Article List

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’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’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’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 — 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’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’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 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 lease term of...



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’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’Meara joined family office Sakioka Farms last month as senior vice president for real estate. He’s tasked with updating the Costa Mesa, Calif., firm’s long-term strategic plan, while also overseeing acquisitions, asset management, development and leasing. O’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’s developments there. He reports to managing principal Eric Poretsky, who heads Cain’s U.S. equity investments. Oates was previously a vice president at Michael Fascitelli’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’s hotel market has become a big hit with investors.The Music City’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’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’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’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’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 — 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’s 80% occupied.The deal values the 354,000-square-foot property, at 44 Wall Street, at roughly $565/sf. The buyer’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’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’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’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’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’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’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 — one for an acquisitions role and another for an asset-management position. The recruits would have the option of working in the investment giant’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 — 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’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’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’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’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’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’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’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’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’s $3.8 billion total.JLL’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’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’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’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’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’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’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’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’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’s expected to fetch bids of about $250 million, or $691/sf — 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’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’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’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’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’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’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’ 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’s a partner based in the fund operator’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’s presence in Greater Chicago. He’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’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’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’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’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’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’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 — one of the loftiest in the city’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’s U.S. Select Service 2019 Report.“As we get deeper into what is a very mature cycle, select-service provides investors with a defensive strategy,”...



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’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’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’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’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’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’s capital-markets chief in Northern California. San Francisco-based Golubchik this month teamed up with Ramsey Daya, the region’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’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’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’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’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’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’s overall price record, as well as the per-unit mark — if it’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’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 & 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’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’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’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’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’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’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’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’s Newport Beach, Calif., headquarters, reporting to director of REIT research Cedrik Lachance. Knott spent the past two years at Blackstone’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’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 “361Firm,” 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 “Market” section under “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 “Market” section under “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’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 “Market” section under “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 “Market” 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 “Market” section under “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’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 “Market” section under “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 “Market” 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 “Market”...



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 “Market” section under “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 Murphy405-402-0700jjm@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 “Market”...



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’s Penmount Partners in Singapore this year to broaden the firm’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’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 “affiliate partners” 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 “Market” section under “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’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’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’s white-hot multi-family market, the line between core and value-added pricing has become blurred.“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’ 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’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’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’s SouthPark submarket that’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’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’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’s fully occupied on long-term leases.The 223,000-square-foot Park Calabasas, in Calabasas, Calif., was converted to “creative” 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’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 “creative” office building in San Francisco that’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’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’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’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’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’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’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’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’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’s positioned to appeal to “creative” 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’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’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 “creative” 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’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’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’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 — 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’s jump to Newmark by Eastdil’s...



The Grapevine

Wed, 09 Oct 2019
Chad Roberson returned to Carlton Group last week as a director at its New York headquarters. He’s tasked with lining up equity and debt for the brokerage’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’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’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’s separate-account clients. He was previously a senior financial analyst on Cushman & Wakefield’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’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’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’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’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’s first “micro hotels.”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’s “Moxy” 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’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’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’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’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’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’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’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’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’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 “Moos” 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’s existing project pipeline and help scout out ground-up investment opportunities. Cohen joined from New York family office Seven Valleys, where she’d been for about 18 months. She previously worked at Boston Properties’ 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’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’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’s Orange County that recently was transformed into “creative” 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’s Capitol Riverfront submarket that’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’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’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’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’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’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’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’s broker, is touting the offering as an “exceptionally high-quality, low-risk opportunity.”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’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’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’s global head of logistics. Tingler’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’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’s degree. The pro’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’s Toronto headquarters, would maintain relations with operating partners and underwrite investments for the firm’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’s degree this summer at the University of Pennsylvania’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’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’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’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 — 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’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 “Miracle Mile” 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’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’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’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’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’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’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’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’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’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 “production, distribution and repair” space, allowing for a mix of...



SPOTLIGHT: Boston/Cambridge Office Market

Wed, 18 Sep 2019
Sales are on track to far exceed last year’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’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’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 — Robert Yoshimura, Joe Hill, Eric Mattson and Bruce Gordon — 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’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’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’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’s Seaport District that’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’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’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’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’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’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’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’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’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’s Institutional Property Advisors unit to run the marketing campaigns.Both properties carry JPI’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’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’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’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’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’s working to raise equity for acquisitions in the U.S. and Europe, as well as recapitalizations of Thor’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’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’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’s likely to attract bids in the vicinity of $375 million, or $341/sf. Known as “Big Red” 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’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’s initial annual yield would be in the vicinity of 4.25%. Newmark is representing New York-based Clarion.The San Francisco District Attorney’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 — 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’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 —...



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’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 commitment from an unidentified university endowment for the vehicle, Eagle Rock Multifamily Income & 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 complexes in...



Fully Leased NJ Offices Hit Market

Wed, 21 Aug 2019
An investment shop is marketing a fully leased New Jersey office building that’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’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’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’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’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’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’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’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’s red-hot office market, a Principal Real Estate partnership plans to shop a Microsoft-leased complex that’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 — a relatively high yield for the city’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’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’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’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’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’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 “creative” 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’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 — on pace to surpass last year’s record volume — 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’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’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’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’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’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’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’s Deal Database, which tracks transactions of $25 million and up. With fundamentals and investor demand remaining strong, market pros expect 2019’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 — which by far would be the most ever paid for an office property in the city. At that $404/sf valuation, the buyer’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 “creative” office complex in Santa Monica, Calif., from a Brightstone Capital partnership for about $220 million.The transaction follows the partnership’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’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 “last mile” 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’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’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’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’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 “Jaz” 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’s New York headquarters, reporting to president and chief executive Kevin O’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’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’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’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’s real estate platform as an associate last month. He was previously an analyst in Deutsche Bank’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’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— 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’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’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’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 — 529,000 sf — 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’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’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 — 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’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’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 “last mile” 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’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’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’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’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’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’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’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’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’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’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 & 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’t using a placement agent, is soliciting capital from family offices.The company’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’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’ Hollywood Boulevard that’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’t rule out...



Will JLL + HFF = No. 2 Office Broker?

Wed, 24 Jul 2019
JLL’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’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’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’s Westchester County that’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’s July 1 acquisition of HFF. Each brokerage had fully staffed office teams in Chicago. Eastdil’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’s chief executive, Joe Lubeck. Tepperman will sit on the Tampa firm’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’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’s an investment officer in the pension’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’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 — 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’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 — also known as Western Heritable — 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’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’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’s initial annual yield would be roughly 4.25%. Eastdil Secured is representing PNC Realty Investors of Washington, which is advising the property’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’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’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’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’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’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’ll report to Jeanine Lester, head of MetLife’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’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’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’Hanlon, national head of transactions, who’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’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 & 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’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’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’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’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’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’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’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’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’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’s Orange County is expected to attract bids of about $52 million.Khoshbin’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’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’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’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’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’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’s office market — just as it’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’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’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’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’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’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’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’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’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’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’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’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’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’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’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’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’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’ 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’s unbranded — 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’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’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 “creative” 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 “Miracle Mile” 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’t be learned, but is believed to be in line with the “whisper” 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’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’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’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’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’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’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’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’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 “e-commerce resistant,” such as banks, fitness...



Blackstone Marketing Boston Office Trophy

Wed, 19 Jun 2019
Blackstone has teed up an office tower in Downtown Boston that’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 “apartment hotel” properties, offering multi-room units for rent to travelers. Its strategy combines elements of traditional real estate investing — 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’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’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’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’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 “creative” 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’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’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’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’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’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 — one fully leased, the other vacant — via separate listings that could fetch a total of $190 million.The stabilized property is Murphy’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’s valued at about $130 million, or...



Clarion Shows Core SF-Area Offices

Wed, 19 Jun 2019
Clarion Partners is marketing a “creative” 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’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 — 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’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’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’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’s lowest total since 2013, according to Real Estate Alert’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’s hotel practice. At HFF, Peek was a senior managing director responsible for building out and leading the firm’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’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’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’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’s controller and handle investor relations. All start next month and report to Knickpoint’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’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’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 & 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 & 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 & 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 & 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’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’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’s San Francisco headquarters and report to Gregg Meyer, head of asset management. For more information, go to shorenstein.com and click on “Contact,” then “Careers.”.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’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’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’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’s a vice president in the firm’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’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’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’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’t be learned, but it’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’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’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’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’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’s East End, is expected to fetch about $235 million. At that price, the buyer’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 “creative” 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’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’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’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’ 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’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 “apartment hotel” 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’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’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: “Creative” 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 & 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 & 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 & 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...



Nuveen Showing Brooklyn Rentals

Wed, 29 May 2019
Nveen 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...



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’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’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’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’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’ 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’Keefe and Alan Braxton Jr. joined Newport as associates. O’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’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’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’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’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’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’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’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’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’s initial annual yield would be 5%. Newmark is representing New York-based Clarion.The San Francisco District Attorney’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 “creative” office building in the Los Angeles area that’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’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’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’ 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’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’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’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’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’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’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’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’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’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’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’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’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 “Kubby” 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’Donnell joined Starwood Capital this month as an associate. He’s based in Washington for the Miami Beach firm. O’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’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’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’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 — and will likely break the price record it set for the city less than three years ago.Starwood Capital’s offering of the 510,000-square-foot Wells Fargo Center is expected to fetch about $200 million, which would easily exceed Starwood’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’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’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’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’s Orange County that’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’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’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’s initial annual yield would be about 4.25%. Walker & Dunlop is representing PGIM and its partner, O’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’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’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’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’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’ 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’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’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’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’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’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’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’s based at the firm’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’ 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 — the largest ever listed in Chicago — 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’s pending purchase of HFF has cast a spotlight on the two firms’ 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’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’s under construction, investors could qualify for tax incentives because it’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’s well above Shorenstein’s $286.6 million purchase price in 2013 — which still stands as the city’s high-water mark. The San Francisco investment shop is pitching the complex’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’s Orange County. It’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’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’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’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’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 “creative” 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’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 “micro-market.” 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’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’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’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’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’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’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’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’s initial annual yield would be in the vicinity of 5%. Eastdil Secured is representing Los Angeles-based American Realty.Apple’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’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’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’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’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’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’s Fulton Market district that’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’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’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’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 — 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’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’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’s only 69% leased.The 84,000-square-foot “brick and beam” 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’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’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’s president of capital markets and investors services for the Americas. Carpenter was president of DTZ’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’t be learned. Eastdil’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’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’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’s Phoenix headquarters and Pasadena, Calif. He reports to Peter Tubesing, president and chief investment officer of the firm’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’s no word on Mossman’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’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 — 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 — the 405,000-square-foot building at 1625 Eye Street NW — is 75% leased and being pitched as a core-plus opportunity. It’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’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’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’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’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’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 “creative” 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’ 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’s urban location and suitability for “last-mile” 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 “uninspiring.”...



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’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’s based at the fund operator’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 “apartment hotel” company. He started this month as a managing director, leading the firm’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’s heading up the Fort Worth firm’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’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’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 — 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’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’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’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’s “Gold Coast.”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’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’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’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’s Curio Collection — a line of upscale hotels and resorts in distinctive properties or locations. But it’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’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’s expected to attract bids of about $51 million, or $145/sf. At that price, the buyer’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’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 — 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’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’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’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’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’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 “Bobby” 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’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’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’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’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’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’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’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’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’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’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’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’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’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’s headquarters, targeting value-add acquisitions in California. Goto told colleagues and associates he’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’Connor Capital wants to hire an investor-relations pro. Duties include working with senior leaders to help expand the firm’s investor base while maintaining client relationships. The position requires at least four years of experience. New York-based O’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’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’ 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’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’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’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’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’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’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’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’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’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’s no word on his next move. Coppola’s experience includes stints at Brookfield Property’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’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 “E.J.” 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 “Joy” 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’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 “Big 6” 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’s price record.The 843,000-square-foot Bank of America Tower is expected to fetch nearly $440 million — well over the $284 million current high-water mark. At that $520/sf valuation, the buyer’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’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’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’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’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’s been renovated as “creative” 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’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’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 “creative” 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’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’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’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 “pursue opportunities at the intersection of tech and commercial real estate,” 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’ largest office building, which has stood vacant for at least two years. It’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’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’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’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’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 “creative” office complex in Santa Monica, Calif., and the others are now up for grabs.Ellison’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’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’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’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’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’s most acclaimed museums and parks. Newmark kicked off the marketing campaign last week, touting the property’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’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’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 & 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’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 “creative” 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’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’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’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’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’s (75,000 sf) has 15 years remaining on its lease. Glenview Bank has 16 years remaining. Those two generate 73% of the property’s income. Completed in 2014, center is on Chicago’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’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’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’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’ 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 “knowledge and innovation markets,” including Atlanta,...



Beacon Shops "Creative' Offices in LA

Wed, 06 Mar 2019
Beacon Capital is marketing a recently renovated “creative” 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’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’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’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’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 “222 Kearny” 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 —...



KKR Dealing High-End Phila. Hotel

Wed, 06 Mar 2019
A KKR joint venture is marketing an upper-upscale boutique hotel in Philadelphia’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’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’s planned 25,000-employee campus will be a “slow burn” rather than a “shot in the arm” for Crystal City. But the research shop said the retailer’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’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’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’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’s opportunity-zone platform is led by Daniel Ackerman. Managing director Ted Fowler is the firm’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’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’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’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’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’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’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’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’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’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’s charged with overseeing the firm’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’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’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’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’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’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’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’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’s fast-growing millennial population.The 330-unit Brezza Apartments, on the city’s south side, has an estimated value of $63 million, or $191,000/unit. At that price, the buyer’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 “creative” 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 “brick and beam” 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 — 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’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’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’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’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’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’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’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’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’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’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’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’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’t be learned, but market pros put it in the vicinity of the $150 million “whisper” 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’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’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’s been repositioned to attract “creative” 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’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’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’s initial annual yield would be about 5%. HFF is representing New York-based Cammeby’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’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’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’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’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’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, which until this month was known as TH Real Estate. Barker was previously a director in the Newport Beach office of HFF, where he spent six years. He has also had stints at Marshall Property & Development of Newport Beach and Phoenix-based Opus...



The Grapevine

Wed, 23 Jan 2019
Allison Bradshaw joined fund shop LEM Capital this month as a senior vice president in its Philadelphia headquarters. She works on investment strategy and acquisitions, among other duties, and reports to founding partners Jay Eisner and Herb Miller. Bradshaw came from multi-family fund operator Greystar Real Estate of Charleston, S.C., where she was a managing director on the investment team. Before that, she was a managing director at Savills,...



The Grapevine

Wed, 23 Jan 2019
Multi-family investment firm PPA Group has tapped Chirag Hathiramani as its senior vice president of acquisitions. He started this month in the newly created role at the shop&rsquo;s Austin headquarters. He&rsquo;s responsible for scouting and acquiring apartment, student-housing and senior-housing properties across the Sunbelt. The firm invests on behalf of wealthy individuals, family offices and institutional clients, as well as its nontraded...



The Grapevine

Wed, 23 Jan 2019
Highgate Partners hired Kevin Walsh this month as a senior vice president in its Atlanta headquarters. He’s focused on office, retail and industrial sales in the Southeast for the brokerage and investment firm, reporting to principals Andrew Murphy and Beau Terrell. Walsh previously had investment-sales roles at Lavista Associates for about five years and Resource Real Estate for nearly seven years, both in Atlanta. He also had stops at RMR...



The Grapevine

Wed, 23 Jan 2019
Boston development specialist Mark McGowan has jumped to Oxford Properties from Skanska USA. He started this month as a vice president overseeing development in Boston for Toronto-based Oxford. His move comes as Boston is seeing a slew of listings for land and redevelopment plays. McGowan reports to Chad Remis, senior vice president and head of the Boston office. Oxford is the real estate investment arm of Canadian pension fund Ontario Municipal...



The Grapevine

Wed, 23 Jan 2019
Ruben Cos. has hired Jeremy Schonfeld as general counsel. He arrived this month from law firm Milbank Tweed, where he was an associate in the real estate group. Schonfeld had prior stints in the real estate groups of Allen & Overy and Herzfeld & Rubin. Ruben, a family-run shop headed by chief executive Richard Ruben, is an active investor in commercial and residential properties in Boston, New York and...



Temasek to Back Eastdil Management Buyout

Wed, 16 Jan 2019
Eastdil Secured is close to announcing a management buyout that will be backed primarily by Singapore sovereign wealth fund Temasek Holdings.When longtime owner Wells Fargo put Eastdil up for sale last year, the brokerage&rsquo;s management team set out to line up capital partners for a buyout. That effort was led by chief executive Roy March, who held discussions with investors in Asia and elsewhere.The announcement of a deal is expected to come...



Partner Sought for Amazon's New York HQ2

Wed, 16 Jan 2019
A Savanna partnership is looking to sell a majority interest in a Queens, N.Y., office tower that Amazon is set to lease as part of its New York headquarters.The 1.5 million-square-foot building, at One Court Square in the Long Island City neighborhood, is owned by a joint venture of New York fund operator Savanna and J.P. Morgan&rsquo;s Junius Real Estate unit. The duo is expected to take bids for a stake of up to 90%. Cushman & Wakefield and...



CBRE Retail Chief Bratt Jumps to Buy Side

Wed, 16 Jan 2019
Mark Bratt left his position as the national leader of CBRE&rsquo;s retail investment sales team last week to take the reins at Westwood Financial and spearhead an ambitious expansion effort.Bratt started as chief executive of the Los Angeles investment firm Monday. He replaced Joe Dykstra, who worked at Westwood for nearly three decades and led it for the last two years before departing in December.Bratt plans to focus internally for the next...



MIT Lists Stake in Cambridge Offices

Wed, 16 Jan 2019
The Massachusetts Institute of Technology&rsquo;s investment arm is shopping a stake in a fully leased office/laboratory complex in Cambridge, Mass., that&rsquo;s valued at roughly $1 billion.The size of the stake in the 677,000-square-foot Osborn Triangle is negotiable. That flexibility should attract a deep pool of core domestic and foreign bidders. At a valuation of $1 billion, or $1,477/sf, the new partner&rsquo;s initial annual return would...



Lone Star Finds 3 Buyers for Rentals

Wed, 16 Jan 2019
Three investment firms have agreed to acquire 14 properties from Lone Star Funds in separate transactions totaling up to $935 million.The buyers are Fairfield Properties of Melville, N.Y., Harbor Group International of Norfolk, Va., and Jones Street Investment of Boston.Fairfield is under contract to purchase seven complexes with 1,496 units in New York&rsquo;s Long Island suburbs. The exact price couldn&rsquo;t be learned, but market pros put it...



High-End Rentals Offered Near Phila.

Wed, 16 Jan 2019
A Toll Brothers Apartment Living partnership has teed up a new apartment complex in suburban Philadelphia that’s expected to draw bids of around $90 million.The 349-unit Riverworks, in Phoenixville, Pa., opened in 2017 and is 94% leased. The estimated value works out to about $258,000/unit. Newmark is rolling out the offering this week for the multi-family arm of Toll Brothers of Horsham, Pa., and Davis Cos. of Boston.Marketing materials tout...



New Offices Up for Grabs Near LA

Wed, 16 Jan 2019
Core investors are getting a crack at a new &ldquo;creative&rdquo; office building in the Los Angeles area that&rsquo;s worth about $280 million.The 311,000-square-foot property, in Culver City, Calif., was completed 15 months ago by an AFL-CIO Building Investment Trust partnership, which has fully leased it up. In addition to an outright sale, the owners would consider selling a minority stake. The estimated value works out to $900/sf.The...



Record Possible for Louisville Tower

Wed, 16 Jan 2019
The highest-priced office building ever to change hands in Louisville, Ky., is back on the block with expectations that bids will hit $140 million.The 35-story tower encompasses 634,000 square feet at 400 West Market Street. HFF is representing the owner, 601W Cos.While the property is well-occupied at 87%, there could be opportunities to fill vacant space and raise below-market rents as leases expire. Law firm Frost Brown, the anchor tenant,...



Blackstone Shops Denver Rehab Play

Wed, 16 Jan 2019
Blackstone is quietly pitching two adjacent office towers and a parcel in downtown Denver as a large-scale repositioning play.The properties, worth an estimated $185 million, encompass 988,000 square feet of office space and a 50,000-sf lot. They are being offered as a package.Blackstone has tapped HFF to talk with a handful of potential buyers, rather than launch a wide marketing campaign. If offers fall short, it plans to proceed with the...



Tech-Firm Offices for Sale in Raleigh

Wed, 16 Jan 2019
A downtown Raleigh office property that&rsquo;s fully leased to a technology company is on the market with an estimated value of $92 million.The 205,000-square-foot building, at 120 South West Street, is the regional headquarters of Citrix. It has an attached 521-space garage. A trade at the estimated value of $449/sf would translate to a 5.3% initial annual yield. CBRE is marketing the building for JMC Holdings of New York.The property sits on...



PGIM Dealing San Francisco Offices

Wed, 16 Jan 2019
PGIM Real Estate is marketing a San Francisco office building that could command bids of about $160 million.The 195,000-square-foot property, at 255 California Street in the Financial District, is 97% leased. The estimated value works out to $820/sf. Eastdil Secured is representing PGIM, an investment-management arm of Prudential.The 14-story property is being pitched as a boutique building with concrete construction that&rsquo;s suitable for the...



Leased-Up Mall on Block Near Atlanta

Wed, 16 Jan 2019
CBL Properties is marketing a suburban Atlanta mall that&rsquo;s nearly fully leased, with bids expected to hit about $140 million.The estimated pricing for Arbor Place in Douglassville, Ga., would generate a fat 10% initial annual yield. The offering is for 546,000 square feet at the complex, which totals 1.2 million sf including separately owned anchor stores.CBL has given the listing to Newmark. The Chattanooga, Tenn., REIT is touting the...



Offices Listed Near Amazon's Va. HQ2

Wed, 16 Jan 2019
Beacon Capital has teed up a well-leased office building in Northern Virginia, two blocks from the planned location of a massive Amazon.com campus.The 349,000-square-foot Presidential Tower, at 2511 Jefferson Davis Highway in the Crystal City section of Arlington County, is expected to attract bids of about $120 million, or $344/sf. Boston-based Beacon has given the listing to Newmark.The building is 91% occupied, with a weighted average...



Goldman Leads as M&A Volume Hits Post-Crash High

Wed, 16 Jan 2019
Mergers and acquisitions of real estate companies last year hit the highest level since the market crash more than a decade ago — and advisors are cautiously optimistic that volume will remain strong this year. Fifteen deals totaling $100.7 billion closed in 2018, up a whopping 74% year-over-year and 47% over the previous post-crash high of $68.4 billion, in 2015. Last year’s volume was the second-highest since Real Estate Alert began...



Rockpoint Team Marketing NY Hotel

Wed, 16 Jan 2019
A Rockpoint Group partnership is ready to part with the Manhattan hotel once billed as the &ldquo;Lullaby of Broadway&rdquo; &mdash; but not for a song.The 1,331-room Row NYC, formerly known as the Milford Plaza, is expected to command bids exceeding $200 million, or more than $150,000/room. Boston-based Rockpoint and its partner, Highgate Hotels of New York, have given the listing to Newmark.A sale of the hotel &mdash; at 700 Eighth Avenue, a...



Value-Added Office Play in Seattle

Wed, 16 Jan 2019
An office building near Amazon&rsquo;s headquarters in Seattle&rsquo;s red-hot Central Business District is being pitched as a value-added play.The 288,000-square-foot property, at 509 Olive Way, is expected to attract bids of about $125 million, or $434/sf. Newmark is representing the local seller, Goodman Real Estate.The 18-story building is 89% leased, with half the space used as medical offices. Potential buyers are being told they could...



Centennial Pitching Apartment Fund

Wed, 16 Jan 2019
Centennial Holding is marketing its latest multi-family property fund.Centennial Real Estate Fund 6 aims to raise $200 million to $300 million of equity. If it hits the top of that range, the vehicle could have $1 billion of buying power. Centennial doesn&rsquo;t use a placement agent.Atlanta-based Centennial would shoot for a 14-16% return via value-added investments in Class-A apartment complexes in what it characterizes as &ldquo;growth areas...



Unizo Shows More Manhattan Offices

Wed, 16 Jan 2019
Unizo Holdings has put another New York office property up for sale.The Japanese investment manager is marketing 24-28 West 25th Street, two adjacent buildings encompassing 133,000 square feet. Bids could reach about $115 million, or $865/sf. Eastdil Secured is representing Unizo, which sold three other Manhattan properties last month.The newly listed buildings are 91.7% leased. They&rsquo;re being pitched as recently renovated boutique office...



NEW DEALS

Wed, 16 Jan 2019
Connecticut Apartment PropertyWafra Investment will realize an initial annual yield in the low-5% area on its recent acquisition of a luxury apartment complex near Hartford. The New York firm paid $61.5 million, or $286,000/unit, for the 215-unit Heirloom Flats, at 700 Bloomfield Avenue in Bloomfield, Conn. Walker & Dunlop brokered the deal, which closed Dec. 28, on behalf of Post Road Residential of Fairfield, Conn. The marketing campaign touted...



Pathfinder Wraps Up Fund Campaign

Wed, 16 Jan 2019
Pathfinder Partners held a final close at yearend for a multi-family fund, which raised $60 million of total equity.Pathfinder Partners Opportunity Fund 7 hit the market in 2018 with a $100 million capital-raising goal. It already has invested half of the money raised. Torrey Capital of San Diego served as placement agent.The fund aims for a 12-14% return via value-added investments in apartment properties in the Western U.S. San Diego-based...



MARKET SPOTLIGHT: Central Florida Apartment Properties

Wed, 16 Jan 2019
Rent growth has been on a tear in Tampa and Orlando. Rents are up more than 7% year-over-year in both cities, whose average occupancy rates exceed 96%, according to the latest data from Marcus & Millichap.Investor demand for value-added properties is driving down capitalization rates. For example, Starlight Investments will reap an initial annual yield of just 4.15% on its $117 million purchase of two Tampa properties in June. The offering,...



The Grapevine

Wed, 16 Jan 2019
David Morrison stepped down this month from CBRE Global Investors, where he was chief investment officer for the Americas. He spent a year in that position and some seven years at the firm. His plans are unclear. Morrison joined the investment manager in late 2011 as global head of strategy and research. He later was head of portfolio management for the Americas. He previously co-headed Morgan Stanley Real Estate&rsquo;s Prime Property Fund and...



The Grapevine

Wed, 16 Jan 2019
Peter Febo joined Kushner Cos. this month as chief operating officer, a new position. He will oversee operations of the New York firm, including its 21,000-unit apartment portfolio and its 10 million-square-foot development pipeline. Febo last served as chief executive of Beam Living, a Blackstone portfolio company that operates several Manhattan multi-family properties, including the massive Stuyvesant Town. He also has worked at Taconic...



The Grapevine

Wed, 16 Jan 2019
Fred Leffel has parted ways with Kaufman Organization of New York. The buzz is he left in the last month or so. He had been president of Kaufman New Ventures, a division focused on acquiring and repositioning commercial properties in the New York area. Leffel joined the firm in 1999 after stints at Savills, CIBC World Markets and Drexel Burnham.



The Grapevine

Wed, 16 Jan 2019
USAA Real Estate, which has listed the 299,000-sf office building at 700 Sixth Street NW in Washington with HFF, could attract bids of about $850/sf, or $254 million. Both domestic and foreign core buyers are expected to kick the tires. The property has a 91% occupancy rate, a nearly 10-year weighted average remaining lease term and trophy-quality finishes.



The Grapevine

Wed, 16 Jan 2019
Paige Morgan, formerly with JLL, joined CBRE on Monday as a senior vice president in Portland, handling office and industrial sales in Oregon and southwest Washington. She works with veteran Seattle-based office broker Tom Pehl and vice president Charles Safley in Portland. Morgan was a managing director at JLL, where she spent seven years. Before that, she was on the buy side, with five years as principal at Pacific Real Estate of Greenbrae,...



The Grapevine

Wed, 16 Jan 2019
Alliance Residential has tapped Christie Hawver Jordan as regional chief financial officer for the East Coast, based in Atlanta. She joined the Phoenix multi-family firm last month from Bell Partners of Greensboro, N.C., where she was vice president of business development. She previously held capital-markets roles at JLL, Cushman & Wakefield and Regions...



The Grapevine

Wed, 16 Jan 2019
Quinlan Development hired a vice president last month. Elan Ziff joined the New York firm&rsquo;s headquarters to work on acquisitions and asset management. He had been an assistant vice president at New York-based Blackpoint Partners, where he spent more than three years. He had prior stints at Invesco Real Estate and Deutsche Bank. Quinlan, led by founder and principal Robert Quinlan and his son, Timothy Quinlan, focuses on development in the...



ON THE MARKET

Wed, 16 Jan 2019
MULTI-FAMILY:Property: Hyde Park Portfolio, TampaSize: 724 units, 99% occupiedEstimated Value: $140 million, $193,000/unit, Yield: low-5%Owner: McKinley Cos., Ann Arbor, Mich.Broker: BerkadiaColor: Portfolio of 29 South Tampa properties can trade as a whole or piecemeal. Smallest have four units, largest has 122. Vintages range from 1900 to 1985. All upgraded over past two years, but could benefit from additional...



Lease Locked In, T-Mobile HQ Hits the Block

Wed, 09 Jan 2019
Ivanhoe Cambridge is marketing T-Mobile&rsquo;s headquarters in suburban Seattle, after signing the telecommunications giant to a long-term renewal of its lease.The 970,000-square-foot Newport Corporate Center in Bellevue, Wash., could attract bids of about $470 million, or $485/sf. Eastdil Secured is representing Ivanhoe, a unit of pension-fund advisor Caisse de Depot et Placement du Quebec.T-Mobile occupies the vast majority of the space, and a...



Marx Realty Stepping Up Office Acquisitions

Wed, 09 Jan 2019
Marx Realty is gearing up to be a bigger player in the office market.The old-line New York firm plans to buy $1 billion of offices this year. It&rsquo;s scouting deals of up to $250 million in New York, Washington and Atlanta. As part of the push, Marx wants to add one or two acquisitions pros to its staff.The shop would hold the investments in a new vehicle dubbed Marx Value Add Heritage Fund. The open-end fund, which has no initial equity...



Shopping-Center REITs Seen Slowing Sales

Wed, 09 Jan 2019
After several years of aggressive disposition campaigns by retail REITs, the flow of those listings is expected to slow sharply in 2019.Green Street Advisors estimates that the 11 major shopping-center REITs it tracks shed $10 billion of properties over the past three years. Sales topped $3 billion each year, and while the final 2018 number is still being tallied, it&rsquo;s expected to reach $3.8 billion.This year, however, the research firm...



Real Estate Firms Bullish on Hiring

Wed, 09 Jan 2019
Slightly more than half of real estate companies plan to increase hiring this year, but there&rsquo;s a divide between public and private firms.Fifty-three percent of respondents to an annual survey by Ferguson Partners anticipate a year-over-year workforce increase. But while 59% of private firms foresee a rise, only 44% of public companies do.Public REITs are being constrained by sagging stock prices, stemming largely from concern that interest...



Downtown SF Office Buildings Shown

Wed, 09 Jan 2019
A Turkish-backed firm is shopping two well-leased San Francisco office buildings that could fetch up to $200 million combined.Polidev Investments has tapped CBRE to market the 145,000-square-foot building at 351 California Street and the 80,000-sf property at 747 Front Street. They are being pitched separately, but could sell as a package.The larger building, at California and Sansome Streets in the Financial District, is expected to attract bids...



Sterling Bay Looking Beyond Chicago

Wed, 09 Jan 2019
Sterling Bay is stepping up its pursuit of office development and redevelopment deals in top markets outside its home base of Chicago.The company, which has actively developed offices in Chicago&rsquo;s West Loop for such tenants as Alphabet and McDonald&rsquo;s, has been kicking the tires in other markets for some time. The development shop and fund operator already has projects under way in Miami and Portland, Ore.But now it plans to put more...



Suburban Atlanta Offices for Sale

Wed, 09 Jan 2019
A TPA Group partnership is ready to shop an office complex near Atlanta.The 416,000-square-foot property, in Alpharetta, Ga., has an estimated value of $100 million, or $240/sf. It comes with a parking lot suitable for the development of another 150,000 sf of offices. Cushman & Wakefield is expected to kick off the marketing campaign this week for Atlanta-based TPA and its partner, Long Wharf Capital of Boston.The three-building complex, on a...



