JBG Team Shops Washington Offices

Wed, 05 Feb 2020
A JBG Smith partnership is marketing a Class-B office building in Washington that&rsquo;s valued at roughly $100 million.The 218,000-square-foot property, at 1101 17th Street NW, is 85% occupied. It is being pitched as an opportunity to fill vacant space and lift below-market rents as leases expire. The estimated valuation translates to $459/sf.JBG, of Chevy Chase, Md., and its partner, Canada Pension Plan, gave the listing to Cushman &...



Suburban DC Medical Offices for Sale

Wed, 05 Feb 2020
A cluster of medical-office properties next to a new hospital in Washington&rsquo;s Maryland suburbs is being marketed as an opportunity to increase rents.The 168,000-square-foot portfolio, in Silver Spring, encompasses five buildings that are fully occupied. They&rsquo;re being offered as a package, with expectations that bids will reach around $42 million, or $250/sf. That price would indicate an initial annual yield in the vicinity of 6.5%....



SPOTLIGHT: Manhattan Apartment Properties

Wed, 05 Feb 2020
Manhattan sales totaled just $3.6 billion last year, down from $6.9 billion in 2018. The second-half volume of $2.1 billion was the lowest since 2011, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of $25 million and up.The 50% decline in sales followed the imposition of tighter restrictions on landlords. A new state law severely limits owners&rsquo; ability to convert rent-stabilized units to market rates, effectively...



The Grapevine

Wed, 05 Feb 2020
Bids for San Francisco&rsquo;s Transamerica Pyramid Center have topped $675 million, and the buzz is that a partnership led by New York investor Michael Shvo is out front. But insurer Transamerica, owner of the iconic 48-story tower and two companion buildings, has yet to make a final decision on a buyer. Other finalists remain in the mix, including a joint venture that includes Ashkenazy Acquisition of New York. JLL is advising...



The Grapevine

Wed, 05 Feb 2020
Industrial specialist Andrew Briner joined Newmark in Los Angeles last week as the firm continues to expand its footprint in the booming warehouse sector. Briner is an executive managing director working on industrial sales across the Western U.S. He reports to Kevin Shannon, the firm&rsquo;s co-head of capital markets. Briner moved over from JLL, where he was a managing director. He previously worked at HFF, CBRE, Cushman & Wakefield and Lee &...



The Grapevine

Wed, 05 Feb 2020
Taconic Investment has tapped Rick Lapidos to oversee asset management for its multi-family portfolio. He started at the New York firm last month, reporting to co-chief executives Charles Bendit and Paul Pariser. He previously had a short stint at Delshah Capital of New York, where he was a senior vice president of asset management. Before that, he spent five years as a vice president at Carmel Partners of San Francisco and a decade at New...



The Grapevine

Wed, 05 Feb 2020
Tishman Speyer has hired a director at its New York headquarters. Jake Tworecke joined last month to work on portfolio management for the firm&rsquo;s investment funds. He reports to managing director Julie Lurie. Tworecke spent the past three-and-half years as director of acquisitions at Elion Partners, a Miami fund operator. He had prior stints at Realty Finance, a New York REIT focused on debt investments, Brookfield Asset Management and...



The Grapevine

Wed, 05 Feb 2020
Acquisitions pro John Hinkle has switched firms. He started this month at Brookfield Asset Management as a vice president of investments in Washington. He moved over from San Diego-based Fairfield Residential, where he was senior vice president of acquisitions. Hinkle previously had stints at Oakwood Worldwide of Arlington, Va., and Associated Estates, a Richmond Heights, Ohio, apartment...



The Grapevine

Wed, 05 Feb 2020
Lauren Rickert joined Tryperion Partners last month as an associate handling acquisitions. She is based in the investment firm&rsquo;s Los Angeles headquarters. Rickert most recently spent three years as an associate at Eastdil Secured. Her experience also includes a four-year stint at GE Capital. Tryperion invests on behalf of foundations, family offices and wealthy individuals, primarily targeting value-added investments in Western and...



The Grapevine

Wed, 05 Feb 2020
Berkadia wants to hire a senior real estate analyst for its New York headquarters. Candidates should have five years of experience in either investment sales or real estate finance. Duties would include financial modeling and supporting the brokerage&rsquo;s structured-capital group. Resumes can be sent to Emma Petersen at emma.petersen@berkadia.com.



Industrial Sales Soar; CBRE Wins Broker Title

Wed, 29 Jan 2020
Sales of large industrial properties shot up 38% last year &mdash; setting a record for the third year in a row &mdash; while CBRE remained the dominant broker.An eye-popping $42.5 billion of warehouses worth at least $25 million changed hands in 2019, according to Real Estate Alert&rsquo;s Deal Database, up from $30.7 billion the year before. It marked the fifth consecutive year that sales volume exceeded the $17 billion high-water mark set at...



Core Midtown Manhattan Offices Hit the Block

Wed, 29 Jan 2020
J.P. Morgan Asset Management is marketing a fully leased office building in Manhattan&rsquo;s tony Plaza District with an estimated value of up to $550 million.The 590,000-square-foot property, at 125 West 55th Street, is being pitched as a core play. Anchor tenants Macquarie Group and iHeartMedia each lease some 240,000 sf and have seven years of remaining term.At the estimated value of $930/sf, a buyer&rsquo;s initial annual yield would be just...



Australian Firm Buying Bundle of US Hotels

Wed, 29 Jan 2020
Australian investment manager iProsperity is making its first foray into the U.S. hotel market with an agreement to pay roughly $485 million for seven boutique properties.The firm has emerged the winner in a bidding contest for a 1,124-room portfolio of Kimpton hotels, scattered across the country. Newmark is brokering the sale on behalf of Xenia Hotels & Resorts of Orlando. The pricing works out to about $431,000/room. If completed, the trade...



Apartment Buildings in NY on Block

Wed, 29 Jan 2020
An AIG joint venture is shopping two Manhattan apartment buildings worth about $375 million combined.The offering encompasses the 417-unit Victory, at 561 10th Avenue in the Hell&rsquo;s Kitchen neighborhood, and a 208-unit building at 345 East 94th Street, on the Upper East Side. The estimated value translates to about $600,000/unit.AIG and local developer Fetner Properties gave the listing to Newmark, which is accepting bids on the buildings...



Lower Manhattan High-Rise Shown

Wed, 29 Jan 2020
Metro Loft Management is offering a Lower Manhattan apartment tower that could fetch $250 million.The 416-unit building, at 116 John Street, is 97% occupied. At the estimated value of $601,000/unit, a buyer’s initial annual yield would be roughly 4.25%.Metro Loft, headed by local investor Nathan Berman, gave the listing to Eastdil Secured.The pitch is emphasizing that all of the building’s units charge market rents. Therefore, it isn’t...



Office-Leasing Play Listed in San Jose

Wed, 29 Jan 2020
A PCCP partnership is marketing a recently completed San Jose office complex that&rsquo;s just two-thirds leased.The offering encompasses 369,000 square feet in two Class-A buildings in the North San Jose submarket, adjacent to a planned Google campus. It&rsquo;s expected to fetch bids of about $195 million from value-added investors who would look to finish leasing up the property. Eastdil Secured has the listing.At the estimated value of...



Orlando-Area Rental Portfolio for Sale

Wed, 29 Jan 2020
A local developer is shopping four Orlando-area apartment properties with a combined value of roughly $260 million.The 1,088-unit portfolio is being pitched as an opportunity to acquire recently developed properties in a market with strong job and population growth. The estimated pricing works out to about $240,000/unit. Walker & Dunlop is representing the owner, NM Residential of Maitland, Fla. NM is run by president Michael Niederst.The two...



Bank Seeks NY Sale-Leaseback Deal

Wed, 29 Jan 2020
Morgan Stanley is quietly shopping an office condominium in Midtown Manhattan where its investment-management division is headquartered.The bank would continue to fully occupy the approximately 553,000 square feet of space at 522 Fifth Avenue. The sale price would hinge in part on the terms of the sale-leaseback deal. But sources said the offering could attract bids of about $350 million, or $630/sf. CBRE is brokering the sale for Morgan...



Santa Monica Luxury Hotel Available

Wed, 29 Jan 2020
In a rare listing for the Santa Monica, Calif., hotel market, the leasehold interest in a luxury property is on the block.Bids for the 175-room JW Marriott Santa Monica Le Merigot are expected to reach $210 million, or $1.2 million/room. JLL is representing the owner, Columbia Sussex of Crestview Hills, Ky.The investment firm has owned the hotel since it opened 20 years ago. The property is being offered unencumbered by brand and management...



Firm's New Fund Is Largest Yet

Wed, 29 Jan 2020
Edge Principal has held a final close for its fourth property fund, which raised a total of $560 million of equity.The New York shop wrapped up capital raising last month for Edge Principal Investments 4, which focuses on opportunistic and value-added properties across the U.S. The fund held an initial equity close in June 2018 with just over $300 million and already has deployed about a quarter of the total. With leverage, it will have some $2...



Hotel Sales Down 20%; JLL Tops Broker Ranking

Wed, 29 Jan 2020
Hotel sales fell 20% last year as buyers grew wary of slowing revenue growth &mdash; but an overhang of pending deals and a fresh crop of listings promise to get this year off to a strong start.A total of $17.9 billion of large hotels changed hands during 2019, down from $22.3 billion the previous year and closer to 2017&rsquo;s tally of $17.2 billion. In the decade since the economic recovery began, the sector&rsquo;s sales volume has bounced up...



CBRE: Slight Movements in Cap Rates

Wed, 29 Jan 2020
Capitalization rates remained &ldquo;broadly stable&rdquo; in the second half of 2019, with modest tightening in the most-active sectors, according to CBRE.Initial annual yields for offices, industrial properties and multi-family assets all ticked down, while they were nearly flat for hotels. For retail properties, cap rates for strip centers and &ldquo;high street&rdquo; space were mostly unchanged, but slightly lower pricing on power centers...



Houston Offices Have Leasing Upside

Wed, 29 Jan 2020
A Contrarian Capital partnership is marketing a downtown Houston office complex that&rsquo;s one-third vacant, touting the opportunity to lease up space.The 509,000-square-foot property consists of two distinctive buildings, constructed in 1927 and 1941, that fill a block in the Central Business District. Bids are expected to reach about $65 million. JLL is marketing the property for Contrarian, of Greenwich, Conn., and an unidentified local...



Embarcadero Marketing Sixth Fund

Wed, 29 Jan 2020
Embarcadero Capital is seeking to raise $150 million of equity for its sixth value-added fund.The vehicle, Embarcadero Capital Investors 6, would continue the Belmont, Calif., shop&rsquo;s strategy of investing mostly in office and research-and-development properties on the West Coast. Embarcadero typically targets properties in need of renovation, redevelopment or repositioning.Fund 6 will target a 14% return. With leverage, it would have some...



2 Bronx Sites Pitched for Apartments

Wed, 29 Jan 2020
Two multi-family development sites in the Bronx, N.Y., are on the block in separate listings with a combined value of about $70 million.Both properties are in the Mott Haven neighborhood, which has seen a wave of redevelopment in recent years. JLL is representing the owners, unidentified wealthy individuals.One listing is for a 45,000-square-foot parcel at 120 East 144th Street that could accommodate a rental or condominium project of up to...



San Diego Rental Portfolio Available

Wed, 29 Jan 2020
A local developer is shopping seven luxury apartment properties in downtown San Diego with a combined value of roughly $140 million.The portfolio, which is being pitched to core investors, encompasses 222 units and 33,000 square feet of retail space. The properties, most of them built or redeveloped in the past few years, are 98% occupied on average.The owner, Jonathan Segal, has given the listing to Berkadia, which is accepting bids on...



Builder Offers Rental Complex in Ga.

Wed, 29 Jan 2020
A local developer is shopping a newly built apartment complex in Augusta, Ga., that is expected to attract bids of $57 million.The 260-unit Residence at Riverwatch, at 205 River Place, was completed last year and is 95% leased. At the estimated value of $219,000/unit, a buyer&rsquo;s initial annual yield would be just under 5%. The owner, Columbia, S.C.-based InterMark Management, has given the listing to Walker & Dunlop.The garden-style complex,...



SPOTLIGHT: Central/Northern Florida Apartments

Wed, 29 Jan 2020
Sales continued at a historically high level last year, with deals of $25 million and up totaling $8.8 billion, according to Real Estate Alert&rsquo;s Deal Database. It was the third year that sales surpassed the last cycle&rsquo;s peak of $6.5 billion in 2005.Rent growth is on a tear. Rents are projected to climb 5.7% in Tampa and 6.4% in Orlando this year, according to Marcus & Millichap. Jacksonville saw average rents rise 4.5% during the 12...



The Grapevine

Wed, 29 Jan 2020
Veteran placement agent Thomas Mizo is retiring from JLL this week. The senior managing director joined HFF in 2004 to help launch HFF Securities, a capital-raising and investment-banking unit based in Los Angeles. JLL, which bought HFF in July, continues to operate HFF Securities under that name. Mizo was previously a founding partner of Chadwick Saylor, a boutique investment-banking firm in Los...



The Grapevine

Wed, 29 Jan 2020
Greystone is expanding the reach of its brokerage operation via a partnership with apartment specialist Rittenhouse Realty of Philadelphia. The joint venture, called Greystone Rittenhouse Realty, will seek multi-family assignments on the Eastern Seaboard. The plan is to open additional offices. Rittenhouse Realty, which focuses on the Northeast Corridor, is led by managing partners Ken Wellar and Corey Lonberger. In addition to its brokerage...



The Grapevine

Wed, 29 Jan 2020
Opportunity-zone investor RevOZ Capital has added two directors to its team. Anthony Vu and Chris Banholzer both joined the Newport Beach, Calif., firm last month. Vu is focused on identifying investments for a RevOZ vehicle targeting development projects in federal opportunity zones. He reports to managing director Ryan Parkin. Vu previously spent eight years at New York investment shop Thor Equities, where he was a director of acquisitions....



The Grapevine

Wed, 29 Jan 2020
Kelly Nealis joined CIM Group this month as an associate vice president on the investment team. She is based in the investment manager&rsquo;s Los Angeles headquarters. Nealis most recently had a brief stint at the Port Authority of New York and New Jersey. Before that, she was an assistant vice president for acquisitions at PGIM Real Estate, where she spent nearly six years. She also spent two years each at JLL and Carlyle...



The Grapevine

Wed, 29 Jan 2020
James Dell&rsquo;Olio and Tom Creamer, who worked together at recruiting firm Ferguson Partners, have started their own executive-search firm. The New York startup, called Sighthound, is focused on placing senior-level executives at commercial real estate firms. It also advises clients on staffing. Dell&rsquo;Olio spent 18 years at Ferguson, the last 14 as president. He is managing partner at Sighthound. Creamer, a partner at the new firm, worked...



The Grapevine

Wed, 29 Jan 2020
Michael Legacki joined CrownPoint Development this month as a vice president. His new employer is a unit of CrownPoint Group, a Parsippany, N.J., firm that develops, manages and finances commercial properties, with a focus on the multi-family sector. Legacki previously spent seven years as a senior acquisitions manager at Hampshire Cos. of Morristown,...



The Grapevine

Wed, 29 Jan 2020
Co-living company Common this month hired J.B. Roberts as director of real estate in Los Angeles. He is responsible for expanding Common&rsquo;s portfolio on the West Coast, reporting to Amalia Paliobeis. Roberts previously was an investment associate at Madison Realty Capital, and before that was a vice present of commercial real estate at U.S Bank. Common partners with multi-family developers and owners to build and rent out co-living...



ON THE MARKET

Wed, 29 Jan 2020
OFFICEProperty: Campanile, 4306 Yoakum Boulevard, HoustonSize: 80,000 sf, 98.5% leasedEstimated Value: $32 million, $400/sf, Yield: 6%Owner: TRC Capital, Hansen Partners and Barbour Investments (all in Houston)Broker: JLLColor: Boutique Class-A office building completed in 2014 in hip Montrose neighborhood. Close to trendy restaurants, museums and three universities. Some 5,700 multi-family units are under construction nearby. Weighted...



ON THE MARKET

Wed, 29 Jan 2020
MULTI-FAMILYProperty: Biscayne Apartments, 1500 NE 123rd Street, North Miami, Fla.Size: 402 units, 95% leasedEstimated Value: $80 million, $199,000/unitOwner: InvestRe, DallasBroker: NewmarkColor: Complex of six five-story buildings developed in 1985. Owner has conducted $3.4 million of exterior and interior upgrades. A buyer could continue that program and push rents by $75-125, according to marketing materials. On 11 acres, within a few...



Office Sales Jump 13%; Eastdil Stays On Top

Wed, 22 Jan 2020
Office-property sales rose a hefty 13% last year, largely on the strength of booming West Coast markets, while Eastdil Secured retained its crown as the sector&rsquo;s most-active broker.A total of $109.2 billion of offices changed hands, up from $96.8 billion in 2018. It was the second-highest tally since the market recovery began a decade ago, just below 2015&rsquo;s peak of $113 billion, according to Real Estate Alert&rsquo;s Deal Database,...



Record-Size Apartment Listing in DC Area

Wed, 22 Jan 2020
The long-time owners of a massive apartment property in Northern Virginia are looking to sell, setting the stage for the biggest multi-family trade ever in Greater Washington.The Southern Towers complex in Alexandria, Va., encompasses five buildings totaling 2,311 units that are 95.4% occupied. It is valued at about $510 million, or $221,000/unit.CBRE is brokering the sale for a partnership between local firms Caruthers Properties and Snell...



Industrial Shop Offers Stake in Big Portfolio

Wed, 22 Jan 2020
Perlmutter Investment is looking for an equity partner to recapitalize a roughly 5.5 million-square-foot industrial portfolio valued at about $900 million.The properties are owned and managed by a Perlmutter unit called International Airport Centers, which develops and acquires distribution centers near major airports. Via Cushman & Wakefield, Perlmutter is offering an ownership stake of up to 50%, which would be valued at roughly $450...



Shvo Buying Chicago Office Tower

Wed, 22 Jan 2020
A partnership led by New York investor Michael Shvo has inked a deal for its first Chicago office purchase, agreeing to buy a downtown tower for roughly $370 million.Shvo&rsquo;s firm, SHVO, is partnering with Deutsche Finance and BLG Capital to buy the 1.2 million-square-foot property at 333 South Wabash Avenue. JLL is brokering the sale on behalf of Chicago developer John Buck and its partner, Morgan Stanley.Shvo, known primarily as a developer...



Miami Residential Tower Shown

Wed, 22 Jan 2020
Property Markets Group is pitching a downtown Miami high-rise that encompasses luxury apartments and co-living units.The 464-unit X Miami is expected to attract bids of around $200 million, or $461,000/sf. Cushman & Wakefield is representing New York-based Property Markets.The 32-story building opened in 2018 and is 95% leased. It was one of the first South Florida properties to offer a rent-by-bedroom option, according to marketing materials....



Stonelake Shops 35 Texas Warehouses

Wed, 22 Jan 2020
Stonelake Capital is marketing a portfolio of &ldquo;last-mile&rdquo; warehouses in Texas with a combined value of about $250 million.The offering encompasses 35 light-industrial buildings totaling 3.1 million square feet in Dallas, Houston and San Antonio. At the estimated value of $81/sf, a buyer&rsquo;s initial annual yield would be 5.3%. CBRE is marketing the properties as a package for Stonelake, a Dallas fund shop.The portfolio is 90%...



Ares Alum, StepStone Form Venture

Wed, 22 Jan 2020
A former Ares Management partner is teaming up with StepStone Real Estate to acquire up to $500 million of properties over the next two years.The initiative will be led by James Simmons 3d, who left Ares in June and now operates via Asland Capital of New York. Asland will line up the deals, with both firms contributing equity.The joint venture is focused on multi-family, mixed-use and neighborhood-retail properties in emerging submarkets in the...



Berkshire Alums Launch Vehicle

Wed, 22 Jan 2020
Broadview Real Estate has finished marketing its debut opportunity fund.The New York investment manager held a final close last month on $203 million of equity for Broadview Real Estate Partners Fund. The vehicle targets a 16%-plus return by supplying capital to small and mid-size real estate operators and developers. Broadview, which didn&rsquo;t use a placement agent, raised the capital from institutional investors.The fund can invest in...



North Jersey Warehouse Up for Grabs

Wed, 22 Jan 2020
Investors are getting a crack at a recently renovated warehouse in Northern New Jersey with the potential for a significant boost in revenue.The 559,000-square-foot distribution center is in Parsippany, about 30 miles northwest of Manhattan. The listing is expected to fetch bids of about $100 million, or $179/sf. JLL is representing the owner, a joint venture between Turnbridge Equities of New York and Harbor Group International of Norfolk,...



Huge Texas Retail Complex on Block

Wed, 22 Jan 2020
Hines is marketing a sprawling retail center in San Antonio that&rsquo;s expected to attract bids of about $220 million.The 1 million-square-foot property, dubbed The Rim, is 96% leased. At the estimated value, a buyer&rsquo;s initial annual yield would be in the vicinity of 7.75%. Hines listed the property with JLL, which is touting the potential to raise below-market rents upon rollover.The Rim is the &ldquo;most visited shopping center in...



Microsoft Campus Near Seattle Listed

Wed, 22 Jan 2020
Shidler Group is shopping the leasehold interest in a Bellevue, Wash., office complex that&rsquo;s fully occupied by Microsoft.The pitch for the 601,000-square-foot Advanta Office Commons is emphasizing the opportunity to dramatically boost rents in a few years when the technology giant&rsquo;s lease matures. Bids are expected to come in around $210 million, or $350/sf. Newmark is marketing the property for Honolulu-based Shidler, which would...



Investor Sought for Calif. Hotel Project

Wed, 22 Jan 2020
A developer is seeking an equity partner to kick in roughly $30 million for the construction of a dual-branded hotel near Disneyland Park in California.The fully approved project, for a 305-room property in Anaheim, will cost an estimated $90 million. The builder, a joint venture between DCSG Development of Pasadena, Calif., and Hensel Phelps of Greeley, Colo., will borrow up to 60% of the total cost. The two firms will supply up to 20% of the...



Orlando Rental Property Offered

Wed, 22 Jan 2020
Bridge Investment is pitching an apartment complex in Orlando to value-added investors.The 456-unit property, at 6101 Raleigh Street in the MetroWest neighborhood, is valued at roughly $90 million, or $197,000/unit. Bridge, a Salt Lake City fund operator, gave the listing to Newmark.The garden-style property, which is 95% occupied, was completed in 1998. Since acquiring it in 2017, Bridge has spent $5 million on interior and exterior upgrades....



Miami Development Site on Block

Wed, 22 Jan 2020
A downtown Miami parcel suitable for development of a skyscraper is up for grabs.The 2.1-acre site, at 60 Southeast Second Street, could attract bids of up to $70 million. Cushman & Wakefield is representing the owner, New York-based Wharton Equity Partners.The property, between Miami Avenue and First Avenue, is being pitched as an opportunity to transform the Miami skyline. Zoning would allow a buyer to build up to 80 stories of office,...



NY Sales Drop; Cushman Top Broker

Wed, 22 Jan 2020
Cushman & Wakefield was New York&rsquo;s most-active office broker in 2020 for the second year in a row &mdash; selling more large properties than all of its competitors combined.The firm closed $6.9 billion of deals in Manhattan and the Outer Boroughs last year, giving it a market share of 53%. CBRE moved into second place with $3.7 billion of sales, or 28.1% of the brokered deals. Eastdil Secured came in third, with $1.1 billion of sales and an...



Self-Storage Vehicle Up and Running

Wed, 22 Jan 2020
A partnership targeting value-added investments in self-storage properties has raised $50 million of equity from a single investor.Alliance Real Estate of Birmingham, Ala., and High Line Storage Partners of Atlanta set out last year to market a commingled fund with a $50 million equity-raising goal. But when an unidentified family office agreed to commit the full amount, Alliance and High Line decided to run the strategy exclusively for that...



Hotel Specialist Launches 2 Vehicles

Wed, 22 Jan 2020
Hotel investor Driftwood Capital has raised $250 million of equity for its first two property funds.The Coral Gables, Fla., firm last month closed on $125 million apiece for Driftwood Acquisition Partners and Driftwood Development Partners. The manager has told investors it won&rsquo;t accept additional capital for either vehicle, even though both are structured as open-end funds. The &ldquo;evergreen&rdquo; format is designed to give Driftwood...



SPOTLIGHT: Seattle-Area Office Properties

Wed, 22 Jan 2020
Sales more than doubled last year to an all-time high of $10.2 billion. A whopping $4.8 billion of those sales (more than the total for all of 2018) closed in the fourth quarter as dealmakers rushed to get ahead of a change in the state excise tax that took hold this month.A record 9.3 million square feet of office space is under construction, the second highest in the nation after Manhattan. Three-quarters of the development pipeline is...



The Grapevine

Wed, 22 Jan 2020
Newmark has hired five brokers from JLL to bolster its multi-family practice in the Southeast. Derrick Bloom and David Gutting joined Newmark this week as vice chairmen, along with executive managing directors Vince Lefler and Tarek El Gammal and associate director Brandon Beaty. Bloom and Gutting, who spent nine years at JLL as managing directors, are now in charge of Newmark&rsquo;s capital-markets operations in Atlanta, with Beaty on their...



The Grapevine

Wed, 22 Jan 2020
Devin Barnwell joined Brookfield Properties this month to oversee asset management for a 16.4 million-square-foot industrial portfolio. She works in Atlanta, reporting to managing partner Jay Cornforth. Barnwell previously spent 18 years at Morgan Stanley, where she oversaw real estate on the East Coast and in Texas. Brookfield Properties is the operating arm of Toronto-based Brookfield Asset Management&rsquo;s real estate...



The Grapevine

Wed, 22 Jan 2020
Acquisitions pro David Broome started work at Leon Capital this month as a managing director in the firm&rsquo;s Dallas headquarters. Broome previously was a managing director at Colony Capital of Los Angeles, where he spent five years focused on industrial acquisitions nationally. He also spent nearly 10 years at Cobalt Capital, a Dallas industrial shop, before it was acquired by Colony. Blackstone paid $5.7 billion for Colony Capital&rsquo;s...



The Grapevine

Wed, 22 Jan 2020
Law firm DLA Piper has hired a partner for its real estate practice in Chicago. Matthew Alshouse started this week. His duties include advising on acquisitions, dispositions and financing. Alshouse, who joined from Baker McKenzie, recently has been working with South Korean investors. John Sullivan is DLA Piper’s global co-chair and chair of the U.S. real estate practice. Jesse Criz is co-managing partner of the Chicago office. CORRECTION...



The Grapevine

Wed, 22 Jan 2020
Walker & Dunlop is looking to hire a senior analyst to support a new multi-family brokerage team in Austin. Candidates should have at least two years of experience in finance, real estate or a related field. Walker & Dunlop established the team with the hiring last week of three HFF alumni: managing directors Matt Pohl and Forrest Bass and vice president Spencer Roy. They&rsquo;re focused on expanding Walker & Dunlop&rsquo;s market share in Texas...



The Grapevine

Wed, 22 Jan 2020
Tony Lenamon joined JLL last week as a managing director in Dallas. He&rsquo;s in charge of property valuations for the broker&rsquo;s multi-family practice nationally. Lenamon previously was an executive vice president at CBRE, where he spent 17 years. He also has worked at Deloitte.



The Grapevine

Wed, 22 Jan 2020
Thomas J. Ferris, editor of Real Estate Alert since 1994, retired at yearend. Ferris also played the lead editorial role for sister publication Commercial Mortgage Alert. He joined the newsletters&rsquo; Hoboken, N.J., parent company, Harrison Scott Publications, after serving as managing editor of the American Banker newspaper. His newsroom responsibilities have been assumed by deputy editors Dan Murphy and T.J....



ON THE MARKET

Wed, 22 Jan 2020
MUTLI-FAMILYProperty: GrandMarc at Clemson, 125 Anderson Highway, Clemson, S.C.Size: 147 units, 494 beds, 98% occupiedEstimated Value: $55 million, $374,000/unit, $110,000/bedOwner: Phoenix Property, DallasBroker: NewmarkColor: Five student-housing buildings, developed in 2017 a half mile from Clemson University. Average rent of $65/bed is below comparable properties. Pitched as value-added opportunity, suggesting buyer could increase net...



ON THE MARKET

Wed, 22 Jan 2020
MUTLI-FAMILYProperty: 19 St. Mark&rsquo;s Place, New YorkSize: 41 units, 100% occupiedEstimated Value: $45 million, $1.1 million/unitOwner: Cape Advisors, New YorkBroker: JLLColor: Eight-story building in East Village has 13,000 sf of street-level retail space. All apartments charge market rents that average 23% below the going rate. Sales pitch highlights potential to boost rents by renovating units and common areas, as well as by adding...



ON THE MARKET

Wed, 22 Jan 2020
MUTLI-FAMILYProperty: Southern Oaks, 5900 Park Hamilton Boulevard, OrlandoSize: 330 units, 97% occupiedEstimated Value: $36 million, $109,000/unitOwner: Styles Holdings, Coral Gables, Fla.Broker: Cushman & WakefieldColor: Garden-style complex developed in 1973. Seller has spent $1.8 million on capital improvements since 2016. A buyer could make additional upgrades and increase rents by $205/unit, according to marketing materials. Units have 1-3...



ON THE MARKET

Wed, 22 Jan 2020
INDUSTRIALProperty: Eight-property portfolio, Dallas areaSize: 610,000 sf, 94% occupiedEstimated Value: $50 million, $82/sfOwner: Fort Capital, Fort Worth, TexasBroker: JLLColor: Light-industrial package has mix of single- and multi-tenant buildings with average age of 46 years. With in-place rents 36% below market level and remaining lease terms averaging 2.4 years, a buyer could look to quickly boost...



CalSTRS Tees Up Downtown Austin Tower

Wed, 15 Jan 2020
California State Teachers is shopping a downtown Austin office building that could command just over $300 million, setting the stage for one of the biggest trades in the booming city&rsquo;s history.The 504,000-square-foot tower is at 600 Congress Avenue, four blocks south of the Texas Capitol. Bids for the Class-A property are expected to come in around $600/sf, or $302 million. That would be just below Austin&rsquo;s $310 million record for a...



High-Yield Buyers Warm to Fla. Bulk Condos

Wed, 15 Jan 2020
Amid heated competition for Florida apartment complexes, value-added investors are showing increasing interest in &ldquo;fractured&rdquo; condominium properties.Brokers and buysiders say bulk purchases of unsold units can produce higher yields than traditional rental deals. Capitalization rates are typically higher than for comparable apartment properties, in part because there are so few bidders. And there&rsquo;s potential to increase value...



M&A Deals Drop; Morgan Stanley Top Broker

Wed, 15 Jan 2020
Mergers and acquisitions of real estate companies plummeted last year to the lowest level since 2016 &mdash; and investment bankers don&rsquo;t expect a big rebound this year.Thirteen deals valued at $39.6 billion closed in 2019, down 63% from a post-crash high of $106.1 billion the year before. The 2018 total was the second-highest since Real Estate Alert began tracking the M&A market in 1996, exceeded only by the eye-popping $168.4 billion of...



Buyer Found for Long Island Rentals

Wed, 15 Jan 2020
A multi-family investment shop has agreed to purchase two adjacent properties on the South Shore of Long Island for about $235 million.The deal encompasses 923 apartments in Patchogue, N.Y. &mdash; most of which were built in the 1970s and are in need of extensive renovations. The price paid by Renaissance Management of New Brunswick, N.J., works out to $255,000/unit. Once stabilized, the capitalization rate would be about 6%.The larger complex...



Investors Shown NC Office Portfolio

Wed, 15 Jan 2020
A partnership is pitching two fully occupied, Class-A office properties in North Carolina&rsquo;s Research Triangle.The adjacent properties, in Morrisville, N.C., could fetch up to $187 million combined. A two-building complex totaling 321,000 square feet and fully leased to UNC Health Care is valued at $107 million to $117 million. The other property, a 186,000-sf building occupied by Microsoft, is expected to command bids of between $64 million...



PGIM Shops Portland Office Condo

Wed, 15 Jan 2020
PGIM Real Estate is marketing an office condominium in downtown Portland, Ore., that could command bids of $140 million.The 360,000 square feet of Class-A space is on the lower 19 floors of the 35-story KOIN Tower. At the estimated value of $389/sf, a buyer&rsquo;s initial annual yield would be 5%. JLL is representing PGIM.The offering includes some street-level retail space. Residential condos on the upper 16 floors of the building aren&rsquo;t...



Silicon Valley Offices Up for Grabs

Wed, 15 Jan 2020
Angelo, Gordon & Co. is marketing a Silicon Valley office complex that could fetch $185 million.The 354,000-square-foot property, in Campbell, Calif., encompasses two six-story buildings that are 80% leased. At the estimated value of $523/sf, a buyer&rsquo;s initial annual yield would be just over 5% &mdash; though investors are being told the stabilized capitalization rate would be roughly 7.5%. Eastdil Secured has the listing.The pitch is that...



Seattle Office/Retail Building Listed

Wed, 15 Jan 2020
Invesco Real Estate is shopping the leasehold interest in a fully occupied office/retail building in downtown Seattle.The 160,000-square-foot property, at 413 Pine Street, is valued at roughly $100 million, or $625/sf. That price would translate to an initial annual yield of 5%. Eastdil Secured has the listing.About two-thirds of the space is occupied by office tenants, with a weighted average remaining lease term of 3.4 years. In-place rents are...



Offices on the Block Near Philadelphia

Wed, 15 Jan 2020
An AFL-CIO Building Investment partnership has listed a suburban Philadelphia office property that&rsquo;s expected to fetch about $100 million.The 271,000-square-foot building, in West Conshohocken, Pa., is 89% occupied &mdash; below the 95% average for comparable office properties in the vicinity. The pitch is that a buyer could make minor improvements and raise rents as leases expire.At the estimated valuation of $369/sf, a buyer&rsquo;s...



Development Site Offered in Back Bay

Wed, 15 Jan 2020
John Hancock has begun marketing a &ldquo;shovel-ready&rdquo; development site in Boston&rsquo;s Back Bay neighborhood where it originally planned to build a trophy office tower.The insurer has approvals for a curved 26-story building totaling 625,000 square feet at 380 Stuart Street. The project was part of a broader plan to consolidate some 4,000 workers in three buildings in Back Bay. But in October John Hancock said it no longer needed the...



Builder Lists Suburban Miami Rentals

Wed, 15 Jan 2020
A developer is shopping a new apartment property near Miami that&rsquo;s expected to fetch bids of around $100 million.The 250-unit, mid-rise complex was completed last year in Doral, Fla. At the estimated value of $400,000/unit, a buyer&rsquo;s initial annual yield would be around 4.5%. Cushman & Wakefield is representing the developer, CC Residential of Coral Gables, Fla., which is led by Armando Codina and James Carr.Called Doral 4200, the...



Japanese Investor Enters NY Market

Wed, 15 Jan 2020
Another newcomer to New York&rsquo;s office market has completed its first transaction in the city.Tokyo Trust Capital, in a joint venture with local shop MC Real Estate, has agreed to pay $105 million for the fully leased office building at 434 Broadway in downtown Manhattan. The partnership will realize an initial annual yield of just under 4%.The 66,000-square-foot property, in the SoHo neighborhood, is being sold by local fund operator...



Leasing Play Pitched in Salt Lake City

Wed, 15 Jan 2020
A Cantor Real Estate partnership is marketing a &ldquo;creative&rdquo; office building in downtown Salt Lake City, pointing to the potential to capitalize on recent upgrades by leasing up a big chunk of vacant space.The 221,000-square-foot property, at 324 South State Street, is expected to fetch about $39 million, or $176/sf. Newmark is representing the Cantor Fitzgerald unit and Hamilton Partners of Itasca, Ill.The five-story building is 75%...



The Grapevine

Wed, 15 Jan 2020
Berkadia this month added two more veteran brokers to its apartment-sales team in Washington. Senior managing director Drew White joined from Newmark, while managing director Paul Hanafin moved over from Savills. At Newmark, White was an executive managing director for multi-family sales in the Mid-Atlantic region. He did prior stints at Apartment Group and Cushman & Wakefield. Hanafin had been at Savills for the past seven years. Both now report...



The Grapevine

Wed, 15 Jan 2020
Marcus & Millichap this week hired three senior multi-family brokers from CBRE&rsquo;s Central Florida team. Shelton Granade, Luke Wickham and Justin Basquill joined Marcus & Millichap&rsquo;s Institutional Property Advisors unit in Orlando, reporting to national multi-family chief Jeffery Daniels. Granade, an executive managing director, previously spent nearly 18 years at CBRE, most recently as vice chairman. Wickham, a senior managing...



The Grapevine

Wed, 15 Jan 2020
NorthMarq has added its first apartment-sales pros in the Los Angeles market. Managing director Bryan Schellinger, associate vice president Steven Goldstein and associate Jake Ctvrtlik all joined from Marcus & Millichap. Schellinger and Goldstein started Dec. 23, while Ctvrtlik arrived last week. They are based in NorthMarq&rsquo;s Beverly Hills office, which opened last month. Schellinger and Goldstein report to managing director Shane Shafer,...



The Grapevine

Wed, 15 Jan 2020
Val Despard joined Newmark&rsquo;s financial-analytics team this month as a director in Denver. He previously ran his own firm, Despard Analytics of Denver, which provided property brokers, investors, developers and asset managers with financial analysis. Despard earlier spent nine years at Transwestern.



The Grapevine

Wed, 15 Jan 2020
Colliers International has added another investment-sales professional to its Boston office. John Nasca joined this month as a senior advisor. He previously was a capital-markets associate at JLL, where he worked for nearly five years. In his new job, Nasca is again working with Frank Petz, former head of JLL&rsquo;s New England capital-markets team and now a managing director at...



The Grapevine

Wed, 15 Jan 2020
Bryan Semel this month joined CBRE as a vice president in Aspen, Colo. He works on the broker&rsquo;s global retail advisory services team, with duties that include investment sales and leasing. He joined CBRE from Compass, a technology-focused brokerage where he spent four years.



The Grapevine

Wed, 15 Jan 2020
Justin Walker joined multi-family developer Chalk Hill Ventures last month as a principal. The Dallas firm focuses on ground-up projects across Texas, including senior-living developments. Walker previously spent seven years at Bank OZK of Little Rock, Ark., where he was a senior vice president.



The Grapevine

Wed, 15 Jan 2020
Shorenstein Properties wants to hire an analyst for its investment group in New York. The position requires at least two years of experience in real estate valuation. The recruit would work on financial analysis and assist with transactions, reporting to managing director Mark Portner. For more information, visitshorenstein.com and click on &ldquo;careers.&rdquo;



SPOTLIGHT: Northern Virginia Office Properties

Wed, 15 Jan 2020
The market saw some 1.6 million square feet of net aborption last year, bringing the occupancy rate to 81.7%, up 70 bp from 2018, according to Newmark.Amazon&rsquo;s plan to locate a massive campus in the Crystal City section of Arlington spurred several listings and sales in 2019, and the trend is expected to continue this year.The $211 million price for the Skyline Portfolio was a fraction of its $872 million valuation a decade ago, when it was...



ON THE MARKET

Wed, 15 Jan 2020
MULTI-FAMILYProperty: Volaris Starkey Ranch, 1470 Long Spur, Odessa, Fla.Size: 384 units, 80% occupiedEstimated Value: $84 million, $220,000/unit, Yield: 5.15%Owner: Waypoint Residential, Boca Raton, Fla.Broker: NewmarkColor: Luxury complex completed last year. In initial lease-up phase, averaging 34 move-ins per month in past six months. Units have 1-3 bedrooms and average 1,000 sf. Amenities include a clubhouse, a fitness center and two...



ON THE MARKET

Wed, 15 Jan 2020
MULTI-FAMILYProperty: Innovo Living on Atlantic, 90 Harbor Inn Drive, Coral Springs, Fla.Size: 310 units, 95% occupiedEstimated Value: $77 million $248,000/unit, Yield: 4.75%Owner: Copperline Partners, West Palm Beach, Fla.Broker: Cushman & WakefieldColor: Built in 1987, has undergone $12 million of improvements including a brand new 5,000- sf clubhouse with fitness center, climbing wall, lap pool and business center. Gated property on 17...



ON THE MARKET

Wed, 15 Jan 2020
MULTI-FAMILYProperty: Aura, 138 Balbach Street, San JoseSize: 101 units, 66% occupiedEstimated Value: $60 million, $594,000/unit, Yield: 4%Owner: SiliconSage Builders, Sunnyvale, Calif.Broker: JLLColor: New mid-rise building within a mile of Diridon Station and Google&rsquo;s planned campus. Expected to stabilize by April. The 1-3 bedroom units average 894 sf. Amenities include a dog park, a clubhouse and a coffee bar. Average rent:...



ON THE MARKET

Wed, 15 Jan 2020
MULTI-FAMILYProperty: Sanibel Straits, 16100 Myriad Lane, Fort Myers, Fla.Size: 224 units, 90% occupiedEstimated Value: $54 million $240,000/unitOwner: 360 Residential, AtlantaBroker: NewmarkColor: Four mid-rise, elevator buildings completed last year. Units have 1-3 bedrooms and average 1,013 sf. Complex has an oversized saltwater pool, grilling stations and a fitness center. Within 1 mile of Florida Health Park Medical Center. Average rent:...



Another Giant Seattle Office Listing Rolls Out

Wed, 08 Jan 2020
The stage is set for another blockbuster office trade in booming Seattle.A joint venture between Schnitzer West and Barings is preparing to shop the 750,000-square-foot Madison Centre, at 920 Fifth Avenue. The duo will take offers on either full ownership or a 49% stake. Bids for a 100% interest could come in over $700 million, or $933/sf. Newmark will launch the marketing campaign this month.The listing continues a run of massive offerings in...



More Clouds in Forecast for New York Hotels

Wed, 08 Jan 2020
New York hotels face another year of revenue declines that will further squeeze owners of cash-strapped properties — and could lead to high-yield buying opportunities.Average revenue per room, which has fallen in four of the past five years, is projected to dip again as the city struggles to absorb a wave of construction, according to STR. That, coupled with a continuing rise in operating expenses, may push some owners to look to recapitalize,...



REIT Pitching Large Senior-Living Portfolio

Wed, 08 Jan 2020
Ventas is shopping eight senior-housing properties in six states with a combined value of roughly $400 million.The portfolio, which is being pitched to value-added investors, encompasses 1,182 units in Arizona, California, Kentucky, Massachusetts, Tennessee and Texas. At the estimated value of $338,000/unit, a buyer&rsquo;s initial annual yield would be in the vicinity of 6%.Ventas, a Chicago healthcare REIT, has given the listing to Newmark,...



Northeast Warehouse Bundle Listed

Wed, 08 Jan 2020
An investment firm is marketing an industrial portfolio that is poised to shatter a price record in New England.The 3.6 million-square-foot package, heavily concentrated in suburban Boston, could fetch about $360 million. That would be nearly triple the region&rsquo;s current record for an industrial trade.The owner, Equity Industrial Partners of Needham, Mass., is pitching the 11 buildings as a portfolio. It&rsquo;s touting the potential to...



Sumitomo Puts Miami Tower on Block

Wed, 08 Jan 2020
Sumitomo Corp. of Americas is shopping the leasehold interest in one of Miami&rsquo;s most recognizable skyscrapers.The 632,000-square-foot Miami Tower is expected to fetch bids in the vicinity of $255 million, or $403/sf. New York-based Sumitomo has given the listing to Cushman & Wakefield.The office building, at 100 Southeast Second Street, is 89% occupied, better than the 77% average for the Downtown Miami submarket. Tenants include City...



Goldman Showing New Ariz. Offices

Wed, 08 Jan 2020
A Goldman Sachs Asset Management partnership is pitching a brand new office building in suburban Phoenix that could command a record price for the metropolitan area.Goldman and its partner, Lincoln Property, developed the 356,000-square-foot property, in Tempe, Ariz., on a speculative basis. Food delivery firm DoorDash last month announced it had signed a 15-year lease on the entire nine-story building, called Grand at Papago Park Center Phase...



Developer Lists Luxury Rentals in Fla.

Wed, 08 Jan 2020
Investors are getting a crack at a newly built high-rise apartment building in a section of West Palm Beach, Fla., slated for redevelopment.The 290-unit Park-Line Palm Beaches, at 591 Evernia Street, is expected to sell for about $150 million, or $517,000/unit. The 26-story building, completed last year, is still in the initial lease-up phase and is now 80% occupied.Cushman & Wakefield is representing the seller, a partnership between Florida...



Clarion Buys LA-Area Apartments

Wed, 08 Jan 2020
Clarion Partners has paid $221.5 million for two 1960s-vintage apartment complexes in suburban Los Angeles.The properties, totaling 422 units, are about a mile from each other in Torrance, Calif. The occupancy rate is 95%.Eastdil Secured brokered the sale for Boston-based Rockpoint Group and its partner, Strategic Housing Partners, which is a joint venture between Coastline Capital of El Segundo, Calif., and JDR Holdings of New York. The...



CBRE Names Chicago Office Leaders

Wed, 08 Jan 2020
CBRE has tapped two veteran brokers to lead a push to increase its share of institutional office sales in Chicago and other Midwest markets.Blake Johnson, an executive vice president, is teaming up with senior vice president Keely Polczynski to pursue large assignments and build out the firm&rsquo;s office-sales team in the region.For Johnson, it&rsquo;s a return to the role he was hired for in 2016. He later moved to CBRE&rsquo;s global...



KBS Pitches Denver-Area Offices

Wed, 08 Jan 2020
KBS Realty is marketing an office building in suburban Denver that is almost fully leased.The 264,000-square-foot Peakview Tower, in Centennial, Colo., could command bids of more than $72 million, or $273/sf. JLL has the listing.The 10-story building, at 6465 South Greenwood Plaza Boulevard, is 99.5% occupied, with a weighted average remaining lease term of 5.5 years. Leases on a little more than a third of the space mature within three years,...



Fully Leased Seattle Offices for Sale

Wed, 08 Jan 2020
A Goldman Sachs Asset Management partnership is marketing a Seattle office building that is fully leased to Amazon until 2028.The 170,000-square-foot building, at 325 Eastlake Avenue East in the booming South Lake Union neighborhood, is worth an estimated $140 million, or just over $820/sf. At that valuation, a buyer&rsquo;s initial annual yield would be 4.3%.Eastdil Secured is marketing the property for Goldman and its partner, Seattle...



New Fund Shop Holds First Close

Wed, 08 Jan 2020
A nascent investment manager co-founded by the heads of Buccini/Pollin Group has raised $35 million of initial equity for its debut commercial real estate fund.Corten Real Estate is seeking to line up $250 million, but could opt to stop at roughly $150 million if that threshold is reached relatively quickly and then market a follow-on vehicle.The vehicle, Corten Real Estate Fund 1, is shooting to generate a 14-18% return, mostly by acquiring...



Fund Shop Buys Texas, Okla. Rentals

Wed, 08 Jan 2020
MLG Capital has paid some $225 million for 10 workforce-housing complexes in Texas and Oklahoma.The Brookfield, Wis., fund operator last month paid roughly $81,000/unit for the 2,769-unit package. CBRE brokered the sale for Radco Cos. of Atlanta.The Texas properties are all in Houston and have a total of 1,206 units. The Oklahoma properties, with 1,563 apartments, are in Oklahoma City and Tulsa.The complexes were constructed between 1975 and 1986...



Luxury Brooklyn Rentals Hit Market

Wed, 08 Jan 2020
American Realty is marketing a luxury apartment building in Brooklyn valued at about $55 million.The 62-unit property, at 111 Kent Avenue in the trendy Williamsburg neighborhood, is 97% occupied. The pitch is that a buyer should be able to raise below-market rents and benefit from anticipated price appreciation.At the estimated value of $887,000/unit, the initial annual yield would be 5%. JLL has the listing.American Realty, a Los Angeles...



South Florida Apartments Up for Grabs

Wed, 08 Jan 2020
A developer is marketing a luxury apartment property in Florida&rsquo;s Palm Beach County.The 284-unit Delray Station, in Delray Beach, could attract bids of about $81 million, or $285,000/unit. Newmark is representing the developer, Atlanta-based Wood Partners.The seven-building complex, completed in 2017, is 94% occupied. It&rsquo;s at 1720 Depot Avenue, near Interstate 95 and the Tri-Rail commuter line that connects to Miami, Fort Lauderdale...



Axonic Offers Florida Apartments

Wed, 08 Jan 2020
For the third time in three years, a South Florida apartment complex is on the block as a value-added play.The 300-unit property, in West Palm Beach, is expected to attract bids of about $57 million, or $190,000/unit. Newmark is representing the owner, New York investment shop Axonic Properties.The 14-acre complex, at 4860 Sand Stone Lane, is 93% occupied. The 1-2 bedroom apartments average 855 square feet. The average rent is $1,269, or...



The Grapevine

Wed, 08 Jan 2020
Three senior brokers left JLL&rsquo;s Raleigh office last month to launch their own investment shop. Chris Norvell, who was a senior managing director at the brokerage, and former managing directors Justin Good and Scot Humphrey have set up Raleigh-based Edgewater Ventures. The new firm plans to team with equity partners on acquisitions and development. It targets office and multi-family deals in the Raleigh area, as well as industrial properties...



The Grapevine

Wed, 08 Jan 2020
Veteran retail pro Christopher Covey joined Hutensky Capital this week as a senior vice president in its Hartford headquarters. He handles acquisitions and dispositions for the fund manager, led by chief executive Brad Hutensky, which targets value-added and core-plus retail properties in major U.S. markets. Covey had been a senior vice president at retail REIT InvenTrust Properties of Downers Grove, Ill., where he spent nearly six years. Before...



The Grapevine

Wed, 08 Jan 2020
Acquisitions specialist Matthew Levy has joined multi-family investment and management firm Coastal Ridge Real Estate to lead acquisitions, with a focus on the Southeast. He started in the last several weeks in the Columbus, Ohio, firm&rsquo;s Santa Monica, Calif., outpost as a vice president of investments. That followed a brief stint at Domio, a New York-based &ldquo;apartment hotel&rdquo; company where he was hired in May as head of real...



The Grapevine

Wed, 08 Jan 2020
Stream Realty has named Chris Jackson to the newly created post of president. He started Jan. 1 in the new role, focusing on expanding the Dallas-based firm&rsquo;s business nationally. Jackson joined Stream in 2003 after six years at Trammell Crow. He has held multiple leadership roles, most recently as regional managing partner overseeing Stream&rsquo;s Dallas, Fort Worth, and Greater Los Angeles...



The Grapevine

Wed, 08 Jan 2020
Cecil Morgan joined Forum Real Estate Group this month as an asset manager in Atlanta. He&rsquo;s tasked with managing the firm&rsquo;s multi-family portfolio in the Southeast. Previously, Morgan spent almost five years at Hamilton Point Investments of Old Lyme, Conn., and was a senior vice president of asset management for the real estate private-equity firm. Before that, he was at Atlanta-based Trimont Real Estate for three...



The Grapevine

Wed, 08 Jan 2020
Newmark wants to add a senior analyst to its investment-sales team in Boston. The recruit would focus on office deals and report to Robert Griffin, co-head of the U.S. capital markets team, who is based in Boston. The position requires at least five years of experience.



The Grapevine

Wed, 08 Jan 2020
Consolidated-Tomoka Land is looking to hire a vice president of acquisitions to pursue deals on single-tenant, net-lease properties for its new REIT, Alpine Income Property. The Daytona Beach, Fla., firm is looking for a candidate with at least five years of experience handling such acquisitions. The location of the position is flexible. The recruit would report to Steven Greathouse, senior vice president for...



DiamondRock Shopping 2 Midtown NY Hotels

Wed, 18 Dec 2019
DiamondRock Hospitality has separately listed two Midtown Manhattan hotels with a combined value of roughly $400 million.The 725-room Lexington Hotel, an upper-upscale property at 511 Lexington Avenue, could fetch up to $400,000/room, or $290 million. Hodges Ward Elliott has that assignment.Meanwhile, JLL is handling the marketing campaign for the 282-room Hilton Garden Inn Times Square Central, a select-service property valued at roughly...



New Buyers Snapping Up Manhattan Offices

Wed, 18 Dec 2019
A host of newcomers to the Manhattan real estate market are bidding on, and winning, office deals &mdash; with foreign investors leading the way.Recent first-time buyers in Manhattan include German insurer Munich Re, Korea Investment & Securities, Shimizu Corp. of Tokyo, Chinese builder Hopson Development Holdings and Dallas-based Gaedeke Group. Other newly active bidders that haven&rsquo;t yet won deals include Cara Shipping of Singapore,...



Eastdil Exec Firestone Moving to New York

Wed, 18 Dec 2019
Jonathan Firestone, a long-time Eastdil Secured executive on the West Coast, is relocating to New York to boost the firm&rsquo;s capital-markets presence in the country&rsquo;s largest market.As a managing director in Los Angeles and a member of the firm&rsquo;s management committee, Firestone has focused largely on debt deals. He&rsquo;ll start in Manhattan next month, tasked with lining up investment-sales and debt-placement assignments,...



Blackstone Snags Boston Offices

Wed, 18 Dec 2019
Blackstone has agreed to buy a &ldquo;creative&rdquo; office building in Boston from Invesco Real Estate for roughly $156 million.The 221,000-square-foot property, at 179 Lincoln Street, is 88% leased at below-market rents. Blackstone can seek to boost its return by filling vacant space and raising rents as existing leases roll over. The weighted average remaining lease term is six years.The price translates to about $706/sf. Newmark is brokering...



Upscale Club/Hotel for Sale in LA

Wed, 18 Dec 2019
A developer is marketing a renovated building in downtown Los Angeles that has a long-term lease to the operator of a high-end social club/hotel.The 100,000-square-foot Soho Warehouse, at 1000 South Santa Fe Avenue in the Arts District, is expected to attract bids in the vicinity of $140 million. At that price, the buyer&rsquo;s initial annual yield would be around 4.75%. The unidentified developer has given the listing to Eastdil Secured.The...



Multi-Family Shop Closes 2d Fund

Wed, 18 Dec 2019
Marble Capital last week wrapped up its second value-added fund with $250 million of equity &mdash; $100 million more than the target.The Houston investment manager is shooting for a 12-14% return by supplying capital to multi-family developers. It typically provides preferred equity with coupons of 13-15%, but also invests in common equity.The manager kicks in $5 million to $20 million on individual projects, with the developer retaining a...



Southeast Rental Portfolio on Block

Wed, 18 Dec 2019
AVR Realty is offering four Class-A apartment properties in South Carolina and Georgia.The 1,081-unit package is valued at roughly $220 million, or $204,000/unit. Investors can bid on the properties individually or in any combination. CBRE is representing AVR, a Yonkers, N.Y., investment shop led by Allan Rose.The listing is being pitched as an opportunity to acquire recently developed properties in some of the Southeast&rsquo;s hottest...



NEW DEALS

Wed, 18 Dec 2019
New Hampshire Apartment ComplexForest Properties acquired a 150-unit apartment complex in Manchester, N.H., for $33 million, or $220,000/unit. CBRE represented the seller, SMC Management of Watertown, Mass. Forest, of Cambridge, Mass., closed on the purchase last week. The property, at 553-557 South Commercial Street, was completed in 2016 and is 99% occupied. It encompasses three five-story buildings and a garage. The units range from studios to...



Nashville Rentals Fetch Top Dollar

Wed, 18 Dec 2019
A Pacific Life partnership has agreed to buy a downtown Nashville apartment building for roughly $81 million.The insurer is teaming up with Seattle-based Security Properties to acquire the 238-unit Broadstone Gulch, a 14-story building at 803 Division Street. The per-unit price of $340,000 would set a record for Nashville. Walker & Dunlop is brokering the sale, expected to close this month, for a joint venture between Alliance Residential of...



Value-Added Apartment Play Near LA

Wed, 18 Dec 2019
A local partnership is shopping a garden-style apartment complex in suburban Los Angeles as a value-added play.The 150-unit property, in Cerritos, Calif., is 98% occupied. The offering is expected to attract bids of about $50 million, or $333,000/unit. CBRE is representing the seller, a partnership among five families that developed the property in 1969.The pitch is that a buyer could raise rents and boost income after renovating the units and...



Workforce-Housing Portfolio Listed

Wed, 18 Dec 2019
A portfolio of 19 workforce-housing properties in five states is being pitched as a value-added play.The 1,666-unit package is thought to be worth roughly $95 million, or $57,000/unit. More than half the apartments are in Ohio, with the rest in Georgia, Indiana, Kentucky and Michigan. Berkadia is representing the owner, Reliance Global Holdings of New York.Investors must bid on the entire portfolio. A buyer could raise rents and boost income...



Builder Pitching Oakland Apartments

Wed, 18 Dec 2019
A developer is marketing a nearly completed apartment complex in an opportunity zone in Oakland.The 110-unit building, at 532 Union Street, is expected to fetch bids of up to $60 million, or $545,000/unit. Eastdil Secured is representing the owner, Holliday Development of Emeryville, Calif.The marketing pitch is that a buyer could complete a purchase before a temporary certificate of occupancy is issued, thereby qualifying for tax incentives...



Developer Lists Rentals in Upstate NY

Wed, 18 Dec 2019
A recently built multi-family property near Albany, N.Y., is on the block with an estimated value of $65 million.The 292-unit complex encompasses 18 low-rise apartment buildings and a clubhouse in Malta, N.Y., about 25 miles north of the state capital. LeCesse Development of Altamonte Springs, Fla., completed construction about two years ago. The occupancy rate is 93%.At the estimated value of $223,000/unit, a buyer&rsquo;s initial annual yield...



SPOTLIGHT: Las Vegas Apartment Properties

Wed, 18 Dec 2019
Year-to-date sales have pushed past the $1.9 billion total of 2018, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million or more. Pending deals should add to the final tally.Per-unit valuations in the area have set a record for the fourth year in a row, reaching $170,000, up from $148,000 last year.Rents were relatively flat in the third quarter, but were up 6% year-over-year to an average of $1,133,...



The Grapevine

Wed, 18 Dec 2019
Garrison Investment managing director Eric Rosenthal left the New York investment shop a few weeks ago. His plans are unknown. Rosenthal had worked on property deals for Garrison, which was founded in 2007. The firm is led by co-founder Joseph Tansey. Andy Kwon heads the firm&rsquo;s real estate platform. Rosenthal had been with Garrison for about nine years. He previously spent four years at Gramercy Capital of New...



The Grapevine

Wed, 18 Dec 2019
Paul Ahern joined the Chicago office of industrial specialist Exeter Property this month. His duties include working on acquisitions of warehouse-development sites in the Midwest for the Conshohocken, Pa., fund shop. Ahern also serves as senior leasing officer for Exeter&rsquo;s 15 million-square-foot portfolio in the Chicago area. He previously operated his own firms, Tandem Development and Ahern Investment. Prior to that, he spent 11 years at...



The Grapevine

Wed, 18 Dec 2019
Acquisitions pro Anthony Scandariato left Vision Properties last week to devote himself full-time to his own real estate investment firm. He had been focusing on property buys as a vice president at Vision, a Mountain Lakes, N.J., investment shop. Moving forward, Scandariato will invest via Red Knight Properties, a Chester, N.J., firm he co-founded last year with former NFL player Brian Leonard. Red Knight targets value-added returns, with a...



The Grapevine

Wed, 18 Dec 2019
Josh Burgan is leaving his post as director of investments at Texas A&M Foundation, where his responsibilities included real estate deals. Burgan told colleagues last week that he is joining an unidentified wealth-management firm in Indianapolis. Burgan has spent the past four-and-a-half years at the College Station, Texas, institution.



The Grapevine

Wed, 18 Dec 2019
&ldquo;Apartment hotel&rdquo; operator Domio hired Elliot Albert last month as a director of real estate investments. He&rsquo;s working in the firm&rsquo;s New York headquarters. Albert previously was an associate vice president on the investment-management team at Colony Capital of Los Angeles and a predecessor firm, NorthStar Realty. Domio is still looking to replace Noah Weiss, who left in September after about six months as a managing...



The Grapevine

Wed, 18 Dec 2019
Larry Mango joined Castle Lanterra Properties last month as a vice president of asset management. The White Plains, N.Y., investment firm owns 26 multi-family properties totaling some 7,000 units. Mango previously spent 11 years as a director of asset management at Rockwood Capital of New York, where he helped manage an $800 million real estate portfolio. He also has worked at Cushman & Wakefield and Vision Properties of Mountain Lakes,...



The Grapevine

Wed, 18 Dec 2019
Mark Gannon started at Alterra Property this month as a senior associate for acquisitions. He is based in the firm&rsquo;s Philadelphia headquarters. Gannon joined from Exeter Property of Conshohocken, Pa., where he spent nearly two years &mdash; most recently as an associate portfolio manager. His experience also includes a stint at AEW Capital of...



The Grapevine

Wed, 18 Dec 2019
Retail-property investor AmCap is looking to hire an acquisitions analyst to work in its Stamford, Conn., headquarters. Candidates should have 1-4 years of experience underwriting real estate deals, preferably including retail. Duties would include sourcing deals, market research and financial modeling. The recruit would report to managing director of acquisitions Aaron Wu and managing director of asset management Matt Allen. Send resumes to...



KKR Makes a Splash in Austin Office Market

Wed, 11 Dec 2019
KKR has agreed to pay $258 million for Riata Corporate Park in Austin, one of the highest prices ever paid for an office property in the city.The fully leased complex encompasses eight Class-A buildings totaling 688,000 square feet in the Northwest submarket. Cushman & Wakefield marketed the property for a partnership between Switzerland-based Partners Group and Accesso Partners, a fund shop in Hallandale Beach, Fla. The price works out to...



Land Plays Are Hot in Booming Seattle Area

Wed, 11 Dec 2019
After turbo-charging the Seattle area&rsquo;s office and apartment investment-sales markets, the rapid expansion of technology companies in the region is now fueling a land rush.Valuations of development and redevelopment sites have surged in the past two years &mdash; by as much as 50% in some submarkets, market pros say &mdash; amid a building boom that hasn&rsquo;t caught up with demand for space. Property owners are increasingly seeking to...



2 More Deals Struck in Revived DC Market

Wed, 11 Dec 2019
Two more Washington office buildings have found buyers, capping a busy second half for investment sales in the nation&rsquo;s capital.Boyd Watterson Asset Management has agreed to acquire the 413,000-square-foot Sentinel Square 1, at 90 K Street NE, for roughly $180 million, or $436/sf. Cushman & Wakefield is brokering the sale for Utah State Retirement.Meanwhile, State Street Global of Boston will team up with local shop Polinger Co. to buy the...



Deal Struck on Northern NJ Complex

Wed, 11 Dec 2019
A Northern New Jersey investor has agreed to pay roughly $200 million for a residential/retail complex just across the George Washington Bridge from Manhattan.Anthony LoConte has a deal in place to buy Hudson Lights, encompassing 276 apartments and roughly 140,000 square feet of retail space in Fort Lee, N.J. LoConte, a well-known retail investor in the region, is buying the property off-market.The sellers are a partnership between Ares...



REIT to Acquire San Francisco Offices

Wed, 11 Dec 2019
Alexandria Real Estate Equities has agreed to pay about $165 million for a San Francisco office property that is fully leased, mostly by PayPal.The 137,000-square-foot building, at 123 Townsend Street, is a former coffee warehouse repositioned as &ldquo;creative&rdquo; office space. Newmark is representing the owner, New York family office Manchester Capital.Alexandria&rsquo;s bid would translate to about $1,200/sf, giving the Pasadena, Calif.,...



Blackstone Lands Nashville Offices

Wed, 11 Dec 2019
Blackstone has agreed to pay about $145 million for an office tower in the burgeoning Nashville market.The 491,000-square-foot Fifth Third Center, at 424 Church Street in the Arts District, is 90% occupied. The $295/sf price would produce a 5.25% initial annual yield. Blackstone will look to lift that by increasing rents that are well below the market average.Cushman & Wakefield is representing the seller, Goldman Sachs Asset Management. The...



Apartment Buyer Broadens Mandate

Wed, 11 Dec 2019
A multi-family investor that usually pursues value-added plays has purchased two new, stabilized properties in Denver and Florida for nearly $100 million combined.Castle Lanterra Properties paid $77.3 million for a 339-unit complex in Clearwater, Fla., that was completed last year and is 90% occupied. The valuation works out to $228,000/unit. Cushman & Wakefield brokered the sale for Flournoy Cos., a Columbus, Ga., multi-family developer.Castle...



Lab Building Near Philly Up for Grabs

Wed, 11 Dec 2019
Maguire Hayden Real Estate is offering a Philadelphia-area laboratory building that&rsquo;s fully occupied by a single tenant on a long-term lease.The 155,000-square-foot property, at 466 Devon Park Drive in Wayne, Pa., is expected to fetch roughly $50 million, or $323/sf. JLL, which has the listing, is aiming its pitch at core investors.Maguire Hayden has spent $2.8 million on renovations since buying the property vacant from Merck & Co. in...



Equity Sought for NJ Rental Project

Wed, 11 Dec 2019
A developer is seeking an equity partner for a Northern New Jersey multi-family development.Iron Ore Properties has a deal in place to buy a roughly 2-acre site in Plainfield for just under $10 million. It wants an investor to pay for the land and form a joint venture that would borrow roughly $25 million to build a 120-unit apartment property. The site is in a federal opportunity zone, so an investor could be eligible for a reduction in...



Lower Manhattan Apartments Listed

Wed, 11 Dec 2019
An apartment building in Manhattan&rsquo;s Tribeca neighborhood is being pitched as a value-added play.The 147-unit property, at 95 Worth Street, is expected to fetch bids of about $140 million, or $952,000/unit. CBRE is representing local investor Donald Zucker.The 15-story building, completed in 1999, is almost fully occupied. The units are all market-rate, allowing a buyer to update finishes and raise rents. The listing could benefit from the...



Rexford Snags LA-Area Warehouse

Wed, 11 Dec 2019
Continuing its aggressive acquisition campaign this year, Rexford Industrial has agreed to buy a large warehouse in suburban Los Angeles from Prologis for about $90 million.The 752,000-square-foot property, in Pomona, Calif., is fully leased. At the estimated value of $120/sf, the initial annual yield would be 3.9%. Scheduled rent bumps would boost that return. Cushman & Wakefield is representing San Francisco-based Prologis.The property, called...



San Diego Industrial Property on Block

Wed, 11 Dec 2019
Harsch Investment Properties is marketing a fully leased industrial complex in San Diego.The property, in the Carmel Mountain Ranch neighborhood, encompasses three buildings totaling 107,000 square feet. Bids are expected to hit $317/sf, or $34 million, translating to an initial annual yield of 6.4%. Harsch, of Portland, Ore., gave the listing to Cushman & Wakefield.The complex, called Avenue of Science Center, has five tenants with no lease...



NEW DEALS

Wed, 11 Dec 2019
Arizona Multi-Family PropertyBaron Properties paid $58.5 million this month for a 256-unit apartment complex with value-added potential in Glendale, Ariz. The Denver firm acquired the Green Leaf Arrow Head Ranch, at 20250 North 67th Avenue, for roughly $229,000/unit. Marcus & Millichap&rsquo;s Institutional Property Advisors unit represented the seller, Green Leaf Capital of Pleasanton, Calif. The complex, developed in 1996 on about 16 acres, is...



NEW DEALS

Wed, 11 Dec 2019
Suburban Boston Apartment ComplexAudubon Capital bought a 157-unit multi-family property in Walpole, Mass., this month for $55 million, or $350,000/unit. CBRE brokered the deal for Wood Partners of Atlanta, which completed the complex last year. The Boston buyer rebranded the property as Audubon Easterly. Units have 1-2 bedrooms and an average size of 948 sf. They feature quartz countertops, stainless-steel appliances, wood-style plank flooring...



REIT Lists 2 Adjacent Offices in DC

Wed, 11 Dec 2019
Moving ahead with its disposition plans, Equity Commonwealth has tapped Cushman & Wakefield to shop two adjacent office buildings in Washington&rsquo;s Georgetown neighborhood.The properties, which encompass 240,000 square feet, have a combined value of about $90 million, or $373/sf. The Chicago REIT is pitching them as a package, but will consider bids on either.The offering encompasses the 129,000-sf Harris Building, at 3300 White Haven Street,...



High-Yield Play Pitched in Manhattan

Wed, 11 Dec 2019
Ashkenazy Acquisition is marketing a retail/office building in Midtown Manhattan to value-added investors.The 21,000-square-foot property, at 433 Fifth Avenue, could attract bids of about $30 million. At that price, the initial annual yield would be about 4%, based on some $1.2 million of in-place net operating income.Ashkenazy, a local investment shop led by chief executive Ben Ashkenazy, has given the listing to Upland Property Advisors. The...



SPOTLIGHT: Washington Office Properties

Wed, 11 Dec 2019
Some $1.3 billion of large office properties traded in September, exceeding the $1.1 billion first-half total. The sellers appeared to be rushing to avoid an impending increase in taxes on property sales. The tax rate jumped to 5% from 2.9% on Oct. 1.An unsolicited $1.6 billion takeover bid from Blackstone could slow Unizo Holdings&rsquo; effort to sell five downtown properties. It&rsquo;s unclear if the Japanese company is proceeding while it...



The Grapevine

Wed, 11 Dec 2019
Juul has tapped Newmark to shop 123 Mission Street in San Francisco, a 346,000-square-foot office building the e-cigarette maker just purchased for its headquarters in June. Juul has been slashing costs amid a backlash over health problems linked to its products. The company bought 123 Mission Street from Northwood Investors for roughly $400 million, or nearly $1,200/sf, via an off-market transaction, according to published reports. The new...



The Grapevine

Wed, 11 Dec 2019
Brendan Sparrough has joined Brookfield Financial as a partner. Sparrough, who started last month in New York, works on real estate investment banking for the advisory arm of Toronto-based Brookfield Asset Management. He joined from Ernst & Young, where he was a senior vice president in the real estate investment banking group. Before that, he spent two years as a vice president at New York brokerage BlueGate...



The Grapevine

Wed, 11 Dec 2019
Julie Tran has stepped down as a managing director at Advalurem Group to pursue interests outside the industry. She continues to serve as a consultant to the New York investment shop. Since joining Advalurem in 2015, Tran has focused on portfolio and asset management. She also has worked on investments, investor relations and corporate strategy. Tran last worked at Candlebrook Properties, a New York multi-family shop where she was director of...