Offices Listed in Hot Seattle District

Wed, 09 Jan 2019
DWS Group is marketing a multi-tenant office building in Seattle&rsquo;s booming South Lake Union submarket.The 220,000-square-foot West Lake Union Center is expected to attract bids of about $120 million. At that $545/sf valuation, a buyer&rsquo;s initial annual yield would be about 5%, although investors have been told they could boost that to 6% within three years. CBRE is representing DWS, formerly known as Deutsche Asset Management.The...



Turner Passes Hat for 2nd Rental Fund

Wed, 09 Jan 2019
Turner Impact Capital is soliciting $400 million of equity for its second apartment fund.The Santa Monica, Calif., investment manager, led by Bobby Turner, would target a 10-12% return by acquiring workforce housing in densely populated markets &mdash; the same strategy as the predecessor vehicle.Turner Multifamily Impact Fund 2 would have some $1 billion of buying power when leveraged.The fund series focuses on &ldquo;protecting the supply of...



Meadows Shops 5th High-Yield Fund

Wed, 09 Jan 2019
Meadow Partners is seeking to raise $500 million of equity for its fifth and largest opportunity fund.The New York investment manager would shoot for an 18% gross return by acquiring full or partial interests in office, multi-family and retail properties in New York and London. The vehicle, Meadow Real Estate Fund 5, might also buy distressed debt with an eye toward taking control of collateral properties. With leverage, the vehicle would have...



Value-Added Rental Play in Florida

Wed, 09 Jan 2019
A PGIM Real Estate partnership is marketing a South Florida apartment complex that&rsquo;s likely to appeal to value-added investors.The 466-unit property, in Boynton Beach, could attract bids of about $200,000/unit, or $93 million. At that price, the buyer&rsquo;s initial annual yield would be just below 5%. Newmark is representing PGIM and its partner, Carroll Organization of Atlanta.The garden-style complex, at 220 Savannah Lakes Drive, was...



Updated Orange County Offices Shown

Wed, 09 Jan 2019
A Cigna partnership is marketing a recently renovated office complex in California&rsquo;s Orange County that could fetch $80 million.The 233,000-square-foot property consists of five low-rise buildings in the affluent city of Laguna Hills. The estimated value works out to $343/sf. Newmark is marketing the complex for the insurer and its partner, Cruzan, an investment and development firm in Solana Beach, Calif.The complex is only 85% leased,...



Medical Offices Pitched Near Atlanta

Wed, 09 Jan 2019
Cousins Properties has teed up a fully leased medical-office building in suburban Atlanta.The 160,000-square-foot building is amid a cluster of hospitals and medical facilities in Sandy Springs, Ga., in the Central Perimeter submarket. Bids are expected to come in around $80 million, or $500/sf, a price that would generate an initial annual yield in the low-5% area. Eastdil Secured is representing Cousins, an Atlanta-based REIT.The four-story...



Class-A Virginia Offices Up for Grabs

Wed, 09 Jan 2019
A fund operator is shopping two fully leased office buildings at a business park adjacent to Dulles International Airport in Northern Virginia.Loudoun Gateway 2&3, which encompass 180,000 square feet, could attract bids of about $46 million, or $256/sf. Dallas-based Velocis is marketing them as a package via HFF.The Class-A buildings, in Sterling, Va., are part of Loudoun Gateway Business Park. The three other buildings in that complex are...



LeFrak Alums Eye Opportunity Zones

Wed, 09 Jan 2019
Three former LeFrak Organization staffers have formed a fund shop that plans to develop and redevelop properties in federally designated opportunity zones.The company, PTM Partners of Miami, is soliciting $125 million of equity for its first vehicle, called PTM Qualified Opportunity Zone Fund 1, which would target the East Coast.PTM was founded by chief executive Michael Tillman, chief investment officer Scott Meyer and chief operating officer...



The Grapevine

Wed, 09 Jan 2019
Chief operating officer Sush Torgalkar parted ways with Westbrook Partners at yearend. Torgalkar&rsquo;s plans are unclear. He joined the firm in 2000 from the real estate investment banking group at Merrill Lynch and rose to be the top lieutenant to Westbrook co-founder and chief executive Paul Kazilionis. Late last year, Kazilionis sold a minority stake in Westbrook to a unit of Goldman...



The Grapevine

Wed, 09 Jan 2019
Veteran Boston brokers David Pergola and Brian Doherty rejoined Cushman & Wakefield last week as executive managing directors. Pergola and Doherty worked together at Cushman for several years before moving to Cassidy Turley in 2012 to build a sales platform. They decamped for CBRE in 2015, after Cassidy&rsquo;s parent company, DTZ, merged with Cushman and combined the teams. Both were executive vice presidents and partners at CBRE, which recently...



The Grapevine

Wed, 09 Jan 2019
HFF recruited two veteran brokers from Colliers International late last month to launch a new industrial investment-sales effort in Atlanta, continuing an aggressive expansion in that market. Dennis Mitchell is a senior managing director and Matt Wirth is a managing director. They cover the Southeast as part of HFF&rsquo;s national industrial investment advisory team, led by executive managing director Jody Thornton and senior managing director...



The Grapevine

Wed, 09 Jan 2019
Two New York pros launched their own advisory shop last month. Avi Zukerman and Laurie Feldman are principals at Kligier Capital, which will provide investment-banking services for real estate and private equity firms. Zukerman was most recently at ASG Equities of New York, helping manage the real estate assets of the Gindi family, which owns the Century 21 department-store chain. He had prior stints in property acquisitions at Zar Group and in...



The Grapevine

Wed, 09 Jan 2019
Moran & Co. added two directors to its multi-family investment-sales platform this month. Rachel Parsons joined in Irvine, Calif., and Jack Maloney in Chicago. Parsons previously had a 17-year stint with CBRE in San Diego, brokering apartment and land sales. Maloney spent the past five years at Colliers International in Chicago.



The Grapevine

Wed, 09 Jan 2019
Colliers International has hired a multi-family team in Dallas. It&rsquo;s headed by senior vice president Mark Allen, who last month jumped from Marcus & Millichap along with investment associates Amar Hayer and Courtland Charles. Allen was vice president of investments at Marcus & Millichap, where he spent about five years. Before that, he was an associate broker in Dallas for Boston-based SVN International for about three...



The Grapevine

Wed, 09 Jan 2019
HFF has added a director to its investment-banking team. Mike Nieves started last month in the brokerage&rsquo;s mergers-and-acquisitions and corporate advisory group. He&rsquo;s based in New York. Nieves moved from Citigroup, where he was a vice president in the bank&rsquo;s real estate and lodging investment-banking group. HFF&rsquo;s M&A group is led by senior managing director Steve Hentschel, who joined in 2017 when the brokerage bought his...



ON THE MARKET

Wed, 09 Jan 2019
MULTI-FAMILYProperty: 306 West 142nd St. and 531 West 159th St., New YorkSize: 72 units, 100% occupiedEstimated Value: $47.5 million, $660,000/unitOwner: Heritage Real Estate, New YorkBroker: Avison YoungColor: Asking price for new, 36-unit apartment buildings in the Hamilton Heights and Washington Heights neighborhoods. Each seven-story building also houses a community facility. Units range from studios to two bedrooms and have custom cabinets....



TIAA Unit Cuts NY Acquisitions Pro, Others

Wed, 19 Dec 2018
TH Real Estate, an investment-management unit of TIAA, laid off about a half-dozen people from its commercial real estate group in the past few weeks, including the lead acquisitions professional for New York City and the head of West Coast retail investments.The highest-ranking executive to depart was managing director Giacomo Barbieri, who oversaw real estate acquisitions and dispositions in metropolitan New York. Two senior directors also...



Firms Still Raising Pay, But More Cautiously

Wed, 19 Dec 2018
Real estate firms making their compensation plans for the year ahead are balancing the need to retain and add staffers in a tight labor market with increasing caution about the outlook for continued growth.Some 82% of shops that responded to an annual compensation survey by FPL Associates said they plan to raise salaries next year. That&rsquo;s down slightly from last year, when 85% planned an increase. Among companies plotting salary bumps, the...



Kravit Retiring From a Top Post at Cerberus

Wed, 19 Dec 2018
Ron Kravit, co-head of Cerberus Real Estate Capital&rsquo;s North America real estate team, is retiring at yearend.Kravit, a senior managing director, joined the New York investment manager in 1996. Going forward, he will serve as an advisor to the firm and will work with the family office of Cerberus co-founder Stephen Feinberg.Cerberus tapped Kravit and Thomas Wagner as co-heads of North American real estate four years ago. Wagner will now be...



Capital Sought for Workforce Housing

Wed, 19 Dec 2018
Allagash Opportunity Zone Partners is soliciting up to $500 million of equity to buy workforce housing in opportunity zones across the Mid-Atlantic.The New York shop, led by Tony Barkan, would shoot for a roughly 14% return by targeting value-added apartments in secondary and tertiary markets.The capital would be housed in Allagash Opportunity Zone CRE Fund 1. Commitments totaling $300 million to $500 million are being sought. At the high end of...



Office Bundle Pitched as Leasing Play

Wed, 19 Dec 2018
Equus Capital is shopping three office properties in Northern Virginia, Indianapolis and a suburb of Minneapolis that together could fetch up to $400 million from value-added investors.The 2.3 million-square-foot portfolio is 85% occupied, but the planned departures of several tenants will drop the rate to 76%. The pitch is that a buyer could make upgrades to the properties and recruit new tenants to boost revenue. The Virginia property is...



Record Colo. Industrial Deal in Works

Wed, 19 Dec 2018
Berkeley Partners is close to an agreement to pay $250 million for a Colorado industrial portfolio, in what would be by far the largest deal ever for that asset class in the state.The industrial specialist and fund operator would acquire the 2 million-square-foot package from Etkins Johnson Real Estate of Denver. The price translates to $125/sf. CBRE is the broker.San Francisco-based Berkeley has teamed up on purchases in the past with...



Denver Apartments Fetch Top Dollar

Wed, 19 Dec 2018
BlackRock purchased a luxury apartment complex in Denver last week at a hefty per-unit price.A fund operated by the New York investment manager acquired the 273-unit Infiniti LoHi for $111.8 million, or $410,000/unit. That&rsquo;s the highest per-apartment valuation in the Denver metropolitan area in 15 months. Newmark brokered the sale for Richman Group of Greenwich, Conn.The mid-rise property, at 2298 West 28th Avenue in the trendy &ldquo;Lower...



Deal for Office Complex Near Raleigh

Wed, 19 Dec 2018
Accesso Partners is buying a Class-A office complex near Raleigh that&rsquo;s nearly fully occupied.The Hallandale Beach, Fla., fund manager will pay $73 million for the 290,000-square-foot Weston 1&2, in Cary, N.C. At that $252/sf valuation, the firm will reap an initial annual yield of 6.1%.The seller is a partnership that includes Capital Associates of Raleigh and New York insurer Assurant. HFF is brokering the transaction, slated to close on...



ConAm Tees Up Multi-Family Fund

Wed, 19 Dec 2018
ConAm Group is readying its third apartment-property fund.The San Diego firm has told investors it will launch ConAm 2019 Multifamily Opportunity Fund in the first quarter with an equity target of $150 million to $200 million.ConAm would shoot for a return of 12-14%, mostly via purchases of apartment buildings in the Western U.S. The firm also chases deals in the Carolinas, Florida and Texas, and will consider developing properties in California,...



Stoltz Shops Well-Leased Warehouses

Wed, 19 Dec 2018
Stoltz Real Estate is marketing a portfolio of high-quality warehouses spread across six of the strongest industrial markets in the country.The 3 million-square-foot package is expected to command bids of $350 million, or $118/sf. It encompasses 12 buildings that are 96% leased. Stoltz, a fund operator in Bala Cynwyd, Pa., prefers to sell to a single buyer, but will consider bids on portions of the package. HFF has the listing.The properties are...



Denver Price Record Broken Again

Wed, 19 Dec 2018
Morgan Stanley Real Estate acquired a trophy Denver office building last week for $740 a square foot &mdash; toppling the city&rsquo;s price record once again.The investment manager paid $222 million for the 300,000-sf building, at 1601 Wewatta Street in Denver&rsquo;s booming downtown. CBRE brokered the sale for a partnership among J.P. Morgan Asset Management, Houston-based Hines and local developer Jordon Perlmutter & Co. Market pros said...



Class-A Offices Shown Near Phoenix

Wed, 19 Dec 2018
LBA Realty is marketing a recently renovated office building in suburban Phoenix that&rsquo;s expected to fetch just over $70 million.The 235,000-square-foot property, in Scottsdale, Ariz., is 94% leased. Newmark, which is handling the offering, is pitching the potential to raise below-market rents as leases expire. Bids for the Class-A building are expected to hit $300/sf.LBA, a fund shop in Irvine, Calif., bought the property in 2015 from PGIM...



Maguire Hayden Offers Va. Package

Wed, 19 Dec 2018
Maguire Hayden Real Estate is pitching a five-building portfolio in Northern Virginia as a leasing play.The properties, encompassing 318,000 square feet of office, industrial and flex space, are part of Avion Business Park in Chantilly. They are expected to attract bids of more than $45 million, or $142/sf. Maguire Hayden, of Conshohocken, Pa., has given the listing to Transwestern.The offering includes three single-story flex/industrial...



Denver-Area Offices Up for Grabs

Wed, 19 Dec 2018
Lexington Realty is marketing three suburban-Denver office buildings that could attract bids of just over $130 million combined.The 402,000-square-foot package is fully occupied by four tenants with a weighted average remaining lease term of 10.3 years, three of which use the buildings as their headquarters. At the estimated value of $328/sf, the buyer&rsquo;s initial annual yield would be about 6%. CBRE has the listing.Lexington, a New York...



Cost to Develop Senior Housing Rises

Wed, 19 Dec 2018
Development costs for senior housing grew more than 5% this year, a notably larger jump than last year, according to a new CBRE report.The average cost of building independent-living, assisted-living and memory-care housing rose 5.3% to an average of $298 a square foot over the past 12 months, according to the brokerage&rsquo;s 2018 U.S. Seniors Housing Development Costs Report, set to be released this week. Last year, those costs grew 3.6% to...



NEW DEALS

Wed, 19 Dec 2018
Virginia Apartment ComplexHasta Capital purchased a luxury apartment building in Alexandria, Va., last week. The Mexico City investment firm paid $65.5 million, or $328,000/unit, for the 200-unit E-Lofts, at 4501 Ford Avenue. The capitalization rate is in the neighborhood of 5%. HFF represented the seller, a partnership between Cafritz Interests of Washington and Clark Enterprises of Bethesda, Md. The former office building was redeveloped in...



NEW DEALS

Wed, 19 Dec 2018
Rentals Near BaltimoreA partnership&rsquo;s $28.9 million purchase of a multi-family complex near Baltimore will produce a 5.6% initial annual yield. The price for the 183-unit Windsor Commons, in Windsor Mill, Md., translates to $158,000/unit. Grand Street Development and Kamson Corp., both of Englewood Cliffs, N.J., teamed up on the Dec. 6 purchase. JLL represented the seller, Harbor Group International of Norfolk, Va. The 27-building complex,...



NEW DEALS

Wed, 19 Dec 2018
Suburban Baltimore ApartmentsParadise Management will realize a 5.25% initial annual yield on its recent acquisition of a 332-unit apartment complex near Baltimore. The Bensalem, Pa., shop paid $88.5 million, or $267,000/unit, for Greenwich Place, at 10090 Mill Run Circle in Owings Mills, Md. JLL brokered the Dec. 12 sale for PGIM Real Estate. The 2007-vintage property has units with 1-3 bedrooms, averaging 1,269 square feet, across 19...



The Grapevine

Wed, 19 Dec 2018
Canada Pension Plan its expanding its acquisitions firepower in New York. After 17 years at DWS Group and its predecessors, Julianna Ingersoll decamped to join the pension system last month as a director. She reports to managing director Hilary Spann, chief of real estate investments in the Americas. The move comes two months after Beth Raskin Demba, a former managing director at Hines, joined Spann&rsquo;s team, also as a director. Ingersoll...



The Grapevine

Wed, 19 Dec 2018
CBRE&rsquo;s global capital-markets team has hired a senior director. Yunzhi &ldquo;Stephanie&rdquo; Yang joined in Beijing last month to manage Chinese capital flow into real estate deals in the U.S. and other countries. She&rsquo;s on the team led by managing director Chris Brett. Yang spent the past three-plus year at Emerge Capital of Australia, where she was a director focused on business development and capital raising in China and other...



The Grapevine

Wed, 19 Dec 2018
JLL has added Christopher Benton to its multi-family team in Los Angeles. He started this week as a senior vice president, focusing on investment sales throughout Southern California. Benton made the move from Newmark&rsquo;s Los Angeles outpost, where he was a director, serving there for three years. He previously worked for almost three years at CBRE and spent six years at Coldwell...



The Grapevine

Wed, 19 Dec 2018
The head of asset management at Arch Street Capital left last month. Lori Schechter Roseman had been at the Greenwich, Conn., advisory firm since 2013. She is now consulting with real estate clients via Schechter Roseman Advisors while exploring other oppertunies. Before joining Arch Street, she had stints at Dadourian Cos., RFR Holding and Thor Equities, all of New...



The Grapevine

Wed, 19 Dec 2018
Patrick Heffernan joined Rialto Capital this month as a vice president in Atlanta, where he works on acquisitions for the Miami firm. Heffernan was previously a director at Barings. He spent seven years at that MassMutual unit.



The Grapevine

Wed, 19 Dec 2018
Griffin Capital hired Austin Bedingfield as an associate last month. He&rsquo;s tasked with scouting out stabilized apartment properties and development deals nationally for the El Segundo, Calif., private-equity firm. Bedingfield made the jump from the Dallas office of Eastdil Secured, where he spent two years as an analyst, working on office investment sales and debt. At Griffin he reports to Eric Kaplan, managing director of...



The Grapevine

Wed, 19 Dec 2018
Amy Cornelius joined CIM Group this month as an associate general counsel for real estate. She is based in Phoenix for the Los Angeles investment manager. She came from Phoenix-based Vereit, where she spent nine years and left as a vice president of legal services.



The Grapevine

Wed, 19 Dec 2018
Nascent investment-management shop Kandle is looking to hire an analyst at its Scottsdale, Ariz., headquarters. The recruit would report to Jarett Kaplus in Seattle. Kaplus, a former Admiral Capital principal, joined the firm in September. Kandle, which bills itself as &ldquo;a technology-enhanced real estate partnership,&rdquo; will focus on ground-up development...



Blackstone Circling Huge Industrial Package

Wed, 12 Dec 2018
Blackstone is in advanced talks to buy most or all of a massive industrial portfolio from developer Space Center.The roughly 20 million-square-foot package includes both traditional warehouses and underground complexes. When the St. Paul, Minn., developer listed the portfolio with Eastdil Secured in January, market pros estimated it could be worth more than $1 billion.Space Center has indicated it prefers to sell the portfolio intact. While...



Want Class-A Boston Property? Start Building

Wed, 12 Dec 2018
In Boston, where stabilized property listings are few and far between, development deals are where the action is.The city has long been a favorite for core investors, both foreign and domestic. But it&rsquo;s the smallest of the &ldquo;gateway markets,&rdquo; and after heavy trading in recent years, much of its inventory is in the hands of long-term holders.So, attention has shifted to opportunities to build &mdash; ranging from raw land to...



Virginia Rentals Pitched Near Amazon's HQ2

Wed, 12 Dec 2018
A UBS Asset Management partnership is shopping an apartment property near Amazon.com&rsquo;s planned Northern Virginia headquarters campus as a value-added play.The 534-unit Meridian Pentagon City encompasses two high-rise buildings in Arlington, adjacent to one of the parcels where Amazon plans to develop a campus and close to existing office space the technology giant is slated to lease. The company is splitting its &ldquo;HQ2&rdquo; between...



Dallas Offices Could Fetch Top Dollar

Wed, 12 Dec 2018
A Goldman Sachs Asset Management partnership is preparing to market a new office building that could set a per-square-foot price record in Dallas.The 260,000-sf property, at 1900 North Pearl Street in the Arts District, is expected to attract bids of $182 million, or $700/sf. That would blow past the city&rsquo;s high-water mark of $517/sf set two years ago. At that lofty valuation, a buyer&rsquo;s initial annual yield would be 5.25%.Cushman &...



Highgate Joint Ventures Buy 3 Hotels

Wed, 12 Dec 2018
Two separate Highgate Hotels partnerships have acquired three hotels from Pebblebrook Hotel for a total of $715 million.Highgate teamed up with Cerberus Capital of New York to acquire the 761-room Park Central Hotel and the adjoining 172-room WestHouse Hotel in Manhattan. Meanwhile, Highgate joined with Morgan Stanley Real Estate to purchase the 681-room Park Central Hotel in San Francisco.Pebblebrook identified the three hotels for disposition...



Northern Virginia Offices Available

Wed, 12 Dec 2018
Carr Properties is preparing to market a Northern Virginia office building that&rsquo;s fully leased to the federal Office of Naval Research.The 318,000-square-foot One Liberty Center, at 875 North Randolph Street in the Ballston section of Arlington, is expected to command bids in the vicinity of $160 million, or $503/sf. At that price, the buyer&rsquo;s initial annual yield would be almost 5.8%. Washington-based Carr has given the listing to...



Colony Rolls Out Offices, Warehouses

Wed, 12 Dec 2018
Colony Capital is shopping a 1.8 million-square-foot portfolio of office and industrial properties that could attract bids of $210 million from value-added investors.The bundle encompasses eight properties with 14 buildings in five states. Newmark is representing Los Angeles-based Colony, which is open to selling the entire portfolio, sub-groups or individual properties. A likely split would be by asset class. The five industrial properties total...



Buchanan Snags DC-Area Warehouses

Wed, 12 Dec 2018
A Buchanan Partners team has agreed to pay roughly $200 million for a light-industrial portfolio in suburban Washington.Buchanan, of Gaithersburg, Md., is teaming up on the purchase with Miami-based Elion Partners. Newmark is advising the seller, Government Income Properties of Newton, Mass.The 1.6 million-square-foot package encompasses 34 buildings across seven business parks &mdash; six in Maryland and one in Virginia. The purchase price works...



MetLife Team Lands NY Retail Center

Wed, 12 Dec 2018
A MetLife Real Estate Investors partnership has agreed to pay roughly $190 million for the leasehold interest in a shopping center in New York&rsquo;s Westchester County.The 493,000-square-foot property, in Port Chester, is anchored by a Whole Foods supermarket. Its occupancy rate couldn&rsquo;t be learned, but the sales campaign highlighted the potential for a buyer to boost its return by leasing vacant space and redeveloping a portion of the...



Boston Development Site Up for Grabs

Wed, 12 Dec 2018
A joint venture is preparing to market a site in Boston&rsquo;s red-hot Seaport district that&rsquo;s approved for the development of a 250,000-square-foot office or laboratory building.The partners &mdash; Ares Management of Los Angeles and CV Properties of Boston &mdash; are pitching two options via Newmark. A buyer could acquire the site &ldquo;shovel ready&rdquo; and construct the property itself. Or it could have the Ares partnership oversee...



NEW DEALS

Wed, 12 Dec 2018
Phoenix Multi-Family PropertyGreystar Real Estate acquired a 349-unit Phoenix apartment building from Crescent Communities for $90 million, or $258,000/unit. CBRE brokered the sale, which closed in the past few weeks, for Charlotte-based Crescent. The mid-rise property, at 4626 North 16th Street, was completed in 2017 and is 90% occupied. Called Crescent Highland, it was pitched as a core investment that&rsquo;s expected to get an income boost...



NEW DEALS

Wed, 12 Dec 2018
Apartment Complex Near OrlandoRobbins Property bought a luxury apartment complex in suburban Orlando last month for $45.7 million. The 272-unit property, known as Solara, is at 5000 Solara Circle, about 20 miles northeast of downtown Orlando. Newmark brokered the sale for B&M Management of Montgomery, Ala. Tampa-based Robbins paid $168,000/unit. The property, built in 2014, encompasses four four-story buildings wrapped around outdoor amenity...



Student-Housing Portfolio on Block

Wed, 12 Dec 2018
An investment shop is marketing four Southeast student-housing properties with a total asking price of $163.4 million.The complexes, in Georgia, Louisiana, North Carolina and Tennessee, encompass 2,250 beds in 684 furnished units. At the estimated value of $73,000/bed (or $239,000/unit), the initial annual yield would be about 6%.The owner, Phillips Enterprises of Charlotte, prefers to sell the portfolio intact, but is open to bids on single...



Investcorp to Market Complex in Calif.

Wed, 12 Dec 2018
An Investcorp partnership is ready to shop an office complex in San Mateo, Calif., that could attract bids of $85 million, or $410 per square foot.Tower Plaza encompasses 207,000 sf across five buildings at 2121 South El Camino Real. It is roughly 85% occupied. Newmark is expected to launch the marketing campaign this month for Bahrain-based Investcorp and its partner, ScanlanKemperBard of Portland, Ore.Tower Plaza consists of a 12-story...



Encore Fund Lines Up Initial Capital

Wed, 12 Dec 2018
Encore Capital has locked in the initial round of equity for its third multi-family property fund.The Boca Raton, Fla., firm raised $30 million in the opening phase of marketing for its Encore Housing Opportunity Fund 3. The vehicle has an overall equity target of $300 million, which would give it $600 million of buying power when leveraged.The fund aims to produce a 20% return by developing and redeveloping apartment properties nationwide, with...



MARKET SPOTLIGHT: Northern Virginia Office Properties

Wed, 12 Dec 2018
Amazon.com&rsquo;s decision to open a huge Crystal City campus is expected to help revive office performance and valuations in Arlington County submarkets. The area&rsquo;s average occupancy rate, which stood at 77.5% on Sept. 30, has never recovered from the last recession.Some $2.2 billion of large sales have closed so far this year, on par with last year&rsquo;s $2.3 billion total.A sale of the Towers Crescent office park, listed by AEW...



The Grapevine

Wed, 12 Dec 2018
Veteran San Francisco broker Mark Geisreiter has jumped to Newmark from CBRE. He&rsquo;s starting this week as an executive managing director, working with vice chairman Steven Golubchik, who co-heads Newmark&rsquo;s Northern California capital-markets team. Geisreiter focuses on office sales in the city. He was an executive vice president handling Bay Area leasing and sales at CBRE, where he spent the past five years after an earlier decade-long...



The Grapevine

Wed, 12 Dec 2018
Acquisitions pro Wistar Wood has joined Boston industrial shop Seyon Group. He started Dec. 3 as a managing director and principal at the boutique firm, which was founded in 2017 under the leadership of managing partners Bryan Blake and Andrew Iglowski. Wood previously spent almost two years as chief sales officer at WegoWise, a Boston technology start-up with real estate clients. Before that, he had a 13-year run at AEW Capital and stints at...



The Grapevine

Wed, 12 Dec 2018
Hotel pro Evan Laskin joined Jimmy Buffett’s Margaritaville Enterprises as chief investment officer last month. He’s tasked with leading an expansion of the firm’s line of hotels, resorts, timeshares and retirement communities. Laskin previously was a vice president focused on acquisitions, dispositions and asset management at Starwood Capital of Miami, where he spent eight years. This year, he worked on Starwood’s sale of the 349-room...



The Grapevine

Wed, 12 Dec 2018
HFF has added veteran Denver office broker Larry Thiel to its investment-sales team in that booming market. Thiel started as a managing director late last month, moving over from Transwestern, where he spent nearly nine years. He also had stints at SRS Real Estate, Grubb & Ellis and Marcus & Millichap. Thiel is part of the team led by senior managing director Mark Katz, who transferred from Chicago in 2016 to co-head HFF&rsquo;s Denver office and...



The Grapevine

Wed, 12 Dec 2018
Senior managing director Duke Hardy is retiring from Indianapolis apartment brokerage Tikijian Associates following the firm&rsquo;s Nov. 30 acquisition by Cushman & Wakefield. He plans to depart by yearend. Hardy, George Tikijian and Kimberly Fetzer co-founded the Indianapolis-based brokerage in 2005. Before that, Hardy spent nearly 16 years at local multi-family investment firm Barrett & Stokely. Tikijian, Fetzer and the firm&rsquo;s other four...



The Grapevine

Wed, 12 Dec 2018
Keenan O&rsquo;Brien is jumping to the buyside from Eastdil Secured. He&rsquo;ll start next month at TPA Group, an Atlanta developer and investment manager. His title is unknown, but he&rsquo;ll be working on investments throughout the Southeast. O&rsquo;Brien has been at Eastdil for nearly six years, most recently as a vice president in Atlanta handling office sales in the...



The Grapevine

Wed, 12 Dec 2018
Advisory firm Hodes Weill & Associates is seeking to hire a vice president of project management at its New York headquarters. Candidates should have at least seven years of experience. Duties will include relationship management and underwriting transactions. The recruit would report to partner Stuart Baldwin and managing director Adam Handwerker. Executive recruiter Ferguson Partners is handling the search. Contact Ryan Stoudt at...



ON THE MARKET

Wed, 12 Dec 2018
INDUSTRIAL:Property: 12 Industrial Road, Milford, Mass.Size: 327,000 sf, 94% leasedEstimated Value: $35 million, $107/sfOwner: Colony CapitalBroker: NewmarkColor: Amazon.com leases half of this distribution facility along Interstate 495 in suburban Boston, and generates 54% of the net operating income. The other tenants are Anixter (31% of NOI) and Green Mattress (15%). Weighted average remaining lease term: 4.7...



Allianz Eyes Joining NY Redevelopment Play

Wed, 05 Dec 2018
Allianz Real Estate of America is in advanced talks to buy a roughly 30% stake in a 1.2-million-square-foot Manhattan property slated for redevelopment that just sold for $880 million.Terminal Stores, a former warehouse in West Chelsea, was purchased in late October by a partnership among J.P. Morgan Asset Management, L&L Holding and Normandy Real Estate. The group has announced plans to redevelop the block-long property into a...



Luxury Rentals Break Secondary-City Records

Wed, 05 Dec 2018
Once found mainly in top markets like New York and San Francisco, ultra-luxury apartment properties have been rising in recent years in secondary cities around the country.And as they come to market, these trophy-quality properties are toppling local pricing records in localities ranging from job-growth centers like Denver and Salt Lake City to retirement destinations in Florida.Driving the demand for these high-end properties is a confluence of...



Longfellow Buying Stake in SF-Area Offices

Wed, 05 Dec 2018
Longfellow Real Estate has agreed to buy a 49% stake in an office/laboratory complex on the San Francisco Peninsula, in a deal that values the property at $655 million.The seller, PGIM Real Estate, is retaining the majority interest in the 997,000-square-foot Bayshore Technology Park, in Redwood City, Calif. The 20-building complex is about 90% leased, primarily by technology and life-science tenants. Eastdil Secured is advising PGIM.Boston-based...



JP Morgan Markets Complex Near SF

Wed, 05 Dec 2018
J.P. Morgan Asset Management is preparing to shop the office and retail portions of a mixed-use complex south of San Francisco.The offered space, valued at about $250 million, encompasses some 200,000 square feet of Class-A office space and 57,000 sf of retail space, including a Whole Foods supermarket. The three-building complex, at 1000-1200 Park Place in San Mateo, Calif., also includes 19 separately owned residential condominiums.The...



Spruced-Up Offices Shown in San Jose

Wed, 05 Dec 2018
A recently renovated office complex in San Jose is on the market with an estimated value of $150 million.The 321,000-square-foot property, called Market Square, consists of two buildings in the heart of downtown, at 111 North Market Street and 111 West Saint John Street. Newmark is representing the owners, San Francisco-based Ridge Capital Investors and an unidentified partner.The $467/sf valuation is well more than double the property&rsquo;s...



Accesso Buys Suburban Minn. Offices

Wed, 05 Dec 2018
Accesso Partners has acquired a suburban Minneapolis office complex with an eye toward boosting its occupancy and revenue.The fund manager paid $115.5 million last week for the 497,000-square-foot Towers at West End, in St. Louis Park, Minn. The pricing works out to $232/sf. CBRE brokered the sale, which closed Friday, for DRA Advisors of New York.Accesso, a Hallendale Beach, Fla., fund manager, is planning to seek an equity partner to take a 70%...



New Rentals Listed Near Fenway Park

Wed, 05 Dec 2018
A PGIM Real Estate partnership is pitching a swanky new apartment building in Boston&rsquo;s Fenway section that could draw bids near $150 million.The 212-unit Harlo, at 1350 Boylston Street, is 96% occupied. The estimated value works out to $708,000/unit. Eastdil Secured is representing PGIM and its partner, Swedish developer Skanska.The 17-story property is about two blocks from Fenway Park, the home stadium of the Boston Red Sox baseball team....