The Grapevine

Wed, 11 Dec 2019
Multi-family investor Independence Realty has added a vice president in its Philadelphia headquarters. Brian Martin, who started this month, is focusing on asset management. He previously was a senior consultant for Concourse Group of Annapolis, Md. Prior to that, he spent five years at Fannie Mae. Martin&rsquo;s resume also includes stops at Colonial Properties, American Realty, CarrAmerica, Equity Residential and Berkshire Group. Independence...



The Grapevine

Wed, 11 Dec 2019
Taylor Pierce joined Gaia Real Estate last week as a senior associate for acquisitions. He is based in the firm&rsquo;s Manhattan headquarters, where he&rsquo;s focusing on multi-family properties in New York and cities nationwide. He reports to partner and managing director of acquisitions David Kusy. Pierce joined Gaia after completing an MBA. He previously worked as an analyst at Vanbarton Group of New York. Gaia, founded in 2009, is led by...



The Grapevine

Wed, 11 Dec 2019
JLL has hired an asset-valuation professional to support its senior-housing practice. Deborah Street joined the Chicago brokerage this month as a senior vice president. Although much of the valuation group&rsquo;s work involves appraisals, Street will provide a variety of capital-markets services for shops that don&rsquo;t have specialists in-house. She is based in San Diego and works alongside Brian Chandler and Bryan Lockard, who co-head...



KKR to Pay Up for Trophy Offices Near Seattle

Wed, 04 Dec 2019
KKR, in another big bet on the Seattle area, has agreed to pay Hines in the vicinity of $750 million for a trophy office complex in Bellevue, Wash.The downtown property, called The Summit, encompasses two existing buildings with a combined 524,000 square feet and a 370,000-sf building scheduled to be completed next year. The price works out to roughly $840/sf.Eastdil Secured is representing the nontraded Hines Global REIT, which Hines began...



Westcore Eyes $1.25 Billion Warehouse Push

Wed, 04 Dec 2019
Warehouse specialist Westcore Properties is taking on a new role as an investment manager, with plans to invest some $1.25 billion in industrial properties via separate accounts over the next 2-3 years.The San Diego firm recently landed equity commitments totaling $550 million from two clients. Market pros identified one as Arizona State Retirement. The other is an unidentified insurance company. The separate accounts will target core-plus...



Vacant Complex Up for Grabs in Silicon Valley

Wed, 04 Dec 2019
Investors are getting a crack at a Silicon Valley office/research complex that a cybersecurity company is vacating in the wake of a corporate merger.The offering encompasses 10 buildings totaling 707,000 square feet in Mountain View, Calif. Bids are expected to exceed $1,000/sf, which would value the property at more than $700 million.The complex was the headquarters of Symantec&rsquo;s enterprise-security unit before its purchase last month by...



REIT Grabs Boston-Area Campus

Wed, 04 Dec 2019
Alexandria Real Estate Equities has won a bidding war for an office campus outside Boston.The price that the Pasadena, Calif., REIT will pay for the 835,000-square-foot Arsenal on the Charles, in Watertown, Mass., was still being finalized, but was expected to top $510 million, or $611/sf. The occupancy rate is 80%, but that will drop to 60% when the seller, Athenahealth, reduces its footprint and another tenant vacates.Cushman & Wakefield,...



Equity Sought for Apartment Fund

Wed, 04 Dec 2019
Hamilton Point Investments is seeking to raise $125 million of equity for its eighth multi-family fund.The vehicle, HPI Real Estate Opportunity Fund 8, would shoot for a 14% return by acquiring value-added apartment properties across the Eastern U.S.Hamilton Point, of Old Lyme, Conn., focuses on secondary markets in order to avoid competition with larger fund operators and institutional investors. With leverage, the fund would have some $300...



Sour Debt on Fla. Showrooms Pitched

Wed, 04 Dec 2019
The defaulted debt on a showroom/office complex near Fort Lauderdale, Fla., is on the block and likely to trade at a significant discount.Special servicer LNR Partners is shopping two securitized loans of equal seniority, with a total balance of $172.9 million, backed by the 751,000-square-foot Design Center of the Americas in Dania Beach, Fla.The loans matured in February without being repaid or extended. LNR began foreclosure proceedings, while...



Silicon Valley Apartment Site for Sale

Wed, 04 Dec 2019
A Silicon Valley parcel that&rsquo;s fully approved for a multi-family development is up for grabs.Hunter Storm Development has listed the first phase of its planned Gateway Crossings complex in Santa Clara, Calif., and is willing to consider offers for the second phase as well. Together they would have 1,565 apartments and 45,000 square feet of retail space. Bids are expected to top $100,000 per buildable unit, or $156 million for both phases....



New Warehouse Available Near Dallas

Wed, 04 Dec 2019
Core5 Industrial is marketing a new industrial complex in suburban Dallas.The 618,000-square-foot Valwood Crossroads, in Carrollton, Texas, could attract bids of about $70 million, or $113/sf. At that price, the buyer&rsquo;s initial annual yield would be 4.75%. JLL is representing Atlanta-based Core5 Industrial.Smith System Manufacturing fully occupies the two-building property under two leases with a weighted average remaining term of 7.1 years...



Industrial Shop Closes Fifth Fund

Wed, 04 Dec 2019
An industrial specialist has quickly completed capital raising for its fifth value-added fund.Venture One Real Estate and co-sponsor Kovitz Investment, both of Chicago, held a final close last month with $112 million of equity for VK Industrial 5. The fund, which began soliciting capital less than six months ago, targets a 15% return via the acquisition of warehouses, distribution centers, manufacturing facilities and flex space.The vehicle is...



REIT Lists Seattle-Area, Boston Offices

Wed, 04 Dec 2019
Equity Commonwealth has tapped separate brokers to market two office properties, in the Seattle area and Boston, with a combined valuation topping $575 million.Eastdil Secured is marketing the 435,000-square-foot Tower 333 in Bellevue, Wash. The trophy building, fully leased to Amazon, is expected to fetch about $875/sf, or $381 million &mdash; indicating a 4.5% initial annual yield.Newmark has the brokerage assignment for a 285,000-sf...



Value-Added Play Near White House

Wed, 04 Dec 2019
A Washington office building that soon will lose its largest tenant is being pitched as a value-added play.The 199,000-square-foot property, at 1899 Pennsylvania Avenue NW, is valued at roughly $115 million, or $578/sf.Eastdil Secured and Newmark, a tenant in the building, are jointly running the marketing campaign for Paramount Group, a New York REIT.The Class-A property, about three blocks from the White House, is 90% leased. But that number is...



High-Yield Apartment Play in Dallas

Wed, 04 Dec 2019
E&M Associates is pitching a sprawling apartment property in northeast Dallas to value-added investors.The 1,260-unit Vineyards at the Ranch encompasses two adjacent complexes that were separately developed in the mid-1980s, then merged by E&M in 2017. The listing is expected to draw bids of around $100 million, or $79,000/unit.Bids are due Dec. 17. NorthMarq has the listing.Investors are being told that a buyer could capitalize on strong...



Ascent Finds Buyer for SF Building

Wed, 04 Dec 2019
Kinship Capital and Presidio Bay Ventures are teaming up to buy a fully leased office/manufacturing building in San Francisco.The joint venture has agreed to pay Ascent Real Estate about $80 million for the 90,000-square-foot property, at 200 Kansas Street. The price works out to $888/sf. CBRE is representing Ascent, a New York investment shop.Kinship invests on behalf of wealthy families in Chicago. Presidio Bay is a San Francisco developer...



NY-Area Industrial Package on Block

Wed, 04 Dec 2019
Investors are getting a crack at three light-industrial buildings and a 23-acre parcel in suburban New York.The properties, valued at about $70 million, are clustered together in an industrial section of Clarkstown, N.Y., within the Valley Cottage community. The owner, a wealthy family represented by JLL, is pitching them as a portfolio, but would entertain separate bids on the land and the buildings.The buildings, totaling 261,000 square feet,...



Builder Markets Northern NJ Rentals

Wed, 04 Dec 2019
Tucker Development is shopping an apartment building in Newark, N.J., with an estimated value of $50 million.The 152-unit property, at 24 Jones Street, was developed in 2016 and is roughly 95% occupied. It draws renters from the nearby University Hospital and Rutgers New Jersey Medical School. At the estimated value of just under $330,000/unit, a buyer&rsquo;s initial annual yield would be about 6.5%. Tucker, a Chicago development firm, has given...



SPOTLIGHT: Southern California Industrial Properties

Wed, 04 Dec 2019
The $4.1 billion of sales so far this year has already surpassed the previous annual record of $4 billion, set in 2017, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of at least $25 million. The figure has now exceeded $3 billion for four years in a row.The average asking rent in Greater Los Angeles has climbed a whopping 78% over the past six years to a record $10.92/sf on a triple-net basis, according to CBRE....



The Grapevine

Wed, 04 Dec 2019
Starwood Capital has struck a deal to buy a leasehold interest in the 911,000-square-foot office tower at 60 State Street in Boston for roughly $620 million, or $680/sf. The seller, a joint venture between Oxford Properties of Toronto and J.P. Morgan Asset Management, completed renovations to the skyscraper’s lobby and retail space over the past couple of years and lifted the building’s occupancy rate to 98%, with a weighted average remaining...



The Grapevine

Wed, 04 Dec 2019
Manulife Investment has hired Thomas Ling as a managing director in its Boston headquarters. Ling, who started last month, oversees investments in multi-family properties in the U.S., reporting to senior managing director Erik Gustafson. Ling spent the past three years at PGIM Real Estate, where he was a senior member of an asset-management team that specialized in apartment properties. Prior to that, he worked at Arsenal Real Estate of...



The Grapevine

Wed, 04 Dec 2019
Healthcare real estate veteran Phil Mahler has joined Centum Health Properties as chief investment officer. He started this month in the firm&rsquo;s Denver headquarters. Mahler was previously a senior vice president at Hammes Partners, a Brookfield, Wis., fund operator he joined in 2018 and left earlier this year. Before moving to the buyside, Mahler was a healthcare investment-sales broker. He spent three years as a managing director at HFF and...



The Grapevine

Wed, 04 Dec 2019
Tom O&rsquo;Meara joined family office Sakioka Farms last month as senior vice president for real estate. He&rsquo;s tasked with updating the Costa Mesa, Calif., firm&rsquo;s long-term strategic plan, while also overseeing acquisitions, asset management, development and leasing. O&rsquo;Meara previously was a vice president for acquisitions and development at ICI Development of Santa Ana, Calif., where he spent nine years. Sakioka Farms, which...



The Grapevine

Wed, 04 Dec 2019
Cain International of London has added a vice president to its U.S. investment team. Justin Oates joined the firm two weeks ago in New York, but will relocate to Miami next year to focus on asset management of Cain&rsquo;s developments there. He reports to managing principal Eric Poretsky, who heads Cain&rsquo;s U.S. equity investments. Oates was previously a vice president at Michael Fascitelli&rsquo;s Imperial Cos. of New York, and had prior...



The Grapevine

Wed, 04 Dec 2019
Karie Katz has left Chicago fund operator Blue Vista Capital, where she was a director of client capital. She departed about six weeks ago to pursue another opportunity, but her destination is unknown. Katz was at Blue Vista for about five years, and before that worked at Merrill Lynch and law firm Kirkland & Ellis.



The Grapevine

Wed, 04 Dec 2019
Multi-family shop White Eagle Property of Monsey, N.Y., is looking to hire a director of asset management. Candidates must have 5-10 years of experience overseeing apartment properties. Contact chief operating officer Abe Spitz at abe.spitz@wepgr.com.



Corrections

Wed, 04 Dec 2019
The Market Spotlight on Nov. 20 misidentified ExchangeRight as the buyer of Lakeside at Arbor Place in Douglasville, Ga. ExchangeRight sold the apartment complex to Fogelman Properties.



German Insurer Wins Midtown Office Tower

Wed, 20 Nov 2019
Munich Re has agreed to buy the office building at 330 Madison Avenue in Midtown Manhattan for roughly $900 million.The German insurance company emerged from a host of bidders for the 850,000-square-foot property, a block from Grand Central Terminal. A sale at the valuation of around $1,050/sf would indicate a 4.8% capitalization rate, based on annualized net operating income of $43.6 million.CBRE is brokering the sale for Abu Dhabi Investment...



Nashville Hotel Sales, Prices at New Highs

Wed, 20 Nov 2019
Nashville&rsquo;s hotel market has become a big hit with investors.The Music City&rsquo;s records for sales volume and prices have been shattered this year, as rising performance attracts institutional buyers to the once-sleepy market.Some $641 million of hotel transactions have closed or gone under contract since January, far exceeding the previous annual record of $456.4 million set in 2016, according to Real Estate Alert&rsquo;s Deal Database....



CalSTRS Paying Top Dollar for Houston Tower

Wed, 20 Nov 2019
California State Teachers has struck a deal to buy Bank of America Tower in Houston from Skanska USA at a record per-foot valuation for the city.The transaction values the 780,000-square-foot office building at about $695/sf, or $542 million. That far exceeds the current $528/sf record for a large office property in the city.Market pros said the seller, the U.S. unit of Swedish developer Skanska, may retain a stake in the vicinity of 10%. Eastdil...



Brookfield Nabs Luxury Rentals in SF

Wed, 20 Nov 2019
In a rare trade of a trophy apartment property in San Francisco, Brookfield Asset Management has paid $311 million for a luxury complex in the vibrant South of Market neighborhood.The Toronto investment manager acquired the 463-unit Mosso, at 900 Folsom Street, via its open-end Brookfield Premier Real Estate Partners, a core-plus fund. The price translates to $672,000/unit. Eastdil Secured brokered the sale last month for Essex Property, a...



New Boston-Area Lab Complex Listed

Wed, 20 Nov 2019
A former postal facility converted to a life-science/technology campus in suburban Boston is on the block with an estimated value of $300 million.The 426,000-square-foot Post, at 200 Smith Street in Waltham, Mass., is fully occupied on long-term leases. A sale at the estimated $704/sf price would produce an initial annual yield topping 5.5%. JLL is representing the owner, a partnership between Anchor Line of Boston and Northwood Investors of New...



Beacon Selling SF Offices to REIT

Wed, 20 Nov 2019
Columbia Property has agreed to buy a San Francisco office building from Beacon Capital for about $250 million.The 272,000-square-foot property, at 201 California Street in the Financial District, is 97% occupied. Columbia, a New York REIT, will reap an initial annual yield of about 5% at the roughly $919/sf purchase price. Eastdil Secured is brokering the sale for Beacon, a Boston fund shop.The rents average 20% below what the space could...



RFR Lands Historic Building in SF

Wed, 20 Nov 2019
RFR Holding is under contract to pay about $150 million for the historic building that was the longtime home of the Federal Reserve Bank of San Francisco.The 186,000-square-foot property, at 301 Battery Street in the North Financial District, is now used as office and event space. The purchase price translates to about $806/sf. CBRE is representing the local seller, Bently Holdings.The building, called Bently Reserve, is still referred to locally...



Builder Shops Silicon Valley Campus

Wed, 20 Nov 2019
Sobrato Family Foundation is marketing an office complex in Santa Clara, Calif., that’s fully occupied by a large technology company on a long-term lease.The 329,000-square-foot property encompasses two office buildings and a small amenities building. The listing is expected to draw bids around $265 million, or $806/sf. That price would produce an initial annual yield of roughly 5%.Eastdil Secured is representing the owner, the philanthropic...



NEW DEALS

Wed, 20 Nov 2019
Georgia Light-Industrial PropertyA TPG Real Estate subsidiary this month paid Sperry Equities $71.3 million for an 18-building industrial park in Norcross, Ga. Gwinnett Park encompasses 982,000 square feet of light-industrial space that&rsquo;s 87% leased by 55 tenants. The buildings, which have ceiling heights of 18-22 feet, were completed between 1973 and 1997. JLL advised Sperry, of Irvine, Calif. TPG, based in Fort Worth, Texas, acted via its...



3 Westside LA Offices Change Hands

Wed, 20 Nov 2019
Separate buyers are picking up three office properties in and around El Segundo, Calif., for more than $200 million combined.In the largest transaction, Nuveen Real Estate last week paid $97 million for the 206,000-square-foot building at 101 Pacific Coast Highway in El Segundo. The price worked out to $471/sf. The seller, AEW Capital of Boston, was represented by Newmark, which is brokering all three deals.The Class-A property is 88% leased and...



Student Housing on Block in Florida

Wed, 20 Nov 2019
Two student-housing properties near the University of Florida campus are being pitched as a value-added play.The listing encompasses 372 units and 1,356 beds in Gainesville. The estimated valuation is $63 million, or $46,000/bed ($169,000/unit).The owner, Park Partners Residential of Boca Raton, Fla., is accepting bids on the properties separately or as a package. CBRE has the listing.The low-rise complexes are a few blocks from each other and...



NJ "Gold Coast' Apartments Available

Wed, 20 Nov 2019
A luxury apartment building in Northern New Jersey worth an estimated $240 million has hit the block in what is shaping up as a record year for multi-family sales in the market.Post Brothers Apartments is shopping the 321-unit Duchess, a property completed last year that is 88% occupied. At the estimated value of $748,000/unit, a buyer&rsquo;s initial annual yield would be 4.75%. Cushman & Wakefield is representing Philadelphia-based Post...



Philadelphia Development Site for Sale

Wed, 20 Nov 2019
A parcel that&rsquo;s ripe for multi-family or other development is up for grabs in an opportunity zone in Philadelphia.The 1.4-acre lot, in the Grays Ferry neighborhood, is valued at $17 million, or $60 per buildable foot. CBRE is marketing the vacant land for a partnership between Carlino Commercial Development of Conshohocken, Pa., and an unidentified equity partner.The site, at 3000 Grays Ferry Avenue, is being marketed as an opportunity to...



Boom in Net-Lease Sales Continues

Wed, 20 Nov 2019
Sales of net-lease properties are on pace to set a record for the second year in a row, according to a CBRE report.Some $55.2 billion of net-lease office, industrial and retail properties traded in the first nine months of the year, up 24% year-over-year. From July through September alone, sales tallied $20.9 billion &mdash; the third-biggest quarter ever and up 30% from a year earlier.Last year, $69.6 billion of net-lease properties sold,...



Blackstone Finds Buyer for NY Tower

Wed, 20 Nov 2019
A George Comfort & Sons joint venture is nearing an agreement to pay Blackstone roughly $200 million for a Lower Manhattan office building that&rsquo;s 80% occupied.The deal values the 354,000-square-foot property, at 44 Wall Street, at roughly $565/sf. The buyer&rsquo;s initial annual yield would be about 4.5%, but the capitalization rate would stabilize around 6%.George Comfort is working with Gaedeke Group, a Dallas investment shop that would...



Partner Sought for Oakland Project

Wed, 20 Nov 2019
A joint venture is seeking to raise about $100 million of equity for the construction of a luxury apartment high-rise in an opportunity zone in Oakland.UrbanCore and National Real Estate Development have tapped Cushman & Wakefield to find an equity partner for the fully approved 270-unit property, at Lake Merritt Boulevard and East 12th Street.The project&rsquo;s estimated cost is $240 million. UrbanCore, a developer in Richmond, Va., and...



SPOTLIGHT: Atlanta-Area Apartment Properties

Wed, 20 Nov 2019
The market has been a magnet for foreign investment this year. It ranks second nationally in aggregate purchases by foreign players ($685.4 million) and first in the number of apartments acquired (4,040), according to CBRE.The July sale of the 198-unit Piedmont House commanded the area&rsquo;s second-highest price ever on a per-unit basis: $626,000.Revenue per available foot grew 6% across the market over the past year, according to Green Street...



The Grapevine

Wed, 20 Nov 2019
Veteran Boston broker Frank Petz has landed at Colliers International as a managing director. He will work on investment sales and help expand institutional business. Petz, who started this week, previously announced he was leaving JLL following the firm&rsquo;s acquisition of HFF in July. He had led its New England capital-markets team since 2012. Prior to that, he was a capital-markets director at Eastdil Secured and CBRE. Before becoming a...



The Grapevine

Wed, 20 Nov 2019
Compass Acquisition Partners has added John Fischer to its multi-family team. Fischer joined the Los Angeles investment shop this month as a managing director responsible for developing new business. Fischer previously was a managing director at TruAmerica Multifamily, where he oversaw the California region. Prior to that, he worked at apartment developer Highridge Costa of Gardena, Calif., and Aimco, a multi-family...



The Grapevine

Wed, 20 Nov 2019
LeRoy Howard joined India-based hotel operator OYO Hotels & Homes this week as an investment director in its nascent U.S. unit. He is focusing on acquisitions of properties that can be converted to OYO&rsquo;s budget brand as the company pushes into the U.S. market. Howard previously focused on hotels as an investment-banking associate at Goldman Sachs, and before that was an investment associate at Host Hotels & Resorts. He is based in New York,...



The Grapevine

Wed, 20 Nov 2019
National Property REIT added a vice president of asset management in Atlanta last month. Zach Finkel is helping to oversee the New York firm&rsquo;s property holdings and assist with capital raising. National Property, a non-traded REIT, is controlled by investment manager Prospect Capital of New York. Finkel reports to Ted Fowler, who oversees Prospect&rsquo;s real estate business. Finkel previously spent seven years at Radco Cos. of Atlanta,...



The Grapevine

Wed, 20 Nov 2019
Alex Izso parted ways with Marx Development last month. He had joined the New York firm at the beginning of the year as a vice president focused on acquisitions and capital markets. His plans are unknown. Izso previously spent five years at Meridian Capital, a debt-focused brokerage in New York. Marx Development builds and acquires office, hotel and senior-living properties in New York. Lawyer David Marx founded the firm in...



The Grapevine

Wed, 20 Nov 2019
Pimco plans to hire two real estate associates &mdash; one for an acquisitions role and another for an asset-management position. The recruits would have the option of working in the investment giant&rsquo;s Newport Beach, Calif., headquarters or in New York. Candidates for the acquisitions post should have 1-3 years of experience. The staffer would report to executive vice president Christopher Flick in Newport Beach. Candidates for the...



ON THE MARKET

Wed, 20 Nov 2019
RETAILProperty: Home Ranch Medical & Retail Commons, 18601-18653 Yorba Linda Boulevard, Yorba Linda, Calif.Size: 60,700 sf, 85% leasedEstimated Value: $30.75 million, Yield: 5.3%Owner: Greenbridge Investment, Beverly HillsBroker: JLLColor: Retail center geared toward medical and child-care tenants, with anchors UCI Health (new 15-year lease) and Kiddie Academy. Pitch is a buyer could achieve a stabilize capitalization rate of 6.1% within two...



KKR Replaces Kilroy as Seattle Office Buyer

Wed, 13 Nov 2019
KKR has agreed to pay a Stockbridge Capital partnership roughly $465 million for a downtown Seattle office condominium &mdash; stepping in after a sale to Kilroy Realty fell through.The price tag for the 516,000 square feet of space, fully leased to F5 Networks, works out to just over $900/sf and would produce an initial annual yield in the vicinity of 4.75%. Eastdil Secured is advising San Francisco-based Stockbridge and its partner, Seattle...



Bidders Stretch to Win Atlanta Rental Deals

Wed, 13 Nov 2019
In the red-hot competition for Atlanta rental properties, investors are finding they have to act aggressively to push ahead of the pack.Would-be buyers are offering up-front, nonrefundable deposits to lock in deals. Some are making pre-emptive offers to short-circuit marketing campaigns. And bidding wars are pushing prices up sharply.The intense competition comes as a strong local economy and rising rents draw deep pools of bidders to...



REIT Shops High-End Atlanta, Austin Hotels

Wed, 13 Nov 2019
Xenia Hotels & Resorts is looking for buyers for two upper-upscale hotels, in the Atlanta and Austin markets, with a combined valuation of $275 million.The 522-room Renaissance Atlanta Waverly Hotel & Convention Center is expected to fetch bids of roughly $150 million, or $287,000/room. The 492-room Renaissance Austin Hotel is valued at about $125 million, or $254,000/room. Market pros said those prices would translate to capitalization rates in...



JP Morgan Picks Up Seattle Offices

Wed, 13 Nov 2019
J.P. Morgan Asset Management has agreed to pay Heitman about $215 million for a Seattle office tower that is fully occupied, mostly by Amazon.The price for the 306,000-square-foot building works out to just over $700/sf. That translates to an initial annual yield in the vicinity of 4.5%. Eastdil Secured handled the marketing for Chicago-based Heitman.The Class-A property is at 1800 Ninth Avenue in the Denny Triangle neighborhood. Amazon, whose...



Buyer Found for NJ Office Complex

Wed, 13 Nov 2019
An investment group has agreed to buy a Northern New Jersey office complex for roughly $123 million.The 648,000-square-foot Continental Plaza, in Hackensack, will generate an initial annual yield of just over 7.75% at the $190/sf price tag. The group includes investor Leibel Lederman.CBRE is brokering the sale for a partnership between Capstone Realty of New York and local firm JD Cos. The deal is expected to close this month.In 2018, Lederman...



Carlton Showing Retail Center in NJ

Wed, 13 Nov 2019
Carlton Group is offering a well-leased shopping center in Northern New Jersey&rsquo;s Meadowlands area.The 219,000-square-foot Plaza at Harmon Meadow, in Secaucus, is valued at about $80 million. At that price, the buyer&rsquo;s initial annual yield would be 6.25%. Cushman & Wakefield is representing Carlton, a New York advisory firm.The retail center is 95% occupied by a mix of national and local retailers. The anchor tenant is a 14-screen...



Builder Seeks Equity for Calif. Rentals

Wed, 13 Nov 2019
A developer wants to raise roughly $85 million of equity to build a luxury apartment property in an East Bay suburb of San Francisco.Windflower Properties wants to form a joint venture to construct a 504-unit luxury building on a 3.5-acre site in the Station District section of Union City, Calif. Permits have been acquired, and groundbreaking is planned for next year.Cushman & Wakefield has been hired to line up a partner for Windflower, a San...



Boston Apartment Properties on Block

Wed, 13 Nov 2019
Two Boston apartment buildings are being pitched as a value-added play.The listing includes a 54-unit building at 49 Worthington Street, near the Longwood Medical Area, and a 55-unit property at 16 Westland Avenue, near where the Back Bay and Fenway neighborhoods meet. Both are fully occupied.The offering is expected to attract bids north of $50 million, or $459,000/unit. That would translate to a 4.5% initial annual yield.Coppola Management Real...



Retail/Office Listing Near Syracuse

Wed, 13 Nov 2019
A developer has teed up 211,000 square feet of retail and medical-office space at a complex near Syracuse, N.Y.The space, at the 530,000-sf Township 5 development in Camillus, N.Y., is expected to attract bids in the vicinity of $75 million. At that price, the buyer&rsquo;s initial annual yield would be 6.75%. The owner, local developer Cameron Group, has given the listing to Ackman-Ziff Real Estate.The offering encompasses 144,000 sf of retail...



Brooklyn Apartment Portfolio for Sale

Wed, 13 Nov 2019
An Alcion Ventures partnership has set a $50 million asking price for nine Brooklyn apartment buildings.The 113-unit portfolio contains low-rise buildings in the Bedford-Stuyvesant and Crown Heights neighborhoods. At the $443,000/unit asking price, the buyer&rsquo;s initial annual yield would be 5%, based on $2.5 million of net operating income.Alcion, a Boston fund operator, owns the portfolio in partnership with Alchemy Ventures, an affiliate...



San Jose Retail Center Up for Grabs

Wed, 13 Nov 2019
American Realty Advisors is marketing a San Jose shopping center valued at about $50 million.The 84,000-square-foot property, at 4130 North First Street, is 99% leased and anchored by a CVS pharmacy. At the estimated value, the capitalization rate would be 5.5%. Newmark is representing Los Angeles-based American Realty.An adjacent Target store that&rsquo;s separately owned acts as a shadow anchor, drawing shoppers to the center. Adjacent Hyatt...



NEW DEALS

Wed, 13 Nov 2019
Charlotte Office PropertyTerraCap Management will realize a 6.5% initial annual yield on its purchase of a 152,000-square-foot office building in Charlotte. The Estero, Fla., fund operator last week paid $24.8 million, or $163/sf, for Resource Square 4. CBRE brokered the sale for Rockford Capital of Wilmington, Del. The five-story building is at 10735 David Taylor Drive, near the intersection of Interstates 85 and 485 and close to a light-rail...



NEW DEALS

Wed, 13 Nov 2019
Northern Florida Apartment ComplexMLG Capital paid $56 million last month for a 298-unit multi-family property in Gainesville, Fla. The deal, brokered by Cushman & Wakefield, valued the Park Avenue complex, at 3800 NW 79th Terrace, at $188,000/unit. The seller, local firm Urban Habitats, completed the property in 2016. It&rsquo;s 92% occupied. Units have 1-3 bedrooms and feature stainless-steel appliances, wood-style flooring, walk-in closets and...



Value-Added Play in Silicon Valley

Wed, 13 Nov 2019
TA Realty is marketing a Silicon Valley office building that&rsquo;s about one-quarter vacant.The 99,000-square-foot property, in Santa Clara, Calif., is expected to command bids of about $50 million, or $507/sf.TA Realty&rsquo;s broker, Eastdil Secured, is pitching the offering as a rare opportunity to scoop up a multi-tenant property in Silicon Valley, where technology companies have been actively leasing entire buildings.The three-story...



SPOTLIGHT: Chicago Office Properties

Wed, 13 Nov 2019
Sales picked up in the third quarter after a slow first half, when just $249 million of large properties traded. But volume is unlikely to catch up to last year&rsquo;s $3.8 billion total.JLL&rsquo;s buyout of HFF in June combined two leading office brokerage teams in the market. As a result, JLL is winning a dominant share of second-half listings.The average occupancy rate ticked up 61 bp in the third quarter, to 88.2%, according to MB Real...



The Grapevine

Wed, 13 Nov 2019
Boston investment shop Redgate has tapped acquisitions pro Reid Joseph as executive vice president to lead acquisitions. He&rsquo;ll also line up equity and debt for transactions. Joseph was previously a senior vice president focused on acquisitions in the Boston office of New York-based Westbrook Partners, where he worked for nine years. Redgate is investing a high-yield vehicle called New Urban Fund 2 that pursues development and redevelopment...



The Grapevine

Wed, 13 Nov 2019
Yewande Fapohunda started this week as a senior vice president at High Street Residential. She&rsquo;s responsible for lining up and overseeing multi-family development projects in the Houston area for the subsidiary of Dallas-based Trammell Crow. She reports to senior managing director Jim Casey. Fapohunda came from Greystar Real Estate, where she was a senior development director. Before that, she worked for AvalonBay Communities and Goldman...



The Grapevine

Wed, 13 Nov 2019
Industry veteran Evan Denner moved to Marcus & Millichap last month as a senior vice president focused on corporate strategy, working out of New York. He was previously at Ackman-Ziff Real Estate, which he joined as an adviser in 2017 to help expand its investment-sales platform. In 2012, Denner co-founded New York investment shop Lauderhill Partners and its student-housing investment subsidiary, Campus Evolution Villages. Before that, he was a...



The Grapevine

Wed, 13 Nov 2019
Barron Williams joined Northpoint Realty last month as a director of asset management and investments. He previously spent some 15 years at Clarion Partners and predecessor ING Clarion before leaving in October 2018. There, he was most recently a Washington-based managing director of acquisitions, overseeing direct and joint-venture investments for multiple property types in the Mid-Atlantic and Southeast regions. Northpoint, based in Bethesda,...



The Grapevine

Wed, 13 Nov 2019
Cerberus Capital this month hired Caroline FitzPatrick as a vice president in its New York headquarters. She was previously a senior associate at Brookfield Asset Management of Toronto, where she worked for just over two years. Before that, she was an analyst at PJT Partners of New York, the investment banking group created when Blackstone spun out its placement-agent division, Park Hill Real...



The Grapevine

Wed, 13 Nov 2019
Dalton Chester has joined Pacolet Milliken Enterprises as a senior analyst, working on acquisitions and asset management. He started last month at the firm&rsquo;s Greenville, S.C., headquarters. He reports to asset-management head Heather Juve. Chester was previously a capital-markets financial analyst for Edens, a shopping-center developer in Columbia,...



The Grapevine

Wed, 13 Nov 2019
Valbona Behluli has joined Fortress Investment as a director in London. She moved over last month from J.P. Morgan Asset Management in New York, where she spent the past six years as a vice president focused on real estate acquisitions. She had a two-year stint in the bank&rsquo;s London office before that.



The Grapevine

Wed, 13 Nov 2019
Meanwhile, Fortress Investment is looking to hire an analyst in Dallas. The recruit would work on equity and debt investments in commercial properties for the New York fund operator. Candidates should have at least two years of experience and a degree in accounting, finance or real estate. Proficiency with Argus is preferred. Contact ChristenZellinger at...



ON THE MARKET

Wed, 13 Nov 2019
IndustrialProperty: 4012 14th Street, Plano, TexasSize: 237,000 sf, 100% leasedEstimated Value: $40 million, Yield: 6.4%Owner: Core5 Industrial, AtlantaBroker: JLLColor: Warehouse in suburban Dallas to be completed in January for Shutterfly. The online retailer has a 10-year triple-net lease with annual 2.5% rent bumps.



ON THE MARKET

Wed, 13 Nov 2019
Multi-FamilyProperty: 4 workforce-housing properties in Syracuse, N.Y.Size: 830 units, 97% occupiedEstimated Value: $35 million, $42,000/unit, Yield: 6%Owner: Green National, SyracuseBroker: Cushman & Wakefield, Pyramid BrokerageColor: Marketed as a package, but investors can bid on individual properties: the 369-unit Skyline at 753 James Street (built in 1950, average rent $665); the 263-unit Vincent at 105 Smith Lane (1946, $664); the...



Foreign Buyers in 4 Seattle-Area Office Deals

Wed, 06 Nov 2019
Separate foreign investors have agreed to buy four Seattle-area office properties, each net-leased to a technology giant, in a flurry of deals worth more than $1.4 billion combined.One of the trades would break the market&rsquo;s per-foot price record. Spanish firm Ponte Gadea, making another blockbuster bet on Seattle, has struck a deal to pay some $415 million for the 389,000-square-foot Arbor Blocks, in the South Lake Union neighborhood. At...



Washington's Mayflower Hotel Up for Grabs

Wed, 06 Nov 2019
Rockwood Capital is seeking a buyer for Washington&rsquo;s historic Mayflower Hotel, which is valued at a steep discount to what the fund operator paid a dozen years ago.First-round bids for the 581-room hotel will be collected within three weeks, and expectations are that they&rsquo;ll land in the vicinity of $310,000/room, or $180 million. Hodges Ward Elliott is the broker.The estimated price, indicating a 6% annual yield, is sharply lower than...



Nashville Office Listing Poised to Set Record

Wed, 06 Nov 2019
The office component of a trophy building in downtown Nashville is on the block, setting the stage for the market&rsquo;s largest-ever trade.The listing is for the 362,000 square feet of office space in the two-year-old building, at 222 Second Avenue South. It&rsquo;s expected to fetch bids of about $250 million, or $691/sf &mdash; a price that would indicate a 5.5% initial annual yield. The developer, a joint venture between J.P. Morgan Asset...



Seattle Rentals Pitched With Upside

Wed, 06 Nov 2019
Berkshire Residential Investments is shopping a Seattle apartment high-rise with upgrade potential.The 335-unit Cielo, at 800 Seneca Street, could attract bids of about $200 million, or $597,000/unit. JLL is representing Boston-based Berkshire.Even though the 31-story building was completed just four years ago, investors are being told they could boost income by upgrading the units and amenities to appeal to the top end of the rental market,...



Toyko Shop Enters NY Office Market

Wed, 06 Nov 2019
In its first purchase in Manhattan, Shimizu Corp. has agreed to buy an office building from Vanbarton Group for nearly $150 million.The 187,000-square-foot Albano Building, at 305 East 46th Street, is fully leased to the United Nations through 2027.Tokyo-based Shimizu will reap an initial annual yield of nearly 5% at the roughly $800/sf valuation. The purchase is expected to close soon. Eastdil Secured is representing New York-based...



Chicago Offices With Vacancy Shown

Wed, 06 Nov 2019
Alliance HSP is pitching the leasehold interest in a Chicago office landmark as a leasing play.The 279,000-square-foot building, at 300 West Adams Street in the West Loop, is just 80% leased at rents that are well below the market average. It&rsquo;s expected to fetch around $30 million, or $108/sf. JLL is touting the potential to fill vacant space and lift rents as short-term leases expire.Alliance, a Bryn Mawr, Pa., unit of Honolulu-based...



Renovated Oakland Offices on Block

Wed, 06 Nov 2019
Sansome Street Advisors is pitching a Class-A office building in Oakland that it bought less than a year ago.The 119,000-square-foot Latham Square, at 1611 Telegraph Avenue, is worth about $85 million, or $714/sf. San Francisco-based Sansome has given the listing to CBRE.The occupancy rate is 93%. Rents average 20% below the current asking rate, according to marketing materials. The weighted average remaining lease term is 6.4 years.The 14-story...



Retail Center Available in LA Area

Wed, 06 Nov 2019
Investors are getting a crack at a well-leased shopping center in the Los Angeles area.The 154,000-square-foot property, in downtown Glendale, Calif., could fetch about $78 million. At that price, the buyer&rsquo;s initial annual yield would be 5.75%. JLL is representing the owner, EB Arrow of Dallas.The marketing campaign is touting the stability of the shopping center, called Glendale Marketplace. The occupancy rate is 98.6%, and the weighted...



Korean Group Lands Offices Near DC

Wed, 06 Nov 2019
A South Korean investment group paid $80.5 million last week for a fully occupied office building in the Washington suburb of Tysons, Va.The group, which was advised by Northridge Capital of Washington, anticipates an initial annual yield of more than 5% on the 150,000-square-foot property, at 1550 Westbranch Drive. The price tag works out to $537/sf. Newmark brokered the sale for a joint venture between Rubenstein Partners of Philadelphia and...



Silicon Valley Office/R&D Listing

Wed, 06 Nov 2019
A Westport Capital partnership is marketing a Silicon Valley office/R&D complex worth about $48 million.The 214,000-square-foot Sycamore Technology Center, in Milpitas, Calif., is 85% leased. The estimated value of $225/sf would result in a 6% initial annual yield. The pitch is that a buyer could lift its return over 7% by leasing vacant space.Cushman & Wakefield is representing Westport, a fund shop in Wilton, Conn., and its partner, San...



Value-Added Rental Play Near Miami

Wed, 06 Nov 2019
LivCor is pitching a high-rise apartment complex in North Miami, Fla., as a value-added play.The 869-unit Aliro Apartments, at 14000 Biscayne Boulevard (U.S. Highway 1), could attract bids of about $155 million, or $178,000/unit. Chicago-based LivCor, a Blackstone portfolio company, has given the listing to Cushman & Wakefield.The property, encompassing five buildings totaling 680,000 square feet, was built in 1975. Livcor acquired it in 2016...



NEW DEALS

Wed, 06 Nov 2019
East Bay Office/Lab PropertyHillwood will see a 5.8% initial annual yield on its $115 million purchase last week of a San Francisco Bay Area office/laboratory campus. The Dallas firm paid just under $300 a square foot for the 386,000-sf Waterfront at Harbor Bay, in Alameda, Calif. Cushman & Wakefield brokered the sale for Denver-based Ascentris. The East Bay complex is fully occupied by nine tenants with a weighted average remaining lease term of...



NEW DEALS

Wed, 06 Nov 2019
Atlanta Apartment ComplexAMLI Residential bought a new 251-unit apartment property in Atlanta last month for about $66 million, or $262,000/unit. CBRE represented the seller, a joint venture between Alliance Residential of Phoenix and Goldman Sachs. The three mid-rise buildings, at 1084 Howell Mill Road NW, were completed last year. The complex, originally called Broadstone Yards, is being rebranded as AMLI Westside. The units range from studios...



NEW DEALS

Wed, 06 Nov 2019
Charlotte Office BuildingsOA Development last month paid $36 million for a two-building office complex in Charlotte. The 173,000-sf Carmel Park 1&2, at 11111 and 11121 Carmel Commons Boulevard in South Charlotte, is 93% occupied. Tenants include healthcare, real estate, financial-services, engineering and technology companies. JLL brokered the sale for CapRidge Partners of Austin, which acquired the 1980s-vintage complex for $23 million in 2015,...



Builder Offers Stabilized NJ Rentals

Wed, 06 Nov 2019
A developer is shopping a new residential/retail property in Central New Jersey that&rsquo;s valued at about $32 million.The complex, in Metuchen, has 79 apartments in one building and 11,000 square feet of retail space in two separate buildings. At the estimated value of $405,000/unit, a buyer&rsquo;s initial annual yield would be roughly 5%. JLL is representing the owner, Renaissance Properties of Old Bridge, N.J.Called The Hub, the complex was...



SPOTLIGHT: Southeast Industrial Properties

Wed, 06 Nov 2019
After soaring by 45% to a record $4.9 billion last year, sales have continued to climb this year. Volume in the first half jumped by 35% from a year earlier, to $2.3 billion. The figures are based on transactions of $25 million and up.The average occupancy rate is at least 90% in all but one of the region&rsquo;s major markets, according to Green Street Advisors. Memphis, the lone exception, fell just shy of that threshold, at 89.4%.Dalfen...



The Grapevine

Wed, 06 Nov 2019
Managing director Graham Stephens parted ways last week with JLL&rsquo;s New York office. He had started in 2016 at HFF, which was acquired by JLL this summer. Since the merger, JLL has seen at least nine capital-markets pros leave the New York office, including local investment-sales brokers Mo Beler and Anthony Ledesma, hotel veteran Daniel Peek and debt pros Aaron Appel and Jonathan Schwartz. Stephens&rsquo; plans are unclear. Before joining...



The Grapevine

Wed, 06 Nov 2019
Newmark has hired Chicago brokers James Postweiler, Peter Harwood and Derek Fohl from JLL as it looks to ramp up its share of institutional-sized office deals in Chicago and other Midwestern markets. Postweiler co-led the Chicago capital-markets practice at JLL, where he spent 15 years. He joined Newmark in the last week as an executive managing director, while Harwood and Fohl moved over as senior managing directors. Harwood put in 22 years at...



The Grapevine

Wed, 06 Nov 2019
Industrial veteran John Ramous joined Dermody Properties last week. He&rsquo;s a partner based in the fund operator&rsquo;s Reno, Nev., headquarters and focused on acquisitions and development across that state. Ramous moved over from Harsch Investment Properties after 16 years at the Portland, Ore. firm, where he was a senior vice president and regional manager. His background also includes stints at First Industrial Realty of Chicago and...



The Grapevine

Wed, 06 Nov 2019
Adam Showalter joined Stream Realty last month as a managing director tasked with building up the Dallas firm&rsquo;s presence in Greater Chicago. He&rsquo;s focused on acquisitions and development of office properties. Previously, Showalter spent six years at Cushman & Wakefield and seven years at CBRE, working on redeveloping, marketing and leasing office buildings in the Chicago area. At Stream, he reports to managing director Patrick...



The Grapevine

Wed, 06 Nov 2019
Industry pro Erik Dowling left Value Partners last month after three years with the Great Neck, N.Y., firm, where he was a managing director focused on multi-family acquisitions. The buzz is Dowling is seeking capital-markets or asset-management opportunities. Before Value Partners, he spent three years as a partner and director of capital sourcing at New York multi-family shop SilverBrick Group. He previously originated commercial mortgages for...



The Grapevine

Wed, 06 Nov 2019
Casoro Group wants to hire a vice president of acquisitions at its Austin headquarters. Candidates should have 3-5 years of experience and would work on lining up and underwriting deals across the Sunbelt, among other duties. The recruit would report to newly named chief investment officer Chirag Hathiramani. Casoro formed last month via the merger of multi-family investment firm PPA Group and family office Casoro Capital, both of Austin....



The Grapevine

Wed, 06 Nov 2019
Marcus & Millichap&rsquo;s Institutional Property Advisors unit wants to hire a senior analyst in Philadelphia to work on retail deals. Candidates should have at least three years of experience, preferably with retail, net-leased or office properties. The recruit would work under Brad Nathanson, who joined the brokerage in July as a senior managing director from CBRE to work on shopping-center sales in Pennsylvania, New Jersey and...



High-End San Francisco Hotel Back on Block

Wed, 30 Oct 2019
A year after acquiring the Park Central Hotel in San Francisco, a Morgan Stanley Real Estate joint venture has put it back up for sale.The 681-room upper-upscale hotel is expected to fetch bids of up to $450 million, or $661,000/room. Eastdil Secured is shopping the hotel for Morgan Stanley and its partner, Highgate Hotels.The pitch is that a buyer could take over operations, renovate and rebrand the property. It currently runs under a franchise...



WeWork Turmoil Disrupts Planned Listings

Wed, 30 Oct 2019
WeWork&rsquo;s implosion in recent weeks has complicated the investment-sales campaigns for office properties with any significant exposure to the embattled co-working giant.As recently as August, the company was being touted in marketing materials and property tours as a desired tenant with an eye-popping private valuation of $47 billion. But its failed attempt at an initial public offering, followed last week by a bailout from lead investor...



New Seattle Apartment Tower Up for Grabs

Wed, 30 Oct 2019
A new residential high-rise in Seattle is back on the market.The 461-unit Kiara, at 111 Terry Avenue North in the booming South Lake Union neighborhood, is valued at north of $335 million, or $727,000/unit. The 41-story apartment building, which was completed last year, is 93% occupied. Eastdil Secured is representing the developer, a partnership between Holland Partner Group of Vancouver, Wash., and the U.S. arm of Sekisui House, one of...



Hotel Portfolio on Block in Key West

Wed, 30 Oct 2019
A Rockpoint Group partnership is pitching four adjacent hotels in Key West, Fla.The 519-room portfolio, on the island&rsquo;s eastern end, has a combined value of roughly $260 million, or $500,000/room. Investors can bid on individual properties or the entire package. JLL is representing Boston-based Rockpoint and its partners, Walton Street Capital of Chicago and Highgate Hotels of New York.The properties are the 145-room 24 North Hotel Key...



CalSTRS Dealing Charlotte Offices

Wed, 30 Oct 2019
California State Teachers is pitching an office complex in Charlotte&rsquo;s tight SouthPark submarket as a leasing play.The 533,000-square-foot SouthPark Towers is expected to attract offers of $190 million to $200 million, or up to $375/sf. Los Angeles-based CBRE Global Investors, which manages the investment for CalSTRS, has given the listing to its brokerage affiliate, CBRE.The Class-A complex is 85% occupied. The tenants include Merrill...



Shorenstein Lists Oregon Office Park

Wed, 30 Oct 2019
Shorenstein Properties is shopping a business park near Portland, Ore., that could fetch $135 million.The 16-building complex, in Beaverton, Ore., encompasses 691,000 square feet of office/flex space that is 90% occupied. At the estimated value of $195/sf, the buyer&rsquo;s initial annual yield would be 7%. Shorenstein, a San Francisco fund shop, gave the listing to JLL.The property, called Nimbus Corporate Center, was developed in stages between...



Pension Pledges Back at Record Pace

Wed, 30 Oct 2019
Commitments to commercial real estate vehicles by U.S. public pension systems rebounded sharply in the third quarter, putting 2019 pledges back on track to rival the post-crash record achieved last year.Pension systems tracked by FPL Associates committed a whopping $15.7 billion to commingled funds and separate accounts from July through September. That was the second-largest quarter since the Chicago advisory firm began tracking commitments in...



Office Tower in Austin Up for Grabs

Wed, 30 Oct 2019
Clarion Partners is offering the leasehold interest in a downtown Austin office building that&rsquo;s worth an estimated $95 million.The 138,000-square-foot Perry Brooks Building, at 720 Brazos Street, is 90% leased. Strong demand for office properties in Austin is driving the $690/sf valuation &mdash; one of the loftiest in the city&rsquo;s history. The initial annual yield would be 5%.Cushman & Wakefield is representing New York-based Clarion....



Pasadena Office Complex Marketed

Wed, 30 Oct 2019
Columbia Property is shopping a well-leased office complex in Pasadena, Calif., worth an estimated $80 million.The 267,000-square-foot Pasadena Corporate Park consists of two office buildings, a small retail building and a garage. Bids are expected to hit $300/sf, which would give a buyer an initial annual yield of 7%. Eastdil Secured is representing Columbia, a New York REIT.The property is 95.5% leased with a weighted average remaining lease...



Mass. Life-Science Complex for Sale

Wed, 30 Oct 2019
Related Beal is pitching a life-science complex near Cambridge, Mass., as a leasing play.The 187,000-square-foot Ledgemont Technology Center, in Lexington, Mass., is expected to attract bids approaching $100 million, or $535/sf. JLL is representing a partnership between Boston Andes Capital of Boston and Related Beal, a joint venture between Related Cos. of New York and Boston-based Beal Cos.At the estimated value, the capitalization rate would...



Investors Warm Up to Select-Service

Wed, 30 Oct 2019
Deep into the market cycle, hotel investors are increasingly turning to select-service properties as a defensive play.The niche accounted for 37% of the more than $15 billion of hotel sales in the first eight months of the year, up from a 31% share a year earlier, according to JLL&rsquo;s U.S. Select Service 2019 Report.&ldquo;As we get deeper into what is a very mature cycle, select-service provides investors with a defensive strategy,&rdquo;...



Savanna Tees Up Building in SoHo

Wed, 30 Oct 2019
Savanna is marketing a fully leased office/retail property in Manhattan with an estimated value north of $100 million.The 66,000-square-foot building, at 434 Broadway in SoHo, has eight floors of offices atop ground-floor and basement retail space fully occupied by a Champion sportswear store.A buyer&rsquo;s initial annual yield at the estimated value would be about 5%. Newmark is handling the offering for Savanna, a New York fund operator that...



Builder Shows Brooklyn Apartments

Wed, 30 Oct 2019
A developer is marketing two luxury apartment buildings in Brooklyn&rsquo;s Clinton Hill neighborhood that together could fetch up to $60 million.The properties have a total of 72 units, which are 97% occupied, and 8,100 square feet of fully leased retail space. At the estimated value of $833,000/unit, a buyer&rsquo;s initial yield would be roughly 5%. The local owner, Greystone Development, has given the listing to JLL.The buildings were...



New Phoenix Apartments Hit Block

Wed, 30 Oct 2019
A new apartment complex in downtown Phoenix is on the market with an estimated value of $57 million.The 227-unit luxury property, at 1505 North Central Avenue, is 10 months into its initial lease-up phase and 90% occupied. The estimated value translates to $251,000/unit. CBRE is representing the owner, Minneapolis-based Ryan Cos.The six-story property, known as Circa Central Avenue, is adjacent to a light-rail line in the Roosevelt Row Arts...



SPOTLIGHT: Sacramento-Area Office Properties

Wed, 30 Oct 2019
Six properties valued at more than $100 million have hit the market this year, three of which have already traded or gone under contract. By contrast, only four sales exceeded $100 million in the previous 10 years.The pending sale of Wells Fargo Center will break the $175.6 million market record, set three years ago by the same property.Increased leasing demand from state agencies is bolstering fundamentals. The average occupancy rate was 89.7%...



The Grapevine

Wed, 30 Oct 2019
Industry pro Steven Moore launched his own advisory firm last month after stepping down from a senior role at KPMG. His New York-based Causeway Advisors will take on consulting assignments from real estate investors and hotel companies. Areas of specialty include the formation of programmatic joint ventures and commingled funds. He had a similar role at KPMG, where he was a managing director and head of U.S. real estate deal advisory. He left at...



The Grapevine

Wed, 30 Oct 2019
Berkadia has added another broker to its growing hotel platform. Preston Reid joined the firm in Tampa as a managing director to handle sales in the Southeast. Reid had been a senior director at JLL, which he joined when it acquired HFF at midyear. He served at HFF for seven years. Berkadia&rsquo;s hotel group, led by senior managing director Andrew Coleman, has opened offices in Southern California, the Carolinas and Miami and has grown its...



The Grapevine

Wed, 30 Oct 2019
Erik Hagevik started this week as a senior vice president at High Street Residential. He&rsquo;s tasked with expanding multi-family development in the Denver market for the subsidiary of Dallas-based Trammell Crow. He works alongside senior managing director Bill Mosher. Hagevik came from developer Sares-Regis, where he was senior vice president, also in Denver. Before, he spent seven years as chief operating officer for development at Holland...



The Grapevine

Wed, 30 Oct 2019
Newmark is seeking two investment pros to join its new life-science capital-markets team in Northern California. The firm wants to add an investment-sales broker at the vice president level, as well as a research analyst. Both would report to vice chairman Steven Golubchik, the firm&rsquo;s capital-markets chief in Northern California. San Francisco-based Golubchik this month teamed up with Ramsey Daya, the region&rsquo;s head of debt and...



The Grapevine

Wed, 30 Oct 2019
New York investment shop Joss Realty has hired a financial analyst. Alessia Masolo joined this month to assist with underwriting new deals, asset management and investor relations. Chief executive Larry Botel has run Joss since its founding in 2005.



The Grapevine

Wed, 30 Oct 2019
Richard Guido joined Simone Development in New York last month as an associate focused on acquisitions and development. He held the same title at Bromley Cos., also of New York, where he worked for just over a year. Before that, he was an analyst at KABR Group of Ridgefield Park, N.J. Simone buys and develops various property types throughout the New York metropolitan area. Executive search firm Rhodes Associates arranged the...



The Grapevine

Wed, 30 Oct 2019
Stockbridge Capital has added an analyst in its multi-family asset-management division. Nigel Barker joined the San Francisco-based fund operator this week in Atlanta. He reports to vice president Joel Sasser. Barker was previously an analyst at J.P. Morgan Asset Management.



The Grapevine

Wed, 30 Oct 2019
Bristol Group wants to add a staffer at its San Francisco headquarters. The investment manager is seeking a senior associate or assistant vice president to work on acquisitions, development, lease negotiations and asset management. Candidates should have 4-6 years of experience. The recruit would report to managing director David Williams. Resumes and cover letters can be sent to...



ON THE MARKET

Wed, 30 Oct 2019
MULTI-FAMILYProperty: 3 workforce-housing properties in California&rsquo;s Inland EmpireSize: 374 units, Leased: 95%Estimated Value: $49 million, $131,000/unitOwner: Positive Investments, Arcadia Calif.Broker: CBREColor: Marketed as a package, but investors can bid on individual properties: Colony Apartments (200 units, built in 1988, rents average $1,200) at 14450 El Evado Road in Victorville; Golden Sands (120 units, 1988, $1,050) at 14930...



ON THE MARKET

Wed, 30 Oct 2019
MULTI-FAMILYProperty: Tides on Thunderbird, 2140 West Thunderbird Road, PhoenixSize: 376 units, Leased: 97%Estimated Value: $57 million, $152,000/unitOwner: Tides Equities, Beverly HillsBroker: CBREColor: Built in 1981. Offered as a value-added play. Over past two years, owner renovated 174 units and achieved an average $263 rent premium. Also upgraded clubhouse, fitness center, pool and landscaping. Average rent:...



Paramount Offering Stake in NY Skyscraper

Wed, 23 Oct 2019
Paramount Group is selectively shopping a stake of up to 50% in Paramount Plaza, a Manhattan skyscraper valued at as much as $2.35 billion.The New York REIT has quietly held conversations with institutional investors over the past month, working via Eastdil Secured. At the estimated $940/sf valuation, the capitalization rate would be close to 5%.Paramount is pitching the stake in conjunction with a refinancing of the 2.5 million-square-foot...



Gimelstob Leaves Dune, Forms Buyside Firm

Wed, 23 Oct 2019
A Dune Real Estate partner left the firm last week to launch his own investment-management shop.Russell Gimelstob was a managing director and head of acquisitions at New York-based Dune. He has told market pros that the new firm will buy or build apartment complexes and hotels, as well as technology-related real estate such as data centers. It will also invest in real estate operating companies. The shop&rsquo;s source of capital is...



DWS Joining Pension as Partner in SF Tower

Wed, 23 Oct 2019
DWS Group has agreed to purchase a roughly 50% stake in a San Francisco office tower valued at about $1.2 billion.The seller, New York State Teachers, is retaining the remaining interest in the 1.1 million-square-foot skyscraper, at 525 Market Street in the Financial District. DWS, formerly known as Deutsche Asset Management, would pay about $600 million for its half-share, valuing the space at $1,090/sf.Eastdil Secured is brokering the...



CalSTRS Shops Industrial Package

Wed, 23 Oct 2019
A California State Teachers partnership is marketing 19 industrial buildings with an estimated value of roughly $580 million.The 7.8 million-square-foot portfolio is 93% leased. Investors can bid on the entire package or any of six sub-portfolios divided primarily by geography. The largest concentrations are in the Memphis area and Northern California. The other sub-portfolios are in the St. Louis, Nashville and Las Vegas areas and...



New Manhattan Hotel Hits Market

Wed, 23 Oct 2019
On the cusp of its grand opening, the Renaissance New York Chelsea Hotel is up for sale.Developer Jeffrey Lam is shopping the 341-room upper-upscale hotel, which is valued at about $240 million, or $704,000/room. It has a franchise agreement with Marriott International of Bethesda, Md., but no management contract. Eastdil Secured has the listing.The 38-story hotel, slated to open in December, is at 112 West 25th Street, mid-block between Sixth...



Charlotte Offices, Garage on the Block

Wed, 23 Oct 2019
Arden Group has listed an office building and adjoining garage in Charlotte&rsquo;s Uptown submarket that have a combined valuation of about $220 million.The 569,000-square-foot BB&T Center is valued at roughly $135 million, or $237/sf, while the 1,520-space garage is worth about $85 million. Philadelphia-based Arden has hired Newmark to shop both components and JLL to pitch the garage alone to parking specialists.The Class-A office building is...



Value-Added Apartment Play in Tenn.

Wed, 23 Oct 2019
A Nashville apartment complex worth about $130 million is being marketed to value-add investors.The 598-unit Lexington is 96.3% occupied. At the estimated value of $217,000/unit, the buyer&rsquo;s initial annual yield would be 4.5-5%. JLL is representing the seller, Passco Cos. of Irvine, Calif.The 28-building complex is on an 80-acre site at 510 Old Hickory Boulevard, in the Bellevue section of Nashville, less than 10 miles from downtown. The...



San Diego High-Rise Could Set Record

Wed, 23 Oct 2019
Equity Residential is setting the stage for San Diego&rsquo;s biggest-ever apartment trade.The REIT is marketing Vantage Pointe, a 679-unit downtown high-rise that could fetch $400 million, or $589,000/unit. That would break the city&rsquo;s overall price record, as well as the per-unit mark &mdash; if it&rsquo;s not exceeded on a per-door basis by another current listing.The 40-story luxury complex, at 1281 Ninth Avenue, is 95% occupied. Built...



Swift Snags Pasadena Office Portfolio

Wed, 23 Oct 2019
In a value-added play, Swift Real Estate has agreed to buy three office buildings in Pasadena, Calif., from PGIM Real Estate for $193 million.The 517,000-square-foot portfolio is just 68% leased. The price tag works out to $373/sf. JLL is brokering the sale, which is set to close this week.San Francisco-based Swift, which is acting via its $500 million Swift Real Estate Partners Fund 3, plans to upgrade the Class-A properties to help attract...



Insurer Dealing NJ Office Complex

Wed, 23 Oct 2019
New York Life is marketing a suburban New Jersey office complex.The 194,000-square-foot property, in tony Bedminster, is valued at about $37 million, or $193/sf. At that price, a buyer&rsquo;s initial annual yield would be about 7.5%. JLL has the listing.The two-building complex, known as The Offices at Bedminster, is 83% leased. Some 47% of the space is occupied by investment-grade tenants. The largest occupant, Peapack-Gladstone Bank, leases...



Self-Storage Portfolio Available in NY

Wed, 23 Oct 2019
Investors are getting a rare crack at bidding on a self-storage portfolio in New York City’s outer boroughs.The 297,000-square-foot package encompasses five high-quality properties with 5,593 total units. Two properties are in Brooklyn, two are in the Bronx and one is in Queens. All were built in the past two years.The portfolio is valued at north of $600/sf, or $178 million. Investors must bid on the entire portfolio. Cushman &amp; Wakefield...



Luxury Brooklyn Rentals Up for Grabs

Wed, 23 Oct 2019
A Spanish investment shop is offering a fully leased apartment building in Brooklyn.The 84-unit luxury property, known as The Bergen, is at 316 Bergen Street in the Boerum Hill neighborhood. Bids are expected to come in around $55 million, or $655,000/unit.Newmark is representing the owner, Allegra Advisors. The listing is the broker&rsquo;s first since it signed on Jean Celestin, Evan Layne and Brett Siegel from Eastdil Secured last month to...



Bay Area Office/R&D Space for Sale

Wed, 23 Oct 2019
Northwestern Mutual is marketing the leasehold interests in two Silicon Valley office buildings that are fully leased at below-market rents.The portfolio encompasses 106,000 square feet of Class-A office and R&D space at Stanford Research Park in Palo Alto, Calif. Bids, due next week, are expected to hit $90 million, or $847/sf. Eastdil Secured has the listing. Northwestern will accept offers on either or both properties.In-place rents average...



Netflix-Occupied Offices Teed Up in LA

Wed, 23 Oct 2019
A partnership is marketing a Los Angeles office building that&rsquo;s fully occupied by Netflix.The 76,000-square-foot Netflix Media Center, at 1350 North Western Avenue in Hollywood, is valued at about $65 million, or $860/sf. Newmark is representing the partnership, led by Gemdale USA of Pasadena, Calif., a unit of Chinese developer Gemdale.Netflix is subleasing the property from ZestFinance until 2027, when ZestFinance&rsquo;s lease expires....



SF-Area Offices, Buildable Site Listed

Wed, 23 Oct 2019
A Bay Area office building and an adjacent parcel are up for grabs with an estimated value of $73 million.The 163,000-square-foot Atrium, in San Mateo, Calif., is 91% leased. The Class-A building is worth about $72 million, or $441/sf, which would translate to an initial annual yield of 6.9%. The nearly one-acre parcel, valued at about $1 million, could be used for the development of 5,000 sf of offices or 3,200 sf of medical offices.Cushman &...



SPOTLIGHT: Los Angeles County Apartment Properties

Wed, 23 Oct 2019
In the first half, some $2.2 billion of large properties changed hands in Los Angeles County and selected nearby cities, down from $2.6 billion a year earlier. But on a per-unit basis, values climbed 31%, to $419,000 from $313,000 in full-year 2018.The average rent at midyear was up 2.9% year-over-year in the county, according to CBRE. That growth rate was down slightly from a 3.2% increase a year earlier.Strong leasing demand has kept the...



The Grapevine

Wed, 23 Oct 2019
Brokerage veteran Noble Carpenter has landed on the buyside. He started this week at Banyan Street Capital as a senior managing director in New York, helping the Miami shop expand and raise capital for investments. He reports to chief executive Rudy Touzet. Earlier this year, Carpenter left Cushman & Wakefield, where he was president of capital markets and investor services for the Americas. He was president of DTZ&rsquo;s Americas Capital...



The Grapevine

Wed, 23 Oct 2019
Cushman & Wakefield has recruited a capital-markets pro from JLL in San Francisco. Kristina Wollan started Monday as a managing director in the investor-services group, which manages relationships with Cushman&rsquo;s institutional clients. She reports to managing director Caitlin Simon. Wollan was a senior vice president at JLL, where she spent four years. She had also worked at the brokerage from 1997 to 2002, with later stops at Harris...



The Grapevine

Wed, 23 Oct 2019
Meanwhile, broker David Fersing this month moved to Marcus & Millichap from JLL. He&rsquo;s a first vice president in Dallas, focusing on multi-family investment sales across northern Texas. He works with senior managing director Nick Fluellen and senior vice president Bard Hoover. Fersing spent six years at JLL, where he was a senior vice president.



The Grapevine

Wed, 23 Oct 2019
Investor-relations veteran Katherine Giordano has joined PCCP. She started at the Los Angeles fund operator this month, tasked with capital-raising. Based in New York, she reports to global head of investor relations Greg Eberhardt. Giordano spent the past two years in a similar role at Exeter Property, an industrial fund shop in Conshohocken, Pa., where she was a director of capital markets and investor relations. Giordano previously worked for...



The Grapevine

Wed, 23 Oct 2019
Retail pro Paul Mittmann joined Sterling Organization last month as a senior vice president of investments. Based in Newport Beach, Calif., he targets deals in the Western U.S. for the West Palm Beach, Fla., company. Mittmann came from retail giant Phillips Edison & Co., where he was a director of acquisitions and had worked for 11 years. He also spent seven years at Passco Cos. of Irvine,...



The Grapevine

Wed, 23 Oct 2019
Kyle Wood joined BoundTrain Real Estate this month as a principal of the year-old investment shop. He was previously a vice president at Penzance Cos. of Washington, where he worked for more than six years. The move reunites Wood with Michael Klein, who founded BoundTrain last October after giving up his post as a managing director of investments at Penzance. BoundTrain, based in Reston, Va., targets high-yield investments, primarily in office...



The Grapevine

Wed, 23 Oct 2019
Andrea Reeder joined Beacon Capital this month as a senior vice president of asset management. She&rsquo;s based in San Francisco for the Boston fund operator. Reeder came from Nuveen Real Estate, where she spent a year as a director of asset management. Before that, she had a three-year stint at CBRE and spent 11 years at Sunset Development of San Ramon,...



The Grapevine

Wed, 23 Oct 2019
Michael Knott has returned to Green Street Advisors as a managing director and head of U.S. REIT research. He started last month at the firm&rsquo;s Newport Beach, Calif., headquarters, reporting to director of REIT research Cedrik Lachance. Knott spent the past two years at Blackstone&rsquo;s EQ Office unit, where he was chief financial officer. Before that, he had a 16-year stint at Green Street, holding various roles, including co-head of REIT...



ON THE MARKET

Wed, 23 Oct 2019
OFFICEProperty: 11 North Washington Street, Rockville, Md.Size: 97,000 sf, 93% leasedEstimated Value: $32 million, $329/sf, Yield: 7%Owner: (Unidentified)Broker: TranswesternColor: Class-A office building in Washington suburb&rsquo;s downtown district. Four blocks from Rockville Metrorail station and planned Rockville Town Square retail/entertainment project. Weighted average remaining lease term is 4.6...



ON THE MARKET

Wed, 23 Oct 2019
OFFICEProperty: 518 East Township Line Road, Blue Bell, Pa.Size: 123,000 sf, 78% leasedEstimated Value: $30 million, $234/sfOwner: Artemis Real Estate, Chevy Chase, Md., and Kairos Real Estate, Blue BellBroker: JLLColor: Acquired near-vacant from lender in 2016. Owner invested $3.2 million to update the building and lift occupancy. The six tenants have a weighted average remaining lease term of almost nine years. They include Jefferson Blue Bell...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
360 One FirmNew YorkContact: Joe Azzaro646-423-4839joe@361firm.comMark Sanor917-470-3012msanor@361firm.comFirm, which also goes by &ldquo;361Firm,&rdquo; works with family offices and funds worldwide, proving capital-raising and advisory services. Also hosts networking events. Raises capital for funds, co-investment vehicles and direct investments. Affiliate of Stonehaven.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Accord GroupSan FranciscoContact: Jack Berquist628-218-7981jberquist@accord-group.netFounded in 2013 as boutique investment bank focused on real estate. Offers strategic advisory, capital-raising and M&A services, including recapitalizations of funds, portfolios and platforms. Current and past clients include Avanath Capital, Cabot Properties, High Street Realty, Sares-Regis and Swift Real Estate. Global team operates out of San Francisco,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Adara CapitalNew YorkContact: Leslie Carranza212-430-5064lcarranza@adaracapital.comSix-year-old firm led by capital-raising pro Leslie Carranza. Offers capital-raising and advisory services, mostly for North American institutional investors. Works on funds, separate accounts and joint ventures. Affiliated with Stonehaven.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Allegro AdvisorsNew YorkContact: Thomas Boytinck212-988-7633thomas.boytinck@allegrocompanies.comRaises equity/debt for discretionary funds, separate accounts, joint ventures and one-off deals. Also offers buy-side advisory services. Often collaborates with Incubation Capital and Excelsior Capital. Clients include True North Management, Noble Investment, Homestead Capital and Hungerford Properties. Founded in 2005 by Thomas Boytinck, a former...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Alpha Capital CREChicagoContact: Anthony Longo312-436-0569alongo@alphacapitalcre.comBoutique advisory firm founded in 2008 by Anthony Longo and Michael Riley. Raises equity and debt for real estate funds, joint ventures and one-off deals.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Alternative Investment SourceRadnor, Pa.Contact: Bonnie Plunkett610-783-0702brp@altinsource.comWorks with experienced and emerging managers, with a preference for funds with minimum $200 million mandates. Services include capital raising and investor relations. Also sources capital for direct deals and provides consulting services for operators who prefer to conduct fund raising themselves. Founded in 1999.NOTE: Complete listing appeared in...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Artis AdvisorsWashingtonContact: Brian Gill202-580-7013bgill@artis-advisors.comRepresents firms seeking partners for development or value-added deals. Also raises capital for funds and separate accounts. Current clients include Brennan Investment, Draft Capital, Lakewood Hotel Group, Monument Realty and Wilshire Capital. Affiliated with Stonehaven.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Atlantic-Pacific CapitalGreenwich, Conn.Contact: Peter Larsen212-981-0628plarsen@apcap.com42-member team in seven offices worldwide raises equity for real estate, private equity and other alternative strategies. Recent clients include Longpoint Realty, Starcrest Capital, Castleforge Partners and InfraRed Capital.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Avec CapitalNew YorkContact: Nina Lesavoy212-752-7210nlesavoy@aveccapital.comWorks with emerging managers and alternative-asset investors, including real estate sponsors.Recent clients include Deutsche Finance International and Locust Point Capital. Led by Nina Lesavoy, who founded the firm in 2008. Offers securities via XT Capital of Westport, Conn.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Brunel AdvisorsSao PauloContact: Daniel Rummery55-11-4280-983dan@bruneladvisors.comTim Chamberlaintim@bruneladvisors.comProvides capital-raising and advisory services across asset classes, including for real estate funds and co-investment vehicles. Focused on deals in Brazil and Latin America. Founded four years ago by merging firms led by British ex-pats Daniel Rummery and Tim Chamberlain. Affiliate of Stonehaven.NOTE: Complete listing appeared...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Capstone PartnersDallasContact: Steve Standbridge972-980-5800sstandbridge@csplp.comWorks on 8-10 mandates a year across private equity, credit, infrastructure and real estate sectors. Offices in Dallas, New York, London, Geneva and Singapore.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
CBRE Capital AdvisorsNew YorkContact: James Scott212-656-0556james.scott@cbre.comInvestment-banking team of CBRE Group raises equity for funds, joint ventures and separate accounts focused on real estate/real assets globally. The U.S. operation is led by executive managing director James Scott, based in New York. Team also has staffers in London and Singapore.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Chatsworth SecuritiesGreenwich, Conn.Contact: Ralph DiFiore203-413-9980rd@chatsworthgroup.comWorks with managers on alternative-asset strategies, including real estate. Raises equity for funds, separate accounts and joint ventures from U.S. and foreign investors. Also lines up financing for one-off deals. Founded in 1996.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Cook CapitalNew Canaan, Conn.Contact: Robert Cook917-257-7922robertcook@cookcapitalgroup.comRaises equity globally for vehicles investing in real estate, private equity and credit products. Team works on funds and direct investments. Founded in 2018 by Robert Cook, a former AllianceBernstein managing director. Became a Stonehaven affiliate this year.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
CrossCon Real Assets CapitalLos AngelesContact: Michelle LeRoy310-890-9786mleroy@crossconcap.comProvides capital-raising and back-office advisory services for real estate managers globally. Focuses on funds, separate accounts, joint ventures and platform investments, targeting $250 million to $1 billion of equity. Works with investors in the Americas, Europe and Asia. Clients include Northstar Commercial, Pamfleet and Watt Cos. Formed in 2009 by...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Eastdil SecuredNew YorkContact: Jeffrey Scott212-315-7229jscott@eastdilsecured.comKieran O&rsquo;Shea202-688-4018koshea@eastdilsecured.comInvestment-banking platform solicits institutional equity for joint ventures, recapitalizations and funds on behalf of public REITs, large owner/operators and developers. Handles restructuring and advisory assignments. Recent mandates include Douglas Emmett Inc., Tishman Speyer, and Park7 Group. Closed this...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Eaton PartnersRowayton, Conn.Contact: Ulises Flores203-286-2970cuf@eaton-partners.comSome 80 staffers worldwide raise capital for alternative-asset funds, including real estate investment managers. Works on funds, co-investments, separate accounts and secondary-stake sales. Touts a strong presence in Asia. Also offers advisory services. Clients have included Baring Private Equity Asia, Bridge Investment, KSL Capital, Moorfield Real Estate and SDC...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Evercore Real Estate CapitalNew YorkContact: William Thompson415-229-8071Bill.Thompson@Evercore.comJarrett Vitulli212-822-7633Jarrett.vitulli@evercore.comProvides capital-raising, M&A, recapitalization, restructuring and secondary-stake advisory services for real estate sponsors and investors. Six global offices, 24 dedicated real estate staffers.Recently held closes for CA Ventures, FCP, Fortress Investment, Lubert-Adler and Related Cos....