3 Boutique Hotels Pitched in N. Calif.

Wed, 05 Dec 2018
MetWest Ventures is marketing three Northern California boutique hotels with a combined value of about $130 million.The portfolio encompasses the 115-room Toll House Hotel in Los Gatos, the 91-room Hotel Abri in San Francisco and the 103-room Lodge at Tiburon in Tiburon.The properties, which are being offered as a package, generate roughly $7.4 million of annual net income. At the estimated value of $421,000/room, the capitalization rate would be...



Apartment Buyer Forms 7th Fund

Wed, 05 Dec 2018
Multi-family property buyer Hamilton Point Investments is marketing a value-added vehicle.The Old Lyme, Conn., firm began raising capital for its HPI Real Estate Opportunity Fund 7 in October with a $100 million equity target. It already has closed on $16 million. With leverage, the fund would have some $300 million of buying power.Hamilton Point doesn&rsquo;t use a placement agent, and instead raises capital from wealthy individuals via...



Brookfield Snags Boston Building

Wed, 05 Dec 2018
Brookfield Property has agreed to pay $92 million for an office building in the red-hot Boston Seaport District that has a below-average occupancy rate.The investment manager won a heated bidding contest for the 152,000-square-foot property, at 51 Sleeper Street. The price translates to $605/sf. HFF is representing the seller, TIAA unit TH Real Estate.Bidders were attracted by the potential to boost income by leasing vacant space. The occupancy...



Buyers Snap Up Tampa-Area Rentals

Wed, 05 Dec 2018
Separate buyers have acquired two value-added apartment complexes near Tampa for a total of $125 million.General Services of Richmond, Va., purchased the 390-unit Grand Reserve at Park Isle in Clearwater, Fla., from Milestone Group of Dallas for $78 million, or $200,000/unit.Meanwhile, Independence Realty of Philadelphiabought the 276-unit Lucerne Apartments in Brandon, Fla., from Sentinel Real Estate of New York for $47 million, or...



SC Building Offers Leasing Upside

Wed, 05 Dec 2018
An investment shop is pitching a renovated office building in South Carolina as a leasing play.The 160,000-square-foot Wells Fargo Center, in Greenville, is valued at roughly $31 million, or $194/sf. HFF is representing the owner, CapRocq of Little Rock, Ark.The nine-story building, at 15 South Main Street, is 85.5% occupied, with a weighted average remaining lease term of 5.3 years. Wells Fargo is leasing 35.1% of the space until 2025. The other...



Troubled Hotel Listed in Suburban NY

Wed, 05 Dec 2018
A bankruptcy trustee has put a boutique hotel on the block in suburban New York.The 133-room Time Nyack could attract bids of about $30 million, or $226,000/room. That&rsquo;s about $10 million less than the property&rsquo;s debt load. Cushman & Wakefield has the listing.The hotel is at 400 High Avenue in the village of Nyack, within Orangetown. It opened in 2016 and isn&rsquo;t yet fully stabilized. A federal judge put it under bankruptcy...



Manhattan Apartments Up for Grabs

Wed, 05 Dec 2018
Three adjacent apartment buildings on Manhattan&rsquo;s East Side are on the block with an asking price of $40 million.The properties, at 344-348 East 62nd Street in the Lenox Hill neighborhood, encompass 70 apartments and two retail units. At the $571,000/unit price, the buyer&rsquo;s initial annual yield would be a scant 2.5%, based on $1 million of in-place net operating income. Avison Young is representing the owner, an unidentified...



NEW DEALS

Wed, 05 Dec 2018
Raleigh-Area ApartmentsHudson Capital Properties paid $55 million for a garden-style apartment complex in a suburb of Raleigh. The New York investment shop closed Nov. 20 on the $182,000/unit purchase of the 302-unit Cornerstone Apartments, at 100 Terrastone Place in Cary, N.C. Newmark brokered the sale for White Oak Partners of Columbus, Ohio. Hudson plans extensive upgrades to the 1997-vintage property, which consists of 19 three-story...



MARKET SPOTLIGHT: Silicon Valley-Area Office Properties

Wed, 05 Dec 2018
This is the fifth straight year that sales have eclipsed the last cycle&rsquo;s $5.4 billion peak. Closed and pending transactions total $7.3 billion, putting the market on track for its second-highest total ever, trailing only the $9.7 billion record set in 2015.The booming technology sector has sent property valuations soaring. The average per-foot price has jumped 26% this year to $655/sf, more than double the previous cycle&rsquo;s high. The...



The Grapevine

Wed, 05 Dec 2018
Former Bainbridge Cos. executives Thomas Keady and Paul DeCain have started a multi-family investment shop. Aventon Cos. of Raleigh will purchase and develop suburban properties in the Mid-Atlantic and Carolinas, typically with 250-350 units and price tags of $40-80 million. Keady spent about two decades at Bainbridge and was president of development when he left the Wellington, Fla., firm in the spring. He had earlier stints at Ocwen Financial...



The Grapevine

Wed, 05 Dec 2018
Newmark has added an investment-sales team in Stamford, Conn. Five members of local boutique brokerage RHYS, including founder Cory Gubner, moved to Newmark last month. Gubner was named an executive managing director. He&rsquo;s joined by managing director Christian Banger, directors Alex Haendler and Sam Chambers and associate director Jon Conway. The team will handle property sales, as well as office and retail leasing, in Connecticut and New...



The Grapevine

Wed, 05 Dec 2018
Nascent fund operator Jadian Capital has hired a managing director for investor relations. Matthew Innes joined the New York firm last month. He was previously a vice president at New York advisory firm Hodes Weill & Associates and had earlier stints at Building and Land Technology of Stamford, Conn., Camden Securities of White Plains, N.Y., and CBRE. Jadian, which invests in commercial real estate, other real assets and associated companies, is...



The Grapevine

Wed, 05 Dec 2018
Law firm DLA Piper has added Fonda Duvanel to its real estate team in New York. She started Monday as of counsel, representing clients nationally on property sales and acquisitions, development projects, debt and equity financing and loan servicing. She reports to partners Chris Smith and Eugene Pinover as part of the firm&rsquo;s 200-attorney real estate practice. Duvanel spent the past 21 years at Schulte Roth in New York, working on a variety...



The Grapevine

Wed, 05 Dec 2018
Arash Najafi started at Greenwich, Conn., advisory firm Arch Street Capital last month as a vice president in New York. He&rsquo;s focused on acquisitions of single-tenant, net-leased properties nationwide, mostly in the office and industrial sectors. He reports to president and chief investment officer Anup Patel and senior vice president Damian Taylor. Najafi previously worked on investments at Thor Equities, the New York shop led by investor...



The Grapevine

Wed, 05 Dec 2018
Kerrie Weis joined TH Real Estate in San Francisco last month as a senior director of retail investments. Weis had been a senior vice president at Eastdil Secured, where she spent eight and a half years.



The Grapevine

Wed, 05 Dec 2018
Nadia Podkopova joined Spirit Realty Capital this month as a director of acquisitions in its Dallas headquarters. Podkopova had been a vice president of acquisitions and asset management at Tricom Real Estate of Dallas, where she spent nearly four years. She previously worked at Capview Partners and Dunhill Partners, both of Dallas. Spirit, founded in 2003, is a public REIT that focuses on single-tenant, triple-net-leased...



ON THE MARKET

Wed, 05 Dec 2018
RETAIL:Property: Little Elm Towne Crossing, 2700 East Eldorado Parkway, Little Elm, TexasSize: 150,000 sf, 95.2% leasedEstimated Value: $31.5 million, Yield: 7%Owner: Dunhill Partners, DallasBroker: HFFColor: Completed in 2007 in an affluent part of suburban Dallas. Average household income within 5 miles is $151,000. Marketing campaign touts the center&rsquo;s stability, with 80% of the leased space occupied by national retailers, including 24...



Emmes Pitches Stake in Calif. Office Portfolio

Wed, 28 Nov 2018
Emmes Group is marketing a stake in a Southern California office portfolio valued at up to $850 million.The package &mdash; all of the company&rsquo;s real estate in the state &mdash; encompasses five office properties totaling 2.1 million square feet and a garage with ground-floor retail space. The most-valuable office property is in Orange County. The rest of the portfolio is in downtown San Diego.New York-based Emmes has tapped Eastdil Secured...



Newmark Forms Unit to Advise Apartment JVs

Wed, 28 Nov 2018
After building up its multi-family sales and debt-brokerage businesses over the past several years, Newmark is now adding the capability to connect equity investors with apartment operators and developers.The firm this month launched its multifamily investment advisory group and hired industry veteran Stephen Zaleski to oversee it. Zaleski previously spent 10 years at CBRE Global Investors and founded that investment manager&rsquo;s multi-housing...



Partner Sought for Mixed-Use Atlanta Project

Wed, 28 Nov 2018
A local developer is seeking an equity partner for the construction of a mixed-used project in Atlanta&rsquo;s hot Midtown submarket.Selig Enterprises, a century-old company, has mapped plans for a $470 million project at 1105 West Peachtree Street NW that would encompass three buildings: a 552,000-square-foot office tower, a 178-room hotel and a building with 64 luxury residential condominiums.The project requires $170 million to $190 million of...



Big Redevelopment Pitch in Seattle

Wed, 28 Nov 2018
A longtime owner is pitching the bulk of a full city block near Amazon.com&rsquo;s Seattle headquarters as a massive redevelopment play.The 1.3-acre downtown site could accommodate 1.4 million square feet of commercial or residential space. The land is valued at up to $180 million, or $129 a buildable foot. JLL is representing the seller, a local family that has owned the site for more than 100 years and operates under the name Washington...



Boston Seaport Offices, Garage Listed

Wed, 28 Nov 2018
Bentall Kennedy is pitching an office building in Boston&rsquo;s Seaport District and a neighboring garage that is suitable for redevelopment.The 111,000-square-foot building, at 300 A Street, and the 586-space Necco Street garage are expected to fetch about $150 million combined.The properties are on adjacent parcels totaling 2.8 acres and can be acquired together or individually. HFF is representing Toronto-based Bentall, which owns them via...



Invesco Team Strikes SF Office Deal

Wed, 28 Nov 2018
An Invesco Real Estate partnership has agreed to pay just over $120 million for a &ldquo;creative&rdquo; office building with expansion potential in San Francisco&rsquo;s Jackson Square District.Dallas-based Invesco is teaming up with local shop TMG Partners to buy the 112,000-square-foot property, at 600 Battery Street. The price translates to about $1,100/sf. CBRE is advising the seller, a joint venture between M&J Wilkow of Chicago and...



Redevelopment Play in Downtown SF

Wed, 28 Nov 2018
Investors are getting a crack at a historic office/retail building in San Francisco&rsquo;s North Financial District that could be expanded over the long term.The 76,000-square-foot property, at One Montgomery Street, is expected to attract bids of about $90 million, or $1,184/sf. CBRE is marketing the property for New York-based 601W Cos., led by managing members Mark Karasick and Victor Gerstein.Wells Fargo fully leases the building, which has...



Soon-To-Be-Vacant LA Offices for Sale

Wed, 28 Nov 2018
A Los Angeles office complex that will become vacant late next year is on the block as a repositioning play.The 417,000-square-foot Center Point, in the Woodland Hills neighborhood, could fetch $120 million, or $288/sf. It is owned by a group of unidentified investors, who gave the listing to Newmark.The Class-A property is in the Warner Center submarket, which has been targeted by local officials for development into an urban hub for the San...



US-Leased Offices Available in Virginia

Wed, 28 Nov 2018
Special servicer CWCapital has teed up two office buildings in Virginia&rsquo;s Hampton Roads area that are fully occupied by the federal government on a long-term lease.The properties, totaling 404,000 square feet, are at 114 & 116 Lake View Parkway in Suffolk, within a highly secured campus called Lake View Technology Park. They are 100% leased to the Department of Defense&rsquo;s Joint Chiefs of Staff Command.The buildings are valued at...



NEW DEALS

Wed, 28 Nov 2018
Massachusetts Distribution CenterRealterm Global paid $93.8 million, or a whopping $259 per square foot, for a new distribution center in Boylston, Mass., that&rsquo;s fully leased to FedEx. The deal, which closed last month, will produce an initial annual yield just topping 6% for the Annapolis, Md., firm. The 362,000-sf property, at 100 Pine Hill Drive, was completed this year as a build-to-suit for FedEx Ground, which occupies the space under...



Alex. Brown Fund Seeks $300 Million

Wed, 28 Nov 2018
Alex. Brown Realty is ready to pass the hat for its sixth fund.The Baltimore investment manager has set a $300 million equity goal for the vehicle, ABR Chesapeake Fund 6. It has held preliminary discussions with investors in advance of a formal launch, which is expected soon. There is no placement agent.The fund would target a roughly 13% return by investing in value-added properties across asset classes that it can redevelop, reposition or...



Luxury Florida Apartments on Block

Wed, 28 Nov 2018
A development team is marketing a new luxury apartment complex on Florida&rsquo;s Gulf Coast that could attract bids near $85 million.The 180-unit DeSota, in Sarasota, would set overall and per-unit price records for the city at that valuation, which works out to about $472,000/unit. Cushman & Wakefield is representing the developers, Carter & Associates of Atlanta and Hunt Cos. of El Paso, Texas.The 10-story property, which was completed this...



Empty Mass. Warehouse Up for Grabs

Wed, 28 Nov 2018
Exeter Property is pitching a vacant warehouse in suburban Boston valued in the vicinity of $28 million.The 350,000-square-foot building, at 800 John Quincy Adams Road in Taunton, Mass., is within a well-occupied industrial park. A buyer able to lease the entire property at market rents would realize a 7.5% initial annual yield. JLL is representing Exeter.The Conshohocken, Pa., investment manager gained control of the property in 2012 when it...



Retail Building Shown in Greenwich

Wed, 28 Nov 2018
A building occupied by a CVS drug store is on the block in downtown Greenwich, Conn.The 11,000-square-foot property, at 99 Greenwich Avenue, is valued at up to $40 million. At that price, the buyer&rsquo;s initial annual yield would be a skimpy 4.5%, based on in-place net operating income of nearly $1.8 million. CBRE is representing the seller, a partnership between two local families.The sales pitch is highlighting the one-story building&rsquo;s...



Gerrity Marketing Third Retail Fund

Wed, 28 Nov 2018
Gerrity Group is seeking to raise $400 million of equity for its third retail-property fund.The vehicle, Gerrity Retail Fund 3, would shoot for an 11-13% return by acquiring core-plus and value-added retail properties in the western half of the United States.With leverage, the fund would have more than $1 billion of investment capacity. The sponsor often forms joint ventures with large institutional investors, which would further boost that...



Retail Center Offered in Albany Area

Wed, 28 Nov 2018
Kimco Realty is marketing a shopping center in upstate New York that could fetch $80 million.Latham Farms encompasses 630,000 square feet in Latham, a hamlet in the Albany suburb of Colonie. Newmark is representing Kimco, a REIT in New Hyde Park, N.Y.The shopping center, at 579 Troy-Schenectady Road, is 84% leased by 26 tenants. The five largest take up 72% of the space: Dick&rsquo;s Sporting Goods, Field & Stream, grocer Hannaford, Home Depot...



MARKET SPOTLIGHT: Los Angeles-Area Apartment Properties

Wed, 28 Nov 2018
Some $4.9 billion of large properties have traded so far this year, already exceeding the $3.9 billion tally for all of last year.There was a pause in the sales market while voters considered a state ballot measure that would have expanded the authority of municipalities to enact rent-control regulations. Following the measure&rsquo;s defeat, market pros expect activity to pick up.Green Street Advisors said tailwinds for the area include an...



The Grapevine

Wed, 28 Nov 2018
Development pro Brian Collins has stepped down from Fisher Brothers to join Silverstein Properties and lead that New York firm&rsquo;s building platform. It&rsquo;s unclear when he will start. Collins joined Fisher in New York in 2011 to take the helm of its development division as it was being revived after the downturn. Before that, he led his own shop for seven years. Silverstein has a track record of developing, owning and managing New York...



The Grapevine

Wed, 28 Nov 2018
Former Roseland Residential president Andrew Marshall has joined multi-family investment firm Wolff Co., also as president. The Scottsdale, Ariz., fund operator is led by executive chairman Fritz Wolff and chief executive Jay Petkunas. As previously reported, Marshall left Roseland, a Parsippany, N.J., REIT, on Oct. 31. He will continue to serve as a consultant through March, according to an SEC filing. Marshall had been with Roseland, a...



The Grapevine

Wed, 28 Nov 2018
Philip Wharton joined Twining Properties last month as chief investment officer, tasked with scouting out development and investment opportunities in the Northeast. He was previously an executive vice president at RXR Realty of Uniondale, N.Y., where he worked for nearly four years on multi-family development projects. Earlier, he had development roles at Brookfield Property of New York, AvalonBay Communities of Arlington, Va., and LCOR of...



The Grapevine

Wed, 28 Nov 2018
WeWork has hired another real estate acquisition pro. Cody Kushner joined the co-working firm this month as a director of real estate advisory. His specific duties are unclear, but New York-based WeWork has been building a staff of acquisitions specialists in recent months as it seeks to expand its portfolio of owned properties in addition to its leased space. Kushner was previously a vice president of acquisitions and asset management at...



The Grapevine

Wed, 28 Nov 2018
Colin Good joined Embrey Partners of San Antonio last month as a development manager. He previously was a development associate at USAA Real Estate of San Antonio, where he spent more than five years. Before that, Good was an asset-management analyst at Verde Realty of Houston. Embrey, a development shop, is led by chief executive Trey Embrey. His father, Walter Embrey Jr., founded the firm in 1974 and still serves as chairman. Embrey has...



The Grapevine

Wed, 28 Nov 2018
Kevin Shepley has jumped from Eastdil Secured to the investment side. He joined AllianceBernstein this month as an associate in San Francisco, focusing on real estate for the New York investment-management firm. He spent just over three years in Eastdil&rsquo;s San Francisco office, where he was an associate.



The Grapevine

Wed, 28 Nov 2018
Stephen Hassenflu joined McKinney Fund & Co. this month. He&rsquo;s an analyst at the firm&rsquo;s headquarters in Plano, Texas, working on both asset management and investments. Hassenflu came from HFF&rsquo;s Tampa office, where he spent a year. He previously worked at Fidelis Realty of Bellaire, Texas, and JLL in Houston. McKinney, a unit of Patterson Thoma Family Office, was founded in 2008 by president Tim Moore. It invests across asset...



Elliott, Trinity Strike Deal for Orlando Resort

Wed, 14 Nov 2018
An Elliott Management partnership has agreed to buy the massive Grande Lakes luxury hotel resort in Orlando from Blackstone for almost $900 million.New York-based Elliott is teaming up on the deal with Trinity Investments of Honolulu. The purchase price is believed to be about $880 million, or $557,000/unit. Eastdil Secured is brokering the sale for Blackstone.The Elliott team is expected to launch an extensive renovation of the resort, which...



Silicon Valley Office Market Hotter Than Ever

Wed, 14 Nov 2018
Soaring office prices in California&rsquo;s Silicon Valley have kicked into overdrive as rapidly expanding technology companies demand more and more high-quality space.The tech-industry boom, land scarcity and increasing urbanization in the region &mdash; fundamental changes that go beyond the real estate cycle &mdash; are pushing up rents and valuations, market pros say.A record-setting trade last month was the second this year to crash through...



CBRE Global to Buy Warner Building in DC

Wed, 14 Nov 2018
CBRE Global Investors has agreed to buy the Warner Building in Washington from a JBG Smith partnership for about $380 million.The 612,000-square-foot property, at 1299 Pennsylvania Avenue NW, was pitched as a value-added play because of the impending departure of a major tenant. The price translates to $621/sf. The seller is a partnership between JBG Smith and Canada Pension Plan. Eastdil Secured is the broker.The deal comes just as another big...



Leased-Up Washington Rentals Shown

Wed, 14 Nov 2018
A new luxury apartment property in Washington&rsquo;s growing Capitol Riverfront submarket is on the block with an estimated value of roughly $160 million.The 325-unit building, at 1263 First Street SE, was completed last year and is already 96% occupied. At the estimated value of $492,000/unit, the initial annual yield would be in the upper-4% range. Eastdil Secured is representing the owners, Clark Enterprises of Bethesda, Md., McCaffery...



Davidson Kempner Buying NY Hotel

Wed, 14 Nov 2018
Davidson Kempner Capital is the buyer in the pending $300 million sale of the Westin New York Grand Central Hotel in Midtown Manhattan.Owner Host Hotels & Resorts announced this month that the 774-room hotel was under contract, but didn&rsquo;t identify the buyer. Market sources said it&rsquo;s Davidson Kempner, a New York hedge fund operator with a real estate investment platform. It would be the firm&rsquo;s first acquisition of a large hotel...



Upstate NY Shopping Centers on Block

Wed, 14 Nov 2018
A local developer is marketing six shopping centers in Upstate New York that could fetch $110 million.The offering encompasses 1.1 million square feet of retail space in the Albany, Rochester and Syracuse markets. At the estimated value, a buyer&rsquo;s initial annual yield would be 8.5%, based on the annual net operating income of $9.4 million. SRS Real Estate is representing the owner, Cor Development of Fayetteville, N.Y., which is pitching...



JCR Holds Final Close for 4th Fund

Wed, 14 Nov 2018
JCR Capital has raised $306 million of equity for its latest investment fund.The Denver manager held the final close for JCR Capital Income Plus Fund 4 last month, exceeding its goal of $250 million to $300 million. Perth Advisors of New York was the placement agent.The core-plus vehicle, which is already one-third invested, is seeking a 12% return. It will primarily invest in properties valued at less than $50 million, either by taking...



Value-Added Rental Play Outside DC

Wed, 14 Nov 2018
A KKR partnership is shopping a Northern Virginia apartment complex that&rsquo;s worth roughly $71 million.The 316-unit Bellemeade Farms, at 775 Gateway Drive in Leesburg, would generate a capitalization rate of about 5.2% at the estimated value of $225,000/unit. CBRE is representing KKR and its partner, Bainbridge Cos. of Wellington, Fla.The 1988-vintage property, which is 93% occupied, is suitable for value-added investors. Roughly one-third of...



Texas Apartment Portfolio in Play

Wed, 14 Nov 2018
A 90% interest in five Texas apartment properties is up for grabs.The Class-B portfolio, with 1,260 total units in the Houston and Dallas areas, is valued at roughly $103 million, or $82,000/unit.Hong Kong-based Fenix Group has a majority interest in the portfolio and leads the ownership group. Its partners want to cash out, and Fenix will reduce its stake to 10%.Fenix is seeking a single investor willing to put up about $40 million of equity to...



Well-Leased Minn. Offices for Sale

Wed, 14 Nov 2018
An investment shop is asking $52 million for an office building in St. Paul, Minn., that&rsquo;s virtually fully occupied.The 329,000-square-foot River Park Plaza is along the Mississippi River, across from St. Paul&rsquo;s Central Business District. The $158/sf asking price would generate a 7.5% initial annual yield. The owner, Sara Investment Real Estate of Madison, Wis., has given the listing to Colliers International.The occupancy rate is...



NEW DEALS

Wed, 14 Nov 2018
Northern New Jersey OfficesA group led by Premium Capital Resources of Monroe, N.Y., purchased a 304,000-square-foot office complex in Paramus, N.J., for $74 million, or $243/sf. The initial annual yield is about 7.25%. CBRE closed the deal in the past week for a joint venture between Onyx Equities of Woodbridge, N.J., and Garrison Investment of New York. The two-building Country Club Plaza is at 115 & 117 West Century Road, 15 miles west of...



NEW DEALS

Wed, 14 Nov 2018
Minneapolis Apartment ComplexesLaSalle Investment of Chicago is under contract to buy two downtown Minneapolis apartment buildings for $70 million. The price works out to roughly $290,000/unit for the 101-unit Velo, at 103 Second Street North, and the 140-unit Paxon, at 360 First Street North. Moran & Co. is brokering the deal, expected to close in the coming weeks, for Clarion Partners of New York. The luxury mid-rise buildings, completed in...



NEW DEALS

Wed, 14 Nov 2018
New Multi-Family Property Near ChicagoDraper & Kramer agreed to buy a suburban Chicago apartment complex that was completed last year. The Chicago shop will pay $50 million, or $278,000/unit, for the 180-unit North 680, at 680 East Algonquin Road in Schaumburg, Ill. The sale is expected to close this month. CBRE is representing the owner, a partnership between North American Properties of Cincinnati and UrbanStreet Group of Chicago. When it hit...



NEW DEALS

Wed, 14 Nov 2018
Oregon Apartment DevelopmentGrand Peaks Properties of Denver paid $45 million last month for a new multi-family complex near Portland, Ore., that is 95% occupied. The deal valued the 165-unit Attwell Off Main, in Tigard, Ore., at $273,000/unit. CBRE handled the marketing for local developer Capstone Partners, which completed the property last year. Units range from studios to three bedrooms, plus a half-dozen townhouses. Amenities include...



Spruced-Up Houston Offices Available

Wed, 14 Nov 2018
Equus Capital is pitching a Class-A office building in Houston that could attract bids of $42 million.The 149,000-square-foot property is at 10497 Town & Country Way in the Katy Freeway East submarket, one of Houston&rsquo;s strongest. The estimated value works out to $281/sf. JLL has the listing.The building is 89% leased by 14 tenants. The marketing campaign is touting the fact that the energy industry &mdash; slowly recovering from the...



New Conn. Apartments Up for Grabs

Wed, 14 Nov 2018
Two new apartment buildings in Norwalk, Conn., are on the block with an estimated value of about $70 million.Berkeley at Waypointe, at 500 West Avenue, and Quincy Lofts, at 30 Orchard Street, have a combined 198 units. CBRE is handling marketing for Belpointe Capital, a family office in Greenwich, Conn., that built the properties in 2017 in partnership with Baltimore fund operator Alex. Brown Realty.The estimated value translates to...



San Jose Office Complex on Market

Wed, 14 Nov 2018
TMG Partners is marketing a fully occupied office/R&D campus in San Jose that is worth about $56 million.The two-building complex encompasses 148,000 square feet at 2460 and 2480 North First Street in the North San Jose submarket. At the estimated value of $378/sf, the buyer&rsquo;s initial annual yield would be 6.7%. Cushman & Wakefield has the listing.The main tenants, Alphabet&rsquo;s Google unit and Santa Clara County, occupy 73% of the...



Rental Portfolio Pitched in Brooklyn

Wed, 14 Nov 2018
An investment firm has set a $70 million asking price for nine rent-stabilized apartment buildings in Brooklyn.The walk-up buildings, spread across five neighborhoods, encompass 212 fully occupied units. At the estimated value of $330,000/unit, the initial annual yield would be 3.5%, based on in-place net operating income of $2.5 million. The owner, local shop CBZ Management, prefers to sell the portfolio intact, but would consider bids on...



MARKET SPOTLIGHT: Atlanta-Area Office Properties

Wed, 14 Nov 2018
The sales market is ending the year on a strong note. The estimated value of listed properties exceeds$1 billion, led by two big offerings by Columbia Property.The average Class-A asking rent hit an all-time high of $33.05/sf in the third quarter, fueled by tenant demand in the Midtown and Buckhead submarkets, according to JLL. New buildings in those submarkets are commanding rents in the upper-$40/sf range.The net amount of leased space declined...



The Grapevine

Wed, 14 Nov 2018
Eastdil Secured chief executive Roy March has told industry executives that he expects a buyer for the brokerage to be announced by yearend. While an agreement evidently isn&rsquo;t yet in place, the buzz is that March has been talking to Asian investors, including Singapore sovereign wealth fund Temasek Holdings, about backing a management buyout. Longtime owner Wells Fargo put Eastdil on the block this year, creating uncertainty about the...



The Grapevine

Wed, 14 Nov 2018
Prospect Capital has hired Mark Okrent as head of asset management. He started last week at the firm&rsquo;s New York headquarters, reporting to managing director Ted Fowler, who leads the real estate platform. Okrent was previously head of asset management at Gaia Real Estate of New York. Before that, he was a senior asset manager at Chicago-based LivCor and at Building and Land Technology, a Stamford, Conn., investment...



The Grapevine

Wed, 14 Nov 2018
Jose Carrazana started at JLL Monday as a vice president in Los Angeles. He specializes in the retail sector, providing capital-markets and advisory services. Carrazana had been a senior vice president at Laurus Corp. of Los Angeles, where he spent two and a half years. He was previously based in Miami and had stints at HFF and Rialto Capital.



The Grapevine

Wed, 14 Nov 2018
Retail acquisitions pro Nicole Horne has rejoined InvenTrust Properties as a vice president of transactions. She works in Atlanta for the REIT, which is based in Downers Grove, Ill., and targets grocery-anchored properties in the Mid-Atlantic, Southeast and Texas. Horne came from Atlanta-based RCG Ventures, where she spent a year as a vice president after a previous two-year stint at InvenTrust. Before that, she was at SunTrust for about a year...



The Grapevine

Wed, 14 Nov 2018
Daniel Kuflik is parting ways with Hornig Capital. He has told colleagues that he will amicably leave the New York investment shop this week. He is giving up a position as a director responsible for underwriting and sourcing acquisitions at the firm, which he joined in 2013. Hornig, which invests mostly in Greater New York, is led by managing partner Daren Hornig. Kuflik had prior stints at Mercury Capital, Fairway Capital and Pinnacle...



The Grapevine

Wed, 14 Nov 2018
Grant Shumway joined CenterSquare Investment last month as an associate, working on acquisitions. He&rsquo;s stationed in Newport Beach, Calif., for the fund operator, which is based in Plymouth Meeting, Pa. Shumway spent four years at Eastdil Secured, most recently as an associate in Newport Beach working on institutional investment sales. Analyst Victoria Taylor Madrid also joined CenterSquare last month, moving over from CBRE. Shumway and...



The Grapevine

Wed, 14 Nov 2018
Brandon Robertson has joined LivCor as a director focused on asset management. He started last month in San Antonio for the Chicago multi-family shop, a portfolio company of Blackstone. Robertson moved over from USAA Real Estate, where he was an associate for nearly two years. He had a prior stint managing multi-family assets at Alexander Co. of Madison,...



The Grapevine

Wed, 14 Nov 2018
Ladder Capital of New York wants to hire an asset manager with 7-10 years of experience to help oversee its portfolio of properties and loans. Candidates may email resumes to careers@laddercapital.com.



The Grapevine

Wed, 14 Nov 2018
Oxford Properties, the real estate arm of Ontario Municipal Employees, is looking to hire an analyst for its investments team in New York. Candidates should have 1-2 years experience, with knowledge of ARGUS considered a plus. The recruit would report to director Andy Field.



ON THE MARKET

Wed, 14 Nov 2018
MULTI-FAMILY:Property: Fields at Woodlake Square, 2630 Tanglewilde Street, HoustonSize: 256 units, 89% occupiedEstimated Value: $42 million, $164,000/unit, Yield: 4.5%Owner: Elite Street Capital, HoustonBroker: Cushman & WakefieldColor: Class-A property developed in 2012. Average asking rent of $1,355 lags competitive set by $354. Buyer could close gap via upgrades. Studios to two-bedroom units have 10-foot ceilings. Within 5 miles of 2.2...



Lone Star Packages Value-Added Rentals

Wed, 07 Nov 2018
Lone Star Funds is shopping 33 East Coast apartment properties in multiple value-added portfolios with a combined value of about $2.4 billion.In all, the Dallas investment manager is offering complexes with 11,142 units in Maryland, Massachusetts, New York, Pennsylvania and Virginia. The estimated value works out to roughly $218,000/unit. Most of the properties are garden-style complexes that opened in the 1960s and 1970s, with outliers dating to...



Hotel REITs Crimped by Sagging Stock Prices

Wed, 07 Nov 2018
Hotel REITs have once again pulled back on acquiring new properties, and their slumping stock prices could keep them on the sidelines for the time being.REITs purchased $2.1 billion of hotels through the first nine months of the year, amounting to 10% of the $20.8 billion of total sales in the sector, according to JLL, which tracks deals of $5 million and up. While overall trading increased 11% year-over-year, REIT acquisitions plummeted from...



Alphabet Buying Big Silicon Valley Campus

Wed, 07 Nov 2018
Alphabet is the buyer in the pending $1 billion trade of Shoreline Technology Center, an 800,000-square-foot office/R&D campus in Mountain View, Calif.The owner, HCP of Irving, Calif., announced last week it had an agreement to sell the 12-building property. The REIT didn&rsquo;t disclose the buyer, but market pros identified it as Alphabet, whose Google unit leases 92% of the complex. HCP has owned Shoreline Technology Center since 2007.The...