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Excelsior CapitalGreensboro, N.C.Contact: Brian Bode203-524-0437brian.bode@excelsiorcapitalpartnersllc.comVeteran capital-raiser Brian Bode founded the firm 10 years ago. Partnered last year with Hycroft Advisors, but now running independently again. Aims to work with real estate and real asset commingled funds, ranging from $150 million to $500 million of equity. Also works on joint ventures and portfolio recapitalizations.Current and past...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
First Avenue PartnersLondonContact: Jess Larsen646-582-5774jlarsen@firstavenue.comWorks on alternative strategies globally, including real estate vehicles. Offices in Dallas, Hong Kong, New York, London, San Francisco and Sydney.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Fortress GroupAtlantaContact: Patrick Neuman404-900-5509pneuman@fortressgroupinc.comRepresents private-equity, venture-capital, private-credit, real estate and real-assets clients. Advises on secondary-market sales of fund stakes. Offices in Atlanta, New York, London, and Singapore.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Forum CapitalNew YorkContact: Jeffrey Stern212-290-1787jstern@forumcp.comRaises institutional capital for vehicles investing in private equity, real estate and other real assets globally. Also works on one-off transactions and provides advisory services.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
HFF Securities (JLL)Los AngelesContact: Doug Bonddbond@hfflp.comMichael Joseph310-407-2100mjoseph@hfflp.comJLL recently acquired HFF, whose placement agent and investment-bankingbusiness continues to operate as HFF Securities. HFF&rsquo;s veteran team, along with Jones Lang LaSalle Securities, raises equity globally for funds, separate accounts, joint ventures and co-investments. Also advises on M&As, privatizations and recapitalizations....



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Hodes Weill & AssociatesNew YorkContact: Doug Weill212-867-0888doug.weill@hodesweill.comDavid Hodesdavid.hodes@hodesweill.comGlobal team of 33 staffers focused solely on real estate. Raises institutional capital for funds, separate accounts, joint ventures and co-investments. Provides strategic advisory services, including restructuring, recapitalization and M&A. Recent clients include Acore Capital, Actis, Asana Partners, IGIS Asset Management...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Incubation CapitalChicagoContact: Jonathan Glick312- 635-0835glick@incucap.comFounded in 2011 by Jonathan Glick. Focuses on next-generation investment managers, typically for funds seeking between $200 million and $400 million of equity. Also raises capital for separate accounts, programmatic joint ventures and entity-level investments. Past and current clients include Cardinal Group, Novel Coworking, Magnolia Capital, Palatine Capital and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
JTP CapitalNew YorkContact: Mitchell Sikora212-792-7726msikora@jtpllc.comFocuses on long-term capital raising and consulting relationships. Current mandates from Benchmark Real Estate, Lingerfelt Commonwealth and Virtus Real Estate. Six-member firm led by founder Mitchell Sikora, who previously ran advisory platforms at Merrill Lynch, UBS and MVision.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Lazard Private CapitalNew YorkContact: William Riddle212-632-1978william.riddle@lazard.comRepresents real estate, buyout and venture-capital funds globally. Also advises on the trading of fund stakes in the secondary market.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Longstone CapitalNew YorkContact: James Elkus914-412-9090jhe@longstoneca.comRaises capital for real estate and other alternative fund strategies. Selectively works on club structures, direct deals and joint ventures for emerging and established managers. Offices in New York City and Austin.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Madison MarquetteWashingtonContact: Joshua Anderson206-535-2401josh.anderson@madisonmarquette.comJames Evans617-543-5764jim.evans@madisonmarquette.comLaunched in 2001 as Roseview Group, merged this year with Madison Marquette and operates now under that name. Provides fund-raising and advisory services to real estate operators on funds, separate accounts, joint ventures and M&A transactions. Based in Washington, with offices in Seattle and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Mallory CapitalDarien, Conn.Contact: Conrad Weymann203-655-1571conrad@mallorycapital.comSeven-member team represents sponsors of funds and separate accounts investing in real estate.Also has clients in private-equity, private-debt and infrastructure sectors. Currently raising multi-family fund for Beach Co.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo;...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Mercury CapitalNew YorkContact: Alan Pardee646-786-8052apardee@mcadv.comAcquired this year by Bahrain-based Investcorp, but will continue to operate under the Mercury name. Founded in 2009 by ex-Merrill Lynch staffers. Raises global capital for real estate, private-equity, credit and other alternative-asset managers. Works on 6-8 real estate mandates a year, across structure types. Current clients include Alpha Investment, Gaw Capital, LimeTree...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Mesa CapitalNew YorkContact: Claudia Ruemmelein347-481-9368cr@mesacapadvisors.comRaises capital in Latin America for U.S. and European investment vehicles targeting alternative assets, including real estate and private equity. Works on funds, direct investments and co-investments. Four-year-old firm staffs offices in Colombia, Peru and Mexico, and partners with a placement agent in Chile. Will collaborate with other placement agents seeking Latin...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Metric Point CapitalNew YorkContact: Brendan Edmonds312-307-1622bedmonds@metricpoint.comRaises capital for funds, programmatic joint ventures and co-investments. Clients include IPI Data Center Partners and Iron Point Partners. Founded in 2017 by former Atlantic-Pacific Capital partners Brendan Edmonds, Alex Leykikh and Jim Weidner.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Monument GroupBostonContact: Lori Campana617-423-4700lori@monumentgroup.comFounded in 1994. Raises capital for private-equity, real estate and other real-asset funds from offices in Boston, Hong Kong, London and Tokyo. Recent clients have included Beacon Capital, Dune Real Estate, Ecosystem Investment, Patron Capital and Phoenix Property Investors.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
MVisionNew YorkContact: Hussein Khalifa212-616-6852hk@mvision.comFound in 2001 in London. Offices in Hong Kong, New York and San Francisco. Raises capital across alternative-assets strategies, including real estate.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
OderocheNew YorkContact: Yasmine Uzmez212-202-0996yasmine.uzmez@oderoche.comBoutique founded in 2016 by Yasmine Uzmez. Raises capital from U.S. and Canadian institutions for U.S. and European funds, co-investments and one-off joint-ventures. Works on 3-4 mandates a year. Also provides capital-advisory services. Recent clients include Clearbell Partners and HighBrook Investors.NOTE: Complete listing appeared in October 16, 2019, issue of Real...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Palladian InvestmentDenverContact: Andy Massik917-797-5454amassik@silverleafpartners.comFirm does advisory/capital-markets work for real estate, renewable-energy and private-equity sponsors. Advises on funds, joint ventures, single assets and property portfolios. Raises capital globally, with a focus on family offices, wealthy individual and wealth managers. Four staffers, split between Denver and New York. Affiliated with Silver Leaf...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Park Madison PartnersNew YorkContact: Nancy Lashine212-448-7350nlashine@parkmadisonpartners.comFocused solely on real estate. Provides advisory services and raises equity for funds, separate accounts, and portfolio recapitalizations. Clients have included Atlas Capital, GreenOak Real Estate, Pennybacker Capital and Waterton. Has the ability to co-invest with its clients via an employee-backed vehicle. Led by Nancy Lashine, who co-founded the firm...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
PJT Park Hill Real EstateNew YorkContact: Michael Stark212-364-5752stark@parkhillgroupre.comOne of the biggest names in the sector. Offices in NYC, Chicago, San Francisco, London and Hong Kong. Provides real estate advisory and capital-raising services across various structures, including direct asset sales and recapitalizations. Clients have included Bell Partners, Dermody Properties, Digital Realty, PAG Real Estate and Stoneshield.NOTE:...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Probitas PartnersSan FranciscoContact: John Murphy415-402-0700jjm@probitaspartners.comRay Tsaorwt@probitaspartners.comProvides advisory and capital-raising services for closed-end funds. Works with emerging and experience managers. Also works on direct investments, separate accounts and hybrid vehicles. Founded in 2001, now has offices in San Francisco, New York, London and Hong Kong. Past clients include Benson Elliot, Calmwater Capital, Hammes...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
SandCapNew YorkContact: Jason Sander917-968-2046jsander@sandcap.netRaises capital mostly on programmatic joint ventures for operators and investors, but will work on funds and other structures. Affiliate of Stonehaven. Founded in 2015 by Jason Sander, a former head of fund raising at Murray Hill Properties.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo;...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Shelter Rock CapitalNew YorkContact: Walter Stackler646-768-2051walter.stackler@shelterrock.comVeteran capital-raiser Fredrik Elwing joined as a senior advisor this year, boosting to 13 a team that raises capital globally for real estate funds, joint ventures and separate accounts. Formed partnerships with Matrix Japan last year and with Philip Levinson&rsquo;s Penmount Partners in Singapore this year to broaden the firm&rsquo;s reach in Asia....



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Sienna CapitalNew YorkContact: Anne Oh646-779-3903anneoh@siennacapital.comBoutique investment-banking shop formed in 2011 by ex-Aviva Investors pro Sean O&rsquo;Shea. Principal Anne Oh oversees North American and Korean capital. Will raise capital for funds, separate accounts, joint ventures or other structures.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
StonehavenNew YorkContact: David Frank212-218-7626dtf@stonehaven-llc.comTechnology-focused broker-dealer platform raises capital for vehicles and direct deals relating to real estate, hedge funds, private equity, private credit, venture capital and infrastructure. Led by chief executive David Frank and partners Steven Jafarzadeh, Mark Sullivan and Pat Nasr. Stonehaven has 33 &ldquo;affiliate partners&rdquo; on its platform, nine of which are...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
ThreadmarkLondonContact: Marty Alston917-397-5048gma@threadmarklp.comRaises capital globally for equity and debt strategies across funds, joint ventures and co-investment opportunities. Also works on secondary-stake sales and recapitalizations. Also has offices in New York and San Francisco. Clients have included ICG Longbow, Landmark Partners, StepStone and Westport Capital.NOTE: Complete listing appeared in October 16, 2019, issue of Real...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Torrey CapitalSan DiegoContact: Rana Prasad858-366-2856rana@torreycapital.comFounded by Rana Prasad in 2009. Raises equity for commingled funds and one-off deals. Currently working on commingled funds for Montgomery Street Partners, JCR Capital and Southwest Value Partners. Also raising capital for funds targeting investments in opportunity-zone funds. Affiliate of Stonehaven.NOTE: Complete listing appeared in October 16, 2019, issue of Real...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
Triton Pacific CapitalLos AngelesContact: Robert Davis424-442-1380tritonpacific@tritonpacificcapital.comFounded in 1996, with offices now in Los Angeles and New York. Raises capital for investment vehicles focused on real estate, private equity, private credit, secondary stakes, infrastructure and energy. Works across strategies, regions and vehicle types. Current and prior clients include Arch Capital, Camden Partners, Frogmore Real Estate,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
UBS Real Estate Private CapitalNew YorkContact: Jonathan Gerber212-821-3339jonathan.gerber@ubs.comRoughly 50-member team globally raises capital for funds focused on real estate, including opportunity-zone funds, as well as private-equity, infrastructure and credit vehicles. Advises public and private real estate owners and operators on joint ventures, entity-level investments and recapitalizations. Arranges co-investments through UBS Wealth...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 17 Oct 2019
XT CapitalWestport, Conn.Contact: Julie Cochran212-909-2682jcochran@xtcapital.comSolicits capital and provides advisory services for alternative-assets investors, including real estate sponsors.NOTE: Complete listing appeared in October 16, 2019, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



Renovated Office Complex Listed in San Jose

Wed, 16 Oct 2019
A joint venture between DivcoWest and Rockpoint Group is marketing a downtown San Jose office complex that could fetch $400 million, setting the stage for the second-largest deal in the city&rsquo;s history.The newly renovated Riverpark Towers encompasses two 16-story buildings totaling 609,000 square feet. At the estimated value of $657/sf, a buyer&rsquo;s initial annual yield would be in the vicinity of 5.5%. Eastdil Secured has the listing.The...



High-Yield Buyers Eye Core Phoenix Rentals

Wed, 16 Oct 2019
Competition for value-added apartment properties has grown so intense in the Phoenix area that some investors are widening their scope to include core plays.The higher risk involved in buying properties that are ripe for renovation is typically balanced by a higher initial annual yield. But in Arizona&rsquo;s white-hot multi-family market, the line between core and value-added pricing has become blurred.&ldquo;When you look at pure capitalization...



Dune Pitches Hotel-to-Office Conversion in NY

Wed, 16 Oct 2019
A luxury hotel in Midtown Manhattan that traded just last year is being pitched as an office conversion play.A Dune Real Estate partnership bought the 697-room W Hotel New York, in the tony Plaza District, for $190.3 million, or $273,000/room. The partnership planned to spend tens of millions of dollars on renovations and promptly rebranded the property as the Maxwell Hotel, part of Starwood Hotels & Resorts&rsquo; Tribute Portfolio brand.But a...



Salaries of Analysts Jump 7.2%

Wed, 16 Oct 2019
Salaries for financial analysts grew at a faster clip over the past year as real estate firms stepped up efforts to retain workers, according to a survey by RETS Associates.The average compensation climbed 7.2%, to $139,407, in the 12 months through September, according to the executive search firm’s eighth annual survey. That exceeded the 4.6% gain in the previous year.Staffers with the most experience registered the largest gains....



DWS Dealing Suburban SF Apartments

Wed, 16 Oct 2019
A suburban San Francisco apartment property is being pitched as a value-added play.The 342-unit Serenity at Larkspur, in affluent Marin County, could attract bids of about $225 million, or $658,000/unit. Eastdil Secured is representing the owner, DWS Group.The 1978-vintage property is at 700 Lincoln Village Circle in Larkspur, Calif., adjacent to a ferry terminal that connects to downtown San Francisco. Its 1-2 bedroom units average 857 square...



Value-Added Rental Play Near LA

Wed, 16 Oct 2019
Equity Residential is shopping the leasehold interest in a waterfront apartment complex near Los Angeles that&rsquo;s suitable for renovation.The 597-unit Pearl Apartments, in Marina del Rey, Calif., is valued at about $150 million, or $251,000/unit. The Chicago REIT has given the listing to Eastdil Secured.The 1969-vintage property is on an 11.5-acre site at 4111 Via Marina, facing the coastal town&rsquo;s marina. The underlying ground is owned...



Clarion Shows Charlotte Office Park

Wed, 16 Oct 2019
Clarion Partners has listed a well-leased office park in Charlotte&rsquo;s SouthPark submarket that&rsquo;s valued at roughly $105 million.The 291,000-square-foot Morrocroft Centre is 90% occupied, but at below-market rents. The estimated value of $361/sf would produce a 5.75% initial annual yield. A buyer could boost the return to 7% by lifting rents as leases expire and filling vacant space.CBRE is representing New York-based Clarion, which has...



Atlanta Offices Have Leasing Upside

Wed, 16 Oct 2019
Illinois Teachers is pitching a 75%-occupied office building in a section of Atlanta with strong leasing demand from technology firms.Bids for the 343,000-square-foot building, at 55 Ivan Allen Jr. Boulevard, are expected to top $90 million, or $262/sf. At that price, the buyer&rsquo;s initial annual yield would be just above 5%. Lincoln Property of Dallas, which manages the Class-A building for the pension system, has given the listing to...



Developer Shops New Fla. Apartments

Wed, 16 Oct 2019
A J.P. Morgan Asset Management partnership is marketing a new apartment property in Fort Lauderdale, Fla., that&rsquo;s expected to fetch bids of $120 million.The 350-unit Pearl Flagler Village, at 400 Northeast Third Avenue, is in its initial lease-up phase and currently 83% occupied. The estimated value works out to $343,000/unit. Cushman & Wakefield is representing J.P. Morgan and its partner Morgan Group, a Houston developer.The seven-story...



Woodbourne Hits Ceiling for 4th Fund

Wed, 16 Oct 2019
Canadian fund operator Woodbourne Capital has held a final close on C$660 million ($500 million) of equity for its fourth value-added vehicle.The Toronto manager wrapped up the fund-raising campaign for Woodbourne Canada Partners 4 last month after hitting its maximum allowable size, well above the original equity target of up to C$550 million.Fund 4 targets a roughly 15% return via acquisitions across asset classes in Canada, with a focus on...



Renovated LA-Area Offices Available

Wed, 16 Oct 2019
Rising Realty is marketing a suburban Los Angeles office property that&rsquo;s fully occupied on long-term leases.The 223,000-square-foot Park Calabasas, in Calabasas, Calif., was converted to &ldquo;creative&rdquo; office space in a renovation completed last year. Bids are expected to hit $400/sf, or $89 million. Newmark has the listing.Los Angeles-based Rising spent $11.9 million renovating the three-story building. Its six tenants have a...



Mixed-Use Building Listed in Back Bay

Wed, 16 Oct 2019
Investors are getting a crack at a newly renovated building on Boston&rsquo;s Newbury Street that features office and upscale retail space.The property, with 17,000 square feet of fully leased space, is expected to command bids of about $40 million. That price would generate an initial annual yield of 4.25%. Newmark is representing the local seller, developer Urban Meritage.The eight-story building, at Eight Newbury Street, was developed in the...



Thor Markets Fully Leased SF Offices

Wed, 16 Oct 2019
Thor Equities is shopping a &ldquo;creative&rdquo; office building in San Francisco that&rsquo;s worth about $65 million.The 47,000-square-foot property, at 634 Second Street in the South of Market district, is fully leased through 2027. The estimated value works out to $1,390/sf. CBRE is representing New York-based Thor.The Class-A building, which has had $6.1 million of upgrades since 2007, can be expanded by 16,000 sf.Okta, a cloud software...



High-Yield Rentals Pitched in NJ

Wed, 16 Oct 2019
Investors are getting a shot at a value-added apartment complex in New Jersey.The 216-unit property, in Tinton Falls, is expected to attract bids in the neighborhood of $67 million, or $310,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5%. The owner, AvalonBay Communities of Arlington, Va., has given the listing to JLL.The garden-style Avalon Tinton Falls was built in 2008 and hasn&rsquo;t been renovated. The pitch is...



Amazon-Leased Va. Offices on Block

Wed, 16 Oct 2019
LaSalle Investment has listed an office building in Northern Virginia that&rsquo;s fully leased to Amazon.The 230,000-square-foot property, at 12900 Worldgate Drive in Herndon, is expected to fetch bids in the vicinity of $105 million, or $457/sf. Cushman & Wakefield is representing LaSalle, a Chicago investment manager.The building was fully leased to Fannie Mae when LaSalle acquired it for $59 million in 2004 via JLL Income Property, a REIT...



Placements Agents Adjust to Late-Cycle Jitters of Investors

Wed, 16 Oct 2019
Investor concern that the long-running real estate cycle may be near an end is prompting placement agents to fine-tune their strategies.Placement agents are being more selective about both the clients they agree to raise capital for and the investment plays that they pitch to equity sources.While the equity-placement business remains strong, investors are being more cautious about where they direct their capital, according to firms surveyed for...



NEW DEALS

Wed, 16 Oct 2019
Southern California Office PackageA joint venture between Harbor Associates and Taconic Capital has agreed to pay $41.7 million for five office buildings in San Bernardino, Calif. The sale, set to close this week, values the 368,000-square-foot package at $113/sf. CBRE is representing the seller, a partnership between Houston-based Hines and Oaktree Capital of Los Angeles. The space is 55% leased to 28 tenants. The Harbor duo plans renovations to...



SPOTLIGHT: Carolinas Office Properties

Wed, 16 Oct 2019
It&rsquo;s shaping up as another strong year for sales, following the record-breaking $3.4 billion of activity in 2018. Some $1.3 billion of transactions closed in the first half, and another $2 billion has since closed or gone under contract. Meanwhile, the pipeline of listings remains robust.Big deals are bolstering volume. Among them: The pending sale of Bank of America Tower in Charlotte for $436 million, a record price for the...



The Grapevine

Wed, 16 Oct 2019
Newmark has hired three senior multi-family brokers from JLL. Christine Espenshade, who was named this year to head JLL’s apartment-property sales in the Eastern U.S., joined Newmark this week along with Robert Garrish and Shawn McDonald. All three are vice chairmen in Washington, leading multi-family capital markets in the Mid-Atlantic region. Espenshade and Garrish focus on property sales, reporting to Newmark vice chairman Blake Okland....



The Grapevine

Wed, 16 Oct 2019
Georga Rowe left industrial giant GLP this month to join Atlanta fund shop MDH Partners as a director of acquisitions and development. She&rsquo;s opening an office in Dallas to target expansion in Texas and the West. She reports to chief executive Jeff Small, who founded MDH in 2005. Rowe was a vice president of asset management at Singapore-based GLP, where she spent more than five years. She also had stints at Cobalt Capital, Prologis and Lee...



The Grapevine

Wed, 16 Oct 2019
EverWest Real Estate Investors this month hired Katie Bergen as a senior director focused on investor relations and capital strategies. She reports to senior vice president Peter McNally, who heads the Denver investment manager&rsquo;s investor-relations group. Bergen was a director of capital markets at CenterSquare Investment of Plymouth Meeting, Pa., where she spent the past eight years. She had an earlier stint at consultant Clarion/Samuels...



The Grapevine

Wed, 16 Oct 2019
Benjamin Klein joined Wardman Group of Washington as a vice president this month. He was previously an investment manager at Abu Dhabi Investment Authority, where he spent the last five years. Before that, he was an associate at Carlyle Group for two years. There, he worked with Thad Paul, who left after a 15-year run to launch Wardman in 2016. The investment and development firm focuses primarily on hotels in need of renovations, capital...



The Grapevine

Wed, 16 Oct 2019
Trinity Capital has hired Tyson Strutzenberg as a director of asset management, based at its Raleigh headquarters. Strutzenberg previously was chief operating officer and senior vice president of asset management at Rising Realty, a Los Angeles fund shop. He had a prior stint as a managing director at Beverly Hills investment manager Kennedy Wilson. At Trinity, Strutzenberg focuses primarily on a 95-acre office campus in Raleigh that the firm...



The Grapevine

Wed, 16 Oct 2019
JLL is looking to add a vice president of asset management to oversee hotel properties. The recruit would track and report on the performance of properties, including full- and select-service as well as luxury hotels, on behalf of JLL clients. The position, which requires at least seven years of experience, can be based in New York, San Francisco or...



The Grapevine

Wed, 16 Oct 2019
Placement agent JTP Capital has added an analyst. Audrey Yun started this week at the New York shop. She reports to vice president Frank Sullivan and firm founder Mitchell Sikora. Yun was previously a merger-and-acquisition analyst at Bainbridge Capital Advisory.



ON THE MARKET

Wed, 16 Oct 2019
RETAIL:Property: Baederwood Shoppes on the Fairway, Jenkintown, Pa.Size: 117,000 sf, 94% leasedEstimated Value: $47 millionOwner: BaringsBroker: JLLColor: Shopping center anchored by Whole Foods. Other tenants include Planet Fitness and Panera Bread.



ON THE MARKET

Wed, 16 Oct 2019
MULTI-FAMILY:Property: Campus Evolution Villages, 1000 District Drive, Morgantown, W. Va.Size: 280 units, 924 beds, 86% leasedEstimated Value: $27 million, $96,000/unit, $29,000/bedOwner: Trimont Real Estate, AtlantaBroker: JLLColor: Student-housing property near West Virginia University. Built in 2006. Exterior upgrades and introduction of a campus shuttle increased occupancy from 67% in 2018 to 86% this year. Average size: 1,196 sf. Average...



Spear Street Buying West Loop Office Tower

Wed, 09 Oct 2019
Spear Street Capital has struck a deal to buy the Class-A office building at 500 West Monroe Street in Chicago.The San Francisco fund operator is under contract to purchase the 967,000-square-foot West Loop skyscraper from Piedmont Realty, an Atlanta REIT. The exact price couldn&rsquo;t be learned, but market pros said bids were in the range of $415 million to $425 million, or up to $440/sf. JLL is brokering the deal.When the property was listed...



Investors Seeing Fast Turnarounds in Boston

Wed, 09 Oct 2019
The supercharged leasing market in Greater Boston has cranked up the velocity of office and laboratory transactions.High-yield investors that started projects as recently as two years ago are already reaching stabilization and bringing their properties to market. Firms including Davis Cos., Investcorp, National Development and Nuveen Real Estate have sold or are in the process of selling properties they acquired within the past three...



JP Morgan Pitching Luxury Boston Rentals

Wed, 09 Oct 2019
A J.P. Morgan partnership is shopping a luxury apartment complex that could fetch a record price for Boston.The 405-unit property, at 180 Brookline Avenue in the Fenway neighborhood, is expected to attract bids north of $325 million, or $802,000/unit. Newmark is representing J.P. Morgan Asset Management and its local partner, Samuels & Associates.The apartments are 95% occupied. The property, called Fenway Triangle, includes 42,000 square feet of...



Pimco Team Lists Minneapolis Offices

Wed, 09 Oct 2019
A joint venture between Zeller Realty and Pimco has teed up a downtown Minneapolis office complex it renovated to compete with the market&rsquo;s top properties.The 1.1 million square-foot Fifth Street Towers is made up of two glass-clad buildings at 100 and 150 South Fifth Street, in the heart of the Central Business District. Bids are expected to land in the range of $265 million to $275 million, or up to $250/sf. Eastdil Secured has the...



Starwood Snags Midwest Warehouses

Wed, 09 Oct 2019
Making its first big push into the U.S. industrial sector, Starwood Capital has agreed to purchase almost the entire ownership interest in a 4 million-square-foot portfolio of Midwest industrial properties valued at roughly $320 million.The seller, Becknell Industrial of Carmel, Ind., is retaining a small stake in the 33 properties. The price tag for Miami Beach-based Starwood works out to about $80/sf. JLL is advising Becknell.The portfolio is...



Invesco Shows Class-B Boston Offices

Wed, 09 Oct 2019
Invesco Real Estate has listed a Class-B office property in Boston that&rsquo;s positioned to appeal to &ldquo;creative&rdquo; tenants.The 221,000-square-foot building, at 179 Lincoln Street, is expected to fetch bids of roughly $155 million, or $701/sf. Newmark is representing the Dallas investment manager.Invesco acquired the property for $75 million in 2012 from Millennium Partners of New York, which had given the once-vacant building a...



Low-Risk Play in NJ Opportunity Zone

Wed, 09 Oct 2019
A developer is marketing a nearly completed apartment complex in an opportunity zone in Jersey City, N.J.The 104-unit Bela, at 74 Maple Street in the Bergen-Lafayette neighborhood, is expected to attract bids of about $63 million, or $606,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.6%. JLL is representing the seller, Fields Development of Hoboken, N.J.The eight-story property is expected to be finished by next...



Offices Pitched in North Phoenix

Wed, 09 Oct 2019
A Lincoln Property partnership is shopping a recently renovated office property in Phoenix as a leasing play.The 269,000-square-foot Paradise Village, in the North Phoenix/Paradise Valley submarket, is valued at about $60 million, or $223/sf. Newmark is representing Dallas-based Lincoln and its partner, Sterling Equities of Great Neck, N.Y.The five-story building, at 11811 North Tatum Boulevard, is 87.5% occupied at rents that average 11% below...



Value-Added Rental Portfolio in Ga.

Wed, 09 Oct 2019
Three suburban Atlanta apartment complexes are being pitched to value-added investors.The 652-unit package is valued at about $80 million, or $122,000/unit. The average occupancy rate is 94%.Investors can bid on individual properties or any combination. Marketing materials are touting the potential for a buyer of the whole portfolio to gain scale in Atlanta&rsquo;s growing Interstate 20 corridor. Cushman & Wakefield is representing the owner,...



Calif. Conversion, Development Play

Wed, 09 Oct 2019
Brookfield Asset Management is marketing a Southern California office building and an adjacent development parcel with a combined value of about $140 million.The 260,000-square-foot building, at 1960 East Grand Avenue in El Segundo, could be converted into &ldquo;creative&rdquo; office space. A 94,000-sf office building or a hotel could be developed on the parcel.Market pros value the existing building at about $130 million, or $499/sf, and the...



Westchester County Offices Available

Wed, 09 Oct 2019
A Class-A office building is on the block in suburban New York.The 172,000-square-foot property, in Tarrytown, is valued at about $32 million, or $186/sf. At that price, the buyer&rsquo;s initial annual yield would be 7.5%. CBRE is representing the owner, Signature Acquisitions of Cranford, N.J.The building is 92% occupied at rents that average 9.4% below the prevailing asking rate. The marketing campaign is touting the potential to raise rents...



Hanover Dealing New Rentals in Phila.

Wed, 09 Oct 2019
Hanover Co. is shopping a year-old apartment complex in downtown Philadelphia.The 339-unit property, at 322 North Broad Street, could attract bids of about $150 million or $442,000/unit. Newmark is representing Houston-based Hanover.The complex, called Hanover North Broad, is 93% occupied. Rents average $2,600, or $2.88/sf. The average household income of tenants is about $220,000.The apartments range from studios to three bedrooms and have an...



Multi-Family Investor Maps Expansion

Wed, 09 Oct 2019
A California apartment shop is looking to roughly double its portfolio and expand into multiple markets over the next 24 months.San Francisco-based Throckmorton Partners, which has historically targeted opportunistic deals on relatively small properties in the Bay Area, is broadening its scope to include complexes of 100 units and more in the Los Angeles, San Diego, Denver, Seattle, Portland, Ore., and Austin markets.The firm, founded in 2014 by...



Honolulu Retail Condos Up for Grabs

Wed, 09 Oct 2019
The retail portion of a prominent hotel in Honolulu is on the block.Bids are expected to hit $60 million for two condominiums totaling 69,000 square feet at the Ilikai Hotel, at the western end of the Waikiki Beach shoreline. The offering encompasses the 58,000-sf first floor of the building and an 11,000-sf rooftop restaurant. The estimated value would translate to a capitalization rate of about 5.5%. JLL is handling the offering for the...



SPOTLIGHT: Phoenix-Area Office Properties

Wed, 09 Oct 2019
Sales of large properties totaled less than $500 million in the first half, down 17% from a year earlier and 36% from the first half of 2017.The average occupancy rate climbed to a 10-year high of 85.1% at midyear, according to CBRE. That was up 1.3 percentage points from a year earlier. The average asking rent climbed 5% over the period, to $26.89/sf.The region leads the nation in population growth for residents 55 and older. That&rsquo;s...



The Grapevine

Wed, 09 Oct 2019
Industry pro Mo Beler has launched his own firm. New York-based Beler Advisory Group will work nationally on capital-markets assignments, including investment sales, lining up joint-venture equity and arranging debt for clients. Beler left JLL last month after two years as vice chairman of New York property sales. He was among a wave of departures from the brokerage&rsquo;s Manhattan office after JLL bought HFF this summer. Before joining the...



The Grapevine

Wed, 09 Oct 2019
Meanwhile, former JLL managing director Yoav Oelsner also has hung his own shingle. Upland Property Advisors of New York will offer capital-markets services to clients in the New York metropolitan area. Oelsner, who had been at JLL since 2012, left shortly after the brokerage announced it was acquiring HFF. He had prior stints at Cushman & Wakefield and Grubb &...



The Grapevine

Wed, 09 Oct 2019
Newmark has added another New York broker. Alex Scheetz moved over in the past few weeks from Eastdil Secured, where he spent the past four years. A director, Scheetz is on the team led by Jean Celestin, Evan Layne and Brett Siegel &mdash; who themselves decamped from Eastdil last month to join Newmark as vice chairmen and co-heads of its investment-sales platform in New York. The move follows last year&rsquo;s jump to Newmark by Eastdil&rsquo;s...



The Grapevine

Wed, 09 Oct 2019
Chad Roberson returned to Carlton Group last week as a director at its New York headquarters. He&rsquo;s tasked with lining up equity and debt for the brokerage&rsquo;s clients, with a focus on special situations and restructurings. He reports to chief executive Michael Campbell. Roberson previously worked at Carlton from 2011 to 2014. After leaving, he was a vice president at Maverick Real Estate of New York. He&rsquo;s also worked at hedge fund...



The Grapevine

Wed, 09 Oct 2019
RXR Realty has added an assistant vice president to its multi-family team. The Uniondale, N.Y., shop, led by investor Scott Rechler, hired Najee Coverson last month to oversee a portfolio of rental properties, as well as work on potential developments. He&rsquo;s based in Manhattan, reporting to first vice president Traci Wilhelm. Coverson previously spent three-plus years at the New York office of Carmel Partners, a San Francisco fund operator....



The Grapevine

Wed, 09 Oct 2019
Metzler Real Estate this month added a senior associate in Atlanta to work with its acquisitions team. Allan Waller will assist with lining up and underwriting office and multi-family investments for the Seattle firm&rsquo;s separate-account clients. He was previously a senior financial analyst on Cushman & Wakefield&rsquo;s capital-markets team in Atlanta, where he spent the last four...



The Grapevine

Wed, 09 Oct 2019
Invesco Real Estate has added Stacey Patten to its multi-family team. She joined the Dallas-based investment manager last month in San Francisco as an associate director of multi-family asset management. She reports to managing director Jackson Lapin. Patten was previously an associate at PGIM Real Estate&rsquo;s San Francisco office, where she worked for four...



ON THE MARKET

Wed, 09 Oct 2019
MULTI-FAMILYProperty: Promenade at Carillon, 540 Carillon Parkway, St. Petersburg, Fla.Size: 334 units, 93% occupiedEstimated Value: $65 million, $195,000/unitOwner: TA Realty, BostonBroker: Cushman & WakefieldColor: Garden-style complex in Gateway district marketed as value-added opportunity. Owner has spent $8.5 million on roof replacement, stucco repairs and landscaping. Renovations to 12% of the units produced average rent premium of $300....



ON THE MARKET

Wed, 09 Oct 2019
MULTI-FAMILYProperty: 222 West Rittenhouse Square, PhiladelphiaSize: 99 units, 90% occupiedEstimated Value: $40 million, $404,000/unitOwner: Sentinel Real Estate, New YorkBroker: NewmarkColor: 27-story building overlooking Rittenhouse Square in Center City is potential condominium conversion. Built in 1927. Owner has invested $14.6 million over past 10 years on unit upgrades including facade repairs and new elevators. Studio and 1-3 bedroom...



ON THE MARKET

Wed, 09 Oct 2019
MULTI-FAMILYProperty: The Retro, 2500 Fair Oaks Boulevard, SacramentoSize: 204 units, 96% occupiedEstimated Value: $36 million, $176,000/unitOwner: Ridge Capital, SacramentoBroker: CBREColor: Low-rise complex in Arden-Arcade submarket, near affluent residential areas. Recently underwent nearly $4 million of capital improvements. Some 106 units are ripe for renovations that could produce average $170 rent premium. Units are mostly 1-2 bedrooms,...



Calpers Team Showing Trophy Houston Tower

Wed, 02 Oct 2019
A partnership between Calpers and Hines is setting the stage for Houston&rsquo;s second-biggest office sale ever.The duo has listed the 1.1 million-square-foot skyscraper at 609 Main Street with Cushman & Wakefield. The brokerage plans to run a selective marketing campaign, which is expected to generate strong interest from foreign and domestic investors alike.The offering could attract bids of about $700 million, or $650/sf. At that price, the...



As Hedging Costs Fall, Foreign Buyers Return

Wed, 02 Oct 2019
After pulling back from U.S. real estate purchases last year, foreign buyers that hedge against currency fluctuations are flocking back to the bidding table.The shift began a few months ago and has been picking up steam in recent weeks amid the rush of post-Labor Day property listings. The prime targets: core properties in “gateway” markets, seen as safe havens amid global economic uncertainty.A decline in the cost of currency hedging has...



CenterPoint Marketing Midwest Warehouses

Wed, 02 Oct 2019
CenterPoint Properties is shopping an industrial portfolio in the Chicago area and Wisconsin that could fetch up to $500 million.The package encompasses 27 buildings, totaling 5.9 million square feet, heavily concentrated along Interstate 94. Eastdil Secured and Colliers International are working together on the marketing campaign, touting it as a core-plus play. Bids are expected to reach about $85/sf, indicating an initial annual yield of...



High-Yield Rentals Offered Near LA

Wed, 02 Oct 2019
A Rockpoint Group partnership is shopping a portfolio of 1960s-vintage apartment properties in Torrance, Calif.The 422-unit package, geared toward value-added investors, encompasses 85 townhome-style buildings in two clusters along tree-lined blocks. Bids could reach about $225 million, or $533,000/unit. Eastdil Secured is representing Boston-based Rockpoint and its partner, Strategic Housing Partners, which is a joint venture between Coastline...



Offices Up for Grabs in Alexandria

Wed, 02 Oct 2019
An American Real Estate Partners joint venture is marketing three of the four buildings at a riverfront office complex in Northern Virginia.The properties, encompassing 461,000 square feet at the Canal Center complex in Alexandria, are worth roughly $200 million, or $434/sf. Cushman & Wakefield is representing American Real Estate of Herndon, Va., and its partner, Bahrain-based Investcorp.The buildings, at 44, 66 and 99 Canal Center Plaza, are...



Valued-Added Fund Hits Equity Ceiling

Wed, 02 Oct 2019
National Development held a one-and-done close this week on $400 million of equity for its fourth valued-added property fund.The marketing campaign exceeded the $350 million target and reached the maximum allowable size.The vehicle, Charles River Institutional Fund 4, will shoot for a 13-15% return by acquiring and developing properties across asset classes, with a focus on New England. For acquisitions, National Development has historically...



Texas Apartments With Retail Space

Wed, 02 Oct 2019
Intercontinental Real Estate is pitching a San Antonio apartment/retail complex as a renovation play.The 280-unit Artessa at Quarry Village, at 300 East Basse Road, could attract bids of $106 million, or $379,000/unit. Boston-based Intercontinental has given the listing to JLL.The complex, built in 2009, has some 70,000 square feet of retail space, anchored by grocer Trader Joe&rsquo;s.The apartments are 93% occupied. A buyer could boost returns...



Luxury Apartments for Sale in Conn.

Wed, 02 Oct 2019
Carmel Partners is pitching a luxury apartment complex in Connecticut to core investors.The 464-unit Waypointe, in Norwalk, has an estimated value of $175 million, or $378,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5%. CBRE is representing Carmel, a San Francisco fund operator that developed the property in 2015.The apartments, which are 97% occupied, have 1-3 bedrooms and average 1,068 square feet. They feature...



Stonemont Shopping Offices in Calif.

Wed, 02 Oct 2019
Stonemont Financial is marketing three buildings at an office/R&D complex in suburban Sacramento.The 447,000 square feet of properties, in Roseville, Calif., are fully leased to Hewlett Packard Enterprise for about 10 more years. Bids could reach roughly $230/sf, or $103 million. JLL is representing Atlanta-based Stonemont.The properties are part of the five-building Roseville Innovation Park.Hewlett Packard has been at the site since 1981. Its...



New "Micro Hotel' Hawked in Boston

Wed, 02 Oct 2019
A developer has teed up one of Boston&rsquo;s first &ldquo;micro hotels.&rdquo;The 340-room Moxy Boston Downtown, which is slated to open this month, could attract bids topping $600,000/room, or $204 million. CBRE is representing the developer, Norwich Partners of Lebanon, N.H.Marriott International&rsquo;s &ldquo;Moxy&rdquo; brand of trendy boutiques is geared toward millennial travelers. The rooms are smaller than typical, but there are more...



Westbrook Dealing LA-Area Offices

Wed, 02 Oct 2019
A Westbrook Partners team is marketing three office buildings at a business park in Southern California.The 324,000-square-foot portfolio could attract bids of about $250/sf, or $81 million. New York-based Westbrook and its partner, Greenlaw Partners of Irvine, Calif., are pitching them as a package called the Centerpointe Collection. Newmark has the listing.The buildings, in the Centerpointe at La Palma business park in La Palma, are 88% leased,...



Jacksonville Tower Has Leasing Upside

Wed, 02 Oct 2019
A Jacksonville office property that includes the city&rsquo;s tallest building is on the block as a leasing play.The 697,000-square-foot Bank of America Tower complex is expected to fetch bids north of $140/sf, or $97.5 million. The property is 65% leased, and the sales campaign is highlighting the opportunity to bring in new tenants amid rising rents in Jacksonville&rsquo;s Central Business District. Cushman & Wakefield is representing the...



Leasing Play on Tap in San Francisco

Wed, 02 Oct 2019
Craigslist is marketing a San Francisco office/retail property that&rsquo;s nearly one-third vacant.The 135,000-square-foot building, at 222 Sutter Street, is 68% leased. Bids are expected to hit $100 million, or $741/sf. CBRE is marketing the offering to value-added investors for Craigslist, the online listing company.The nine-story building was constructed in 1908 as a furniture store and later housed a Loehmann&rsquo;s department store. It...



Renovated Offices Available in Phila.

Wed, 02 Oct 2019
Nightingale Properties is shopping a renovated office building in Philadelphia that has an estimated value of $70 million.The 289,000-square-foot property is at 1635 Market Street. At a price of $242/sf, the buyer&rsquo;s initial annual yield would be 6%. JLL has the listing.Nightingale has spent nearly $10 million on improvements since 2014, including renovations to the property&rsquo;s lobby and some common corridors, plus lighting upgrades and...



Fully Leased NJ Warehouses Listed

Wed, 02 Oct 2019
A Northern New Jersey industrial property is on the block with an estimated value of about $37 million.The 318,000-square-foot distribution center, in Elizabeth, is fully leased to four tenants. At the estimated value of$116/sf, a buyer&rsquo;s initial annual yield would be about 5%. JLL is shopping the property for American Equity of East Brunswick, N.J., which acquired it two years ago for an undisclosed price.The two-building complex is at 720...



Oakland Rentals Pitched as Tax Play

Wed, 02 Oct 2019
A developer is marketing an almost-completed apartment complex in downtown Oakland as a ready-made opportunity-zone play.The 140-unit project is expected to attract bids of about $80 million, or $571,000/unit. Eastdil Secured is marketing the property for the developer, Wood Partners of Atlanta.The seven-story luxury building, dubbed Alta Woodson, is expected to begin leasing in the first quarter. The pitch is that by taking ownership before a...



HighBrook Markets Cincinnati Tower

Wed, 02 Oct 2019
HighBrook Investors is offering the leasehold interest in an office tower in Cincinnati that it recently renovated.The 538,000-square-foot Columbia Plaza, at 250 East Fifth Street in the Central Business District, is expected to attract bids of $60 million, or $112/sf, indicating an initial annual yield of 9.2%. New York-based HighBrook has given the listing to JLL.HighBrook performed $10.5 million of renovations to the property beginning in...



Apple-Leased Offices Teed Up in LA

Wed, 02 Oct 2019
Hackman Capital is marketing a recently repositioned office building in Los Angeles that is fully occupied by Apple.The 74,000-square-foot property is at 5500 West Jefferson Boulevard in the Culver City submarket. It has an estimated value of $75 million, or slightly more than $1,000/sf. At that price, the buyer&rsquo;s initial annual yield would be about 4%. Eastdil Secured is representing Los Angeles-based Hackman.Hackman finished a renovation...



Midwest Apartment Bundle on Block

Wed, 02 Oct 2019
Ten apartment properties in Iowa, Nebraska and South Dakota are being marketed as a value-added portfolio worth about $75 million.The listing encompasses 970 units in two clusters, with a little more than half the units in Sioux Falls, S.D., and the rest 90 miles south in Sioux City, Iowa, and nearby South Sioux City, Neb. The estimated value works out to $77,000/unit. JLL is representing the owner, IRET Properties of Minot, N.D.The properties...



SPOTLIGHT: Manhattan Office Market

Wed, 02 Oct 2019
First-half sales of $8.8 billion were the highest total since 2016, according to Real Estate Alert&rsquo;s Deal Database. Renewed interest from foreign investors is adding to buy-side demand.Ceruzzi Properties is shopping the land under the Lipstick Building, at 885 Third Avenue. Bids of about $475 million are expected. Broker JLL is telling investors a buyer could look to take over the leasehold interest from Argentinian investor IRSA when the...



The Grapevine

Wed, 02 Oct 2019
Broadshore Capital has hired Louis Leeds as senior vice president of acquisitions, to manage its multi-family investment activities in the eastern U.S. Leeds will set up a New York area office for the Los Angeles shop. He reports to Bryan Meyer, who joined the company in July as managing director and head of multi-family investment. Leeds was previously senior vice president of acquisitions at Resource Real Estate, where he spent nearly three...



The Grapevine

Wed, 02 Oct 2019
Hussain &ldquo;Moos&rdquo; Moosajee started this week as a senior vice president at High Street Residential, a subsidiary of Trammell Crow. Based in Atlanta, Moosajee oversees multi-family and mixed-use developments, reporting to principal Brandon Houston. Moosajee came from AIG Global Real Estate, where he served as a vice president of investments for the past six years. Before that, he was a vice president of asset management at Atlanta-based...



The Grapevine

Wed, 02 Oct 2019
EJS Group hired Melissa Cohen two weeks ago as director of development, to work on the New York shop&rsquo;s existing project pipeline and help scout out ground-up investment opportunities. Cohen joined from New York family office Seven Valleys, where she&rsquo;d been for about 18 months. She previously worked at Boston Properties&rsquo; New York office and was a development associate at Urban Partners of Los Angeles. EJS, backed by the...



The Grapevine

Wed, 02 Oct 2019
Investor-relations pro Dan Butler joined Round Hill Capital in New York last week as a vice president. He is focused on capital-raising in the Americas, reporting to head of capital markets Alex James. The London firm focuses on multi-family investments globally. Butler joined from Brookfield Asset Management, where he was a New York-based vice president. He had prior stints at American Realty Advisors of Los Angeles and Courtland Partners of...



The Grapevine

Wed, 02 Oct 2019
Net-lease advisory shop B+E opened an office in Denver this week. It hired Nolan Johnson as managing broker to head the New York firm&rsquo;s latest outpost. Johnson previously founded and served as chief executive of SimpliDeferred, which advised investors seeking to defer capital-gains taxes under Section 1031 of the IRS Code. Johnson reports to chief executive Camille Renshaw, who launched B+E in...



The Grapevine

Wed, 02 Oct 2019
Boston fund operator Davis Cos. has added a senior investment associate. Brendan Richards joined last month after six-plus years at HFF in New York. He was a director at the brokerage, which he left shortly after its acquisition by JLL in July. Richards had prior stints at Eastdil Secured&rsquo;s Boston office and at BioMed Realty of San Diego. At Davis, he reports to managing director Quentin...



The Grapevine

Wed, 02 Oct 2019
ArborCrowd is looking to hire a director of investor relations for its real estate crowdfunding platform. The New York firm seeks candidates who have at least five years of experience, with a focus on capital markets or business development. A background in private equity, or with multi-family investment, would be helpful. The recruit would work with current and potential investors, as well as with underwriters and asset managers. ArborCrowd is...



The Grapevine

Wed, 02 Oct 2019
Shorenstein Properties of San Francisco wants to add an analyst with at least one year of experience to its investment group in New York. The recruit would report to managing director Mark Portner. More information is available in the Careers section at shorenstein.com.



ON THE MARKET

Wed, 02 Oct 2019
OFFICE:Property: RiverPark, 800 Connecticut Avenue, Norwalk, Conn.Size: 412,000 sf, 70% leasedEstimated Value: $60 million, $145/sf, Yield: 6.2%Owner: CBRE Global Investors, Los AngelesBroker: CBREColor: Five-story building recently saw $7.2 million of upgrades. Buyer could nearly double net operating income by filling vacant space and boosting rents. Tenants include Booking Holdings (89,000 sf), Remedy Partners (40,000 sf), Hitachi Capital...



Related Team Eyes Recap of 35 Hudson Yards

Wed, 25 Sep 2019
A Related Cos. partnership is exploring the recapitalization of part of a brand-new mixed-use tower in Manhattan’s Hudson Yards development.The group would use some of the proceeds to prepay a loan from a Children’s Investment Fund syndicate that financed the construction of the skyscraper, at 35 Hudson Yards.The recap would affect the building’s roughly 500,000 square feet of commercial space, valued at some $1 billion. That space...



Developer Targets Growing Co-Living Niche

Wed, 25 Sep 2019
An investment manager is mapping plans for what could be the biggest push yet into the fledgling co-living sector.Six Peak Capital is aiming to amass a 6,000-bed portfolio across the country over the next three years. The New York private-equity shop has hired Cushman & Wakefield to raise about $350 million of equity from one or more institutional investors to back the investment spree. That capital would be supplemented with debt to create a $1...



Hines Team Pitches Repositioned Calif. Offices

Wed, 25 Sep 2019
A joint venture between Hines and Pimco is marketing an office complex in California&rsquo;s Orange County that recently was transformed into &ldquo;creative&rdquo; space.The 452,000-square-foot Intersect campus, in Irvine, is valued at about $575/sf, or $260 million, according to market pros. JLL has the listing.The four-building complex, still in its lease-up phase following the sweeping renovation, is 74% occupied by 21 tenants, including Aon,...



Skanska Marketing New Offices in DC

Wed, 25 Sep 2019
Skanska USA has teed up a new office building in Washington&rsquo;s Capitol Riverfront submarket that&rsquo;s still in its initial lease-up phase.The 235,000-square-foot property, at 99 M Street SE, is expected to attract bids in the vicinity of $750/sf, or $176 million. Newmark has the listing.The seller, which is the U.S. unit of Swedish developer Skanska, completed the 11-story building last year. The 76% occupancy rate is projected to rise to...



Insurer Nabs Office Stake in Boston

Wed, 25 Sep 2019
Northwestern Mutual has agreed to buy an unspecified majority interest in a Boston office building from Rockpoint Group in a deal that values the property at $198 million.The investment in the 273,000-square-foot building, at 99 Summer Street, will generate an initial annual yield in the vicinity of 4.25% for Northwestern at the $725/sf valuation. While the insurer has previously invested in Boston-area apartment properties, this is its first...



Apartments Teed Up on Long Island

Wed, 25 Sep 2019
An estate is marketing a sprawling apartment complex on Long Island that&rsquo;s fully leased but needs to be modernized.The 643-unit property, in Patchogue, N.Y., is valued at about $150 million, or $233,000/unit. CBRE is representing the estate of one of the developers of the complex, which opened in the late 1970s.The 90-acre property has had limited upgrades over the years. Marketing materials suggest a buyer could increase rents by 35-40%...



Distressed Louisville Loan in Play

Wed, 25 Sep 2019
A special servicer is shopping a defaulted loan on Louisville&rsquo;s tallest office tower.The 635,000-square-foot building, at 400 West Market Street, is 81% occupied. The owner, 601W Cos. of New York, failed to pay off the $103 million securitized mortgage when it matured in April.CWCapital, the special servicer, has started foreclosure proceedings. The pitch is that a buyer could continue that effort and take over the 35-story property.Market...



Shopping Center Hits the Block in SC

Wed, 25 Sep 2019
Miller Capital is marketing a shopping center in suburban Charleston, S.C., that could command bids of $160 million.The 502,000-square-foot Mount Pleasant Towne Centre, in fast-growing Mount Pleasant, S.C., is 97% leased. Eastdil Secured is representing Miller, which is based in Skokie, Ill., and is acting on behalf of an unidentified advisory client.The major tenants are Barnes & Noble, Bed Bath & Beyond, Belk, Old Navy, P.F. Chang&rsquo;s and...



Office Campus Pitched Near Boston

Wed, 25 Sep 2019
An Angelo, Gordon & Co. joint venture has teed up a large office campus in suburban Boston.The 516,000-square-foot Unicorn Park, in Woburn, Mass., is valued at about $110 million or $213/sf. At that price, the buyer&rsquo;s initial annual yield would be 7%. JLL is representing New York-based Angelo Gordon and its partner, National Development of Newton Lower Falls, Mass.The four-building complex is 92% leased. Tenants include Beacon Health and...



Calif. Housing Agency Buys Rentals

Wed, 25 Sep 2019
A new California government agency has paid $108 million for a suburban San Francisco apartment property in order to convert it to affordable housing.California Community Housing Agency purchased the 286-unit complex, in Fairfield, Calif., from Abacus Capital of New York. The price translates to $378,000/unit. Marcus & Millichap&rsquo;s Institutional Property Advisors unit brokered the sale, which closed at the end of last month.The deal follows...



Value-Added Office Play in Dallas

Wed, 25 Sep 2019
An advisory shop is pitching a Class-A office building in suburban Dallas to value-added investors.The 512,000-square-foot property, in Irving, Texas, is valued at about $92 million, or $180/sf. The owner, Prime Income Asset Management of Dallas, has given the listing to CBRE.The 22-story building, at 600 East Las Colinas Boulevard, is 80% leased at rents that average 25% less than the space could currently command, according to marketing...



NEW DEALS

Wed, 25 Sep 2019
Washington&rsquo;s Watergate Office BuildingSeligman Group this week is scheduled to close on the $101.2 million acquisition of the landmark Watergate office property in Washington. Newmark is brokering the sale for Rockwood Capital. The 215,000-square-foot building, at 2600 Virginia Avenue NW, is best known as the site of a break-in that ultimately led to the resignation of President Nixon. The occupancy rate is 90%, with a seven-year weighted...



Fully Leased Arizona Offices for Sale

Wed, 25 Sep 2019
Lincoln Property is shopping a fully leased office building that it recently developed in suburban Phoenix.The 213,000-square-foot property, in Tempe, Ariz., is worth about $92 million, or $430/sf. At that price, the capitalization rate would be 6%. Newmark, Lincoln&rsquo;s broker, is touting the offering as an &ldquo;exceptionally high-quality, low-risk opportunity.&rdquo;The Class-A building, at 1101 West Washington Street within the mixed-use...



High-Yield Phoenix Offices Available

Wed, 25 Sep 2019
An Oaktree Capital partnership is pitching a Phoenix office building to value-added investors.The 260,000-square-foot Biltmore Commerce Center is worth about $70 million, or $270/sf. Los Angeles-based Oaktree and its partner, Lincoln Property of Dallas, are close to completing $1 million of renovations. CBRE has the listing.The Class-A property, at 3200 East Camelback Road, is 74% leased at rents that average 14% less than the prevailing market...



Boston-Area Campus Offers Options

Wed, 25 Sep 2019
Hines is pitching a large, underleased office campus in suburban Boston that has room for expansion.The 532,000-square-foot property, in Marlborough, Mass., is expected to attract bids topping $73 million, or $137/sf. At that price, the initial annual yield would be 7.5%. Houston-based Hines has given the listing to Newmark.The occupancy rate is just 76%, leaving roughly 130,000 sf vacant. That represents one of the only large blocks of Class-A...



Vegas Apartments With Upside Shown

Wed, 25 Sep 2019
A Las Vegas apartment complex worth about $82 million is being marketed to value-added investors.The 512-unit property, at 6255 West Tropicana Avenue, is 93% occupied. The estimated value translates to $160,000/unit. Newmark is representing the owner, a joint venture between Tower 16 Capital of Carlsbad, Calif., and Henley Investments of London.The 30-acre complex, called Altura on Tropicana, encompasses 410 apartments built between 1980 and...



SPOTLIGHT: Phoenix-Area Apartment Market

Wed, 25 Sep 2019
Sales climbed 15% in the first half, to $3 billion, according to Real Estate Alert&rsquo;s Deal Database, which counts trades of $25 million and up. That was the highest total ever for a first half and put the market on track to eclipse the $5.9 billion annual record set last year.Employment growth in Arizona&rsquo;s healthcare, construction and financial sectors is driving leasing demand. Green Street Advisors projects that Phoenix jobs will...



The Grapevine

Wed, 25 Sep 2019
Industrial pro Graham Tingler joined Brookfield Properties this month as U.S. head of development for the logistics sector. He is based in Los Angeles, reporting to Jay Cornforth, Brookfield&rsquo;s global head of logistics. Tingler&rsquo;s duties include helping to acquire development sites and sell completed properties. The company is the operating arm of New York-based Brookfield Property. Tingler was previously co-chief executive of Space...



The Grapevine

Wed, 25 Sep 2019
Stella Pappas started at Chicago-based Waterton last week as a vice president of investor relations. She will help manage and develop investor and consultant relationships. For the past year, Pappas worked at HFF as a director of capital markets and a member of the debt- and equity-placement team in Chicago. She previously spent eight years sourcing, structuring and executing joint-venture and fund investment strategies at Allstate...



The Grapevine

Wed, 25 Sep 2019
Phoenix Capital is adding an acquisitions officer at its Dallas headquarters. Connor Osburn, who starts next month, will pursue joint-venture opportunities for multi-family development in the Southeast. Osburn previously was acquisitions manager at Jefferson Apartment of McLean, Va., with a focus on the Washington metropolitan area. At Phoenix, he will report to managing partner Stephen Mastor and partner Andrew...



The Grapevine

Wed, 25 Sep 2019
Fortress Investment is seeking a veteran asset manager in Dallas to work on a nationwide portfolio of opportunistic office properties. At least 10 years of experience is required. Send resumes to Christen Zellinger at czellinger@fortress.com.



The Grapevine

Wed, 25 Sep 2019
MIG Real Estate has hired Brett Johnson as director of multi-family acquisitions, based in Denver. He reports to Greg Merage, chief executive of the Newport Beach, Calif., investment firm. Johnson is responsible for implementing the firm&rsquo;s value-added apartment strategy, which focuses on the West. He joined last month after two years at Passco Cos. Before that, he had stints at UDR and Milestone Group and spent about 10 years at...



The Grapevine

Wed, 25 Sep 2019
ScanlanKemperBard is recruiting a regional manager for its Denver office. The Portland, Ore., investment manager is seeking candidates with at least seven years of real estate experience, preferably with a master&rsquo;s degree. The pro&rsquo;s duties would include acquisitions and asset management, reporting to president Todd Gooding and executive vice president James Paul. Resumes can be sent to Jeral Swan at...



The Grapevine

Wed, 25 Sep 2019
Eric Bet joined Harvest Properties as an analyst last month. He previously spent two years as an analyst at HFF, which he left when the brokerage was acquired by JLL in July. Harvest, based in Oakland, invests in properties in the San Francisco Bay Area.



The Grapevine

Wed, 25 Sep 2019
Tricon Capital wants to hire a director for its U.S. residential business. The staffer, based in the firm&rsquo;s Toronto headquarters, would maintain relations with operating partners and underwrite investments for the firm&rsquo;s Tricon Housing Partners unit. The company acquires and builds residential projects, including multi-family rentals, condominiums and single-family houses. Executive recruiter Odgers Berndtson is heading up the...



The Grapevine

Wed, 25 Sep 2019
John Paul Lee started at Davidson Kempner Capital as an associate last month to work on commercial real estate deals. He reports to partner Josh Morris. Lee interned at the New York investment manager last year and was hired full-time after completing his master&rsquo;s degree this summer at the University of Pennsylvania&rsquo;s Wharton School. He had prior stints at Oaktree Capital of Los Angeles and Marathon Asset Management of New...



ON THE MARKET

Wed, 25 Sep 2019
OFFICE:Property: Resource Square 1&3, 13501 Ingenuity Drive and 12001 Research Parkway, OrlandoSize: 245,000 sf, 93% leasedEstimated Value: $50 million, $204/sfOwner: TerraCap Management, Estero, Fla.Broker: JLLColor: Two office buildings in Florida&rsquo;s largest research park, next to the University of Central Florida. Investment-grade tenants occupy almost half the space, with a weighted average remaining lease term of 5.2 years. They...



Korean Investors Join L&L on NY Office Deal

Wed, 18 Sep 2019
Two Korean investors are teaming up with L&L Holding to pay more than $450 million for the newly created leasehold interest in Lower Manhattan offices.The 1.1 million-square-foot building, at 195 Broadway, and the underlying land are currently owned by a partnership between J.P. Morgan Asset Management and New York-based L&L. J.P. Morgan, which is being advised by Cushman & Wakefield, wants to sell its 95% interest, and L&L wants to remain in the...



CBRE Recruiting Next Capital-Markets Chief

Wed, 18 Sep 2019
In one of the industry&rsquo;s biggest job openings in years, CBRE has begun a search for the successor to global capital-markets chief Chris Ludeman, who plans to retire by the end of 2022.Ludeman, who joined CBRE in 1980 as a trainee straight out of college, said he approached the firm&rsquo;s top brass a few months ago indicating he wanted to retire within three years. The brokerage then hired executive recruiter Ferguson Partners to assist in...



Harbor Strikes Deal to Buy Jersey City Tower

Wed, 18 Sep 2019
Harbor Group International has agreed to buy a Jersey City building from LeFrak Organization for roughly $375 million &mdash; the second-highest price ever for a New Jersey office property.The 867,000-square-foot building, at 545 Washington Boulevard, is 96% leased. At the valuation of about $433/sf, Harbor&rsquo;s initial annual yield will be roughly 6%. Cushman & Wakefield is brokering the sale for LeFrak, a family-run real estate firm in New...



Rockpoint Strikes Deal for LA Offices

Wed, 18 Sep 2019
Rockpoint Group has agreed to pay a PGIM Real Estate partnership just over $310 million for an office tower in the &ldquo;Miracle Mile&rdquo; neighborhood of Los Angeles.The price for the 452,000-square-foot SBE Building, at 5900 Wilshire Boulevard, translates to about $690/sf. JLL is brokering the sale for PGIM and its partners, AXA Investment Managers of Paris and local developer Ratkovich Co.The 31-story property has some leasing upside. While...



Buyers Reach 2 Office Deals in Dallas

Wed, 18 Sep 2019
Separate investors have agreed to acquire two downtown Dallas office properties for roughly $440 million in total.Masaveu Real Estate of Spain is buying the 460,000-square-foot KPMG Plaza in the Arts District for just over $240 million, or $522/sf. The seller is a partnership led by Kiwoom Asset Management of Seoul and Dallas-based Civitas Capital. Masaveu is advised by Miami-based Exan Capital.Meanwhile, Stream Realty of Dallas will pay about...



Ascentris Buying Stake in NC Offices

Wed, 18 Sep 2019
Ascentris is buying the majority interest in two Charlotte office buildings valued at about $125 million combined.The Denver investment shop is slated to close this week on the off-market deal. It&rsquo;s acquiring a 95% stake in the 312,000-square-foot package, part of a new mixed-use community in South Charlotte, called WaverlyThe seller is a joint venture among local firms Childress Klein Properties, Crosland Southeast and the B. Frank...



Goldman Marketing Nashville Tower

Wed, 18 Sep 2019
Setting the stage for one of Nashville&rsquo;s biggest office sales, Goldman Sachs Asset Management is marketing a building valued at about $145 million.The 491,000-square-foot Fifth Third Center, at 424 Church Street, is 90% leased. At the $295/sf estimated value, the buyer&rsquo;s initial annual yield would be roughly 5.25%. Cushman & Wakefield is representing Goldman.The rent roll includes Fifth Third Bank, law firm Adams & Reese, Lowes Hotels...



Value-Added Rental Play Near Seattle

Wed, 18 Sep 2019
A suburban Seattle apartment property is being pitched as a value-added play.The 496-unit Avana at Forbes Creek, in Kirkland, Wash., could attract bids of about $200 million, or $403,000/unit. JLL is representing the owner, a joint venture between Greystar Real Estate of Charleston, S.C., and Canadian investment giant Ivanhoe Cambridge.The marketing campaign describes the offering as a rare opportunity to purchase a value-added property in one of...



Melohn Dealing Central Loop Offices

Wed, 18 Sep 2019
Melohn Properties has teed up a Chicago office tower that&rsquo;s well leased, but at below-market rents.The 568,000-square-foot building, at 111 West Jackson Boulevard, is valued at roughly $145 million, or $255/sf. It&rsquo;s 93% leased, a bit above the 90% average for Class-A space in the surrounding Central Loop submarket. A buyer could assume a $105 million mortgage that runs until 2027. JLL has the listing.The pitch is that a buyer could...



Home-Rental Firm Seeks Apartments

Wed, 18 Sep 2019
A firm that built its business buying distressed single-family houses and turning them into rentals is now switching strategies and pursuing traditional multi-family properties.PIA Residential is the new name of a Miami shop that jumped into the South Florida housing market during the downturn a decade ago, snatching up hundreds of foreclosed homes at deep discounts and then renting them out. Then called PIA Group USA, it was an early entrant in...



Beacon Shows Renovated SF Offices

Wed, 18 Sep 2019
Beacon Capital is marketing a San Francisco office building that could fetch $240 million.The 272,000-square-foot property, at 201 California Street in the Financial District, would generate an initial annual yield of just over 5% at the estimated value of $882/sf. Eastdil Secured is representing Beacon, a Boston fund shop that has spent $14 million on upgrades over the past two years.The Class-A building is 97% leased. The rents average 20%...



NEW DEALS

Wed, 18 Sep 2019
Oregon Apartment PropertyGriffis Residential acquired a high-rise apartment building in Portland, Ore., this month for $116 million. JLL represented the seller, Barings, the Charlotte real estate arm of MassMutual. The deal values the 294-unit Riva on the Park at $395,000/unit. Griffis, of Greenwood Village, Colo., has rebranded the property as Griffis South Waterfront. The 22-story building, at 0650 SW Gaines Street, was constructed in 2009. The...



DivcoWest Pitches Cambridge Offices

Wed, 18 Sep 2019
DivcoWest has listed a newly renovated office building near Harvard Square in Cambridge, Mass.The 94,000-square-foot building, at 955 Massachusetts Avenue, is expected to attract bids in the vicinity of $100 million, or $1,064/sf. That price would produce an initial annual yield just topping 4%. JLL is representing DivcoWest, a San Francisco fund operator.DivcoWest acquired the property two years ago for $66 million and launched a renovation that...



Blackstone Lists Complex Near Seattle

Wed, 18 Sep 2019
Blackstone is marketing a business park in suburban Seattle that&rsquo;s worth about $55 million.Canyon Park East encompasses 269,000 square feet of office and warehouse space in five buildings in Bothell, Wash. At the estimated value of $204/sf, a buyer&rsquo;s initial annual yield would be 6%, but investors have been told they could boost the return to 7% within two years. CBRE has the listing.The property is 83% leased, with a weighted average...



New Apartments on Block Near Seattle

Wed, 18 Sep 2019
Trammell Crow Residential is shopping a new luxury apartment property in the Seattle suburb of Redmond, Wash.Bids for the 222-unit Alexan Marymoor complex are expected to top $100 million, or $450,000/unit. The Dallas subsidiary of Crow Holdings has given the listing to JLL.The five-story property, completed this year, is at 6335 180th Place NE, 15 miles east of Seattle. The pitch highlights the advantages of Redmond, a technology hub anchored by...



Rentals Near Dallas Ripe for Upgrades

Wed, 18 Sep 2019
Bascom Group is marketing a suburban Dallas apartment complex as a value-added play.The 436-unit property, in Grand Prairie, Texas, could attract bids of $75 million, or $172,000/unit. Marcus & Millichap&rsquo;s Institutional Property Advisors unit is representing the Irvine, Calif., investment shop.The garden-style complex, at 2803 Riverside Parkway, was built in 1999 and is 96% occupied. The pitch is that an investor could continue a program of...



Multi-Family Complex for Sale in Mass.

Wed, 18 Sep 2019
A new apartment complex in suburban Boston is on the block with an estimated value of $63 million.Trammell Crow Residential completed the 178-unit property, at 71 Boston Road in North Billerica, this year. The valuation of $354,000/unit translates to an initial annual yield of 4.5%. Walker & Dunlop is representing the Dallas developer.The occupancy rate is 95%. The one- to three-bedroom units average 1,044 square feet and rent for an average...



Luxury Rentals Available in Delaware

Wed, 18 Sep 2019
A joint venture is shopping a new apartment complex in Delaware.The 245-unit property, in Newark, is valued at about $63 million, or $257,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.5%. JLL is representing the two partners: NV Commercial of Tysons, Va., and developer Leon N. Weiner & Associates of Edgemoor, Del.The complex, called Emblem at Christiana, was completed in 2017. It consists of eight buildings, each with...



Houston Office Complex Hits Market

Wed, 18 Sep 2019
Investors are getting a crack at a Houston office complex worth about $85 million.The 464,000-square-foot Chasewood Technology Park, in the West Belt/State Highway 249 submarket, would generate a 7.75% initial annual yield at the estimated value of $183/sf. The owner, Dallas-based GenCap, has given the listing to JLL.The complex is 92.7% leased at rents that are 22% below the average asking rate of $35.56/sf for similar buildings in the area....



Specialty Building Up for Grabs in SF

Wed, 18 Sep 2019
Investors are getting a crack at an office/manufacturing building in San Francisco that can be redeveloped.The fully occupied property, at 200 Kansas Street, encompasses 90,000 square feet across two floors. It could attract bids of about $80 million, or $888/sf. CBRE is representing the owner, Ascent Real Estate of New York.The Class-A building is zoned as &ldquo;production, distribution and repair&rdquo; space, allowing for a mix of...



SPOTLIGHT: Boston/Cambridge Office Market

Wed, 18 Sep 2019
Sales are on track to far exceed last year&rsquo;s $4.1 billion tally. So far this year, $3.3 billion of transactions have already closed, and another $2.3 billion of deals are under contract.A red-hot leasing market for office and lab space continues to drive property valuations and investor demand.The strong leasing market is also pushing up valuations for office/lab development sites. In the second quarter, some 4.6 million sf of space was...



The Grapevine

Wed, 18 Sep 2019
Senior broker Michael Zietsman is parting ways with JLL, the latest departure since the firm acquired HFF in July. Zietsman, an international director, is wrapping up some deals before his exit. His next move is unclear. Zietsman spent 29 years at JLL over two stints. Before the merger, he was based in Houston, leading an expansion in Denver and Texas. He since has returned to Los Angeles, where he has spent the bulk of his career. His resume...



The Grapevine

Wed, 18 Sep 2019
Chicago broker David Knapp has landed at Cushman & Wakefield as an executive managing director on the office investment-sales team, with a focus on downtown Chicago and other Midwestern markets. Knapp had been a managing director at Eastdil Secured until he departed in April, ending a nearly 14-year run. The other members of Cushman&rsquo;s Chicago team, led by vice chairman Paul Lundstedt, moved over from CBRE late last...



The Grapevine

Wed, 18 Sep 2019
Blackstone has hired capital-raising pro Grant Murray as a managing director in New York. He joined this month after a four-year stint as a managing director at the local office of Houston-based Hines, where he raised capital and structured investment vehicles. Before that, he spent two-plus years as an executive director in Morgan Stanley&rsquo;s investment-banking division and was a senior vice president at Zurich Alternative Asset Management,...



The Grapevine

Wed, 18 Sep 2019
Trammell Crow added two staffers this month to the Boston office it opened in May. Elisha Long joined as a vice president to scout for developments, acquisitions and joint-venture opportunities, working alongside Charley Leatherbee, a senior vice president and unit leader. Long was previously a vice president focused on development at CV Properties, where he worked for almost nine years. Meanwhile, Kyle Joseph joined Trammell Crow as a senior...



The Grapevine

Wed, 18 Sep 2019
Hon Wing Mak started at Bain Capital of Boston last month as a vice president. Mak, who reports to managing director Dan Cummings, will work on acquisitions, portfolio management and dispositions. He spent the past six years at Artemis Real Estate as a vice president targeting West Coast deals. Mak previously spent six years at Boston-based BayNorth Capital.CORRECTION (9/25/19): This article has been revised. The original version understated how...



The Grapevine

Wed, 18 Sep 2019
Brokerage Lee & Associates hired four former Cushman & Wakefield staffers last month to launch a capital-markets and asset-services platform in the Philadelphia area. The four principals &mdash; Robert Yoshimura, Joe Hill, Eric Mattson and Bruce Gordon &mdash; will handle institutional-level deals in Pennsylvania, Southern New Jersey and Delaware. They left Cushman earlier this...



The Grapevine

Wed, 18 Sep 2019
Eastdil Secured has added a JLL alumnus to its Chicago investment-sales team. Lyndy Anderson was named a senior analyst. She joined JLL in July 2018.



The Grapevine

Wed, 18 Sep 2019
Atlantic Creek Real Estate wants to bolster its acquisitions team. The shop is looking for a pro with 2-7 years experience. The position, at the firm&rsquo;s New York headquarters, reports to senior vice president Joshua Schwalbe. Atlantic will also consider hiring additional staffers, either in Manhattan or Palm Beach, Fla. Send resumes to info@atlanticcreek.com.



ON THE MARKET

Wed, 18 Sep 2019
MULTI-FAMILYProperty: Eitel Apartments, 1367 Willow Street, MinneapolisSize: 212 units, 90% leasedEstimated Value: $56 million, $264,000/unitOwner: BlackRockBroker: JLLColor: Mid-rise complex built in 2008. The pitch is that a buyer could boost income through renovations. Units have 1-2 bedrooms and average 800 sf. Average rent: $1,587.MULTI-FAMILYProperty: Lakes at Fountain Square, 500 Lakehurst Road, Waukegan, Ill.Size: 384 units, 95%...



Blackstone Marketing Renovated NY Tower

Wed, 11 Sep 2019
In one of Manhattan&rsquo;s biggest office listings of the year, Blackstone is marketing a Midtown skyscraper that could attract bids north of $800 million.The 622,000-square-foot Park Avenue Tower, at 65 East 55th Street, was upgraded in the past five years to attract high-end tenants. At the estimated value of more than $1,286/sf, the buyer&rsquo;s initial annual yield would be 4.5-5%. Eastdil Secured has the listing.The 35-story building was...



Rockpoint Buying and Selling Boston Offices

Wed, 11 Sep 2019
Rockpoint Group is buying one prime office building in downtown Boston while putting another up for sale.The fund shop has struck an agreement to acquire the 1.1 million-square-foot trophy property at 100 Summer Street from Blackstone for roughly $805 million. Separately, Rockpoint is marketing the 854,000-sf complex at 75-101 Federal Street, which is valued at about $500 million. Newmark is brokering both transactions.The acquisition agreement...



Class-A Offices Shopped in Boston's Seaport

Wed, 11 Sep 2019
A Barings partnership is marketing an office building in Boston&rsquo;s Seaport District that&rsquo;s fully occupied at rents that are well below market rates.The 492,000-square-foot One Marina Park Drive is expected to attract bids of about $500 million, or $1,016/sf. That would produce a 4.25% initial annual yield. JLL is representing Barings and its partner, Fallon Co. of Boston.The joint venture completed and leased up the Class-A property...



Mass. Offices Have Lab Potential

Wed, 11 Sep 2019
A suburban Boston office campus that&rsquo;s facing a drop in occupancy is being pitched as an opportunity to convert some space to laboratory use.The 835,000-square-foot Arsenal on the Charles, in Watertown, Mass., is 80% leased, but that&rsquo;s slated to drop to 60% when the owner, Athenahealth, reduces its space and another tenant vacates.The property is likely to draw bids topping $400 million, or $479/sf, from value-added buyers,...



DC Offices Pitched With Upside

Wed, 11 Sep 2019
A pension fund is shopping a Washington office building valued at roughly $200 million.The 413,000-square-foot Sentinel Square 1, at 90 K Street NE, is 98% occupied by multiple federal agencies. Leases on 85% of the space expire within three years, when their rents are projected to be some 18% below the market rate.That should position a buyer to raise rents. The General Services Administration, which manages leasing for federal agencies, is...



New San Jose Apartments Offered

Wed, 11 Sep 2019
A luxury apartment building in booming San Jose is on the block with expectations it could fetch upward of $200 million.The 315-unit property, at 808 West San Carlos Street in the Midtown neighborhood, was completed less than a year ago and is 95% occupied. The estimated value works out to around $635,000/unit. Eastdil Secured is representing the owner, Fairfield Residential of San Diego.The six-story building, known as 808 West, is a few blocks...



Charlotte Offices Have Leasing Upside

Wed, 11 Sep 2019
An AIG partnership is pitching a Charlotte office park as a leasing play.The 722,000-square-foot Toringdon Office Park is expected to attract bids of about $245 million, or $339/sf. AIG and its partner, local shop Trinity Partners, have given the listing to JLL.At the estimated value, the capitalization rate would be in the vicinity of 7.5%. A buyer could boost the return by lifting the 85% occupancy rate. The park&rsquo;s seven buildings are on...



Blackstone Shops Wall Street Offices

Wed, 11 Sep 2019
Blackstone is marketing a Lower Manhattan office building valued at about $200 million.The 354,000-square-foot property, at 44 Wall Street, is being pitched as a value-added play. Blackstone let the occupancy rate decline over the past few years while it pumped some $25 million into a renovation. Some 86,000 sf of leases were signed over the first six months of this year, lifting the occupancy rate to 80%.A buyer could seek to build on that...



Fully Leased Ariz. Complex for Sale

Wed, 11 Sep 2019
Investors are getting a crack at a Phoenix office complex valued at about $200 million.The 600,000-square-foot property, in the Airport Area submarket, is fully occupied under a triple-net lease by Apollo Education. Apollo operates the for-profit University of Phoenix, which offers courses online and at various locations around the country.At the estimated $334/sf valuation, a buyer&rsquo;s initial annual yield would be just over 7%. Newmark is...



SF's "Old Fed' Office Building on Block

Wed, 11 Sep 2019
The historic building that was long home to the Federal Reserve Bank of San Francisco and now houses office and event space is up for grabs with an estimated value of $150 million.The 186,000-square-foot property, dubbed Bently Reserve and known locally as the Old Fed, is at 301 Battery Street in the North Financial District. The expected price equals $806/sf. CBRE is representing the owner, local firm Bently Holdings.The building&rsquo;s...



Converted Rentals Shown in San Diego

Wed, 11 Sep 2019
A Westbrook Partners team is marketing a landmark building in San Diego that it just converted to luxury apartments from office space.The 231-unit property, at 625 Broadway, is valued at about $150 million, or $649,000/unit. Moran & Co. is representing New York-based Westbrook and its partner, local developer Hammer Ventures.The 14-story building was constructed in 1926 by sugar magnate John D. Spreckels and long carried his name. It was...



Dallas-Area Rentals Ripe for Upgrades

Wed, 11 Sep 2019
Five Dallas-area apartment properties worth about $150 million combined are being marketed to value-added investors.The offering encompasses 1,070 units in high-growth areas of the city and its suburbs. The estimated value works out to $140,000/unit. Owner Kairoi Residential of San Antonio is shopping the properties as a package via Marcus & Millichap&rsquo;s Institutional Property Advisors unit.The complexes were built between 2002 and 2008, and...



Manulife Markets Back Bay Offices

Wed, 11 Sep 2019
Manulife is shopping an office property in Boston&rsquo;s Back Bay with potential to gradually lift below-market rents.The listing encompasses two interconnected buildings, totaling 185,000 square feet, at 535-545 Boylston Street. It&rsquo;s expected to draw bids in the vicinity of $128 million. A sale at that price would produce a 5.25% initial annual yield. Newmark has the marketing assignment.The buildings contain about 15,000 sf of newly...



New Suburban Dallas Rentals in Play

Wed, 11 Sep 2019
JPI Cos. is separately marketing two new apartment complexes near Dallas that have a combined value of about $150 million.The luxury properties, completed this year, are in their initial lease-up phases. JPI, a multi-family developer in Irving, Texas, has tapped Marcus & Millichap&rsquo;s Institutional Property Advisors unit to run the marketing campaigns.Both properties carry JPI&rsquo;s Jefferson brand. The 424-unit Jefferson Boardwalk, in...



Colony Lists Upgraded Calif. Complex

Wed, 11 Sep 2019
Colony Capital is marketing the leasehold interest in a renovated oceanfront office complex in Southern California.The 280,000-square-foot property, in downtown Long Beach, is valued at about $70 million, or $250/sf. Newmark is representing Los Angeles-based Colony.The Class-A complex, called Catalina Landing at Golden Shore, is 80% leased by 31 tenants. The pitch is that a buyer could raise below-market rents as leases roll over and make further...



Bentall Dealing Houston Complex

Wed, 11 Sep 2019
BentallGreenOak is marketing a Houston office complex worth about $100 million.Remington Square encompasses three buildings totaling 392,000 square feet in the West Belt submarket, with the potential to construct a fourth on a parking lot. At the estimated value of $255/sf, the buyer&rsquo;s initial annual yield would be 8%. JLL is representing BentallGreenOak, which formed when Bentall Kennedy, an affiliate of Toronto-based Sun Life, bought...



New Rentals Up for Grabs in Nashville

Wed, 11 Sep 2019
An Alliance Residential joint venture is shopping a new apartment building in Nashville that&rsquo;s valued at about $80 million.The 238-unit property, at 803 Division Street, is the first residential high-rise developed in more than four years in the upscale Gulch neighborhood, where comparable buildings rarely become available.At the estimated value of $336,000/unit, the buyer&rsquo;s initial annual yield would be 4.5%. Walker & Dunlop is...



Renovated NJ Offices Available

Wed, 11 Sep 2019
Marcus Partners is marketing a newly renovated office building in Northern New Jersey that has an estimated value of $60 million.The 232,000-square-foot property, in Morristown, would produce a 7% initial annual yield at the $259/sf estimated value. JLL has the listing.The three-story building, at 44 Whippany Road, is 96% occupied, up from 47% when Marcus bought it in 2017. The Boston fund operator has spent some $18 million on improvements.JLL...



Avalon Tees Up Conn. Apartments

Wed, 11 Sep 2019
AvalonBay Communities is marketing a Connecticut apartment property worth about $68 million.The 250-unit complex, in Shelton, would generate an initial annual yield of 5.25% at the $272,000/unit estimated value. CBRE is representing AvalonBay, a REIT in Arlington, Va.The complex, called the Avalon Shelton, was built in 2013 and has not been upgraded. The apartments, ranging from studios to two bedrooms, are roughly 95% occupied. Rents start...



Partner Sought for Offices Near Boston

Wed, 11 Sep 2019
A developer is shopping an approximately 90% interest in the bulk of a suburban Boston office park as it prepares to launch a leasing push.The offering encompasses six buildings, totaling 750,000 square feet, at the 1 million-sf Westford Technology Park, in Westford, Mass.The listed buildings are valued at roughly $98 million, or $131/sf. At that price, the initial annual yield would 7.5%. JLL is representing the owner, Gutierrez Co. of...



SPOTLIGHT: Denver-Area Office Market

Wed, 11 Sep 2019
After record volume in 2018, sales of large offices eased in the first half, falling 13% year-over-year. But market pros say investor demand remains strong.Despite significant construction, the average occupancy rate climbed to 85.2% at midyear, from 83.9% a year earlier, according to Newmark. Some 2.1 million sf of space is under development, mostly on a speculative basis.The average asking rent hit a record $28.43/sf at midyear, up 2.8% from a...



The Grapevine

Wed, 11 Sep 2019
New York investment manager Turnbridge Equities has hired a head of West Coast investments and acquisitions. Michael Gazzano started last week as a managing director in Los Angeles, reporting to firm founder Andrew Joblon. He joined from Caruso, a Los Angeles developer, and had a prior stint working on real estate for Walt Disney Co. Turnbridge invests via funds and separate accounts across asset...



The Grapevine

Wed, 11 Sep 2019
Industry veteran Andrew Piekarski joined AXA Investment Managers last week as U.S. director of acquisitions. He’s tasked with lining up and underwriting outright purchases and joint-venture deals in top markets, reporting to head of North America Steve McCarthy. Piekarski was most recently at Wafra Investment of New York, where he focused on acquisitions in the Southeast. Before that, he was a managing director at BlackRock, where he spent 14...



The Grapevine

Wed, 11 Sep 2019
Rachel Humphrey started this week as a director at Cushman & Wakefield in Manhattan. She moved over from Eastdil Secured to work on capital-markets transactions involving all property types in Greater New York. She reports to co-chairs of capital markets Doug Harmon and Adam Spies. Humphrey was a senior vice president at Eastdil, where she spent eight years. She&rsquo;s the second staffer to jump from Eastdil to Cushman in New York this year....



The Grapevine

Wed, 11 Sep 2019
Thor Equities has added a vice president of capital markets at its New York headquarters. Chase Chehade joined last month, reporting to firm founder Joe Sitt. He&rsquo;s working to raise equity for acquisitions in the U.S. and Europe, as well as recapitalizations of Thor&rsquo;s existing holdings. Chehade came from Soho Properties of New York, where he worked on acquisitions, capital markets and investor relations. He had earlier stints at...



The Grapevine

Wed, 11 Sep 2019
Mark Washington joined Eastdil Secured last month as a senior vice president in Seattle, working on multi-family sales, joint-venture formation and financings in the Northwest. He reports to Mark Peterson and Joseph Smolen, who lead Eastdil&rsquo;s multi-family practice in the Western U.S., as well as managing director Jason Flynn in Seattle. Washington previously worked at JLL and TIAA. In the past month, Eastdil also hired J. Philip Brosseau...



The Grapevine

Wed, 11 Sep 2019
Associate Maxwell Goldschein left Eastdil Secured last month to join startup Redco Development in its San Francisco headquarters. He works on acquisitions and asset management for the firm, which primarily targets office and industrial acquisitions and development in the Bay Area and the Seattle market. He reports to managing director Chris Freise, an LBA Realty veteran who co-founded and launched Redco earlier this year. Goldschein spent three...



The Grapevine

Wed, 11 Sep 2019
Industrial investment shop CapRock Partners has added two staffers in the past few weeks. Michael Omelanczuk joined the Newport Beach, Calif., firm last month an analyst looking for development and acquisition opportunities in the Western U.S. He was previously a senior analyst at Panattoni Development. Scotty Walker started last week as vice president of development. He was previously a project manager at Duke Realty. Executive search firm RETS...



ON THE MARKET

Wed, 11 Sep 2019
MULTI-FAMILY:Property: Monroe, 30 Cattano Avenue, Morristown, N.J.Size: 148 units, 96% occupiedEstimated Value: $65 million, $439,000/unit, Yield: Sub-5%Owner: Greystar Real Estate, Charleston, S.C.Broker: CBREColor: Luxury apartments built in 2002 and recently upgraded. Studio to two-bedroom units have open floorplans, washer/dryers and stainless-steel appliances. Amenities include a roof deck, fitness center and garage. There is 6,600 sf of...



Kilroy Strikes Deal for Office Condo in Seattle

Wed, 21 Aug 2019
Kilroy Realty has agreed to pay a Stockbridge Capital partnership roughly $470 million for a downtown Seattle office condominium that is the new headquarters of technology company F5 Networks.The 516,000-square-foot condo is on the upper 28 floors of the 44-story F5 Tower, which was completed in 2017. A hotel will occupy the lower floors.Eastdil Secured is brokering the sale for San Francisco-based Stockbridge and its partner, Seattle developer...



CIM to Pitch Repositioned Oakland Offices

Wed, 21 Aug 2019
CIM Group is planning to shop Oakland&rsquo;s Uptown Station, setting the stage for a record office trade in that market.The fully leased building, at 1955 Broadway, is expected to fetch about $400 million. That would be the highest price ever in the Oakland/East Bay market, which is benefiting from the technology boom in the broader San Francisco Bay Area. The Los Angeles fund operator has awarded the listing to Newmark, and marketing is...



Chicago's 'Big Red' Tower Heads to Market

Wed, 21 Aug 2019
A John Buck Co. partnership is preparing to shop a Chicago office tower it has been renovating and leasing up after the departure of its main tenant.A marketing campaign for the 1.1 million-square-foot property, at 333 South Wabash Avenue in the East Loop, is slated to begin as soon as late September. It&rsquo;s likely to attract bids in the vicinity of $375 million, or $341/sf. Known as &ldquo;Big Red&rdquo; for its brightly colored facade, the...



Spanish Shop Lands Offices in DC

Wed, 21 Aug 2019
Ponte Gadea, the investment shop of Spanish billionaire Amancio Ortega, has agreed to buy a well-leased Washington office building from Blackstone for roughly $230 million.The price for the 217,000-square-foot building, at 815 Connecticut Avenue NW, translates to about $1,060/sf. Cushman & Wakefield is brokering the sale for Blackstone&rsquo;s EQ Office platform.The building, two blocks north of the White House, is part of a...



Student-Housing Portfolio Available

Wed, 21 Aug 2019
Investors are getting a crack at five student-housing complexes valued at roughly $340 million.The properties, which are being pitched to core and core-plus investors, are adjacent to top-tier universities in Arkansas, Florida, Michigan, Nevada and South Carolina.The portfolio encompasses 2,841 beds in 1,007 units. The estimated value is about $120,000/bed and $338,000/unit. Investors can bid on individual complexes or any combination. The owner,...



JP Morgan Showing Houston Offices

Wed, 21 Aug 2019
A J.P. Morgan Asset Management partnership is shopping a stabilized office building in Houston that could fetch about $125 million.The 250,000-square-foot property, at 2925 Richmond Avenue in the Upper Kirby District, would generate an initial annual yield of about 5% at the $500/sf estimated value. Cushman & Wakefield is representing J.P. Morgan and its partner, local developer Midway Cos.The Class-A building, called Kirby Grove, is 95% leased,...



3 Las Vegas Rental Complexes Pitched

Wed, 21 Aug 2019
A Las Vegas apartment portfolio worth about $220 million is being marketed to value-added investors.The package encompasses 1,163 units at three garden-style properties, built between 1988 and 1997. The overall occupancy rate is 95%. The estimated value works out to $189,000/unit. CBRE is marketing the portfolio for a partnership between apartment investor Bascom Group of Irvine, Calif., and Oaktree Capital of Los Angeles. Investors can bid on...



PRP Circling San Francisco Offices

Wed, 21 Aug 2019
PRP Real Estate Investment is close to an agreement to buy a San Francisco office building from Clarion Partners.The price being discussed for the 127,000-square-foot property, at 350 Rhode Island Street, is $135 million to $140 million, or up to $1,102/sf. At that range, Washington-based PRP&rsquo;s initial annual yield would be in the vicinity of 4.25%. Newmark is representing New York-based Clarion.The San Francisco District Attorney&rsquo;s...



Hillwood Nabs Office/Lab Complex

Wed, 21 Aug 2019
Hillwood has agreed to pay Ascentris $115 million for a San Francisco Bay Area office campus that includes laboratory space &mdash; a hot commodity in the region.When the 386,000-square-foot Waterfront at Harbor Bay, in Alameda, Calif., hit the market a few months ago, it was expected to draw bids of about $105 million, or $272/sf. But strong bidding pushed the price to just under $300/sf. Cushman & Wakefield marketed the East Bay property for...



Buyer Plans Upgrades at Va. Offices

Wed, 21 Aug 2019
An Ascentris partnership paid nearly $130 million last week for a Northern Virginia office building with some value-added potential.The Denver investment manager teamed up with Altus Realty of Washington to acquire the 295,000-square-foot International Place, in the Rosslyn neighborhood of Arlington. The roughly $440/sf purchase price will generate a 7.5% initial annual yield. Cushman & Wakefield represented the seller, Meridian Group of...



Charlotte Office Portfolio on Block

Wed, 21 Aug 2019
An investment shop is marketing seven Charlotte office buildings valued at roughly $46 million.The properties, encompassing 434,000 square feet in the Airport submarket, are being shopped as a portfolio. The pitch is that a buyer would gain critical mass in the market along with the potential to boost income by increasing the 84% occupancy rate and raising rents as leases roll over.The portfolio&rsquo;s estimated value works out to $105/sf. JLL...



Duo Passing Hat for Industrial Fund

Wed, 21 Aug 2019
A Venture One Real Estate partnership is seeking up to $100 million of equity for its fifth industrial fund.VK Industrial 5, which Venture One is co-sponsoring with Kovitz Investment, would shoot for a 15% return by acquiring warehouses, distribution centers, manufacturing facilities and flex space. The geographical focus is the Chicago area and New Jersey. Purchase prices would typically range from $2 million to $50 million, although larger...



Land Sales Increase by 13%; Cushman Leads Ranking

Wed, 21 Aug 2019
Raw-land sales handled by commercial real estate brokerages climbed 13% in the first half from a year earlier, and market pros think the outlook for continued growth is promising.Cushman & Wakefield led the way, brokering $1 billion of transactions, or 36.6% of the $2.7 billion total. CBRE ranked second, with $726 million of activity, for a 26.5% market share.The two firms flipped their positions from the full-year 2018 land-sales ranking &mdash;...



Florida Offices Marketed With Upside

Wed, 21 Aug 2019
USAA Real Estate is pitching a Class-A office building in a wealthy suburb of Miami as an opportunity to fill a large block of vacant space.The 263,000-square-foot Columbus Center, in Coral Gables, Fla., is expected to fetch bids in the vicinity of $110 million, or $418/sf. San Antonio-based USAA has given the listing to JLL.The 14-story building is 84% leased, below the 89% average for comparable space in the Coral Gables submarket. And two...



Leased-Up Silicon Valley Offices Listed

Wed, 21 Aug 2019
A Carlyle Group partnership is marketing a recently completed Silicon Valley office building that&rsquo;s fully leased to a technology tenant.Dubbed Creekside at 17, the 178,000-square-foot building is in Campbell, Calif., about five miles southwest of downtown San Jose. Bids are expected to hit about $150 million, or $844/sf. Newmark is marketing the property for Carlyle, a Washington investment manager, and South Bay Development of Los Gatos,...



Greystar Dealing Seattle Apartments

Wed, 21 Aug 2019
Greystar Real Estate is shopping two apartment complexes in downtown Seattle that together are expected to fetch about $140 million.The offering encompasses a 171-unit property, called Velo, in the Fremont neighborhood and the 137-unit Ray, in the Wallingford section. Both are 96% occupied. JLL has the listing.The properties can be purchased together or separately. Velo, at 3635 Woodland Park Avenue, is valued at about $76 million, or...



Equity Sought for Apartment Fund

Wed, 21 Aug 2019
Eagle Rock Properties is well on its way to raising $240 million for its third multi-family fund.The New York shop has told potential investors it has already closed on a $200 million commitment from an unidentified university endowment for the vehicle, Eagle Rock Multifamily Income &amp; Value Fund. It’s now looking to drum up the remaining equity.The fund would target a 10-13% return. Most of its acquisitions will be Class-B apartment...



Fully Leased NJ Offices Hit Market

Wed, 21 Aug 2019
An investment shop is marketing a fully leased New Jersey office building that&rsquo;s worth an estimated $50 million.The 205,000-square-foot property, in Bridgewater, is net-leased to a unit of pharmaceutical giant Sanofi Aventis until 2026. Sanofi has vacated the space, but its lease has no termination option. So the company is obligated to continue paying its $24.50/sf rent, which jumps 11.2% in August 2021 to $27.25/sf. Assuming a November...



The Grapevine

Wed, 21 Aug 2019
NorthMarq last week added two HFF veterans to its multi-family team in Atlanta. Jason Nettles joined as a managing director and Megan Thompson as a senior vice president. They report to investment-sales president Trevor Koskovich. Nettles will help build the company&rsquo;s investment-sales platform and Thompson will advise clients on the capitalization and disposition of assets across the Southeast. Nettles and Thompson both spent 15 years at...



The Grapevine

Wed, 21 Aug 2019
Catalyst Housing is adding a partner in San Francisco to lead the multi-family firm&rsquo;s asset-management division. Laine Gomez will join the firm next week from Greystar Real Estate of Charleston, S.C., where she was a senior director. She previously worked at Dallas-based Riverside Residential, a property-management firm Greystar bought in 2015. Gomez reports to Jordan Moss, who founded Catalyst in 2015. The Larkspur, Calif., shop develops,...



The Grapevine

Wed, 21 Aug 2019
Paramount Group hired a vice president last month at its New York headquarters. Chris Zizza joined the REIT to work on acquisitions and capital markets. He was previously a vice president at Fisher Brothers, also of New York, and had prior stints at Brookfield Property and Colliers International. Executive vice president David Zobel heads acquisitions for Paramount, which is active in New York, Washington and San...



The Grapevine

Wed, 21 Aug 2019
Benjamin Choo joined Eastdil Secured last month as a vice president in San Francisco, focusing on retail property sales. He reports to managing director Robb Wehmueller. Choo spent the past two years in Morgan Stanley&rsquo;s fixed-income division in Los Angeles. He previously had a four-year stint at JLL, where he was a senior associate in capital...



The Grapevine

Wed, 21 Aug 2019
CBRE has hired Frank Lago as a vice president in Miami. He started this month, advising clients on land and redevelopment deals in South Florida. Lago was previously a broker at Keller Williams Commercial, where he worked for seven years on deals that included property assemblages and brownfield- and wetland-mitigation projects.



The Grapevine

Wed, 21 Aug 2019
Gotham Organization of New York added Niels Theodule last month as a development associate. Theodule was previously an analyst at Basis Investment, also in New York, where he worked on debt and structured equity deals. Executive search firm Rhodes Associates arranged the hire.



The Grapevine

Wed, 21 Aug 2019
Alexis Sowuleski joined Greystar Real Estate last month as a director focused on investor relations in the Americas. She&rsquo;s based in Newport Beach, Calif., for the Charleston, S.C., fund manager. Sowuleski joined from CIM Group, a Los Angeles fund operator where she spent three years. Before that, she had a brief stint at Skanksa USA and worked for six years at J.P....



The Grapevine

Wed, 21 Aug 2019
Cushman & Wakefield wants to hire a senior staffer in St. Louis. The brokerage is seeking a managing principal to recruit brokers and expand the firm&rsquo;s share of sales activity in that market. Candidates should have at least 15 years of brokerage or asset-management experience.



The Grapevine

Wed, 21 Aug 2019
Lionstone Investments has an opening for an acquisitions pro at its Houston headquarters. The recruit would line up and underwrite deals for the investment manager in the central U.S., including Austin, Dallas, Denver, Houston and Nashville, reporting to acquisitions head Andy Lusk. Candidates should have 5-15 years of experience, with a master&rsquo;s degree or chartered financial analyst designation preferred. Find more information at...



ON THE MARKET

Wed, 21 Aug 2019
RETAILProperty: Centre Square Commons, 930 Dekalb Pike, Blue Bell, Pa.Size: 89,000 sf, 19 acres, 96% leasedEstimated Value: $42 million, Yield: 5.75%Owner: Kinsley Properties, CharlotteBroker: Marcus & MillichapColor: Shopping center anchored by grocer Aldi (22,000 sf). Weighted average remaining lease term is 9.2 years. Built in 2017 at corner of Routes 73 and 202, 18 miles north of Philadelphia. Some 38,000 cars pass daily. Household incomes...



Total Sales Up 9%; CBRE Ahead at Midyear

Wed, 14 Aug 2019
Large commercial-property sales climbed 9% in the first half, setting the table for a record year, with defending champ CBRE running well ahead in the brokerage race.Across the five major asset classes, $131.3 billion of properties changed hands from January through June, up from $120.6 billion in the same period of 2018, according to Real Estate Alert&rsquo;s Deal Database, which tracks trades of $25 million and up. If second-half volume just...



Principal to Market Big Complex Near Seattle

Wed, 14 Aug 2019
Seeking to capitalize on the Seattle area&rsquo;s red-hot office market, a Principal Real Estate partnership plans to shop a Microsoft-leased complex that&rsquo;s worth about $600 million.The 750,000-square-foot Bravern Office Commons, in Bellevue, Wash., would generate an initial annual yield of roughly 6% at that $800/sf valuation &mdash; a relatively high yield for the city&rsquo;s Central Business District. That reflects rollover risk,...



NY Tower, Underlying Land Pitched Separately

Wed, 14 Aug 2019
A J.P. Morgan Asset Management partnership is exploring a recapitalization that would result in bifurcating the ownership of a Lower Manhattan office building and the land beneath it.The 1.1 million-square-foot property, at 195 Broadway, is valued at up to $800 million, or $725/sf. J.P. Morgan wants to sell its 95% ownership interest. L&L Holding, which holds the remaining interest and operates the building, wants to remain. Under the proposal...



Heitman Pitching Offices in Seattle

Wed, 14 Aug 2019
Heitman is marketing a 306,000-square-foot Seattle office property that&rsquo;s fully occupied, mostly by Amazon.The 15-story building, at 1800 Ninth Avenue in the Denny Triangle neighborhood, could fetch about $230 million, or $752/sf. At that price, the buyer&rsquo;s initial annual yield would be in the vicinity of 4.7%.Eastdil Secured, which has the listing, is touting the potential to raise rents as leases roll over. The average rent is 25%...



Bridge Strikes Deals for Fla. Offices

Wed, 14 Aug 2019
Bridge Investment has agreed to buy two suburban Miami office properties from DRA Advisors and a partner for almost $123 million.The Salt Lake City investment shop is expected to close this week on its acquisition of the 387,000-square-foot Offices at Flagler Station in Medley, Fla., and the 141,000-sf Offices at Doral Square in the neighboring city of Doral.CBRE marketed the properties, which are about 7 miles apart, west of Miami International...



Rent-Controlled SF Apartments Listed

Wed, 14 Aug 2019
An investment shop is marketing 12 rent-controlled apartment properties in upscale neighborhoods of San Francisco.The 347-unit portfolio is valued at about $240 million, or $692,000/unit. Investors can bid on individual buildings or any combination. Eastdil Secured and Colliers International are jointly marketing the package for Prado Group of San Francisco.The apartments, which are 95% occupied, are in the Nob Hill, Pacific Heights, Mission and...



New Rentals Marketed in Cambridge

Wed, 14 Aug 2019
Hanover Co. is shopping a new apartment complex in Cambridge, Mass.The 254-unit property, at 80 Cambridge Park Drive, could attract bids of about $585,000/unit, or $149 million. CBRE is representing Houston-based Hanover.The complex, called Hanover Cambridge Park, opened last year. The apartments are 96% occupied and have 1-3 bedrooms and an average size of 887 square feet. They feature gourmet kitchens, stainless-steel appliances, granite and...



Garages Shopped in Seattle, Chicago

Wed, 14 Aug 2019
A Barings partnership is separately marketing two garages in Seattle and Chicago that have a combined value of roughly $90 million.In Seattle, the 526-space Sixth Avenue Garage is expected to attract bids of $45 million to $50 million, which would put the capitalization rate in the vicinity of 5%. Newmark has that listing. Meanwhile, CBRE is running the marketing campaign for the 1,154-space River East Center Garage in Chicago. Its roughly $42...



Value-Added Rental Play in Maryland

Wed, 14 Aug 2019
Clarion Partners is pitching a suburban Baltimore apartment property to value-added investors.The investment manager has tapped JLL to market the 531-unit Columbia Town Center, in Columbia, Md. The property is worth about $135 million, or $254,000/unit.The units, which are 94% occupied, range from studios to three bedrooms and average 1,039 square feet. The average rent is $1,860, or $1.79/sf.The complex, at 10360 Swift Stream Place, was built in...



Upscale Apartments Available in DC

Wed, 14 Aug 2019
A developer is shopping an upscale apartment complex in Washington that is valued at about $140 million.The 274-unit Rhode Island Row, at 2300 Washington Place NE, is 95% occupied. At the estimated value of $318,000/unit, the buyer&rsquo;s initial annual yield would be 4.7%. JLL is representing the owner, Urban Atlantic of Bethesda, Md.The low-rise property, which was developed in 2011 on a former commuter parking lot, includes 66,000 square feet...



Value-Added Rentals Shown in Conn.

Wed, 14 Aug 2019
An LEM Capital joint venture is shopping a Connecticut apartment complex as a value-added play.The 340-unit property, in Trumbull, is valued at roughly $85 million, or $250,000/unit. CBRE is representing LEM, a Philadelphia fund operator, and its partner, Paredim Partners of Elmsford, N.Y.The LEM team has renovated 174 units, resulting in average rent bumps of $212. A buyer could continue that program to boost income further.At the estimated...



Suburban NY Offices Up for Grabs

Wed, 14 Aug 2019
Westport Capital is marketing a suburban New York office property that&rsquo;s worth about $45 million.The 217,000-square-foot complex, in White Plains, N.Y., is 88% leased. At the estimated value of $207/sf, the buyer&rsquo;s initial annual yield would be roughly 7.75%. Westport, a fund shop in Wilton, Conn., is pitching the offering to core and core-plus investors via CBRE.The two-building property, at 140 & 150 Grand Street, is a block from...



Calif. Office Complex on the Block

Wed, 14 Aug 2019
An investment firm has set a $48 million asking price for a &ldquo;creative&rdquo; office campus in Southern California.The 121,000-square-foot complex, in the oceanfront city of Carpinteria, is fully leased. At the $396/sf asking price, the buyer&rsquo;s initial annual yield would be 6.2%. CBRE is representing the owner, Montana Avenue Capital of Los Angeles.The three-building Enclave at Carpinteria, which was constructed in 1962, is on a...



Warehouse Sales Jump 8%; CBRE Leads Brokers

Wed, 14 Aug 2019
Sales of large industrial properties grew by 8% in the first half &mdash; on pace to surpass last year&rsquo;s record volume &mdash; as perennial winner CBRE took a big lead in the annual race for the brokerage crown.Some $16.7 billion of warehouses changed hands from January through June, up from $15.4 billion during the same period last year, according to Real Estate Alert&rsquo;s Deal Database of trades valued at $25 million and up. It was the...



SPOTLIGHT: Seattle Apartment Properties

Wed, 14 Aug 2019
Sales are up sharply this year in Greater Seattle. Trades totaled $709.3 million in the first half, exceeding the full-year 2018 tally of $518.1 million, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up.Per-unit valuations are also on the rise. In second-quarter sales, apartments commanded an average of $207,000, up 6.6% from a year earlier, according to Kidder Mathews.Rental demand continues...



The Grapevine

Wed, 14 Aug 2019
WeWork senior director Kara Wiard left the co-working firm this month to join Prime Group as its head of transactions. She&rsquo;s based in the San Francisco headquarters of the firm, led by John Atwater and Daniel James, which targets multi-family properties in the West. Wiard led the West Coast real estate advisory team at WeWork, where she spent a year. She previously spent 14 years at Eastdil Secured and had a three-year stint at...



The Grapevine

Wed, 14 Aug 2019
Hotel specialist Tim Franzen has left AJ Capital of Chicago, where he spent the past six years. He was president of its Graduate Hotels unit for three years, charged with growing the line of trendy properties in university towns. Before that, he was an executive vice president focused on acquisitions and development. Franzen previously worked at several Chicago-area shops, including Westleigh Hotels, Portfolio Hotels & Resorts, Harp Group and GTC...



The Grapevine

Wed, 14 Aug 2019
Two real estate pros have left Churchill Real Estate to form their own investment shop. Mark Lansman and Jake Borden launched Six Acre Capital this month. The New York firm seeks to buy and develop multi-family and mixed-use properties in the Boston, New York, and Philadelphia markets, focusing on deals of $5 million and up. At New York-based Churchill, Lansman originated high-yield senior loans and mezzanine debt, while Borden worked on...



The Grapevine

Wed, 14 Aug 2019
Investor-relations pro Stephanie Jobst has joined multi-family investment manager Bluerock Real Estate of New York. Jobst started last week as a director, based in Southfield, Mich. She reports to Josh Hoffman, president of subsidiary Bluerock Value Exchange. Jobst came from Southfield-based Sun Communities. She had prior stints at American House Senior Living Communities of Bloomfield Hills, Mich., and retail specialist Phillips Edison & Co. and...



The Grapevine

Wed, 14 Aug 2019
Silverstein Properties has added a staffer to work on opportunity-zone investments. Jordan Thaler joined the New York investment shop last week as a senior associate. He reports to Rob Vecsler, who oversees residential investments. Thaler previously worked at APF Properties and SL Green Realty, both of New York. Search firm Rhodes Associates arranged the hire. Silverstein and Cantor Fitzgerald are jointly raising a vehicle to target projects in...



The Grapevine

Wed, 14 Aug 2019
Retail pro Brad Nathanson joined Marcus & Millichap&rsquo;s Institutional Property Advisors division in late July as a senior managing director in Philadelphia. He handles shopping-center sales in Pennsylvania, New Jersey and Delaware as part of the retail team led by national director Scott Holmes. Nathanson had been an executive vice president at CBRE, where he spent six years. Earlier, he worked for 10 years at Marcus &...



The Grapevine

Wed, 14 Aug 2019
Shapell Properties of Los Angeles hired Ilmar Kalviste last month as a director of asset management. He oversees the firm&rsquo;s 600,000-square-foot portfolio of Southern California properties. Kalviste previously worked at Macerich, where he was a senior manager focused on property management for just over three years. RETS Associates handled the search for...



The Grapevine

Wed, 14 Aug 2019
Geolo Capital has added a senior associate to work on real estate equity and debt investments, primarily in the multi-family and hotel sectors. Jake Michaels joined the San Francisco firm this month after four years as an investment-banking associate at Wells Fargo Securities, where he focused on real estate syndicated finance. Geolo is the private equity investment arm of John Pritzker&rsquo;s family...



ON THE MARKET

Wed, 14 Aug 2019
RETAIL:Property: Five furniture stores in Illinois and MichiganSize: 341,000 sf, 100% leasedEstimated Value: Asking price: $56.8 million, Yield: 7.25%Owner: Store Capital, Scottsdale, Ariz.Broker: B+EColor: Portfolio of Art Van Furniture stores that are master-leased for roughly 18 years. Annual rent bumps will boost yield. The furniture chain has 200-plus stores nationwide, with $1.1 billion in annual revenue. Four offered stores are in...



Rental Sales Up 15%; CBRE Takes Big Lead

Wed, 07 Aug 2019
Apartment sales jumped 15% in the first half, putting the sector on course for another banner year.Some $49.4 billion of multi-family properties changed hands by June 30, up from $43.1 billion in the same period last year, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up. With fundamentals and investor demand remaining strong, market pros expect 2019&rsquo;s annual total to top $100 billion for...



Beacon Lists Large Denver Office Complex

Wed, 07 Aug 2019
In another blockbuster Denver office listing, Beacon Capital is shopping the 1.2 million-square-foot Wells Fargo Center.The 52-story skyscraper could attract bids of about $485 million &mdash; which by far would be the most ever paid for an office property in the city. At that $404/sf valuation, the buyer&rsquo;s initial annual yield would be about 6%. Eastdil Secured has the listing.The Class-A building, at 1700 Lincoln Street in the Uptown...



Starwood Strikes Deal for Santa Monica Offices

Wed, 07 Aug 2019
Starwood Capital has agreed to buy two of the four buildings at a &ldquo;creative&rdquo; office complex in Santa Monica, Calif., from a Brightstone Capital partnership for about $220 million.The transaction follows the partnership&rsquo;s March sale of two other buildings at the Lantana Media Campus to Skydance Media, the production company of movie mogul David Ellison. Eastdil Secured is the broker of both transactions.The two buildings being...



Pension Pledges Plunged in Quarter

Wed, 07 Aug 2019
After plowing an unusually large amount of equity into commercial real estate vehicles in the first three months of the year, U.S. public pension systems significantly scaled back their commitments in the second quarter.Pension systems tracked by FPL Associates pledged $7.6 billion to commingled funds and separate accounts from March through June. That was down 46% from the whopping $14 billion first-quarter total and down 19%...



Rockpoint Snags California Complex

Wed, 07 Aug 2019
Rockpoint Group has agreed to pay about $195 million for an office complex in Walnut Creek, Calif.The transaction values the 379,000-square-foot Treat Towers at about $515/sf. Newmark is advising the seller, a 50-50 partnership between MetLife Real Estate Investors and Mubadala Investment, an Abu Dhabi sovereign wealth fund.The offering drew strong interest. KBS Realty of Newport Beach, Calif., was among the bidders beaten out by Boston-based...



German Shop Lands Chicago Offices

Wed, 07 Aug 2019
Commerz Real has agreed to buy a two-year-old office building in Chicago&rsquo;s Fulton Market from local developer Sterling Bay.The price for the 290,000-square-foot Fulton West Building is unclear, but pros said heated bidding may have pushed the price to about $175 million, or $603/sf. The initial annual yield at that level would be about 5.5%. Eastdil Secured has the listing.A sale at that price would be the highest in Chicago this year....



MDH Wraps Debut Industrial Fund

Wed, 07 Aug 2019
Industrial specialist MDH Partners has raised $350 million of equity for its debut fund.The Atlanta shop wrapped up its marketing campaign last month, exceeding its $300 million goal. The vehicle, MDH Fund 1, has roughly $1 billion of buying power, including leverage.The fund will invest in value-added &ldquo;last mile&rdquo; properties and build traditional single- and multi-tenant warehouses. The sponsor has historically been active across the...



Suburban Seattle Apartments on Block

Wed, 07 Aug 2019
Fund shop Kennedy Wilson is marketing a suburban Seattle apartment property with the potential for rent growth.The 383-unit Tivalli, in Lynnwood, Wash., is being pitched to core-plus buyers. Market pros said it could be worth $310,000 to $320,000 per unit, or up to $123 million. JLL has the listing.The complex, at 15631 Ash Way, was built in 2014. It encompasses five mid-rise residential buildings and a clubhouse. Beverly Hills-based Kennedy...



Renovated Boston-Area Offices Shown

Wed, 07 Aug 2019
An Angelo, Gordon & Co. partnership has listed a cluster of suburban Boston office buildings that could draw bids topping $95 million.The listing encompasses 377,000 square feet of recently renovated space in Newton, Mass. At the estimated $252/sf value, the initial annual yield would be 7%. New York-based Angelo Gordon and its partner, Jumbo Capital of Quincy, Mass., have given the listing to JLL.The three Class-A buildings, branded as Wells...



Hartz Lists Newark Offices, Garage

Wed, 07 Aug 2019
Hartz Mountain Industries is offering two office properties and a garage within a few blocks of each other in the Central Business District of Newark, N.J.The portfolio, worth an estimated $90 million, encompasses the 503,000-square-foot building at 707 Broad Street, a 316,000-sf condominium at 153 Halsey Street and a 901-car garage at 261 University Avenue. Hartz prefers to sell them as a package, but would entertain separate bids. JLL is...



NEW DEALS

Wed, 07 Aug 2019
Suburban Boston Rental PropertyBell Partners will realize a 4.6% initial annual yield on its $52.2 million purchase last month of a multi-family complex in Salem, Mass. The 148-unit Vinnin Square Apartment Homes was sold by Taymil Partners of Framingham, Mass., which was represented by Walker & Dunlop. The sales price works out to $353,000/unit. The property, developed in 2002 at One Carol Way, is 96% occupied. Bell, a Greensboro, N.C., fund...



Servicer Dealing Anaheim Sheraton

Wed, 07 Aug 2019
A special servicer is shopping the leasehold interest in a full-service hotel near Disneyland Park that it assumed six years ago.The 486-room Sheraton Park Hotel, in Anaheim, Calif., is being pitched as suitable for a renovation and a possible rebranding under another Marriott International flag.The hotel&rsquo;s value is unclear. The most-recent appraisal, last October, was $51.9 million.Berkadia, which is marketing the property, will take the...



East Bay Offices Back on the Market

Wed, 07 Aug 2019
CBRE Global Investors again is shopping a Northern California office building that could fetch about $160 million.The 394,000-square-foot California Plaza is in downtown Walnut Creek, about 25 miles east of San Francisco. At the estimated value of $406/sf, a buyer&rsquo;s initial annual yield would be in the vicinity of 5.75%.Newmark recently began a selective marketing campaign. CBRE Global had listed the property last fall, also with Newmark,...



New Rentals Pitched Outside Boston

Wed, 07 Aug 2019
Hanover Co. is shopping a new apartment complex in suburban Boston that could attract bids of about $85 million.The 248-unit property, in Andover, Mass., opened this year and is 94% occupied. At the estimated value of $343,000/unit, the buyer&rsquo;s initial annual yield would be about 4.75%. Walker & Dunlop is representing Houston-based Hanover.The apartments, including some townhouse units, have 1-3 bedrooms and feature gourmet kitchens,...



HCP Picks Up More Boston-Area Labs

Wed, 07 Aug 2019
HCP has acquired a life-science campus in Lexington, Mass., in a $228 million deal that further illustrates the strong demand for laboratory space in suburban Boston.The Irvine, Calif., REIT bought the 277,000-square-foot Hartwell Innovation Campus from King Street Properties, which retained a sliver interest. The valuation of $823/sf translates to a 5.25% initial annual yield. JLL ran a selective marketing campaign over the past few months for...



SPOTLIGHT: Suburban Boston Office Properties

Wed, 07 Aug 2019
Large office trades slowed in the first half, to $743.5 million. That equaled only 39% of the $1.9 billion of activity in full-year 2018, according to Real Estate Alert&rsquo;s Deal Database.Sales could pick up in the second half. A few large deals have closed or been negotiated since June 30, and several sellers will launch marketing campaigns next month.Heavy demand for laboratory space in Boston and Cambridge has spilled over to the suburbs,...



The Grapevine

Wed, 07 Aug 2019
A nascent New York advisory firm has added a principal. Jahanzeb &ldquo;Jaz&rdquo; Pirvani started last month at Campaign Capital, which was founded in May by president Mathew Feldman, an alumnus of Carlyle Group. Campaign aims to provide advisory services to firms without dedicated real estate teams, including founder-owned businesses, family offices and private-equity shops. Pirvani will line up and manage assignments, as well as scout...



The Grapevine

Wed, 07 Aug 2019
Kali Valenzuela has joined Tower Holdings as a director of acquisitions and real estate development. He started last week in the firm&rsquo;s New York headquarters, reporting to president and chief executive Kevin O&rsquo;Sullivan. Tower Holdings is a conglomerate that typically invests via its Times Square Development affiliate, which develops residential, hotel, retail and mixed-use projects. Valenzuela is focused on New York and other large...



The Grapevine

Wed, 07 Aug 2019
Cedar Realty has hired Jill Kirby as a vice president of development and asset management. She started last week at the Port Washington, N.Y., REIT, working on its mixed-use properties and redevelopment projects. She reports to chief operating officer Robin Zeigler. Kirby previously had a short stint as head of asset management for Nuveen Real Estate&rsquo;s New York office holdings. Before that, she worked at Madison Capital, Madison...



The Grapevine

Wed, 07 Aug 2019
Toronto investment manager Tricon Capital has hired a vice president of asset management in San Francisco. Melissa Quigg, who joined last month, focuses on multi-family properties. She jumped from local shop Friedkin Realty. Quigg had prior stints at Pacific Urban Residential of Palo Alto, Calif., McDowell Properties of Plano, Texas, and KBS Realty of Newport Beach,...



The Grapevine

Wed, 07 Aug 2019
Carlyle Group added two associates to its real estate platform last month to focus on acquisitions. Nicholas Huffman joined the fund operator&rsquo;s San Francisco outpost. He was previously an associate at Maximus Real Estate of San Francisco, where he worked for two and a half years. Meanwhile, Wake Hamilton signed on at Carlyle&rsquo;s Washington headquarters. He was previously an associate focused on investments at Atlanta Property Group,...



The Grapevine

Wed, 07 Aug 2019
Bradley Schneider joined TPG&rsquo;s real estate platform as an associate last month. He was previously an analyst in Deutsche Bank&rsquo;s real estate, casino, lodging and leisure investment-banking unit. TPG Real Estate makes equity investments and originates debt.



The Grapevine

Wed, 07 Aug 2019
Pacolet Milliken is looking to hire an asset-management associate at its Greenville, S.C., headquarters. Candidates should have at least five years of relevant experience. The recruitwould report to Heather Juve, director of asset management. For more information, email Van Clark at van.clark@pacoletmilliken.com.



ON THE MARKET

Wed, 07 Aug 2019
MULTI-FAMILY:Property: Glasdore Lofts, 30 Dore Street, San FranciscoSize: 42 units, Occupancy: 93%Estimated Value: $27.3 million, $650,000/unitOwner: Bridge Capital, San FranciscoBroker: JLLColor: Luxury loft building in SoMa submarket opened in 2007. Pitch is that a buyer could increase rents up to $400 via light upgrades. The 1-3 bedroom units average 546 sf. Average rent: $3,454. Apartments have stainless-steel appliances, exposed concrete...



Seattle Keeps Rolling With 3 More Big Deals

Wed, 31 Jul 2019
Separate buyers have agreed to pay a total of nearly $775 million for full or partial stakes in three Seattle-area office properties, as the red-hot market continues to barrel toward a record-breaking year for sales.Clarion Partners will buy a roughly 50% stake in the 846,000-square-foot Fourth & Madison skyscraper in the Central Business District for about $305 million, or $721/sf. Eastdil Secured is brokering the sale for Nuveen Real Estate,...



Hotel Sales Fall 29%; JLL Leads Broker Race

Wed, 31 Jul 2019
A dearth of large hotel listings led to a 29% drop in first-half sales, but market pros see potential for a rebound in the remaining months of the year.Just $7.7 billion of trades closed by June 30, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of $25 million and up. Along with the slow activity came a shuffling of the broker rankings.JLL took the lead with $2.5 billion of deals, an increase of 22% over the same period...



Pension Offers Manhattan Apartment Tower

Wed, 31 Jul 2019
A pension fund is offering a renovated apartment tower in Midtown Manhattan&mdash; the largest multi-family listing in the city since tighter rent restrictions were imposed on regulated units.The 392-unit building, at 10 East 29th Street, is valued at roughly $380 million, or $969,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 4%. Eastdil Secured is representing the owner, Los Angeles County Employees, which is...



Starwood Scoops Up 4 Marriott Hotels

Wed, 31 Jul 2019
Starwood Capital has agreed to buy four all-suites hotels, in Arizona, Georgia and California, for roughly $260 million.The deal values the 1,016-room bundle of Marriott-branded hotels at about $256,000/room. Starwood, of Miami Beach, plans to spend some $30 million on renovations and is likely to convert some of the hotels to new flags.CBRE is brokering the sale for Host Hotels & Resorts. The Bethesda, Md., REIT listed the four properties along...



Luxury Seattle Apartments on Block

Wed, 31 Jul 2019
A fund operator is marketing a new luxury apartment building in Seattle.The 265-unit Danforth, at 1425 Spring Street in the trendy Capitol Hill neighborhood, could attract bids of about $215 million, or $811,000/unit.CBRE is representing the owner, Columbia Pacific Advisors of Seattle, which completed the 16-story property last year. There&rsquo;s a 42,000-square-foot supermarket on the bottom two floors, leased to Whole Foods Market.The...



Maryland Medical Offices Available

Wed, 31 Jul 2019
Carr Properties is shopping a suburban Washington office building, mostly leased to medical tenants, that could fetch about $160 million.The 290,000-square-foot Barlow Building, at 5454 Wisconsin Avenue in Chevy Chase, Md., is being pitched with the potential to raise below-market rents. The expected price works out to $552/sf. Washington-based Carr has given the listing to Cushman & Wakefield.The building is 92% leased, with a weighted average...



Suburban Atlanta Rentals Up for Grabs

Wed, 31 Jul 2019
A developer is shopping a new apartment complex in suburban Atlanta.The 368-unit Hanover Perimeter, in Sandy Springs, Ga., is valued at about $300,000/unit, or $110 million. Walker & Dunlop has the listing.Hanover Co. of Houston completed construction last year. The complex, at 1110 Hammond Drive, will benefit from a tax abatement until 2029.The occupancy rate is 95%. The units, with 1-2 bedrooms, range in size from 540 to 1,391 square feet and...



Builder Dealing Distribution Center

Wed, 31 Jul 2019
Investors are getting a crack at a new warehouse complex in the Pacific Northwest that&rsquo;s fully leased to a major grocery distributor.The Class-A property encompasses 1.15 million square feet in Centralia, Wash., which is halfway between Seattle and Portland, Ore. Close to half of the distribution center &mdash; 529,000 sf &mdash; is freezer/cooler space. Bids are expected to hit $200 million, or $174/sf. Newmark has the listing.The seller,...



REIT Offers Rentals on NY High Line

Wed, 31 Jul 2019
Equity Residential is again shopping the leasehold interest in a luxury apartment building along Manhattan&rsquo;s High Line elevated park.The REIT listed the 111-unit property in 2017 with HFF, but no sale resulted. Now the Chicago company has put it back on the block via JLL, which acquired HFF this month.The 2011-vintage building, at 500 West 23rd Street in the Chelsea neighborhood, is valued at about $90 million, or $811,000/unit. At that...



Carroll Fund Lines Up Initial Equity

Wed, 31 Jul 2019
Carroll Organization this month closed on about $80 million of initial equity commitments for its sixth apartment fund.The vehicle, Carroll Multifamily Venture 6, has a roughly $150 million equity goal. That&rsquo;s nearly three times the size of the $56.5 million predecessor, which held its final close in 2017.The Atlanta sponsor is targeting a 13-15% return by acquiring apartment properties in strong markets in the Southeast, Southwest,...



Greystar Lists Silicon Valley Rentals

Wed, 31 Jul 2019
A Greystar Real Estate partnership is shopping a new luxury apartment community in Silicon Valley.The 164-unit complex, in Mountain View, Calif., is valued at about $875,000/unit, or $144 million. JLL is representing Greystar, of Charleston, S.C., and its unidentified equity partner.The property, at 1030 Castro Street, is called Elan Mountain View. The apartments range from 562-square-foot studios that rent for $3,650 to three-bedroom units...



Big Nevada Residential Site Pitched

Wed, 31 Jul 2019
A longtime owner is pitching a 1,150-acre residential development site on the outer limits of Las Vegas.The land is approved for the construction of a master-planned residential community with 1,250 units &mdash; ranging from single-family homes on three-acre lots to townhomes and condos. The site is valued at up to $90 million, or $72,000 per buildable unit.Newmark is representing the owner, Boy Scouts of America Las Vegas Area Council, which...



New, Fully Leased Ala. Offices Shown

Wed, 31 Jul 2019
A developer is shopping a nearly completed Alabama office building that&rsquo;s fully leased to a defense contractor.The 104,000-square-foot building, in Huntsville, will serve as the headquarters of Radiance Technologies upon completion later this year. It&rsquo;s expected to sell for around $30 million, or $288/sf. The local builder, Triad Properties, has given the listing to Newmark.The lease runs until 2030, with triple-net rents starting at...



NEW DEALS

Wed, 31 Jul 2019
Arizona Data CenterA Principal Real Estate Investors partnership sold a 191,000-square-foot data center in Arizona last week to CBRE Global Investors of Los Angeles for $72.8 million, or $381/sf. CBRE brokered the sale for Principal and its partner, Lincoln Rackhouse, a unit of Dallas-based Lincoln Property. Internet-services provider INAP fully leases the property, at 2500 West Frye Road in Chandler. The data center was part of a three-property...



NEW DEALS

Wed, 31 Jul 2019
Warehouse in Queens, N.Y.A Turnbridge Equities partnership will realize a 3% initial annual yield on its $39.5 million purchase two weeks ago of a &ldquo;last mile&rdquo; warehouse in Queens, N.Y. Turnbridge teamed up with an unidentified institutional investor to buy the 129,000-square-foot property, at 58-95 Maurice Avenue in the Maspeth neighborhood. Greiner-Maltz Real Estate represented the seller, CMJ Realty. The building is fully leased to...



Retail-Property Sales Down 5%; Eastdil Leads Brokers

Wed, 31 Jul 2019
Sales of large retail properties continued to slide in the first half, dropping 5% from a year earlier, while Eastdil Secured jumped out to an early lead in the broker race after losing its crown to CBRE last year.Some $9.2 billion of shopping centers and malls worth at least $25 million changed hands by June 30, according to Real Estate Alert&rsquo;s Deal Database, down from $9.7 billion during the same period last year. That followed three...



Leasing Upside at Offices Near Phila.

Wed, 31 Jul 2019
Equus Capital is pitching a Class-A office complex in suburban Philadelphia that&rsquo;s well-occupied, but at below-market rents.The 250,000-square-foot Bay Colony Executive Park, in Wayne, Pa., is expected to attract bids in the vicinity of $250/sf, or $63 million. Equus, a fund operator in Newtown Square, Pa., has given the listing to JLL.At the estimated value, the initial annual yield would approach 7.5%. But a buyer could boost its return...



SPOTLIGHT: Manhattan Apartment Market

Wed, 31 Jul 2019
Sales of large properties plummeted 41% in the first half, to $1.6 billion, according to Real Estate Alert&rsquo;s Deal Database.Activity was stymied by a new law that severely limits the ability of owners to raise rents on regulated apartments and convert them to market rates.In the market&rsquo;s largest listing so far this year, a Brookfield Asset Management team is shopping six properties with estimated values of $18 million to $415 million....



The Grapevine

Wed, 31 Jul 2019
Hotel specialist Andy Wimsatt jumped to Eastdil Secured from CBRE this week. He&rsquo;s a managing director in Washington, tasked with working on sales and debt placement for investors in hotel properties and portfolios nationally. Wimsatt led the national institutional hotels group at CBRE, where he served since 2010. He worked with REITs and other hotel-investment companies, many of which are concentrated in the Washington area, handling...



The Grapevine

Wed, 31 Jul 2019
Boston investment manager CrossHarbor Capital has added a managing director. Frank Benevento started this month and is responsible for capital raising for the firm&rsquo;s funds, as well as investor relations. His background is in leveraged finance and he was most recently a managing director of business development at First Eagle Investment of New York. Before that, he was managing director and head of pension-fund relations for Pine River...



The Grapevine

Wed, 31 Jul 2019
Suzanne Sorkin rejoined investment manager Adelante Capital this month as a senior vice president in Denver. She&rsquo;s focused on investments in REITs across property sectors for the Oakland firm. Sorkin spent a little over a year at Aimco, a Denver apartment REIT. Before that, she had a two-year stint at Adelante. She also has worked at Millennium Partners of New York, Dutch investment shop APG Asset Management and Morgan...



The Grapevine

Wed, 31 Jul 2019
Hodges Ward Elliott has added another hotel specialist to its team. Carolina Bernal joined in the past few weeks as a vice president in New York. She was previously an analyst at HFF, which was acquired by JLL this month. Just ahead of the merger, Daniel Peek, who led HFF&rsquo;s hotel practice, joined Hodges as president of its hotel group. Roughly a half-dozen HFF brokers followed him to...



The Grapevine

Wed, 31 Jul 2019
Centerbridge Partners has added a senior associate at its New York headquarters. Peyton Hall, who started this month, is focused on investments in properties and real estate operating companies nationwide. He reports to senior managing director William Rahm. Hall relocated from San Francisco, where he spent the past two years as an associate at Carlyle Group, a Washington-based investment manager. He had a prior stint at Goldman...



The Grapevine

Wed, 31 Jul 2019
Goldman Sachs has brought on an asset manager in New York. Alex Munoz joined this month as a vice president. He previously spent two years at Cofinance Group, where he was director of asset management in the New York outpost of the Luxembourg investment firm. Munoz had a prior stint as an assistant vice president at PGIM Real Estate, where he spent five...



The Grapevine

Wed, 31 Jul 2019
Angelo, Gordon & Co. has hired an associate in Los Angeles. Cubby Sporrong joined the New York firm last week to work on acquisitions and asset management in the Western U.S. She reports to deputy portfolio manager Steve White and managing director Louis Friedel. Sporrong previously worked in New York for Eastdil Secured.



The Grapevine

Wed, 31 Jul 2019
Former HFF staffer Beau Baldwin joined Starwood Capital this month as an analyst. He&rsquo;s based in the San Francisco office of the Miami fund operator. Baldwin spent two years at HFF in Los Angeles.



ON THE MARKET

Wed, 31 Jul 2019
MULTI-FAMILYProperty: Liberty Square, Six Sussex Road, Newark, Del.Size: 297 units, Occupancy: 96%Estimated Value: $32 million, $108,000/unit, Yield: 5.8%Owner: AION Partners, New YorkBroker: JLLColor: 19 three-story residential buildings developed in 1966 on 14 acres. The 1- and 2-bedroom units average 681 sf and $907 rent. Pitch highlights opportunity to boost rent by over $100 via unit renovations. Amenities including a pool, playground,...



Office Sales Up 15%; Eastdil Leads at Half

Wed, 24 Jul 2019
Office-property sales jumped 15% in the first half of the year, as investor concerns about the longevity of the market cycle subsided and several West Coast markets surged.A total of $48 billion of offices changed hands by June 30, up from $41.6 billion in the first six months of last year, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of $25 million and up.Eastdil Secured maintained its standing as the most-active...



Elliott, Trinity to Buy Luxury Arizona Resort

Wed, 24 Jul 2019
A joint venture between Elliott Management and Trinity Real Estate Investments has struck a deal to buy a massive luxury resort in Phoenix from Blackstone for roughly $600 million.The duo’s offer of about $632,000/room won a bidding contest for the 950-room JW Marriott Phoenix Desert Ridge Resort &amp; Spa. Eastdil Secured is representing Blackstone.This would be the second high-profile purchase for the joint venture between New York-based...



Silicon Valley Apartments Fetch Top Dollar

Wed, 24 Jul 2019
A year-old luxury apartment complex and marina on San Francisco Bay changed hands last week for $326 million.Boston advisory shop GID acquired the 402-unit waterfront community, in Redwood City, Calif., from its developer, a joint venture between Fortress Investment of New York and Pauls Corp. of Denver. Newmark brokered the deal, whose price translates to $811,000/unit.The sale was the third-highest price ever paid for an apartment complex in...



DWS Snags Austin Complex

Wed, 24 Jul 2019
DWS Group paid $123.5 million last month for an Austin office complex.The 267,000-square-foot Research Park Plaza 1&2, in the Northwest submarket, is fully leased to Visa.DWS, formerly known as Deutsche Asset Management, will reap an initial annual yield of roughly 6% at the $463/sf valuation. Eastdil Secured brokered the sale for a joint venture between fund operator Spear Street Capital of San Francisco and Swiss investment shop Partners...



Clarion Lands Bay Area Apartments

Wed, 24 Jul 2019
Clarion Partners has agreed to pay $110 million for a new apartment complex near San Francisco.The New York shop is acquiring the 185-unit Artist Walk, in Fremont, Calif., from a partnership led by JD Capital, a Chinese private equity firm advised by Dallas-based L&B Realty. The purchase price works out to $595,000/unit. Cushman & Wakefield is brokering the sale for JD and its partner, Blake Griggs Properties, a real estate developer in Danville,...



Rentals Listed Near Berkeley Campus

Wed, 24 Jul 2019
Fund operator Gerding Edlen is shopping two apartment properties next to the campus of University of California, Berkeley.The buildings, with 134 fully leased units, are valued at about $70 million, or $522,000/unit. At that price, the initial annual yield would be roughly 4.5%. A buyer could boost the return by upgrading units and amenities in order to raise rents.The 74-unit Stadium Place and the 60-unit Allston Lofts, which are a few blocks...



Development Fund Nears Equity Goal

Wed, 24 Jul 2019
A nascent investment manager is approaching the $50 million equity goal for its debut fund, which will develop properties.Boston-based Suffolk Ventures in recent weeks closed on $47.3 million of commitments for the vehicle, SV Real Estate Fund 1, which has a 20% return target. A final close is expected soon. Suffolk, which isn&rsquo;t using a placement agent, is soliciting capital from family offices.The company&rsquo;s strategy is to team up...



Golub Team to Buy Chicago Offices

Wed, 24 Jul 2019
A Golub & Co. joint venture has agreed to buy the leasehold interest in a landmark office building in Chicago&rsquo;s Central Loop.The local investment shop is partnering with an unidentified family office to pay roughly $80 million, or $137/sf, for the 585,000-square-foot Burnham Center, at 111 West Washington Street. Cushman & Wakefield is brokering the sale for Alliance HSP.A sale at that price would be the largest office deal so far this year...



Value-Added Rentals for Sale in Ohio

Wed, 24 Jul 2019
Value-added investors are getting a chance to bid on a sprawling apartment portfolio in northern Ohio.The 2,494-unit package could attract bids of about $100 million, or $40,000/unit. At that price, the capitalization rate would be between 6% and 6.5%.The 43 Class-B and -C properties are being marketed as a portfolio that provides the opportunity to gain scale in the region in one fell swoop. But bids would also be considered on individual...



Rental Play in Calif. Opportunity Zone

Wed, 24 Jul 2019
An investment firm is marketing a brand new luxury apartment complex in an opportunity zone in suburban Los Angeles.The 174-unit Mira Warner Center, in Canoga Park, Calif., is expected to attract bids of about $73 million, or $420,000/unit. Eastdil Secured is representing the developer, Cityview of Los Angeles.The San Fernando Valley property, at 21425 Vanowen Street, is expected to be completed by September. The marketing pitch is that a buyer...



Boutique Houston Offices Up for Grabs

Wed, 24 Jul 2019
Madison Marquette is marketing a small office building in Houston that could attract bids of about $26 million.The 137,000-square-foot property, at 2900 Weslayan Street in the Greenway Plaza submarket, is 81.9% occupied, with a weighted average remaining lease term of 4.5 years. Washington-based Madison Marquette has listed the Class-A building with JLL.The average rent is $15.97/sf on a triple-net basis. That translates to $29.17/sf on a gross...



Hollywood Property Due for Makeover

Wed, 24 Jul 2019
An office/retail building on Los Angeles&rsquo; Hollywood Boulevard that&rsquo;s ripe for repositioning is up for grabs, along with an adjacent parcel suitable for development.Bids are expected to hit $60 million for the 68,000-square-foot building, at 6381 Hollywood Boulevard, and the land, at 1716-1726 Cahuenga Boulevard. Cushman & Wakefield is marketing the properties as a package for the unidentified owner, but won&rsquo;t rule out...



Will JLL + HFF = No. 2 Office Broker?