Downtown San Jose Rentals on Market

Wed, 07 Nov 2018
A luxury apartment building in booming downtown San Jose is on the block with expectations it could fetch close to $200 million.The 312-unit high-rise, at One South Market Street, was completed in 2015 and is 97% occupied. The estimated value works out to $641,000/unit. HFF is representing the owner, Essex Property of San Mateo, Calif.Marketing materials describe the 23-story building as the largest multi-family property downtown. They tout its...



Bundle of NH, Mass. Hotels on Block

Wed, 07 Nov 2018
Colony Capital is pitching nine New England hotels that market pros say could fetch up to $200 million combined.The extended-stay and select-service properties carry Marriott and Hilton brands and have a total of 1,007 rooms. At the $199,000/room estimated valuation, the initial annual yield would be 7.7%, based on net income for the 12 months through September. Colony is marketing them as a portfolio via HFF.Six of the hotels are in New...



Sprawling Rentals Shown in Phila.

Wed, 07 Nov 2018
A new apartment listing in southwest Philadelphia could generate a sale of about $150 million.The 1,068-unit International City encompasses two complexes that are 96% occupied. A buyer would likely look to continue a renovation program that has boosted rents. At the estimated value of $140,000/unit, the initial annual yield would be about 5.5%. HFF is representing the owner, Korman Residential Properties of Blue Bell, Pa.Although the complexes...



Rare Office Listing in Charleston

Wed, 07 Nov 2018
The leasehold interest in a Class-A office building is up for sale in downtown Charleston, S.C., a market where large commercial-property trades are rare.The 72,000-square-foot building, at 134 Meeting Street, is expected to fetch bids of about $27 million, or $375/sf. That would indicate an initial annual yield of roughly 6%. Local pros said a trade at that price would set a per-foot record in the city.Cushman & Wakefield is marketing the...



Dallas Rentals Could Fetch Top Dollar

Wed, 07 Nov 2018
A partnership is shopping a new luxury apartment building that could set a per-unit price record for Dallas.The 183-unit property, at 3140 Harvard Avenue, is expected to attract bids of roughly $140 million, or $765,000/unit. Eastdil Secured is representing the owner, a partnership between Toronto fund manager Tricon Capital and local developer StreetLights Residential.The per-unit record was set in 2015, when CBRE Global Investors of Los Angeles...



Clarion Lands Value-Added Offices

Wed, 07 Nov 2018
Clarion Partners has agreed to pay $135 million for a Class-A office complex in suburban Seattle.The investment manager is buying the 280,000-square-foot Plaza Yarrow Bay, in Kirkland, Wash., from Kilroy Realty of Los Angeles. At the $482/sf valuation, New York-based Clarion&rsquo;s initial annual yield will be about 5%. Newmark is brokering the deal.The four-building complex, built between 1987 and 1994, is 83% leased at below-market rents....



O'Connor Seeks Equity for Retail Play

Wed, 07 Nov 2018
O&rsquo;Connor Capital is soliciting $250 million of equity for a vehicle that would invest in open-air retail properties.The New York shop&rsquo;s marketing pitch is that the tenant base of open-air centers &mdash; typically supermarkets and other necessity-based stores &mdash; leaves them better positioned than other retail properties to cope with an economic downturn and the e-commerce trend.Noting that many owners are looking to sell because...



Ex-Berkshire Pros Set Up Fund Shop

Wed, 07 Nov 2018
Two former Berkshire Group real estate pros have formed their own investment-management firm.Larry Ellman and Jason Grossman launched Broadview Real Estate over the past few weeks. The New York shop will seek opportunistic returns by supplying capital to small and mid-size real estate operators and developers. It will invest directly in companies and via programmatic joint ventures. The shop plans to solicit equity for a commingled fund.Ellman...



NEW DEALS

Wed, 07 Nov 2018
Suburban Orlando OfficesCrocker Partners will realize a 7.1% initial annual yield on its purchase of three office properties near Orlando. The Boca Raton firm paid $54.8 million, or $164 a square foot, for Northpoint 1, 2 & 4, which encompass 335,000 sf at 1025, 1035 & 1064 Greenwood Boulevard in Lake Mary, Fla. CBRE brokered the mid-October sale for Blackstone. The buildings were developed from 1999 to 2002 and are 85% occupied. They have 32...



NEW DEALS

Wed, 07 Nov 2018
Richmond Apartment ComplexHeritage Income Properties paid $62 million for a luxury apartment complex in Richmond, Va. The 280-unit James River at Stony Point, at 9101 Stony Point Parkway, was developed in 2017 and is 97% occupied at an average rent of $1,550. It&rsquo;s the first acquisition in Virginia for Cleveland-based Heritage. Newmark brokered the deal, which closed Oct. 31, for a partnership between Wood Partners of Atlanta and Eagle...



Oaktree Snags Offices Near Phoenix

Wed, 07 Nov 2018
An Oaktree Capital partnership has agreed to buy a suburban Phoenix office complex from an iStar Financial partnership for $92 million.The price for the 345,000-square-foot Raintree Corporate Center 3&4, in Scottsdale, Ariz., works out to $267/sf. Oaktree, a Los Angeles investment manager, is teaming up on the purchase with Cypress Office Properties of San Diego. Newmark is brokering the sale for New York-based iStar and its partner, Equus...



Half-Empty Maui Retail Center Listed

Wed, 07 Nov 2018
Alaska Permanent Fund is marketing a Hawaii shopping center that&rsquo;s more than half empty.Bids are expected to hit $55 million for the 263,000-square-foot Maui Marketplace, on the island of Maui. JLL is representing Alaska Permanent, which owns the property in a separate account managed by Dallas-based L&B Realty Advisors.The six-building center, on a 20-acre site at 270 Dairy Road in Kahului, is just 45% leased, following the departure of...



NJ Offices Could Be Redeveloped

Wed, 07 Nov 2018
An office building in Newark, N.J., is being offered as a potential redevelopment play.Owner/occupier IDT is marketing the 496,000-square-foot building at 520 Broad Street, which is just 30% occupied. A buyer could renovate the 1957-vintage property to reposition it as modern offices, or raze it and put up a new structure. The listing includes a garage that also could be redeveloped, potentially creating a mixed-use complex.Bids are expected to...



MARKET SPOTLIGHT: Philadelphia-Area Office Properties

Wed, 07 Nov 2018
Some $1.6 billion of large sales are pending or closed, already exceeding last year&rsquo;s $1.5 billion tally.Liberty Property&rsquo;s plan to unload its remaining holdings in the area will boost sales activity. The REIT owns full or partial interests in 19 properties in Philadelphia and its suburbs. Offerings likely will start early next year.Equity Commonwealth&rsquo;s listing of 1735 Market Street could approach the market&rsquo;s $505...



The Grapevine

Wed, 07 Nov 2018
After 29 years at Hines, Agnes Olejniczak joined J.P. Morgan Asset Management last month as an executive director in Chicago. She oversees asset management of the firm&rsquo;s Chicago-area portfolio of office and multi-family properties. She reports to Andrew Ruffo, an executive director in New York. At Houston-based Hines, Olejniczak was a senior managing director heading acquisitions and asset management in the Midwest. She spent 18 years at...



The Grapevine

Wed, 07 Nov 2018
Andrew Marshall has stepped down as president of Roseland Residential. Marshall left the Parsippany, N.J., REIT, on Oct. 31, but will serve as a consultant through March, according to an SEC filing. No reason was given. Marshall joined the subsidiary of Mack-Cali Realty of Jersey City, N.J., in 2003 and rose through the ranks. He had an earlier stint in the real estate consulting group at Ernst &...



The Grapevine

Wed, 07 Nov 2018
Angelo, Gordon & Co. made two hires in the past week at its New York headquarters. Chris Capolongo became head of acquisitions for the fund shop&rsquo;s net-lease group and Andrew Schaffler was named a director, involved in REIT investments. Capolongo came from Building and Land Technology of Stamford, Conn., and had prior stints at GE Capital, Deutsche Bank Securities and Ernst & Young. He reports to Gordon Whiting, head of the net-lease group,...



The Grapevine

Wed, 07 Nov 2018
Brad Nichol joined Colony Capital this month as a managing director in Boston. He&rsquo;s responsible for portfolio management, asset management, dispositions and valuations for the Los Angeles firm&rsquo;s equity investments in real estate. He was previously a director of acquisitions at Boxer Property of Houston for more than five years, and before that, was a vice president at LNR...



The Grapevine

Wed, 07 Nov 2018
JLL has added two industrial brokers to its capital-markets team in Los Angeles. Moon Lim started as a senior vice president and Richard Tovar as a vice president. Both arrived last month from Marcus & Millichap. Lim had been a vice president at Marcus & Millichap, spending three years at the firm. He previously had a four-year stint at boutique brokerage Daum Commercial Real Estate. Tovar was an investment-sales broker at Marcus & Millichap for...



The Grapevine

Wed, 07 Nov 2018
Stephen Schubert joined Paredim Partners of Elmsford, N.Y., this month as a director of asset management and acquisitions. He reports to managing director and founder David Parisier. Schubert came from Arbor Realty of New York, where he spent nearly four years as vice president of asset management. Previously he worked at New York fund operator DRA Advisors and Sagamore Residential, a New York multi-family firm he...



The Grapevine

Wed, 07 Nov 2018
John Michael Block joined WeWork&rsquo;s enterprise division last month as a senior associate in San Francisco. He&rsquo;s part of the West Coast advisory team led by senior director Kara Wiard, who joined the New York-based shared-workspace provider in July from Eastdil Secured. Block had a two-year stint as an Eastdil analyst in San Francisco while Wiard was there. Most recently, Block spent nearly two years as an acquisitions and...



The Grapevine

Wed, 07 Nov 2018
Meanwhile, Tyler Morton joined Black Creek Group last month as an associate, working on acquisitions and asset management. He moved to the Denver firm from Eastdil Secured, where he was an associate in New York. He spent five years at Eastdil, and before that was at PricewaterhouseCoopers for a year and a half.



ON THE MARKET

Wed, 07 Nov 2018
MULTI-FAMILYProperty: Morris Crossing, 18-23 Max Drive, Morris Township, N.J.Size: 123 units, 96% occupiedEstimated Value: $40 million, $325,000/unit, Yield: 5%Owner: Hartz Mountain Industries, Secaucus, N.J.Broker: HFFColor: Six two-story buildings with units ranging from studios to three-bedroom townhouses. Units have fireplaces, patios and washer/dryers. Rents are 15% below the average asking rent at competing properties. One mile from train...



HNA Deal to Sell 850 Third Avenue Hits Wall

Wed, 31 Oct 2018
A $452 million deal for the office building at 850 Third Avenue in Midtown Manhattan has fallen apart.B&L Management, which invests on behalf of New York&rsquo;s Caiola family, reached a preliminary agreement over the summer to buy the 604,000-square-foot building from a partnership led by embattled HNA Group of China. But B&L walked away from the transaction last month, according to market pros. It was unclear if talks might be revived. A B&L...



Wheelock Street Sets Up Industrial Platform

Wed, 31 Oct 2018
Wheelock Street Capital has tapped a former Cabot Properties pro to spearhead a big push in the booming industrial sector.The investment manager plans to buy up to $1 billion of warehouses over the next three years, with its initial focus on the East Coast. Michael McCarthy joined the Greenwich, Conn., company this month as a principal to lead the effort with the help of Wheelock&rsquo;s recently expanded acquisitions staff. The campaign will...



PGIM Pitches Value-Added Offices Near DC

Wed, 31 Oct 2018
PGIM Real Estate has teed up a suburban Washington office complex that might command only about half its peak value.PGIM acquired the 687,000-square-foot Democracy Center, in Bethesda, Md., for $280.5 million, or $408/sf, in August 2007, shortly before the market crashed. At the time, that was the second-highest office price ever in the Maryland suburbs.But now bids are expected to range only up to about $210/sf, or $144 million. Cushman &...



NY Offices Pitched as Conversion Play

Wed, 31 Oct 2018
Vanbarton Group is shopping a Lower Manhattan office building that could either be renovated or converted to residences.The roughly 533,000-square-foot property, at 160 Water Street, is 99% leased, mostly by the business departments of hospital systems. The strong occupancy would provide a buyer with steady cashflow while it mapped out a long-term strategy.Bids are expected to come in around $240 million. CBRE is marketing the property for...



Lower NY Offices Touted for Potential

Wed, 31 Oct 2018
Tribeca Associates is marketing the leasehold interest in a Lower Manhattan office building valued at roughly $200 million.The 479,000-square-foot tower, at 30 Broad Street in the Financial District, is about 90% leased. The estimated value works out to $418/sf. Hodges Ward Elliott has the listing.Some $30 million of renovations over the past few years helped attract a host of new tenants. But below-market leases and nearly 50,000 sf of vacant...



Colorado Springs Retail Center for Sale

Wed, 31 Oct 2018
A Calpers partnership is marketing an upscale retail center in Colorado that could fetch $130 million.The 237,000-square-foot Promenade Shops at Briargate, in Colorado Springs, is 97% leased. At the estimated value, a buyer&rsquo;s initial annual yield would be 6.25%. Eastdil Secured is marketing the property for Calpers and Miller Capital Advisory of Skokie, Ill. The duo paid $96.8 million for the center in 2013.Tenants include Apple, Eddie...



Apartment Complexes Shown in Ariz.

Wed, 31 Oct 2018
Separate owners are marketing three value-added apartment properties in the Phoenix area with an estimated value of nearly $180 million in total.The garden-style complexes would each generate initial annual yields of 5% to 5.25% at their estimated values. Two are in Phoenix, and the third is in the suburb of Gilbert, Ariz. CBRE has all three listings.Strong job growth and household formation have fueled rental demand in the Phoenix area, which in...



Atlanta Office Portfolios Hit Market

Wed, 31 Oct 2018
Separate owners are shopping two Atlanta-area office portfolios touted as leasing plays in high-growth submarkets.The packages, which encompass 925,000 square feet, have a combined value of about $140 million, or $151/sf. Cushman & Wakefield has both listings.OA Development is pitching four buildings totaling 540,000 sf in Atlanta and its northern suburbs that could attracts bids of about $80 million, or $148/sf. Meanwhile, Blackstone is offering...



Mixed-Use Complex Offered in Calif.

Wed, 31 Oct 2018
A 315,000-square-foot office/retail property is on the block in California&rsquo;s Orange County.Ocean Plaza encompasses a Class-A office building with 207,000 square feet, six retail buildings totaling 108,000 sf and a six-level garage at the intersection of Beach Boulevard and Warner Avenue in Huntington Beach. It is expected to attract bids of $350/sf, or $110 million. Cushman & Wakefield is representing the owner, Decron Properties of Los...



Florida Apartments Ripe for Upgrades

Wed, 31 Oct 2018
Highland Capital is pitching a large Florida apartment complex to value-added investors.The 936-unit property, at 1601 Red Cedar Drive in Fort Myers, is 93% occupied. Bids are expected to come in around $110 million, or $118,000/unit. At that price, the property would generate an initial annual yield of roughly 5%. Newmark is representing Highland, a Dallas fund manager.The property, dubbed Gulfstream Isles, has the most apartments in the city....



Fund Shop Dealing Manhattan Rentals

Wed, 31 Oct 2018
Fund operator Carmel Partners is marketing the leasehold interest in a 151-unit apartment building on Manhattan&rsquo;s Upper East Side.Renoir House, at 225 East 63rd Street, is expected to attract bids of up to $80 million, or $530,000/unit. Avison Young has the listing.The property is 96% occupied. The ground lease has a fixed annual payment of $142,000 until 2189, including extensions. An entity affiliated with the estate of Sol Goldman owns...



Redevelopment Site Available in Miami

Wed, 31 Oct 2018
Wells Fargo is marketing a foreclosed Toys R Us store in Miami as a redevelopment play.The vacant 48,000-square-foot building is on a four-acre site at 8325 South Dixie Highway. A buyer could tear it down and develop more than 1,000 apartments.The offering could attract bids of about $30 million. Newmark is representing Wells, which foreclosed on behalf of bondholders that financed Toys R Us.The bankrupt retailer defaulted on a $512 million...



Survey: Analysts' Salary Growth Slows

Wed, 31 Oct 2018
Demand for financial analysts remains strong among real estate firms, but the rate of salary growth has slowed in the past year, according to a survey by RETS Associates.The average salary for analysts nationwide rose 4.6% from a year earlier, according to the executive search firm&rsquo;s seventh annual survey, conducted in September. That was off from a 7.5% average gain in the previous year.Reflecting an active job market, 69% of the analysts...



Fully Leased Conn. Retail Center Listed

Wed, 31 Oct 2018
A power center in Meriden, Conn., is on the block with an asking price of $48.5 million.The 311,000-square-foot Townline Square is fully leased, predominantly to national retailers. A buyer&rsquo;s initial annual yield at the asking price would be 7%, based on $3.7 million of annual net operating income. Avison Young is representing the owner, investment shop Castle Rock Equity of Florham Park, N.J.The center, at 533 South Broad Street, has a...



Florida Keys Apartments Up for Grabs

Wed, 31 Oct 2018
An oceanfront apartment complex is up for sale in the Florida Keys, where large multi-family listings are rare.The 106-unit Tarpon Harbor is in Marathon, roughly 100 miles southwest of Miami and 50 miles east of Key West. The property, completed in 2016, is valued at around $46 million, or $434,000/unit. Cushman & Wakefield is representing the owner, Eastwind Development of Palm Beach Gardens, Fla.Tarpon Harbor is the newest rental property in...



NEW DEALS

Wed, 31 Oct 2018
South Florida Apartment ComplexAvalonBay Communities will realize a 4.3% initial annual yield on its purchase this month of a two-building apartment complex in South Florida with 290 units. The Arlington, Va., REIT paid $103 million, or $355,000/unit, for the West Palm Beach property. It includes a 205-unit high-rise, called The Alexander, that was completed in 2017 at 333 Fern Street. The 85-unit Alexander Lofts, a mid-rise building across the...



NEW DEALS

Wed, 31 Oct 2018
Suburban Chicago Rental PropertyA joint venture between Marquette Cos., of Naperville, Ill., and LEM Capital of Philadelphia is scheduled to close soon on its purchase of an apartment complex near Chicago. The team will pay $33 million, or $295,000/unit, for the 112-unit Valley Lo Towers 2, at 1910 Chestnut Avenue in Glenview, Ill. The initial annual yield at that price would be in the low-5% area. Moran & Co. is representing the seller,...



MARKET SPOTLIGHT: Manhattan Apartment Properties

Wed, 31 Oct 2018
Sales have exploded this year. The $6.1 billion of pending and completed deals are already more than double the full-year 2017 tally of $2.9 billion.The average occupancy rate rose to 98.5% in September from 97.4% a year earlier. But that was driven partly by an increase in rent concessions, which were offered on 37.4% of new leases, up from 26.5%, according to appraisal firm Miller Samuel and brokerage Douglas Elliman Real Estate.A 2017 law...



The Grapevine

Wed, 31 Oct 2018
Industry veteran Andrew Weiss has left Miami fund operator Parmenter Realty to start his own advisory shop. Weiss is now managing principal of ARW Realty, which opened this month. The Miami firm offers consulting services to real estate firms looking to improve and expand their operations. Weiss was the chief operating officer of Parmenter, where he spent 23 years. He previously worked at Cushman & Wakefield, British investment shop Greycoat and...



The Grapevine

Wed, 31 Oct 2018
Oscar Wong has joined industrial-property giant GLP as a director of investments. He&rsquo;s based in Santa Monica, Calif., but handles acquisitions in the Eastern U.S. for the Singapore company, which was called Global Logistic Properties until it went private this year. Wong moved over last month from J.P. Morgan Asset Management, where he was a vice president focused on industrial acquisitions in the Western U.S. Prior to his four and a half...



The Grapevine

Wed, 31 Oct 2018
Office investor Accesso Partners has hired Paul Einum to oversee asset management for its Midwest portfolio. He&rsquo;s based in Chicago for the Hallandale Beach, Fla., firm, which also owns office properties in the Southeast, Denver and Philadelphia. Einum was previously senior asset manager at 90 North Real Estate, and before that, senior asset manager and leasing manager at GE Capital Real Estate. At Accesso, he succeeded Paul Gaines, who was...



The Grapevine

Wed, 31 Oct 2018
Andrew Simon joined boutique New York brokerage Helmsley Spear two weeks ago as an executive vice president. He reports to owner and president Kent Swig. The firm is mostly focused on leasing, but also handles investment sales and asset management for clients. Simon is tasked with expanding the business, including recruiting and training staff. He joined from Murray Hill Properties of New York, where he was an executive managing director. He had...



The Grapevine

Wed, 31 Oct 2018
Evercore has added an associate to its real estate capital advisory team in New York. Laura Burkey joined this month from Clarion Partners, where she spent the past year. Before that, she was at Rialto Capital. At Evercore, she&rsquo;s part of a group that advises real estate sponsors and investors on capital raising and M&A, as well as providing other services. Burkey reports to Bill Thompson, co-chief of the firm&rsquo;s overall private-capital...



The Grapevine

Wed, 31 Oct 2018
David Roehrenbeck joined Carr Properties in Washington as a senior director last month to focus on asset management. He oversees a portion of the private REIT&rsquo;s portfolio, which mostly consists of offices in transit-oriented, urban locations in the Washington area. He spent the last three years at MRP Realty of Washington as a vice president of portfolio management. Before that, he was a vice president at Avison...



The Grapevine

Wed, 31 Oct 2018
Andrew Dybalski joined Jefferson Apartment Group this month as an associate on its development team. He&rsquo;s based in Washington, working on multi-family and mixed-use projects there and in Philadelphia. Dybalski jumped from AvalonBay Communities of Arlington, Va., where he was most recently a senior manager in the redevelopment and asset-management group. He also spent a couple of years at Mill Creek Residential and previously worked in...



ON THE MARKET

Wed, 31 Oct 2018
MULTI-FAMILY:Property: Broadstone Gilbert Heritage, 230 E. Civic Center Dr., Gilbert, Ariz.Size: 256 units, 96% occupiedEstimated Value: $64 million, $250,000/unitOwner: Alliance Residential, PhoenixBroker: CBREColor: Garden-style complex completed this year in an East Valley suburb of Phoenix. Units have 1-3 bedrooms. Average unit has 1,034 square feet and rents for $1,440. Near top-rated schools, major employers and retail...



Goldman Buying Colo., Seattle Office Bundle

Wed, 24 Oct 2018
Goldman Sachs&rsquo; merchant banking division has struck a deal with Unico Properties to acquire a 1.8 million-square-foot office portfolio, in the Denver area and Seattle, that&rsquo;s valued at roughly $740 million.The 17-property deal could be the largest office-portfolio trade of 2018 if it closes as scheduled by yearend. Eastdil Secured is advising Seattle-based Unico, which repositioned some of the buildings. It&rsquo;s unclear whether...



Pension Pledges Set Record in Third Quarter

Wed, 24 Oct 2018
Commercial real estate commitments by public pension funds surged to $17.3 billion in the third quarter, a post-crash high and nearly double the previous quarter&rsquo;s level.The activity put the sector on pace for the highest annual total since FPL Associates of Chicago began tracking pledges in 2011.The massive quarterly tally was driven by huge equity commitments by the country&rsquo;s two largest pensions. Calpers pledged just under $5...



Ares Partnership Pitching New Orleans Hyatt

Wed, 24 Oct 2018
An Ares Management partnership is marketing the massive Hyatt Regency New Orleans, setting the stage for the city&rsquo;s largest hotel trade ever.The 1,193-room property, listed with JLL, could fetch around $425 million, or $356,000/room. That would blow away the $121 million record set by last year&rsquo;s sale of the 437-room Westin New Orleans Canal Place.The Hyatt Regency has had a dramatic comeback since being substantially damaged by...



CBRE Global Showing Calif. Offices

Wed, 24 Oct 2018
CBRE Global Investors is pitching a Northern California office building with below-market rents.The 394,000-square-foot California Plaza, in the East Bay city of Walnut Creek, is expected to fetch about $180 million, or $457/sf. At that valuation, the buyer&rsquo;s initial annual yield would be about 5%. Newmark is representing CBRE Global, a Los Angeles investment manager.The Class-A building, at 2121 North California Boulevard, is 81% occupied...



Vacant Toys R Us Warehouses Listed

Wed, 24 Oct 2018
Three more industrial properties owned by bankrupt retailer Toys R Us are on the block.The 2.6 million-square-foot portfolio, encompassing vacant distribution centers in Georgia, California and Maryland, is valued at up to $120 million, or $46/sf.Bids will be accepted on individual properties or any combination. Cushman & Wakefield&rsquo;s New York office is handling the marketing campaign. Sales are subject to approval by the bankruptcy court...



Partner Sought for Park Ave. Revamp

Wed, 24 Oct 2018
A DWS Group joint venture is trying to line up a partner to defray the cost of redeveloping and expanding an office building on Park Avenue in Midtown Manhattan.The partner would acquire a 49% interest in the roughly 165,000-square-foot building, at 405 Park Avenue, and kick in an unspecified amount of additional equity for the ongoing redevelopment.The mostly empty building could be worth at least $400 million once construction ends in 2021 and...



Core-Plus Office Play in Philadelphia

Wed, 24 Oct 2018
A Sterling American Property partnership is pitching a Class-A office building in downtown Philadelphia to core-plus buyers.The 673,000-square-foot property, at 1801 Market Street, is expected to attract bids of about $160 million, or $238/sf. That price would produce a 5% initial annual yield. CBRE is representing New York-based Sterling and its partner, Greenville Partners of West Chester, Pa.A buyer could boost its return to 7% within three...



REIT Marketing Boston Apartments

Wed, 24 Oct 2018
Investors are getting a shot at an apartment building near Boston&rsquo;s Longwood Medical Area.The 289-unit property, at 75 St. Alphonsus Street, has an estimated value of $173 million, or $600,000/unit. At that price, market pros said the capitalization rate would be around 4%. The seller, Equity Residential, has given the listing to Walker & Dunlop.Meanwhile, another residential property near Longwood has just gone under contract....



Rentals Hit Block Outside Washington

Wed, 24 Oct 2018
Clark Enterprises is shopping a suburban Washington apartment complex that could attract bids near $95 million.The 402-unit Rosemary Ridge, in Manassas, Va., would generate a roughly 5% initial annual yield at the estimated value of $236,000/unit. HFF is representing Clark, of Bethesda, Md.The property, at 10901 Wild Ginger Circle, was developed in two phases, in 2004 and 2007. It&rsquo;s 96% occupied, but has value-added potential. A buyer could...



UBS Dealing Rentals on Long Island

Wed, 24 Oct 2018
UBS Asset Management is pitching two apartment complexes in Long Island suburbs of New York, roughly a mile apart.The package, worth about $150 million, encompasses a 166-unit property in Hempstead and a 150-unit complex in West Hempstead. At the estimated value of $475,000/unit, they would generate an initial annual yield of 5.3%. UBS is open to bids on either or both properties. HFF has the listing.The Class-A complexes, which UBS acquired upon...



Class-B Building Available in Boston

Wed, 24 Oct 2018
DLJ Real Estate Capital is pitching a Class-B office building in downtown Boston as a leasing play.The 213,000-square-foot building, at 18 Tremont Street, could attract bids in the vicinity of $106 million, or $498/sf. At that price, the buyer&rsquo;s initial annual yield would be about 5%. But a buyer could lift that figure through a mix of renovation and leasing strategies. JLL has the listing.The 12-story building is 90% occupied with a...



NEW DEALS

Wed, 24 Oct 2018
Colo., Calif. Office PropertiesA joint venture between Harbor Associates and Belay Investment purchased two office properties, one in Denver and the other near Los Angeles, via separate transactions last week totaling $56.9 million. The duo paid a partnership led by SteelWave of Foster City, Calif., $28.9 million, or $174 a square foot, for the 166,000-sf Capitol Center complex in Denver&rsquo;s Uptown neighborhood. The two-building property is...



Denver Offices Pitched With Upside

Wed, 24 Oct 2018
Investors are getting a crack at a 67%-occupied office building in an up-and-coming section of booming Denver.The 195,000-square-foot Trinity Place, in the Uptown neighborhood, is expected to command bids of about $41 million, or $210/sf. HFF is representing the seller, Dallas fund operator Velocis.The 17-story building, at 1801 Broadway, had recent upgrades to the lobby, fitness center, bike room and common corridors. The pitch is that a buyer...



Insurer Offers San Jose Leasing Play

Wed, 24 Oct 2018
New York Life is marketing a San Jose office building with leasing upside.The 104,000-square-foot property, near the Santana Row mixed-use development, is expected to attract bids of about $65 million, or $672/sf. At that price, the buyer&rsquo;s initial annual yield would be 4%. Cushman & Wakefield is advising the insurer.The six-story building, called Century Plaza at Santana Row, is only 82% occupied at rents that are 11% below the market...



CBRE Global Tees Up Portland Complex

Wed, 24 Oct 2018
CBRE Global Investors is marketing a &ldquo;creative&rdquo; office complex in downtown Portland, Ore.The two-building Park Square encompasses 296,000 square feet at 1621 SW First Avenue and 100 SW Market Street in the SoMa district. It has an estimated value of $105 million, or $355/sf. Eastdil Secured is representing Los Angeles-based CBRE Global.The complex is 97% occupied by five tenants with a weighted average remaining lease term of 6.2...



Seattle Office Building Up for Grabs

Wed, 24 Oct 2018
Madison Marquette is pitching a Seattle office building that could attract bids of $45 million, or $376 a square foot.The 120,000-sf Bay Vista is at 2815 Second Avenue, in the Belltown neighborhood. Newmark is representing the Washington, D.C., owner.The five-story building is 92% occupied with a weighted average remaining lease term of 5.7 years. In-place rents are 15% less than average asking rates in Belltown, according to marketing...



Retail Space Near Faneuil Hall Listed

Wed, 24 Oct 2018
Another chunk of retail space is up for grabs in downtown Boston.Local firm Clarendon Group USA is shopping Marketplace Center, a 61,000-square-foot property attached to a separately owned office building at 200 State Street. It is expected to attract bids of up to $85 million. At that price, the buyer&rsquo;s initial annual yield would be slightly more than 4%. Eastdil Secured is pitching the property to a select group of investors.Marketplace...



MARKET SPOTLIGHT: Denver-Area Office Properties

Wed, 24 Oct 2018
Pending and completed sales have tallied $2.7 billion so far in 2018, and there are another $1.5 billion of listings. That puts the market on pace to exceed the record $2.9 billion of sales set in 2006.Two area price records are poised to fall. The projected $415 million price for One Tabor Center and an adjacent parcel would be the highest ever. And 1601 Wewatta Street&rsquo;s estimated valuation of $775/sf would be a new per-foot...



The Grapevine

Wed, 24 Oct 2018
Erik Horvat has joined Olayan Group in New York as director of real estate. He&rsquo;s working on property acquisitions nationwide, commitments to fund managers and the redevelopment of 550 Madison Avenue in Midtown Manhattan, in which Olayan owns a majority stake. Horvat reports to Tony Fusco, head of real estate for Saudi Arabia-based Olayan&rsquo;s American subsidiary. Horvat left Fosun Property at yearend after nearly four years. There, he...



The Grapevine

Wed, 24 Oct 2018
HFF has hired a loan-sales pro from Eastdil Secured. Greg Goldstein started this month as a senior director at the brokerage&rsquo;s Los Angeles office, which is co-headed by senior managing directors Bill Fishel and Paul Brindley. Executive managing director Gerard Sansosti heads loans sales for the brokerage. Goldstein was a senior vice president at Eastdil, where he worked for 14...



The Grapevine

Wed, 24 Oct 2018
Philips International has hired Daniel Frishman as a managing director of acquisitions. He started this month at the firm&rsquo;s New York headquarters. He was previously director of acquisitions at United American Land, a New York shop led by the Laboz family. Before that, he was a broker at New York boutique Besen & Associates.



The Grapevine

Wed, 24 Oct 2018
Gables Residential has hired Ashley Gray as a director in its asset-management group. She started Oct. 2 in the Washington office of the Atlanta-based investment firm. Gray is tasked with overseeing multi-family and mixed-use properties in the Washington and Boston areas. Gray had been a vice president of acquisitions at Clarion Partners, where she spent eight years. Before that, she spent nearly two years at brokerage Cassidy...