Wed, 24 Jul 2019
JLL&rsquo;s acquisition of HFF this month could catapult the firm into contention for second place in future office-broker rankings.As separate companies during the first half, HFF placed fourth and JLL sixth in Real Estate Alert&rsquo;s mid-year ranking for office trades of $25 million and up. However, on a pro-forma basis, their combined total of $8.3 billion would have placed second behind Eastdil Secured&rsquo;s $12 billion and ahead of...



Acadia Offers Suburban NY Center

Wed, 24 Jul 2019
Acadia Realty is marketing a grocery-anchored shopping center in New York&rsquo;s Westchester County that&rsquo;s still in its initial lease-up phase.The 119,000-square-foot Cortlandt Crossing, in Mohegan Lake, was largely completed and opened in 2018. Approvals are in place to develop another 8,000 sf on an outparcel. CBRE has the listing.The center, which is 88% occupied, has an estimated value of $65 million, based on annual net operating...



SPOTLIGHT: Tampa-Area Apartment Market

Wed, 24 Jul 2019
Strong fundamentals continue to drive the market, which largely absorbed a 2% increase in supply over the past year.In Tampa, employment grew 2.5% in the 12 months ending in February, outpacing the 1.7% national rate, according to Yardi Matrix.In the metropolitan area, rents rose 3.8% year-over-year, to an average of $1,226 at midyear, according to Berkadia. The occupancy rate dipped just 30 bp, to 95.5%, despite the delivery of 5,679...



The Grapevine

Wed, 24 Jul 2019
Office broker Bryan Rosenberg joined Eastdil Secured last week in Chicago to work on its downtown offerings and assist in expanding its pipeline of listings in the suburbs and other Midwest cities. He was previously a director at HFF for nearly seven years, focused on office sales in the Midwest. His departure came on the heels of JLL&rsquo;s July 1 acquisition of HFF. Each brokerage had fully staffed office teams in Chicago. Eastdil&rsquo;s...



The Grapevine

Wed, 24 Jul 2019
American Landmark Apartments has hired David Tepperman as global head of capital markets. He started last week in New York, reporting to the fund operator&rsquo;s chief executive, Joe Lubeck. Tepperman will sit on the Tampa firm&rsquo;s investment committee, help raise capital and structure funds. He was previously a managing director in the real estate advisory group at New York investment bank Evercore. Before that, he was a senior investment...



The Grapevine

Wed, 24 Jul 2019
Quilvest Private Equity has hired a principal on its real estate team. Noam Sheps started this month in the New York office of the Paris investment manager, which is active in real estate and other alternative asset classes. Sheps handles investments and asset management in the U.S., reporting to partner Barry Hammerman. He was most recently a senior vice president in the special-situations debt group at Clarion Partners. Sheps previously spent...



The Grapevine

Wed, 24 Jul 2019
Alex Muir joined Seattle-based Kinzer Partners this week as a principal. Muir was previously a vice president of capital markets in JLL&rsquo;s Seattle office, where he spent seven years. Another broker, Adrienne Hunter, also left JLL last month to join Kinzer as a principal.



The Grapevine

Wed, 24 Jul 2019
Brookfield Asset Management has added Mike Greene to its multi-family team. He joined the Toronto-based investment manager this month in Los Angeles as a vice president. He was previously a vice president in the San Francisco office of Boston-based Berkshire Residential Investments, where he worked since 2012.



The Grapevine

Wed, 24 Jul 2019
Teri Barclay joined Washington State Investment Board this month. She&rsquo;s an investment officer in the pension&rsquo;s Seattle office. Her previous experience includes a five-and-a-half year stint at Situs, where she left as a vice president in San Francisco. Barclay also worked at HG Capital, ING Clarion and Bear Stearns.



The Grapevine

Wed, 24 Jul 2019
Starwood Capital added a vice president in Atlanta this month. Heather Tate has been assigned to asset management of apartment properties across the Southeast for the Miami Beach fund operator. She relocated from Chicago, where she spent the past five years at local fund operator Blue Vista Capital. Tate was a vice president there, focused on student housing. She had a prior stint at Prudential Mortgage...



The Grapevine

Wed, 24 Jul 2019
Billionaire Eyal Ofer&rsquo;s Global Holdings has added an investment associate. Teddy Drucker joined the firm last month at its New York headquarters, working across asset classes on property and debt investments in New York and Washington. He reports to Ephram Lustgarten, head of investments. Drucker spent the past two years as an analyst in the real estate investment group at J.P....



Brookfield Pitches Luxury SF Rental Complex

Wed, 17 Jul 2019
Investors are getting a crack at a relatively rare opportunity &mdash; a luxury apartment complex in the heart of San Francisco.The 410-unit property, which takes up a city block in the SoMa neighborhood, is valued at about $800,000/unit, or $328 million. Marcus & Millichap&rsquo;s Institutional Property Advisors unit is representing the seller, a partnership between Brookfield Asset Management of Toronto and Fairfield Residential of San...



M&A Market Taking Breather After Big Year

Wed, 17 Jul 2019
After hitting a post-crash high in 2018, mergers and acquisitions of real estate companies slowed considerably in this year’s first half.Only seven mergers totaling $7.2 billion closed, the lowest six-month tally in seven years. The transactions were relatively small, ranging in size from $225 million to $2.3 billion. By contrast, nine buyouts exceeded $2.3 billion last year, including two blockbusters that surpassed $20 billion.The second half...



GLL Eyeing Leasehold in Fifth Ave. Building

Wed, 17 Jul 2019
GLL Real Estate is in advanced talks to buy the leasehold interest in a retail/office building on Fifth Avenue in Midtown Manhattan for roughly $360 million.An entity controlled by Mactaggart Family & Partners has owned the 184,000-square-foot building, at 589 Fifth Avenue, and the underlying land for 21 years. The London firm &mdash; also known as Western Heritable &mdash; plans to bifurcate the ownership by selling a 99-year leasehold to GLL...



LBA Lands Apple Complex in Calif.

Wed, 17 Jul 2019
LBA Realty has emerged as the winning bidder for a Silicon Valley office complex that&rsquo;s fully leased to Apple.The fund shop has agreed to pay just over $290 million for the 311,000-square-foot Cupertino City Center, in Cupertino, Calif. Eastdil Secured is representing the seller, American Realty of Los Angeles.LBA came out on top of a heated bidding contest, as foreign investors and other big players were drawn by the marquee tenant and the...



Site for Silicon Valley Rentals Listed

Wed, 17 Jul 2019
A Silicon Valley site that&rsquo;s fully approved for a large multi-family development is on the block.A buyer would tear down the existing property and build 572 market-rate apartments on the parcel, at 777 West Middlefield Road in Mountain View, Calif. The estimated value is roughly $300,000 per buildable unit, or $172 million. CBRE is marketing the property for a joint venture between Los Gatos, Calif., developer Fortbay and Miramar Capital of...



New Luxury Rentals Offered Near LA

Wed, 17 Jul 2019
A new luxury apartment property is up for grabs in suburban Los Angeles.The 220-unit Griffith complex, in Glendale, Calif., is valued at about $120 million, or $545,000/unit. At that price, the buyer&rsquo;s initial annual yield would be roughly 4.25%. Eastdil Secured is representing PNC Realty Investors of Washington, which is advising the property&rsquo;s owner, AFL-CIO Building Investment.The property, at 435 West Los Feliz Road, was completed...



NY Hotel Has Conversion Option

Wed, 17 Jul 2019
A partnership is marketing a luxury extended-stay hotel in Manhattan&rsquo;s Financial District that could be switched to a new flag or converted into residences.The 132-unit AKA Wall Street, at 84 William Street, has an estimated value of about $125 million, or $947,000/room. Eastdil Secured is representing the owner, a partnership of three New York firms: Korman Communities, which operates the AKA brand, Sherwood Equities and Prodigy Network.A...



Buyer Lined Up for DC Federal Offices

Wed, 17 Jul 2019
Boyd Watterson Asset Management is poised to make its second Washington office purchase this year.The Cleveland investment manager has emerged as the winning bidder for 950 L&rsquo;Enfant Plaza SW, a 316,000-square-foot building in the Southwest submarket. The price is around $105 million, or $332/sf. JLL is representing the seller, Normandy Real Estate of Morristown, N.J.The building is 86% leased to the Federal Aviation Administration, the...



Top Dollar Eyed for Richmond Rentals

Wed, 17 Jul 2019
A developer is shopping a new apartment complex in Richmond, Va., that could fetch a record price for the market.The 373-unit property, completed last year at 2000 Broad Branch Circle, is expected to attract bids north of $100 million, or $268,000/unit. Colliers International is representing the owner, Bristol Development of Nashville, Tenn.The estimated value would surpass both the per-unit and total-dollar records for Richmond apartment...



TerraCap Fund Raises $311 Million

Wed, 17 Jul 2019
TerraCap Management this month held a final close on its fourth and largest property fund, with $311 million of total equity.The vehicle, TerraCap Partners 4, has some $900 million of investment power, including leverage. Tapping commitments from previous closes, the fund has already invested some 80% of its equity.The Estero, Fla., sponsor&rsquo;s investor-relations team lined up the bulk of the capital. The remaining $50 million was raised via...



Regent Scoops Up Houston Offices

Wed, 17 Jul 2019
A fund shop is buying a nearly half-vacant office complex in Houston for about $90 million.Regent Properties has agreed to purchase the 540,000-square-foot Park Towers from Brookfield Asset Management of Toronto for $167/sf. Cushman & Wakefield is brokering the sale.The Class-A property consists of two 18-story buildings, each with 270,000 sf, at 1233 & 1333 West Loop South. Brookfield took control last year. The previous owner, TPMC Realty of...



Carlyle Buys Stake in Cambridge Labs

Wed, 17 Jul 2019
Carlyle Group has bought the majority interest in a Cambridge, Mass., laboratory complex from Investcorp, which saw a substantial gain on its three-year investment thanks to a white-hot leasing market.The deal, which closed at the end of June, valued the 78,000-square-foot Blackstone Science Square at about $80 million, or $1,025/sf, which translates to a 5% initial annual yield. JLL marketed the stake to a select group of buyers on behalf of...



Luxury Apartments for Sale in Austin

Wed, 17 Jul 2019
A Carlyle Group joint venture is shopping a luxury apartment complex in Austin valued at about $75 million.The 256-unit Corazon, at 1000 East Fifth Street in the trendy East End, was built in 2015 and is 96% occupied. The estimated value works out to $293,000/unit. Newmark is marketing the complex for the team of Washington-based Carlyle and local firm F&B Capital.The units range from studios to two bedrooms, featuring granite countertops,...



CBRE: Little Movement in Cap Rates

Wed, 17 Jul 2019
Capitalization rates remained generally stable in the first half of the year, according to CBRE.The values of suburban office and retail properties were mostly unchanged, while cap rates on urban office, multi-family and industrial properties tightened slightly. Hotel prices fell modestly, edging up initial annual yields on those properties.The findings are contained in CBRE&rsquo;s semi-annual report on cap rates, based on trades it brokered...



Suburban Boston Parcel Available

Wed, 17 Jul 2019
A six-acre development site on the market near Boston could attract bids exceeding $25 million.The parcel, in the eastern part of Watertown, Mass., is zoned for industrial use, with a height limit of 55 feet or five stories. But a buyer could seek permits for residential or mixed-use formats with higher density. The land can accommodate 250,000-500,000 square feet of space, depending on approvals.JLL and local consulting firm McCall & Almy are...



LA Offices Pitched for Repositioning

Wed, 17 Jul 2019
A half-empty office building in the Miracle Mile district of Los Angeles is on the market as a potential repositioning play.Bids for the 113,000-square-foot property, at 6200 Wilshire Boulevard near the border of Beverly Hills, are expected to reach $45 million, or $398/sf. Cushman & Wakefield is shopping the property for a local family that has owned it for four decades.The 17-story building is 46% occupied, mostly by medical and healthcare...



MARKET SPOTLIGHT: Houston-Area Office Properties

Wed, 17 Jul 2019
The average occupancy rate fell by 40 bp in the second quarter, to 80.6%, according to CBRE. But the brokerage expects occupancy to rise in coming months.Some $1.6 billion of properties worth at least $25 million have closed or gone under contract in 2019, already matching last year&rsquo;s annual total.JLL and HFF each landed several current listings. As a result of their just-completed merger, acquirer JLL is dominating the...



The Grapevine

Wed, 17 Jul 2019
Investment pro Aaron Kutner is joining MetLife Investment as a regional head of acquisitions for the Mid-Atlantic, based in Washington. He starts later this summer as a director, focused on all asset classes. He&rsquo;ll report to Jeanine Lester, head of MetLife&rsquo;s regional real estate office. Kutner is relocating from New York, where he was previously a director focused on U.S. real estate acquisitions for AXA Investment Managers. Before...



The Grapevine

Wed, 17 Jul 2019
Hodges Ward Elliott continues to add former HFF hotel brokers to its growing team. In Dallas, managing director John Bourret made the move this month along with his partner, Austin Brooks. Meanwhile, in South Florida, where Max Comess jumped from HFF to Hodges Ward as a managing director, he was joined by director Alexandra Lalos, who spent seven years at HFF. The defections coincide with HFF&rsquo;s acquisition this month by JLL. Former HFF...



The Grapevine

Wed, 17 Jul 2019
Dermody Properties has hired a vice president of investor relations. Tyler Scheppmann joined the Chicago office of the Reno, Nev. fund shop last month to work with partner and chief capital officer Kathleen Briscoe. Scheppmann previously spent four years at the local office of GLP, where he worked on fund management for the Singapore firm&rsquo;s U.S. industrial platform. Before that, he had stints at GGP, BMO Capital Markets and Lincoln...



The Grapevine

Wed, 17 Jul 2019
Jordan Hylton last week joined New York Life Real Estate Investors as a senior director in Atlanta, handling acquisitions across asset classes in Georgia and Florida. He works under Thomas O&rsquo;Hanlon, national head of transactions, who&rsquo;s based in San Francisco. Hylton previously spent 15 years at Prudential Financial, most recently as a vice president at PGIM Real...



The Grapevine

Wed, 17 Jul 2019
Luxury multi-family developer SHVO of New York has added three staffers in the last month. Jessica Schmidt arrived as chief financial officer, the same title she held at Hidrock Properties of New York, where she worked for four years. Seth Goldman joined as managing director of development in Florida. He was director of development for high-end condominium projects at PDS Development of Miami Beach for five years, and before that was a senior...



The Grapevine

Wed, 17 Jul 2019
Eaton Vance Management has added two vice presidents at its Boston headquarters. Barry Malicki joined this week and Stephen Daly started in June, both as senior real estate asset managers. Malicki was previously a director at UBS Realty in Hartford. He spent 17 years there, initially working on acquisitions and recently focused on asset management of properties along the East Coast, with a heavy concentration in the Southeast. Daly came from AEW...



The Grapevine

Wed, 17 Jul 2019
Matthew Zisler joined Broe Real Estate at its Denver headquarters this month as a vice president handling acquisitions. The firm invests in office, multi-family, industrial and retail properties, as well as land. Zisler co-founded Zisler Capital, a boutique investment firm, and has worked at Ackman-Ziff, Encore Enterprises, Buchanan Street Partners and...



Blackstone to Pitch Big Office Complex in SF

Wed, 10 Jul 2019
In the latest of a string of blockbuster offerings in San Francisco, Blackstone is shopping Market Center.The 753,000-square-foot office complex, along Market Street in the Financial District, could attract bids of about $950/sf, or $715 million. Eastdil Secured has the listing and is selectively reaching out to big investors.The complex consists of a 40-story tower with 473,000 sf at 575 Market Street, and a 21-story building with 280,000 sf at...



Sales of Real Estate Investment Managers Rise

Wed, 10 Jul 2019
Sales of full or partial stakes in real estate investment managers have climbed significantly over the past couple of years, according to advisory shop Hodes Weill & Associates.A record 27 transactions were announced worldwide last year, exceeding the total of 19 from 2013 through 2016. And activity has continued to be brisk this year, with nine deals announced in the first half. Among them: Brookfield Asset Management of Toronto is acquiring a...



Jersey City Offices Could Break Price Record

Wed, 10 Jul 2019
LeFrak Organization is marketing a waterfront office building in Northern New Jersey that could command a record price for the state.The 867,000-square-foot Newport Office Center 4, at 545 Washington Boulevard in Jersey City, could attract bids exceeding $400 million, or $462/sf. It&rsquo;s 96% leased, mostly to J.P. Morgan and Insurance Services Office. The offering is likely to attract interest from core buyers.At the estimated value, a...



Beacon to Sell DC Stake to Partners

Wed, 10 Jul 2019
Beacon Capital has agreed to sell most of its roughly 50% interest in a Washington office trophy to its two partners.The transaction values the 451,000-square-foot Terrell Place at roughly $480 million, or $1,064/sf.The agreement came after Beacon and its partners, GIC of Singapore and Korea Investment, put the property on the block via Cushman &amp; Wakefield. After fielding several offers from foreign investors, the partners decided instead to...



Fund Operator Marketing DC Offices

Wed, 10 Jul 2019
An updated and well-occupied office building is on the block in Washington&rsquo;s East End.The 251,000-square-foot property, at 600 13th Street NW, is expected to attract bids of about $250 million, or $996/sf. Union Investment Real Estate, Germany&rsquo;s largest operator of open-end real estate funds, has given the listing to Eastdil Secured.The occupancy rate is 98%, and the weighted average remaining lease term is seven years....



Six Newark Development Sites in Play

Wed, 10 Jul 2019
A Goldman Sachs partnership is offering six development sites in Newark, N.J., that are suitable for the development of 6,000 apartments.The noncontiguous parcels, valued at $250 million to $300 million, are billed as representing one of the nation&rsquo;s largest current offerings in a federally designated opportunity zone. The opportunity-zone program offers tax breaks to spur property development in low-income areas.The parcels, totaling 5.7...



Stake Pitched in Seattle-Area Offices

Wed, 10 Jul 2019
Investors are getting a crack at a majority stake in a Bellevue, Wash., office complex worth about $275 million.The 480,000-square-foot downtown property, at 1100 112th Avenue NE, is owned by Gemini Rosemont Commercial Real Estate of Los Angeles. The estimated value translates to $573/sf. Eastdil Secured has the listing.The three-building complex is 95% leased, with a weighted average remaining lease term of 5.2 years. The tenant profile is...



Foreign Buyers Boost Net-Lease Sales

Wed, 10 Jul 2019
Foreign investors are increasingly piling into net-lease commercial real estate, according to a CBRE report.Overall, sales of net-lease office, industrial and retail properties totaled $12.5 billion in the first quarter, down 3.6% from the same period last year, the brokerage said. But foreign investors accounted for $1.9 billion of the activity, up 6.6% year-over-year. As a share of the quarter&rsquo;s total volume, overseas investment rose to...



Texas, Okla. Rental Portfolio Pitched

Wed, 10 Jul 2019
Value-added investors are getting a crack at a portfolio of Texas and Oklahoma workforce-housing complexes.The 13 properties, with 3,696 units, have an estimated value of about $310 million, or $84,000/unit. At that price, the buyer’s initial annual yield would be roughly 5.25%.The owner, Radco Cos. of Atlanta, prefers to sell the portfolio intact, but will entertain offers for the seven Texas properties, totaling 2,133 units, or the six...



Near-Vacant Offices Shown in LA Area

Wed, 10 Jul 2019
Griffin Capital is pitching a nearly vacant office building in suburban Los Angeles as a repositioning play.The 157,000-square-foot property, in El Segundo, Calif., is valued at about about $65 million, or $414/sf. Newmark has the listing.The sole tenant, Raytheon, has a lease on 16% of the space that expires in May 2021. It&rsquo;s unclear if the defense contractor wants to remain.Griffin, a local firm, is touting the offering as a rare...



Wis. Rentals Offered

Wed, 10 Jul 2019
A developer is pitching a luxury apartment community in Wisconsin as a value-added play.The 285-unit property, in the Madison suburb of Fitchburg, could attract bids of about $51 million, or $179,000/unit. At that price, the buyer&rsquo;s initial annual yield would be roughly 5%. JLL is representing the owner, Fiduciary Real Estate Development of Milwaukee.The property, at 1300 Post Road, was built in 2014. A buyer could pave the way for rent...



DRA Dealing Georgia Retail Center

Wed, 10 Jul 2019
A DRA Advisors partnership is marketing a well-leased shopping center in suburban Atlanta that could fetch about $55 million.The 335,000-square-foot Cobb Place, in Kennesaw, Ga., is 95% leased, with a heavy concentration of furniture retailers. At the estimated value, a buyer&rsquo;s initial annual yield would be 8.2%. JLL is representing New York-based DRA and its partner, Atlanta fund shop RCG Ventures.The marketing campaign is touting both the...



Equity Sought for Net-Lease Fund

Wed, 10 Jul 2019
A new investment-management firm is seeking $50 million of equity for its debut fund.Guardian Advisory, of Newport Beach, Calif., would shoot for a 6-9% return by acquiring net-lease retail properties across the country.The vehicle, Guardian Net Lease Fund 1, would focus on properties with triple-net leases to Fortune 350 retailers, including 7-11, CVS, Dollar General, O&rsquo;Reilly Auto Parts and Walgreens. With leverage, the fund would have...



Boca Raton Student Housing on Block

Wed, 10 Jul 2019
An Investcorp joint venture is shopping a student-housing property in Boca Raton, Fla., that could attract bids of about $87 million.The University Park complex, near Florida Atlantic University and Lynn University, encompasses 159 units with 598 beds. At the estimated value of $145,000/bed ($547,000/unit), the buyer&rsquo;s initial annual yield would be 5%. Bahrain-based Investcorp and its partner, Preiss Co. of Raleigh, have given the listing...



Mixed-Use Complex Listed in Calif.

Wed, 10 Jul 2019
The offering of a waterside office/retail property in Southern California&rsquo;s Orange County is expected to attract bids of about $52 million.Khoshbin&rsquo;s Landing, in Newport Beach, consists of 33,000 square feet of offices and restaurants, as well as 21 boat slips. At the estimated value, the buyer&rsquo;s initial annual yield would be roughly 4.25%. JLL is representing the owner, Khoshbin Co., an Irvine, Calif., firm led by Manuchehr...



Boston-Area R&D Building for Sale

Wed, 10 Jul 2019
Condyne Capital is marketing a fully leased R&D/warehouse building in suburban Boston.The 126,000-square-foot property, at 160 Dascomb Road in Andover, Mass., is expected to attract bids topping $25 million, or $198/sf. At that price, the initial annual yield would be 7%. JLL is representing Condyne, of Braintree, Mass.The tenants are Lockheed Martin (77% of the space) and Accu-Tech (23%). Their weighted average remaining lease term is nine...



NEW DEALS

Wed, 10 Jul 2019
Redeveloped Office Building in DCExan Capital will realize a 4.8% initial annual yield on its $119 million purchase of a redeveloped office property in Washington. The Miami firm, which invests on behalf of foreign clients, acquired the 104,000-square-foot building, at 1701 Rhode Island Avenue NW, about two weeks ago from a partnership between Akridge of Washington and Alcion Ventures of Boston. Eastdil Secured was the broker. The building, which...



NEW DEALS

Wed, 10 Jul 2019
Suburban Boston Flex BuildingMenlo Equities acquired a 206,000-square-foot flex and data-center building in suburban Boston from Lincoln Property last month for $33 million, or $160/sf. The price exceeded the initial expectation of $30 million, pushing the initial annual yield under 7%. The property, at 34 St. Martin Drive in Marlborough, Mass., is 95% occupied, with a weighted average remaining lease term of 11.5 years. Tenants include...



MARKET SPOTLIGHT: Washington Office Properties

Wed, 10 Jul 2019
First-half sales were down year-over-year. Several owners opted to pull listings and refinance instead to take advantage of rock-bottom interest rates. But about a dozen large properties are on the market.A heavy construction pipeline continues to put downward pressure on occupancy and rents for high-end space. The average occupancy rate fell 60 bp in the second quarter, to 86.1%, according to Cushman & Wakefield.JLL won an instant presence in...



The Grapevine

Wed, 10 Jul 2019
Hodges Ward Elliott is adding three more HFF alumni this month to its growing hotel platform. Joining as managing directors are Max Comess in South Florida and Tony Malk in Los Angeles. Also, Ryan Lindgren will come aboard as a director in Chicago. Last month, Daniel Peek left HFF to become president of Hodges Ward&rsquo;s hotel practice. Making the jump with him was hotel broker Cyrus Vazifdar, now a managing director in Washington. The moves...



The Grapevine

Wed, 10 Jul 2019
Fund manager Henderson Park Capital has hired Scott Sterrett as head of fund raising and investor relations. Sterrett, a principal, started at the London shop last month, reporting to founder and chief executive Nick Weber. He previously was a New York-based director in Lazard&rsquo;s private capital advisory unit. Before that, he worked at Makena Capital of Menlo Park, Calif. In May, Henderson Park completed raising $2.2 billion of equity for...



The Grapevine

Wed, 10 Jul 2019
Investment manager Ascentris this month recruited Nikko Politis as a vice president at its Denver headquarters, responsible for investments in the Western U.S. He reports to managing director Jeffrey Stonger. Politis previously worked for nearly six years at Jamestown, where he had the same title and was focused on East Coast. Before that, he was at Starwood Capital of Miami Beach. Ascentris, which has been actively hiring this year, is led by...



The Grapevine

Wed, 10 Jul 2019
Bryan Meyer is joining Broadshore Capital as managing director and head of multi-family investments. He starts today at the company&rsquo;s headquarters in Los Angeles. Meyer spent the past 25 years at Essex Property, a multi-family REIT, where he was a vice president of acquisitions. Last month, Broadshore hired Elaine Philis as senior vice president and director of capital raising. She previously was a managing director at CBRE Capital...



The Grapevine

Wed, 10 Jul 2019
Genet Group has named Corey Schwartz as a director of acquisitions. He will focus on industrial and multi-family investments in the Southeast, working out of the family-backed firm&rsquo;s Sunrise, Fla., headquarters. Schwartz moved over from New York brokerage Meridian Capital, where he spent four-plus years. Before that, he worked in the New York office of brokerage...



The Grapevine

Wed, 10 Jul 2019
Tyler Solomon joined Brookfield Asset Management as an associate and asset manager last month, based in Atlanta. He was previously a senior financial analyst at Chicago-based LaSalle Investment, where he spent four years. At Brookfield, Solomon will focus on industrial properties, reporting to senior vice president Justin Drysdale. The Toronto investment manager has been expanding its Atlanta office. Over the past month, vice president Jason...



The Grapevine

Wed, 10 Jul 2019
Clearview Hotel Capital last month recruited Lauren Michaels as an associate at its headquarters in Newport Beach, Calif. She spent the past three years at Eastdil Secured, where she also was an associate. Clearview acquires, renovates and manages hotels nationwide.



ON THE MARKET

Wed, 10 Jul 2019
RETAILProperty: 345 West 14th Street and 325 West Broadway, New YorkSize: 11,500 sf, 100% leasedEstimated Value: $36 million, Yield: 4.75%Owner: DDG Partners, New YorkBroker: JLLColor: Two retail condos, available separately. Columbia Sportswear and its Sorel affiliate lease 8,400 sf at 345 West 14th in the Meatpacking District. That condo is valued at roughly $30 million. Hair salon IGK and jeweler Lazaro occupy 3,100 sf in the 2016-vintage...



Blackstone Puts Large Phoenix Resort in Play

Wed, 03 Jul 2019
Blackstone is selectively marketing a massive luxury resort in Phoenix that could fetch roughly $650 million.The 950-room JW Marriott Phoenix Desert Ridge Resort & Spa was one of three high-end hotels that Blackstone acquired for $1.2 billion in 2015 from a Paulson & Co. joint venture. It sold the other two last year.The fund behemoth, via Eastdil Secured, is talking to a small group of potential buyers with the capacity and appetite to acquire...



Tax Worries Cast Cloud Over Chicago Offices

Wed, 03 Jul 2019
The prospect of rising property taxes in Chicago has some investors turning bearish on the city&rsquo;s office market &mdash; just as it&rsquo;s flooded with listings.After a slow start to the year, nearly 20 large properties in downtown Chicago have hit the block since March. But they arrived at a time when local government budget woes and ongoing reassessments are expected to push up taxes. Along with a large construction pipeline that could...



REIT With East Coast Portfolio Up for Grabs

Wed, 03 Jul 2019
A REIT that owns almost 20 East Coast properties is in play.Market pros estimate that the company, First Real Estate Investment of Hackensack, N.J., could be worth in the neighborhood of $600 million. The investment vehicle, which has hired HFF Securities to line up a buyer, is externally managed by Hekemian & Co., a Hackensack shop led by chief executive Robert Hekemian and his three sons.First Real Estate&rsquo;s largest holding is a Baltimore...



TA Offers Rhode Island Retail Center

Wed, 03 Jul 2019
TA Realty is marketing a lifestyle center in Rhode Island that&rsquo;s worth about $190 million.The 531,000-sf Garden City Center, in Cranston, is 95% leased, with upscale grocer Whole Foods as its anchor. At the estimated value, a buyer&rsquo;s initial annual yield would be about 6.5%. Boston-based TA listed the property with Newmark.Sales at the 45,000-sf Whole Foods average over $1,000/sf. The grocer has been at the location since 2007, and...



Redeveloped NJ Apartments Teed Up

Wed, 03 Jul 2019
A factory built by Thomas Edison and newly converted to luxury apartments has hit the market in northern New Jersey.The 334-unit Edison Lofts, in West Orange, is valued at about $140 million, or $419,000/unit. A sale at that price would produce a stabilized yield of roughly 5%. HFF is representing the owner, a joint venture between Prism Capital of Bloomfield, N.J., and Dune Real Estate of New York.The redevelopment of the historic Thomas Edison...



Bundle of Florida Apartments for Sale

Wed, 03 Jul 2019
A Florida apartment portfolio worth about $220 million is being marketed to value-added investors.The package encompasses 2,383 units at 14 properties, in Tampa, the Lakeland-Winter Haven area, Greater Orlando, Jacksonville and Sarasota. Built between 1961 and 1995, the workforce-housing complexes are 97% occupied.At the estimated value of $93,000/unit, a buyer&rsquo;s initial annual yield would be roughly 5%. The pitch is that the return could...



AXA Paying Top Dollar in Oakland

Wed, 03 Jul 2019
AXA Investment Managers has agreed to buy a majority stake in an Oakland office property at a record per-foot price for the city.The transaction values the 277,000-square-foot building, at 180 Grand Avenue, in the vicinity of $175 million, or $632/sf. KKR is cashing out its majority interest, while local player Harvest Properties is retaining its stake, which is 5% or less. Newmark is brokering the sale.The current record for an Oakland office...



Rentals Available in Central Florida

Wed, 03 Jul 2019
A new apartment complex on the Tampa Bay waterfront is out for bid.The 339-unit Vue at Belleair, in Clearwater, Fla., has an estimated value of $85 million, or $251,000/unit. At that price, the capitalization rate would be about 4.8%. Cushman & Wakefield is representing the developer, Flournoy Cos. of Columbus, Ga.The property opened this year and is nearing the end of its initial lease-up phase. It&rsquo;s about 80% occupied, with an average of...



Conn. Apartments Due for Renovation

Wed, 03 Jul 2019
An apartment building in Norwalk, Conn., is on the block with an estimated value of around $70 million.The 227-unit Merritt River is more than 95% occupied, but is being pitched as a value-added play via renovations. At the estimated value of $308,000/unit, a buyer&rsquo;s initial annual yield would be between 5% and 5.5%.CBRE is marketing the property for UBS Global Asset Management, which bought it in 2006 for $70 million from J.P Morgan Asset...



New Rentals Pitched in Denver Area

Wed, 03 Jul 2019
Legacy Partners is shopping a new suburban Denver apartment complex valued at about $100 million.The 300-unit property, in Westminster, Colo., is still in its initial leasing phase. Upon stabilization, the buyer&rsquo;s yield would be about 5% at the estimated value of $330,000/unit. JLL is representing Legacy, a Foster City, Calif., developer.The mid-rise complex, at 6250 Promenade Drive North, is billed as offering urban-style living in a...



Well-Leased Orlando Offices on Block

Wed, 03 Jul 2019
A developer has listed a Class-A office property in Orlando that&rsquo;s expected to fetch bids of up to $70 million.The 258,000-square-foot Kirkman Point is 97% leased, but rents are below market. The unidentified foreign developer has given the listing to CBRE.The two-building complex has six tenants, with a weighted average remaining lease term of more than five years. A buyer should be able to boost rents, which are about $5/sf below market...



Beacon Showing Pasadena Offices

Wed, 03 Jul 2019
Beacon Capital is marketing a Los Angeles-area office building worth about $80 million.The 185,000-square-foot property, in Pasadena, Calif., was renovated last year. Since then, Beacon has lined up new or renewed leases on one-quarter of the space. That has brought the occupancy rate to 92%.The estimated value works out to $433/sf. Eastdil Secured is representing Beacon, a Boston fund shop.The Class-A building, at 1055 East Colorado Boulevard,...



Phoenix Office Complex in Play

Wed, 03 Jul 2019
An investment firm is looking to recapitalize or sell a Phoenix office complex that&rsquo;s roughly one-quarter vacant.The 231,000-square-foot East Gateway Centre, at 4646 and 4686 East Van Buren Street, is valued at about $180/sf, or $42 million. Newmark is representing the owner, Pacifica Cos. of San Diego, which prefers to retain a 5-10% stake but would consider an outright sale.The Class-A complex, in the 44th Street Corridor submarket, is...



Denver-Area Shopping Complex Listed

Wed, 03 Jul 2019
A retail center/food hall in suburban Denver is on the market with an estimated value of $40 million.The 104,000-square-foot Stanley Marketplace, in Aurora, Colo., opened in 2017 in a redeveloped aviation factory. It&rsquo;s 99.2% leased to 54 tenants, including restaurants, breweries, boutique shops, yoga studios and hair salons. Newmark is representing the owner, a partnership led by Denver-based Westfield Co.The two-story building was...



MARKET SPOTLIGHT: Chicago Apartment Properties

Wed, 03 Jul 2019
Sales continued to be strong in the first half, although the prospect of higher property and transfer taxes is having a modestly negative effect on investor confidence.Some 9,500 apartments will come on line this year, outpacing demand, according to Marcus & Millichap. The brokerage projects the new supply will compress the average occupancy rate by 30 bp, to 94.7%.Still, investors remain bullish on the asset class. DePaul University&rsquo;s...



The Grapevine

Wed, 03 Jul 2019
Acquisitions veteran Daniel Rudin is joining KKR as a senior professional in New York. His start date and title are unclear, but the buzz is he&rsquo;ll oversee property buys in the Northeast. He will report to managing director Justin Pattner. Rudin was previously a managing director at Angelo, Gordon & Co. of New York, where he focused on acquisitions, asset-management and dispositions. He&rsquo;d been with that firm for about 10 years before...



The Grapevine

Wed, 03 Jul 2019
Industry veteran Dave Congdon joined Griffin Capital last month as a managing director, focused on corporate strategy. He spent the last two decades at Houston-based Hines, where he was a senior managing director working on various investment vehicles. Griffin, an investment manager based in El Segundo, Calif., acquires real estate via non-traded REITs and other...



The Grapevine

Wed, 03 Jul 2019
Law firm DLA Piper has hired a partner in San Francisco to work in its real estate practice. Vivek Chavan started Monday. His duties include advising clients on forming real estate funds, buying or selling properties and structuring joint-venture deals, among others. Chavan arrived from Greenberg Traurig and had an earlier stint at Morrison & Foerster. John Sullivan is co-chair of DLA Piper&rsquo;s U.S. real estate practice and Stephen Cowan is...



The Grapevine

Wed, 03 Jul 2019
Philadelphia brokers Robert Yoshimura, Joseph Hill and Eric Mattson have left Cushman & Wakefield, and the word is they&rsquo;re in negotiations to join another firm. The team decamped about a month ago, following the February departure of colleague Bruce Gordon. Yoshimura had been hired as an executive director at Cushman in 2013. He was previously a managing partner at local firm Flynn Co., and brought along Gordon as a managing director and...



The Grapevine

Wed, 03 Jul 2019
Manulife wants to hire a director of asset management to focus on properties in the Southeast. The recruit would be based in Atlanta and work on properties owned via affiliate John Hancock Real Estate. Duties range from pre-acquisition due diligence to helping with dispositions. Candidates should have at least seven years of experience, preferably working for an investment...



The Grapevine

Wed, 03 Jul 2019
Brookfield Asset Management hired Tim Willis last month as an associate in Atlanta. Willis handles portfolio management of industrial assets and reports to Jason Hicks, who joined Toronto-based Brookfield as a vice president in Atlanta last month, as previously reported. Willis came from PGIM Real Estate, where he spent a year as an investment analyst. He also spent two years at Newport US RE, the Atlanta affiliate of German firm Newport Holding,...



The Grapevine

Wed, 03 Jul 2019
Marx Realty has added an analyst to help work on acquisitions. The New York investment shop this month hired Nick Romanoff, who reports to managing director Paul DiCarlo. The firm targets properties in New York, Washington and Atlanta. It&rsquo;s also looking to hire an asset manager and fill senior and junior roles in its accounting and finance groups. Marx, founded in 1915 by Joseph Marx, was acquired in 2006 by Merchants&rsquo; National...



ON THE MARKET

Wed, 03 Jul 2019
MULTI-FAMILYProperty: Echelon at Middletown, 400 Echelon Way, Louisville, Ky.Size: 210 units, Occupancy: 95%Estimated Value: $38.5 million, $183,000/unit, Yield: 5.1%Owner: Garrett Co., Greenwood, Ind.Broker: HFFColor: Garden-style complex built in 2017 in affluent East End neighborhood. Average household income of residents is $77,324. Sales pitch highlights luxury amenities, condo-style floor plans and high-end finishes. Units have 1-3...



KSL Markets Unbranded Resort in California

Wed, 26 Jun 2019
KSL Capital is shopping a Southern California luxury resort that&rsquo;s unbranded &mdash; a rarity for an offering in the asset class.The 400-room Monarch Beach Resort, in Dana Point, is valued at about $500 million, or nearly $1.3 million/room. Eastdil Secured is representing KSL, a Denver investment manager.The hotel is expected to draw interest from a wide field of bidders, including REITs, fund managers and operators of hotel brands. The...



Lab Demand Drives Conversions in SF Area

Wed, 26 Jun 2019
With life-science companies rapidly expanding in the San Francisco Bay Area, investors are increasingly scooping up office properties in the region to convert them to laboratory space.Demand from biotechnology, pharmaceutical, medical-research and related firms has driven up occupancy and rents for lab space, providing another boost to the region&rsquo;s overall office market on top of the continuing growth of big technology companies. With...



CIM Team Dealing Luxury Rentals in Chicago

Wed, 26 Jun 2019
The residential portion of Chicago&rsquo;s Block 37 mixed-use complex has hit the market.The 690-unit luxury tower, called Marquee at Block 37, is valued at roughly $300 million, or $435,000/unit. Eastdil Secured is marketing it for a partnership between CIM Group of Los Angeles and Canada-based Morguard.The 34-story, glass-clad building is at 25 West Randolph Street, at the northern end of a complex that also includes a four-story retail center,...



Bay Area Offices Fetch $320 Million

Wed, 26 Jun 2019
Diamond Investment Properties has acquired a new &ldquo;creative&rdquo; office complex in the San Francisco Bay Area from a Goldman Sachs partnership for $320 million.The 306,000-square-foot property, at 400-450 Concar Drive in San Mateo, Calif., is fully leased. The purchase price works out to $1,045/sf. Eastdil Secured advised Goldman and its partners, Houston-based Hines and Pearlmark Real Estate of Chicago.The transaction, which closed two...



Wilshire Boulevard Tower on Market

Wed, 26 Jun 2019
A PGIM Real Estate partnership is marketing a Los Angeles office tower with leasing upside.The 452,000-square-foot SBE Building, at 5900 Wilshire Boulevard in the &ldquo;Miracle Mile&rdquo; neighborhood, is worth about $300 million, or $664/sf. JLL is representing PGIM and its partners, AXA Investment Managers of Paris and local developer Ratkovich Co.The listing offers the potential to boost revenues by filling vacant space and raising rents as...



Atlanta Tower: KKR In, Oaktree Out

Wed, 26 Jun 2019
A KKR joint venture has agreed to buy a trophy office building in the Buckhead section of Atlanta.The purchase price for the 632,000-square-foot property, at 950 East Paces Ferry Road NE, couldn&rsquo;t be learned, but is believed to be in line with the &ldquo;whisper&rdquo; estimate of $215 million, or $340/sf, when the property hit the block in February. That valuation would generate a 6.5% initial annual yield.CBRE is brokering the sale, which...



Dallas Offices Have Leasing Upside

Wed, 26 Jun 2019
CBRE Global Investors is marketing a Dallas office building that could command bids of about $150 million.The 458,000-square-foot Premier Place, at 5910 North Central Expressway, is 93% leased. The rents are 40% below the property&rsquo;s current asking rate, and the marketing campaign, led by HFF, emphasizes the potential to boost rents as leases roll over. The weighted average remaining lease term is 4.7 years.The 20-story property includes a...



Value-Added Rental Play Near Denver

Wed, 26 Jun 2019
Investors are getting a crack at a workforce-housing property near Denver that would benefit from upgrades.The 400-unit Westhills complex, in Lakewood, Colo., is expected to draw bids of about $90 million, or $225,000/unit. At that price, the initial annual yield would be 5.1%. JLL is representing the owner, Los Angeles investment shop Gelt.The 27-building complex, at 453 Van Gordon Street, is 96% occupied. The units range from studios to two...



Workforce Apartments Trade in NJ

Wed, 26 Jun 2019
A Canadian investor has agreed to buy a workforce-housing portfolio in New Jersey for roughly $150 million.An entity backed by the Bleeman family of Toronto is purchasing seven properties, totaling 1,035 units, spread among four cities. The $145,000/unit valuation translates to an initial annual yield of about 5%.CBRE is brokering the sale for the longtime owner, the Murnick family of Roseland, N.J.The properties are 97% leased. The sales pitch...



Rockpoint Tees Up Boston Offices

Wed, 26 Jun 2019
Rockpoint Group has listed a recently updated office building in Boston.The 273,000-square-foot property, at 99 Summer Street, is expected to attract bids of around $200 million, or $733/sf. At that price, the initial annual yield would be about 4.5%. A buyer could boost the return to nearly 7% by raising rents as leases expire. Eastdil Secured has the listing.The Class-A building is 94% occupied, with a weighted average remaining lease term of...



Golub, Farpoint Snag Rental Complex

Wed, 26 Jun 2019
A Golub & Co. joint venture has agreed to buy a sprawling apartment complex in downtown Chicago for roughly $180 million.Golub and Farpoint Development, both of Chicago, are teaming up to acquire the 1,675-unit Prairie Shores. HFF is brokering the sale for longtime Chicago developer Draper & Kramer. The price works out to some $107,000/unit. The transaction is expected to close next month.The five-building complex, which was built in 1961, is on...



Renovated Seattle Hotel on the Block

Wed, 26 Jun 2019
Westbrook Partners has listed a full-service hotel in downtown Seattle that is undergoing a renovation.The Hilton Seattle, at 1301 Sixth Avenue, will have 256 rooms upon the completion of a $16 million improvement project this year. It is expected to attract bids of about $120 million, or $469,000/room. Eastdil Secured began the marketing campaign this month.The hotel is subject to a franchise agreement with Hilton Worldwide of McLean, Va., that...



Suburban Boston High-Rise Available

Wed, 26 Jun 2019
Greystar Real Estate is shopping a luxury apartment building in the Boston suburb of Quincy, Mass.The 200-unit property, called The Amelia, has an estimated value of $78 million, or $390,000/unit. Investors are being told the property would generate core-plus returns at a price well below replacement cost. CBRE is representing Greystar, of Charleston, S.C.Developed in 2006, the building rises 10 stories over a two-level garage. It&rsquo;s at 10...



Rare Chance to Acquire Hawaii Offices

Wed, 26 Jun 2019
Investors are getting a rare crack at an office building in Hawaii.The 288,000-square-foot property, at 677 Ala Moana Boulevard in Honolulu, is expected to attract bids of about $58 million, or $200/sf. Eastdil Secured is handling marketing on behalf of Redico, a development and investment firm in Southfield, Mich.The Class-A building is 75.6% occupied by 53 tenants, with none taking up more than 11% of the space. The marketing campaign touts the...



High-Yield Rentals Pitched in Florida

Wed, 26 Jun 2019
A South Florida apartment complex is being marketed as a value-added play.The 316-unit property, in West Palm Beach, could attract bids of about $58 million, or $184,000/unit. At that price, the initial annual yield would be roughly 4.5%. Covenant Capital, a Nashville fund manager, has given the listing to Newmark.The garden-style complex, which is 94% occupied, was built in 1991. The sales pitch is that a buyer could boost rents after upgrading...



Flat Cap Rates Seen for Senior Housing

Wed, 26 Jun 2019
Most investors in senior housing expect capitalization rates to remain stable over the next 12 months, according to a CBRE report.Some 68% of respondents to the brokerage&rsquo;s latest U.S. Seniors Housing & Care Investor Survey said they expect pricing to hold steady. Another 26% foresee rising cap rates, while just 6% predict a decrease, suggesting yields may have hit a low.Nearly two-thirds, or 62%, of the survey&rsquo;s 107 participants said...



Grocery Retail Center for Sale in NJ

Wed, 26 Jun 2019
Mack-Cali Realty is offering a grocery-anchored retail property in Northern New Jersey with an estimated value of $54 million.The lead tenant, Wegmans, opened its 130,000-square-foot supermarket two years ago. Its triple-net lease runs until 2042. The rest of the 173,000-sf complex, still under construction in Hanover, will house a 24-Hour Fitness gym that is set to open this summer and a Panera Bread restaurant slated for next year.At the...



JP Morgan Bundles NY Apartments

Wed, 26 Jun 2019
J.P. Morgan Asset Management is offering two nearby apartment buildings in suburban New York that have an estimated value of $80 million.The 100-unit Mariner and 120-unit Castle, in Port Chester, are being pitched jointly as a way to gain a presence in a gentrifying area of affluent Westchester County. The buyer&rsquo;s initial annual yield at a price of $364,000/unit would be about 5%, based on $4 million of in-place net operating income. JLL is...



MARKET SPOTLIGHT: Silicon Valley-Area Office Properties

Wed, 26 Jun 2019
Another blockbuster year for sales is taking shape. More than $5 billion of large transactions have already closed or gone under contract. That puts activity on pace to surpass the $6.7 billion total last year, when the market ranked second in volume nationally, after Manhattan.The average occupancy rate exceeds 85% in Silicon Valley and on the Peninsula, according to JLL.Technology companies accounted for 80% of the 25 biggest office leases...



The Grapevine

Wed, 26 Jun 2019
Endeavor Real Estate hired Luke Phillippi this month as a principal at its Austin headquarters. He and principal Nelson Crowe oversee the firm&rsquo;s multi-family investing nationwide. The shop, which invests across asset classes, is mostly known for its activity in Austin. But Endeavor is growing its development pipeline in other markets, including Denver, Nashville and Fort Worth, Texas. Phillippi came from Alliance Residential of Phoenix,...



The Grapevine

Wed, 26 Jun 2019
City Office REIT hired two new pros in Dallas this month. After seven years at Houston-based Hines, Tyler Baker joined the Vancouver, Canada, REIT as a senior vice president in acquisitions, working under president Greg Tylee. He also previously had a nine-year stint at KPMG. Meanwhile, Kyle Vinson joined City Office REIT as a vice president in asset management. He reports to Ken Pool, the firm&rsquo;s head of asset management. Vinson came from...



The Grapevine

Wed, 26 Jun 2019
William Wilkins joined ELV Associates this month as a vice president in Washington. He spent the last four years at CBRE, where he was a vice president in the debt and structured-financing group, arranging senior and mezzanine loans, as well as equity placements. Before that, he spent two years at Chartwell Holdings of Charleston, S.C., where he worked on multi-family acquisitions. ELV, based in Boston, is a privately held investment and...



The Grapevine

Wed, 26 Jun 2019
Angelo, Gordon & Co. is looking to hire a seasoned acquisitions pro to cover Manhattan and its suburbs. The New York investment manager is seeking candidates with at least 10 years of experience. The recruit would be a director or managing director and work on acquisitions, asset-management and property sales in New York, New Jersey and Connecticut. The position reports to managing directors Adam Schwartz, the firm&rsquo;s head of real estate,...



The Grapevine

Wed, 26 Jun 2019
Real estate veteran Jason Algaze has teamed up with Bronstein Properties to form a new shop focused on residential and mixed-use development and conversion projects in Greater New York. Abstract Development operates as a subsidiary of New York-based Bronstein, with Algaze as principal. He was previously a director at Property Markets Group of New York. He had prior stints at Carlton Group, Fairway Capital and Credit Suisse. Bronstein is led by...



The Grapevine

Wed, 26 Jun 2019
Boutique advisory shop Prince Realty wants to add an investment-sales pro to focus on deals in New York. Candidates should have 3-5 years of experience. The recruit would work alongside founder David Ash. In addition to dispositions and acquisitions work, New York-based Prince arranges joint ventures and lines up debt, equity and preferred equity. Email info@princerealtyadvisors.com for more...



ON THE MARKET

Wed, 26 Jun 2019
RETAILProperty: The Blocks retail portfolio, Portland, Ore.Size: 94,000 sf, Occupancy: 92%Estimated Value: $50 million, Yield: 5.4%Owner: Artemis Real Estate, Chevy Chase, Md., and ScanlanKemperBard, Portland, Ore.Broker: NewmarkColor: Condominium interests in 46 retail suites at 10 high-rise residential buildings within seven blocks of each other in the Pearl District. Many tenants are &ldquo;e-commerce resistant,&rdquo; such as banks, fitness...



Blackstone Marketing Boston Office Trophy

Wed, 19 Jun 2019
Blackstone has teed up an office tower in Downtown Boston that&rsquo;s expected to fetch roughly $775 million.The 1.1 million-square-foot building, at 100 Summer Street, is being offered for the first time in two decades. The expected valuation of $705/sf would produce a 4.7% initial annual yield. The pitch is that a buyer could lift its return by bringing occupancy and rents in line with the market.Blackstone, which controls the Class-A property...



Domio Hires Real Estate Pros, Seeks Partners

Wed, 19 Jun 2019
As it carves out a new niche in the hotel industry, Domio is recruiting a staff of experienced real estate professionals and seeking out equity partners for property investments.The three-year-old New York firm is building a portfolio of &ldquo;apartment hotel&rdquo; properties, offering multi-room units for rent to travelers. Its strategy combines elements of traditional real estate investing &mdash; sourcing acquisitions and development deals...



Cerberus, Hines to Buy Houston Skyscraper

Wed, 19 Jun 2019
Cerberus Capital is making a big bet on Houston, teaming up with local developer Hines to take control of the city&rsquo;s tallest skyscraper, JP Morgan Chase Tower.The duo has agreed to buy the roughly 1.7 million-square-foot building along with the adjacent 407,000-sf Chase Center. Details of the off-market agreement are unknown, but market sources put the pricing in the vicinity of $300/sf, or $627 million for the 2.1 million-sf complex. New...



Minn. Offices Have Leasing Upside

Wed, 19 Jun 2019
A MetLife Real Estate partnership has listed a Class-A office campus near Minneapolis that&rsquo;s valued at roughly $400 million.The 1.7 million-square-foot Normandale Lake Office Park, in Bloomington, Minn., is 86% leased. A sale at the estimated $238/sf valuation would produce an initial annual yield approaching 7%. The pitch is that a buyer could lift that with additional leasing and by raising rents.MetLife and its partner, Allstate, have...



DivcoWest Nabs Plaza District Offices

Wed, 19 Jun 2019
DivcoWest has agreed to buy a Midtown Manhattan office building from a Boston Properties partnership for about $310 million.The San Francisco fund operator is purchasing the 291,000-square-foot property at 540 Madison Avenue, in the tony Plaza District. The 39-story building is 89% occupied. At the $1,065/sf valuation, DivcoWest&rsquo;s initial annual yield would be about 5%.CBRE is brokering the sale for Boston Properties and its partners. The...



Fully Leased SF Offices Up for Grabs

Wed, 19 Jun 2019
A San Francisco office property that&rsquo;s fully leased, mostly by PayPal, is headed to market with expectations that bids will hit $160 million.The 137,000-square-foot building, at 123 Townsend Street, is a former coffee warehouse repositioned as &ldquo;creative&rdquo; office space. A sale at the $1,168/sf valuation would bring a buyer an initial annual yield of about 4.75%. Newmark is representing the owner, Manchester Capital, a...



Rentals Could Set Silicon Valley Mark

Wed, 19 Jun 2019
A development firm is marketing a new luxury apartment complex near Facebook&rsquo;s headquarters that could set a per-unit record in Silicon Valley.The 195-unit property, in Menlo Park, Calif., is valued at up to $195 million, or $1 million/unit. Eastdil Secured is representing the seller, Greenheart Land of Palo Alto, Calif., which is backed primarily by Silicon Valley billionaire Scott Hassan.Market pros said it&rsquo;s extremely rare for...



Thor Lands NJ Life-Science Complex

Wed, 19 Jun 2019
Thor Equities has agreed to pay roughly $152 million for a lab/office park in New Jersey.The 784,000-square-foot New Jersey Center of Excellence complex, in Bridgewater, will generate an initial annual yield of about 6.25% at the $194/sf valuation. Newmark is brokering the sale for a joint venture between local investment shop Advance Realty and CrossHarbor Capital, a Boston investment manager.It&rsquo;s a bit unusual for Thor to purchase a...



Downtown Seattle Offices Listed Again

Wed, 19 Jun 2019
Washington State Board is putting a Seattle office building on the block after purchasing a ground lease that had hobbled a previous marketing campaign.The 317,000-square-foot Park Place, in the Central Business District, is expected to fetch bids of $185 million, or $584/sf. The pension board, which is advised by local firm Washington Holdings, gave Eastdil Secured the listing.The Class-A property, at 1200 Sixth Avenue, is 97.5% occupied with a...



Stabilized Offices on Block in NJ

Wed, 19 Jun 2019
A local partnership is offering a Northern New Jersey office complex whose performance has improved in recent years.The 648,000-square-foot Continental Plaza, in Hackensack, is 92% occupied, up from 68% in 2016. It has an estimated value of $135 million, or $208/sf. At that price, the buyer&rsquo;s initial annual yield would be slightly more than 7%, based on $9.6 million of in-place net operating income. CBRE is representing the owners, Capstone...



JP Morgan Dealing Md. Retail Center

Wed, 19 Jun 2019
J.P. Morgan Asset Management is marketing a grocery-anchored shopping center in Maryland that could command bids of about $68 million.The offering is for 213,000 square feet of space at Clemson Corner, in Frederick. Excluded is a 175,000-sf Lowe&rsquo;s hardware store, which is separately owned. JLL has the listing.A Wegmans supermarket leases 123,000 sf, or 58% of the offered space. Marshalls occupies 28,000 sf. The other tenants include ATI...



Silicon Valley Campuses for Sale

Wed, 19 Jun 2019
Embarcadero Capital is pitching two Silicon Valley office properties &mdash; one fully leased, the other vacant &mdash; via separate listings that could fetch a total of $190 million.The stabilized property is Murphy&rsquo;s Crossing, a 369,000-square-foot office/R&D campus in Milpitas, Calif. Three tenants, two of them with investment-grade credit ratings, fully occupy the five-building complex. It&rsquo;s valued at about $130 million, or...



Clarion Shows Core SF-Area Offices

Wed, 19 Jun 2019
Clarion Partners is marketing a &ldquo;creative&rdquo; office building in an East Bay suburb of San Francisco.The 228,000-square-foot property, in Emeryville, Calif., is expected to command bids of about $115 million, or $504/sf. Eastdil Secured has the listing.The three-story building, at 1400 65th Street, is 94.5% leased by four tenants. The weighted average remaining lease term is 6.2 years, and leases on only 13% of the space mature within...



REIT Offers Virginia Leasing Play

Wed, 19 Jun 2019
Brandywine Realty is pitching an office building in the Tysons area of Northern Virginia as a leasing opportunity.The 211,000-square-foot property, at 1900 Gallows Road, is just 54% occupied due to the departure of its largest tenant, AT&T. It is expected to attract bids around $37 million, or $176/sf. At that price, the buyer&rsquo;s initial annual yield would be 5.6%. Newmark is representing Brandywine, a Philadelphia REIT.The property, known...



Leased-Up NJ Offices Head to Market

Wed, 19 Jun 2019
With a new lease in place, a Northern New Jersey office property is about to hit the block at an estimated value of $120 million &mdash; double what the owner paid 18 months ago.P3 Properties is preparing to market the 542,000-square-foot Morris Corporate Center 3 complex, in Parsippany. At the $220/sf valuation, a buyer&rsquo;s initial annual yield would be about 6.5%. Cushman & Wakefield, which has the listing, has told bidders it will launch...



Upside Touted for Vt. Retail Center

Wed, 19 Jun 2019
Brookfield Asset Management is marketing a grocery-anchored shopping center in Vermont that has an estimated value of $85 million.Maple Tree Place, in Williston, encompasses 500,000 square feet that is 87% occupied. Newmark is representing Toronto-based Brookfield.The pitch is that a buyer could fill the property&rsquo;s 63,000 sf of vacant space. Such an effort could benefit from strict land-use and development laws in Vermont, which minimize...



High-Yield Rentals Available in Ariz.

Wed, 19 Jun 2019
Almon Investment is marketing an apartment complex near Phoenix that&rsquo;s ripe for upgrades.The 308-unit property, in Glendale, Ariz., is expected to draw bids of about $57 million, or $185,000/unit. At that price, the initial annual yield would be about 4.9%. CBRE is representing Seattle-based Almon.The garden-style complex, called Courtney Vista, is at 7455 North 95th Avenue, next to the Westgate Entertainment District in the West Valley....



MARKET SPOTLIGHT: Northern New Jersey Office Properties

Wed, 19 Jun 2019
Just over $1 billion of properties changed hands last year, the market&rsquo;s lowest total since 2013, according to Real Estate Alert&rsquo;s Deal Database, which tracks trades of $25 million and up. But a solid first half and a strong pipeline of listings indicate volume could double this year.Rent growth is being constrained by softening demand from drug and healthcare companies, and competition from cheaper metropolitan areas, according to...



The Grapevine

Wed, 19 Jun 2019
Former HFF hotel broker Cyrus Vazifdar has joined Hodges Ward Elliott as a managing director in Washington. He reports to Daniel Peek, who also jumped from HFF this month to become president of Hodges Ward&rsquo;s hotel practice. At HFF, Peek was a senior managing director responsible for building out and leading the firm&rsquo;s hotel practice since 2007. Vazifdar was a director at HFF, which he joined in...



The Grapevine

Wed, 19 Jun 2019
Multi-family fund operator Abacus Capital has hired Michael Tussie as a senior director. He started this month and focuses on portfolio management, investor relations and capital raising. The New York shop is led by president and chief executive Benjamin Friedman. Tussie was previously a managing director at Summit Real Estate of St. Louis, where he led capital-markets and fund-raising efforts. He was at CBRE&rsquo;s investment-banking arm before...



The Grapevine

Wed, 19 Jun 2019
Capital-advisory firm Eyzenberg & Co. has added a managing director. John Raggio joined the New York shop this month and will help place equity and debt for the firm&rsquo;s clients. Raggio was previously at Boill Holding USA, the American subsidiary of a China-based conglomerate. He also worked as a consultant for Spring11 of New York and was a founding partner of Tremont Realty of Newton, Mass. In addition to capital-raising, Eyzenberg & Co....



The Grapevine

Wed, 19 Jun 2019
Argosy Real Estate has hired Ines Leung to lead its investor-relations efforts. She started this month in San Francisco, working on global fund raising, client services and investor communications for the Wayne, Pa. firm. She reports to managing partners David Butler and Andrew Stewart. Leung spent the last six years consulting for U.S. and Chinese private equity and real estate clients while living in Beijing. Before that, she was a director of...



The Grapevine

Wed, 19 Jun 2019
Slater Traaen has joined Mitsui Fudosan America in New York as a director focused on asset management and leasing. He was previously a vice president of asset management and acquisitions at German investment manager GLL Real Estate. Before that, Traaen had stints at Treeview Real Estate and Kaufman Organization, both of New York.



The Grapevine

Wed, 19 Jun 2019
The Harry and Jeanette Weinberg Foundation hired real estate pro Ryan Gilbert this month as a senior asset manager. He&rsquo;s based in Honolulu, handling property investments in Hawaii for the nonprofit organization, which is based in Owings Mills, Md. Gilbert has had previous stints at Interwest Capital, PacVentures, Janez Properties and Burnham Real...



The Grapevine

Wed, 19 Jun 2019
Knickpoint Ventures of New York is adding three staffers. Justin Beers will focus on development deals and construction, which includes underwriting acquisitions. Brenner Bernstein is joining as an acquisitions and research analyst. Robert Zysk will serve as the firm&rsquo;s controller and handle investor relations. All start next month and report to Knickpoint&rsquo;s founders, Zain Koita and Matt Sprayregen. Beers is joining from Anbau...



The Grapevine

Wed, 19 Jun 2019
JLL has added an expert to its team that advises investors on real estate taxes and purchase-price allocations. Jodi Garman started this week as a senior vice president in Denver, working with clients nationally and reporting to the team&rsquo;s head, managing director Louis Breeding. Garman previously spent almost a dozen years at Duff & Phelps, where she was a director in the property tax advisory...



ON THE MARKET

Wed, 19 Jun 2019
RETAILProperty: Towne Center East, 2450 Cherry Avenue, Signal Hill, Calif.Size: 155,000 sfEstimated Value: $65 millionOwner: Big Shopping Centers USA, PhoenixBroker: JLLColor: The center is 95% leased. Anchor Home Depot has five years of remaining term and has expressed interest in a long-term extension. Other tenants include Wells Fargo. A separately-owned Costco, with a fuel station, serves as a shadow anchor. It isn&rsquo;t part of the...



Skanska Putting New Houston Trophy in Play

Wed, 12 Jun 2019
Skanska USA is preparing to market a majority stake in a brand new Houston office building worth about $550 million.The 754,000-square-foot Bank of America Tower, scheduled to open this month, is about 90% leased. The estimated $729/sf valuation would be one of the richest in the city’s history. A trade would be a rare bright spot for investment sales in Houston, whose energy-dependent economy has been struggling in recent years amid slumping...



After Hiring, Firms Turn Focus to Retention

Wed, 12 Jun 2019
In a tight labor market, recruiting firms are increasingly helping real estate companies not only hire pros, but also keep them.Competition for talent has intensified in recent years, particularly for senior positions. The upshot: Investment shops are putting more focus on retaining existing staff and making sure that new recruits stay on board.“More so now than ever, [firms] expect us . . . to ensure to the best of our ability that a candidate...



JDM Nabs USAA Offices in Florida, Texas

Wed, 12 Jun 2019
JDM Partners has agreed to pay USAA Real Estate nearly $385 million for two office complexes in suburban Tampa and Dallas.The properties, encompassing 873,000 square feet, are fully occupied by the seller’s parent company, San Antonio insurer USAA, under leases with 13 years remaining. If the deal closes at the price of around $440/sf, the initial annual yield will be just under 5.5%.Cushman &amp; Wakefield pitched the properties as a package...



High-Yield Office Play in Manhattan

Wed, 12 Jun 2019
Silverstein Properties is marketing two soon-to-be vacant office/television studio properties on Manhattan’s Upper West Side that it bought from Walt Disney Co. last year.The adjacent buildings, at 125 West End Avenue and 320 West 66th Street, total nearly 515,000 square feet and are being offered as a package. Bids are expected to be around $250 million, or $485/sf. Eastdil Secured is representing New York-based Silverstein.Disney subsidiary...



Hyatt Resort Pitched in San Antonio

Wed, 12 Jun 2019
A developer is shopping a Hyatt Regency resort on the outskirts of San Antonio that’s expected to attract bids topping $200 million.Woodbine Development completed the 500-room Hyatt Regency Hill Country Resort &amp; Spa in 1993 and has owned it since. The Dallas firm has given the listing to Eastdil Secured. The estimated value works out to about $400,000/room.The upper-upscale property includes a 27-hole golf course and a five-acre waterpark....



Seattle Development Site Hits Market

Wed, 12 Jun 2019
Investors are getting a crack at a site in booming downtown Seattle that’s suitable for the development of 2.5 million square feet of mixed-use space.The five adjacent parcels, one block from Amazon’s headquarters, are valued at about $175 million. The seller, Vance Corp. of Seattle, has given the listing to Newmark, which is touting it as the hottest development opportunity on the West Coast.The parcels, totaling 59,000 sf are bounded by the...



AEW Alumnus Closes Debut Fund

Wed, 12 Jun 2019
A shop formed last year by an AEW Capital alumnus has completed raising $120 million of equity for its first real estate fund.Brasa Capital, led by Eric Samek, exceeded the $100 million goal it set for Brasa Real Estate Fund.The Los Angeles sponsor is shooting for a 13-15% return, primarily by acquiring properties throughout the Western U.S. and Texas. It will consider all property types except hotels and will usually team up on investments with...



Downtown Dallas Offices on Block

Wed, 12 Jun 2019
A partnership led by a Korean investor is planning to market a Class-A office building in the Dallas Arts District that could command bids of $235 million.KPMG Plaza encompasses 460,000 square feet at 2323 Ross Avenue in the Central Business District. At a price of $510/sf, the buyer’s initial annual yield would be slightly more than 5%. However, the marketing campaign is expected to tout the long-term potential to raise below-market...



Value-Added Rentals Available in Pa.

Wed, 12 Jun 2019
Korman Communities is separately marketing two value-added apartment complexes in suburban Philadelphia with a combined value of about $105 million.The offerings encompass a 244-unit property in Downington, Pa., and a 180-unit complex in Lansdale, Pa. The two luxury properties carry Korman’s AVE brand. HFF has the listings.The Downington property, in affluent Chester County, could attract bids of about $60 million, or $246,000/unit. At that...



Boston-Area Apartments for Sale

Wed, 12 Jun 2019
Berkshire Residential Investments is shopping a suburban Boston apartment complex that’s expected to appeal to core investors.The 170-unit Riverbend on the Charles, in Watertown, Mass., could draw bids north of $80 million, or $471,000/unit. At that valuation, a buyer’s initial annual yield would be between 4.25% and 4.5%. Walker &amp; Dunlop is marketing the property for Boston-based Berkshire.The complex is 97% occupied. Berkshire acquired...



Harbor Dealing Suburban NY Rentals

Wed, 12 Jun 2019
Harbor Group International is pitching a suburban New York apartment complex as a value-added play.The 504-unit property, in Nanuet, N.Y., could attract bids of about $187 million, or $371,000/unit. At that price, the buyer’s initial annual yield would be roughly 5%. HFF is representing Harbor, a Norfolk, Va., investment manager.The property, at 100 Avalon Gardens Drive, was built in 1998. Only 30% of the units have been renovated. A buyer...



Builder Shops Apartments in Georgia

Wed, 12 Jun 2019
A developer is offering a new apartment property in suburban Atlanta that’s valued at around $75 million.The 278-unit Broadstone Ridge, in Cumberland, Ga., was completed last year and is 87% leased. At the estimated value of $270,000/unit, a buyer’s initial annual yield would be just under 5%. The owner, Alliance Residential of Phoenix, has given the listing to Walker &amp; Dunlop.The five-story complex sits on three acres at 2020 Powers...



Core-Plus Texas Offices Out for Bid

Wed, 12 Jun 2019
An investment firm is marketing a Class-A office building in suburban Dallas that could attract bids of about $52 million from core-plus investors.Tower at Frisco Square encompasses 174,000 square feet at 5757 Main Street in Frisco, Texas. At the estimated price of $300/sf, the buyer’s initial annual yield would be 6.3%. Colliers International is representing the owner, Encore Enterprises of Dallas.The pitch is that a buyer could boost its...



San Francisco TV Offices Up for Grabs

Wed, 12 Jun 2019
An investment firm is marketing the leasehold interest in the headquarters of San Francisco’s ABC television station.The 138,000-square-foot building, at 900 Front Street along the Embarcadero, is expected to fetch bids of about $65 million, or $472/sf. It’s fully leased for the next 20 years to KGO Television, which is owned by ABC, a subsidiary of Walt Disney Co.CBRE is marketing the property for Gerson Bakar and Associates of San...



Blackstone Shows Offices Near Chicago

Wed, 12 Jun 2019
Blackstone is pitching a suburban-Chicago office building as a leasing play.The 318,000-square-foot One Lincoln Centre, in Oakbrook Terrace, Ill., is expected to attract bids of roughly $50 million, or $157/sf. Blackstone, which holds the property through its EQ Office unit, has given the listing to JLL.The property is 79% occupied, versus an 88% average for Class-A office space in the Eastern East-West submarket. In-place rents, meanwhile, are...



Debut Fund Eyes Self-Storage Niche

Wed, 12 Jun 2019
A Southeast investment manager is preparing to market its debut fund.Alliance Real Estate will solicit $50 million of equity for the vehicle, which would shoot for a 15-17% return by acquiring value-added self-storage properties in secondary and tertiary markets in the Southeast, Texas, the Mid-Atlantic and parts of the Midwest.The Birmingham, Ala., shop was formed in 2016 by former Harbert Management senior managing director Alan Fuller and...



ON THE MARKET

Wed, 12 Jun 2019
RETAIL:Property: Covington Esplanade, 27027 185th Avenue SE, Covington, Wash.Size: 187,000 sf, 97.7% leasedEstimated value: $38 million, Yield: 6.15%Owner: Clarion Partners, New YorkBroker: HFFColor: Shopping center in suburban Seattle. Weighted average remaining lease term: 9.1 years. Anchor Home Depot leases 131,000 sf, or 70% of space. Other tenants include Red Robin and IHOP. Within 3 miles, there are 51,000 residents with an average...