The Grapevine

Wed, 24 Oct 2018
Net-lease advisory firm B+E has opened a Chicago office and hired Tim Hain as a director to staff it. His focus is on office and industrial listings. Hain was previously at Duke Real Estate of Chicago. B+E was launched last year by chief executive Camille Renshaw, who is based in New York. It recently opened an office in Orlando.



The Grapevine

Wed, 24 Oct 2018
Greystar Real Estate has hired Brennan DaCosta as an asset-management analyst in its San Francisco office. He started this month, following three years as an associate at TA Realty and just over a year as an analyst at JLL, both in Boston.



The Grapevine

Wed, 24 Oct 2018
Diana Davidson joined Auerbach Funds of New York this month as a vice president focused on acquisitions. She reports to founder Peter Auerbach. Davidson was on JLL&rsquo;s local capital-markets team for the past few months, and before that was an associate at Eyzenberg & Co., a boutique New York advisory firm where she worked for over two years. She had an earlier stint at Wexford Capital of Greenwich, Conn., while Auerbach was a director...



The Grapevine

Wed, 24 Oct 2018
New York real estate development and investment firm Bromley Cos. has added an associate. Richard Guido joined this month from KABR Group, an investment and management firm in Ridgefield Park, N.J., where he worked for the last three years.



The Grapevine

Wed, 24 Oct 2018
Real estate veteran Barry Bass last month was named chief financial officer of Holistic Industries, a Potomac, Md., firm that grows and processes medicinal cannabis. He was previously chief business officer at developer and investor Willco Cos. of Potomac, which he left in August after two and a half years. Before that, he served as chief financial officer at Carr Properties of Washington for nearly three years and at First Potomac Realty for...



ON THE MARKET

Wed, 24 Oct 2018
RETAILProperty: Red Lion Plaza, 9950 East Roosevelt Boulevard, PhiladelphiaSize: 238,000 sf, 95.1% leasedEstimated Value: $35 millionOwner: Finmarc Management, Bethesda, Md.Broker: JLLColor: Community shopping center on U.S. Route 1 in Northeast Philadelphia. Weighted average remaining lease term: seven-plus years. Tenants include Pep Boys, Planet Fitness and Raymour & Flanigan. Additional 20,000 sf to be completed in early 2019, partly...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Accord GroupSan FranciscoContact: Jack Berquist628-218-7985jberquist@accord-group.netBoutique investment bank focused solely on real estate. Offers strategic advisory, capital-raising and M&A services, including recapitalizations of funds, portfolios and platforms. Clients have included Avanath Capital, Cabot Properties, High Street Realty, Pradera, Sares-Regis and Swift Real Estate. Global operation with offices in San Francisco, Chicago, London...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Adara CapitalNew YorkContact: Leslie Carranza212-430-5064lcarranza@adaracapital.comFounded in 2013 by Leslie Carranza. Provides capital-raising and advisory services, primarily for North American institutions. Works on funds, separate accounts and joint ventures. Offices in Bingham Farms, Mich., and New York. Affiliate of Stonehaven.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com, in...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Allegro AdvisorsNew YorkContact: Thomas Boytinck212-988-7633thomas.boytinck@allegrocompanies.comEx-Deutsche Bank executive Thomas Boytinck founded shop in 2005. Raises equity and debt for discretionary funds, separate accounts, joint ventures and one-off deals. Offers buy-side services. Often collaborates with Incubation Capital and Excelsior Capital. Client roster includes Alex. Brown Realty, Hungerford Capital and Noble Investment.NOTE:...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Alpha Capital CREChicagoContact: Anthony Longo312-436-0569alongo@alphacapitalcre.comBoutique advisory firm founded in 2008 by Anthony Longo and Michael Riley. Raises capital for real estate funds and joint ventures. Also does one-off deals.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Alternative Investment SourceRadnor, Pa.Contact: Bonnie Plunkett610-783-0702brp@altinsource.comHas worked with experienced and emerging managers since founding in 1999. Prefers minimum $200 million mandate for funds. Services include capital raising and investor relations. Also lines up capital for direct deals and provides consulting services for operators who prefer to raise capital in-house.NOTE: Complete listing appeared in October 17, 2018,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
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. Clients include Accend Cos., Monument Realty, Omega Industrial Realty, Realco Capital and Sandstone Properties. Affiliate of Stonehaven.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Atlantic-Pacific CapitalGreenwich, Conn.Contact: Peter Larsen212-981-0628plarsen@apcap.com39-member team raises equity for real estate, private equity and other alternative strategies from seven offices worldwide. Recent clients include Longpoint Realty, Starcrest Capital, Castleforge Partners and InfraRed Capital.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Avec CapitalNew YorkContact: Nina Lesavoy212-752-7210nlesavoy@aveccapital.comLed by founder Nina Lesavoy. Works with private equity and alternative-asset investors, including real estate sponsors. Client Locust Point Capital recently held final close on fund. Helping Deutsche Finance International raise equity.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Brunel AdvisorsSao PauloContact: Daniel Rummerydan@bruneladvisors.comTim Chamberlaintim@bruneladvisors.com55-11-428-0983Formed in 2015 through merger of regional firms led by British ex-pats Daniel Rummery and Tim Chamberlain. Provides 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. Affiliate of Stonehaven.NOTE: Complete listing...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
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 17, 2018, 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, 18 Oct 2018
CBRE Capital AdvisorsNew YorkContact: James Scott212-656-0556james.scott@cbre.comCBRE Group&rsquo;s investment-banking team raises equity for funds, joint ventures and separate accounts focused on real estate/real assets globally. Executive managing director James Scott leads U.S. operation in New York. Offices in London and Singapore.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Chatsworth SecuritiesGreenwich, Conn.Contact: Ralph DiFiore203-413-9980rd@chatsworthgroup.comWorks with managers on alternative-asset strategies, including real estate. Will raise 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 17, 2018, 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, 18 Oct 2018
CrossCon Real Assets CapitalPark City, UtahContact: Michelle LeRoy310-890-9786mleroy@crossconcap.comFounder Michelle LeRoy provides outsourced and third party capital-raising services for fund managers globally. Focus on emerging managers targeting $250 million to $800 million for funds, separate accounts, joint ventures and entity-level investments. Clients include Align Finance, Arden Group and Pamfleet International.NOTE: Complete listing...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
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 capital raises for American Campus Communities, Carmel Partners, Lexington Realty and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Eaton PartnersRowayton, Conn.Contact: Ulises Flores203-286-2970cuf@eatonpartnersllc.comSubsidiary of Stifel Financial has more than 75 staffers globally. Raises capital for alternative-asset managers, including real estate shops. Provides advisory services and works on secondary-market sales of fund stakes. Clients have included Baring Private Equity Asia, Bridge Investment, KSL Capital and Moorfield Real Estate.NOTE: Complete listing appeared in...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
EvercoreNew YorkContact: Bill Thompson415-229-8071bill.thompson@Evercore.comHired veteran fund-raising team led by Bill Thompson in April from Greenhill & Co. to beef up real estate practice. Thompson is co-chief executive of overall private-capital advisory service. Firm provides capital raising, M&A, recapitalization, restructuring and secondary-stake advisory services for real estate sponsors and limited partners. Seven global offices with 21...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
First Avenue PartnersLondonContact: Jess Larsen646-582-5774jlarsen@firstavenue.comWorks with alternative strategies globally, including real estate funds. Offices in London, Hong Kong, New York, San Francisco and Sydney. Recent clients include Chenavari Investment Managers, Clarion Partners and Meridia Capital. Principal Patricia Riordan Chalian, responsible for North America, left last month.NOTE: Complete listing appeared in October 17, 2018,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Fortress GroupAtlantaContact: Patrick Neuman404-900-5509pneuman@fortressgroupinc.comRepresents clients in the following sectors: private equity, venture capital, private credit, real estate and real assets. Advises on secondary-market sales of fund stakes. Offices in Atlanta, New York, London and Singapore.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
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 17, 2018, 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, 18 Oct 2018
Gesher CapitalChicagoContact: Yaniv Zilberman312-560-5516yzilberman@gesher-capital.comAdvisory firm founded in 2015 by Yaniv Zilberman. Focuses on raising capital for alternative-investment managers, including those with a real estate focus, targeting investments in Israel. Became an affiliate of Stonehaven this year.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
HFF SecuritiesLos AngelesContact: Tom Mizo310-407-2100tmizo@hfflp.comVeteran team raises equity globally for funds, separate accounts and joint ventures. Also advises on M&A, privatizations and recapitalizations. Clients include AIG, Allegiant Real Estate, ESR, Frogmore Real Estate, Praedium Group and Voya Financial.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Hodes Weill & AssociatesNew YorkContact: Doug Weilldoug.weill@hodesweill.comDavid Hodes212-867-0888david.hodes@hodesweill.comGlobal team of 36 staffers focuses solely on real estate. Raises institutional capital for funds, separate accounts, joint ventures and co-investments.Provides M&A and strategic advisory services.Recent clients include Asana Partners, Crow Holdings, Cerberus Capital, IGIS Asset Management, Longfellow Real Estate and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Hycroft AdvisorsNew YorkContact: Brian Bode203-524-0437bbode@hycroftadvisors.comFive-year-old firm founded by Scott Myers, who earlier co-founded Cogent Partners. Historically focused on private equity and venture capital, but over the summer merged with Excelsior Capital of Greensboro, N.C., led by founder Brian Bode. Bode will seek 2-3 real estate mandates, which could be structured as funds, joint ventures or recapitalizations. Vehicle sizes...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Incubation CapitalChicagoContact: Jonathan Glick312- 635-0835glick@incucap.comFocuses on next-generation investment managers, particularly fund operators seeking at least $150 million of equity.Also raises capital for separate accounts, programmatic joint ventures and entity-level investments.Hired Ryan Robinette this year from Alignium. Past and current clients include BroadVail Capital, L3 Capital, Novel Coworking, Palatine Capital and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
JLL SecuritiesChicagoContact: William Cavagnaro212-812-6517bill.cavagnaro@am.jll.comUnit of JLL&rsquo;s capital-markets group. Raises capital for commingled funds, joint ventures and separate accounts. Provides investment-banking and municipal-advisory services.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
JTP CapitalNew YorkContact: Mitchell Sikora212-792-7726msikora@jtpllc.comSix-member team led by Mitchell Sikora, who previously ran advisory platforms at Merrill Lynch, UBS and MVision. Focus is on capital raising and consulting for real estate/real assets firms globally. Current mandate for Virtus Real Estate Capital.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Lazard Private Capital AdvisoryNew 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 17, 2018, 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, 18 Oct 2018
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 and Austin.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
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.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
McSween AdvisorsNew YorkContact: Robert McSween212-744-1581rmcsween@mcsween-advisors.comFormed in 2017 by Robert McSween, who earlier co-founded Artis Advisors and served as a managing partner at ING Realty. Advises on M&A and provides placement-agent services for operators and investors. Recent clients include Element Critical, Industry Capital and Madison Marquette. Affiliate of Stonehaven.NOTE: Complete listing appeared in October 17, 2018,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Mercury CapitalNew YorkContact: Alan Pardee646-786-8052apardee@mcadv.comRaises capital globally for real estate, private-equity, credit and other alternative-asset investment managers. Works on 6-8 real estate mandates a year involving funds, joint ventures and other structures. Recently opened 10th office, in New Delhi. Hired Nick Savasta in May as chief executive of asset-management arm. Current clients include Alpha Investment, Gaw Capital,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Mesa CapitalNew YorkContact: Claudia Ruemmelein347-481-9368cr@mesacapadvisors.comClaudia Ruemmelein founded shop in 2015. Focuses on raising capital in Latin America for U.S. and European operators of vehicles investing in alternative assets, including real estate. Offices in Manhattan and Colombia. Also works with Latin American investors seeking managers and will collaborate with other placement agents seeking capital in Columbia, Chile and...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Metric Point CapitalNew YorkContact: Brendan Edmonds512-648-3348bedmonds@metricpoint.comFounded in 2017 by former Atlantic-Pacific Capital partners Brendan Edmonds, Alex Leykikh and Jim Weidner. Raises capital for funds, programmatic joint ventures and co-investments. Clients include IPI Data Center Partners and Iron Point Partners.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com, in...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Monument GroupBostonContact: Lori Campana617-423-4700lori@monumentgroup.comRaises capital for private equity, real estate and other real-asset funds from offices in Boston, Hong Kong, London and Tokyo. Added two partners this year, raising total to 16. Also hired director Keiko &ldquo;Kay&rdquo; Sano in Tokyo to bolster Asian platform. Recent clients include Beacon Capital, Berkshire Group, Dune Real Estate, Embarcadero Capital and Phoenix...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
MVisionNew YorkContact: Hussein Khalifa212-616-6852hak@mvision.comFound in 2001 in London. Offices in Hong Kong, New York and San Francisco. Raises capital across alternative-asset strategies, including real estate.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
OderocheNew YorkContact: Yasmine Uzmez212-202-0996yasmine.uzmez@oderoche.comBoutique shop founded in 2016 by Yasmine Uzmez. Former global head of Allstate&rsquo;s real estate equity group Edgar Alvarado serves as senior advisor. Firm raises capital from U.S. and Canadian institutions for U.S. and European funds, co-investments and joint ventures. Handles 2-4 mandates annually, aside from advisory services. Recent clients include Clearbell...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Palladian InvestmentDenverContact: Andy Massik917-797-5454amassik@silverleafpartners.comFormed in 2008 and affiliated with Silver Leaf Partners in 2011. Four staffers in Denver and New York offer advisory/capital-markets services to real estate, renewable-energy and private-equity sponsors. Raises capital globally, focusing on wealthy individuals, wealth managers, investing networks and family offices.NOTE: Complete listing appeared in October...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Park Hill Real EstateNew YorkContact: Michael Stark212-364-5752stark@parkhillgroupre.comOne of the biggest names in the sector. Offices in New York, Chicago, San Francisco, Hong Kong, London and Sydney. Provides real estate advisory services and raises capital for funds and other structures. Can handle direct asset sales and recapitalizations. Clients have included Blackstone, Dermody Properties, L&M Development, Jamestown, Savanna and SC...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Park Madison PartnersNew YorkContact: Nancy Lashine212-448-7350nlashine@parkmadisonpartners.comRaises equity globally for funds, separate accounts, direct investments and portfolio recapitalizations. Also advises managers and operates its own fund of funds. Hired Commonfund Capital managing director Jack Foster as a principal this year, while also promoting John Sweeney to principal. Recent clients include Atlas Capital, GreenOak Real Estate,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Probitas PartnersSan FranciscoContact: Michael Hoffmannmjh@probitaspartners.comJohn Caley415-402-0700jtc@probitaspartners.comProvides advice and raises capital globally, serving both emerging and experienced fund managers. Also works on direct investments, separate accounts and hybrid vehicles. Offices in San Francisco, New York, Hong Kong and London. Past clients include Benson Elliot, Calmwater Capital, Hammes Partners and Westbrook...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Roseview GroupBostonContact: Joshua Andersonjanderson@roseview.com206-535-2401James Evans617-543-5764jevans@roseview.comProvides fund-raising and advisory services to funds, separate accounts and joint ventures. Main office in Boston, with satellites in Seattle and Philadelphia. Clients include Lake Union Partners and Systima Capital.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
SandCapNew YorkContact: Jason Sander917-968-2046jsander@sandcap.netLed by former Murray Hill Properties fund-raising head Jason Sander. Focuses on programmatic joint ventures for operators and investors, but will raise capital for funds and other structures. Affiliate of Stonehaven was formed in 2015.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Shelter Rock CapitalNew YorkContact: Walter Stackler646-768-2051walter.stackler@shelterrock.comTwelve-person team raises capital for real estate funds, joint ventures and separate accounts. Global coverage includes in-house staff for Europe and Latin America, an alliance with Matrix Japan in Asia and soon-to-be-announced alliances in Israel and South Korea. Also provides broader advisory services.Veteran fund-raiser Jim Murphy joined this year...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Sienna CapitalNew YorkContact: Anne Oh646-610-2206anneoh@siennacapital.comBoutique investment-banking shop was formed in 2011 by Aviva Investors alum 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 17, 2018, 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, 18 Oct 2018
StonehavenNew YorkContact: David Frank212-218-7626dtf@stonehaven-llc.comGlobal capital-raising platform focuses on investments in real estate, hedge funds, private equity and infrastructure. Platform led by chief executive David Frank and partners Steven Jafarzadeh and Mark Sullivan. In addition, Stonehaven has &ldquo;affiliate partners&rdquo; that use its broker-dealer while raising capital. Those partners include Artis Advisors, McSween...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
Torrey CapitalSan DiegoContact: Rana Prasad858-366-2856rana@torreycapital.comRaises equity for commingled funds and one-off deals. Currently working on commingled fund for Pathfinder Partners. Affiliate of Stonehaven was launched in 2009 by Rana Prasad.NOTE: Complete listing appeared in October 17, 2018, 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, 18 Oct 2018
Triton Pacific CapitalLos AngelesContact: Robert Davis424-442-1380tritonpacific@tritonpacificcapital.comRaises capital for vehicles in the following sectors: real estate, private equity, private credit, secondary offering, energy and infrastructure. Works across strategies, geographies and vehicle types. Clients have included Arch Capital, Castle Creek Capital, Forum Partners, Frogmore Real Estate and Rockbridge Capital. Offices in Los Angeles...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
UBS Real Estate PrivateCapital MarketsNew YorkContact: Jonathan Gerberjonathan.gerber@ubs.com212-821-3339Raises capital for real estate, private-equity, infrastructure and debt funds. Advises real estate owners and operators on joint ventures, entity-level investments and recapitalizations. Arranges co-investments through UBS Wealth Management. Recent clients include Greystone and First Industrial.NOTE: Complete listing appeared in October 17,...



LISTING: Placement Agents That Raise Capital for Real Estate Vehicles

Thu, 18 Oct 2018
XT CapitalWestport, Conn.Contact: Julie Cochran212-909-2682jcochran@xtcapital.comSolicits capital and provides advisory services for alternative-asset investors, including real estate sponsors.NOTE: Complete listing appeared in October 17, 2018, issue of Real Estate Alert and can be found on REAlert.com, in the &ldquo;Market&rdquo; section under &ldquo;Placement...



The Grapevine

Wed, 17 Oct 2018
Development pro Katie Lenss joined the Washington office of Rockefeller Group last month as a vice president and regional director for the Mid-Atlantic region. She&rsquo;s tasked with directing joint-venture projects and identifying new opportunities, particularly for mixed-use developments. Lenss spent the last five years at Hines as a director, also focusing on projects in the Mid-Atlantic. Before that, she worked at Host Hotels & Resorts and...



The Grapevine

Wed, 17 Oct 2018
Suman Gera joined Aegon Real Estate U.S. last month as a managing director focused on portfolio management. She&rsquo;s based in San Francisco, reporting to Phil McAndrews, head of real estate equity. Gera spent the past year in a real estate role at Atlanta Housing Authority. Before that, she was a managing director at TIAA unit TH Real Estate, where she worked for 11 years &mdash; and where McAndrews was chief investment officer before jumping...



Single-Family Homes Shopped in Bulk

Wed, 17 Oct 2018
A partnership is shopping a portfolio of single-family homes in the Mid-Atlantic that could attract bids near $60 million.The 240 houses are in the metropolitan areas of Philadelphia; Wilmington, Del.; Dover, Del.; and Baltimore. Ackman-Ziff Real Estate is representing the seller, a partnership between Chatham Bay Group of Wilmington and an unidentified institutional investor.At the estimated value of $250,000/home, the portfolio would generate...



NEW DEALS

Wed, 17 Oct 2018
Charlotte OfficesLakestar Properties will realize a 7.7% initial annual yield on its purchase last week of a Charlotte office property. The New York firm paid $63 million, or $180 per square foot, for the 350,000-sf building, on a 50-acre site at 10101 Claude Freeman Drive. Cushman & Wakefield and Bluegate Partners represented the seller, a joint venture among Atlantic Creek Real Estate of New York, Origin Investments of Chicago and Stream Realty...



Invesco Lists Apartments Near Atlanta

Wed, 17 Oct 2018
Invesco Real Estate is shopping an apartment complex in suburban Atlanta that could benefit from upgrades.The 258-unit Heights at Old Peachtree, in Suwanee, Ga., has an estimated value of $200,000/unit, or $52 million. A sale at that price would indicate an initial annual yield of about 5%. Walker & Dunlop is representing the Dallas investment manager.The property is at 1460 Distribution Drive in an area known as Sugarloaf, about 25 miles...



The Grapevine

Wed, 17 Oct 2018
Cristopher White has joined Penzance Cos. of Washington as a managing director. He oversees the investment team for the shop, which focuses on acquisitions and development in Greater Washington. He reports to Penzance&rsquo;s co-founders, husband-and-wife Victor and Julia Tolkan. White had been a senior vice president at local shop MRP Realty, where he spent the past seven years. He previously had a stint at H/2 Capital of New...



MARKET SPOTLIGHT: Denver-Area Apartment Properties

Wed, 17 Oct 2018
Sales of large complexes fell to about $2.8 billion in the first nine months of the year, from more than $4.5 billion during the same periods of the two previous years, according to Real Estate Alert&rsquo;s Deal Database. Brokers describe 2016-17 as outlier years.After exiting the market in 2016, Equity Residential is buying again. In the third quarter, the Chicago REIT paid $275 million for two properties with 726 total units.Rental demand is...



Pitch for SF Offices Points to Upside

Wed, 17 Oct 2018
Zurich Alternative Asset Management is shopping a fully leased &ldquo;creative office&rdquo; building in San Francisco that could command bids of $75 million.The 76,000-square-foot building is at 410 Townsend Street in the SoMa district. At the estimated value of $981/sf, a buyer&rsquo;s initial annual yield would be 5.5%, but the marketing campaign is touting the potential to significantly raise below-market rents as leases roll over. Cushman &...



Apartments Shown on NY's East Side

Wed, 17 Oct 2018
A Dalan Management partnership is offering the leasehold interest in a Manhattan apartment building valued at about $80 million.The 164-unit Centra, at 230 East 44th Street in the Turtle Bay neighborhood, is 97% leased. The 14-story building includes some 4,000 square feet of street-level retail space and a 103-space garage.At the estimated value of $488,000/unit, a buyer&rsquo;s initial annual yield would be just over 5%. The ground lease has...



Office Campus for Sale Near Phoenix

Wed, 17 Oct 2018
Investors are getting a crack at a suburban Phoenix office campus that could fetch $70 million.The 366,000-square-foot Diablo Technology Park, in Tempe, Ariz., is being offered by a partnership between Harbert Management of Birmingham, Ala., and Muller Co. of Irvine, Calif. Newmark has the listing. The estimated value works out to $191/sf.The property is 95% leased, with a weighted average remaining lease term of 4.3 years. The marketing campaign...



Denver Rental Portfolio in Play

Wed, 17 Oct 2018
A portfolio of Denver apartment properties is being pitched as a value-added play.The 1,023-unit package, encompassing three garden-style complexes in the southeastern section of the city, is worth an estimated $183 million, or $179,000/unit. Newmark is marketing the properties for an unidentified local investor who developed them in the mid-1970s. The portfolio must trade intact.The apartments are 95.7% occupied. The complexes have their...



Offices Up for Grabs Near Chicago

Wed, 17 Oct 2018
Bentall Kennedy has listed a suburban Chicago office building that&rsquo;s expected to attract bids topping $140 million.The 583,000-square-foot building, at 3500 Lacey Road in Downers Grove, Ill., is well occupied under long-term leases. The estimated value works out to more than $240/sf. HFF is representing Bentall, a Toronto investment manager.The 13-story building is 97% occupied by a dozen tenants, with a weighted average remaining lease...



Hines, Oaktree Marketing Calif. Offices

Wed, 17 Oct 2018
A partnership between Hines and Oaktree Capital is pitching a two-building office property in California&rsquo;s Orange County.The offering encompasses 345,000 square feet of Class-A space at 135 and 145 South State College Boulevard, within the six-building Brea Place complex in Brea. Bids are expected to hit $110 million, or $318/sf. Eastdil Secured has the listing.The property is 97% occupied, with a weighted average remaining lease term of...



CIM Pitching 2 DC Office Properties

Wed, 17 Oct 2018
CIM Group has launched separate marketing campaigns for two Washington office properties worth almost $320 million combined.One listing, for the 625,000-square-foot Union Square, is expected to fetch bids of about $210 million, or $336/sf. HFF is pitching that complex, on North Capitol Street between H and K Streets, and will take offers on either or both of its two buildings.Meanwhile, Cushman & Wakefield is marketing the 247,000-sf building at...



Davis Re-Lists Long Island Offices

Wed, 17 Oct 2018
A Davis Cos. partnership has re-started marketing efforts for two office buildings on Long Island, this time with an estimated value of $92 million.The adjacent Class-A properties encompass 462,000 square feet at 900 and 990 Stewart Avenue in Garden City, N.Y. At the anticipated value of $200/sf, the buyer&rsquo;s initial annual yield would be 7%. Newmark is representing Boston-based Davis and its partner, Onyx Equities of Woodbridge, N.J.The...



Blackstone Lands Luxury Maui Hotel

Wed, 17 Oct 2018
Blackstone is set to pay $275 million for the newly renovated Ritz-Carlton Kapalua hotel on the Hawaiian island of Maui.The fund giant, acting via its latest opportunistic fund, is scheduled to close this week on its purchase of the luxury property, which has 297 guest rooms and 107 residential condominiums &mdash; some separately owned but available for rent as hotel rooms at times. Eastdil Secured is brokering the sale for a joint venture among...



Downtown Austin Rentals Available

Wed, 17 Oct 2018
A partnership is shopping the luxury-apartment and parking components of a downtown Austin tower, in a listing that could fetch bids near $215 million.The offering encompasses 358 residential units and a revenue-generating garage with 458 spaces. They make up the bulk of the 36-story building, called The Bowie, at 311 Bowie Street. The property, which was developed in 2015, also contains roughly 40,000 square feet of office space that isn&rsquo;t...



Vacant Silicon Valley Campus on Block

Wed, 17 Oct 2018
Hudson Pacific Properties is pitching a vacant Silicon Valley office/R&D campus, hoping to capitalize on a renovation it completed this year.Campus Center encompasses three Class-A buildings totaling 472,000 square feet in Milpitas, Calif., along with an adjacent 35-acre parcel suitable for development. Bids are expected to hit $240/sf, or $113 million. Eastdil Secured is marketing the property for the Los Angeles REIT, which would consider...



LaSalle Dealing Historic Offices in SF

Wed, 17 Oct 2018
LaSalle Investment is looking to sell an office landmark in downtown San Francisco that could attract bids of $220 million from value-added investors.The 293,000-square-foot Hunter-Dulin Building, at 111 Sutter Street, is only 80% leased. Eastdil Secured began marketing the Class-A property this month for the Chicago investment manager. The expected price equals about $750/sf.The marketing campaign touts the opportunity to lease vacant space and...



Pebblebrook Shopping 2 More LaSalle Hotels

Wed, 17 Oct 2018
Pebblebrook Hotel has begun marketing two more properties, in Boston and Washington, that it will assume via its pending $5.2 billion takeover of LaSalle Hotel Properties.The 803-room Westin Copley Place in Boston could attract bids of about $500 million, or $623,000/room. Eastdil Secured has the listing. Meanwhile, Pebblebrook has tapped JLL to pitch the 335-room Hotel Palomar in Washington. The estimated value is unclear. That property last...



Shorenstein Shops Midtown Manhattan Offices

Wed, 17 Oct 2018
Shorenstein Properties is marketing the leasehold interest in a Midtown Manhattan office tower valued at about $600 million.The 1.1 million-square-foot building, at 1407 Broadway in the Times Square South submarket, is 92% occupied. It has undergone $62 million of upgrades over the past few years. The pitch is a buyer could raise below-market rents as leases gradually roll over.At the estimated value of $545/sf, the initial annual yield would be...



Boom Times Continue for Placement Agents

Wed, 17 Oct 2018
Business is very, very good for placement agents right now.With investors continuing to plow money into real estate vehicles, advisory firms are increasingly hitting the fund-raising goals for commingled vehicles.Placement agents surveyed for Real Estate Alert’s annual review also reported success at soliciting capital for separate accounts and programmatic joint ventures — two investment structures attractive to limited partners looking for...



The Grapevine

Wed, 17 Oct 2018
Managing director Steven Mastrovich has parted ways with UBS, where he was co-head of global real estate advisory. Details of the split were unavailable, but the word is Mastrovich left the investment bank last week. He had joined UBS in 2014 and led the business line with managing director Jonathan Gerber, who now solely oversees the group. Mastrovich previously worked at J.P....



The Grapevine

Wed, 17 Oct 2018
Matt Isken joined Kor Group of Santa Monica, Calif., last month as a director of acquisitions, targeting multi-family, hotel and office properties with value-added or opportunistic profiles. He reports to president Brian De Lowe. Isken previously spent four years at Tribune Real Estate of Chicago, working on Tribune Media&rsquo;s legacy real estate portfolio, and was at Boston-based AEW Capital before...



The Grapevine

Wed, 17 Oct 2018
Brokers Katy Jane Halpin and Macki McKim have decamped from Eastdil Secured to join Cushman & Wakefield in Dallas. The move keeps them on the team headed by Michael McDonald, who jumped to Cushman this month as vice chairman and chief of the firm&rsquo;s capital-markets and investment-sales practice in Texas and the Sunbelt. Halpin is a director and McKim is a senior associate. The team also includes executive managing director Jonathan Napper,...



The Grapevine

Wed, 17 Oct 2018
Brookfield Property has added a vice president in Washington. John Dalton started this month, focusing on asset management. He joined from MRP Realty of Washington, where he&rsquo;d been since 2011. Before that, he had stints at Morristown, N.J., fund manager Hampshire Cos. and Freddie Mac.



The Grapevine

Wed, 17 Oct 2018
Travis Donnell has joined investment firm Wexford Capital in West Palm Beach, Fla., as a senior associate. He came from J.P. Morgan Asset Management, where he was an associate on the acquisitions team for more than four years. He started last month at Wexford, working on acquisitions across asset classes with a focus on the Southeast and Southwest.



ON THE MARKET

Wed, 17 Oct 2018
MULTI-FAMILY:Property: Watermans Crossing, 4515 N. Rome Avenue, TampaSize: 337 units, 90% occupiedEstimated Value: $32 million, $95,000/unit, Yield: 6%Owner: Atlantic Housing Foundation, DallasBroker: Cushman & WakefieldColor: Vintage-1973 garden-style complex with 20 three-story buildings on 13.4 acres. On Hillsborough River, three miles north of downtown Tampa. Rent restrictions that cover 75% of the units will expire in two...



Fosun Seeks Buyer for Lower NY Skyscraper

Wed, 10 Oct 2018
Fosun Property is quietly shopping a stake of up to 49% in a Lower Manhattan office tower that could be worth $1.6 billion.The 2.2-million-square-foot property, at 28 Liberty Street, was formerly known as One Chase Manhattan Plaza. Fosun bought it from J.P. Morgan in 2013 for $725 million, and has since spent tens of millions of dollars to renovate and reposition the 60-story building.The subsidiary of Chinese conglomerate Fosun Group has given...



Investcorp on Hunt for More Industrial Deals

Wed, 10 Oct 2018
After making its biggest-ever industrial acquisition, Investcorp plans to step up its activity in the sector.The Bahrain investment manager is seeking to purchase more than $800 million of warehouses over the next 12 months &mdash; mostly in the U.S., but likely including some in Europe. That would represent some 40% of the company&rsquo;s overall global acquisitions in the coming year, which it projects at $1.8 billion to $2 billion.&ldquo;We...



REIT Marketing Trophy Tower in Philadelphia

Wed, 10 Oct 2018
In one of Philadelphia&rsquo;s largest office listings ever, Equity Commonwealth is shopping the trophy building at 1735 Market Street.The 1.3 million-square-foot property is expected to attract bids of about $500 million, or $385/sf &mdash; a hefty valuation fueled by its high caliber and stable, long-term rent roll. At that price, the capitalization rate would be about 6%. HFF is representing the Chicago REIT.The estimated valuation is in line...



More Boston Seaport Offices Listed

Wed, 10 Oct 2018
The brisk pace of office trading in Boston&rsquo;s Seaport District continues, as a recently expanded building has hit the market while a brand-new property has gone under contract.The latest listing is for 22 Boston Wharf, which encompasses 124,000 square feet of almost fully occupied office space atop a six-level garage. Bids are expected to reach about $180 million, driven in part by significant income generated by its 586 parking spaces....