The Grapevine

Wed, 12 Jun 2019
Industry veteran Andrew Weiss has joined ESJ Capital as chief operating officer. The Aventura, Fla., shop wants to expand its office holdings, in addition to its focus on charter schools. Weiss reports to president and chief executive Arnaud Sitbon, who founded the shop in 2008. Weiss had been running his own South Florida advisory firm, ARW Realty, after leaving Parmenter Realty in September. He spent 23 years at that Miami fund shop, rising to...



The Grapevine

Wed, 12 Jun 2019
Cushman & Wakefield last week began marketing the 1.2 million-square-foot Daily News Building in Midtown Manhattan, with an estimated value north of $900 million, or $750/sf. SL Green Realty of New York held a beauty contest for the listing of the 37-story Art Deco tower, built in 1930. It&rsquo;s at 220 East 42nd Street, roughly two blocks east of Grand Central Terminal. Major tenants include Omnicom Group, the United Nations and television...



The Grapevine

Wed, 12 Jun 2019
Patrick Russo joined Stream Realty this week as a managing director in Chicago to expand the firm&rsquo;s presence there. He oversees development, acquisition, leasing and property management in the area for the Dallas firm and its clients. Russo spent the last seven years at Lincoln Property, most recently as a vice president in Chicago handling acquisitions for joint ventures and separate-account...



The Grapevine

Wed, 12 Jun 2019
Development veteran Mark Barer joined Quaker Lane Capital of Boston last week as a principal, tasked with overseeing development and working on acquisitions. He spent the last five years in the Boston office of New York-based Twining Properties as a senior vice president of development. Quaker Lane, launched last year by Eastdil Secured alumnus Carlos Febres-Mazzei, is seeking development and redevelopment plays near urban centers, initially...



The Grapevine

Wed, 12 Jun 2019
Jason Hicks joined Brookfield Asset Management last week as a vice president in Atlanta. He handles portfolio management of industrial assets for the Toronto firm. He previously was a senior vice president at Newport US RE, spending three years at the Atlanta affiliate of Germany-based Newport Holding. He also had stints at Columbia Property and Trimont Real...



The Grapevine

Wed, 12 Jun 2019
Fresh off a big acquisition, San Francisco investment shop Local Capital has added to its asset-management staff. Dan McGill started two weeks ago as a senior asset manager, and David Farrell joined as an associate. They report to partner Ryan Braniff. McGill came from Sares-Regis Group of Irvine, Calif., and had prior stints at Hines, Apple and JLL. Farrell previously worked at Terreno Realty of San Francisco. A joint venture between Local and...



The Grapevine

Wed, 12 Jun 2019
PGIM Real Estate has tapped a Goldman Sachs veteran to help spearhead acquisitions in Texas. Mark Walker joined late last month as a vice president in Dallas, working under Jim Mehalso, head of southeast transactions. Walker spent 12 years at Goldman, most recently in its realty management division, where he handled office and industrial acquisitions, dispositions and asset management in the Central U.S. PGIM has stepped up acquisitions activity...



The Grapevine

Wed, 12 Jun 2019
Shorenstein Properties is looking for an asset manager with at least three years of experience handling large multi-family properties. The recruit would work in the firm&rsquo;s San Francisco headquarters and report to Gregg Meyer, head of asset management. For more information, go to shorenstein.com and click on &ldquo;Contact,&rdquo; then &ldquo;Careers.&rdquo;.END



MARKET SPOTLIGHT: Seattle-Area Office Properties

Wed, 05 Jun 2019
The average per-foot valuation of closed and pending deals this year is $477/sf, up from $440/sf last year and far above the $341/sf peak of the last cycle, in 2007, according to Real Estate Alert&rsquo;s Deal Database. Current listings could push the average above the $495/sf record set in 2017.The average asking rent grew 7.7% over the 12 months ending on March 31, according to Newmark. That was one of the biggest gains in the country and more...



The Grapevine

Wed, 05 Jun 2019
Industry veteran John Gaghan has signed on as chief executive of nascent property shop Apex Capital Investments. He started in the past few weeks at the Philadelphia-based firm, a subsidiary of Dimah Capital of Kuwait. Apex will invest nationwide in net-leased office and industrial properties, as well as apartment complexes. Its parent is expected to raise capital for Apex via separately managed accounts for foreign investors. Gaghan was...



The Grapevine

Wed, 05 Jun 2019
Matthew Feldman has left Carlyle Group to launch his own advisory firm. He&rsquo;s founder and president of Campaign Capital of New York. The new shop, formed last month, offers a broad array of advisory services to clients such as founder-owned businesses, family offices, small to mid-sized REITs and private-equity shops that don&rsquo;t have dedicated real estate teams. Feldman was a managing director at Washington-based Carlyle, which he...



The Grapevine

Wed, 05 Jun 2019
After seven years at Grosvenor, Peter Staver moved over to City Center Realty this week. He&rsquo;s a vice president in the firm&rsquo;s San Francisco headquarters. City Center, founded by Mark Stefan and Sigurd Anderson, targets urban office, retail and mixed-use properties. Staver was a vice president at Grosvenor, where he handled acquisitions and dispositions in California. He earlier worked at Acacia Capital of San Mateo, Calif., Boston...



Phoenix Office Building Up for Grabs

Wed, 05 Jun 2019
A developer is marketing a well-leased office building in Phoenix worth about $55 million.The 178,000-square-foot property is in the Camelback Corridor submarket, about nine miles northeast of downtown. Bids are expected to hit $313/sf. Owner Ryan Cos. of Minneapolis, which completed the three-story building in 2009, has given the listing to Newmark.The property is 95.5% leased by 10 tenants with a weighted average remaining lease term of 5.2...



Value-Added Rentals Available in NJ

Wed, 05 Jun 2019
Two garden-style apartment complexes valued at roughly $70 million are on the block in Northern New Jersey.The workforce-housing properties, about 2 miles apart in Hasbrouck Heights, are being pitched as suitable for upgrades. CBRE is marketing them as a package for the owner, a joint venture between London-based Griffen Properties and Kushner Cos. of New York.The offering encompasses the 214-unit Boulevard Apartments, at 398 Church Street, and...



Maryland Rentals Ripe for Upgrades

Wed, 05 Jun 2019
An apartment complex in suburban Baltimore is being pitched to value-added investors.The 263-unit Melvin Park, in Catonsville, Md., is expected to draw bids of about $33 million, or $125,000/unit. At that price, the buyer&rsquo;s initial annual yield would be close to 6%. JLL is representing the owner, Tampa multi-family shop Robbins Property Associates, which purchased the property 12 years ago.The complex, at 351 Suter Road, encompasses 131...



Investors Drop Suit Against Laurus

Wed, 05 Jun 2019
A Los Angeles Superior Court has dismissed a complaint filed against fund operator Laurus Corp. by investors in its two foundering real estate vehicles.The action was taken after the two sides came to a conditional settlement, according to court documents. Terms of the settlement weren&rsquo;t disclosed. The motion to drop the case was filed April 16 by the plaintiffs, investors identified only as ER Group LRS.The dismissal ends a dispute that...



Life-Science Offices Pitched Near SF

Wed, 05 Jun 2019
Ascentris is marketing an office campus in the San Francisco Bay Area that&rsquo;s fully leased, mainly to life-science companies.The 386,000-square-foot Waterfront at Harbor Bay, in Alameda, Calif., is expected to draw bids of about $105 million, or $272/sf. Denver-based Ascentris listed the East Bay property with Cushman & Wakefield. The marketing pitch is that a buyer could raise below-market rents as leases roll over, potentially boosting the...



Foreclosed Hilton Shown in Dallas

Wed, 05 Jun 2019
A lender is looking to unload a large hotel in Dallas that it seized last year after the owner defaulted on a $75 million loan.The 500-room Hilton Dallas Lincoln Centre is being pitched to high-yield investors. A current valuation couldn&rsquo;t be learned, but it&rsquo;s likely to trade at a discount to the loan balance. The lender, Colony Credit Real Estate, has given the listing to Eastdil Secured.Hilton Worldwide of McLean, Va., manages the...



Retail Center Offered in Silicon Valley

Wed, 05 Jun 2019
A Silicon Valley retail center with an entertainment component is up for grabs with an estimated value of $75 million.The offering encompasses 266,000 square feet at McCarthy Ranch Marketplace in Milpitas, Calif. At the anticipated price, a buyer&rsquo;s initial annual yield would be in the vicinity of 6.25%. The owner, Torgan Group of Toronto, has given Newmark the marketing assignment.The center totals 525,000 sf, but nearly half the space is...



Fla. Rentals Have Upgrade Potential

Wed, 05 Jun 2019
A portfolio of Central Florida workforce-housing properties is on the market as a value-added opportunity that&rsquo;s expected to draw bids of about $107 million.The package encompasses 1,242 units at six properties, built between 1964 and 1984, in Orlando, Daytona Beach, New Smyrna Beach and South Daytona. At the estimated value of $86,000/unit, a buyer&rsquo;s initial annual yield would be roughly 5.25%, but the pitch is that it could be...



High-Yield Complex Marketed in NJ

Wed, 05 Jun 2019
Brookwood Financial is pitching a Northern New Jersey office complex as a leasing play.The 544,000-square-foot Morris Corporate Center 1&2, in Parsippany, is only 67% occupied, but has seen some leasing momentum over the past two years.The estimated value is $76 million, or $140/sf. At that price, the buyer&rsquo;s yield at stabilization would be north of 8%. HFF has the listing.Brookwood bought the complex in 2014 for $87 million from Ohio State...



Houston Offices on Block at Discount

Wed, 05 Jun 2019
Opportunistic investors are getting a crack at a distressed office building in Houston that’s expected to fetch less than half the owner’s total investment.The 449,000-square-foot property, at 1801 Smith Street, is valued at about $38 million, or $85/sf. A DRA partnership acquired it in 2014 for $68.8 million, or $153/sf, and then pumped another $11 million into a renovation. But with the occupancy rate just 36% and falling, New York-based...



Sovereign Fund Dealing Offices in DC

Wed, 05 Jun 2019
Abu Dhabi Investment Authority is pitching a Class-A office building about two blocks from the White House to core investors.The 253,000-square-foot McPherson Square Building, at 901 15th Street NW in Washington&rsquo;s East End, is expected to fetch about $235 million. At that price, the buyer&rsquo;s initial annual yield would just top 5%. Los Angeles-based CBRE Global Investors, which manages the property for the sovereign wealth fund, has...



Morgan Stanley Buys Office Stake

Wed, 05 Jun 2019
Morgan Stanley Real Estate last week paid about $127 million for a 49% stake in a recently built &ldquo;creative&rdquo; office building in the Los Angeles area.The 282,000-square-foot property, at 5800 Bristol Parkway in Culver City, Calif., is fully leased. Newmark brokered the sale for an AFL-CIO Building Investment Trust partnership, which retained the remaining 51% interest. Morgan Stanley acted via its core open-end Prime Property Fund.The...



DoubleTree Near Times Square in Play

Wed, 05 Jun 2019
McSam Hotel Group has listed a two-year-old hotel in Manhattan&rsquo;s Times Square area.The 612-room DoubleTree by Hilton New York Times Square West, at 350 West 40th Street, is valued at about $325 million, or $531,000/room. At that price, the buyer&rsquo;s initial annual yield would be 5.5%. Newmark has the listingThe full-service hotel is being offered unencumbered by a management contract but subject to a franchise agreement with Hilton...



Calif. Listing Could Set Student-Housing Mark

Wed, 05 Jun 2019
A Carmel Partners team is marketing a sprawling student-housing community near Sacramento that could double the U.S. price record for the asset class.The 200-acre complex, on the campus of University of California, Davis, is expected to attract bids of about $475 million. It encompasses 2,289 beds in 663 units. At the estimated value of $208,000/bed and $716,000/unit, the buyer&rsquo;s initial annual yield would fall in the range of 5% to...



Gorin Leaving, Goldman Mulls Consolidation

Wed, 05 Jun 2019
Joe Gorin has stepped down as co-head of the private real estate group in Goldman Sachs&rsquo; asset management division amid talk that the bank is thinking about merging its two real estate platforms.Managing director Joseph Sumberg, the other co-head, has taken sole responsibility for the roughly 40-member group. Gorin, whose move was described as amicable, is staying on as a consultant during a transition while his responsibilities are assumed...



Vulcan Markets Facebook Buildings in Seattle

Wed, 05 Jun 2019
Vulcan Real Estate is preparing to market two new Facebook office buildings in Seattle that could fetch $400 million combined.The adjacent, similar buildings make up the 389,000-square-foot Arbor Blocks complex, completed last year in the South Lake Union neighborhood. Facebook will fully occupy both buildings under 12-year leases. It has already moved into one and plans to occupy the other in the coming months. The social media giant, which has...



The Grapevine

Wed, 05 Jun 2019
Daniel Shainberg joined Westminster Capital last month as a managing director. The Pacific Palisades, Calif., firm&rsquo;s investments include multi-family and student-housing properties. Westminster is led by chief executive Greg Belzberg. Shainberg came from Alloy Asset Management of New York, where he was a director handling private equity transactions. He also served as chief investment officer for a Beverly Hills family office, where he...



The Grapevine

Wed, 05 Jun 2019
Domio, a New York-based &ldquo;apartment hotel&rdquo; company, has added another real estate pro to its team. Matthew Levy joined last month as head of real estate in California, tasked with expanding the company&rsquo;s footprint there. He was previously an acquisitions vice president at Bluerock Real Estate of New York, where he worked on multi-family deals nationwide for almost two years. Before that, he was an associate at CIM Group of Los...



The Grapevine

Wed, 05 Jun 2019
Mitsui Fudosan America has added a staffer to its acquisitions team in San Francisco. Ariel Anaya started last month as a senior associate, reporting to Sam Fagelson, director of acquisitions. Anaya was previously an associate at New York-based iStar, where he spent the last three and a half years. Before that, he was an analyst in J.P. Morgan Asset Management&rsquo;s real estate investment...



The Grapevine

Wed, 05 Jun 2019
Joe Thomas 3d joined New York Life as a senior associate last month. Based in Atlanta, he handles asset-management in the Southeast. Thomas previously was an investment associate at PGIM Real Estate, where he spent seven years. He also put in a year as an analyst at MedCore Properties of Dallas.



ON THE MARKET

Wed, 05 Jun 2019
OFFICE:Property: 811 West Fulton Street, ChicagoSize: 70,000 sf, 100% leasedEstimated Value: $49 million, $700/sfOwner: Shapack Partners, ChicagoBroker: JLLColor: &ldquo;Creative&rdquo; office building completed last year in the Fulton Market district, a former industrial area becoming a trendy neighborhood. Anchor tenant Knoll, a furniture company, occupies half the space. The other tenants are BlackEdge Capital, Chicago Beyond and The Wing....



Ivanhoe Mulls Ways to Expand Office Portfolio

Wed, 29 May 2019
Canadian investment giant Ivanhoe Cambridge is conducting a strategic review of its roughly $10 billion U.S. office portfolio with an eye toward expansion.The pension-fund manager is weighing multiple options, including selling stakes in existing holdings in order to raise money for new investments; forming joint ventures to make acquisitions; and significantly increasing its management of third-party capital.Ivanhoe is being advised by Eastdil...



New, Leased-Up Cambridge Labs on Market

Wed, 29 May 2019
Davis Cos. and Invesco Real Estate are marketing a redeveloped and fully leased laboratory building in Cambridge, Mass., looking to capitalize on a quick turnaround in a superheated leasing market.The 224,000-square-foot Alewife Research Center, at 35 CambridgePark Drive in the West Cambridge submarket, is expected to fetch bids of about $288 million, or $1,286/sf. That would produce an initial annual yield of 5.5%. Newmark, which has the...



CBRE Promotes Research Pro to Retail Chief

Wed, 29 May 2019
CBRE has turned to a research specialist to head its U.S. retail investment-sales team, as the firm seeks to provide clients with more strategic advice during a time of upheaval in the sector.Melina Cordero, currently CBRE’s global head of retail research, assumes her new role as managing director of capital markets on July 1. She is replacing Mark Bratt, who left in January to become chief executive of Los Angeles-based Westwood Financial....



AIG Pitching HQ in Lower Manhattan

Wed, 29 May 2019
AIG is marketing its Lower Manhattan headquarters, which has an estimated value of up to $280 million.The insurer plans to lease back the entire 684,000-square-foot building, at 175 Water Street, through 2021 and then vacate. That would provide cashflow while a buyer maps out and implements its investment strategy. Options include leasing the space to multiple tenants or repositioning the property for other uses.Eastdil Secured is representing...



Insurer Snags Luxury SF Rental Tower

Wed, 29 May 2019
Northwestern Mutual has acquired a luxury apartment building in San Francisco for $306.5 million.HFF brokered the sale for Miami-based Crescent Heights, which developed the 319-unit tower in 2016. The off-market transaction closed in the past few weeks.The 40-story property, at 45 Lansing Street in the Rincon Hill neighborhood, is 96% occupied. The $961,000/unit purchase price will generate an initial annual yield of 3.25% to 3.5% for...



Israeli Firm Buys Stake in NY Offices

Wed, 29 May 2019
An Israeli insurance company has acquired a roughly 35% stake in the 750,000-square-foot office building at 425 Lexington Avenue in Midtown Manhattan.Migdal Insurance purchased the interest from Vanbarton Group for about $245 million. The transaction valued the property at $701 million, or $935/sf — the same price that Vanbarton paid when it acquired the building on behalf of a separate-account client in October from institutional clients of...



NY Life Offering Bay-Area Complex

Wed, 29 May 2019
New York Life is pitching an office complex in the San Francisco Bay Area that could attract bids of $55 million from value-added investors.Bridgepoint Office Park encompasses two Class-A buildings totaling 131,000 square feet at 1500 and 1510 Fashion Island Boulevard in San Mateo, Calif. Cushman &amp; Wakefield has the listing. Marketing materials tout the potential to fill vacant space and raise below-market rents, thanks to a strong local...



NEW DEALS

Wed, 29 May 2019
Suburban Atlanta Apartment PropertyA joint venture between MLG Capital and One Real Estate Investment paid $31.3 million this month for a 280-unit apartment complex in suburban Atlanta.The deal valued Park Crossing, a Class-B property in Lilburn, Ga., at $112,000/unit. Cushman &amp; Wakefield represented the seller, an unidentified individual. The garden-style complex, at 2700 Park Crossing Way, is 98% occupied. Units have 1-2 bedrooms. Amenities...



Value-Added Seattle Rentals for Sale

Wed, 29 May 2019
An apartment building across from Amazon’s Seattle headquarters is up for sale.The 366-unit property, at 1942 Westlake Avenue, could attract bids of about $210 million, or $574,000/unit. CBRE Global Investors of Los Angeles, acting on behalf of Abu Dhabi Investment Authority, has given the listing to HFF.The 31-story building, constructed in 2001, is nearly fully occupied. A renovation under way has updated 207 units. The remaining units still...



PGIM Marketing Washington Offices

Wed, 29 May 2019
PGIM Real Estate is pitching a Class-A office building in Washington’s Capitol Riverfront submarket that’s expected to fetch bids of up to $225 million.The 391,000-square-foot property, at 1015 Half Street SE, is 89% occupied, mostly with long-term leases. The pitch is that there’s room to increase income by filling vacant space on the top floor of the 10-story building.Bids are expected to range between $220 million and $225 million, or up...



New Jersey Apartments Out for Bid

Wed, 29 May 2019
An apartment property in New Jersey is on the block with an estimated value of $50 million.The 145-unit Queens Gate, at 675 Tea Street in Bound Brook, is being pitched as a value-added play because its rents are nearly 15% lower than those of comparable developments within 5 miles. At a price of $345,000/unit, the buyer’s initial annual yield would be about 5%. HFF is marketing the property for New York-based Sturm Asset Management, which built...



Orange County Complex Finds Buyers

Wed, 29 May 2019
Separate partnerships led by Ocean West Capital have struck deals totaling $137 million for two adjacent office buildings in California’s Orange County.Blackstone marketed the 418,000-square-foot complex, at One &amp; Two MacArthur Place in Santa Ana, via JLL. The nine-story buildings are virtually identical, but have different investment profiles — one is stabilized, and the other has upside potential.One of the deals has already closed....



Nuveen Tees Up 2 Offices in Boston

Wed, 29 May 2019
Nuveen Real Estate has listed two fully leased office buildings in downtown Boston.The 107,000-square-foot building at 99 Chauncy Street and the 53,000-sf building at 101 Summer Street are expected to attract bids exceeding $100 million, or $625/sf. At that price, the buyer’s initial annual yield would be in the vicinity of 5.3%.Nuveen prefers to sell the Class-B properties as a package, but will consider offers for either. CBRE has the...



ON THE MARKET

Wed, 29 May 2019
INDUSTRIAL:Property: Corporate Park West, Houston, Corporate Park Woodland, Spring, Texas, and Plaza Park, HoustonSize: 381,000 sf, 72.3% leasedEstimated value: $41 million, $108/sfOwner: Pillarstone Capital REIT, HoustonBroker: HFFColor: Portfolio of 11 light-industrial buildings in three properties within Houston&rsquo;s North, Northwest and Central submarkets. The pitch is that a buyer could lift occupancy to the 90% market average. The 69...



Nuveen Showing Brooklyn Rentals

Wed, 29 May 2019
Nuveen Real Estate is marketing a luxury apartment building in Brooklyn valued at about $150 million.The 234-unit property, at 250 North 10th Street in the trendy Williamsburg neighborhood, is 95% occupied. The marketing pitch is that a buyer should be able to raise below-market rents as leases roll over.At the estimated value of $641,000/unit, the buyer’s initial annual yield would be 5%. HFF has the listing.Units range from studios to two...



The Grapevine

Wed, 29 May 2019
Managing director Jill Kirby has parted ways with Nuveen Real Estate. She had joined the TIAA unit in February as head of asset management for New York office holdings. Previously, Kirby spent roughly 11 years at Madison Capital of New York, finishing as managing director of asset management. Before that, she worked at fund operator Madison International Realty and Jeff Sutton&rsquo;s Wharton Properties, both of New...



The Grapevine

Wed, 29 May 2019
Erin Shaw joined Beacon Partners of Charlotte last month as director of office investments. She spent the last 15 years at Meritage Properties, most recently as a managing director working on acquisitions for the Scarsdale, N.Y., firm, which focuses on high-yield office deals in the Washington-to-Boston corridor. At Beacon, Shaw will work on leasing and marketing of the firm&rsquo;s 1 million square feet of offices in the Carolinas, as well as...



The Grapevine

Wed, 29 May 2019
Deutsche Bank has hired Rob Angilletta as a vice president on its corporate real estate team. He started last month in New York as the team&rsquo;s head of real estate strategies, reporting to director Jens Hornung in Germany. Angilletta last year left the New York office of Chinese conglomerate HNA Group, where he was an investment manager. He had prior stints in transaction management at CBRE and...



The Grapevine

Wed, 29 May 2019
Kairos Investment added Anna Zawieja this month as a senior investment manager focused on capital raising and investor relations. She jumped to the Rancho Santa Margarita, Calif., fund operator from New York investment manager Raven Capital, where she also worked on investor relations. At Kairos, she reports to president and chief investment officer Jon Needell. Kairos invests across asset classes nationwide, via both open and closed-end funds....



The Grapevine

Wed, 29 May 2019
CA Ventures&rsquo; multi-family platform has hired a senior vice president of portfolio and asset management. Jason Lewis joined CA Residential this month, reporting to president Bob Flannery. Lewis previously spent roughly a decade at Chicago fund shop Capri Capital, where he was most recently head of asset management. CA Ventures has roughly $2 billion of multi-family assets under...



The Grapevine

Wed, 29 May 2019
Hotel operator Benchmark hired Mitch Garrett this month as a vice president of development. He scouts out opportunities for construction and conversion, as well as new management contracts. Garrett was previously a vice president of acquisition and development at Trump Hotels of New York, where he worked for three and a half years. He had earlier stops at VOS Hospitality and Trans Inns Management. Benchmark, based in The Woodlands, Texas, manages...



The Grapevine

Wed, 29 May 2019
Retail fund shop Newport Capital of Chicago hired three staffers last month to work on acquisitions and asset management. Alex Smith, a vice president, came from Starwood Retail, a division of Miami Beach-based Starwood Capital. Matt O&rsquo;Keefe and Alan Braxton Jr. joined Newport as associates. O&rsquo;Keefe had been at MB Financial of Chicago and Braxton at Cargill of Wayzata, Minn. Smith and Braxton report to asset-management head Anne...



Revamped Chicago Office Tower Hits Market

Wed, 22 May 2019
An Angelo, Gordon & Co. partnership is looking to complete its turnaround of the Citadel Center office tower in downtown Chicago.The New York fund operator and Houston-based Hines began pitching the 1.5 million-square-foot trophy building to a select group of investors within the last several weeks. Bids are expected to land in the range of $700 million to $750 million, or up to $500/sf. HFF, which brokered the property&rsquo;s last trade more...



Once-Hot Orange County Office Market Cools

Wed, 22 May 2019
While other big West Coast markets continue sizzling, Orange County&rsquo;s office sales are fizzling.The Southern California county ranked as the 10th most-active U.S. market in 2017, when commercial property sales hit a cyclical peak of $2.4 billion. But volume tumbled 20% last year and has continued to decline. With a bid-ask gap emerging, less than $400 million of sales worth at least $25 million have closed or are under contract so far in...



Offices Next to Chrysler Building for Sale

Wed, 22 May 2019
A Tishman Speyer partnership is marketing a Midtown Manhattan office building adjacent to the recently sold Chrysler Building.The 767,000-square-foot Chrysler East, at 666 Third Avenue, is expected to fetch bids of around $700/sf, or nearly $540 million. At that valuation, a buyer&rsquo;s initial annual yield would be in the high-4% range. New York-based Tishman and its partners, two unidentified sovereign wealth funds, have listed the property...



Office/Lab Bundle Listed in NC

Wed, 22 May 2019
A Bain Capital partnership is shopping a portfolio of life-science properties within or close to North Carolina&rsquo;s Research Triangle Park that are worth about $380 million.The offering encompasses 1.3 million square feet of laboratories and offices, spread among 17 buildings in Durham and another in Morrisville. At the estimated value of $284/sf, a buyer&rsquo;s initial annual yield would be in the vicinity of 6%. HFF is marketing the...



Blackstone Nabs Luxury Fla. Rentals

Wed, 22 May 2019
Blackstone last week acquired two luxury apartment complexes in Miami from a Rockpoint Group partnership for $208.8 million.The adjacent properties, each with 360 units, are 95% occupied. At the $290,000/unit price, Blackstone&rsquo;s initial annual yield will be just under 5%. Cushman & Wakefield represented Rockpoint and its partner, local developer Related Group.The garden-style communities are on a 33-acre site in the Doral submarket. The...



DC Offices Pitched as High-Yield Play

Wed, 22 May 2019
Opportunistic investors are getting a crack at a soon-to-be-vacant office building in Washington&rsquo;s East End.The 84,000-square-foot building, at 1313 L Street NW, currently serves as the headquarters for its owner, the National Association for the Education of Young Children. The non-profit organization has tapped HFF to find a buyer for the property as it prepares to relocate.Market pros estimate that the building could attract bids of $40...



Clarion Marketing Core Offices in SF

Wed, 22 May 2019
Clarion Partners is pitching a San Francisco office building that&rsquo;s leased to a city agency for another 14 years.The 127,000-square-foot property could attract bids of about $140 million, or $1,100/sf, from core investors. At that price, the buyer&rsquo;s initial annual yield would be 5%. Newmark is representing New York-based Clarion.The San Francisco District Attorney&rsquo;s office recently relocated to the Class-A building from the...



AEW Puts Offices Near LA on Block

Wed, 22 May 2019
AEW Capital is pitching a &ldquo;creative&rdquo; office building in the Los Angeles area that&rsquo;s valued at slightly more than $100 million.The 206,000-square-foot property, at 101 Pacific Coast Highway in El Segundo, Calif., is 88% leased, with a weighted average remaining lease term of 7.1 years. Offers are expected to hit $500/sf, or $103 million. Newmark has the listing.Boston-based AEW pumped $20 million into the Class-A property over...



New Miami Apartments Up for Grabs

Wed, 22 May 2019
A developer is shopping a year-old apartment complex in Miami that&rsquo;s already stabilized.Bids for the 314-unit Altis Bonterra, at 3545 West 98th Street, are expected to top $290,000/unit, or $91 million. Cushman & Wakefield is representing the developer, Altman Cos. of Boca Raton, Fla.The marketing campaign is touting the surrounding area&rsquo;s booming development pipeline. The planned $4 billion American Dream Mall, which Miami-Dade...



Vanbarton Lists Offices Leased to UN

Wed, 22 May 2019
Vanbarton Group is marketing a Midtown Manhattan office building it has owned for a year, after renewing the United Nations&rsquo; lease on all the space.The 187,000-square-foot building, at 305 East 46th Street, is valued at about $150 million, or $800/sf. At that price, the buyer&rsquo;s initial annual yield would be under 5%. Eastdil Secured has the listing.Vanbarton, a New York investment shop, bought the property last May from Government...



Investcorp Shows Industrial Portfolio

Wed, 22 May 2019
An Investcorp partnership is marketing four distribution warehouses in suburban Boston worth about $82 million.The well-leased portfolio totals 900,000 square feet. At the estimated value of $91/sf, the buyer&rsquo;s initial annual yield would be 6%. CBRE is representing Bahrain-based Investcorp and its partner, Novaya Real Estate Ventures of Boston.The Massachusetts buildings are 97% leased by 12 tenants. The average rent is 18.2% below the...



Developer Brings Out Charlotte Rentals

Wed, 22 May 2019
A new apartment building in Charlotte&rsquo;s arts-and-entertainment district is on the block with an estimated value of $89 million.The 344-unit property, completed last year, is 86% leased at market rents of $1,579. At the estimated value of at least $260,000/unit, a buyer&rsquo;s initial annual yield would be 5%. Local developer Crescent Communities gave the marketing assignment to HFF.The seven-story building is at the edge of the North...



Bids Sought for Mass. Warehouse

Wed, 22 May 2019
A partnership has listed a fully occupied distribution center in suburban Boston that includes cold-storage space.The 187,000-square-foot building, at One Technology Drive in Peabody, Mass., is expected to attract bids of $32 million, or $170/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.5%. JLL is representing owners AEW Capital and Griffith Properties, both of Boston.The property is occupied by CNE Direct (66,000 sf),...



Vornado Pitching DC Retail Property

Wed, 22 May 2019
Vornado Realty is offering a fully leased retail property in Washington&rsquo;s Georgetown neighborhood.The 44,000-square-foot building, at 3040 M Street NW, is expected to draw bids of around $50 million, which would translate to an initial annual yield of roughly 5%. The marketing campaign touts the strength of its investment-grade tenants: Nike and Amazon. Eastdil Secured is representing Vornado.The New York REIT bought the property in 2006,...



Davis Pitching Cambridge Offices

Wed, 22 May 2019
Davis Cos. has listed an office building with creative and medical-office space in Cambridge, Mass., that is expected to attract bids of $60 million.The 137,000-square-foot building is at 625 Mount Auburn Street in the West Cambridge neighborhood. At the estimated value of $436/sf, the buyer&rsquo;s initial annual yield would be 5.25%. HFF has the listing.The property is 96% occupied, versus a 93% average for all office buildings in West...



L&B Tees Up Seattle Leasing Play

Wed, 22 May 2019
L&B Realty is marketing a boutique office building in Seattle that&rsquo;s worth about $53 million.The 94,000-square-foot property, called First & Stewart, is 96% leased.The marketing campaign, led by Newmark, is touting the potential to raise below-market rents as leases roll over. The average rent is 22% below the property&rsquo;s current asking rate. The weighted average remaining lease term is 3.5 years.The Class-A building was completed in...



MARKET SPOTLIGHT: Chicago Office Properties

Wed, 22 May 2019
The drought of downtown listings is over, with nine emerging in the past six weeks or so. Among them are a six-property portfolio owned by AmTrust Realty and prime buildings such as Citadel Center and 500 West Monroe Street.Investors face a wild card in establishing a value for acquisitions they are considering: the potential impact of expected hikes in local taxes.Asking rents have climbed 22% since 2013, according to JLL. But the growth rate is...



The Grapevine

Wed, 22 May 2019
Scott Soucy joined Deutsche Finance America last month as a senior vice president at its Denver headquarters. He handles acquisitions, development and asset-management of office, retail and mixed-use properties nationwide, reporting to managing partner Jason Lucas. The U.S. subsidiary of Munich-based Deutsche Finance launched last year, and since has invested some $500 million of equity. Soucy previously was a vice president at CIM Group of Los...



The Grapevine

Wed, 22 May 2019
Zeke Faham started at Aecom Capital Real Estate last month as a vice president of investment. He reports to senior managing director Tim Haskin. Faham will work primarily on the New York firm&rsquo;s nascent joint venture with Los Angeles-based Canyon Partners. The team is targeting large developments nationwide. Faham spent the last seven years at Tishman Hotel & Realty of New York and had earlier stops at Oxford Properties of Toronto and iStar...



The Grapevine

Wed, 22 May 2019
Brian Haber joined PCCP as a vice president on the acquisitions and originations team in New York last month. Haber spent just over four years as a vice president at True North Management of White Plains, N.Y. At PCCP, he seeks out opportunities for investments across the capital stack, from taking joint-venture equity positions to writing senior mortgages. The focus is on primary property sectors along the East Coast, including development...



The Grapevine

Wed, 22 May 2019
Hidrock Properties last month hired a director of investor relations and business development. Sumeet Rametra, based in the New York firm&rsquo;s headquarters, will seek to expand its investor base, focusing on raising capital from family offices and wealthy individuals. He reports to chief executive Abraham Hidary. Rametra previously handled business development at TRPPS Real Estate of New York for three years. He was at Cerberus Capital of New...



The Grapevine

Wed, 22 May 2019
Healthcare-property shop Invesque hired Kari Onweller last month as a vice president. She is splitting time between the firm&rsquo;s Carmel, Ind., headquarters, and Chicago, handling investor relations and portfolio management. Onweller previously worked at Chicago-based Ventas and a spin-off from that firm, Care Capital Properties. Invesque, led by chief executive Scott White, has been hiring in recent months. Vineet Bedi joined in February as...



The Grapevine

Wed, 22 May 2019
Retail investor Urstadt Biddle Properties has added an assistant vice president to scout out and underwrite shopping-center acquisitions in the suburbs of New York City. Kirkwood &ldquo;Kubby&rdquo; Tischler joined the Greenwich, Conn., REIT at the end of April. He reports to senior vice president James Aries. Tischler previously spent three-plus years at Cushman & Wakefield, where he focused on retail...



The Grapevine

Wed, 22 May 2019
Tip O&rsquo;Donnell joined Starwood Capital this month as an associate. He&rsquo;s based in Washington for the Miami Beach firm. O&rsquo;Donnell had been a senior associate for acquisitions at Dallas-based Invesco Real Estate, where he spent a year and a half. His experience also includes three years at Crestline Hotels & Resorts of Fairfax, Va.



REIT Puts West Loop Office Tower on Block

Wed, 15 May 2019
Piedmont Realty is marketing a Class-A office tower in Chicago&rsquo;s West Loop that could attract bids approaching $500 million.The 967,000-square-foot building, at 500 West Monroe Street, is 99% occupied under relatively long-term leases. JLL is advising Piedmont, an Atlanta REIT.Bids are expected to be in the vicinity of $470 million to $490 million, or up to $507/sf. A sale at that valuation would mark a dramatic turnaround for the 46-story...



Strong Market Keeps Recruiters Busy as Ever

Wed, 15 May 2019
Demand for commercial real estate professionals remains unabated, fueled by a growing cast of firms seeking a wider range of expertise and qualifications.Recruiters report their pipelines of assignments are as big or bigger than they were a year ago. And there aren&rsquo;t enough qualified professionals to go around, making for an increasingly competitive hiring environment that requires more effort to fill each opening.Real Estate Alert&rsquo;s...



Rudin Shops Offices in NY Financial District

Wed, 15 May 2019
Rudin Management is marketing a Lower Manhattan office tower that it built in 1962 and has owned ever since.The 387,000-square-foot building, at One Whitehall Street, is estimated to be worth at least $515/sf, or $200 million. Cushman & Wakefield is advising New York-based Rudin, which is led by cousins Bill Rudin and Eric Rudin.The 21-story property is fully leased, but is being pitched as a value-added play. The investment strategy is to...



Sacramento Tower Could Set Record

Wed, 15 May 2019
Another big office property is on the block in downtown Sacramento &mdash; and will likely break the price record it set for the city less than three years ago.Starwood Capital&rsquo;s offering of the 510,000-square-foot Wells Fargo Center is expected to fetch about $200 million, which would easily exceed Starwood&rsquo;s $175.6 million purchase price in late 2016. The estimated price of $392/sf would also be one of the highest per-foot...



MetLife Brings Out Core Calif. Offices

Wed, 15 May 2019
A MetLife Real Estate Investors partnership is pitching a Northern California office complex to core investors.The 379,000-square-foot Treat Towers, in Walnut Creek, is valued at about $200 million, or $528/sf. Newmark has the listing.The Class-A property is 97% leased. MetLife and its 50-50 partner, an Abu Dhabi sovereign wealth fund, are touting its proximity to mass transit, shopping and dining.The complex, which has two 10-story buildings, is...



Hines Lists New Miami-Area Rentals

Wed, 15 May 2019
Hines is marketing a new apartment property in suburban Miami that could fetch $190 million from core buyers.The 550-unit luxury complex, in Doral, Fla., was built last year and is already 98% leased. At the estimated value of $345,000/unit, a buyer&rsquo;s initial annual yield would be in the mid-4% range. The Houston developer listed the property with Cushman & Wakefield.Units range from studios to three bedrooms and average 911 square feet....



Kilroy Dealing Orange County Offices

Wed, 15 May 2019
Kilroy Realty could see bids of about $125 million for an office building in California&rsquo;s Orange County.The 272,000-square-foot property, near John Wayne International Airport in Irvine, is 87.6% leased. The estimated value translates to $460/sf. Eastdil Secured is advising Los Angeles-based Kilroy.A buyer&rsquo;s investment strategy would be to fill vacant space and raise rents as existing leases roll over. Rents average 10% below the...



Calif. Offices With Long Lease for Sale

Wed, 15 May 2019
AEW Capital is marketing an office building in California&rsquo;s Orange County that&rsquo;s fully leased for the next dozen years.The 111,000-square-foot property, in Aliso Viejo, is valued at about $58 million. A trade at that $521/sf price would produce an initial annual yield of 5.9%. Newmark is representing Boston-based AEW.The four-story, Class-A building has been fully leased since its completion in 1999. Ambry Genetics occupies 68,000 sf...



Menlo Markets Silicon Valley Offices

Wed, 15 May 2019
A Silicon Valley office complex is being pitched with short-term leasing upside and long-term redevelopment potential.Bids for the 200,000-square-foot Great America at Tasman, in Santa Clara, Calif., are expected to hit about $100 million, or $500/sf. Newmark is representing the owner, Menlo Equities of Menlo Park, Calif.The four-building complex is 89.1% leased. The tenant roster, which includes LG Electronics, has a weighted average remaining...



ASB Team Shows Manhattan Offices

Wed, 15 May 2019
An office building in Manhattan&rsquo;s Midtown South submarket is on the block with an estimated value of $100 million.A joint venture between ASB Real Estate Investments and George Comfort & Sons is shopping the 119,000-square-foot property, at 158 West 27th Street in the Chelsea neighborhood. At the $840/sf valuation, a buyer&rsquo;s initial annual yield would be about 4.5%. Cushman & Wakefield has the listing.The 12-story building is 92%...



Luxury Tampa Apartments Available

Wed, 15 May 2019
A luxury apartment building is on the block in Tampa.The 235-unit high-rise, on upscale Harbour Island, is valued at about $108 million, or $460,000/unit. HFF is representing the seller, a partnership between local firms Forge Capital, Framework Group and Intown Group.The 21-story property, at 500 Knights Run Avenue, is 95% occupied. The units, including some townhouses, range from studios to two bedrooms and average 1,055 square feet, which...



PGIM Tees Up Rentals Near Boston

Wed, 15 May 2019
A PGIM Real Estate partnership is marketing a new apartment complex in suburban Boston.The 298-unit property, in Belmont, Mass., is valued at north of $130 million, or $436,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 4.25%. Walker & Dunlop is representing PGIM and its partner, O&rsquo;Neill Properties of Radnor, Pa.The four-story property, known as Royal Belmont, is on a 16-acre site at 375 Acorn Park Drive....



Class-B Boston Offices on the Block

Wed, 15 May 2019
Clarion Partners has teed up a Class-B office building in downtown Boston that&rsquo;s expected to fetch around $71 million.The 124,000-square-foot property, at 100 Franklin Street, is 95% occupied, but lease terms are relatively short, and rents are below the market&rsquo;s average. At the $573/sf valuation, the initial annual yield would be 5.5%. A buyer could increase that by lifting rents as leases roll over. Newmark has the listing.New...



Downtown Phila. Offices Up for Grabs

Wed, 15 May 2019
A joint venture is marketing a well-leased boutique office building across from Philadelphia&rsquo;s City Hall.The 244,000-square-foot property, at 30 South 15th Street, is valued at roughly $60 million, or $246/sf. At that price, the buyer&rsquo;s initial annual yield would be 6%. HFF is representing the owners, Grasso Holdings of Philadelphia and C-III Capital of New York.The occupancy rate is 95%, and the weighted average remaining lease term...



NEW DEALS

Wed, 15 May 2019
Nantucket HotelBlue Flag Partners of Boston this month paid $25.1 million for a cluster of properties on Massachusetts&rsquo; Nantucket island that are operated as a 58-room boutique hotel called The Roberts Collection. The price works out to $433,000/room for the complex, which encompasses three 19th-century houses and a building completed in 2014. Blue Flag has tapped Life House of New York to manage the hotel. The buildings are along Centre...



Blackstone Pitching Greenwich Offices

Wed, 15 May 2019
Blackstone is shopping two adjacent office properties in downtown Greenwich, Conn.The listing, encompassing 91,000 square feet, is being pitched to core-plus investors. The properties are 82% leased with a weighted average remaining lease term of six-plus years.Bids are expected to value the package at roughly $65 million, or $711/sf. At that price, a buyer&rsquo;s initial annual yield would be just under 6%, but investors are being told that...



Tritower Shopping DC-Area Labs

Wed, 15 May 2019
Tritower Financial has rolled out a trio of life-science buildings in Washington&rsquo;s Maryland suburbs.The 138,000-square-foot package is valued at about $55 million, or $399/sf. The buildings, at 25, 35 and 45 West Watkins Mill Road in Gaithersburg, Md., are being marketed as a portfolio by HFF.The occupancy rate is 87%. The pitch is that a buyer would benefit from the tight market for laboratory space. Suburban Maryland&rsquo;s 8.2 million...



MARKET SPOTLIGHT: Office Properties in California's Orange County

Wed, 15 May 2019
New supply is putting downward pressure on occupancy rates as developers hold out for premium rents, according to Green Street Advisors. The average occupancy rate is 88.8%.The co-working trend was slow to catch on, but is now a major contributor to leasing demand, according to JLL.Sales of properties worth at least $25 million tumbled by 20% last year to $2 billion, from the cyclical peak of $2.4 billion in...



The Grapevine

Wed, 15 May 2019
Veteran New York broker Will Silverman is leaving Hodges Ward Elliott to join Eastdil Secured next month as a managing director. Friday is Silverman&rsquo;s last day at Hodges Ward, where he is a managing director and group head of investment sales. He started there in 2015 after about 12 years at Savills Studley. Managing directors Paul Gillen and Daniel Parker will now head New York investment sales at Hodges Ward. Silverman is Eastdil&rsquo;s...



The Grapevine

Wed, 15 May 2019
Jamestown has hired Catherine Pfeiffenberger as managing director and head of its development platform. She started in the past few weeks, based in New York. Pfeiffenberger spent the past 11 years at Skanska USA, most recently as chief strategy officer. She had a previous 12-year stint at Lehman Brothers. Atlanta-based Jamestown is led by chief executive officer Matt Bronfman and president Michael...



The Grapevine

Wed, 15 May 2019
Swift Real Estate continues to pick off talent from big rivals. Danny Kuo left Blackstone&rsquo;s EQ Office unit, where he was a senior vice president, to join the San Francisco fund shop late last month as a director in Irvine, Calif., working on investments and asset management. Kuo spent more than eight years at EQ Office. He had earlier stints at Belay Investment and Hanover Financial, both of Los Angeles, and Eastdil Secured. Swift recently...



The Grapevine

Wed, 15 May 2019
Meanwhile, Charlie Farmer jumped from Swift Real Estate to TA Realty this month as a vice president in Newport Beach, Calif. He handles acquisitions across asset classes in Greater Los Angeles for the Boston investment manager. Farmer spent two years at Swift and earlier had a stint at Buchanan Street Partners of Newport Beach.



The Grapevine

Wed, 15 May 2019
Stephen Janowiak joined Ohio State Teachers last week as a senior acquisitions officer in Chicago. He most recently was a senior vice president at Hunt Investment. He spent about three years at the affiliate of Hunt Cos., of El Paso, Texas, and before that was director of transactions at Inland American REIT. His earlier stops included General Growth Properties, Capital Realty & Development and Aries Real...



The Grapevine

Wed, 15 May 2019
Andrew Weil started at Spruce Capital this month as head of multi-family acquisitions. He&rsquo;s based at the firm&rsquo;s New York headquarters, reporting to founders Joshua Crane and Robert Schwartz. Weil joined from Starwood Capital of Miami Beach, where he split time between San Francisco and Greenwich, Conn., as an acquisitions associate.



The Grapevine

Wed, 15 May 2019
Fund shop Artemis Real Estate last month added two vice presidents focused on acquisitions. Kelsey Bodenstab joined in New York after five years at Garrison Investment of New York and three years at PricewaterhouseCoopers. Richard Debo started at Artemis&rsquo; Chevy Chase, Md., headquarters, following four years at Pimco and an earlier stint at Deutsche Bank. President Alex Gilbert and managing principal Rich Banjo oversee...



The Grapevine

Wed, 15 May 2019
Avison Young added Daniel Tropp last month as a director, brokering investment sales in the New York area. He specializes in development projects, working under principal James Nelson. Tropp previously spent seven years at Ariel Property of New York.



ON THE MARKET

Wed, 15 May 2019
INDUSTRIAL:Property: Inwood Center, Inwood Road and Irving Boulevard, DallasSize: 738,000 sf, 92% leasedEstimated Value: $67.5 million, $91/sfOwner: Vantage Cos., DallasBroker: HFFColor: 14-building business park largely used for last-mile distribution and showroom space. The 67 tenants pay rents averaging 42% below the market level. The weighted average remaining lease term is 2.4 years. Surrounding North Trinity submarket is 95% leased, and...



Giant Chicago Office Portfolio Up for Grabs

Wed, 08 May 2019
Six downtown Chicago office properties have hit the market with an estimated valuation of up to $1.6 billion.The 6.3 million-square-foot package &mdash; the largest ever listed in Chicago &mdash; includes the 2.1 million sf Illinois Center and the 1.3 million-sf building at 135 South LaSalle Street. Eastdil Secured is marketing the portfolio for AmTrust Realty, a firm controlled by the Karfunkel family of Brooklyn. The preference is for a sale to...



High Goals Set for Opportunity-Zone Funds

Wed, 08 May 2019
Investment managers are seeking $20.2 billion of equity for funds targeting opportunity zones, according to an inaugural review of the fledgling sector by Real Estate Alert.The survey found 51 commingled funds established to invest in multiple development and redevelopment projects within the zones, where the federal government is offering capital-gains tax breaks to investors in order to spur job creation. The managers include big-name...



JLL Faces Overlap With HFF's Chicago Team

Wed, 08 May 2019
JLL&rsquo;s pending purchase of HFF has cast a spotlight on the two firms&rsquo; overlap in the Chicago office market, raising speculation that the merger could lead to broker departures.The planned $2 billion acquisition is viewed as a logical move for both brokerages because their national capital-markets platforms are largely complementary. But in Chicago, both firms have strong office-sales teams that have battled for years over prime...



Sitt Shows Madison Ave. Retail Condo

Wed, 08 May 2019
Investor Joe Sitt is shopping the leasehold interest in a block-long retail condominium at the base of a luxury residential building on Madison Avenue in Midtown Manhattan.The 34,000-square-foot condo, between East 61st and East 62nd Streets, could attract bids of about $370 million. At that price, the buyer&rsquo;s initial annual yield would be roughly 5.5%. JLL is representing Sitt, who operates via Thor Equities of New York.The listing is one...



Opportunity Zone Deal Pitched in Conn.

Wed, 08 May 2019
Building and Land Technology is marketing a partially built apartment complex in Stamford, Conn., as a ready-made opportunity-zone play.The 435-unit Allure at Harbor Point in Stamford is expected to open and begin leasing by yearend. The pitch is that by acquiring the luxury property while it&rsquo;s under construction, investors could qualify for tax incentives because it&rsquo;s in a federally designated opportunity zone.Bids are expected to be...



Denver Listing Could Set Record

Wed, 08 May 2019
Shorenstein Properties is marketing an office complex that could shatter the price record it set in Denver six years ago.The 1.3 million-square-foot Denver City Center has an estimated value of $420 million, or $323/sf. That&rsquo;s well above Shorenstein&rsquo;s $286.6 million purchase price in 2013 &mdash; which still stands as the city&rsquo;s high-water mark. The San Francisco investment shop is pitching the complex&rsquo;s two buildings as a...



NexPoint Shops Sunbelt Rental Bundle

Wed, 08 May 2019
NexPoint Residential is offering nine apartment properties, scattered across the Sunbelt, that have a combined value of about $365 million.The Class-B portfolio, which is 94% occupied, encompasses 3,058 units in Arizona, the Carolinas, Georgia, Tennessee and Texas. The sales pitch is that a buyer could conduct renovations and raise rents.The estimated value translates to $119,000/unit. Bids will be accepted on individual properties or any...



Host Marketing 6 All-Suites Hotels

Wed, 08 May 2019
Host Hotels & Resorts has put a six-pack of Marriott all-suites hotels on the block with an estimated value of about $325 million.The 1,526-room portfolio consists of two hotels in suburban Chicago, two in Scottsdale, Ariz., and one each in Atlanta and Southern California&rsquo;s Orange County. It&rsquo;s unclear if Host would be willing to break up the package for sale to multiple investors. CBRE is representing the Bethesda, Md., REIT.Four...



Seattle's Westlake Tower for Sale

Wed, 08 May 2019
Nuveen Real Estate is shopping a Seattle office building worth about $230 million.The 356,000-square-foot Westlake Tower is part of a mixed-use complex that also includes the 103,000-sf Westlake Center shopping pavilion, which is owned by Brookfield Property of New York.Westlake Tower is 96% leased at rents that average 30% below the prevailing asking rate. At the estimated value of $647/sf, the initial annual yield would be 4.75%. CBRE has the...



NC Warehouse Package Out for Bid

Wed, 08 May 2019
Investors are getting a crack at 10 single-tenant warehouses in North Carolina with an estimated value of slightly more than $140 million.The 1.9 million-square-foot portfolio encompasses nine buildings in Charlotte and one in Greensboro. At the estimated value of $73/sf, the buyer&rsquo;s initial annual yield would be 6.2%, based on the $8.7 million of annual net operating income.Independencia Asset Management, a Miami unit of Chilean investment...



Upgraded Offices Available in Calif.

Wed, 08 May 2019
A PCCP partnership is marketing a recently renovated office complex in Southern California&rsquo;s Orange County that has an estimated value of $100 million.The 391,000-square-foot Pacific Center encompasses two buildings at 1600 & 1610 East Saint Andrew Place in Santa Ana. At the estimated price of $256/sf, the buyer&rsquo;s initial annual yield would be 6.5%. Newmark is representing Los Angeles-based PCCP and its partner, Brookhollow Group of...



San Jose Apartments Up for Grabs

Wed, 08 May 2019
A new luxury apartment complex in San Jose is expected to attract bids of about $105 million.The 230-unit Linq, at 1700 Newbury Park Drive, is 94% occupied. At the estimated price of $456,000/unit, the buyer&rsquo;s initial annual yield would be less than 4.5%. HFF is representing the developer, a joint venture between local firms Republic Urban Properties and Core Cos.HFF has told investors that a wave of development in San Jose could position a...



NEW DEALS

Wed, 08 May 2019
Virginia Rental ComplexesKushner Cos. agreed to buy two Virginia apartment properties in separate transactions totaling $98 million. The complexes, in suburbs of Richmond, encompass 532 units that are 97% occupied. Newmark is brokering the trades, set to close next month, for RC Evans Management of Richmond. The initial annual yield for New York-based Kushner would be 5.5%. The 320-unit Park at Salisbury, at 401 Lancaster Gate Drive in...



Nuveen Dealing SF Office Conversion

Wed, 08 May 2019
A Nuveen Real Estate partnership is marketing a landmark San Francisco office building that a buyer could finish converting to attract &ldquo;creative&rdquo; companies.The 86,000-square-foot property, at 400 Montgomery Street in the Financial District, is expected to attract bids of $75 million, or $876/sf. JLL is representing Nuveen and its partner, Harvest Properties of Oakland.The 12-story building is 91% occupied with a weighted average...



High-Yield Offices on Block in Va.

Wed, 08 May 2019
Bentall Kennedy is pitching a Class-A office building in the Tysons area of Northern Virginia as a leasing play.The 213,000-square-foot building, at 1660 International Drive, is 91% occupied. But that figure is set to drop to 66% when a lease to Palantir Technologies expires in August 2020.The property is expected to attract bids around $73 million, or $343/sf. At that price, the buyer&rsquo;s initial annual yield would be 7%. Newmark has the...



Wash. Offices Pitched as Leasing Play

Wed, 08 May 2019
Equus Capital is shopping an office campus in Redmond, Wash., that is positioned to benefit as leases renew.The 248,000-square-foot Quadrant Willows is valued at about $80 million, or $323/sf. Newmark is representing Equus, of Newtown, Pa.While the Class-A property is fully occupied, the average triple-net rent of $20.22/sf is below the $26/sf average market asking rate in the surrounding Willows Road &ldquo;micro-market.&rdquo; So a buyer should...



Builder Eyes Partner for SF Project

Wed, 08 May 2019
A developer is seeking a partner that would supply up to $120 million of equity to pave the way for the construction of a residential complex in a San Francisco opportunity zone.The roughly $1 billion project, slated for a 17-acre site along the city’s eastern waterfront, would eventually encompass 1,575 residential units and up to 150,000 square feet of commercial space developed over multiple phases. The local developer, Build Inc., has...



MARKET SPOTLIGHT: New Jersey Multi-Family Properties

Wed, 08 May 2019
Some $1.25 billion of large properties traded hands last year, down from the $2 billion record in 2017. But the pace of activity has rebounded this year.Tenants priced out of Manhattan continue to look to Northern New Jersey as an alternative. But soft economic fundamentals remain a concern. In its five-year forecast for job growth, Green Street Advisors ranks the area as the second-lowest among 52 markets that it tracks.The federal opportunity...



The Grapevine

Wed, 08 May 2019
Rich McEvoy is joining Harbor Associates as a principal and chief of its asset-management and operations team. He starts May 20 at the value-added shop&rsquo;s Long Beach, Calif., headquarters. McEvoy previously was a vice president at EQ Office of Chicago, where he worked for seven years. At that Blackstone portfolio company, he was responsible for a 6.5 million-sf portfolio of California office properties, clustered in Los Angeles and Orange...



The Grapevine

Wed, 08 May 2019
Manulife Asset Management has hired Kevin Bishop as a managing director at its Boston headquarters. He focuses on business development and investor relations. Bishop spent the past five years in the local office of Chicago investment manager Guggenheim. He previously was an institutional portfolio manager for real estate at Fidelity Investments of Boston, serving there for nearly 11...



The Grapevine

Wed, 08 May 2019
John Maurer has returned to EverWest Real Estate Investors as senior vice president of portfolio management. He oversees the shop&rsquo;s open-end vehicles from its Denver headquarters. Maurer spent the past two-plus years at Bell Partners, a multi-family fund operator in Greensboro, N.C. That followed a five-year stint at EverWest as a managing principal and head of investment strategy. Before that, Maurer co-founded Arsenal Real Estate of...



The Grapevine

Wed, 08 May 2019
Avison Young has added a broker in Manhattan. Terri Gumula started last month as a director, focused on investment sales in the New York area. She reports to principal James Nelson. Gumula joined from Citigroup, where she was a vice president dealing with special situations and workouts. She had prior stints at MMDC, Real Estate Capital Partners and Time Equities, all of New...



The Grapevine

Wed, 08 May 2019
Placement agent Atlantic Pacific Capital has added an associate in New York. Nathaniel Bedford started last month, working with both the project-management and distribution teams. He jumped from Stanwich Advisors of Stamford, Conn., where he&rsquo;d been for two-plus years.



The Grapevine

Wed, 08 May 2019
MetLife Real Estate Investments is looking to hire two regional acquisitions heads. One, in Atlanta, would oversee deals in the Southeast and report to managing director Thomas Ryan. The other would based in Washington, covering that city, Maryland, Virginia and Philadelphia under managing director Jeanine Lester. Candidates with at least 10 years of acquisitions experience can send resumes to Kathy Ginder at...



The Grapevine

Wed, 08 May 2019
Billy Fox rejoined fund operator MLG Capital on April 29 as a vice president at the firm&rsquo;s Brookfield, Wis., headquarters. His duties include lining up deals and working with joint-venture partners. He reports to principal Andy Bruce. Fox spent the past year at J. Jeffers & Co., a Milwaukee real estate firm. Before that, he had a four-year stint at MLG. The manager is seeking to raise $200 million of equity for MLG Private Fund...



The Grapevine

Wed, 08 May 2019
Innovo Property has hired an associate at its New York headquarters. Ron Medina started last week, assisting the firm&rsquo;s efforts to develop last-mile distribution centers in the New York area. He reports to principal Frank Mancini. Medina spent the last five years at J.P. Morgan Asset Management, working on asset management, development and acquisitions.



ON THE MARKET

Wed, 08 May 2019
MULTI-FAMILYProperty: Greene Manor, 259 West Johnson Street, Philadelphia; Carlton Park, 2920 Midvale Avenue, PhiladelphiaSize: 495 units, 95% occupied; 177 units, 100% occupiedEstimated Value: $80 million, $162,000/unit, Yield: 5.75%Owner: FCP, Chevy Chase, Md.Broker: HFFColor: Pitched as value-added play. A buyer could continue a renovation program that has resulted in rent premiums of $180-$220. Investors may bid on either property or both....



Correction

Wed, 08 May 2019
The Market Spotlight on May 1 incorrectly listed HPI Real Estate as the sole owner of Domain Tower in Austin. Stonelake Capital is its majority partner.



Blackstone Poised to Buy Seattle Skyscrapers

Wed, 01 May 2019
Blackstone is in talks to purchase two downtown Seattle office towers from Ivanhoe Cambridge for about $1.3 billion, setting the stage for one of the biggest trades in the city&rsquo;s history.The deal would involve 1.9 million square feet of Class-A office space, pegging the valuation at just under $700/sf. The properties are the 985,000-sf Wells Fargo Center, at 999 Third Avenue, and the 944,000-sf U.S. Bank Centre, at 1420 Fifth Avenue.The...



Banks' Bad-Debt Total Shrinks to New Low

Wed, 01 May 2019
Large U.S. banks continued chipping away at the distressed loans on their books last year, reducing them to a mere 0.4% of their outstanding commercial mortgages.The 350 U.S. banks with the largest commercial real estate holdings had $7 billion of nonperforming debt in their portfolios at yearend, according to regulatory data compiled by Trepp Bank Navigator. That was down 4% from a year earlier.Meanwhile, the same banks cut their holdings of...



Apple-Leased Offices Pitched in Silicon Valley

Wed, 01 May 2019
American Realty is marketing a Silicon Valley office complex that&rsquo;s fully leased to Apple.The 311,000-square-foot Cupertino City Center, in Cupertino, Calif., has an estimated value of about $860/sf, or $267 million. At that price, the buyer&rsquo;s initial annual yield would be in the vicinity of 5%. Eastdil Secured is representing Los Angeles-based American Realty.Apple&rsquo;s lease, which has 3% annual rent bumps, runs until 2029 and...



NY Life Team Targeting Apartments

Wed, 01 May 2019
New York Life and Jefferson Apartment Group have formed a joint venture that plans to team up with partners on the acquisition of high-yield apartment properties.The duo has allocated $100 million of equity to the partnership. The goal is to buy stakes of 5-10% in properties with a combined value of more than $1 billion within three years.The return target is 14-16%. The properties, including workforce housing, will typically have 150-400...



Seattle-Area Office Campus on Block

Wed, 01 May 2019
A three-building office campus in Bellevue, Wash., is up for grabs with expectations it could fetch $220 million.Sunset North encompasses 464,000 square feet in the I-90 Corridor submarket. Newmark, which is representing owner M-M Properties of Houston, is touting both the stability of the tenant roster and the long-term potential for rent growth. The estimated value works out to $474/sf.The Class-A complex is 99% leased by nine tenants, with a...



Office Complex Up for Grabs in LA

Wed, 01 May 2019
An Angelo, Gordon & Co. partnership is pitching a Los Angeles office complex to core investors.The 513,000-square-foot Campus at Warner Center could attract bids of about $215 million, or $419/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.5%. Newmark is representing New York-based Angelo Gordon and its partner, Lincoln Property of Dallas.The property, which encompasses two six-story buildings at 21215 & 21255 Burbank...



Core-Plus Offices Shopped in Bethesda

Wed, 01 May 2019
Clark Enterprises is pitching a Class-A office building in downtown Bethesda, Md., as a core-plus play.The 339,000-square-foot property, at 7500 Old Georgetown Road, is expected to trade for about $145 million, or $428/sf. HFF is representing Clark, which has owned the building since its completion in 1984 and briefly shopped it last year via Cushman & Wakefield.Clark&rsquo;s headquarters is in the building, which is 90% occupied but facing lease...



Normandy Dealing DC Federal Offices

Wed, 01 May 2019
Normandy Real Estate is ready to cash out of a Washington office building it acquired last year via a distressed-debt play.The 316,000-square-foot building, at 950 L&rsquo;Enfant Plaza SW, is expected to draw bids of $100 million to $110 million. The property is 86% leased to four federal agencies. The Morristown, N.J., fund operator has given the listing to HFF.The previous owner, Heyman Properties of Stamford, Conn., was unable to refinance a...



Core Austin Office Complex for Sale

Wed, 01 May 2019
Investors are getting a crack at an Austin office complex that&rsquo;s fully occupied by Visa under a long-term lease.The 267,000-square-foot Research Park Plaza 1&2, in the Northwest submarket, is valued at about $125 million, or $468/sf. At that price, the buyer&rsquo;s initial annual yield would be about 6%. Eastdil Secured is advising the owner, a joint venture between fund operator Spear Street Capital of San Francisco and Swiss investment...



Developer Brings Out Chicago Offices

Wed, 01 May 2019
Sterling Bay is pitching a two-year-old office building in Chicago&rsquo;s Fulton Market district that&rsquo;s virtually fully leased.The 290,000-square-foot Fulton West is being pitched as a core investment due to its recent vintage, stable rent roll and location in a revitalized neighborhood. Eastdil Secured has the listing.Bids are expected to top $700/sf, or $200 million. A deal at that price would rival the city&rsquo;s per-foot record of...



Upper East Side Rental Package in Play

Wed, 01 May 2019
An investment firm has set a $100 million asking price for an apartment portfolio on Manhattan&rsquo;s Upper East Side.The 12-building package encompasses 261 apartments and two retail units totaling 150,000 square feet. The apartments are 80% occupied, giving a buyer an opportunity to quickly boost income by leasing vacant units. The retail occupancy couldn&rsquo;t be learned.The initial annual yield at the asking price of $383,000/unit would be...



New Luxury Apartments Pitches in NJ

Wed, 01 May 2019
A new luxury apartment building in Northern New Jersey is on the market with an estimated value of $85 million.The 185-unit property, at One William Street in Englewood, opened last year and is already 98% occupied. The valuation equals $460,000/unit, indicating an initial annual yield of 4.75%. BlueGate Partners was given the brokerage assignment by Boston advisory shop GID and its partners, BNE Real Estate and Sterling Properties, both of...



"Presale' Industrial Portfolio Available

Wed, 01 May 2019
A developer is shopping three speculative industrial properties in suburban Charlotte &mdash; one that was completed late last year and two scheduled to be finished within a year.The 1.3 million-square-foot portfolio could attract bids of about $80 million, or $64/sf. The developer, Scannell Properties of Indianapolis, is offering the warehouses as a package, but is willing to close a sale in stages, tied to the completion dates.Avison Young,...



New Jersey Grocery Center on Market

Wed, 01 May 2019
A grocery-anchored shopping center valued at about $35 million is on the block in New Jersey.The 135,000-square-foot Concordia Shopping Center, in Monroe Township, is 95% leased. At the estimated value, the buyer&rsquo;s initial annual yield would be 6.8%. HFF is representing the family that owns the property.The anchor store, a 66,000-sf Stop & Shop supermarket, was renovated in 2004. The grocer has been a tenant since 1985. It pays rent of...



True Capital Forms 5th Property Fund

Wed, 01 May 2019
A wealth-management firm is seeking to raise $60 million of equity for its fifth and largest commercial real estate fund.True Capital of San Francisco held an initial close three weeks ago on some $4 million of equity to fund its first deal. The vehicle, True Capital Real Estate Fund 5, is expected to form joint ventures with about a half-dozen operators to buy stabilized properties across asset classes nationwide.True Capital typically provides...



Griffin Shows Denver Office Building

Wed, 01 May 2019
Griffin Capital is shopping an office building on the outskirts of Denver that&rsquo;s expected to fetch about $55 million.First-round bids are due this week for the 191,000-square-foot property, a part of the 25 million-sf Denver Technological Center, which straddles Southeast Denver and Greenwood Village. Griffin, of El Segundo, Calif., has given the listing to CBRE.The building, at 7601 Technology Way, is 80% leased, but a pending lease would...



Class-B Office Leasing Play in Boston

Wed, 01 May 2019
An insurance company is marketing a Class-B office building in downtown Boston that&rsquo;s only 69% leased.The 84,000-square-foot &ldquo;brick and beam&rdquo; property, at 99 Bedford Street, is valued at about $47 million, or $560/sf. JLL is representing the insurer, Plymouth Rock Assurance of Woodbridge, N.J.The Venetian Gothic-style building, which was completed in 1874, is listed on the National Register of Historic Places. The five-story...



Valued-Added Rentals Marketed in NY

Wed, 01 May 2019
A Fairfield Properties partnership is looking to flip a Long Island apartment complex from a portfolio it just acquired.The 232-unit Mid-Island Apartments, in Bay Shore, N.Y., is being pitched as workforce housing suitable for value-added upgrades.Bids for the fully leased property are expected to hit about $60 million, or $259,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.4%. CBRE is handling the offering for...



MARKET SPOTLIGHT: Austin Office Properties

Wed, 01 May 2019
The projected $800/sf valuation for the tower called Third + Shoal would set a new high for the city. No property has ever topped $700/sf. Facebook leases two-thirds of the building, which was completed last year.Sales climbed 15% last year to $1.5 billion. That was the third-highest total ever, behind the $1.9 billion record in 2015 and the $1.7 billion tally in 2007, at the previous cycle&rsquo;s peak. The figures count trades of $25 million...



The Grapevine

Wed, 01 May 2019
Cushman & Wakefield capital-markets executive Noble Carpenter has left the firm. Based in New York, he was the brokerage&rsquo;s president of capital markets and investors services for the Americas. Carpenter was president of DTZ&rsquo;s Americas Capital Markets unit when DTZ acquired Cushman in 2015 and retained the Cushman name for the merged firm. Before that, he spent some 15 years at JLL and affiliate LaSalle...



The Grapevine

Wed, 01 May 2019
David Knapp left Eastdil Secured last month, ending a nearly 14-year run. He was a managing director in Chicago, focused largely on office sales there and in other major Midwestern markets. His next move couldn&rsquo;t be learned. Eastdil&rsquo;s Chicago team is led by managing director Stephen Livaditis and includes Kenneth Glomb.



The Grapevine

Wed, 01 May 2019
AXA Investment Managers has added Jonathan Matson and Ward McCarthy to its U.S. real-assets team in New York. Matson started last week as a senior sales manager, raising U.S. capital for European real estate strategies. He previously worked at Aberdeen Standard Investments of Scotland. Matson reports to Stephan Ackermann, AXA&rsquo;s head of client capital for the U.S. and Asia. McCarthy starts next week as a vice president and assistant fund...



The Grapevine

Wed, 01 May 2019
Vanbarton Group has agreed to pay an Investcorp partnership about $305 million for the 537,000-square-foot building at 901 Fifth Avenue in Seattle&rsquo;s Central Business District. That works out to $567/sf for the recently renovated, 41-story building, which is 92% leased. The capitalization rate is just over 5%. New York-based Vanbarton will have an opportunity to raise below-market rents as leases roll over. Bahrain-based Investcorp owns the...



The Grapevine

Wed, 01 May 2019
Industry veteran Jake Mota has jumped to Strategic Office Partners from CBRE Global Investors. He started three weeks ago as senior vice president and head of asset-management and leasing, splitting time between Strategic&rsquo;s Phoenix headquarters and Pasadena, Calif. He reports to Peter Tubesing, president and chief investment officer of the firm&rsquo;s TPG Real Estate subsidiary, which focuses on single-tenant offices nationwide. Mota was a...



The Grapevine

Wed, 01 May 2019
Dave Mossman resigned from Donahue Schriber last week after serving nine years as its chief investment officer. His title is being assumed by chief executive Patrick Donahue. There&rsquo;s no word on Mossman&rsquo;s next move. He had worked his way up through several finance, acquisitions and development posts at the Costa Mesa, Calif., retail REIT. He previously worked at Deloitte &...



The Grapevine

Wed, 01 May 2019
Buy-side pro David Willett joined Eastern Real Estate of Boston last week as a managing director of acquisitions. He was previously a senior director of real estate investments at American Realty, a Los Angeles pension-fund advisor where he worked for about three and a half years. Before that, Willett held acquisitions posts at CNL Commercial of Orlando and New Boston Fund of Boston. Eastern acquires, develops and manages properties nationwide....



ON THE MARKET

Wed, 01 May 2019
OFFICE:Property: 5635 Fishers Lane, Rockville, Md.Size: 188,000 sf, 46% occupiedEstimated Value: $33 million, $176/sfOwner: JBG Smith, Chevy Chase, Md., and WealthCap, MunichBroker: HFFColor: Class-A building pitched as opportunity to fill vacant space. Its five tenants have a weighted average remaining lease term of 10.4 years. The 2004-vintage property is in the Twinbrook neighborhood, near new retail centers and residences. Office demand...



Vornado Seeks New Partner for 330 Madison

Wed, 17 Apr 2019
Vornado Realty is trying to line up a new partner for the office building at 330 Madison Avenue in Midtown Manhattan.Vornado, which has a 25% interest in the 855,000-square-foot property, has tapped HFF to find a partner that would buy the 75% interest held by Abu Dhabi Investment Authority.The Abu Dhabi sovereign wealth fund recently moved to exercise an option to buy out Vornado&rsquo;s interest at a price that valued the property at about $900...



What Backlog? Pension Pledges Keep Coming

Wed, 17 Apr 2019
Capital continues to flow into commercial real estate.U.S. public pensions committed $14 billion of equity to commingled funds and separate accounts in the first quarter &mdash; the second-highest quarterly tally in the past three-and-a-half years, according to FPL Associates.Those pledges came on top of a post-crash annual high of $49.6 billion last year, as pension systems seemed unfazed that investment managers are already sitting on an...



2 Prime Office Buildings Hit the Block in DC

Wed, 17 Apr 2019
Separate owners are marketing two trophy-caliber Washington office buildings with a combined value of more than $500 million.The properties, both listed with Cushman & Wakefield, are across the street from one another, a couple of blocks north of the White House. The larger of the two &mdash; the 405,000-square-foot building at 1625 Eye Street NW &mdash; is 75% leased and being pitched as a core-plus opportunity. It&rsquo;s expected to draw bids...



Upper Manhattan Rental Bundle in Play

Wed, 17 Apr 2019
A partnership has set a $260 million asking price for an apartment portfolio in Upper Manhattan.The 780-unit package encompasses 28 buildings in five neighborhoods: Hamilton Heights, Manhattanville, Morningside Heights, Sugar Hill and West Harlem. The properties, constructed between 1900 and 1920, are 87% occupied and include nine street-level stores.The seller, a local partnership that includes veteran apartment investor Irving Langer, prefers...



KBS Dealing Silicon Valley Campus

Wed, 17 Apr 2019
KBS Realty is marketing an office/R&D complex in Palo Alto, Calif.The 260,000-square-foot Palo Alto Technology Center could attract bids of about $760/sf, or $197 million. At that price, the initial annual yield would be 5.5%. Eastdil Secured is representing KBS, of Newport Beach, Calif.While the complex is 99% leased, the marketing campaign is touting the potential to boost income by raising rents as leases expire. One-quarter of the space rolls...



High-Rise Hits Market in Westchester

Wed, 17 Apr 2019
J.P. Morgan Asset Management is offering a high-rise apartment building in White Plains, N.Y.The 316-unit property, at One City Place, could attract bids of about $155 million, or $490,000/unit. CBRE has the listing.The 35-story tower, built in 2004, is more than 95% occupied. The units range from studios to two bedrooms and feature 9-10 foot ceilings, full-height windows and washer/dryers.Since 2014, many units have been upgraded with granite...



Adjacent Retail Centers Listed in Mass.

Wed, 17 Apr 2019
A developer is marketing a power center and a lifestyle center at the mixed-use Colony Place development in Plymouth, Mass.The listing, encompassing 418,000 square feet, could command bids of about $100 million. At that value, the initial annual yield would be 7.5%. A buyer could also develop an additional 32,000 sf of retail space. The developer, Saxon Partners of Hingham, Mass., is offering the shopping centers as a package via Newmark.The...



Luxury Salt Lake City Rentals for Sale

Wed, 17 Apr 2019
A Westport Capital partnership is marketing a new luxury apartment property in Salt Lake City.The 293-unit Zeller, near the trendy Sugar House neighborhood, is valued at about $300,000/unit, or $88 million. At that price, the buyer&rsquo;s initial annual yield would be 4.75% to 5%. CBRE is advising Westport, a fund operator in Wilton, Conn., and its partner, developer Watt Cos. of Santa Monica, Calif.The four-story, rectangular property, still in...



DivcoWest Strikes Seattle Office Deal

Wed, 17 Apr 2019
DivcoWest has agreed to pay DWS Group about $120 million for a multi-tenant office building in Seattle&rsquo;s booming South Lake Union submarket.The 220,000-square-foot West Lake Union Center is 90% leased. If the deal closes at the $545/sf valuation, San Francisco-based DivcoWest&rsquo;s initial annual yield will be about 4.75%. CBRE is representing DWS, formerly known as Deutsche Asset Management.During the marketing campaign, investors were...



NJ Rentals Have Renovation Potential

Wed, 17 Apr 2019
PGIM Real Estate is marketing a Northern New Jersey apartment complex that&rsquo;s expected to fetch about $110 million.The 217-unit property, in Morristown, is 97% occupied. The sales pitch is emphasizing the potential to renovate and boost rents. At the estimated value of $507,000/unit, a buyer&rsquo;s initial annual yield would be 4.6%. Cushman & Wakefield has the listing.The six-story building is at 10 Lafayette Avenue, adjacent to a train...



Spruced-Up Offices Shown Near Phila.

Wed, 17 Apr 2019
Crown Properties has listed a recently renovated office complex in a New Jersey suburb of Philadelphia.The 218,000-square-foot Woodland Falls, in Cherry Hill, is expected to fetch bids in the vicinity of $35 million, or $160/sf. At that valuation, a buyer would see a 7.5% initial annual yield. HFF has the listing.New York-based Crown acquired the three-building property in 2017, paying $19 million to Brandywine Realty, a Philadelphia REIT. Crown...



Bay Area "Creative' Offices Available

Wed, 17 Apr 2019
ScanlanKemperBard is pitching an office campus on the site of a former Air Force base north of San Francisco.Bids for the 406,000-square-foot Hamilton Landing, in the Marin County city of Novato, Calif., are expected to hit $126 million, or $310/sf. HFF is representing Portland-based SKB.The property encompasses seven former airplane hangars that were converted into two-story &ldquo;creative&rdquo; office buildings in 2000. They are 92.3%...



Luxury Rentals Teed Up Near Tampa

Wed, 17 Apr 2019
Investors are getting a crack at a new luxury apartment property in a Tampa suburb.The 300-unit property, in Land O&rsquo; Lakes, Fla., is valued at some $63 million, or $210,000/unit. At that price, the stabilized capitalization rate would be about 5.2%. The owner, Epoch Residential of Orlando, has given the listing to Newmark.The property, which opened last May, is still in its initial leasing phase. Investors have been told that about 20 units...



Distribution Center Pitched in Tampa

Wed, 17 Apr 2019
High Street Realty is marketing a large warehouse complex in Tampa that could fetch close to $67 million.The 955,000-square-foot Tampa Distribution Center encompasses six buildings that are 94.6% leased. Cushman & Wakefield is representing Boston-based High Street.The marketing campaign is touting the property&rsquo;s urban location and suitability for &ldquo;last-mile&rdquo; e-commerce deliveries. At the estimated value of $70/sf, a...



Well-Leased Bronx Offices Marketed

Wed, 17 Apr 2019
The leasehold interest in a Bronx office property is up for grabs with an estimated value of $90 million.A joint venture between Madison Marquette and Innovatus Capital is marketing the 414,000-square-foot BankNote Building, at 1231 Lafayette Avenue in the Hunts Point neighborhood. The space is 98% leased, mostly to city agencies.The estimated value works out to $217/sf. HFF is representing Washington-based Madison Marquette and Innovatus, a New...



MARKET SPOTLIGHT: Philadelphia-Area Office Properties

Wed, 17 Apr 2019
After a slow start to the year, the listing pipeline has filled up. Brokers have launched or relaunched marketing campaigns for a dozen properties over the past seven weeks.The $451.6 million sale of 1735 Market Street in March set a price record for the city, eclipsing the$404 million price paid in 2006 for an 80% stake in Comcast Center.Green Street Advisors describes office fundamentals in downtown Philadelphia as &ldquo;uninspiring.&rdquo;...



The Grapevine

Wed, 17 Apr 2019
New York hotel-sales specialist Michele Mahl has jumped again, landing at JLL as an executive vice president. She previously was a managing director at Newmark, which she joined last May as part of a hotel team that moved over from Eastdil Secured. Mahl started this week in JLL&rsquo;s Manhattan office, tasked with spearheading sales of full-service and resort hotels on the East Coast. She reports to Jeffrey Davis, co-head of hotel capital...



The Grapevine

Wed, 17 Apr 2019
Artemis Real Estate has hired a managing director to oversee one of its funds. Anar Chudgar joined the investment manager last week in New York. She runs the planned $750 million Artemis Income & Growth Fund, which has already raised some $500 million of equity. The vehicle aims for a 9-11% return via acquisitions across asset classes. Chudgar spent the past nine years as a partner at alternative-investment firm GCM Grosvenor of Chicago, where...



The Grapevine

Wed, 17 Apr 2019
Lori Hill joined Unico Properties two weeks ago as a senior vice president of investor management. Her duties include overseeing investor relations and fund raising. She&rsquo;s based at the fund operator&rsquo;s Seattle headquarters, reporting to president Jonas Sylvester. Hill previously spent seven-plus years at JLL in Seattle, where she was a managing director of capital markets. She had a prior stint as a principal at Pacific Real Estate of...



The Grapevine

Wed, 17 Apr 2019
Net-lease veteran Noah Weiss has left Angelo, Gordon & Co. to join Domio, a New York &ldquo;apartment hotel&rdquo; company. He started this month as a managing director, leading the firm&rsquo;s real estate investments team. Domio signs master leases on apartment properties, then rents units out to travelers. Weiss was a director at New York-based Angelo Gordon, where he focused on net-lease acquisitions in the U.S. and Europe. He had previous...



The Grapevine

Wed, 17 Apr 2019
Acquisitions pro Dan Thalheimer joined Chicago investment shop Newcastle this month as a vice president. He previously had a similar role at another Chicago firm, John Buck Co., where he worked for about a year and a half. Before that, Thalheimer was a senior director of investments at General Growth Properties, where he spent four years. Newcastle buys, develops and owns urban multi-family, retail and mixed-use properties in...



The Grapevine

Wed, 17 Apr 2019
Industrial specialist Steve Wolff joined Fort Capital this week as a vice president of acquisitions. He&rsquo;s heading up the Fort Worth firm&rsquo;s industrial platform, seeking value-added and core-plus properties in Texas. Wolf, who is based in Dallas, is also charged with expanding the firm&rsquo;s office there. Wolff came from Dallas-based Westmount Realty Capital, where he spent a year as senior director of industrial acquisitions. He also...



The Grapevine

Wed, 17 Apr 2019
Platform Ventures is looking for an asset manager with 7-10 years of experience to oversee development projects in federal opportunity zones, where investors can receive capital-gains tax breaks. The recruit would be based in Platform&rsquo;s Fairway, Kan., headquarters, and report to senior vice president Brian Douglas. Resumes can be sent to careers@platformv.com.



Cambridge Deal to Set Boston-Area Record

Wed, 10 Apr 2019
A partnership between Harrison Street Real Estate Capital and Bulfinch Cos. has won the bidding for a majority stake in the leasehold interest in an office/lab complex in Cambridge, Mass., valued at roughly $1.1 billion.The deal prices the 677,000-square-foot Osborne Triangle at $1,625/sf, shattering the per-foot record for Greater Boston offices. The investment is expected to produce an initial annual yield in the vicinity of 4.25% for...



More Investors Seek to Come Into the Cold

Wed, 10 Apr 2019
Institutional investors are increasingly warming up to cold-storage facilities, seeing them as the next property type to benefit from the e-commerce boom.Freezer and cooler buildings represent just a sliver of the U.S. industrial market &mdash; roughly 200 million square feet out of an estimated 10 billion sf of distribution space, according to CBRE. But with online grocery purchases growing rapidly, many feel the niche is poised for explosive...



West Coast Luxury Rental Portfolio on Block

Wed, 10 Apr 2019
A joint venture is marketing six new luxury apartment properties in Los Angeles and Seattle.The 2,126-unit portfolio, valued at roughly $1 billion, is being pitched as a way to quickly gain scale in two of the West Coast&rsquo;s hottest residential markets. The estimated value works out to $470,000/unit.The owner, which prefers to sell the portfolio intact, is a partnership between Holland Partner Group of Vancouver, Wash., and the U.S. arm of...



New Mountain Closes Net-Lease Fund

Wed, 10 Apr 2019
New Mountain Capital has raised $533 million of equity for its debut commercial real estate fund.The New York investment manager, which already operated funds in other alternative-investment sectors, began soliciting capital in late 2017 with a target of $350 million and ended up far exceeding that goal.The fund, New Mountain Net Lease Partners, is shooting for a 10-12% return by acquiring net-leased properties nationwide, with a focus on...



Renovated Offices Pitched in San Jose

Wed, 10 Apr 2019
A joint venture between DivcoWest and Rockpoint Group is marketing a recently renovated office building in downtown San Jose as a lease-up opportunity.The 367,000-square-foot building, at 50 West San Fernando Street, is only 70% occupied. But some $15 million has been spent on upgrades that should help attract tenants. Bids are expected to reach as high as $235 million, or $641/sf. Eastdil Secured has the marketing assignment.The renovations...



Brooklyn Industrial Site on the Block

Wed, 10 Apr 2019
An industrial property along Brooklyn&rsquo;s waterfront is being marketed as a redevelopment play.The 19-acre site could fetch bids of $200 million amid intense demand for industrial space in New York&rsquo;s Outer Boroughs. JLL is representing the owner, Buckeye Partners, a Houston petroleum distributor.The pitch is that a buyer could raze the existing single-story buildings and fuel-storage tanks and develop 681,000 square feet of multi-story...



Mixed-Use Hoboken Portfolio for Sale

Wed, 10 Apr 2019
A portfolio of retail/residential buildings is up for grabs along Northern New Jersey&rsquo;s &ldquo;Gold Coast.&rdquo;The 31 properties, in Hoboken, are expected to attract bids of about $150 million. At that price, the initial annual yield would be 4.8%.The seller, a local investor, prefers to sell the portfolio intact. Newmark, which has the listing, is reaching out to a handful of potential bidders, according to market pros.The properties...



Boston Seaport High-Rise on Market

Wed, 10 Apr 2019
A J.P. Morgan Asset Management partnership is offering the leasehold interest in a luxury apartment building in Boston&rsquo;s Seaport District.The 236-unit Waterside Place, at 505 Congress Street, is expected to attract bids of up to $155 million, or $657,000/unit. That price would produce an initial annual yield in the vicinity of 4.5%, which a buyer could lift by bringing rents in line with the market. Eastdil Secured has the listing.An...



Value-Added Rental Play in Stamford

Wed, 10 Apr 2019
AvalonBay Communities is pitching a Connecticut apartment tower as a value-added play.The 306-unit building, in downtown Stamford, has an estimated value of $105 million, or $343,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 5%. HFF is representing AvalonBay, a REIT in Arlington, Va.The 18-story building, at 50 Forest Street, was constructed in 2001, and most apartments still have the original appliances and...



Rockwood Shopping Watergate Offices

Wed, 10 Apr 2019
Rockwood Capital has teed up the landmark Watergate office building in Washington.The 215,000-square-foot property, known best for its role in the scandal that led to the resignation of President Nixon, is valued at roughly $105 million. At $488/sf, a sale would produce a 5.75% initial annual yield. New York-based Rockwood has given the listing to Newmark.The building, at 2600 Virginia Avenue NW alongside the Potomac River, has undergone some $14...



REIT Selling DC Offices to Meridian

Wed, 10 Apr 2019
Meridian Group has agreed to pay about $105 million for an office building in downtown Washington that was pitched as an expansion and repositioning play.The 300,000-square-foot property, at 2100 M Street NW, is 60% occupied, and almost all of the existing leases expire in a year. A recent zoning change permits the property&rsquo;s size to be increased to 415,000 sf.Newmark is brokering the sale for Liberty Property, a Wayne, Pa., REIT...



Invesco Lists Upscale Boston Hotel

Wed, 10 Apr 2019
Invesco Real Estate is pitching a Boston hotel valued at about $60 million that has upside potential.The 114-room Ames Hotel, housed in a landmark downtown building at One Court Street, operates as part of Hilton Worldwide&rsquo;s Curio Collection &mdash; a line of upscale hotels and resorts in distinctive properties or locations. But it&rsquo;s being offered unencumbered by brand and management contracts, so a buyer could switch brands or...



Offices Shown on Florida's Gulf Coast

Wed, 10 Apr 2019
TerraCap Management has listed an office complex in Sarasota, Fla., that&rsquo;s expected to fetch about $48 million.The 247,000-square-foot Gateway Professional Center is 95% leased. The pitch is that a buyer could fill vacant space and lift rents as leases expire. TerraCap, a Bonita Springs, Fla., fund operator, has given the listing to HFF.The weighted average remaining lease term is 3.4 years. Rents average $15.81/sf on a triple-net basis,...



"Last Mile' Warehouse Marketed in Va.

Wed, 10 Apr 2019
American Realty Advisors is shopping a Northern Virginia warehouse as a leasing play.The 351,000-square-foot building, in Chantilly, is 87% leased, below the 97% average for the surrounding market. It&rsquo;s expected to attract bids of about $51 million, or $145/sf. At that price, the buyer&rsquo;s annual yield would be 5.6% upon full occupancy. Newmark has the listing.The 1996-vintage warehouse, at 3900 Stonecroft Boulevard, is being pitched as...



Servicer Dealing Offices in Houston

Wed, 10 Apr 2019
C-III Asset Management is marketing a downtown Houston office building that&rsquo;s fully leased to J.P. Morgan for only two-and-a-half more years.Bids for the 429,000-square-foot property, at 1111 Fannin Street, are expected to hit $100/sf, or $43 million &mdash; a bargain-basement valuation that reflects the risk of ending up with a vacant property in a city still struggling to recover from the oil-price plunge. The Central Business...



MARKET SPOTLIGHT: Atlanta-Area Apartment Properties

Wed, 10 Apr 2019
Sales climbed 13% last year to a record $6.9 billion, according to Real Estate Alert&rsquo;s Deal Database, which tracks trades of $25 million and up. That was the third straight year that the market ranked third nationally in multi-family sales.The average effective rent of $1,210 ranks only 30th among the 52 metropolitan areas tracked by Green Street Advisors. Still, above-average job growth and an increasing millennial population continue to...



The Grapevine

Wed, 10 Apr 2019
Waterton has tapped Matt Mering to oversee its planned expansion in the hotel sector. Mering joined the Chicago fund shop this week as an executive vice president, charged with devising an acquisition strategy and overseeing deals as well as asset management. He had been director of development and acquisitions for Graves Hospitality of Minneapolis, where he spent nearly seven years. Last month, Waterton acquired a minority stake in Waterford...



The Grapevine

Wed, 10 Apr 2019
CBRE has picked off Dallas retail veteran Jim Batjer from HFF, two months after HFF recruited a retail broker in the same city from CBRE. Batjer started this month as an executive vice president, handling investment sales of retail and mixed-use properties across Texas and the Southwest. As a member of the national retail team, he&rsquo;s partnering with executive vice president Chris Cozby in Dallas and senior vice president Mark Witcher in...



The Grapevine

Wed, 10 Apr 2019
Industrial broker Steve Forte joined HFF as a senior director in Philadelphia late last month. He&rsquo;s part of the national industrial team led by executive managing director Jody Thornton and senior managing director Rusty Tamlyn. He also reports to senior managing directors Doug Rodio and Mark Thompson, co-heads of HFF&rsquo;s Philadelphia office. Forte came from Philadelphia brokerage Flynn...



The Grapevine

Wed, 10 Apr 2019
Crowdfunding platform CrowdStreet is expanding. Jesse Maas joined as an investment manager this week and Holly Huber starts next week as a research analyst, both at the firm&rsquo;s Portland, Ore., headquarters. Maas previously worked at Evergreen Housing Development of Seattle, where he focused on acquisitions and development in the Midwest. He previously co-founded Summit Multifamily Group of St. Louis, and worked at Lamar Cos. of Fairfield,...



The Grapevine

Wed, 10 Apr 2019
Investment-sales broker Ameet Amin has left Colliers International’s New York staff to become chief executive of Proto Homes, a Los Angeles homebuilder. Amin had joined the brokerage two years ago as a senior managing director focused on property sales and recapitalizations. Before that, he was a principal and head of acquisitions at JOSS Realty of New York and had stints at Deutsche Bank, Lazard and Wasserstein Perella. CORRECTION (5/8/19):...



The Grapevine

Wed, 10 Apr 2019
Shorenstein Properties wants to add an associate to its investment group in New York, to help analyze office purchases in the Eastern U.S. Candidates need at least three years of experience. The recruit would report to Mark Portner, a managing director overseeing investments in the region. Find information in the careers section at shorenstein.com.



The Grapevine

Wed, 10 Apr 2019
Somera Road has hired two senior analysts at its New York headquarters. Andrew Marchetti joined this week from brokerage Ackman-Ziff Real Estate, where he advised on debt and equity assignments. Robert &ldquo;Bobby&rdquo; Svigals started last week. He previously worked on acquisitions and asset management at Red River Asset Management, and before that had a lending stint at TD Bank. Somera Road is an opportunistic investment shop led by Ian...



ON THE MARKET

Wed, 10 Apr 2019
MULTI-FAMILYProperty: Goldtex, 315 North 12th Street, PhiladelphiaSize: 163 units, 98% occupiedEstimated Value: $64 million, $393,000/unit, Yield: 5.7%Owner: Post Brothers Apartments, PhiladelphiaBroker: HFFColor: An 11-story luxury building in Center City, built in 2014. Studio to three-bedroom units have high-end finishes and 14-foot ceilings. Property has a rooftop pool and hot tub, a fitness center, 28 underground parking spaces and 5,000 sf...



JP Morgan Team Marketing Lower NY Tower

Wed, 03 Apr 2019
A J.P. Morgan Asset Management partnership is seeking to sell or recapitalize a Lower Manhattan office building valued at up to $800 million.The move reflects a change in strategy. Early this year, the partnership sought to refinance the 1.1 million-square-foot building, at 195 Broadway. But the J.P. Morgan group recently dropped that effort and will now consider bids ranging from a 49% stake to outright ownership. Cushman & Wakefield is...



Canadian Pension Seeks Leader for US Push

Wed, 03 Apr 2019
Alberta Teachers is seeking a head of real estate with U.S. institutional experience as it looks to expand its role as a property buyer in the States.More than half of the Canadian pension fund&rsquo;s C$2.4 billion ($1.8 billion) of real estate investments are in the U.S., but primarily as a minority partner or via funds and sidecar vehicles. But in Canada, it has typically taken the lead on direct property purchases, while bringing in operating...



Value-Added Artemis Fund Corrals $1 Billion

Wed, 03 Apr 2019
Artemis Real Estate has raised $1 billion of equity for its third and largest value-added fund.The Chevy Chase, Md., investment manager easily surpassed its $750 million equity goal. The final close was held two weeks ago.The vehicle, Artemis Real Estate Partners 3, is shooting for a 14-15% return by acquiring value-added and opportunistic properties, as well as distressed debt. It invests across property types nationwide, with a focus on...



Bundle of Fully Leased Offices for Sale

Wed, 03 Apr 2019
A Mexican investment firm is marketing eight fully occupied office properties in three states that could fetch about $330 million combined.Aztec Fund of Mexico City assembled the 1.3 million-square-foot portfolio over the past four years. The most-valuable building is in Houston. The rest are in the Dallas area and suburbs of Pittsburgh and Denver.Aztec prefers a portfolio sale but will consider bids on sub-portfolios or individual properties. At...



Carlyle Acquiring Stake in NY Rentals

Wed, 03 Apr 2019
Carlyle Group has agreed to buy a majority stake in a Midtown Manhattan apartment tower valued at about $375 million.The fund shop is acquiring a roughly two-thirds interest in the 479-unit Ritz Plaza, at 235 West 48th Street, from Ivanhoe Cambridge. At the estimated $783,000/unit value, Carlyle would pay close to $250 million.Stonehenge, a New York investment shop led by veteran investor Ofer Yardeni, would continue to hold the remaining stake....



BofA Plaza Hits Market in Dallas

Wed, 03 Apr 2019
The tallest skyscraper in Dallas is up for grabs.Metropolis Investment Holdings has listed the 1.8 million-square-foot Bank of America Plaza with Cushman & Wakefield. Marketing is expected to begin this month.Bids could hit about $225 million, or $122/sf. There is speculation that Chicago-based Metropolis might also consider offers on adjacent undeveloped sites, which aren&rsquo;t part of the formal listing.The 72-story office tower, at 901 Main...



DC Offices Pitched as Leasing Play

Wed, 03 Apr 2019
JBG Smith is pitching a Class-B Washington office building with a pending vacancy.The 387,000-square-foot building, at 1875 Connecticut Avenue NW near Dupont Circle, is expected to draw bids of up to $170 million, or $439/sf. CBRE is representing JBG, a Chevy Chase., Md., REIT.The 12-story property, known as Universal North, is 96% leased, with a weighted average remaining lease term of 6.8 years. But the occupancy rate is scheduled to drop below...



Keystone Dealing Northern NJ Complex

Wed, 03 Apr 2019
Keystone Property is offering a Northern New Jersey office complex valued at about $95 million.The 487,000-square-foot property, in Morristown, was recently renovated. At the estimated value of $195/sf, the buyer&rsquo;s initial annual yield would be 7.25%. HFF is representing Keystone, an investment manager in Conshohocken, Pa.The Class-A complex is at 412 Mount Kemble Avenue, a few miles from downtown Morristown. It&rsquo;s 94% leased, with a...



Value-Added Offices Teed Up in Dallas

Wed, 03 Apr 2019
An investment shop is pitching a renovated office building in the Dallas Arts District to value-added investors.The 273,000-square-foot Saint Paul Place could attract bids of about $325/sf, or $89 million. At that valuation, the buyer&rsquo;s initial annual yield would be roughly 5.5%. Cushman & Wakefield is representing the locally based owner, Quadrant Investment Properties.The Class-A property is just over 80% leased, with a weighted average...



Ex-Laurus Hotel, Offices Up for Grabs

Wed, 03 Apr 2019
Two lenders are separately shopping a hotel in San Antonio and an office building in Baltimore&rsquo;s Inner Harbor that were formerly controlled by embattled fund operator Laurus Corp.LaSalle Mortgage Real Estate Investors has listed the 296-room Marriott San Antonio Northwest with HREC Investment Advisors. LaSalle foreclosed on the property last year, after Laurus defaulted on a $21.3 million loan. Its pricing expectations are...



NEW DEALS

Wed, 03 Apr 2019
Southern California OfficesHarbor Associates last week bought a 213,000-square-foot office park in the Encino section of Los Angeles for $47.9 million, or $224/sf. CBRE brokered the sale for local firm Moss Group. The four-building Encino Office Park, at 6345 Balboa Boulevard, is 89% leased. Harbor plans renovations to boost occupancy and rents, including installation of electric-vehicle charging stations and bicycle rooms, as well as upgrades to...



Leased-Up Atlanta Rentals Shown

Wed, 03 Apr 2019
A developer is offering a new apartment property in an affluent neighborhood of Atlanta, with bids expected to come in around $90 million.The 322-unit Chastain Heights was completed last year and is already fully leased. It&rsquo;s in the tony Chastain Park district, where the median home price is $1.1 million.At the estimated value of $280,000/unit, a buyer&rsquo;s initial annual yield would be just under 5%. The local owner, Worthing Cos., has...



Refurbished Offices Listed Near DC

Wed, 03 Apr 2019
An Angelo, Gordon & Co. partnership is pitching a recently renovated office complex in Maryland&rsquo;s Washington suburbs that is in its lease-up phase.The 327,000-square-foot Executive Plaza, at 6120 and 6130 Executive Boulevard in Rockville, is expected to attract bids of around $65 million, or $199/sf. New York-based Angelo Gordon and Monument Realty of Washington have given the listing to HFF.The property is 67% occupied, with all leases...



Parcel Available in Suburban LA

Wed, 03 Apr 2019
A mixed-use development site in an affluent suburb of Los Angeles could attract bids of $60 million.The five-acre parcel, at 4827 Sepulveda Boulevard in Sherman Oaks, Calif., is prepped for development of a property that would encompass both residential and retail space. Newmark is representing the owner, Worthe Real Estate of Santa Monica, Calif.The land has full approvals for a six-story building with 325 luxury apartments or condominiums, all...



Raleigh-Area Rentals on the Block

Wed, 03 Apr 2019
An apartment complex in Cary, N.C., is on the market as a value-added play.The 205-unit Century Tryon Place could attract bids of $39 million, or $190,000/unit. At that price, the initial annual yield would be 4.75% to 5%. But the pitch is that a buyer could quickly boost rents after upgrading the 2013-vintage property. Walker & Dunlop is representing the owner, Atlanta fund operator Centennial Holding.Only three units have stainless-steel...



Co-Working Building Offered in Phlia.

Wed, 03 Apr 2019
A Philadelphia developer is shopping a boutique office building in the city&rsquo;s Rittenhouse Square neighborhood that will be fully leased to a workspace company upon completion of a renovation.The 48,000-square-foot building, at 1626 Locust Street, is expected to attract bids of around $25 million, or $520/sf. Based on projected annual net income of $1.6 million, the buyer&rsquo;s initial yield at that price would be 6.2%. HFF is representing...



MARKET SPOTLIGHT: Dallas-Area Office Properties

Wed, 03 Apr 2019
Sales of large properties climbed 15% last year to $2.8 billion. An active listings pipeline and strongbuy-side demand have local pros expecting another solid year.Eastdil Secured had the market&rsquo;s highest sales volume in 2018, but has gotten off to a slow start this year, following the defection of senior brokers Michael McDonald and Jonathan Napper to Cushman & Wakefield last fall. Cushman&rsquo;s activity is picking up steam as a result...



The Grapevine

Wed, 03 Apr 2019
Retail pro Jeffrey Kohn joined Prusik Group last month as head of acquisitions, based in its New York headquarters. His hiring is part of an expansion at the firm, which develops and repositions retail and mixed-use properties across the New York metropolitan area. S. Andrew Katz and Rohan Mehra founded the company in 2007. Kohn most recently was a vice president at Acadia Realty, a retail REIT based in Rye, N.Y., where he spent the last seven...



The Grapevine

Wed, 03 Apr 2019
Acquisitions pro Scott Nudelman left Carr Properties late last month to launch his own shop, initially focusing on light-industrial properties. Nudelman formed GlenLine Investments of Washington with two partners. It will target warehouses in Greater Washington, with plans to later expand to other East Coast markets and Class-B multi-family properties. Nudelman was a senior vice president at Washington-based Carr, where he worked for nearly 15...



The Grapevine

Wed, 03 Apr 2019
Jackson Brissette departed John Buck Co. and joined Bardas Investment last month as director of investments in its Los Angeles headquarters. Brissette was a vice president at Chicago-based John Buck, where he spent three years. Before that, he had a three-year stint at another Chicago firm, Heitman. Bardas was founded last year by David Simon, a veteran of Morgan Stanley Real Estate, Los Angeles-based Kilroy Realty and Broadreach Capital of Palo...



The Grapevine

Wed, 03 Apr 2019
A former JLL apartment broker has opened his own shop. Jim Sewell started Iron Lion Realty of Hilton Head Island, S.C., last week to work on sales of multi-family properties and equity raises for development deals in the Carolinas and Coastal Georgia. Sewell was a senior vice president at JLL, where he worked for nearly three years. Before that, he spent 12 years at Coastal Apartment Advisors, also of Hilton...



The Grapevine

Wed, 03 Apr 2019
Jonathan Goto parted ways with Roxborough Group last week after nearly two years. He was a vice president in the San Francisco firm&rsquo;s headquarters, targeting value-add acquisitions in California. Goto told colleagues and associates he&rsquo;s working on a few projects as he explores long-term opportunities. Before joining Roxborough, he spent six years at New York fund operator Westbrook...



The Grapevine

Wed, 03 Apr 2019
Denver investment manager Ascentris is adding staff. Patrick Tyson starts in two weeks as a senior analyst, working on acquisitions and asset management across property types. He was previously an associate at Denver fund operator JCR Capital. Analyst James Dockery will start next month with similar duties. In December, Ascentris hired Brian Slaughter from Eastdil Secured as a senior analyst. He also works on capital raising. Ascentris, led by...



The Grapevine

Wed, 03 Apr 2019
O&rsquo;Connor Capital wants to hire an investor-relations pro. Duties include working with senior leaders to help expand the firm&rsquo;s investor base while maintaining client relationships. The position requires at least four years of experience. New York-based O&rsquo;Connor invests directly and via commingled funds and separate accounts, largely in residential and retail deals, including development and redevelopment...



The Grapevine

Wed, 03 Apr 2019
Griffith Properties of Boston is looking for an investment analyst with 1-3 years of experience to assist with acquisitions, asset management and investor relations. The hire would report to director Matt Daly. Griffith makes value-added investments in the Boston-to-Washington corridor. Contact Daly at mdaly@griffithproperties.com



ON THE MARKET

Wed, 03 Apr 2019
OFFICE:Property: One & Two Easton Oval, Columbus, OhioSize: 252,000 sf, Occupancy: 91.4%Estimated Value: $40 million, $159/sf, Yield: 8.25%Owner: Garrison Investment, New YorkBroker: JLLColor: Five-story, Class-A buildings adjacent to the Easton Town Center high-end retail development. Tenants include AEP Energy, McDonald&rsquo;s, Robert Half International and Ultimus Fund Solutions. Weighted average remaining lease term: 5.2 years. Rents are 7%...



Limited Partners Seek to Salvage Ailing Funds

Wed, 27 Mar 2019
Workout firms are unwinding two value-added funds after they nearly collapsed and sponsor Laurus Corp. relinquished control.Garrison Investment and Miramar Capital were hired by the funds&rsquo; backers to salvage as much of their roughly $150 million aggregate investment as possible by stabilizing and selling the remaining holdings: a half-dozen hotels and five office properties. The plan is to roll out individual listings over the next 12...



Servicer Shops Distressed Virginia Complex

Wed, 27 Mar 2019
Special servicer CWCapital is hoping that the timing is right to unload the troubled Skyline office campus in Northern Virginia.The 2.7 million-square-foot complex was valued as high as $872 million a decade ago, but never rebounded from the market crash and remains more than half vacant. It was appraised at just $233 million last year.The marketing campaign is highlighting the 25-acre property&rsquo;s location in an opportunity zone and the...



Redeveloped Luxury Rentals on Block in Phila.

Wed, 27 Mar 2019
After a gut renovation that turned an aging Philadelphia high-rise complex into luxury apartments, the property has hit the market with an estimated value of $320 million.The 1,017-unit Presidential City encompasses four multi-family buildings that are roughly 90% occupied, as well as 68,000 square feet of offices and some 9,000 sf of retail space. At the estimated value of $315,000/unit, the initial annual yield would be about 4.5%, based on...



Renovated Offices Pitched Near Dallas

Wed, 27 Mar 2019
Investors are getting a crack at a suburban Dallas office complex worth about $150 million.The 849,000-square-foot Urban Towers, in the Las Colinas section of Irving, Texas, was recently renovated. At the estimated value of $177/sf, the buyer&rsquo;s initial annual yield would be 7%. Cushman & Wakefield is representing the seller, Parallel Capital of San Diego.The Class-A property, on an 11.2-acre site at 222 West Colinas Boulevard, is 85%...



Value-Added Sacramento Rental Play

Wed, 27 Mar 2019
An apartment complex in Sacramento that hasn&rsquo;t been renovated since its construction in 2002 is being marketed as a value-added play.The 440-unit Miramonte & Trovas Apartments, in the North Natomas submarket, could attract bids of about $100 million, or $227,000/unit. At that price, the initial annual yield would be roughly 4.5%. The pitch is that a buyer could boost that return to close to 6% within two years by renovating the property and...



Offices Along Boston Harbor for Sale

Wed, 27 Mar 2019
National Development has teed up the leasehold interest in an office complex along Boston Harbor.The 178,000-square-foot Constitution Wharf has an estimated value of $115 million, or $646/sf. At that price, the buyer&rsquo;s initial annual yield would be 5.35%. Newmark has the listing.The three-building complex, which includes revenue-generating parking, is in the Charlestown neighborhood, just north of downtown. National Development, of Newton...



Keystone Dealing Campus Near Phila.

Wed, 27 Mar 2019
Keystone Property is offering a suburban Philadelphia office campus valued at about $100 million.The 421,000-square-foot complex is 96% occupied at below-market rents, positioning a buyer to raise rents as leases roll over. The weighted average remaining lease term is just over four years.The seven-building Veva campus is in Blue Bell, Pa., some 15 miles northwest of downtown Philadelphia. Its estimated value translates to $238/sf. JLL is...



Home Depot Store Marketed in NJ

Wed, 27 Mar 2019
A stand-alone retail building leased to Home Depot is up for grabs in Northern New Jersey.The 132,000-square-foot property, in Lodi, could attract bids of about $70 million, or $530/sf. The offering includes adjacent land approved for the development of 15,000 sf of additional retail space.At the estimated value, the buyer&rsquo;s initial annual yield would be 5%. CBRE is representing the owner, a local investment partnership.Effective last...



Sacramento Retail Center Up for Grabs

Wed, 27 Mar 2019
Clarion Partners is marketing a Sacramento retail center that could command bids of $60 million.The offering encompasses a 348,000-square-foot component of the 666,000-sf Promenade at Sacramento Gateway, at 3511-3698 North Freeway Boulevard in the North Natomas submarket. It excludes stores that are separately owned by Ashley Furniture, Burlington Coat Factory and Target. Newmark has the listing.The offered space is 86% occupied. It consists of a...



NY Art-Storage Warehouse Available

Wed, 27 Mar 2019
A new warehouse that stores high-end art is being marketed in the Harlem section of Manhattan.The 110,000-square-foot building, at 122 West 146th Street, is described as the only Manhattan facility constructed expressly to store art. It&rsquo;s valued at about $60 million, or $545/sf. The developer, local investment firm Cayre Equities, will consider proposals for an outright sale, a recapitalization or the sale of a leasehold interest.The...



Seattle-Area Offices on the Block

Wed, 27 Mar 2019
Schnitzer West is marketing a pair of low-rise office complexes in Bellevue, Wash., to value-added investors.The 186,000-square-foot portfolio, in the 520 Corridor submarket, is expected to attract bids of $60 million, or $323/sf. Schnitzer West, which is based in Bellevue, will consider bids for the properties separately or as a package. Newmark has the listing.The complexes are 93% occupied, versus a 94.1% average in the submarket. With leases...



Cerberus Shows Orange County Offices

Wed, 27 Mar 2019
A Cerberus Capital partnership is marketing a Class-A office building in Southern California&rsquo;s Orange County.The 220,000-square-foot Main Street Town Center, in Santa Ana, could attract bids of about $300/sf, or $66 million. Eastdil Secured is advising New York-based Cerberus and its partner, Muller Co. of Irvine, Calif.The 10-story property, at 2677 North Main Street, is 87.4% leased, in line with the 87.6% average in Orange County. A...



MARKET SPOTLIGHT: Atlanta-Area Office Properties

Wed, 27 Mar 2019
Only a few large office properties have traded or gone under contract this year, but the pipeline of listings has picked up.The average occupancy rate has held steady at 84%, as some large corporate consolidations have been offset by growth at other companies.Capitalization rates for trophy and other Class-A offices remained flat in last year&rsquo;s second half, ranging from 5.25% to 6.75%, according to a CBRE...



The Grapevine

Wed, 27 Mar 2019
Senior managing director Khaled Kudsi parted ways with Northwood Investors in the past few weeks. His plans are unknown. Kudsi led the New York fund operator&rsquo;s investments team, focusing on equity and debt deals in the U.S. and Europe. He joined the firm in 2010 after spending nine years at Blackstone, where he was a principal. Northwood was founded in 2006 by former Blackstone real estate chief...



The Grapevine

Wed, 27 Mar 2019
CBRE has launched a data-center specialty practice and tapped senior vice president Kristina Metzger to lead it. A 10-year veteran of the brokerage, she was given the new position two weeks ago. Metzger focuses solely on investment sales and capital-markets services for data-center owners, having previously handled leasing and other duties for those clients. CBRE expects to expand the team as investor demand for data centers continues to grow....



The Grapevine

Wed, 27 Mar 2019
Industrial acquisitions veteran Michael Coppola left LBA Realty this month after two and a half years as a vice president in New Jersey. The split was amicable and he continues to work on some existing projects for the Irvine, Calif., fund operator. There&rsquo;s no word on his next move. Coppola&rsquo;s experience includes stints at Brookfield Property&rsquo;s IDI Gazeley unit and New York-based KTR Capital. LBA has already filled the opening on...



The Grapevine

Wed, 27 Mar 2019
Fund operator FCP last week hired Kevin Murphy as a vice president. He joined the Chevy Chase, Md., shop&rsquo;s structured-investments group, which provides preferred equity and mezzanine debt, mostly on multi-family and office properties. He reports to senior vice president Edward &ldquo;E.J.&rdquo; Corwin, who leads the group. Murphy was previously a vice president of acquisitions at New York-based Clarion Partners, with a focus on the...



The Grapevine

Wed, 27 Mar 2019
TruAmerica Multifamily has added an asset manager. Sunita Jofferion started last week as a director, overseeing apartment properties in the Southeast. She reports to senior director of asset management Doug Kelley. Jofferion was previously director of energy management at AvalonBay Communities of Arlington, Va. She had a prior stint at Marriott International of Bethesda,...



The Grapevine

Wed, 27 Mar 2019
Max Friedman joined Banyan Residential of Santa Monica, Calif., this month as a vice president, charged with lining up development opportunities and assisting on current projects. He was most recently a director of real estate investments at Camden Property of Houston, where he worked on deals in Arizona and California. Friedman had prior stints at Carr Properties of Washington and CBRE. Banyan was founded late last year by former Camden vice...



The Grapevine

Wed, 27 Mar 2019
Pete Anastasi joined Brixmor Property this month as an associate in Roswell, Ga., working on acquisitions and dispositions in the South. He came from RCG Ventures, a value-added fund shop in Atlanta, where he spent three years in acquisitions and dispositions. Before that, he was on the brokerage side of the business, spending three years at HFF and five at...



The Grapevine

Wed, 27 Mar 2019
Blackfin Real Estate Investors added Jingyang &ldquo;Joy&rdquo; Wu last week as an investment analyst at its Arlington, Va., headquarters. She assists with evaluating potential investments, due diligence and closings, reporting to chief operating officer Leslie Furst. Wu was previously an analyst at Marcus & Millichap. Blackfin, founded in 2016 by Andrew Buchanan and Doug Root, forms joint ventures to buy value-added multi-family properties in...



JLL Buyout of HFF a Bold Bid to Gain Scale

Wed, 20 Mar 2019
JLL&rsquo;s bombshell agreement to buy HFF is a dramatic step aimed at bolstering its lagging market share for property sales.JLL is the second-largest full-service real estate services firm globally, but over the past few years has fallen to sixth place among the &ldquo;Big 6&rdquo; brokerages in U.S. sales, surpassed by surging Cushman & Wakefield and Newmark. By acquiring HFF, a pure-play capital-markets brokerage, JLL is positioned to...



Goldman Team Markets New Charlotte Tower

Wed, 20 Mar 2019
A Goldman Sachs Asset Management partnership is shopping a new office building that could shatter Charlotte&rsquo;s price record.The 843,000-square-foot Bank of America Tower is expected to fetch nearly $440 million &mdash; well over the $284 million current high-water mark. At that $520/sf valuation, the buyer&rsquo;s initial annual yield would be 5%. Cushman & Wakefield is representing Goldman and its partner, local developer Lincoln Harris.The...



Investors Target Smaller Rental Portfolios

Wed, 20 Mar 2019
Trading of apartment portfolios valued at less than $500 million surged dramatically last year, and brokers and investors expect that segment of the market to remain hot for the foreseeable future.Deals in that price range totaled $15.7 billion in 2018, far exceeding any previous year. Meanwhile, transactions priced above the half-billion mark declined to $5.9 billion. That marked a sharp change from the previous three years, when portfolio...



Rentals Could Set Boston Price Record

Wed, 20 Mar 2019
J.P. Morgan Asset Management is setting the stage for the biggest apartment trade ever in Boston.The investment manager is marketing the leasehold interest in a 465-unit luxury property that&rsquo;s worth about $300 million, or $645,000/unit. The two-building complex, at 225 Northern Avenue and One Park Lane in the Seaport District, includes 19,000 square feet of fully occupied retail space and a 480-space underground garage. The ground is leased...



Offices in Florida, Texas for Sale

Wed, 20 Mar 2019
USAA Real Estate is marketing office complexes fully leased to its parent in the suburbs of Tampa and Dallas.The two properties, encompassing 881,000 square feet, could command nearly $400 million combined. San Antonio insurer USAA occupies them under leases with 13 years of term remaining.The seller prefers a package deal, but won&rsquo;t rule out individual sales. It awarded the listing to Cushman & Wakefield last week, and marketing is...



Luxury Rentals Shown in Manhattan

Wed, 20 Mar 2019
The leasehold interest in a Manhattan luxury apartment complex is up for grabs.Wafra Investment of New York is shopping the 143-unit property at Two Cooper Square in the city&rsquo;s NoHo neighborhood, close to the campus of New York University. Bids could come in as high as $130 million, or $909,000/unit. Cushman & Wakefield has the listing.Wafra bought the property in 2012 for $134.1 million from local builder Atlantic Development. The...



Half-Empty Houston Offices on Block

Wed, 20 Mar 2019
Brookfield Asset Management is marketing a half-vacant office complex in Houston.Bids could reach about $95 million for the 545,000-square-foot Park Towers, at 1233 and 1333 West Loop South. The estimated value works out to $174/sf. Cushman & Wakefield has the listing.Toronto-based Brookfield took control of the Class-A property last year. The previous owner, Dallas-based TPMC Realty, had fallen behind on debt that included a mezzanine loan held...



Vacant Lab Complex Listed in Mass.

Wed, 20 Mar 2019
A pharmaceutical company is seeking a buyer for a suburban-Boston laboratory complex that it plans to vacate.The 202,000-square-foot Innovation Park campus, in Andover, Mass., is expected to attract bids topping $40 million, or $198/sf. The seller, Eisai Inc., developed the property for R&D use and has modernized the facilities in recent years. Colliers International has the listing. Eisai, the U.S. subsidiary of a Tokyo company, will hand it off...



UBS Marketing Burbank Offices

Wed, 20 Mar 2019
UBS Realty is pitching a fully leased office complex in Burbank, Calif.The 231,000-square-foot Burbank Empire Center is worth an estimated $90 million, or $390/sf. Eastdil Secured has the listing.The two-building complex, at 2350 and 2400 West Empire Avenue, has four tenants with a weighted average remaining lease term of 5.5 years. Because the rents are 5-10% below the property&rsquo;s prevailing asking rate, the marketing campaign is touting...



Medical-Office Building Available in LA

Wed, 20 Mar 2019
A medical-office building in Los Angeles is being offered as a leasing play.The 3rd Street Medical Center encompasses 147,000 square feet at 2100 West Third Street. It is expected to attract bids in the neighborhood of $80 million, or $545/sf. CBRE is marketing the property for a partnership between Los Angeles-based Stockdale Capital and Siguler Guff of New York.The property is 90% occupied, versus an average of more than 96% for medical-office...



Historic Chicago Offices Up for Grabs

Wed, 20 Mar 2019
Alliance HSP is marketing the leasehold interest in a landmark office building in Chicago that&rsquo;s been renovated as &ldquo;creative&rdquo; space.The 585,000-square-foot Burnham Center, at 111 West Washington Street, is expected to fetch bids in the vicinity of $100 million, or $171/sf. Its ground lease runs another 95 years. Alliance, of Bryn Mawr, Pa., has given the listing to Cushman & Wakefield.The property is 92% leased, outperforming...



Foundation Offers Bethesda Offices

Wed, 20 Mar 2019
A well-occupied office building in downtown Bethesda, Md., is on the block.The 125,000-square-foot Fairmont Building, at 7735 Old Georgetown Road, is expected to attract bids of about $50 million, or $400/sf. HFF is marketing the property for Bainum Foundation.The Class-A building is 96% occupied by 14 tenants with a weighted average remaining lease term of 4.8 years. No tenant takes up more than 14% of the space. Leases representing an average...



Long Island Apartments on Market

Wed, 20 Mar 2019
A Long Island apartment property could attract bids of $95 million.The 434-unit Hawthorne Court, at 211 Hawthorne Avenue in Central Islip, N.Y., is being pitched as a value-added play. At the estimated price of nearly $220,000/unit, the buyer&rsquo;s initial annual yield would be 5.4%. CBRE is representing the owner, Post Road Group of Stamford, Conn.The garden-style property is 95% occupied. A buyer likely would aim to raise rents by performing...



Value-Added Tampa Rentals in Play

Wed, 20 Mar 2019
An investment firm is pitching a value-added Tampa apartment property that includes land suitable for more units.The 360-unit Westly Shores, just west of Tampa International Airport, is valued at roughly $62 million, or $172,000/unit. At that price, the initial annual yield would be between 4.5% and 5%. Newmark is advising the owner, Abacus Capital of New York.A buyer could seek to boost its return by continuing a renovation program recently...



MARKET SPOTLIGHT: Los Angeles-Area Office Properties

Wed, 20 Mar 2019
After the market&rsquo;s two biggest years ever, sales volume plummeted by 44% in 2018 to $5.4 billion. But this year is off to a strong start, suggesting a rebound.Technology and media companies continue to drive a strong leasing market. The average $40.44/sf rent at yearend was up 43% from the cyclical low seven years ago, according to CBRE.A shortage of &ldquo;creative&rdquo; offices is prompting bidding contests among prospective tenants,...



The Grapevine

Wed, 20 Mar 2019
Erik Gustafson joined Manulife Asset Management this month as a senior managing director in Boston. Gustafson oversees the company&rsquo;s U.S. portfolio of office, industrial and multi-family properties. He moved over from Boston-based Pembroke Real Estate, where he spent 15 years and left as global head of portfolio management.



The Grapevine

Wed, 20 Mar 2019
Charlie McCombs joined USAA Real Estate this month as a senior director of investments. He&rsquo;s stationed in Bethesda, Md., for the real estate investment arm of the San Antonio insurer. McCombs most recently was an acquisitions associate at New York fund shop DRA Advisors, where he spent five years. He had previous stints at Onex Real Estate of Toronto, Los Angeles investment manager CIM Group and Lehman...



The Grapevine

Wed, 20 Mar 2019
GFP Real Estate is adding a director of acquisitions at its New York headquarters. Kyle Roth, who starts next week, will also work on development deals and capital markets. He reports to head of acquisitions Tom Ortinau. Roth had been a senior associate at Brookfield Asset Management of Toronto, where he had worked for four years. He had a prior stint in real estate finance at UBS. GFP, formerly known as Newmark Holdings, is led by chairman...



The Grapevine

Wed, 20 Mar 2019
Senior vice president Victoria Ornstein departed from Bridge33 Capital last month. Her plans are unknown. Ornstein started at the Seattle firm&rsquo;s New York office last summer. She previously spent about six years at C-III Capital of New York. Bridge33, led by co-founders Jahan Moslehi and Andy Chien, has mostly invested in distressed retail and office deals but is looking at multi-family properties as well. It hired its first head of...



The Grapevine

Wed, 20 Mar 2019
After three years at Jumbo Capital of Quincy, Mass., Adam Fischer is setting up his own investment and management firm. Fischer was a director of acquisitions at Jumbo when he left in January. His new shop, Osorno Capital, will &ldquo;pursue opportunities at the intersection of tech and commercial real estate,&rdquo; according to a recent email he sent to friends and...



The Grapevine

Wed, 20 Mar 2019
Mission Capital has launched a marketing campaign ahead of an auction next month for St. Louis&rsquo; largest office building, which has stood vacant for at least two years. It&rsquo;s the second attempt by special servicer C-III Asset Management to find a buyer for the 1.4 million-square-foot property at 909 Pine Street, which it took over in 2017 on behalf of bondholders. That year, the 44-story building&rsquo;s sole tenant, AT&T, vacated,...



The Grapevine

Wed, 20 Mar 2019
Blackstone has added an associate to its U.S. real estate team in New York. Ben Rosengart started this month. He was previously an associate at Carlyle Group&rsquo;s fund-of-funds arm, Metropolitan Real Estate, where he spent the last two years.



The Grapevine

Wed, 20 Mar 2019
Brokerage Stan Johnson Co. is seeking to hire an associate in Houston. The firm, which specializes in net-leased properties, is looking for candidates with 2-3 years of experience. Duties include helping manage listings and client relationships. Anyone interested can email Andra Nelson at anelson@stanjohnsonco.com.



ON THE MARKET:

Wed, 20 Mar 2019
OFFICE:Property: The H, 19701 Hamilton Avenue, Torrance, Calif.Size: 121,000 sf, 96% leasedEstimated Value: $32 million, $264/sfOwner: Montana Avenue Capital, Los Angeles, and Contrarian Capital, Greenwich, Conn.Broker: HFFColor: A recently upgraded “creative” office building in the South Bay submarket of Greater Los Angeles. A $5 million renovation of the 1984-vintage building was completed last year. Owner subsequently boosted occupancy...



Fast-Growing Fund Sector Bigger Than Ever

Wed, 13 Mar 2019
It may be late in the real estate cycle, but don&rsquo;t tell that to fund managers and investors.The universe of high-yield real estate funds continues to set growth records across the board. Real Estate Alert&rsquo;s 23rd annual review of commingled funds has identified 528 active vehicles, up 8% from 488 a year ago. Those funds are being managed by 426 different operators, up nearly 9%. And they are seeking to raise $404.5 billion of total...



Moviemaker Buys Part of LA-Area Campus

Wed, 13 Mar 2019
Movie mogul David Ellison has agreed to buy two of the four buildings at a 478,000-square-foot &ldquo;creative&rdquo; office complex in Santa Monica, Calif., and the others are now up for grabs.Ellison&rsquo;s production company, Skydance Media, was initially in talks purchase the entire Lantana Media Campus from a partnership between Brightstone Capital of New York and local investor Artisan Realty for roughly $520 million, or $1,088/sf. But the...



Goldman Team Lists Upgraded Austin Offices

Wed, 13 Mar 2019
A Goldman Sachs Asset Management partnership plans to market a recently renovated office building in Austin that could fetch about $235 million.The 390,000-square-foot Chase Tower, at 221 West Sixth Street in the Central Business District, is about 90% leased. The estimated value works out to just over $600/sf. Goldman and its partner, Lincoln Property of Dallas, have awarded the listing to Cushman & Wakefield, which is expected to begin the...



State Street Dealing Phoenix Offices

Wed, 13 Mar 2019
State Street Global Advisors is marketing a Phoenix office tower with a significant retail component.The 609,000-square-foot Collier Center could command bids of $210 million, or $345/sf. At that price, the buyer&rsquo;s initial annual yield would be 6%. Eastdil Secured is representing the Boston investment manager.The 23-story property, at 201 East Washington Street in the Central Business District, is 88% leased, with a weighted average...



Dallas Tower Sale to Set Price Record

Wed, 13 Mar 2019
Ohio State Teachers has agreed to pay about $700 per square foot for a new Dallas office building, a record price for the city.The 260,000-square-foot property, at 1900 North Pearl Street in the Arts District, was completed last year by a Goldman Sachs partnership. At the roughly $182 million valuation, the Ohio pension fund&rsquo;s initial annual yield would be about 4.75%.Cushman & Wakefield is brokering the sale for Goldman and its local...



Jamestown Scoops Up Boston Offices

Wed, 13 Mar 2019
Jamestown has struck a deal to pay about $103 million for a Class-B office building in downtown Boston.The price for the 213,000-square-foot property, at 18 Tremont Street, works out to $484/sf. The Atlanta investment manager&rsquo;s capitalization rate just tops 5%. JLL is representing the seller, DLJ Real Estate Capital of New York.The marketing pitch emphasized that a buyer could lift revenue via renovation and leasing strategies. When the...



Riverside Apartments Shown in Phila.

Wed, 13 Mar 2019
J.P. Morgan Asset Management is shopping a Philadelphia apartment property that&rsquo;s expected to fetch bids around $120 million.The 286-unit Edgewater Apartments is alongside the Schuylkill River in the Logan Square neighborhood, home to some of the city&rsquo;s most acclaimed museums and parks. Newmark kicked off the marketing campaign last week, touting the property&rsquo;s location and value-added potential.The estimated value of...



Value-Added Offices Available in Dallas

Wed, 13 Mar 2019
The offering of a downtown Dallas office tower is expected to fetch bids as high as $175 million from value-added investors.The 844,000-square-foot building is at 2100 Ross Avenue, in the Arts District. At the estimated $207/sf valuation, a buyer&rsquo;s initial annual yield would be 5.5%. Local private equity shop Dundon Capital has given the listing to CBRE.The marketing campaign is touting the potential to boost income by lifting occupancy and...



Banyan Street Enters Fund Arena

Wed, 13 Mar 2019
A four-member real estate team has spun off from EII Capital and joined forces with Banyan Street Capital to form a new fund shop.The joint venture, Banyan Street Real Estate Funds of New York, is being seeded with some $800 million of commercial real estate that EII Capital had managed through high-yield funds and separate accounts. The new firm bought the management rights to those assets from New York-based EII Capital for an undisclosed...



"Creative' Offices Pitched West of LA

Wed, 13 Mar 2019
An almost fully leased office/retail property in the Silicon Beach section of Los Angeles County is up for grabs with expectations it could fetch $60 million.Marina View, a 76,000-square-foot complex in Marina Del Rey, Calif., is 98% leased by 14 tenants. It encompasses a six-story building with 61,000 sf of offices and an adjacent single-story structure with 15,000 sf of retail space. Owner Kennedy Wilson of Beverly Hills has given the listing...



DC-Area Office Complex on the Block

Wed, 13 Mar 2019
A C-III Capital partnership is pitching a two-building office property in Maryland&rsquo;s Washington suburbs as a leasing play.The 274,000-square-foot complex, at 1801 and 1803 Research Boulevard in Rockville, is expected to attract bids in the vicinity of $175/sf, or $48 million. Avison Young has the listing.The 83% occupancy rate is consistent with the average for surrounding Montgomery County. But the supply of office space in the area has...



Boutique Palm Springs Hotel for Sale

Wed, 13 Mar 2019
GFI Hospitality has teed up the leasehold interest in a boutique hotel in Palm Springs, Calif.The 179-room Ace Hotel &amp; Swim Club, valued at up to $60 million, is touted as a trendy property that’s outperforming its competitive set in a popular resort market. It’s being offered unencumbered by brand or management contracts, giving a buyer the flexibility to bring in a different flag.Bids could range from $55 million to $60 million, or...



Value-Added Rentals Offered in Ariz.

Wed, 13 Mar 2019
LivCor has teed up an apartment complex near Phoenix that&rsquo;s ripe for upgrades.The 576-unit property, in Mesa, Ariz., is expected to draw bids near $84 million, or $146,000/unit. The Blackstone portfolio company has given the listing to CBRE.The garden-style complex is at 1960 West Keating Avenue, close to a lake and a golf course in the 2,600-acre Dobson Ranch master-planned community. Called Aventerra at Dobson Ranch, it was developed in...



Upgraded Offices Shopped in Chicago

Wed, 13 Mar 2019
A Walton Street Capital partnership is pitching three Chicago office properties that it recently repositioned as &ldquo;creative&rdquo; space.The offering encompasses 240,000 square feet in the West Loop submarket. The package is valued at roughly $67 million, or $279/sf. JLL has the listing.Two of the buildings, at 641 West Lake Street (107,000 sf) and 130 South Jefferson Street (79,000 sf), are 98% leased. The third, at 901 West Jackson...



Workforce Housing Marketed in NJ

Wed, 13 Mar 2019
A family is marketing a New Jersey apartment portfolio valued at about $155 million.The seven workforce-housing properties, in Asbury Park, East Orange, Newark and Trenton, encompass 1,035 units that are 97% occupied. They are being pitched as a package, but bids would be considered on individual properties or any combination. At the estimated value of $150,000/unit, the portfolio&rsquo;s capitalization rate would be just under 5%. CBRE is...



MARKET SPOTLIGHT: Boston-Area Apartment Properties

Wed, 13 Mar 2019
Sales of large properties plummeted by 19% last year, to $1.7 billion. The skimpy fourth-quarter tally of $165 million was the worst finish to a year since 2008.The fourth-quarter collapse stemmed from offerings being pulled amid market volatility. However, many of those offerings are headed back to market, and brokers foresee a strong pipeline of spring listings.Average annual construction is projected to fall to 7,194 units through 2021, from...



The Grapevine

Wed, 13 Mar 2019
Capital-raising pro Jon Dishell joined Gemini Rosemont Commercial Real Estate last week as chief business-development officer, based in its Los Angeles headquarters. He oversees investor relations and corporate marketing, among other things, reporting to chief executive Ian Brownlow. Dishell spent the past seven years as managing director of fund management and investor relations at American Real Estate of Herndon, Va. He previously had a 15-year...



The Grapevine

Wed, 13 Mar 2019
Rob Shults joined C-III Capital of New York this week as a senior managing director focused on asset management for the firm&rsquo;s equity funds. He replaces Steve Schoenbaechler, who is retiring April 30, and reports to president Jeffrey Cohen. Shults came from Blackstone affiliate EQ Office, where he was a portfolio director. Before that, he spent nine years as president of Cottonwood Management Services of Dallas and had a six-year stint as a...



The Grapevine

Wed, 13 Mar 2019
Greystone has hired a 12-person team of apartment-sales pros in Dallas from brokerage SVN. The group, headed by managing director Todd Franks, starts operating today under the name Greystone Investment Sales Group. It includes senior director Sean Reynolds, executive director Mark Allen and senior advisors Curtis Hawkins and Byron Griffith. Franks started the group under the auspices of SVN in 2014. Before that, he had a stint at Dallas brokerage...



The Grapevine

Wed, 13 Mar 2019
Chicago fund operator Waterton hired Jeremy Stern last month as an assistant vice president focusing on multi-family acquisitions in the Western U.S. Stern relocated from New York, where he was an investment associate at Jaguar Growth Partners for the last three years and previously worked on acquisitions and asset management at Stahl Organization. Waterton specializes in multi-family, hotel and senior-housing...



The Grapevine

Wed, 13 Mar 2019
Alec Maghami joined Stockbridge Capital last week as a vice president in its San Francisco headquarters. He&rsquo;s a member of the West Coast acquisitions team led by managing director Mark Carlson. Maghami came from Seattle-based Laird Norton Properties, where he was a portfolio manager for nearly two years, handling office and multi-family acquisitions. He previously spent nearly five years at PGIM Real...



The Grapevine

Wed, 13 Mar 2019
John Goldsmith Jr. left Hampshire Cos. late last month to join industrial fund shop LBA Realty. He&rsquo;s a senior vice president at LBA, targeting acquisitions on the East Coast for the Irvine, Calif., firm. Goldsmith spent eight years at Hampshire, which is based in Morristown, N.J. He had previous stints at Goldman Sachs, Starwood Capital and Mooring...



The Grapevine

Wed, 13 Mar 2019
Lex Lefebvre joined Lowe Enterprises in Washington this week to oversee ongoing development projects and line up new opportunities in the Mid-Atlantic region. He was previously director of development and co-managed acquisitions at Rooney Properties of Arlington, Va., where he worked for nearly five years. Before that, he was an associate in the development and acquisitions group at JBGR Retail of Chevy Chase, Md., which was partly owned and has...



ON THE MARKET

Wed, 13 Mar 2019
RETAIL:Property: Glen Gate, Waukegan Road and Golf Road, Glenview, Ill.Size: 103,000 sf, 100% leasedEstimated Value: $45 million, Yield: 6%Owner: Client of LaSalle Investment, ChicagoBroker: Mid-America Real EstateColor: Grocery anchor Mariano&rsquo;s (75,000 sf) has 15 years remaining on its lease. Glenview Bank has 16 years remaining. Those two generate 73% of the property&rsquo;s income. Completed in 2014, center is on Chicago&rsquo;s affluent...



Fund Universe Still Growing Rapidly Late in the Cycle

Wed, 13 Mar 2019
The fund universe is bursting at the seams.For the third year in a row, records were set for the number of funds, the number of sponsors and the amount of aggregate equity being sought, according to Real Estate Alert&rsquo;s 23rd annual review of high-yield real estate funds. And the increases were substantial for each of those categories.The survey identified 528 commingled closed-end funds, up 8.2% from 488 a year ago. Those vehicles are being...



Berkshire Puts Multi-Family Portfolio in Play

Wed, 06 Mar 2019
Berkshire Residential Investments is quietly shopping a multi-state portfolio of luxury apartment properties with an estimated value of $1.1 billion.The 13 properties encompass roughly 4,000 units in California, Texas, Tennessee, Georgia and North Carolina. The pricing works out to about $275,000/unit. Boston-based Berkshire has given the listing to HFF, which is pitching the portfolio to select core and core-plus investors. It&rsquo;s unclear...



Multi-Family Firm Plots National Expansion

Wed, 06 Mar 2019
A California apartment shop plans to dramatically increase the pace of its purchases and grow from a regional into a national player over the next several years.Universe Holdings, a 25-year-old Los Angeles firm, has historically targeted Southern California properties in the $5 million to $25 million price range. Now, it&rsquo;s broadening its scope to include larger deals in markets across the country. Chief executive Henry Manoucheri said he...



Fund Shop Waterton Links With Hotel Manager

Wed, 06 Mar 2019
Fund operator Waterton has formed a strategic alliance with a hotel-management company with an eye toward expanding its investments in that sector during the next downturn.Chicago-based Waterton this week bought a minority equity interest in the company, Waterford Hotel Group of Waterford, Conn. While the two firms will continue to operate independently, they will jointly acquire value-added hotels, with Waterton scouting out investments and...



Giant Mass. Rental Complex in Play

Wed, 06 Mar 2019
Blackstone is pitching one of Massachusetts&rsquo; largest apartment properties to value-added investors.The 1,020-unit Jefferson Hills, in the Boston suburb of Framingham, could attract bids of roughly $230 million, or $225,000/unit. CBRE is representing Blackstone, which controls the property via its LivCor portfolio company.Blackstone has improved about 28% of the units. That enabled it to raise rents by about $200 on average and attract...



Davis Mapping 4th Value-Added Fund

Wed, 06 Mar 2019
Davis Cos. is seeking to raise $650 million of equity for its fourth and largest fund.The value-added vehicle, Davis Investment Ventures 4, would shoot for a 14-16% return, primarily by redeveloping and repositioning properties across asset classes. It could also construct properties and invest in distressed debt.The Boston fund operator is telling investors it will focus on &ldquo;knowledge and innovation markets,&rdquo; including Atlanta,...



Beacon Shops "Creative' Offices in LA

Wed, 06 Mar 2019
Beacon Capital is marketing a recently renovated &ldquo;creative&rdquo; office building in the North Hollywood section of Los Angeles.The 205,000-square-foot property, at 5161 Lankershim Boulevard, could attract bids of about $100 million, or $488/sf. At that price, the buyer&rsquo;s initial annual yield would be 5.5%. CBRE is representing Beacon, a Boston investment manager.The building, one block from the NoHo Metro rail station in a burgeoning...



Northern Va. Warehouses Up for Grabs

Wed, 06 Mar 2019
Ohio State Teachers is marketing a warehouse complex in Northern Virginia that could fetch $140 million.The 836,000-square-foot Renaissance Park encompasses seven buildings in Herndon, Va., close to Dulles International Airport. At the estimated value of $167/sf, a buyer&rsquo;s initial annual yield would be in the low-5% range.Cushman & Wakefield, the broker handling the offering, is touting the potential to boost that yield by raising...



High-End Retail Offering in Greenwich

Wed, 06 Mar 2019
A fully leased retail/office building is on the block in the tony shopping district of Greenwich, Conn.The 63,000-square-foot property, at 200 Greenwich Avenue, is anchored by Saks Fifth Avenue. Bids for the two-story building could reach as high as $80 million. CBRE is marketing the property for its long-time owner, billionaire Dean Metropoulos.At the estimated value, a buyer&rsquo;s initial annual yield would be 4.7%, based on in-place net...



LeFrak Sells Jersey City Offices to iStar

Wed, 06 Mar 2019
iStar Financial acquired a Northern New Jersey office building from LeFrak Organization last week for $170 million.The roughly 360,000-square-foot property, at 570 Washington Boulevard in Jersey City, is fully leased. The transaction valued it at $472/sf. Cushman & Wakefield brokered the sale for New York-based LeFrak, which constructed the Class-A property in 2002.The office component is fully leased until 2032 to Depository Trust & Clearing...



Amazon-Leased NY Warehouse Listed

Wed, 06 Mar 2019
An AEW Capital joint venture is marketing an industrial property in the Bronx, N.Y., that it upgraded and leased to Amazon for more than 10 years.The two-building complex, in the Hunts Point neighborhood, encompasses 121,000 square feet of warehouse and distribution space. Bids are expected to be about $70 million, or $575/sf. At that price, the buyer&rsquo;s initial annual yield would be in the low-4% range. Cushman & Wakefield has the...



Spruced-Up SF Offices Hit the Market

Wed, 06 Mar 2019
A partnership between LBA Realty and Farallon Capital is marketing an interest in three attached San Francisco office buildings that could command bids of $80 million.The fully leased buildings, totaling 151,000 square feet, are at Kearny and Sutter Streets in the North Financial District. They are branded as a single property called &ldquo;222 Kearny&rdquo; and are being offered jointly via Eastdil Secured.The LBA team is marketing a 100%...