Another Denver Listing by Ivanhoe

Wed, 10 Oct 2018
Ivanhoe Cambridge has unveiled a third big office listing in Denver, increasing the total value of its offerings in the city to almost $750 million.In the latest listing, the Canadian investment manager and a partner, Wisconsin Investment, are marketing the 734,000-square-foot One Tabor Center and an adjacent parcel suitable for the development of a sister skyscraper. The properties, part of the mixed-use Tabor Center complex, are worth about...



2 Atlanta Office Complexes Hit Block

Wed, 10 Oct 2018
Columbia Property has teed up one Atlanta office complex and the leasehold interest in another, in separate offerings with a combined value of roughly $440 million.The Atlanta REIT has listed a 710,000-square-foot property, at One & Three Glenlake Parkway in the Central Perimeter submarket, with CBRE. It has tapped Cushman & Wakefield to market the leasehold interest in the 1.1 million-sf Lindbergh Center, at 575 Morosgo Drive in the Buckhead...



Blackstone Shops Seattle-Area Offices

Wed, 10 Oct 2018
Blackstone is marketing a pair of single-tenant office properties in suburban Seattle that could fetch about $115 million combined.The 207,000-square-foot Canyon Park Commons and the 175,000-sf Canyon Pointe are both within the Canyon Park Business Center in Bothell, Wash. The surrounding Seattle Eastside submarket is a hotbed for life-science, telecommunications and aerospace companies.Newmark is marketing the Class-A properties via separate...



Phila. Rentals Command $115 Million

Wed, 10 Oct 2018
Chelsea Management has agreed to buy a Philadelphia apartment complex from DWS Group for roughly $115 million.The acquisition of the 636-unit Lincoln Green Apartments, at 4000 Presidential Boulevard, is expected to close this week. The purchase price works out to about $180,000/unit. Newmark is representing DWS, formerly known as Deutsche Asset Management.Chelsea, of Lakewood, N.J., already owns 17 apartment properties, mostly in the Philadelphia...



Luxury Long Island Rentals for Sale

Wed, 10 Oct 2018
J.P. Morgan Asset Management is shopping two luxury apartment buildings on Long Island worth as much as $165 million combined.The properties encompass 311 units in downtown Mineola, N.Y., that are nearly fully leased. Both buildings were developed in 2015 by a partnership between J.P. Morgan and Mill Creek Residential of Dallas. The investment bank subsequently bought out the developer&rsquo;s interest.The buildings must be sold together, under...



East Coast Retail Portfolio Available

Wed, 10 Oct 2018
Investors are getting a crack at eight East Coast shopping centers, all but one anchored by grocery stores.The 934,000-square-foot portfolio, which is 99.1% occupied under long-term leases, has an estimated value of $210 million. At that price, the capitalization rate would be 7.25%.The owner, Hampshire Cos. of Morristown, N.J., is pitching the properties as a portfolio via HFF. But the fund manager has told investors it&rsquo;s willing to break...



Boston Waterfront Parcel on the Block

Wed, 10 Oct 2018
A waterfront parcel on Boston&rsquo;s Fort Point Channel is up for sale with expectations that bids will reach about $200 million.The 6.5-acre site could accommodate more than 1 million square feet of development. It&rsquo;s within an area designated by the city as ripe for mixed-use projects, where the Seaport, Downtown and South Boston districts meet.JLL is marketing the land for Proctor & Gamble&rsquo;s Gillette division. The property is next...



Kushner Has Buyer for Chicago Offices

Wed, 10 Oct 2018
An Angelo, Gordon & Co. partnership has struck a deal with Kushner Cos. to buy a Chicago office tower that&rsquo;s facing a looming lease expiration with its sole tenant.The 853,000-square-foot building, at 225 West Randolph Street, is fully occupied by AT&T under a lease that expires in 2022. New York-based Angelo Gordon is teaming with two Chicago firms on the acquisition: AJ Capital, which specializes in hotels, and Reign Capital, a firm...



Apartments Hit Market Near Tampa

Wed, 10 Oct 2018
Milestone Group is shopping a suburban Tampa apartment complex that could appeal to value-added investors.Grand Reserve at Park Isle, in Clearwater, Fla., has 390 units that are 95% occupied. Bids are expected to come in around $76 million, or $195,000/unit. The initial annual yield at that price would be 4.5%, but a buyer could lift it by continuing a renovation program started by Milestone. Newmark is representing the Dallas fund shop.The...



Redevelopment Site for Sale in Queens

Wed, 10 Oct 2018
A redevelopment site is being pitched in the Ridgewood section of Queens, N.Y.The 60,000-square-foot lot, at 324 St. Nicholas Avenue, is now occupied by a 26,000-square-foot Food Bazaar supermarket. A buyer could develop up to 285,000 sf of commercial space, which must include 40,000 sf for a new Food Bazaar store.The owner, Royal Farms of New York, wants to sell the development rights but retain ownership of the land. A buyer wouldn&rsquo;t have...



Downtown Jacksonville Offices Shown

Wed, 10 Oct 2018
A Class-A office building in Jacksonville is up for sale, with bids expected to hit about $30 million.The 137,000-square-foot building, at 245 Riverside Avenue, is 95.1% occupied. A sale at the estimated value of $219/sf would generate an initial annual yield of roughly 7%. Eastdil Secured is representing the owner, Consolidated-Tomoka Land of Daytona Beach, Fla.The property was constructed in 2003 on 3.7 acres alongside the St. Johns River, in a...



Colony Lands Ga. Industrial Package

Wed, 10 Oct 2018
Colony Capital acquired a suburban Atlanta industrial portfolio from John Hancock Life late last month for $80 million.The nine warehouses, totaling 891,000 square feet, are in the Interstate 85/Northeast submarket. Newmark represented John Hancock.The properties are 96% occupied at slightly below-market rents. That gives Los Angeles-based Colony the potential to raise rents upon rollover amid strong leasing conditions in the area.The 23...



Builder Shows 2 Utah Business Parks

Wed, 10 Oct 2018
Two fully leased business parks with a combined value of about $65 million are up for grabs in Utah.The properties, which encompass 412,000 square feet, are in the emerging &ldquo;Silicon Slopes&rdquo; technology corridor. Newmark is pitching them as a package for Mark Weldon, a Tampa developer.The larger property, the 297,000-sf Lindon Tech Center, encompasses four buildings along North County Boulevard in Lindon. Developed between 2015 and...



NEW DEALS

Wed, 10 Oct 2018
Atlanta-Area ApartmentsBlaze Partners will realize a 5% capitalization rate on its $133 million purchase of two new apartment properties in Greater Atlanta. The Charleston, S.C., shop closed Sept. 27 on the 309-unit Stadium Walk, at 4501 Circle 75 Parkway in Atlanta, and the 299-unit Overlook at Huntcrest, at 1455 Satellite Boulevard in suburban Suwanee, Ga. Walker & Dunlop represented the local seller, Brand Properties. Both properties opened...



NEW DEALS

Wed, 10 Oct 2018
Suburban Philadelphia OfficesEquus Capital last week paid $71.3 million for a fully leased, 300,000-square-foot office building in Malvern, Pa. The sale of the 2013-vintage building, at 1400 Atwater Drive, was brokered by HFF. The property had been part of the holdings of Gramercy Property, the New York REIT that Blackstone is taking over in a $7.6 billion deal. JLL represented Equus in the acquisition of the five-story building, which houses the...



NEW DEALS

Wed, 10 Oct 2018
Oakland Office BuildingAn AXA Investment Managers joint venture last month paid $43.5 million, or $485/sf, for a 90,000-sf office building in Oakland. The 10-story building, at 1440 Broadway, is 63% occupied. Tenants include financial technology firm Even Financial. A vehicle controlled by local firm Sansome Street Advisors sold the property without a broker. AXA partnered with local firm Tidewater Capital on the...



NEW DEALS

Wed, 10 Oct 2018
Manhattan Apartment BuildingA joint venture between Dalan Management and Elion Partners will see a 3.8% initial annual yield on the $83 million purchase two weeks ago of a low-rise apartment building with retail space across the street from Google&rsquo;s New York headquarters. Eastdil Secured brokered the sale for local owner Brodsky Organization. The property, at 110 Eighth Avenue, has 102 apartments, which are 95% occupied, and 22,000 square...



NEW DEALS

Wed, 10 Oct 2018
Maryland Multi-Family ComplexCharger Ventures paid $38.5 million for a garden-style apartment complex in Southern Maryland. The Washington shop acquired the 328-unit Greens at Hilton Run, at 46860 Hilton Drive in Lexington Park, Md., for $117,000/unit, which indicates a 6.4% initial annual yield. CBRE closed the deal last week for the seller, Lone Star Funds of Dallas. It&rsquo;s the first purchase for Charger, which was started in August by...



MARKET SPOTLIGHT: Chicago Office Properties

Wed, 10 Oct 2018
The $2.6 billion of large sales in the first half exceeded the full-year 2017 volume of $2.1 billion. Another $1.4 billion of deals have since closed or gone under contract.Trophy offices traded at capitalization rates ranging from 4.75% to 5.5% in the first half, flat with the previous six months, according to CBRE. But cap rates for older Class-A properties ticked up slightly, to as high as 6.5% from 6.25%.The market has absorbed heavy new...



The Grapevine

Wed, 10 Oct 2018
Real estate pro Michael Klein founded his own shop this month. He&rsquo;s managing partner of BoundTrain Real Estate of Reston, Va. Klein was previously a managing director of investments at Washington-based Penzance Cos. He spent six-plus years there, most recently focusing on acquisition and development in Greater Washington. Before joining Penzance, Klein was at another Washington investment firm, Akridge Cos., for six and a half...



The Grapevine

Wed, 10 Oct 2018
Anjum Sharma joined Brookfield Asset Management this month as a senior vice president in Manhattan to oversee acquisitions and dispositions from New York to Boston. She had been a senior vice president of acquisitions at Bluerock Real Estate, where she spent the last three years. Before that, she was an acquisitions associate at Starwood Capital for just over two...



The Grapevine

Wed, 10 Oct 2018
Aegon Real Assets US has added another senior director. Cameron Jones started last month as head of real estate acquisitions. She reports to Phil McAndrews, head of real estate equity. Jones, based in Irvine, Calif., will scout property deals nationwide. She spent the past 12 years at TIAA unit TH Real Estate, where McAndrews was chief investment officer before moving to Aegon earlier this year. As previously reported, the unit of...



The Grapevine

Wed, 10 Oct 2018
Bobby Ghiselli recently left his post as a managing director at Ascentris in Denver, and the word is he&rsquo;s launching his own real estate investment shop there. Ghiselli oversaw West Coast acquisitions, asset management and dispositions across asset classes for Ascentris, which he joined just over six years ago when it operated as Amstar. Before that, he was a managing director of capital markets at Pacifica Enterprises of Rancho Santa Fe,...



The Grapevine

Wed, 10 Oct 2018
Eastdil Secured has hired Mack Freudenstein as a vice president in Atlanta to work on office investment sales. He moved over within the past few weeks from Atlanta-based Goddard Investment, where he spent nearly two decades and most recently was a principal. Eastdil&rsquo;s office team in the Sunbelt last week saw the resignations of its former chief, Michael McDonald, and director Jonathan Napper in Dallas, who both jumped to Cushman &...



The Grapevine

Wed, 10 Oct 2018
Cerberus Capital has opened its first West Coast real estate office. The New York firm last month dispatched Tyler Rothenberg, a senior vice president and eight-year veteran of the company, to Los Angeles. He&rsquo;s responsible for scouting out real estate investments on the West Coast as Cerberus seeks to ramp up its acquisition activity in the region.



The Grapevine

Wed, 10 Oct 2018
Danny Matz joined advisory firm Mission Capital last month. He&rsquo;s a director in the debt and equity finance group of the Santa Monica, Calif., firm, responsible for business development and structuring deals. He reports to principal Jordan Ray. Matz was previously at RealtyShares of San Francisco and had prior stints at Ready Capital Structured Finance, Loews Corp., Mesa West Capital and ING Real Estate...



ON THE MARKET

Wed, 10 Oct 2018
RETAIL:Property: Kenmore Row, BostonSize: 36,000 sf, 88% occupiedEstimated Value: $65 millionOwner: Novaya Real Estate Ventures, BostonBroker: HFFColor: Two-story retail condominium at base of Hotel Commonwealth, in Kenmore Square near Fenway Park and Boston University. Weighted average remaining lease term: 7.7 years. Space anchored by restaurants Eastern Standard and Island Creek Oyster...



Cushman Raids Eastdil Again, Snags 3 Brokers

Wed, 03 Oct 2018
Aggressively resuming the expansion of its capital-markets operation, Cushman & Wakefield has picked off three more top brokers from rival Eastdil Secured.Michael McDonald, after spending nearly two decades at Eastdil, resigned on Sunday to join Cushman as a vice chairman in Dallas. McDonald was the longtime head of office investment sales across the Southeast and in Texas at Eastdil, where he was a managing director. He has similar duties at...



Stellar Pitches Redeveloped Complex in SoHo

Wed, 03 Oct 2018
A Stellar Management partnership is offering a recently redeveloped Manhattan office complex with an estimated value of $1.2 billion.The roughly 800,000-square-foot property, known as One SoHo Square, is 86% occupied. The complex encompasses two renovated pre-war buildings and a new glass structure that connects them.The estimated valuation works out to about $1,500/sf. Cushman & Wakefield is representing Stellar, a New York investment shop led...



Startup, Silverpeak Map Rental-Buying Spree

Wed, 03 Oct 2018
A new investment shop is teaming up with Silverpeak Real Estate to acquire up to $1 billion of apartment properties over the next five years.Winmar Capital was co-founded this spring by Kevin Smith, former senior vice president and acquisitions partner at Jefferson Apartment Group of McLean, Va., and Edwin Villegas, president and chief executive of Washington-based Winmar Construction. The new firm, also in Washington, is targeting value-added...



Denver Office Prices Keep Climbing

Wed, 03 Oct 2018
Price records aren&rsquo;t lasting very long in Denver.The $724-a-square-foot high set in December was just topped by a Lincoln Property partnership&rsquo;s agreement to pay about $735/sf for the 109,000-sf North Wing Building, at 1705 17th Street. And a new listing could blow past that mark. A J.P. Morgan Asset Management partnership is marketing the 300,000-sf trophy office building at 1601 Wewatta Street, which market pros estimate could...



Big Medical-Office Bundle Hits Block

Wed, 03 Oct 2018
Developer Landmark Healthcare is shopping a national portfolio of well-leased medical offices that&rsquo;s expected to fetch bids topping $750 million.The offering encompasses 1.5 million square feet at 14 properties spread across the South, Southeast, Midwest and Mid-Atlantic. Most were developed by Landmark over the last decade. The $500/sf valuation is in line with recent sales of medical-office portfolios, which are attracting increasing...



Fort Lauderdale Luxury Rentals Listed

Wed, 03 Oct 2018
Related Group is marketing a new luxury apartment tower that could break the price record in Florida.The 272-unit building, in Fort Lauderdale, is expected to attract bids of roughly $230 million, or $846,000/unit. That indicates an initial annual yield of up to 4.5%. Cushman & Wakefield is representing Related, a Miami developer.The offering is expected to attract broad interest from institutional investors, given that it is a rare opportunity...



Blackstone Marketing Gramercy Offices

Wed, 03 Oct 2018
Blackstone is shopping 17 office properties that it will assume via its pending $7.6 billion takeover of Gramercy Property.The New York fund giant has hired HFF to market a 2.9 million-square-foot portfolio, consisting mostly of single-tenant buildings in or near major cities in Florida, Illinois, New Jersey, North Carolina, Ohio, Tennessee and Texas.Blackstone has already lined up a buyer for a 300,000-sf office property in Pennsylvania. Details...



Extell Shops New Manhattan Rentals

Wed, 03 Oct 2018
Gary Barnett&rsquo;s Extell Development is marketing a new luxury apartment complex in Manhattan&rsquo;s East Village that could attract bids of up to $250 million.The three connected buildings, at 500-530 East 14 Street, encompasses 110 market-rate units, 50 apartments for income-restricted residents and roughly 56,000 square feet of retail space.CBRE is representing New York-based Extell, which began construction in 2014. Bids could value the...



Watt Pitches Leasing Play Near LA

Wed, 03 Oct 2018
Investors are getting a crack at a Los Angeles-area office building that&rsquo;s only 62% leased.The 111,000-square-foot property, at 3000 South Robertson Boulevard in Culver City, Calif., is expected to attract bids of about $50 million, or $450/sf. Newmark is representing the owner, Watt Investment of Santa Monica, Calif.The four-story building, which was constructed in 1986, was converted from traditional to &ldquo;creative&rdquo; office space...



Suburban NY Apartments Available

Wed, 03 Oct 2018
A PGIM Real Estate partnership is pitching a new waterfront apartment building in New York&rsquo;s Westchester County that&rsquo;s nearly stabilized.The 324-unit property is at 20 Water Grant Street, alongside the Hudson River in Yonkers. It&rsquo;s expected to attract bids near $165 million, or $509,000/unit. That would generate an initial annual yield of roughly 5%. HFF is representing PGIM and its partner, Dallas-based Mill Creek...



Palo Alto Offices Fetch Top Dollar

Wed, 03 Oct 2018
An office building in Palo Alto, Calif., is under contract at a sky-high valuation.C.M. Capital has agreed to buy the 57,000-square-foot property from a joint venture between Blox Ventures and Law & Associates for roughly $120 million, or $2,105/sf. All three firms are locally based. Newmark is brokering the sale.The Class A-property, at 530 Lytton Avenue, is fully leased. The weighted average remaining lease term was nine years when Newmark...



Buyer Plans Upgrades at Calif. Hotel

Wed, 03 Oct 2018
A Square Mile Capital partnership last week paid $154 million for the leasehold interest in a Santa Monica, Calif., hotel that it plans to lift to upper-upscale status.The New York fund operator teamed up with Westmont Hospitality of Houston to acquire the 253-room DoubleTree Suites Santa Monica from a partnership between Merion Realty of Wynnewood, Pa., and Procaccianti Group of Providence, R.I.JLL brokered the deal, which also included two...



Palatine Closes 3rd Value-Added Fund

Wed, 03 Oct 2018
Palatine Capital has raised $319 million of equity for its third real estate fund.The New York investment manager, which wrapped up fund raising last week, is shooting for a 15% return by investing in value-added apartment, senior-housing, self-storage and parking properties.The vehicle, Palatine Real Estate Fund 3, can buy, develop or redevelop properties. It can also acquire distressed debt, usually with an eye toward assuming control of the...



Brookfield Touts Upside at LA Offices

Wed, 03 Oct 2018
Brookfield Asset Management is marketing an office complex in California&rsquo;s San Fernando Valley as a leasing play.The 886,000-square-foot Corporate Pointe at West Hills, in the West Hills neighborhood of Los Angeles, is expected to fetch $175 million, or $198/sf. Newmark has the listing.The Class-A complex is 79% leased. That&rsquo;s well below the 89.6% average for the surrounding Western San Fernando Valley submarket &mdash; a figure that...



Deal Struck for Boston Retail Bundle

Wed, 03 Oct 2018
Asana Properties has agreed to pay Jamestown about $300 million for a retail-dominant portfolio in Boston&rsquo;s high-end shopping district, setting the stage for the largest retail trade in the city&rsquo;s history.The portfolio encompasses 64 retail storefronts, 30 office suites and 51 residential units in 21 buildings along Newbury Street in the upscale Back Bay neighborhood. The space is close to full occupancy, according to market...



Value-Added Houston Offices Shown

Wed, 03 Oct 2018
Investors are getting a crack at two Houston office listings &mdash; each valued at about $100 million &mdash; that are leasing plays.TIER REIT is marketing the 825,000-square-foot Eldridge Place complex in the Energy Corridor. And Unilev Capital is shopping three Class-B buildings in the Galleria submarket, totaling 544,000 sf, that must be acquired as a package. The estimated values work out to $121/sf for Eldridge Place and $184/sf for...



Redevelopment Play in Westchester

Wed, 03 Oct 2018
Avon Products is marketing a multi-use building in New York&rsquo;s Westchester County as a redevelopment play.Avon announced this month that it plans to vacate the 176,000-square-foot property, which houses a data center, office space and a distribution center. The two-story building, at 601 Midland Avenue in affluent Rye, N.Y., is on an 18-acre site that includes a wooded parcel that could be developed.The property, valued at around $30...



Renovated Hilton on Block in Tampa

Wed, 03 Oct 2018
CrossHarbor Capital has listed a Hilton hotel in Tampa that has undergone a recent round of renovations.The 520-room Hilton Tampa Downtown could fetch bids of about $145 million, or $279,000/room, according to market pros. CrossHarbor, a Boston investment manager, has given the listing to HFF.The upper-upscale hotel is being offered unencumbered by a management contract. It has undergone $21 million of renovations since 2013, when it was...



NEW DEALS

Wed, 03 Oct 2018
San Diego Residential LandHolland Partner Group this month paid $75 million for four parcels in San Diego that the Vancouver, Wash., firm plans to redevelop as an apartment complex with up to 840 units. The sites, a mix of parking lots and buildings slated for demolition, total 10 acres. They are within the 40-acre grounds of Town and Country Resort, which the seller plans to reposition. JLL marketed the parcels for a joint venture between Loew...



MARKET SPOTLIGHT: Houston-Area Office Properties

Wed, 03 Oct 2018
First-half sales plunged 39% from a year earlier, far exceeding the 8% national decline. While the second half started off sluggishly, local pros cite an uptick in requests for property valuations. That could foreshadow an increase in listings.The average occupancy rate has declined for 14 straight quarters, falling to 75.5% at midyear, according to JLL. But new supply is a dwindling threat. Construction is at its slowest pace since 2010, with...



The Grapevine

Wed, 03 Oct 2018
Longtime broker Kennedy Hicks is leaving Eastdil Secured to become head of investments at Cousins Properties. She&rsquo;ll start next month as senior vice president at the Atlanta REIT, which develops, acquires and manages Class-A office properties across the Sun Belt. Hicks is making the leap after nearly nine years at Eastdil, where she was a managing director on the investment-sales team headed by Michael McDonald, who just moved to Cushman &...



The Grapevine

Wed, 03 Oct 2018
Vice president Liah Chin has left Artemis Real Estate to co-head a new firm. Chin spent the past five years in the New York office of Artemis, a Chevy Chase, Md., fund shop. She departed last week to launch Avela Real Estate of New York, along with Etienne Paris, who worked at Innovo Property until earlier this year. Avela will focus on investments in New York, Austin and South Florida. Chin had prior stints at Praedium Group and Sorin...



The Grapevine

Wed, 03 Oct 2018
Multi-family sales broker Martin Hansberry has re-launched his namesake brokerage shop. He founded Nashville-based Hansberry Properties in 2011, paused operations in 2015 and reopened it last week. His title is principal, and he has two employees. The firm focuses on advising family offices and private equity funds across the country on real estate investments. Hansberry most recently was a Nashville-based director at Berkadia for about two...



The Grapevine

Wed, 03 Oct 2018
Eitan Horwitz joined Silverstein Properties last week as an asset manager at the investment shop&rsquo;s New York headquarters. He reports to Lisa Bevacqua, senior vice president and director of asset management. Horwitz had been assistant vice president of asset management at RXR Realty of Uniondale, N.Y., where he spent the past three years. He had a prior stint at Wells...



The Grapevine

Wed, 03 Oct 2018
Retail investor Unibail-Rodamco-Westfield added Max Hecht as an operating analyst in New York last month. He was previously an asset-management and development analyst at Jamestown, where he worked for nearly two years.



The Grapevine

Wed, 03 Oct 2018
John Valladares started at Slate Property of New York last week as a vice president of development, focusing on projects involving affordable housing and rezoning. He spent the last three and a half years at BFC Partners of Brooklyn as a development associate. Slate acquires, develops and repositions mostly multi-family properties in the New York area.



The Grapevine

Wed, 03 Oct 2018
Ellen Kackmann joined Albanese Organization of Garden City, N.Y., last month as a vice president of affordable and workforce housing. Kackmann has spent the last 10 years overseeing development and real estate on behalf of several nonprofits and other organizations that provide housing for low-income and other needy residents in the New York area, including Comunilife and NYC Housing...



The Grapevine

Wed, 03 Oct 2018
Landmark Partners has hired Kaitlin Stenson as an associate in its real estate group. She jumped last month from Tishman Speyer and is based in Boston for Landmark, a Simsbury, Conn., fund shop. Stenson spent four years at Tishman and was an acquisitions associate, helping with portfolio management and underwriting for office, multi-family and mixed-use assets. Before that, she worked at Goldman Sachs as a real estate investment-banking...



ON THE MARKET

Wed, 03 Oct 2018
RETAIL:Property: Green at Lakewood Ranch, 11525 East State Road 70, Lakewood Ranch, Fla.Size: 123,000 sf, 90% leasedEstimated Value: $52 millionOwner: Tavistock Group, Windermere, Fla.Broker: JLLColor: New strip center will be fully occupied as of Jan. 1. Weighted average remaining lease term: 13 years. Anchors Earth Fare, an organic grocer, and LA Fitness have 20-year initial terms. Other tenants include Panera Bread. Some 60,000 vehicles pass...



Blackstone to Flip $2.2 Billion of Warehouses

Wed, 26 Sep 2018
As Blackstone finalizes its $7.6 billion takeover of Gramercy Property, it is seeking to flip roughly $2.2 billion of the REIT&rsquo;s industrial properties via multiple portfolio offerings.The sales will involve core and core-plus distribution centers that are well-leased &mdash; a profile that&rsquo;s in high demand from investors.The fund giant has listed eight portfolios: five with CBRE, two with Cushman & Wakefield and one with Newmark....



WeWork Staffing Up for Property Purchases

Wed, 26 Sep 2018
WeWork is building up its real estate acquisitions staff as it looks to become a significant player in the office-investment market.The shared-workspace provider, which last week became Manhattan&rsquo;s largest office tenant, has just hired three capital-markets pros at its New York headquarters. It has also recently emerged as an active bidder for buildings in the city, and brokers say WeWork is scouting potential deals in other markets,...



Invesco Eyes 50% Stake in NY Rental Portfolio

Wed, 26 Sep 2018
Invesco Real Estate is in talks to buy a 50% interest in five Manhattan apartment properties valued at roughly $1.2 billion.The 1,928-unit portfolio is solely owned by AvalonBay Communities of Arlington, Va. The REIT shopped the 50% stakes via Cushman & Wakefield. Dallas-based Invesco emerged as the lead bidder and has begun negotiating the purchase agreement.The portfolio encompasses a pair of two-building complexes and three single buildings....



Pimco Pitching Offices in San Jose

Wed, 26 Sep 2018
After landing a big technology tenant, a Pimco partnership is shopping a San Jose office complex that could fetch $500 million.The 604,000-square-foot property is fully leased to computer-chip maker Micron Technology under a 16-year contract. At the estimated value of $828/sf, a buyer&rsquo;s initial annual yield would be in the vicinity of 5.25%. Newmark is handling the offering for Pimco, the Newport Beach, Calif., investment giant, and Lane...



PGIM Showing Apartments in NJ, Pa.

Wed, 26 Sep 2018
A PGIM Real Estate joint venture is pitching three New Jersey and Pennsylvania apartment properties that could appeal to value-added investors.The complexes, encompassing 822 units that are 93% occupied, are worth about $262 million, or $319,000/unit. At that price, the capitalization rate would be near 5.3%. Investors can bid on individual properties or any combination. HFF is representing PGIM and its partner, Korman Communities of...



Portland High-Rise Rentals Available

Wed, 26 Sep 2018
Bentall Kennedy is shopping a luxury multi-family property in Portland, Ore., with an estimated value of $150 million.The 323-unit Ardea, at 3720 Southwest Bond Avenue, consists of a 30-story apartment tower and a retail/garage building. HFF is representing the Toronto investment manager.The property was completed in 2008 by a Gerding Edlen partnership, which had planned it as a condominium project before the market crash. Bentall Kennedy...



Mass. Lab Space Fetches Top Dollar

Wed, 26 Sep 2018
Escalating rents in suburban Boston have driven valuations of laboratory space to new highs.Morgan Stanley Real Estate has just acquired a majority stake in a Waltham, Mass., complex in a transaction that values the 330,000-square-foot property at $727/sf, or $240 million. That&rsquo;s the second sale this year that exceeded the previous per-foot high of $717/sf for lab space in the suburbs.But here&rsquo;s the kicker &mdash; the Waltham property...



2 Denver Offices With Upside in Play

Wed, 26 Sep 2018
Separate owners are pitching two Class-A office towers as attractively priced entry points into up-and-coming sections of downtown Denver.The properties&rsquo; estimated per-foot valuations are less than half of the $700/sf-plus levels of the top buildings in the nearby LoDo, or Lower Downtown, neighborhood. That area has seen red-hot demand from tenants and investors that&rsquo;s starting to spill over to other parts of the Central Business...



Luxury Conn. Apartments Hit Market

Wed, 26 Sep 2018
A new luxury apartment building in Connecticut is expected to attract bids of about $70 million.Heirloom Flats, in Bloomfield, has 215 units that are 94% occupied. At the estimated value of $326,000/unit, the initial annual yield would be in the neighborhood of 6%. Walker & Dunlop has the listing.Post Road Residential of Fairfield, Conn., completed the property last year. The building benefits from a 100% tax abatement through 2026.The five-story...



Spear Street Tees Up Offices in Mass.

Wed, 26 Sep 2018
Spear Street Capital is marketing the leasehold interest in a suburban Boston office property that&rsquo;s fully occupied.Bids for the 273,000-square-foot Wellesley Gateway, in Wellesley, Mass., are expected to come in around $110 million, or $403/sf. Eastdil Secured has the listing.Spear Street, a San Francisco fund operator, bought the building in 2016 for $87.5 million, or $321/sf. At the time, it was nearly fully leased, but the occupancy...



PGIM Re-Lists Offices Near High Line

Wed, 26 Sep 2018
A PGIM Real Estate partnership once again is looking to sell a Manhattan office property next to the High Line elevated park.The three connected buildings, at 511, 521-531 and 541 West 25th Street, total 195,000 square feet, including 33,000 sf of retail space. Bids could come in at about $175 million. Cushman & Wakefield has the assignment.PGIM and its local operating partner, L&L Holding, listed the property last year with Savills Studley, but...



Well-Leased Richmond Offices for Sale

Wed, 26 Sep 2018
A Class-A office building that&rsquo;s close to fully occupied is on the market in Richmond, Va.The 355,000-square-foot Deep Run 3 is expected to draw bids of about $56 million, or $158/sf, which would produce a 7.5% initial annual yield. The owner, Markel Eagle Partners, has given the listing to Cushman & Wakefield&rsquo;s local affiliate, Thalhimer.The building, formerly the headquarters of defunct retailer Circuit City, was vacant when Markel...



Equity Sought to Buy Distressed Assets

Wed, 26 Sep 2018
An investment manager is seeking to raise $200 million of equity for a fund that would acquire distressed real estate assets nationwide.Cygnus Capital Real Estate would shoot for a 10-12% return by purchasing nonperforming mortgages, foreclosed properties, tax liens and other instruments related to commercial and residential real estate. The vehicle, Cygnus Property Fund 5, would use limited leverage to boost its buying power.While commercial...



Renovated Utah Offices Up for Grabs

Wed, 26 Sep 2018
A local firm is pitching two recently renovated, historic office buildings in downtown Salt Lake City that could fetch a combined $40 million.The 105,000-square-foot Clift Building and the 55,000-sf Felt Building are being pitched as a package, with an estimated value of $250/sf. Overall, the space is 95.6% leased. Newmark has the listing.The seller, Mountain Classic Real Estate, spent $13 million on renovations that were completed last year. The...



Raleigh Distribution Center Available

Wed, 26 Sep 2018
Investors are getting a crack at a fully occupied bulk-distribution complex in the Raleigh area whose tenants include Coca-Cola.The 785,000-square-foot Carolinas Distribution Center, in Clayton, N.C., could attract bids of $50 million, or $64/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.3%. HFF is representing the owner, Crown West Realty, a subsidiary of New York investment firm Petrus Capital.The property, constructed in...



Renovated West Loop Offices on Block

Wed, 26 Sep 2018
A Walton Street Capital joint venture has listed two office buildings in Chicago&rsquo;s West Loop that it repositioned as &ldquo;creative&rdquo; space.The offering encompasses the 107,000-square-foot building at 641 West Lake Street and the 79,000-sf building at 130 South Jefferson Street. They are about five blocks apart.The properties, which are being pitched as a package, could attract bids in the vicinity of $55 million, or $296/sf. That...



MARKET SPOTLIGHT: Philadelphia-Area Apartment Properties

Wed, 26 Sep 2018
New bidders have entered the market this year, including FPA Multifamily, Goldman Sachs and MetLife. They are attracted partly by the relatively high capitalization rates for Class-A core properties &ndash; around 5%, versus about 4.5% in other second-tier markets like Atlanta and Raleigh.Some 7,100 apartments are under construction, including 5,100 scheduled to arrive within 12 months, according to Marcus & Millichap. But the forward pipeline...



The Grapevine

Wed, 26 Sep 2018
Veteran capital-raiser Gentry Hoit is now running her own shop. GAH Real Estate of New York formally opened this month to provide real estate consulting and advisory services. Hoit was most recently a partner at New York fund operator GreenOak Real Estate, where she spent about two years before leaving in June. Before that, she had stints at Park Madison Partners, Atlantic Assets, Rubenstein Partners, Shorenstein Properties and...



The Grapevine

Wed, 26 Sep 2018
Aegon Real Assets US has added a senior director. Michael O&rsquo;Shea joined last month in Chicago to work on investor relations and on lining up capital for the firm&rsquo;s institutional investment programs. He reports to managing director Lynn Ambrosy, who is responsible for capital-raising, investor development, relationship management and fund management for the insurer. O&rsquo;Shea joined from First Capital of Wheaton, Ill, where he was...



The Grapevine

Wed, 26 Sep 2018
Paulee Halloran has joined multi-family investment shop Kairoi Residential. She started last month at its San Antonio headquarters as vice president of asset management, focusing on development. She reports to president of development Daniel Zunker. Kairoi is an owner-operator that has developed roughly $1.6 billion of properties since 2006. Halloran previously spent nearly five years as vice president of asset management in the Mill Valley,...



The Grapevine

Wed, 26 Sep 2018
Net-lease advisory firm B+E has hired Kane Morris-Webster as a senior director in Orlando. She started this month, brokering sales of single-tenant properties. She was previously senior director of investments at LandQwest Commercial of Orlando and, before that, worked at Colliers International. B+E, a New York firm founded last year, is led by chief executive Camille Renshaw and has been actively building out its...



The Grapevine

Wed, 26 Sep 2018
Rebecca Lewis Flemming joined Park Hotels & Resorts last month as a vice president of feasibility and investment analysis. She spent the last four years as a vice president in Wells Fargo&rsquo;s hospitality finance group. Before that, she was an assistant vice president at LaSalle Hotel Properties, where she worked for almost four years. Park Hotels, based in Tysons, Va., formed last year as Hilton Hotels & Resorts spun out the properties it...



The Grapevine

Wed, 26 Sep 2018
Halpern Real Estate Ventures continues to expand its acquisition team. Andreas Michaels joined this month as a vice president at the shop&rsquo;s New York headquarters. He came from Hudson Capital Properties, also of New York, where he was a director of acquisitions. Michaels&rsquo; background also includes stints at Maxim Capital and Duff & Phelps. Last month, Halpern hired Marc Kramer as a senior associate for acquisitions. The firm was founded...



The Grapevine

Wed, 26 Sep 2018
Shorenstein Properties wants to add an associate to its multi-family investments group. The recruit would be based at the fund shop&rsquo;s San Francisco headquarters and focus on development and acquisitions, reporting to the group&rsquo;s managing director, Meg Spriggs. Applicants should have at least three years of experience.



ON THE MARKET

Wed, 26 Sep 2018
MULTI-FAMILYProperty: 1400 Main at Southpointe Town Center, 1400 Main Street, Canonsburg, Pa.Size: 376 units, 93% occupiedEstimated Value: $80 million $213,000/unit, Yield: 5.5%Owner: GMH Capital, Newtown Square, Pa.Broker: HFFColor: Four-story luxury building completed in 2015, within an 825-acre master-planned development about 14 miles southwest of Pittsburgh. In-place rents average $1,471. Asking rents are 5.3% higher. Units have 1-2 bedrooms...



Blackstone Scoops Up "Last-Mile' Portfolio

Wed, 19 Sep 2018
Blackstone has agreed to pay roughly $950 million to buy a 13.3 million-square-foot industrial portfolio in the Southeast from MDH Partners and Harvard University&rsquo;s endowment.Most of the 104 properties are smaller, &ldquo;last-mile&rdquo; warehouses in urban areas. At the estimated price of $71/sf, the initial annual yield would be just under 6%.CBRE and Eastdil Secured marketed the package for Harvard and Atlanta-based MDH, which began...



DC Office Sales Surge After Sluggish Half

Wed, 19 Sep 2018
What started out as a slow year for Washington office sales is now on course to rank among the busiest of the past decade.Some $1.4 billion of large properties have traded hands or gone under contract already in the second half &mdash; and a whopping $3 billion of properties have hit the block (see Market Spotlight on Page 11). Market pros say there&rsquo;s more to come.If just half the current listings resulted in sales that closed by yearend,...



Unizo Picks Buyers for 2 Midtown NY Offices

Wed, 19 Sep 2018
Unizo Holdings has struck preliminary agreements to sell two Midtown Manhattan office buildings for at least $440 million in total.A partnership between TIAA unit TH Real Estate and Taconic Investment of New York has emerged as the winning bidder for the roughly 400,000-square-foot building at 440 Ninth Avenue. It&rsquo;s unclear if the duo has signed a formal contract yet, but the price being discussed was north of the expected, or...



Servicer Dealing Toys R Us Portfolio

Wed, 19 Sep 2018
A special servicer is marketing 89 former Toys R Us stores with an estimated value of up to $425 million.The properties encompass 3.8 million square feet and average 42,000 sf. Seventy-eight are vacant. The other 11 are occupied by third parties, mostly under short-term leases that generate about $1.6 million of annual revenue.The special servicer, Wells Fargo, foreclosed on the properties after Toys R Us defaulted on a securitized mortgage....



Oregon Pension to Buy NY Offices

Wed, 19 Sep 2018
Oregon Public Employees has agreed to buy a Midtown Manhattan office building from Blackstone for about $282 million.The 350,000-square-foot property, at 114 West 41st Street, is 91% occupied. The purchase price of about $805/sf will produce an initial annual yield of around 4.5% for the pension, which is advised by Clarion Partners of New York. But the looming departure of a tenant that leases 18% of the space at a significantly below-market...



DC Offices Ripe for Repositioning

Wed, 19 Sep 2018
Liberty Property is pitching a downtown Washington office building as a potential expansion and repositioning play.The 300,000-square-foot building, at 2100 M Street NW, is 60% occupied, and almost all of the existing leases expire by March 2020. A recent zoning change allows expanding the property to 415,000 sf. A buyer would be able to empty the eight-story property, expand and reposition it to better compete for tenants.The listing is expected...



Value-Added Office Play in Charlotte

Wed, 19 Sep 2018
A Barings partnership is pitching a Charlotte office building suitable for value-added investors.The 547,000-square-foot property, at 101 North Tryon Street, could attract bids of about $170 million, or $311/sf. HFF is representing Barings, a Charlotte investment-management unit of MassMutual, and its partner, LRC Properties of Rye Brook, N.Y.The 20-story building is in Uptown, the city&rsquo;s Central Business District. It was constructed in...



High-Yield Campuses Listed in Pa.

Wed, 19 Sep 2018
SEB ImmoInvest is pitching two office campuses in suburban Philadelphia to value-added investors.The offering encompasses the 1.1 million-square-foot Chesterbrook Corporate Center in Tredyffrin Township, Pa., and the 255,000-sf Glenhardie Corporate Center, three miles away in Wayne, Pa. Their combined value is about $200 million, or $151/sf. Investors can bid on either or both properties. CBRE is representing the seller, a German fund...



Class-A Offices Available in Atlanta

Wed, 19 Sep 2018
Investors are getting a shot at a Class-A office building in Atlanta&rsquo;s Buckhead section that could attract bids of $169 million.The property, at 3475 Piedmont Road NE, has 433,000 square feet of space that&rsquo;s 90% occupied. At the estimated value of $390/sf, the initial annual yield would be in the low 5% area. Eastdil Secured is representing the seller, a partnership between New York fund shop Siguler Guff and Crocker Partners of Boca...



Atlanta Offices Pitched With Upside

Wed, 19 Sep 2018
An office building in Atlanta&rsquo;s Buckhead district is being marketed as a leasing play.Bids for the 300,000-square-foot building, at 3535 Piedmont Road NE, could come in around $60 million, or $200/sf. HFF is marketing the property for Lone Star Funds of Dallas.The marketing campaign touts the 79%-occupied building as a &ldquo;rare lease-up opportunity&rdquo; in the Buckhead submarket, where the average occupancy rate is 88%. The going-in...



Value-Added Rentals for Sale in NJ

Wed, 19 Sep 2018
A garden-style apartment complex in Central New Jersey is being pitched as a value-added play.The Crest at Princeton Meadows, in Plainsboro, N.J., has 704 units that are 98% occupied. Its value is estimated at $160 million, or $227,000/unit, which would generate a 5.3% initial annual yield. HFF is representing the owner, a joint venture between Harbor Group International of Norfolk, Va., and Azure Partners of New York.The property, on a 41-acre...



Upgraded DC Offices Hit Market

Wed, 19 Sep 2018
Paramount Group has teed up an office property in Washington&rsquo;s East End on the heels of finding a buyer for another building in the nearby Capitol Hill submarket.The listed property &mdash; the 174,000-square-foot Liberty Place, at 325 Seventh Street NW &mdash; has been updated with trophy finishes and is near fully leased. Bids could be as high as $190 million, or $1,091/sf &mdash; a price that would generate a 4.75% capitalization rate....



NJ Life-Science Complex Up for Grabs

Wed, 19 Sep 2018
A New Jersey lab/office complex is on the market with an estimated value of $152 million.The listing encompasses 784,000 square feet in eight buildings at the New Jersey Center of Excellence office park in Bridgewater. The space is 86% leased by 13 life-science companies at below-market rents. Nestle Health Services is the anchor tenant, occupying 183,000 sf, or 23% of the total space, as its U.S. headquarters.The estimated value works out to...



Cerberus Showing Va. Office Bundle

Wed, 19 Sep 2018
A Cerberus Capital partnership has teed up a collection of office properties in Eastern Virginia that&rsquo;s valued at roughly $160 million.The package encompasses 1.3 million square feet at 22 properties in Chesapeake, Hampton and Virginia Beach, within the Hampton Roads region. At the estimated value of $121/sf, the initial annual yield would be roughly 8.5%.HFF is marketing the portfolio for New York-based Cerberus and its partner, Lingerfelt...



UK Recruiting Firm, US Pro Team Up

Wed, 19 Sep 2018
A London executive-search firm is joining forces with a veteran investment manager in order to expand its U.S. recruiting arm.Mark Antoncic has joined Sousou Partners as president, managing partner and head of the Americas. He is also negotiating to buy an unspecified interest in the company, led by chief executive and co-founder Ghada Sousou.The addition of Antoncic &ldquo;will allow us to significantly expand our U.S. platform,&rdquo; Sousou...



Suburban Boston Offices on the Block

Wed, 19 Sep 2018
Taurus Investment is rolling out a well-leased suburban Boston office building that&rsquo;s expected to draw bids approaching $55 million.The 175,000-square-foot One Newton Place is in Newton, Mass., one of the small cities immediately surrounding Boston. A sale at the estimated value of $314/sf would produce a 6.5% initial annual yield. Boston-based Taurus has given HFF the listing.The four-story building is 95% occupied by a mix of technology,...



LA-Area Offices Present Leasing Play

Wed, 19 Sep 2018
An Intercontinental Real Estate partnership is pitching a fully leased office complex near Los Angeles with rents that are significantly below the prevailing rate.The 76,000-square-foot Bristol 61, in Culver City, Calif., could attract bids of about $40 million, or $527/sf. That valuation could be attractive to investors, given that sales recently have topped $1,000/sf in other Westside Los Angeles County communities, such as Santa Monica and...



MARKET SPOTLIGHT: Washington Office Properties

Wed, 19 Sep 2018
A heavy pipeline of listings varies from well-stabilized trophies to buildings in need of leasing and renovation. All are drawing crowds of potential buyers.Some 6 million sf of space is under construction downtown, just 56% of which is pre-leased. JLL projects that the added supply will drive the Class-A occupancy rate down to 80% from 84% over the next 24 months and also put downward pressure on rents.Meanwhile, updated Class-B buildings that...



The Grapevine

Wed, 19 Sep 2018
Veteran investment banker Kevin Stahl has left JLL and started his own shop. He&rsquo;s founder and managing principal of Skyhawk Capital, which advises clients on capital markets and strategy. Stahl had joined JLL as a managing director in 2016 to help expand the brokerage&rsquo;s M&A advisory business. He previously had a brief stint as an executive managing director at net-lease brokerage Stan Johnson Co. Before that, he was a partner and head...



The Grapevine

Wed, 19 Sep 2018
Fund-raising pro Patricia Riordan Chalian has joined M20 Private Fund Advisors as a principal. She started this month at the boutique investment-banking firm in White Plains, N.Y. Chalian previously was a New York-based principal for global placement agent First Avenue Partners, responsible for North America. She also had stints at Forbes Private Capital, Apollo Global Management, J.P. Morgan Private Bank, Evercore Partners and Lehman...



The Grapevine

Wed, 19 Sep 2018
Multi-family shop Ashcroft Capital this month hired Scott Lebenhart as its director of acquisitions, based in its New York headquarters. The firm, which targets value-added deals above $20 million, owns a roughly 5,000-unit portfolio in Texas. Lebenhart is tasked with expanding its footprint to other states. He previously was a director in the acquisitions group of New York-based DRA Advisors, where he spent 11 years. Before that, he was an...



The Grapevine

Wed, 19 Sep 2018
Healthcare real estate specialist Hammes Partners has hired a vice president focused on development. Katherine Newman started two weeks ago in Dallas, reporting to principal Todd Kibler. The Brookfield, Wis., fund operator held a final close at yearend on $687 million of equity for its Hammes Partners 3 value-added vehicle. Newman previously was a development manager at niche investment firm Caddis Partners of Dallas, which she joined in 2015....



The Grapevine

Wed, 19 Sep 2018
White Point Partners has added a vice president. Justin Trowbridge started last month at the Charlotte firm, which pursues value-added acquisition and development deals across the Southeast. He reports to partners Erik Johnson and Jay Levell. Trowbridge previously worked in the real estate and lodging investment-banking group at J.P. Morgan and before that at Arlington, Va., developer Clark Realty...



The Grapevine

Wed, 19 Sep 2018
Angela Tsai left Advance Realty this month to join Brooksville Co. of New York as a vice president of asset management. Tsai was a director of asset management at Advance, a Bridgewater, N.J., investment shop, for about a year. She previously was a senior vice president at Eastdil Secured, where she spent seven years. Brooksville, founded in 2016 by former CWCapital managing director Andrew MacArthur, manages large New York apartment properties...



The Grapevine

Wed, 19 Sep 2018
CPP Investment Board has hired a real estate investment analyst in Manhattan. Lee Sager started this month at the management unit of Canada Pension Plan, following a stint as an acquisitions analyst in the local office of Atlanta-based investment manager Jamestown. CPP&rsquo;s New York office is headed by managing director Hilary Spann, who oversees real estate investments in the...



ON THE MARKET

Wed, 19 Sep 2018
MULTI-FAMILY:Property: Lost Lake, 8681 AC Skinner Parkway, JacksonvilleSize: 280 units, 96.4% occupiedEstimated Value: $50 million, $179,000/unitOwner: Inland Real Estate, Oak Brook, Ill.Broker: HFFColor: Garden-style complex, developed in 2014, could benefit from upgrades. Units have 1-3 bedrooms and average rent of $1,275. In Deerwood Park neighborhood, a suburban white-collar employment hub.MULTI-FAMILY:Property: Beaumont Grand, 8504 82nd...



Pebblebrook to Flip LaSalle Hotels in NY, SF

Wed, 12 Sep 2018
Pebblebrook Hotel has agreed to flip two hotels in New York and one in San Francisco in conjunction with its pending $5.2 billion takeover of LaSalle Hotel Properties.Last week&rsquo;s announcement of the buyout indicated Pebblebrook had found a buyer for three of LaSalle&rsquo;s hotels, without providing any details. Sources identified them as the 761-room Park Central Hotel in Manhattan, the adjoining 172-room WestHouse Hotel and the 681-room...



CBRE, Cushman Top Ranking of Land Sales

Wed, 12 Sep 2018
CBRE is the dominant broker of raw-land sales among commercial real estate brokerages in the U.S., according to a new ranking by Real Estate Alert.The company handled almost half of the aggregate volume in the first half, followed by Cushman & Wakefield, which had a 20.1% market share.The ranking, based on sales of undeveloped land valued at $10 million or more, details a highly concentrated market. CBRE, Cushman and the next two shops in the...



Investcorp Showing Renovated Seattle Offices

Wed, 12 Sep 2018
An Investcorp partnership is pitching a newly renovated Seattle office tower that&rsquo;s expected to command bids of about $310 million.The 41-story building, at 901 Fifth Avenue in the Central Business District, encompasses 537,000 square feet. With top new properties in the city commanding more than $900/sf, the listed tower&rsquo;s anticipated price of $577/sf could prove alluring to investors. At that valuation, the capitalization would be...



Luxury Stamford Apartments in Play

Wed, 12 Sep 2018
Building and Land Technology is offering two luxury apartment properties in Stamford, Conn., with a combined value of about $285 million.The buildings, across the street from each other, encompass 631 apartments. At the estimated value of $452,000/unit, the capitalization rate would be 5.4%. While the properties are expected to trade together, individual bids would be considered. Cushman & Wakefield is representing the Stamford developer.The...



Big Colo. Industrial Bundle for Sale

Wed, 12 Sep 2018
A rare offering of a large Colorado industrial portfolio is expected to fetch about $275 million.The listing encompasses 2 million square feet, the vast majority in the Denver area and the rest in Colorado Springs and Boulder. The estimated value works out to $141/sf. CBRE is representing Denver-based Etkins Johnson Real Estate, which prefers to find a single buyer for the package.Part of the pitch is that the offering provides an unusual...



New Apartments Shown in Jersey City

Wed, 12 Sep 2018
An AEW Capital partnership is marketing a luxury apartment property completed this year in Jersey City, N.J.Bids for the 377-unit Soho Lofts are expected to come in around $265 million, or $703,000/unit. At that estimated value, the initial annual yield would be 4.5%. HFF is representing AEW, a Boston fund manager, and its development partner, Manhattan Building of Hoboken, N.J.Marketing materials highlight the complex&rsquo;s proximity to, and...



CBRE: Senior Housing Still in Favor

Wed, 12 Sep 2018
Most senior-housing investors remain bullish on the sector and plan to increase their holdings, according to a new CBRE report.Nearly two-thirds, or 64%, of respondents to the CBRE U.S. Seniors Housing & Care Investor Survey said they plan to increase their portfolios over the next 12 months. That&rsquo;s up from 60% in last year&rsquo;s survey.Interest in the niche asset class &mdash; which includes independent-living, assisted-living and...



Deutsche Offers Silicon Valley Complex

Wed, 12 Sep 2018
Deutsche Asset Management is marketing a Silicon Valley office/R&D complex that is worth about $200 million, or $464 per square foot.Oakmead West encompasses seven buildings totaling 431,000 sf in Sunnyvale, Calif. CBRE has the listing.The Class-A complex is 96% occupied. The pitch is that a buyer could fill vacant space while taking advantage of upcoming lease expirations to boost rents, which are 23% below market levels.The property was built...



2 Boston Seaport Hotels Hit the Block

Wed, 12 Sep 2018
An Ares Management partnership is shopping the leasehold interest in two upscale select-service hotels near the Boston Convention and Exhibition Center.The 330-room Aloft and the 180-room Element, both completed in 2016, are side-by-side along D Street in the Seaport District. Together they&rsquo;re worth about $200 million, or $392,000/room, according to market pros. They can be acquired separately or as a package. HFF is marketing the...



Renovated Nashville Tower Available

Wed, 12 Sep 2018
Another large office property is on the block in Nashville.The 600,000-square-foot UBS Tower is expected to fetch bids of close to $140 million. At that $233/sf estimated value, the initial annual yield would be in the neighborhood of 6%.Cushman & Wakefield is marketing the building for Rubicon Equities. The local firm purchased the property in 2013 from special servicer LNR Partners for just $14.5 million. It then embarked on a $60 million...



Carlyle Team Shows Rentals Near DC

Wed, 12 Sep 2018
A Carlyle Group partnership is pitching a new apartment property in suburban Washington that&rsquo;s valued at about $100 million.The 333-unit building, directly across from a Metro commuter rail station in Rockville, Md., is 93% leased. The estimated value works out to $300,000/unit. HFF is representing Washington-based Carlyle and its development partners, EYA of Bethesda, Md., and Bozzuto Group of Greenbelt, Md.The five-story property, which...



Servicer Shops Seized Virginia Tower

Wed, 12 Sep 2018
Special servicer CWCapital has teed up an office tower from the troubled Skyline portfolio in Northern Virginia&rsquo;s Fairfax County.The 520,000-square-foot One Skyline Tower is part of an eight-property campus in Falls Church that Vornado Realty surrendered to the special servicer in 2016 after defaulting on $678 million of securitized debt.The fully occupied property, at 5107 Leesburg Pike, is listed with Cushman & Wakefield. Meanwhile,...



NEW DEALS

Wed, 12 Sep 2018
Chicago ApartmentsFPA Multifamily acquired a luxury apartment complex in Chicago for $114.3 million. The San Francisco fund operator paid $344,000/unit for The Lex, a 332-unit complex at 2138 South Indiana Avenue in the South Loop. HFF closed the deal Aug. 24 for Crescent Heights of Miami. The property is 95% occupied. Built in 2009, it encompasses a 35-story tower and a seven-story building. Units have 1-3 bedrooms and 900 square feet on...



NEW DEALS

Wed, 12 Sep 2018
California, Arizona Industrial PropertiesA joint venture between AXA Investment Managers and Bixby Land Co. acquired two industrial properties, in California and Arizona, in separate deals last month that totaled $60.4 million. The duo bought a recently completed and fully leased 387,000-square-foot warehouse at 3510 Carlin Drive in West Sacramento, Calif., for $33.1 million, or $85/sf. JLL brokered the sale for a partnership of Boston fund...



NEW DEALS

Wed, 12 Sep 2018
Raleigh OfficesBrookdale Group will see a 7.1% initial annual yield on its $56.3 million purchase last week of a 313,000-square-foot Raleigh office complex with leasing upside. The Atlanta firm paid $180/sf for the three buildings at WestChase Office Park. The marketing campaign said the property was projected to have a 79% occupancy rate at yearend, and that a buyer could boost its yield by filling vacant space. CBRE represented the seller,...



SKB Team Nabs Seattle-Area Offices

Wed, 12 Sep 2018
A ScanlanKemperBard partnership has agreed to pay $112 million for a Seattle-area office building.The 237,000-square-foot property, called 110 Atrium, is in downtown Bellevue, Wash. The deal values the Class-A building at $472/sf. Eastdil Secured marketed it for a joint venture between Lionstone Investments of Houston and Talon Private Capital of Seattle. Portland-based SKB&rsquo;s partner is Independencia Asset Management of Miami, a unit of...



Garage at LA Airport Hits Market

Wed, 12 Sep 2018
Amalgamated Bank is marketing a garage one block from Los Angeles International Airport that&rsquo;s valued at about $100 million.The eight-story QuickPark LAX, at 6200 West 98th Street, has 2,544 parking spaces that generate $7.4 million of annual net operating income, a figure that is projected to grow to $10.9 million by 2024. The bank, which assumed the property via foreclosure, has given the listing to Newmark.The 823,000-square-foot...



Kilroy Pitches Office Campus Near LA

Wed, 12 Sep 2018
Kilroy Realty is marketing a nearly fully leased office campus in suburban Los Angeles.The 225,000-square-foot complex, in affluent Calabasas, Calif., could attract bids of about $375/sf, or $84 million. Newmark is representing Los Angeles-based Kilroy, which developed the Class-A property in 2001.The three-building Calabasas Park Centre is 98% leased. None of the 38 tenants occupies more than 10% of the space. Leases on 52% of the space mature...



Florida Apartment Portfolio for Sale

Wed, 12 Sep 2018
Eight apartment complexes are up for grabs in Central and North Florida.The 1,060-unit portfolio is valued at roughly $150 million, or $142,000/unit, which indicates an initial annual yield of about 5.25%. Investors can bid on individual properties or any combination. Berkadia is representing the seller, McKinley Cos. of Ann Arbor, Mich.The garden-style communities are 97.5% occupied on average. Five are in the Tampa metropolitan area, two are in...



Builder Lists Charlotte Rental Towers

Wed, 12 Sep 2018
A developer is marketing a luxury high-rise apartment complex in Charlotte&rsquo;s Central Business District.The 672-unit SkyHouse Uptown, at 640 North Church Street, is valued north of $200 million, or $298,000/unit. It encompasses two 24-story buildings and a garage that were completed last summer. The seller, a joint venture between Atlanta firms Novare Group and Batson-Cook Development, has given the listing to JLL.The marketing campaign...



Boston-Area Offices Up for Grabs

Wed, 12 Sep 2018
AEW Capital has listed a well-leased office building near Boston that&rsquo;s expected to command bids of roughly $80 million.The 288,000-square-foot building, in Burlington, Mass., would generate a 6.75% capitalization rate at the estimated value of $278/sf. Newmark is representing Boston-based AEW, which oversees the property for an unidentified separate-account client.The Class-A building, at 25 Burlington Mall Road, is 88% occupied at...



Upgraded Chicago Offices on Market

Wed, 12 Sep 2018
An Angelo, Gordon & Co. partnership is marketing a Chicago office building that it renovated and leased up.The 488,000-square-foot property, at 200 West Jackson Boulevard in the West Loop, is expected to trade for around $170 million, or $348/sf. New York-based Angelo Gordon and its partner, White Oak Realty of Chicago, have given the listing to Eastdil Secured.The duo paid $73.3 million for the building in 2015, when the pending departure of its...



Family Dealing Midtown NY Offices

Wed, 12 Sep 2018
A local family is offering a Midtown Manhattan office building that could be worth $100 million.The 126,000-square-foot property, at 48 West 25th Street near the Flatiron District, is 92% occupied. At the estimated value of $794/sf, the capitalization rate would be a skimpy 3.25%. But the pitch is that a buyer could boost its return to the low 6% area within a few years by raising below-market rents as leases roll over. One floor of the 12-story...



MARKET SPOTLIGHT: Seattle-Area Office Properties

Wed, 12 Sep 2018
First-half sales surged by 25% to $1.7 billion, bucking the national decline. The trade of 202 Westlake Avenue North in May set a new per-foot record of $989/sf. Given the intense investor demand, a strong end to the year also seems to be in the cards.While Ponte Gadea has reached a preliminary agreement to buy the Troy Block complex from a USAA Real Estate partnership, the deal remains in flux. The buzz is that the two parties, while still...



The Grapevine

Wed, 12 Sep 2018
Investment-sales veteran Scott Melnick has launched his own boutique brokerage firm. Melnick Real Estate of Bethesda, Md., focuses on multi-family sales and on raising equity and debt for development projects. The initial focus is the Mid-Atlantic region, but the firm may open offices in other regions. Starting with five employees, it plans to increase the headcount in the coming months. Melnick most recently worked at Berkadia for about three...



The Grapevine

Wed, 12 Sep 2018
Jarett Kaplus has left fund operator Admiral Capital to join a new development-focused investment management shop. He started this week at Kandle, a nascent firm calling itself &ldquo;a technology-enhanced real estate partnership.&rdquo; Kaplus had been with New York-based Admiral since 2014 and in 2016 relocated to Seattle to open an office and scout investment opportunities in the Western U.S. Before joining Admiral, he ran Lubert-Adler...



The Grapevine

Wed, 12 Sep 2018
HFF has hired Huston Green as a managing director in Atlanta. He started last month, working on office sales in the Southeast. He reports to senior managing director Richard Reid, who co-heads the Atlanta office. Green previously spent nearly a decade at Colliers International, where he co-led the Atlanta team handling office sales. Earlier, he spent about two years as vice president at DTZ...



The Grapevine

Wed, 12 Sep 2018
Thao Tran has moved from Eastdil Secured to Ashkenazy Acquisition, as that New York firm continues to ramp up its acquisition efforts. Tran started last week as a director of acquisitions for the West Coast, based in Los Angeles. She concentrates on retail properties, but also seeks office, residential and hotel opportunities. Tran had been a senior vice president at Eastdil, where she spent 15 years as a retail-property broker. Tran&rsquo;s move...



The Grapevine

Wed, 12 Sep 2018
Industry veteran Arndt Nicklisch has left Amstar to join James Campbell Co. as chief investment officer, based in San Francisco. He started Monday at the Kapolei, Hawaii, investment shop, reporting to chief executive Tim Brauer. Nicklisch was a senior vice president focused on acquisitions at Denver-based Amstar. Before that, he ran his own shop, American Eagle Capital of New York. He had prior stints at Colony Realty, Boston Properties,...



The Grapevine

Wed, 12 Sep 2018
Brian Riggle started at Madison Capital last week as a vice president in its New York headquarters, focused on asset management. Riggle came from Winthrop Capital of New York, where he was a vice president and had worked on the liquidation of New York REIT. He also had a five-year stint at Clarion Partners, handling acquisitions and asset management.



The Grapevine

Wed, 12 Sep 2018
Kavita Mathews has joined the San Francisco office of ASB Real Estate as a vice president. She&rsquo;s tasked with lining up deals, working on asset management and developing relationships in the Western U.S. for the Bethesda, Md., investment manager. Mathews moved over in recent weeks from CIM Group of Los Angeles. She previously worked at Abu Dhabi Investment Authority and Goldman...



ON THE MARKET

Wed, 12 Sep 2018
OFFICE:Property: Maitland Promenade One, 485 North Keller Road, Maitland, Fla.Size: 230,000 sf, 98.1% occupiedEstimated Value: $55 million, $239/sf, Yield: 7.2%Owner: TA Realty, BostonBroker: Cushman & WakefieldColor: Five-story, Class-A building in suburban Orlando office park. Developed in 1999. The 20 tenants have a weighted remaining lease term of 3.9 years. In-place rents are 13% below market level. Amenities include a cafe, a conference...



The Grapevine

Wed, 22 Aug 2018
Meanwhile, Louis Bauer joined TH Real Estate this month as a senior director in Dallas, handling industrial acquisitions and development deals in the Midwest and East. He reports to Graydon Bouchillon, who oversees U.S. industrial investments. Bauer had been a vice president at Hillwood, where he spent nearly eight years. Before that, he was at Crow Holdings for two-and-a-half...



The Grapevine

Wed, 22 Aug 2018
Katz Properties has hired Shelley Anderson to open a Boston office and raise capital for the retail-focused New York firm. Anderson started last week as a managing director, charged with developing new relationships with institutional investors to boost Katz&rsquo;s buying power. She&rsquo;ll also work on marketing. She reports to managing partners Daniel Katz and Daniel Kaufthal. Anderson moved over from Boston-based Wilder Cos., where she was a...



The Grapevine

Wed, 22 Aug 2018
Multi-family shop Eagle Rock Advisors has hired Ronald Martin as head of asset management. He started last month as a senior vice president at the New York fund shop, which buys and manages value-added multi-family properties in Northeastern and Mid-Atlantic states. Martin jumped from the New York office of AvalonBay Communities, where he was a director in the redevelopment and asset-management group. He spent nearly a dozen years at the...



The Grapevine

Wed, 22 Aug 2018
Crowdfunding platform CrowdStreet has added a director to its investor-relations staff. Chris Pachinger started this week, reporting to vice president of investments Ian Formigle. He&rsquo;ll help the Portland, Ore., firm expand its roster of participating investors from roughly 2,000 wealthy individuals toward a goal of more than 10,000. Pachinger was previously a director at CircleUp, a financial-technology company in San Francisco. Before...



Offices Marketed Outside Philadelphia

Wed, 22 Aug 2018
Keystone Property is asking $37.5 million for two office properties in suburban Philadelphia.The properties, which encompass 204,000 square feet, are less than a half-mile apart in Blue Bell, Pa. Keystone is pitching them as a package via Avison Young. The asking price equals $184/sf.The buildings are among the eight office properties in the 70-acre Sentry Park development. Four Sentry Park, a 64,000-sf building at 400 Sentry Parkway, was...