Expandable Boston Hotel Available

Wed, 06 Mar 2019
A boutique hotel suitable for expansion is drawing investor attention in Boston, where the appetite for development plays is robust.The 112-room Kimpton Onyx Hotel, at 155 Portland Street in the West End neighborhood, can be expanded by at least 63 rooms and possibly more with additional approvals.First-round bids are due this month, with expectations that pricing will ultimately top $60 million. Newmark is representing the seller, Pebblebrook...



Leased-Up Offices Shown in LA Area

Wed, 06 Mar 2019
Investors are getting a crack at a Southern California office complex that an investment shop acquired last year and fully leased up.The 196,000-square-foot Conejo Corporate Campus, in Thousand Oaks, could attract bids of about $44 million, or $225/sf. Newmark is representing the seller, a joint venture between Harbor Associates of Long Beach, Calif., and Blue Vista Capital of Chicago.The Class-A complex, at 2380 & 2400 Conejo Spectrum Street,...



Apartments, Parcel on Block in Phila.

Wed, 06 Mar 2019
A multi-family property with expansion potential is up for grabs in an opportunity zone in Philadelphia.The offering encompasses an 88-unit apartment building that can be expanded and an adjacent parcel suitable for development. Bids are expected to come in around $48 million. HFF is handling the marketing for local investment shop MMPartners.The existing building is a former hospital that was redeveloped last year as Class-A apartments and is in...



Equity Sought for LA Office Project

Wed, 06 Mar 2019
A developer is seeking an equity partner to provide about $33 million toward the cost of constructing an office building in the Arts District of downtown Los Angeles.Continuum Partners of Denver has secured zoning approvals for a 114,000-square-foot building on 1.6 acres at 640 South Santa Fe Avenue. It has tapped HFF to market the investment. The pitch is that while the site is in a strong office market, it is within an opportunity zone &mdash;...



KKR Dealing High-End Phila. Hotel

Wed, 06 Mar 2019
A KKR joint venture is marketing an upper-upscale boutique hotel in Philadelphia&rsquo;s trendy Rittenhouse Square neighborhood.The 301-room Warwick Hotel Rittenhouse Square, at 220 South 17th Street, is expected to attract bids of up to $80 million, or $266,000/room. It&rsquo;s being offered unencumbered by brand or management contracts. KKR and its partner, Chartres Lodging of San Francisco, have given the listing to Newmark.The English...



MARKET SPOTLIGHT: Northern Virginia Office Properties

Wed, 06 Mar 2019
After sales increased 39% last year to $3.1 billion, listings got off to a slow start this year. But brokers expect activity to pick up in the coming months.Green Street Advisors thinks Amazon&rsquo;s planned 25,000-employee campus will be a &ldquo;slow burn&rdquo; rather than a &ldquo;shot in the arm&rdquo; for Crystal City. But the research shop said the retailer&rsquo;s giant expansion should curb long-term vacancies in the market.Capital...



The Grapevine

Wed, 06 Mar 2019
Michael Daly joined Gemdale USA last week as co-president, overseeing acquisitions and development in the Eastern U.S. Daly most recently was chief operating officer at Jonathan Rose Cos. of New York, where he worked from 2014 to about a year ago. While there, he oversaw the roughly $500 million acquisition of Forest City Realty&rsquo;s affordable-housing arm. Before joining Jonathan Rose, he was president of Forest City affiliate Mesa Del Sol of...



The Grapevine

Wed, 06 Mar 2019
Industry veteran Jeffrey Granowitz has joined Ackman-Ziff as a managing director. The word is he focuses on equity transactions at the New York-based brokerage. Granowitz was previously a managing director at Mission Capital and at Magnum Management and a co-founder at Artisan Realty. He had prior stints at Praedium Group of New York and Credit Suisse.



The Grapevine

Wed, 06 Mar 2019
Meanwhile, Peter Weiss jumped from Ackman-Ziff Real Estate, where he was a managing director, to smart-lock startup Latch. He started this month as chief real estate officer at the New York firm, which provides software and hardware for controlling a building&rsquo;s locks remotely. Latch last summer closed a $70 million funding round with backing from Brookfield Asset Management unit Brookfield Ventures. Weiss spent about seven years at...



The Grapevine

Wed, 06 Mar 2019
Eastdil Secured has won the assignment to market three West Coast office properties, worth some $1.4 billion combined, for Nuveen Real Estate. The TIAA unit interviewed several brokerages and considered multiple marketing strategies before deciding last week to have Eastdil shop the three properties via separate listings. As reported last week, the properties are: Fourth & Madison, an 846,000-sf skyscraper in Seattle worth roughly $625 million,...



The Grapevine

Wed, 06 Mar 2019
Berkshire Residential Investments of Boston last month hired Jason Polcaro as an assistant vice president of portfolio management. He arrived at the investment manager&rsquo;s headquarters from another Boston fund shop, CrossHarbor Capital, where he had been a vice president for about five years. Polcaro had previous stints at Clarion Partners of New York and BayNorth Capital of...



The Grapevine

Wed, 06 Mar 2019
Catalyst Housing of Larkspur, Calif., has added a director of operations. Will Silverstone started this week, tasked with business development, asset management and financial reporting. He previously worked at Farmland Partners and Aimco, both Denver REITs. Catalyst was founded in 2015 by former CBRE broker Jordan Moss. The firm aims to develop, acquire and finance affordable-housing...



The Grapevine

Wed, 06 Mar 2019
Topper Sheehy has joined the CBRE Global Investors acquisitions team as an associate in Dallas. He started last month, focusing on acquisitions and development opportunities in Texas and the Southeast. Sheehy came from Granite Properties of Plano, Texas, where he was an investment associate for three years. He also had stints at Deloitte and Macquarie...



The Grapevine

Wed, 06 Mar 2019
Prospect Capital wants to hire an analyst to help sift through potential opportunity-zone investments. The New York shop is looking for candidates with a minimum of three years of experience, preferably including joint-venture development deals. Prospect&rsquo;s opportunity-zone platform is led by Daniel Ackerman. Managing director Ted Fowler is the firm&rsquo;s head of real...



ON THE MARKET

Wed, 06 Mar 2019
RETAILProperty: North Decatur Square, Decatur, Ga.Size: 86,000 sf, 100% leasedEstimated Value: $55 millionOwner: S.J. Collins Enterprises, AtlantaBroker: Cushman & WakefieldColor: Whole Foods-anchored shopping center was completed last year. The upscale grocer occupies 41% of the space under a 20-year lease with 10% rent bumps every five years. Rent roll has 23 tenants, including Region&rsquo;s Bank. Part of a mixed-use development 5 miles east...



Nuveen to Shop West Coast Office Properties

Wed, 27 Feb 2019
Nuveen Real Estate is gearing up to market three West Coast office properties worth some $1.4 billion combined.The properties encompass 1.5 million square feet. The largest and most valuable is Fourth & Madison, an 846,000-sf skyscraper in Seattle. The others are the 379,000-sf KPMG Building in San Francisco and the 262,000-sf Wilshire Rodeo Plaza in Beverly Hills.Nuveen is talking with multiple brokerages about a marketing strategy. Market pros...



SF Office Sales Surge as Rents Resume Climb

Wed, 27 Feb 2019
After two years of declining volume, San Francisco&rsquo;s office-sales market is roaring back.Just two months into the year, some $2.6 billion of purchases have closed or are under contract, compared to the $2.7 billion of large office transactions the city saw in all of 2018. With another $2.4 billion slated for sale and the pipeline of potential listings bulging, local pros expect the year to easily surpass the cyclical high of $5.5 billion in...



Portion of Lone Star Apartment Sale in Flux

Wed, 27 Feb 2019
Morgan Properties is evidently scaling back its planned purchase of an East Coast apartment portfolio from Lone Star Funds.As previously reported, Morgan Properties had agreed to pay $1.4 billion for 15 complexes in Northern Virginia, Maryland and the Philadelphia area. That package encompassed 6,696 units, at an average value of $211,000/unit.The King of Prussia, Pa., company is moving ahead with the Philadelphia and Virginia components, but the...



UBS Showing Tampa Hotel, Offices

Wed, 27 Feb 2019
UBS Asset Management is pitching a luxury hotel and an adjacent Class-A office building in Tampa worth about $210 million in total.The offering encompasses the 442-room Grand Hyatt Tampa Bay and the 265,000-square-foot Bayport Plaza. It&rsquo;s unclear if investors must bid on both. HFF has the listing.The sister properties, which are separated by a small courtyard, were developed in the late 1980s by Wilson Co., a local firm. They are on a...



Apartments on NJ Waterfront in Play

Wed, 27 Feb 2019
J.P. Morgan Asset Management is marketing a luxury residential high-rise in Northern New Jersey.The 648-unit Liberty Place, near the Hudson River in Jersey City, is valued at about $425 million, or $656,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.5%. HFF has the listing.The 2003-vintage complex, at 33 Hudson Street, encompasses an eight-story podium topped by two 37-story towers. Part of the pitch is that a buyer...



DC-Area Rentals Ripe for Upgrades

Wed, 27 Feb 2019
Capital Properties is shopping three high-rise apartment properties in and near Washington that could appeal to value-added investors.The buildings, encompassing 957 units, are worth an estimated $350,000/unit, or $335 million, indicating a capitalization rate in the high-4% range. Investors may bid on one, two or all three properties. One is in Washington, and the others are in the city&rsquo;s Maryland suburbs. Boston-based Capital Properties,...



Nuveen Weighs Listing Boston Tower

Wed, 27 Feb 2019
A piece of the Boston skyline may be coming into play.A joint venture between Nuveen Real Estate and Ivanhoe Cambridge is mulling a marketing campaign for One Boston Place, an 804,000-square-foot skyscraper in the Financial District. The partnership is interviewing brokers to gauge their expectations of a selling price, but a decision on the offering has yet to be made.The value would likely be from $490 million to just over $520 million, or up...



Value-Added Rental Play in DC Area

Wed, 27 Feb 2019
Seven garden-style apartment properties suitable for upgrades are on the block in suburban Washington.The 2,113-unit portfolio is valued at roughly $450 million, or $213,000/unit. Investors can bid on individual properties or any combination. CBRE is representing the seller, a joint venture between Pantzer Properties and Dune Real Estate, both of New York.There are five properties in Virginia and two in Maryland, ranging in size from 210-532...



LA-Area Offices Ripe for Repositioning

Wed, 27 Feb 2019
A family trust is pitching a soon-to-be vacant office complex near Los Angeles as a repositioning play.The 200,000-square-foot property, at 650 & 700 Pacific Coast Highway in El Segundo, Calif., is expected to attract bids of about $50 million, or $250/sf. Newmark is representing the unidentified trust.Boeing fully occupies the two-building complex under a lease that runs through the end of next year. The aerospace giant has no extension options...



NEW DEALS

Wed, 27 Feb 2019
Washington Apartment ComplexAkelius Residential is buying a Washington apartment property for roughly $47 million. The Swedish investment firm has agreed to pay about $299,000 apiece for the 157 units at Harvard Hall, a seven-story building at 1650 Harvard Street NW. The deal is expected to close soon, with Newmark representing the seller, Greenhill Cos. of Bethesda, Md. The 1929-vintage property is 98% occupied, but was touted as a value-added...



Suburban Boston Leasing Play Touted

Wed, 27 Feb 2019
An Investcorp partnership is shopping a suburban Boston office property with a looming vacancy.The 552,000-square-foot Ballardvale Office Park, in Wilmington, Mass., is 92% occupied, but a tenant departure in June will drop that rate to 82.5%.Bids are expected to land in the realm of $90 million, or $163/sf. That would produce a 7% initial annual yield. Bahrain-based Investcorp and its partner, Griffith Properties of Boston, have given the...



Raleigh-Area Rental Portfolio Available

Wed, 27 Feb 2019
An investment manager is pitching a Raleigh-area office portfolio as a leasing play.The eight buildings, totaling 540,000 square feet, are valued at about $175/sf, or $97 million. Investors can bid on individual properties or any combination. CBRE is representing the owner, Continental Capital of Virginia Beach, Va.The buildings, with 42,000-122,000 sf, are 84% leased, but impending turnover will drop that level to about 75% in a few months. At...



Silicon Valley Lab/R&D Space for Sale

Wed, 27 Feb 2019
Two fully leased manufacturing/R&D buildings are up for grabs in Silicon Valley.The 172,000-square-foot portfolio is worth about $42 million, or $244/sf. At that valuation, the buyer&rsquo;s initial annual yield would be 6.25%. The unidentified owner is marketing the buildings as a package via Cushman & Wakefield, but would consider individual bids on either.The listing encompasses a 101,000-sf building at 4731 Bayside Parkway in Fremont, Calif.,...



MARKET SPOTLIGHT: San Francisco Office Properties

Wed, 27 Feb 2019
Eastdil Secured is regaining its iron grip on listings in the market. After averaging 71% of brokered sales from 2006 through 2015, the firm&rsquo;s slice dipped to 46% in 2017. But its share rebounded to 59% last year and has climbed to a whopping 82% so far in 2019, including active listings.Sobrato Organization reached a preliminary agreement late last year to buy 550 Terry Francois Boulevard from Hines for $343 million. But The Gap, whose Old...



The Grapevine

Wed, 27 Feb 2019
Capital-raising veteran Ione Wilsmann started at USAA Real Estate this month as a managing director in Manhattan. She works in the San Antonio insurer&rsquo;s global-investors group, leading investor relations and business development for affiliate Square Mile Capital, a New York fund operator. Wilsmann formerly had senior positions at U.S. Steel and Carnegie Pension Fund, Quilvest USA and MetLife. USAA has been adding to its capital-raising...



The Grapevine

Wed, 27 Feb 2019
Investment pro Brian McAlpine joined Crestlight Capital this month as a principal and chief investment officer. He works with founder John Coury, who launched the Detroit firm in 2017. Crestlight, which targets office and mixed-use properties of up to $150 million in the Eastern U.S., is looking to hire two analysts to help sift through potential investments. McAlpine arrived from fund operator ValStone Partners of Birmingham, Mich., where...



The Grapevine

Wed, 27 Feb 2019
Ten-X hired Zach Fox this week as a managing director in New York. He leads a team focused on the firm&rsquo;s top commercial-brokerage partners nationwide. He was previously a vice president at Urstadt Biddle Properties, handling acquisitions and dispositions by the Greenwich, Conn., based REIT for the past six years. Ten-X runs an online real estate marketplace and provides other transaction services for brokers, buyers and...



The Grapevine

Wed, 27 Feb 2019
Taconic Investment added a vice president of acquisitions this month to focus on deals in New York. David Milch had been a director at Building and Land Technology, a Stamford, Conn., investment firm where he spent four-and-a-half years. New York-based Taconic is led by co-chief executive officers and founders Charles Bendit and Paul Pariser.



The Grapevine

Wed, 27 Feb 2019
Delshah Capital of New York has brought in Rick Lapidos as a senior vice president of asset management. He&rsquo;s charged with overseeing the firm&rsquo;s portfolio of multi-family, retail and office properties in New York. Lapidos arrived this month from the New York outpost of San Francisco-based Carmel Partners, where he spent the last five years. Before that, he was a director of acquisitions, asset and property management at another New...



The Grapevine

Wed, 27 Feb 2019
Kevin Interlicchio started last month at PGIM Real Estate as an associate, working on industrial investments. He came from Norges Bank Investment, where he spent over two years as an analyst in New York. Interlicchio previously was an associate at JLL, where he served two-and-a-half years.



The Grapevine

Wed, 27 Feb 2019
Greystar Real Estate has hired Kelsey Dreyer as a senior analyst in Newport Beach, Calif., focusing on multi-family acquisitions. She started last month at the Charleston, S.C., firm, after two-and-a-half years at PGIM Real Estate in San Francisco.



The Grapevine

Wed, 27 Feb 2019
Hines has added a development associate in Manhattan. Austin Moukattaf joined the Houston firm this month from ATCO Properties & Management of New York. He works on multi-family developments in the Northeast, reporting to managing director Grant Jaber.



ON THE MARKET

Wed, 27 Feb 2019
RETAILProperty: Concordia Shopping Center, 1600 Perrinevile Road, Monroe Township, N.J.Size: 135,000 sf, 95% leasedEstimated Value: $35 million, Yield: 6.55%Owner: (Unidentified)Broker: HFFColor: A 66,000-sf Stop & Shop supermarket anchors the center. Other tenants include a Wells Fargo bank branch. Property includes a two-story, 15,000-sf office building. There are 36,000 residents with an average household income of $106,000 within 3...



JBG Lists Md. Offices With US Lease, Upside

Wed, 20 Feb 2019
A JBG Smith joint venture has teed up a large office property in suburban Washington with a long-term government lease, but significant vacancy.The 1.3 million-square-foot Parklawn Building, in Rockville, Md., is valued at roughly $425 million, or $327/sf. It&rsquo;s 73% occupied by the U.S. Department of Health and Human Services. JLL is marketing the property for a partnership between an opportunity fund managed by JBG, of Chevy Chase, Md., and...



Land Sales Soar 34%; CBRE Tops Ranking

Wed, 20 Feb 2019
Commercial real estate brokerages handled $4.9 billion of raw-land sales last year, up 34% from 2017, according to a new ranking by Real Estate Alert.CBRE alone handled 44.2% of the activity, exceeding the combined total of the next five firms in the ranking.The ranking tracks sales of undeveloped land valued at $10 million or more. Real Estate Alert identified trades of 148 properties that met the $10 million threshold and were handled by...



Hawkeye Pitching 3rd Seed-Capital Vehicle

Wed, 20 Feb 2019
Seed-capital firm Hawkeye Partners has begun marketing its third fund, which is looking to raise $850 million of equity to back real estate investment managers.The vehicle would invest in 3-5 firms seeking to manage institutional capital for the first time. Hawkeye targets two main groups: super-regional or national investment firms with long track records that have never previously raised outside equity; and new shops formed by veteran teams...



Atlanta Tower With New Lease Shown

Wed, 20 Feb 2019
The owner of a trophy office building in Atlanta is putting it on the market after signing technology giant Salesforce to a long-term lease.The 632,000-square-foot property is at 950 East Paces Ferry Road NE, in the Buckhead section. It&rsquo;s expected to fetch bids in the neighborhood of $215 million from core-plus investors. At that $340/sf valuation, the initial annual yield would be around 6.5%. CBRE is expected to launch the formal...



Bank Offering Hyatt at LA Airport

Wed, 20 Feb 2019
Amalgamated Bank has listed a hotel near Los Angeles International Airport that it assumed from a defaulted borrower and converted to a high-end brand.The 580-room Hyatt Regency Los Angeles International Airport is worth about $170 million, or $293,000/room. Hodges Ward Elliott has the listing.The hotel had a Radisson flag when Harp Group acquired it for $93 million in November 2007. The Tinley Park, Ill., firm started renovating the property and...



Bay Area Net-Leased Offices for Sale

Wed, 20 Feb 2019
Invesco Real Estate is marketing a single-tenant office building in the San Francisco Bay Area that could fetch $60 million.The Class-A property encompasses 103,000 square feet at 1450 Fashion Island Boulevard in San Mateo, Calif., 20 miles south of San Francisco. At the estimated value of $581/sf, a buyer&rsquo;s initial annual yield would be about 6%. Eastdil Secured is representing Dallas-based Invesco.Fisher Investments fully occupies the...



Beacon Buying Downtown SF Offices

Wed, 20 Feb 2019
Beacon Capital has agreed to pay $191 million for the office portion of a mixed-use tower in San Francisco&rsquo;s Financial District.The 263,000 square feet of Class-A office space is in a 25-story building at 655 Montgomery Street that has luxury residential condominiums on the top seven floors. Eastdil Secured is advising the seller, Denver-based Black Creek Group&rsquo;s Diversified Property Fund. The valuation on the pending deal works out...



Atlanta Offices Pitched With Upside

Wed, 20 Feb 2019
A Childress Klein partnership is marketing a Class-A office building on Atlanta&rsquo;s northwest side that has below-market rents.The 414,000-square-foot property is at 100 Galleria Parkway SE in the Cumberland submarket, which has seen a spate of development in recent years.Bids are expected to come in around $91 million, or $220/sf. Charlotte-based Childress Klien and its partner, Chicago family office William Harris Investors, have given the...



Investors Eye Manhattan Retail Condo

Wed, 20 Feb 2019
The retail condominium in a luxury apartment complex alongside Manhattan&rsquo;s Central Park is in play.An ownership group including local firm Madison Capital has held preliminary talks with a handful of investors about a potential sale of the space, which sources said could be valued in the ballpark of $200 million. The retail condo, at 1880 Broadway, is at the base of one of two high-rises that together are known as 15 Central Park West.The...



NEW DEALS

Wed, 20 Feb 2019
Kansas Office PortfolioCity Ventures paid $88 million last month for 11 office buildings in Kansas, totaling 785,000 square feet. The portfolio encompasses a mix of Class-A and -B properties that are 80% leased. The largest is a 172,000-square-foot building at 11300 Corporate Avenue in Lenexa, about 20 miles southwest of Kansas City. JLL represented the seller, a joint venture among Oaktree Capital of Los Angeles, Hines of Houston and Waterford...



Luxury Austin Apartments Hit Block

Wed, 20 Feb 2019
A developer is shopping a new luxury apartment complex that caters to Austin&rsquo;s fast-growing millennial population.The 330-unit Brezza Apartments, on the city&rsquo;s south side, has an estimated value of $63 million, or $191,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.75%. HFF is handling the listing for Daniel Corp., a Birmingham, Ala., developer that completed the property last year.The property is at 10600...



"Creative' Offices Available in LA

Wed, 20 Feb 2019
A Los Angeles building that was recently converted to &ldquo;creative&rdquo; office space is up for grabs.The 306,000-square-foot property, which is next to Los Angeles International Airport, could attract bids of about $50 million, or $163/sf. Newmark is representing the owner, a joint venture between San Francisco-based Roxborough Group and Ruth Group of Los Angeles.The 15-story building, at 5901 West Century Boulevard, was constructed in 1968....



Boston Offices Touted as Leasing Play

Wed, 20 Feb 2019
J.P. Morgan Asset Management is shopping a &ldquo;brick and beam&rdquo; office building in Boston as a leasing opportunity.The 99,000-square-foot property, at 711 Atlantic Avenue, is currently 78% leased, but that figure is due to drop to 62% in July. However, marketing materials highlight that about 35,000 sf of new leases were signed in the last 60 days &mdash; including a 15-year deal with WeWork for 30,000 sf.Bids are expected to reach $60...



Pittsburgh-Area Warehouse Available

Wed, 20 Feb 2019
A fully leased warehouse in suburban Pittsburgh is on the block with an estimated value of $35 million.The 410,000-square-foot Turnpike Distribution Center is at the intersection of two interstate highways in New Galilee, Pa. At the $85/sf valuation, a buyer&rsquo;s initial annual yield would be 5.5%. CBRE is representing the owner, Omega Industrial Realty of Ardmore, Pa. Marketing materials cite the opportunity to boost below-market rents as...



Rental Package Listed in Upstate NY

Wed, 20 Feb 2019
Eight Class-B apartment properties in upstate New York are being marketed to value-added investors.The properties, with an estimated value of about $85 million, encompass 1,038 units in the Albany, Rochester and Syracuse areas. At the estimated value of $78,000/unit, the portfolio&rsquo;s capitalization rate would be 6.5%. Investors can bid on individual properties or any combination. Cushman & Wakefield has the listing.The owner is Morgan...



Developer Markets Luxury DC Rentals

Wed, 20 Feb 2019
A developer is pitching a new apartment building in Washington that&rsquo;s fully leased to a company that rents out the units on a short-term basis.The 51-unit Madison House, at 1772 Church Street NW in the Dupont Circle district, is expected to draw bids near $35 million, or $686,000/unit. The initial annual yield at that price would be 4.5%. Newmark is representing the local developer, CAS Reigler, which completed the seven-story property this...



MARKET SPOTLIGHT: Southern California Industrial Properties

Wed, 20 Feb 2019
Sales continued at a historically high level last year, totaling $3.5 billion. Annual volume has now topped $3 billion for three straight years, exceeding the last cycle&rsquo;s $2.9 billion peak in 2007. But activity did dip last year from the $4 billion record set in 2017.Leasing demand remains extraordinarily strong. For example, occupancy rates average 98.5% in the 1.1 billion-sf Greater Los Angeles market and 96.2% in the 548 million-sf...



The Grapevine

Wed, 20 Feb 2019
USAA Real Estate has hired a director in its global investors group. Jonathan Anthony joined this month in New York, tasked with developing and maintaining relationships with institutional investors for the San Antonio insurer. He also helps raise capital. Anthony jumped from MetLife Investment, where he spent the past four years in the institutional client group raising third-party capital for the firm&rsquo;s investment strategies. Before that,...



The Grapevine

Wed, 20 Feb 2019
Acquisitions pro Jake Sokol has joined with Eric Adolfsen and Carlton DeWoody to launch Format Real Estate Ventures of New York. The shop is looking to buy multi-family, hotel and office properties of up to $100 million in the Northeast, the Mid-Atlantic and the Los Angeles area. Sokol previously worked on acquisitions at JMC Holdings and had a prior stint at Silverstein Properties, both of New York. DeWoody and Adolfsen are two of the...



The Grapevine

Wed, 20 Feb 2019
Eric Clapp started at Rubicon Point Partners last month as a senior managing director, leading acquisitions. The San Francisco firm concentrates on office and mixed-use properties in the San Francisco Bay Area and the Pacific Northwest. Clapp had been a senior vice president at Westport Capital of Wilton, Conn., where he spent more than a decade. Rubicon Point was founded in 2010 by Ani Vartanian Boladian and her husband, Razmig Boladian, who are...



The Grapevine

Wed, 20 Feb 2019
Sumit Nihalani has joined Vanbarton Group in New York to work on acquisitions in major markets. He moved over from DWS Group, where he focused on acquisitions in large East Coast markets for the arm of Deutsche Bank. Before that, he was an associate at East End Capital, also in New York. Vanbarton is an investment and advisory shop that owns properties primarily in New York and California and pursues deals in other top...



The Grapevine

Wed, 20 Feb 2019
Adam Shindler began at Vail Resorts of Broomfield, Colo., last month as a senior director of real estate. The firm owns and manages hotels under the RockResorts brand and operates ski resorts in the U.S. and Canada. Shindler previously headed Wilshire Hospitality, a consulting firm he launched about a decade ago. Before that, he was a principal at Melrose Street Capital of...



The Grapevine

Wed, 20 Feb 2019
Ashcroft Capital brought on Alec Raggio last month as its asset manager. He&rsquo;s based in the New York headquarters of the multi-family shop, reporting to founder and president Frank Roessler. Raggio had previous stints at New York firms Azure Partners, Kushner Cos. and Property Group. Ashcroft, founded in 2014, targets value-added deals above $20 million and owns a 5,000-unit portfolio of apartment complexes in Texas. It&rsquo;s working to...



The Grapevine

Wed, 20 Feb 2019
Brian Mueller joined Baupost Group of Boston last month as an asset manager. He previously spent four years at JBG Cos. of Chevy Chase, Md., prior to its 2017 acquisition by Vornado Realty. At JBG, Mueller was a senior financial analyst, focused on hotel properties. Executive search firm Rhodes Associates arranged the hire.



The Grapevine

Wed, 20 Feb 2019
Hans How is now a senior analyst in the San Francisco office of Chicago-based Equity Residential. He started this month, working on multi-family acquisitions there and in Denver. How previously spent nearly two years at PGIM Real Estate&rsquo;s San Francisco outpost. Before that, he worked at New York property-management startup Surecave.



ON THE MARKET

Wed, 20 Feb 2019
RETAILProperty: Aliso Creek, Pacific Coast Highway, Laguna Beach, Calif.Size: 49,000 sf, 100% occupiedEstimated Value: $56 million, Yield: 4.5%Owner: LaSalle Investment, ChicagoBroker: HFFColor: Offered space is part of a center anchored by a separately owned, 34,000-sf Gelson&rsquo;s supermarket. Tenants include Chase Bank, Hand & Stone Spa and La Sirena Grill. Laguna Beach has 23,000 residents with a median household income of...



Sales Surge 13% Overall; CBRE Top Broker

Wed, 13 Feb 2019
After two years of decline, large commercial-property sales jumped 13% last year, as CBRE retained the title of most-active broker.Some $280.2 billion of properties across the five major asset classes changed hands in 2018, up from $248.8 billion in 2017 and just shy of the $282.1 billion peak reached in 2015. The multi-family and industrial sectors both set volume records and hotel sales rose significantly, while office and retail trades were up...



Hines Team in Talks to Buy Stake in SF Tower

Wed, 13 Feb 2019
The Hong Kong Monetary Authority and Hines are in talks to buy a roughly 50% interest in a new San Francisco skyscraper from a MetLife Investment partnership.The price being discussed values the 765,000-square-foot Park Tower at Transbay at about $1,500/sf, or $1.1 billion. The 43-story office building, at 250 Howard Street in the booming South Financial District, was completed last year and is fully leased to Facebook.Norway&rsquo;s Norges Bank...



Lone Star Strikes $1.6 Billion of Rental Sales

Wed, 13 Feb 2019
Two investment shops have agreed to buy 19 value-added apartment properties from Lone Star Funds in separate transactions totaling $1.6 billion.Morgan Properties of King of Prussia, Pa., is under contract to pay $1.4 billion for 15 complexes in the Philadelphia, Baltimore and Washington areas. The package encompasses 6,696 units, putting the per-unit valuation at $211,000. One Wall Partners of Newark, N.J., will pay $180 million, or...



Luxury Resort Listed Near Palm Beach

Wed, 13 Feb 2019
A luxury beachfront resort valued at about $300 million is on the block near Palm Beach, Fla.The 309-room Eau Palm Beach Resort & Spa is being offered by Britannia Pacific Properties of Sacramento. Eastdil Secured has the listing.The resort is at 100 South Ocean Boulevard in Manalapan, along an 18-mile barrier island between the Atlantic Ocean and Lake Worth Lagoon. It&rsquo;s being pitched unencumbered by brand and management contracts, a rarity...



Cambria Hotel Portfolio Hits Market

Wed, 13 Feb 2019
Fillmore Capital is shopping five Cambria hotels that are in or near major metropolitan areas in five states.The 960-room portfolio is expected to attract bids of $300,000-325,000/room, or up to $312 million. Four of the hotels opened since 2017, and the fifth was renovated last year. San Francisco-based Fillmore is pitching the properties as a package via Eastdil Secured.The upscale Cambria brand, operated by Choice Hotels International of...



Beacon Shops Suburban LA Offices

Wed, 13 Feb 2019
Beacon Capital is marketing a Class-A office building in suburban Los Angeles that could fetch $175 million.The 416,000-square-foot property, at 101 North Brand Boulevard in Glendale, Calif., is 97% leased by 28 tenants. The estimated value works out to $421/sf. JLL is representing Boston-based Beacon.Glendale has become a hotbed for technology and entertainment firms, and more than half of the space in the offered property is leased by such...



AEW Pitches Core-Plus NY Tower

Wed, 13 Feb 2019
AEW Capital is marketing a Midtown Manhattan office building as a core-plus play.The 267,000-square-foot property, at 360 Lexington Avenue, is valued at about $200 million, or $750/sf. Eastdil Secured is representing AEW, a Boston investment manager that has owned the property for more than a decade.The occupancy rate is about 82%. The investment play is to lift that level above the 87.3% average in the surrounding Grand Central submarket and to...



Boston Offices, Garage Find Buyer

Wed, 13 Feb 2019
An Alexandria Real Estate joint venture has won a heated bidding contest for an office building and an adjacent garage in Boston&rsquo;s Seaport District.The deal encompasses the 111,000-square-foot building at 300 A Street and the 586-space Necco Street garage, which is suitable for redevelopment. The purchase price couldn&rsquo;t be learned, but market pros put it in the vicinity of the $150 million &ldquo;whisper&rdquo; price when...



Miami Apartment Complexes on Block

Wed, 13 Feb 2019
A Related Group joint venture is shopping two adjacent luxury apartment properties in Miami that are expected to fetch bids around $200 million.The garden-style complexes, in the Doral submarket, have a total of 720 units. At the estimated value of $278,000/unit, the buyer&rsquo;s initial annual yield would be at or just below 5%. Cushman & Wakefield is launching a formal marketing campaign this week for Miami-based Related and Rockpoint Group of...



Correction

Wed, 13 Feb 2019
A ranking of the top markets for multi-family sales in 2018, published on Feb. 6, misstated the most-active broker in 19th-ranked Chicago. HFF was the top broker in that market, not CBRE.



Silicon Valley Offices Up for Grabs

Wed, 13 Feb 2019
Sobrato Organization is marketing an office/R&D complex in Silicon Valley that&rsquo;s worth about $165 million.The 369,000-square-foot Central Technology Park, in Santa Clara, Calif., is fully leased. The estimated value translates to $448/sf. Eastdil Secured is representing Sobrato, of Mountain View, Calif.The property has four tenants: Cloudinary, Intuitive Surgical, Nissan and Thermo Fisher. The weighted average remaining lease term is 7.5...



Upgraded Minneapolis Offices for Sale

Wed, 13 Feb 2019
Shorenstein Properties has listed a downtown Minneapolis office complex that&rsquo;s been repositioned to attract &ldquo;creative&rdquo; tenants.Following the upgrades, Shorenstein has lifted the occupancy rate of the 1.1 million-square-foot Washington Square to 79%. A buyer would finish the lease-up. Offers are expected to reach $200 million, or $182/sf. Eastdil Secured has the listing.The property consists of three buildings around the...



Value-Added Rental Play Near Phila.

Wed, 13 Feb 2019
BET Investments is pitching a suburban Philadelphia apartment complex suitable for upgrades.The 504-unit Marchwood Apartments, in Exton, Pa., could attract bids of about $77 million, or $153,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 5.5%. Newmark is representing BET, an investment firm in Dresher, Pa.The property, at 105 Coach Lane, is 98% occupied. It was built in two phases, in 1968 and 1985. Investors are...



Apartments With Upside Shown in NJ

Wed, 13 Feb 2019
Cammeby&rsquo;s International is offering a New Jersey apartment complex geared toward value-added investors.The 288-unit property, in Carteret, has an estimated value of $68 million, or $236,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 5%. HFF is representing New York-based Cammeby&rsquo;s, which is led by investor Rubin Schron.The gated complex, on an 11-acre site at 90 Bristol Station Court, was developed...



Boston-Area Data Center Available

Wed, 13 Feb 2019
Lincoln Property has teed up a data-center/flex property in suburban Boston that&rsquo;s valued at roughly $30 million.The 206,000-square-foot building, in Marlborough, Mass., is 95% occupied on long-term leases. At the estimated valuation of $146/sf, the initial annual yield would be 6.9% based on first-year net operating income. Dallas-based Lincoln has given the listing to JLL.There are four tenants, with a weighted average remaining lease...



Industrial Sales Soared 28% in 2018; CBRE Dominated Broker Ranking

Wed, 13 Feb 2019
Sales of large warehouse and industrial properties surged again last year, blowing past the record set the year before, while perennial champion CBRE continued to dominate the brokerage race.A whopping $29.9 billion of industrial properties worth at least $25 million traded last year, according to Real Estate Alert&rsquo;s Deal Database. That was up 28% from $23.5 billion in 2017 and marked the fourth consecutive year that volume eclipsed the...



MARKET SPOTLIGHT: Phoenix-Area Apartment Properties

Wed, 13 Feb 2019
Sales of large properties surged to a record $5.8 billion last year, up 72% from $3.4 billion in 2017. Market pros credit strong leasing demand and rent growth.Capitalization rates were 4.5-5.5% in cities and 4.75-6.5% in suburbs in the second half of last year, according to CBRE. Those yields were essentially flat from the first half.Green Street Advisors projects that job growth will average 1.9% annually over the next five years, the...



The Grapevine

Wed, 13 Feb 2019
Industry veteran Julio Siberio is joining Bridge33 Capital as its first head of acquisitions. He&rsquo;s moving to the property-investment side after focusing on commercial MBS as a portfolio manager at Pimco, the Newport Beach, Calif., investment manager. At Bridge33, he reports to Jahan Moslehi, who co-founded the Seattle shop with Andy Chien in 2012. Siberio and Moslehi worked together previously at Morgan Stanley. Siberio had an earlier stint...



The Grapevine

Wed, 13 Feb 2019
Silverstein Properties has made another hire. Andrew Wolff joined the New York firm this month to work on acquisitions and development deals. He relocated from China, where he worked for Related Cos. of New York. He had prior stints at New York shops Witkoff Group and Square Mile Capital. Silverstein, led by chairman Larry Silverstein, last month hired Brian Collins as executive vice president and director of development. Collins came from Fisher...



The Grapevine

Wed, 13 Feb 2019
Video-game company Zynga has tapped Eastdil Secured to shop its San Francisco headquarters, worth an estimated $700 million, or $1,022/sf. The company last week disclosed in a securities filing that it was exploring a sale-leaseback of the 670,000-sf property, at 650 Townsend Street, to fund its growth. Market pros say Eastdil landed the listing and will launch marketing soon. Zynga has been reducing its footprint in the building while lining up...



The Grapevine

Wed, 13 Feb 2019
Rick Lippert has joined the development arm of Inland Real Estate of Oak Brook, Ill. He started last month as a vice president of Inland National Development, focused on site acquisitions for multi-family and hotel properties. He will also work on redevelopment opportunities. Lippert previously spent about a year at Realogic Analytics of Chicago and 11 years at IRC Retail Centers of Oak...



The Grapevine

Wed, 13 Feb 2019
Willton Investment hired Willie Frias last month as a director of asset management and development. Frias moved over from another New York firm, GFI Management, where he worked since 2005, most recently as a vice president of project management and development. Willton, an arm of the Luo family office, is led by Chris Luo. It provides joint-venture equity for multi-family properties and residential developments across the U.S. Search firm Rhodes...



The Grapevine

Wed, 13 Feb 2019
Nascent advisory firm Kligier Capital added an executive director last week. Matthew Hoon Paik will focus on raising capital from Asian investors, primarily in South Korea. He&rsquo;ll work under principals Avi Zukerman and Laurie Feldman, who founded the New York shop in December to provide investment-banking services for real estate and private equity firms. Paik most recently worked at Northgate Capital of San Francisco. He had prior stints in...



The Grapevine

Wed, 13 Feb 2019
Andy Chen joined Pendulum Property last month as a senior associate in the investment firm&rsquo;s Irvine, Calif., headquarters. Pendulum targets value-added office, industrial, retail and multi-family properties in Southern California. Chen had been an asset manager at ACN Investments, where he spent six years.



ON THE MARKET

Wed, 13 Feb 2019
<span style="background-color: initial;"&rt;OFFICE:</span&rt;<br&rt;Property: 3838 California Street, San FranciscoSize: 81,000 sf, Occupancy: 84%Estimated Value: $65 million, $802/sfOwner: Team led by SKS Partners, San FranciscoBroker: HFFColor: Medical-office building in the Presidio Heights neighborhood. Anchor tenant Sutter Health recently expanded to 38% of the space, with a weighted average remaining lease term of about seven years. Some 13,000 sf...



Apartment Sales Up 18%; CBRE Still on Top

Wed, 06 Feb 2019
Sales of apartment properties soared 18% last year, blowing past the previous record as the multi-family sector became commercial real estate&rsquo;s most-active segment.A total of $110.2 billion of large rental properties traded, up from $93.5 billion the year before, according to Real Estate Alert&rsquo;s Deal Database. The tally was well above the previous high-water mark of $96.9 billion set in 2016 &mdash; and more than double the $51.8...



Tishman Markets Redeveloped Offices in DC

Wed, 06 Feb 2019
Tishman Speyer is pitching an office building along Washington&rsquo;s K Street Corridor that it just gut-renovated and expanded.The 233,000-square-foot property, at 2000 K Street NW, is valued at roughly $260 million, or $1,115/sf. Eastdil Secured has the listing.Tishman has leased 90% of the space since completing the redevelopment last year. The tenants are scheduled to finish moving in by yearend. Once that happens, the capitalization rate...



Holiday Inn Express on the Block in Waikiki

Wed, 06 Feb 2019
A high-rise hotel in Honolulu&rsquo;s popular Waikiki section is on the block with expectations that bids will approach $225 million.The 596-room Holiday Inn Express Waikiki, which opened two years ago following an extensive renovation, has an estimated value of roughly $375,000/room, or $223.5 million. Eastdil Secured is representing the owner, a joint venture between C.V. Starr & Co. of New York and Clearview Hotel Capital of Newport Beach,...



3 Business Parks Shown in DC Area

Wed, 06 Feb 2019
A REIT is marketing three business parks in Maryland suburbs of Washington.The 1.4 million-square-foot portfolio, valued at about $190 million, encompasses 29 buildings at one park in Rockville and two adjacent parks in Silver Spring. The owner, PS Business Parks of Glendale, Calif., is willing to consider a variety of bids, ranging from individual buildings to the whole portfolio.At the estimated value of $136/sf, the package&rsquo;s...



Reno-Area Warehouses Up for Grabs

Wed, 06 Feb 2019
Northwestern Mutual Life is marketing a 1.8 million-square-foot package of Nevada warehouses that could command bids of $175 million.The portfolio consists of 13 buildings in Reno and neighboring Sparks. At the estimated value of $98/sf, a buyer&rsquo;s initial annual yield would be 5.5%. Newmark has the listing. Northwestern prefers a package deal, but will accept bids on individual buildings.The portfolio is 96.5% leased, with a weighted...



Development Site Near Boston in Play

Wed, 06 Feb 2019
A joint venture is shopping a development site near Boston that valued at about $100 million.The 7.8-acre property, in Somerville, Mass., currently houses a 163,000-square-foot office building. Approvals are in place for a master plan to add up to 824,000 sf of office and laboratory space and a 160-unit residential building. The site is in a federally designated opportunity zone, where development projects create eligibility for breaks on...



Upside Seen for Orange County Offices

Wed, 06 Feb 2019
AEW Capital is marketing a Southern California office building as an opportunistic play.The 314,000-square-foot property, in Irvine, could fetch $400/sf, or $126 million. Eastdil Secured has the listing.The Class-A building, at 2050 Main Street, is 79% occupied at rents that are 12% below its current asking rate. AEW, a Boston investment manager, is touting the potential to boost income by leasing vacant space, raising rents as existing leases...



San Jose Redevelopment Opportunity

Wed, 06 Feb 2019
Digital Realty is pitching a data-center building in downtown San Jose as a redevelopment play and touting its proximity to mass transit.The 180,000-square-foot property, at 150 South First Street, could attract bids of about $70 million, or $389/sf. CBRE is representing Digital, a San Francisco REIT.The pitch is that, at the estimated value, a buyer would reap an initial annual yield of more than 10% for a couple of years while waiting for...



GLL Lists CoStar Headquarters in DC

Wed, 06 Feb 2019
GLL Real Estate has teed up a Washington office building that&rsquo;s virtually fully occupied, primarily by the headquarters of CoStar.The 169,000-square-foot building, at 1331 L Street NW, is expected to attract bids of about $100 million, or $592/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.75%. Eastdil Secured is representing GLL, a German investment manager.CoStar, which formerly owned the property, occupies 93% of...



Equus Pitches Offices Near Houston

Wed, 06 Feb 2019
Equus Capital is marketing a Class-A office building in suburban Houston that&rsquo;s worth about $42 million.The 194,000-square-foot property, in Sugar Land, Texas, is 87.5% leased. The estimated value translates to $215/sf. HFF has the listing.Equus, of Newtown Square, Pa., is marketing the property as a core-plus play, touting the potential to raise rents as leases rollover. The in-place rents are about 15% below the city&rsquo;s Class-A...



Value-Added Complex for Sale Near SF

Wed, 06 Feb 2019
A New York Life partnership is pitching an office complex in the San Francisco Bay Area to value-added investors.The 196,000-square-foot One Bay Plaza, in Burlingame, Calif., is worth about $75 million, or $383/sf. At that price, the initial annual yield would be 5%. Eastdil Secured is representing the insurer and its partner, Harvest Properties of Oakland.The Class-A building, at 1350 Bayshore Highway, is 75% occupied at rents that average 16%...



After Makeover, Fla. Rentals on Block

Wed, 06 Feb 2019
Waypoint Residential is pitching a recently repositioned apartment property in Tallahassee, Fla.The 288-unit Monroe complex, on the city&rsquo;s north side, has an estimated value of $38 million, or $130,000/unit. That price would translate to a 5.6% initial annual yield. Newmark is representing the Stamford, Conn., owner-operator.The property, at 2677 Old Bainbridge Road, was developed in 1999 as student housing. Waypoint acquired it in 2015 and...



NEW DEALS

Wed, 06 Feb 2019
Jersey City Apartment ComplexMack-Cali Realty will realize a 4.5% initial annual yield on its pending acquisition of a luxury apartment property in Jersey City, N.J. The local shop is under contract to pay $264 million for the 377-unit Soho Lofts, at 273 16th Street, which was completed last year and is nearly fully occupied. The price is equivalent to about $700,000/unit. HFF is brokering the deal for a partnership between Boston investment...



NEW DEALS

Wed, 06 Feb 2019
North Carolina Retail CenterA joint venture between Turnbridge Equities and Denali Properties paid $31.5 million last week for a suburban Raleigh shopping center that it plans to reposition. The duo bought the 828,000-square-foot Cary Towne Center from CBL Properties of Chattanooga, Tenn. The property, at 1105 Walnut Street in Cary, N.C., is 69% leased. Big tenants include Belk and Dave & Buster&rsquo;s. Another large tenant, JC Penney, is...



FPA Aiming for Its Biggest Fund Yet

Wed, 06 Feb 2019
FPA Multifamily is seeking to raise roughly $850 million of equity for its seventh value-added fund, which would be its largest so far.The vehicle would shoot for a mid-teens return by acquiring apartment properties nationwide. With leverage, FPA Apartment Opportunity Fund 7 would have some $3 billion of buying power.The fund series has historically focused on workforce housing, with an eye toward properties that need renovation or repositioning,...



MARKET SPOTLIGHT: Washington Office Properties

Wed, 06 Feb 2019
A wave of second-half deals boosted last year&rsquo;s sales to $4.4 billion, in line with 2017&rsquo;s total, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million or more.The pool of core investors pursuing downtown buildings thinned out, causing several large listings to languish last year.Capitalization rates were 4.25-5.5% for trophy properties and 4.75-5.5% for other Class-A buildings in the second...



The Grapevine

Wed, 06 Feb 2019
Retail pro Chris Gerard decamped from CBRE to join HFF in Dallas last week. He&rsquo;s a senior managing director handling retail investment sales in Texas, New Mexico, Oklahoma, Arkansas and Louisiana. Gerard spent 13 years at CBRE, where he was a senior vice president co-heading the Texas retail investment-sales team. He had an earlier stint at Archon Group of Irving,...



The Grapevine

Wed, 06 Feb 2019
Greg Levitan joined USAA Real Estate last month as a senior director of investment. Working out of Los Angeles, he targets properties across asset classes in Southern California, Phoenix and Las Vegas. He reports to Steven Ames, managing director of the Western Region for San Antonio-based USAA. Levitan came from Archbell Capital, where he was a co-founder and director. His previous experience included stints at Guggenheim Partners and OneWest...



The Grapevine

Wed, 06 Feb 2019
Newmark last month hired Marybeth Farris as a director in Philadelphia. She works on multi-family investment sales in that area, along with executive managing directors Lizann McGowan and Erin Miller. Farris previously spent about four years as a vice president at JLL, worked at Cushman & Wakefield for about eight years and at Trammell Crow for two years, all in the Philadelphia...



The Grapevine

Wed, 06 Feb 2019
Nuveen Real Estate has hired a managing director to focus on asset management of New York office holdings. Jill Kirby started at the TIAA unit this week in Manhattan, reporting to managing director Nadir Settles, regional head of office investments. Kirby joined from Madison Capital of New York, where she was a managing director of asset management for properties in New York, Chicago and Miami. She had prior stints at Madison International Realty...



The Grapevine

Wed, 06 Feb 2019
Meanwhile, Nuveen Real Estate has hired Chris Adams as a director in Miami. Adams moved over last week from AIG. He works on acquisitions and asset management of office properties in the Southeast and reports to Nuveen&rsquo;s regional office chief, senior director Charles Russo.



The Grapevine

Wed, 06 Feb 2019
Bids are expected to come in around $35 million, or a whopping $1,029/sf, for a landmark building near Chicago&rsquo;s Magnificent Mile that houses a high-end restaurant and nightclub. Local firm Sterling Bay is offering the 34,000-square-foot property, at 632 North Dearborn Street. The Romanesque-Revival building dates to 1892. It once housed the Chicago Historical Society and has had a variety of uses since. After a $30 million renovation, it...



The Grapevine

Wed, 06 Feb 2019
Franklin Templeton&rsquo;s real-assets unit cut several staffers around yearend. Among them was vice president Felix Lempert, a member of the investment manager&rsquo;s global private equity real estate team in New York. Lempert has told colleagues he&rsquo;s now consulting for a few clients. He had been at Franklin Templeton since 2006. Before that, he had a stint at Citigroup Asset...



The Grapevine

Wed, 06 Feb 2019
Slate Property has added a senior associate. Rui Lei joined the firm&rsquo;s New York headquarters last month to work on acquisitions and asset management. He came from New York fund operator Westbrook Partners, where he was an associate with the same duties. Lei previously worked at Vornado Realty and Brookfield Asset Management. Slate, led by founding principals Martin Nussbaum and David Schwartz, invests mostly in multi-family properties in...



ON THE MARKET

Wed, 06 Feb 2019
OFFICE:Property: 2600@Tenth, 2600 Tenth Street, Berkeley, Calif.Size: 125,000 sf, 65% occupiedEstimated Value: $52 million, $416/sfOwner: Wareham Development, San Rafael, Calif.Broker: JLLColor: Seven-story office building and two-story annex on 2.6 acres. Pitched as a leasing or repositioning play. The marketing campaign is touting its location 2 miles from the city&rsquo;s downtown and the University of California Berkeley...



NEW DEALS

Wed, 30 Jan 2019
Central Florida Retail CenterA North American Development partnership paid $46.4 million for a shopping center that opened a year ago in Lakewood Ranch, Fla. The Toronto firm and its partner, Argosy Real Estate of Wayne, Pa., closed at yearend on the 123,000-square-foot property, which is 89% occupied. JLL brokered the sale for Tavistock Development of Orlando. Tenants include organic grocer Earth Fare and LA Fitness. Lakewood Ranch is a...



NEW DEALS

Wed, 30 Jan 2019
Phoenix Apartment PropertyA San Diego investor bought an apartment complex in Phoenix for $31.8 million. Dan Dougher paid $120,000/unit last month for the 266-unit property, at 8530 North 22nd Avenue. JLL brokered the deal for Laguna Point Properties of Laguna Hills, Calif. The occupancy rate is 96%. The marketing pitch emphasized the value-added potential of the 1985-vintage complex, as well as its proximity to Interstate 17 and a light-rail...



Retail Sales Decline 2%; CBRE Takes Top Spot From Eastdil

Wed, 30 Jan 2019
Sales of large retail properties dipped by 1.6% last year, while CBRE snatched the brokerage crown from perennial champion Eastdil Secured.Some $21.7 billion of retail properties worth at least $25 million changed hands, down from $22.1 billion in 2017, according to Real Estate Alert&rsquo;s Deal Database. It was the third annual decline in a row, although much smaller than 2017&rsquo;s 31% plunge. Volume was the lowest since 2011 &mdash; and 39%...



Value-Added Rental Portfolio Trades

Wed, 30 Jan 2019
Walden Group has acquired 18 multi-family properties in the South and Southeast for about $107 million, with plans to upgrade them.The Jackson, N.J., firm paid roughly $57,000/unit for the package, which encompasses 1,858 garden-style apartments in six states. Cushman & Wakefield brokered the off-market deal, which closed in stages over the past several weeks, for Varden Capital Properties of Atlanta.Seven properties are in Alabama, five in...



Goldman Strikes Phila. Office Deal

Wed, 30 Jan 2019
Goldman Sachs Asset Management has agreed to buy a majority interest in three office buildings and a garage near Independence Hall in Philadelphia from Walton Street Capital.MRP Realty of Washington is retaining a minority interest in the portfolio, which is valued at about $200 million. The properties are clustered along South Fourth Street, between Chestnut and Walnut Streets. Eastdil Secured is brokering the sale.The offering initially...



Class-A NJ Apartments Up for Grabs

Wed, 30 Jan 2019
Investors are getting a shot at a new luxury apartment complex in New Jersey.The 126-unit Woodmont Cove, in South Amboy, is expected to attract bids in the neighborhood of $55 million, or $437,000/unit. The owner, Woodmont Properties of Fairfield, N.J., has given the listing to HFF.The 11-building complex, which opened last year, is 98% occupied. A buyer should be able to raise rents after the initial leases expire, according to marketing...



Brookfield Pitching East Bay Offices

Wed, 30 Jan 2019
Brookfield Asset Management is marketing a massive office/life-science complex in San Francisco&rsquo;s East Bay.The 991,000-square-foot Marina Village, in Alameda, Calif., is valued at about $270 million, or $273/sf. CBRE has the listing.The property is 79% occupied at rents that are 30% below prevailing asking rates. Brookfield is touting the potential to lease vacant space and raise existing rents as leases roll over.The complex is evenly...



NC Office Complex on the Market

Wed, 30 Jan 2019
Greenfield Partners is shopping an office park in Durham, N.C., with an estimated value of $90 million.The five-building property, known as Research Commons, encompasses 430,000 square feet at 79 TW Alexander Drive in the Research Triangle Park submarket. At the projected price of $210/sf, the buyer&rsquo;s initial annual yield would be 7.25%. Greenfield, of Westport, Conn., has given the marketing assignment to HFF.The property is 95.8% occupied...



Renovated Atlanta Offices Available

Wed, 30 Jan 2019
A PCCP joint venture is marketing a recently repositioned office building in the Midtown section of Atlanta.The 318,000-square-foot property, at 715 Peachtree Street NE, is expected to attract bids of about $390/sf, or $124 million. At that price, the buyer&rsquo;s initial annual yield would be in the low-6% range.The offering is being pitched as a rare opportunity to buy a trophy-quality property in Midtown, a section of Atlanta that is...



Builder Offers 2 Hotels in Southeast

Wed, 30 Jan 2019
A developer has listed two extended-stay hotels in the Southeast that are near completion.The 217-room Hyatt House in Nashville and the 128-room Hyatt House in Mount Pleasant, S.C., have a combined value of about $120 million. Bids will be accepted on either or both. The developer, Mountain Shore Properties of Fayetteville, W.Va., has given the listing to Berkadia.The hotels are unencumbered by management contracts, but subject to franchise...



2 Warehouses Listed in Inland Empire

Wed, 30 Jan 2019
Two recently built Southern California industrial properties have hit the block in separate offerings worth about $320 million combined.The high-quality warehouses, in the strong Inland Empire submarket, are fully occupied by investment-grade tenants and could trade at initial annual yields below 4%. Southern California is the hottest market in the booming U.S. industrial sector, with capitalization rates increasingly dipping below that...



Host Replaces MSD in Fla. Hotel Deal

Wed, 30 Jan 2019
Host Hotels & Resorts has agreed to pay about $600 million for a Miami Beach luxury hotel after a deal with MSD Capital fell apart.The price for the 426-room 1 Hotel South Beach works out to a whopping $1.4 million/room. The hotel is part of a complex with 160 residential condominiums and retail space that are separately owned.Hodges Ward Elliott is brokering the sale for the team of Starwood Capital of Miami Beach and New York firms Ashkenazy...



Hines Team Shows Sacramento Offices

Wed, 30 Jan 2019
A Hines partnership is putting another downtown Sacramento office building on the block.The 386,000-square-foot Emerald Tower is expected to fetch $130 million, a price that indicates an initial annual yield of 6.5%. JLL is representing Houston-based Hines and its partner, Sterling Equities of Great Neck, N.Y. The duo acquired the Class-A property for the same price in a 2007 deal brokered by Eastdil Secured.The occupancy rate is 91.8%. Three...



NY Tower Pitched as Play on Amazon Campus

Wed, 30 Jan 2019
An Angelo, Gordon & Co. partnership is marketing a Midtown Manhattan office tower valued at about $700 million.The roughly 730,000-square-foot building, at 575 Lexington Avenue in the Plaza District, is 88% leased. The estimated value works out to some $960/sf. Cushman & Wakefield has the listing.The marketing campaign is touting the property&rsquo;s proximity to one of Amazon&rsquo;s two planned East Coast campuses. That complex will be one...



Ivanhoe Markets Offices in Lower Manhattan

Wed, 30 Jan 2019
Ivanhoe Cambridge is shopping an office tower in Manhattan&rsquo;s Financial District that it bought less than two years ago.The 1.1 million-square-foot building, at 85 Broad Street, is valued at about $710 million, or $645/sf. At that price, the buyer&rsquo;s initial annual yield would be in the area of 4.5%. Eastdil Secured is representing Ivanhoe, a real estate unit of Montreal pension-fund advisor Caisse de Depot et Placement du Quebec.The...



Hotel Sales Jump 37%; Eastdil Back on Top

Wed, 30 Jan 2019
Hotel transactions increased 37% last year, following two annual declines, as Eastdil Secured returned to the top spot in the broker rankings.Sales totaled $21.6 billion, up from $15.8 billion in 2017, according to Real Estate Alert&rsquo;s Deal Database, which counts deals of $25 million and up. The 2018 tally nearly matched 2016&rsquo;s, but remained well below the 2015 peak of $27.7 billion.Eastdil captured the lion&rsquo;s share of the...



LPs Pitched on Puerto Rico Play

Wed, 30 Jan 2019
X-Square Capital, which just booked a triple-digit profit on investments in Puerto Rico&rsquo;s debt, is marketing a fund aimed at profiting from the island&rsquo;s recovering real estate market.The X-Square Puerto Rico Recovery Special Situations Fund would take both debt and equity positions in commercial properties, including redevelopment projects. It is set to begin investing in the second half.X-Square is among a number of hedge-fund...



MARKET SPOTLIGHT: Midtown Manhattan Office Properties

Wed, 30 Jan 2019
Sales soared 75% last year to $16.6 billion, the fourth-highest total ever. With multiple new $500 million-plus offerings already teed up, brokers expect another banner year.SL Green Realty is talking to brokers about listing the former Daily News building, at 220 East 42nd Street. The 1.2 million-sf property could be valued as high as $1 billion. Separately, an SL Green partnership will soon market the 460,000-sf building at 521 Fifth Avenue via...



The Grapevine

Wed, 30 Jan 2019
The co-heads of HFF&rsquo;s healthcare group are jumping to Newmark. Ryan Maconachy and Chad Lavender were senior managing directors at HFF in Dallas. The buzz is they&rsquo;ll have similar roles at Newmark, but their exact titles and duties are unclear. The duo joined HFF in 2012, initially focusing on senior-housing deals and more recently on medical properties. Maconachy previously worked at Apartment Realty Advisors, where he spent about four...



The Grapevine

Wed, 30 Jan 2019
Cushman & Wakefield has hired a team of 16 self-storage sales pros from Marcus & Millichap. The group of seven brokers and nine support staffers, led by vice chairman Michael Mele, started this week. Mele joined Marcus & Millichap in 1999 and later formed the team, dubbed The Mele Group, which will continue to operate under that name within Cushman. Its members include executive managing director Luke Elliott, senior director Robert Bloch, senior...



The Grapevine

Wed, 30 Jan 2019
Vincent Brocato joined Obrecht Properties of Timonium, Md., this month as a vice president of acquisitions. He was previously a director of acquisitions at Broad Reach Retail of Millersville, Md., where he spent four years. Before joining the buy side, he spent more than two decades as a sales and leasing broker, most recently serving as a Baltimore-based vice president of Colliers...



The Grapevine

Wed, 30 Jan 2019
Harrison Street Real Estate Capital has hired Briana Succop as a vice president. She started this month at the investment manager&rsquo;s Chicago headquarters. Succop was previously a vice president at New York fund operator Abacus Capital, focused on investor relations and portfolio management. Before that, she spent five-plus years at Covenant Capital, an apartment-fund operator in...



The Grapevine

Wed, 30 Jan 2019
Retail fund shop Sterling Organization has added a vice president. Nicholas DiMauro, who started this month, works on acquisitions, asset management and capital markets. He&rsquo;s based in the firm&rsquo;s West Palm Beach, Fla., headquarters, reporting to chief financial officer D.J. Belock. DiMauro was previously a director of finance at BTI Partners of Fort Lauderdale, Fla., and an assistant vice president at Florida Community...



The Grapevine

Wed, 30 Jan 2019
Sean Blitz joined Farpoint Development of Chicago this month as an asset manager. He was previously a vice president at Los Angeles-based Stockdale Capital, where he spent the last five years. There, he handled acquisitions across asset classes, asset management and capital raising. Before that, he was an associate at J.P. Morgan. Farpoint was launched in 2016 when Sterling Bay founder Scott Goodman and several employees broke away to start their...



The Grapevine

Wed, 30 Jan 2019
Round Hill Capital hired Ziab Kabir as an analyst last month. He&rsquo;s based in the firm&rsquo;s New York office, working on multi-family acquisitions and developments across the country. Previously he held analyst roles at Clarion Partners of New York and Washington REIT.



ON THE MARKET

Wed, 30 Jan 2019
OFFICE/INDUSTRIAL:Property: 580 Corporate Center, 4023-4035 Tampa Road, Oldsmar, Fla.Size: 377,000 sf, 91.1% occupiedEstimated Value: $48 millionOwner: Cardinal Point, Tampa BayBroker: HFFColor: Two office, two industrial and two flex buildings on 29 acres in suburban Tampa. Developed between 1985 and 2002. In North Pinellas submarket, where occupancy rates are 94% for office space and 98% for industrial properties. In-place office rents of...



Office Sales Rise 3%; Eastdil Retains Crown

Wed, 23 Jan 2019
Office sales inched up 3% last year as the market stabilized after two years of declining volume.Eastdil Secured remained the most-active broker in the sector, widening its lead over second-place CBRE. Cushman & Wakefield surged to a close third, largely on the strength of its sales in New York, where it took the top spot for the first time this cycle (see article on Page 14).Some $96.8 billion of large office properties changed hands during...



Levi Strauss Campus in Downtown SF for Sale

Wed, 23 Jan 2019
Investors are getting a crack at San Francisco’s Levi's Plaza, setting the stage for one of the largest office trades in the city’s history.The roughly 850,000-square-foot campus, at 1155 Battery Street near the waterfront, is worth an estimated $700 million, or $825/sf, according to market pros.Eastdil Secured is marketing the property for a consortium that includes the family offices of two San Francisco real estate magnates and...



Werner Team Buying Stake in 237 Park Avenue

Wed, 23 Jan 2019
A syndicate led by David Werner has agreed to purchase a roughly 40% stake in the office building at 237 Park Avenue in Midtown Manhattan.The deal values the 1.25 million-square-foot property at roughly $1.25 billion, or $1,000/sf.Cushman & Wakefield is brokering the recapitalization for a partnership between RXR Realty of Uniondale, N.Y., and Walton Street Capital of Chicago. That duo is retaining the remaining 60% ownership of the...



JLL Taps Apartment-Sales Chiefs

Wed, 23 Jan 2019
JLL has elevated two brokers to co-head apartment investment sales, a move aimed at better coordinating the company&rsquo;s multi-family operations across the country.In the new positions, managing directors Christine Espenshade and David Martin will oversee JLL&rsquo;s roughly 15 apartment-brokerage offices. Their duties include ensuring that clients receive uniform service across the platform and managing relationships with institutional...



Pension Pledges Hit Post-Crash High

Wed, 23 Jan 2019
Real estate commitments by U.S. public pension systems soared to a post-crash high last year.Pensions tracked by FPL Associates plowed $49.6 billion into commingled funds and separate accounts, up 41% from $35.2 billion in 2017. That was the highest annual total since FPL began following the sector in 2011, eclipsing the previous record of $47.2 billion in 2015.&ldquo;Real estate fundamentals continue to hold strong, and real estate still looks...



Lab Building Available in Cambridge

Wed, 23 Jan 2019
Longfellow Real Estate has teed up a fully occupied laboratory building in Cambridge, Mass.The 78,000-square-foot property, at 1030 Massachusetts Avenue, could attract bids of up to $115 million, or $1,474/sf. At that price, the buyer&rsquo;s initial annual yield would be just over 5%. Boston-based Longfellow has given the listing to Eastdil Secured.The four-story building is in the Harvard Square neighborhood, within a few blocks of the campus....



Big Hotel Portfolio Goes on Market

Wed, 23 Jan 2019
A hotel company is marketing 15 properties in the full-service, select-service and extended-stay categories.The hotels, which encompass 1,723 rooms, are concentrated in California (six) and Arizona (five). There are also two in Texas and one apiece in Colorado and Montana. Eight of the properties are scheduled to be completed this year.Berkadia is representing the owner, Glacier House Hotels of Scottsdale, Ariz. Bids will be accepted on...



State Offices for Sale in Sacramento

Wed, 23 Jan 2019
A Hines partnership is pitching a downtown Sacramento office complex that houses the headquarters of two state agencies.The 400,000-square-foot property, at 1515 S Street, is expected to fetch $105 million. At that $263/sf valuation, a buyer&rsquo;s initial annual yield would be about 7%. Cushman & Wakefield is representing the ownership group of Houston-based Hines, Oaktree Capital of Los Angeles and JMA Ventures of San Francisco.The...



Beacon Pitches Core Denver Offices

Wed, 23 Jan 2019
Beacon Capital is marketing a recently renovated office tower in downtown Denver.The 599,000-square-foot Civic Center Plaza, at 1560 Broadway in the Uptown neighborhood, is valued at about $260/sf, or $156 million. Eastdil Secured is representing Boston-based Beacon.The Class-A building, which is next to one of the city&rsquo;s two transit hubs, is 97% leased, with a weighted average remaining lease term of 6.3 years. The tenants include the...



Apartment Pros Team Up to Buy, Build

Wed, 23 Jan 2019
A new investment shop plans to spend $800 million over the next three years acquiring and developing apartment properties.Atlanta-based Penler was launched this month by multi-family pros Graham Carpenter and Brian Metzler. They&rsquo;re aiming for core-plus yields on apartment purchases and opportunistic returns on development projects. The geographic focus is on Washington and major metropolitan areas in the Southeast and Texas.Carpenter and...



Spruced-Up Midtown Offices Shown

Wed, 23 Jan 2019
Vanbarton Group is offering a recently renovated office building in Midtown Manhattan.The 135,000-square-foot property, at 45 West 45th Street, is nearly 95% leased by a mix of small tenants. Bids could exceed $900/sf, or $122 million. Hodges Ward Elliott has the sales assignment for Vanbarton, a New York investment manager led by Richard Coles and Gary Tischler.A predecessor to Vanbarton bought the property in 2014 for $87 million. The firm...



REIT Sells NJ Rentals at Discount

Wed, 23 Jan 2019
Mack-Cali Realty sold a Northern New Jersey apartment complex last week for 25% less than it paid five years ago.One Wall Partners acquired the 159-unit property, at 1&2 Park Square in Rahway, N.J., for $34.9 million, or $219,000/unit. HFF brokered the transaction.Mack-Cali bought the complex in 2013 from Landmark Cos. of Keasbey, N.J., for $46.5 million, or $292,000/unit. The Jersey City, N.J., REIT put the property up for sale last May with a...



Cushman on Top as NY Sales Surge

Wed, 23 Jan 2019
Cushman & Wakefield has won the league table for office sales in New York for the first time since 2001 &mdash; handily beating Eastdil Secured and CBRE.Cushman sold $6.5 billion of New York office properties last year, which was good for a 42% market share and nearly matched the combined total of its two closest rivals. Eastdil came in second with $3.8 billion, or 25% of the city&rsquo;s brokered trades. CBRE placed third, with $2.8 billion of...



New Ariz. Apartments up for Grabs

Wed, 23 Jan 2019
A new apartment complex in suburban Phoenix is on the market with an estimated value of $82 million.The 282-unit luxury property, at 15333 North Hayden Road in Scottsdale, Ariz., was completed last year and is finishing its initial lease-up phase. At the $291,000/unit valuation, the stabilized capitalization rate would be around 5%. CBRE is bringing out the listing for Sunrise Luxury Living of Houston.Preliminary marketing materials tout the...



Newark Rentals Ready for Make-Over

Wed, 23 Jan 2019
A vacant apartment property in Newark, N.J., is being marketed as a redevelopment play.The 25-story building is in a federally designated opportunity zone. It has been fully gutted and is approved for 216 units of what the marketing campaign describes as high-end workforce housing.Bids are expected to come in around $20 million, and a buyer likely would spend at least that much on the redevelopment. JLL is representing the owner, Ishay Group, led...



CBRE: Cap Rates Stable in 2nd Half

Wed, 23 Jan 2019
Capitalization rates were generally stable in the second half of last year, according to CBRE.Valuations were largely unchanged on office, multi-family and hotel properties, while rising slightly on industrial buildings and falling on retail properties.The findings are in the brokerage&rsquo;s semi-annual report on cap rates, based on acquisitions it brokered nationwide.In the retail sector, falling valuations pushed up the average cap rate up on...



MARKET SPOTLIGHT: Seattle-Area Office Properties

Wed, 23 Jan 2019
After a dip in 2017, sales volume bounced back sharply last year, surging 45% to $4.4 billion. It was the fourth consecutive year that activity topped $3 billion. The stage is set for another big year in 2019, with a whopping $2 billion of deals already under contract or closed.Amazon&rsquo;s decision to open two secondary headquarters isn&rsquo;t reducing its presence in Seattle. The online retailer already occupies some 20% of the city&rsquo;s...



The Grapevine

Wed, 23 Jan 2019
Jonathan Cohen joined RFR Holding last week as head of acquisitions, a new position. The New York investment shop, led by Aby Rosen and Michael Fuchs, also plans to beef up its acquisitions team with a few associate-level hires. Cohen jumped from Madison Capital of New York, where he was a director. He joined that firm eight years ago after working at Cabot Investment and Praedium Group, both of New...



The Grapevine

Wed, 23 Jan 2019
Derreck Barker started at Nuveen Real Estate this month as a director of acquisitions. He&rsquo;s based in Newport Beach, Calif., handling investments in the Southwest for the TIAA unit