Suburban Phila. Apartments in Play

Wed, 22 Aug 2018
An investment shop is marketing two apartment properties in suburban Philadelphia with value-added potential.The garden-style complexes encompass 565 units that are 98% occupied. They are being offered separately but could be purchased together. The estimated combined value is $71 million. Newmark is representing the owner, BET Investments of Horsham, Pa.The 318-unit Curren Terrace, at 1011 New Hope Street in Norristown, Pa., is expected to trade...



MARKET SPOTLIGHT: Nashville-Area Office Properties

Wed, 22 Aug 2018
Large sales more than doubled in the first half, to $329.9 million from $124.1 million a year earlier. The pending $140 million sale of One Nashville Place will push volume past last year&rsquo;s $437 million total.The average occupancy rate climbed 70 bp in the second quarter, to 90.1%. It was the largest quarter-to-quarter jump since the third quarter of 2016, according to CBRE.Corporate expansions are fueling demand for space. Philips and...



The Grapevine

Wed, 22 Aug 2018
Acquisitions pro Erin DiPaola Spears will join Heitman as an executive vice president, ending an eight-year run at Fifield Cos. She&rsquo;ll serve on the Chicago investment manager&rsquo;s acquisitions team, working on deals across all property sectors. Her start date is unknown. At Fifield, also based in Chicago, Spears worked on multi-family acquisitions as a senior vice president. She had previous stints atTranswestern Investment and J.P....



The Grapevine

Wed, 22 Aug 2018
TH Real Estate has hired Nikita Rao as a portfolio manager for an open-end multi-family fund. She started last week as a managing director in Washington. The vehicle she is working on is part of the TIAA unit&rsquo;s U.S. Cities Fund series. She reports to Rahul Idnani, global chief operating officer and head of portfolio management. Rao came from FCP, a Bethesda, Md., fund operator. She spent nine years there, most recently as a senior vice...



Waterfront Apartments on Block in Va.

Wed, 22 Aug 2018
A developer is shopping a luxury waterfront apartment property in Southeastern Virginia worth an estimated $32 million.The 137-unit East Beach Marina Apartments, in Norfolk, abuts a waterway that feeds into Chesapeake Bay. A sale at the $234,000/unit valuation would produce a 5.75% initial annual yield. Newmark has the listing for local investor Buddy Gadams&rsquo; Marathon Development.The Class-A property, at 4921 Pretty Lake Avenue, is 96.4%...



WeWork-Leased Seattle Offices Listed

Wed, 22 Aug 2018
A partnership is marketing a Seattle building that&rsquo;s fully leased to WeWork.The 75,000-square-foot property, at 500 Yale Avenue North, in the South Lake Union submarket, could attract bids of about $725/sf, or $54 million. That valuation would translate to a capitalization rate of about 5.5%. CBRE is representing the owner, a joint venture between Stars Investments of Chile and its local partner, Urban Renaissance Group.The building,...



Tribune Tower in Oakland Up for Grabs

Wed, 22 Aug 2018
Investors are getting a crack at Tribune Tower, a landmark office building in Oakland that just underwent a major renovation but is only 50% leased.The 95,000-square-foot property, at 409 13th Street in the Central Business District, is expected to attract bids of about $50 million, or $526/sf. Newmark is representing the owner, a joint venture between Harvest Properties of Emeryville, Calif., and True North Management of White Plains, N.Y.The...



High-Yield Play in San Diego Area

Wed, 22 Aug 2018
An office/retail property in an affluent suburb of San Diego is being pitched to high-yield investors.The 37,000-square-foot building, in La Jolla, Calif., comes with a quarter-acre parking lot suitable for the development of 18,000 sf. Bids are expected to reach $25 million. HFF is representing the owner, a partnership led by San Francisco-based Lift Partners.The building, at 7911 Herschel Avenue, encompasses three floors of office space above...



New Pittsburgh Apartments for Sale

Wed, 22 Aug 2018
A developer is offering a new apartment complex in Pittsburgh valued at roughly $85 million.The property, at 1501 Meredith Drive in the Robinson Township submarket, has 342 units that are 99% leased. The estimated value works out to $249,000/unit. Walker & Dunlop is representing the developer, Fore Property of Las Vegas.The marketing campaign is pitching the offering as a rare opportunity because large multi-family properties trade infrequently...



Luxury Apartments Available in Pa.

Wed, 22 Aug 2018
A developer is shopping a suburban Philadelphia apartment complex that&rsquo;s valued at about $61 million.The luxury property, in Glen Mills, Pa., has 230 units that are 96% occupied. At the estimated value of $265,000/unit, the buyer&rsquo;s initial annual yield would be about 5.1%. The developer, Brandolini Cos. of Berwyn, Pa., has given the listing to Newmark.The complex, dubbed Redstone at Concordeville Town Centre, encompasses five...



JP Morgan Shows Jersey City Rentals

Wed, 22 Aug 2018
J.P. Morgan Asset Management is offering a Northern New Jersey apartment building that could attract bids of about $79 million.The 131-unit Madox, in Jersey City, is 96% occupied. At the estimated value of $603,000/unit, the buyer&rsquo;s initial annual yield would be 4.25%. That skimpy capitalization rate is in line with recent trades and indicates the strong investor interest in high-end Jersey City apartment properties. Cushman & Wakefield has...



Exan Lands Offices in Downtown DC

Wed, 22 Aug 2018
Another office building near the White House is changing hands.Exan Capital has struck a deal to pay roughly $121 million for the 130,000-square-foot Executive Tower, at 1399 New York Avenue NW. Eastdil Secured is brokering the sale for JBG Smith.The $931/sf valuation reflects the premium that offices near the White House tend to command. The 11-story building was 80% occupied as of yearend &mdash; below the 90% average for its competitive set....



Equity Sought for Latin American Fund

Wed, 22 Aug 2018
Jaguar Growth Partners is soliciting $500 million of equity for its second opportunity fund focusing on investments in Mexico and South America.The vehicle, Jaguar Real Estate Partners 2, would seek a 17-22% return. By using leverage of up to 50%, it would have as much as $1 billion of buying power.The fund plans to invest in 10-12 real estate operating platforms or companies in Mexico, Brazil, Argentina and the Andean region, which includes...



Barings Finds Buyer for Irvine Offices

Wed, 22 Aug 2018
Barings has agreed to sell an office building in Irvine, Calif., to local shop Keleman Co. for $107 million.The 303,000-square-foot property, at 19100 and 19200 Von Karman Avenue, is 90% leased. Barings pitched it as a core-plus play, touting the potential to raise below-market rents in the near term. The sale is scheduled to close next week. Newmark is representing Barings, a Charlotte investment-management unit of Mass Mutual.The property,...



LivCor Pitching Phoenix-Area Rentals

Wed, 22 Aug 2018
LivCor is shopping six value-added apartment complexes in Arizona that together could draw bids near $325 million.The garden-style properties, which encompass 1,654 units, are in Phoenix and its close-in suburbs of Scottsdale and Tempe. The $196,000/unit estimated value indicates an initial annual yield of 4.85%, but investors are being told that could grow to 6.25% after upgrades and rent increases.CBRE is representing Chicago-based LivCor, a...



Ohio Corporate HQ Comes to Market

Wed, 22 Aug 2018
A 2-year-old corporate headquarters near Cleveland is on the block.The 659,000-square-foot complex, in Westlake, Ohio, is fully occupied by American Greetings on a long-term, triple-net lease. Bids could reach roughly $150 million, or $228/sf. HFF has the listing.The ownership is unclear. Cleveland-based developer Stark Enterprises completed the property in 2016 as a build-to-suit for American Greetings, the world&rsquo;s second-largest producer...



Office Campus on Block Near Seattle

Wed, 22 Aug 2018
Kilroy Realty is shopping a suburban Seattle office complex that could fetch $140 million.Plaza Yarrow Bay encompasses four buildings totaling 280,000 square feet in Kirkland, Wash. At the estimated value of $500/sf, a buyer&rsquo;s initial annual yield would be 5%. But investors have been told they could lift the return to 7% by leasing vacant space and raising below-market rents. Newmark is marketing the property for Los Angeles-based...



AEW Selling Nashville Tower to Unico

Wed, 22 Aug 2018
Unico Properties is under contract to buy a prominent office tower in Nashville for $140 million, one of the highest valuations ever in the city.The 394,000-square-foot building, at 150 Fourth Avenue North, is known as One Nashville Place. At the $355/sf price tag, Unico&rsquo;s initial annual yield would be in the neighborhood of 5.5%. Cushman & Wakefield is brokering the sale for Boston investment manager AEW Capital, which is advising an...



Laramar Buying Virginia Apartments

Wed, 22 Aug 2018
Laramar Group is under contract to buy a suburban Washington apartment complex for roughly $165 million.The Chicago shop is acquiring the 604-unit property from UDR, a REIT in Highlands Ranch, Colo. The purchase price works out to about $273,000/unit. Newmark is brokering the transaction.The 1973-vintage complex, known as Circle Towers, is on a 17-acre site at 9335 Lee Highway in Fairfax, Va., about 15 miles west of Washington. It encompasses...



JP Morgan Pitches Trophy DC Office Building

Wed, 22 Aug 2018
J.P. Morgan Asset Management is marketing the trophy office building at 1501 K Street NW in Washington.The 402,000-square-foot Investment Building is expected to attract bids of about $415 million, or $1,032/sf. Cushman & Wakefield began the marketing campaign last week.The Beaux Arts property dates back to 1923. In 2001, it underwent a massive renovation that preserved its historic limestone facade, upgraded the office space and added two more...



With New Parent, Asset Manager Eyes Growth

Wed, 22 Aug 2018
With support from a new owner, investment manager Hart Realty is setting out to double its portfolio by acquiring $500 million of commercial properties over the next 2-3 years.Shopping Center Group of Atlanta bought Hart in June for an undisclosed price. For the retail-focused shop, which provides a variety of services to property owners, the purchase represents an expansion into investment management.Hart, based in Simsbury, Conn., runs two...



Seattle Office Deal: Calpers Out, New Buyer In

Wed, 22 Aug 2018
A USAA Real Estate partnership has agreed to sell the Troy Block office complex in Seattle to Ponte Gadea, the real estate shop of Spanish billionaire Amancio Ortega.The USAA partnership turned to Ortega&rsquo;s firm after negotiations with Calpers broke off. That giant pension system, advised by CommonWealth Partners of Los Angeles, had emerged as the leading bidder for the 812,000-square-foot property earlier this year with an offer of more...



The Grapevine

Wed, 22 Aug 2018
Net-lease advisory firm B+E is adding an associate director. Hayden Salvas will start next month in the firm&rsquo;s San Francisco outpost, brokering sales of single-tenant properties. He previously worked at investment shop Sansome Pacific Properties, where he helped structure acquisition and sales agreements. B+E, a New York firm founded last year, is led by chief executive Camille...



Sales Rise 9% Overall; CBRE Holds the Lead

Wed, 15 Aug 2018
After two years of declines, sales across the five main property types rose 9% in the first half, fueled by big gains in the multi-family and industrial sectors.Meanwhile, CBRE jumped out to a lead in the annual brokerage ranking, seeking to defend the crown it snatched last year from perennial rival Eastdil Secured. The biggest gainer among the major brokerages was Cushman & Wakefield. Cushman more than doubled its first-half sales and...



Industrial Sales Soar 54%; CBRE Far Ahead

Wed, 15 Aug 2018
Sales of large industrial properties skyrocketed by 54% in the first half, on course to blow past last year&rsquo;s annual record, as CBRE continued its dominance in the brokerage race.Some $15.4 billion of warehouses traded from January through June, up from $10 billion a year earlier, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up. The total was the largest ever for a half &mdash; and well...



GFI, Elliott Strike Deal for Parker Hotel in NY

Wed, 15 Aug 2018
A joint venture between GFI Capital and Elliott Management has agreed to pay just over $400 million to acquire the Parker New York Hotel in Midtown Manhattan.The duo is pursuing a value-added strategy for the 729-room property, which needs an upgrade and has flexibility because it isn&rsquo;t subject to brand or management contracts.Newmark is brokering the sale for New York-based Jack Parker Corp., which is unwinding its real estate holdings....



JBG Shopping Warner Building in DC

Wed, 15 Aug 2018
A JBG Smith partnership is teeing up a trophy office building near the White House that&rsquo;s poised to lose a major tenant.The 612,000-square-foot Warner Building, at 1299 Pennsylvania Avenue NW in the East End, is valued at about $400 million, or $654/sf.While the 13-story property is nearly fully leased, the occupancy rate is set to fall to 71% in February 2020 when law firm Baker Botts vacates its space on the top floors. JBG Smith and its...



Clarion Snags Office/Lab Near Boston

Wed, 15 Aug 2018
Clarion Partners has emerged as the winner in a heated bidding contest for a repositioned office/laboratory building in suburban Boston.The New York firm&rsquo;s $170 million offer beat out a crowded pool of contenders for the 185,000-square-foot property, called The Linx, in Watertown, Mass. The price indicates a 5.75% initial annual yield. HFF is brokering the sale for Boylston Properties of Boston.The $918/sf valuation is more in line with...



Vornado Offers NY Shops, Apartments

Wed, 15 Aug 2018
Vornado Realty has begun a broad marketing campaign for a fully leased retail condominium and 39 apartments on Manhattan&rsquo;s Upper East Side, with a combined value of about $210 million.The offering encompasses the leasehold interest in 96,000 square feet of retail space and 24 apartments in a building called The Lucida, at 151 East 85th Street, plus an adjacent four-story property at 155 East 85th Street with 15 rental units. The 20-story...



Extell Lands Four Seasons Near Dallas

Wed, 15 Aug 2018
Extell Development has agreed to buy a Four Seasons luxury resort near Dallas from Blackstone.The price for the 405-room Four Seasons Resort & Club Dallas at Las Colinas couldn&rsquo;t be learned, but market pros pegged it at more than $220 million, or $543,000/room. Hodges Ward Elliott is brokering the sale for Blackstone.New York-based Extell, led by Gary Barnett, plans a substantial renovation of the Irving, Texas, hotel. The company, which...



Luxury Apartments Hit Market in DC

Wed, 15 Aug 2018
A luxury apartment building is up for grabs in one of Washington&rsquo;s trendiest neighborhoods.The 400-unit Elevation at Washington Gateway could attract bids of about $175 million, or $438,000/unit. At that price, the buyer&rsquo;s initial annual yield would be in the vicinity of 4.5%. HFF is representing the owner, a partnership between local developer MRP Realty and Charlotte investment manager Barings.The 14-story building, at 100 Florida...



Value-Added Office Play in Nashville

Wed, 15 Aug 2018
Alliance Partners HSP is teeing up a Nashville office building that could attract bids of about $105 million.The 482,000-square-foot Nashville City Center, at 511 Union Street, is suitable for value-added investors. CBRE plans to kick off a marketing campaign this week for Alliance, a division of Honolulu-based Shidler Group.The 27-story tower is 91% occupied. Dutch health-technology giant Philips plans to vacate about 13% of the space next...



NEW DEALS

Wed, 15 Aug 2018
DC Multi-Family PropertyCIM Group paid $128 million for a new luxury apartment building in Washington. The Los Angeles investment manager closed last week on the $401,000/unit purchase of the 319-unit Trellis House, at 2323 Sherman Avenue NW. Newmark represented the seller, a partnership among Rise of Valdosta, Ga., Gateway Investment of Tallahassee, Fla., and local investor Pinak Mehta. The recently completed property, which has 11,000 square...



Korman Showing New Rentals in NJ

Wed, 15 Aug 2018
A joint venture is pitching a new multi-family complex in Northern New Jersey that could attract bids of about $137 million.The 256-unit property, at 90 Park Avenue in Florham Park, encompasses 124 unfurnished apartments and 132 furnished units. The occupancy rate is close to 100%.At the estimated value of $535,000/unit, the buyer&rsquo;s initial annual yield would be 5.25%. The marketing campaign says the initial return on a property with mixed...



Vacant Orange County Offices Listed

Wed, 15 Aug 2018
Wells Fargo is marketing two Southern California office properties that it recently vacated.The buildings, about a half-mile from each other in the Orange County city of Irvine, encompass 227,000 square feet. Bids are expected to hit $60 million, or $265/sf. Eastdil Secured is pitching them as a package for Wells, its parent company. Wells used the offices for its auto-lending division until this year, when it consolidated operations at another...



Alabama Rentals Fetch $134 Million

Wed, 15 Aug 2018
A partnership has paid $134.3 million for five apartment properties in Mobile, Ala.Post Road Group of Stamford, Conn., teamed up with New York-based Spruce Capital to buy the 2,013-unit portfolio from Colony Hills Capital of Wilbraham, Mass. The $67,000/unit price pegs the initial annual yield at about 6.25%. Cushman & Wakefield brokered the transaction, which closed on July 25.The garden-style complexes, which were built between 1951 and 1982,...



Chicago-Area Complex Offers Upside

Wed, 15 Aug 2018
American Realty Advisors is marketing a Class-A office complex in suburban Chicago.The 442,000-square-foot property, in Oak Brook, Ill., is likely to attract bids topping $100 million, or $226/sf. At that price, the initial annual yield would be 7.9%.A buyer could boost its return to 8.7% within three years by raising below-market rents as lease roll over, according to the marketing campaign. Los Angeles-based American Realty has given the...



State Farm Pitches NJ Offices Again

Wed, 15 Aug 2018
State Farm Insurance is taking another shot at marketing a Northern New Jersey office building.The 400,000-square-foot property, at 300 Kimball Drive in Parsippany, is likely to appeal to value-added investors, given its 73% occupancy rate. Bids are expected to come in at about $70 million, or $175/sf. HFF is representing State Farm, which is being advised by Dallas-based Transwestern Investment.The insurer shopped the Class-A property early last...



MARKET SPOTLIGHT: Manhattan Hotels

Wed, 15 Aug 2018
Large sales are on the rebound after a steep drop last year. Volume climbed to $538 million in the first half, from $243 million a year earlier, according to Real Estate Alert&rsquo;s Deal Database.The increased activity corresponded with an uptick in revenues that reversed three years of decline while the market absorbed a big wave of new supply. Per-room revenue averaged $221.18 in the first half, up 5.5% year-over-year, according to STR.More...



The Grapevine

Wed, 15 Aug 2018
Evan Roth joined CBRE Global Investors this week as a senior director in New York. He leads office, retail and industrial acquisitions in Manhattan and elsewhere in the Northeast for the Los Angeles investment manager, reporting to Gary Jaye in Boston. Roth came from the Manhattan office of Dallas-based Invesco Real Estate, which he joined in 2010. Before that, he had stints at Realterm Global, Babcock & Brown and First Industrial...



The Grapevine

Wed, 15 Aug 2018
Industry pro Chris Ebersole has signed on with Oregon State Treasury as a real estate investment officer. He started last week in the investment division at the agency&rsquo;s Portland headquarters. He will work on allocations to separate accounts and open- and closed-end funds. He reports to senior real estate officer Anthony Breault. Ebersole had been a senior vice president of asset management at ScanlanKemperBard of Portland, where he spent...



The Grapevine

Wed, 15 Aug 2018
BH Properties has hired Tom Alexander as director of acquisitions. He started this month at the firm&rsquo;s Los Angeles headquarters. Alexander spent the past three-and-a-half years at US Property Trust, also of Los Angeles. He had a prior stint as an acquisitions analyst at Brentwood Capital of Santa Monica, Calif. BH is led by president and chief executive Steve...



The Grapevine

Wed, 15 Aug 2018
Victoria Ornstein joined Bridge33 Capital of Seattle last week as a senior vice president. She&rsquo;s on the firm&rsquo;s New York-based acquisitions and capital-markets teams, reporting to co-founder and chief executive Jahan Moslehi. Ornstein came from C-III Capital, where she spent six years handling acquisitions. Before that, she worked at Corigin Real Estate of New York and the investment-banking unit of Citigroup. Bridge33 was founded in...



The Grapevine

Wed, 15 Aug 2018
L&M Development has signed on Robert Soave as an associate director of portfolio strategy and asset management. He&rsquo;s based at the Larchmont, N.Y., firm&rsquo;s Manhattan office, helping oversee a portfolio of residential properties. Soave reports to partner Carrie Van Syckel, head of portfolio strategy. Soave moved over in late June from the New York office of Cleveland-based Forest City Realty. He previously had a five-year stint at...



The Grapevine

Wed, 15 Aug 2018
Recruiter Leanne Tomar has launched her own firm, LT Executive Search. The Los Angeles shop will focus on working with chief executives to fill rolls beneath the c-suite level nationwide. Tomar was previously a director at Ferguson Partners, where she spent the last four years. Before that, she was a vice president at Rhodes Associates of New York.



The Grapevine

Wed, 15 Aug 2018
Keith Edwards joined Stockbridge Capital last month as a vice president in Atlanta, working on asset management for the San Francisco fund operator. Edwards previously was a senior vice president at Starwood Property of Greenwich, Conn., where he spent more than eight years. His background also includes a three-year stretch at RMC Property of Tampa.



The Grapevine

Wed, 15 Aug 2018
Student-housing brokerage TSB Realty has added two analysts. Peter Sollecito started last week, while Tyler Martin arrived in mid-July. They&rsquo;re based at the Paoli, Pa., headquarters, working on market research, underwriting and preparing offering memoranda. Martin joined from Rittenhouse Realty of Philadelphia. Sollecito previously worked at Radnor Property of Wayne, Pa. They report to principal Austin Repetto and broker Randall...



Apartment Sales Up 19%; CBRE Stays on Top

Wed, 08 Aug 2018
Sales of large multi-family properties surged 19% in the first half, putting what has become the industry&rsquo;s most-active sector on pace for a potential record year.Some $43.4 billion of apartment properties changed hands in the first six months of 2018, up from $36.4 billion a year earlier, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up. If second-half sales were to at least match last...



MetLife Team Lists Stake in New SF Offices

Wed, 08 Aug 2018
A MetLife Investment partnership plans to market a roughly 50% stake in a nearly completed San Francisco skyscraper that&rsquo;s fully pre-leased to Facebook.The 765,000-square-foot Park Tower at Transbay, at 250 Howard Street in the South Financial District, could be worth $1.2 billion. While only a partial interest is being offered, that valuation is the highest ever on a listing in San Francisco.MetLife holds a 95% interest in the development...



Vanbarton in Talks to Buy 425 Lexington Ave.

Wed, 08 Aug 2018
Vanbarton Group is poised to buy a Midtown Manhattan office tower for just over $700 million.The New York investment manager is close to an agreement to acquire the 750,000-square-foot building, at 425 Lexington Avenue in the Grand Central submarket, from institutional clients of J.P. Morgan Asset Management. The price works out to about $935/sf.The purchase would be the largest so far by Vanbarton, which is acting on behalf of an unidentified...



Calpers Buying Prime Offices in DC

Wed, 08 Aug 2018
Calpers has agreed to buy an office building near the White House from Paramount Group for about $220 million.The 209,000-square-foot property, at 2099 Pennsylvania Avenue NW in Washington, attracted substantial interest because of its location, high-caliber finishes and steady rent roll.The $1,052/sf price tag will generate a 4.25% initial annual yield for Calpers, which is being advised by CommonWealth Partners of Los Angeles. Eastdil Secured...



Puerto Rico Industrial Portfolio Listed

Wed, 08 Aug 2018
Investors are getting a crack at an industrial portfolio in Puerto Rico that&rsquo;s worth about $160 million.The 2.2 million-square-foot package encompasses 20 buildings in the San Juan area that are 84% leased. At the estimated value of $73/sf, the initial annual yield would be 7.3%. CBRE is representing the seller, a group of private investors.The portfolio accounts for 12% of the total warehouse market around San Juan, providing the potential...



Harbor Snags Suburban DC Rentals

Wed, 08 Aug 2018
Harbor Group International is under contract to buy a suburban Washington apartment complex for $193 million.The 806-unit property is in Herndon, Va., a few miles from Washington Dulles International Airport. At the $239,000/unit price, the initial annual yield is in the neighborhood of 5.4%. JLL brokered the sale for a partnership between Toll Brothers of Horsham, Pa., and Lowe Enterprises of Los Angeles. Harbor, an investment manager in...



New Apartments for Sale Near Atlanta

Wed, 08 Aug 2018
A Class-A apartment complex in an Atlanta suburb is on the block with an estimated value of $87 million.The 283-unit property, in Chamblee, Ga., was completed last year and is 95% occupied. A trade at the estimated value of $306,000/unit would produce an initial annual yield in the low-5% area. Walker & Dunlop is marketing the complex for the local developer, CF Real Estate Services.Called Olmstead Chamblee, the three-building complex is at 5193...



Meridian Circling Washington Offices

Wed, 08 Aug 2018
Meridian Group has emerged as the likely buyer of an aging office building facing Washington&rsquo;s Dupont Circle that was pitched as a repositioning play.Boston Properties has been shopping the 386,000-square-foot property, at 1333 New Hampshire Avenue NW, via Eastdil Secured. The purchase price being discussed with Meridian is about $140 million, or $362/sf.The 12-story building is 84% leased, but its sole office tenant, law firm Akin Gump,...



Spruced-Up San Diego Hotel on Block

Wed, 08 Aug 2018
Wheelock Street Capital is marketing a newly renovated Marriott hotel in San Diego that&rsquo;s expected to draw offers of up to $100 million.The 353-room San Diego Marriott Mission Valley would produce a 6.5% initial annual yield at the estimated valuation of $283,000/room. It&rsquo;s being offered unencumbered by a management contract, but subject to a franchise agreement with Marriott International of Bethesda, Md. Eastdil Secured has the...



Opus Shows Phoenix-Area Warehouse

Wed, 08 Aug 2018
Opus Group is marketing a new, fully leased distribution center in suburban Phoenix that could fetch about $43 million.The 540,000-square-foot warehouse, in Goodyear, Ariz., would produce an initial annual yield of 5% at the etimated value of $80/sf. JLL has the listing.Opus, of Minnetonka, Minn., developed the property on a speculative basis, completing it in November 2017. It is already fully occupied by pet-food distributor Blue Buffalo under...



New Apartments Offered in Maryland

Wed, 08 Aug 2018
Wood Partners is marketing a new mid-rise apartment building in Washington&rsquo;s outer suburbs.The property, in Laurel, Md., has 340 units that are 94.7% leased. Bids are expected to come in around $95 million, or $279,000/unit. At that price, the buyer&rsquo;s initial annual yield would be in the low-5% range. JLL kicked off the marketing campaign last week for Wood, an Atlanta developer.The four-story building, called Evolution at Towne...



Chicago Offices Pitched as Core Play

Wed, 08 Aug 2018
A developer is shopping a new building in Chicago&rsquo;s River North submarket that&rsquo;s fully leased to a single tenant.The 42,000-square-foot property, at 412 North Wells Street, was completed earlier this year as the headquarters of a unit of Kellogg Co. It&rsquo;s expected to draw bids of about $30 million, or $714/sf. The offering is being pitched to core buyers, given its recent vintage and net-leased status.The owner, a joint venture...



NEW DEALS

Wed, 08 Aug 2018
Portland Mixed-Use TowerGreystar Real Estate anticipates an initial annual return in the vicinity of 5% on its $206 million acquisition of a prominent mixed-use tower in Portland&rsquo;s trendy West End district. The 23-story building, at 430 Southwest 13th Avenue, encompasses 273 luxury apartments, along with 86,000 square feet of offices, 10,000 sf of retail space and a 321-space garage that generates revenue. The nine-year-old tower, dubbed...



NEW DEALS

Wed, 08 Aug 2018
Suburban Orlando Retail PropertyAEW Capital&rsquo;s initial annual yield will be roughly 6% on its purchase last week of a suburban Orlando retail center. The Boston investment manager paid $72.8 million for the 245,000-square-foot Center of Winter Park. HFF brokered the sale for fund operator Sterling Organization of Palm Beach, Fla. The property, at 501 North Orlando Avenue in Winter Park, Fla., is 97% occupied. Tenants include DSW, LA Fitness,...



NEW DEALS

Wed, 08 Aug 2018
Georgia Multi-Family ComplexB&M Management paid $49.8 million for a 325-unit luxury apartment complex in suburban Savannah, Ga. The Montgomery, Ala., company bought Two Addison Place in Pooler, Ga., from Wharton Equity of New York. JLL brokered the $153,000/unit trade, which closed last week. The gated community&rsquo;s units have 1-3 bedrooms. Amenities include a saltwater pool, a dog park and a cyber...



3 Single-Tenant Offices Up for Grabs

Wed, 08 Aug 2018
Investors are getting a crack at a single-tenant office portfolio valued at roughly $70 million.The three Class-A buildings, totaling 286,000 square feet, are in Ohio, New Jersey and Iowa. Each is fully leased, with remaining terms ranging from 8-13 years. The properties were constructed between 2008 and 2013 specifically for their tenants.At the estimated value of $245/sf, the buyer&rsquo;s initial annual yield would be 6.5%, based on $4.6...



Offices Hit Market in DC's East End

Wed, 08 Aug 2018
A fully leased boutique office building is on the block in Washington&rsquo;s East End.The 68,000-square-foot property, at 1100 Vermont Avenue NW, could attract bids of about $45 million, or $662/sf. HFF is representing the unidentified seller.The marketing pitch is that the property provides both stable income and the potential to raise rents as below-market leases roll over in the near term.The property was built in 1961, but underwent a $12...



Multi-Family Shop Recruits 2 Pros

Wed, 08 Aug 2018
TruAmerica Multifamily has added two staffers.Christopher MacLeod joined as a director of acquisitions, and Jeffery Chan was named a director of asset management &mdash; both new positions. They started last month in the firm&rsquo;s Los Angeles headquarters.MacLeod spent the past five years as a vice president at Bascom Group of Irvine, Calif. At TruAmerica, he will focus on the Pacific Northwest, Arizona and Utah.Chan was previously an...



MARKET SPOTLIGHT: Oakland/East Bay Office Properties

Wed, 08 Aug 2018
The region failed to crack the top 20 markets for sales in the first half as volume fell 24% year-over-year, to $466.8 million.But investor interest is strong. Trades have topped $500/sf for the first time. And the offering of Oakland&rsquo;s Clorox Building could achieve a record price for the city in terms of total dollars.Rent growth and absorption are strong, thanks to leasing demand from technology and other companies priced out of San...



The Grapevine

Wed, 08 Aug 2018
JLL has added a healthcare capital-markets pro. Justin Hill started last week as an executive vice president in Chicago. He provides advisory and transaction services to clients nationwide, reporting to managing director Mindy Berman, who leads the brokerage&rsquo;s healthcare practice. Hill came from Toledo, Ohio, healthcare REIT Welltower, where he was senior vice president for business development. He previously worked at Vanderbilt Capital...



The Grapevine

Wed, 08 Aug 2018
Hotel specialist Megan Schmollinger joined JLL&rsquo;s hotel unit last month as a senior vice president. Her focus is on structuring partnerships between investors and public entities to develop hotels for convention centers, arenas and civic centers. Schmollinger will also devise strategies and provide advisory services for clients. She is based in Chicago and reports to executive vice president Tony Peterman. Schmollinger previously spent a...



The Grapevine

Wed, 08 Aug 2018
Dennis Cisterna stepped down as chief executive of Investability Solutions last month to start his own firm investing in single-family properties. Denver-based Guardian Residential will buy homes in primary and secondary U.S. markets, mainly focusing on newly built properties. Cisterna spent about two-and-a-half years at Investability, a subsidiary of Luxembourg-based Altisource Portfolio Solutions that provides advisory services for investors in...



The Grapevine

Wed, 08 Aug 2018
San Francisco fund operator Stockbridge Capital hired Anna Chu this month as a vice president of asset management. Chu spent the last year as a vice president of operations at Ballast Investments, also of San Francisco, and before that was a director focused on asset management at Harvest Properties of Emeryville, Calif., where she had a 12-year tenure. Earlier, Chu spent four years at Equity Office Properties as a regional operations manager and...



The Grapevine

Wed, 08 Aug 2018
Lavy Rosenthal has joined boutique New York brokerage Carlton Group. After working with the firm on individual deals since April, he was hired last month as a vice president, reporting to partner Michael Campbell. Rosenthal previously spent three years working on development deals at B&B Capital of New York.



The Grapevine

Wed, 08 Aug 2018
Marc Kramer is joining Halpern Real Estate Ventures this month as a senior associate for acquisitions in its New York headquarters. He spent the past year at Peebles Corp. of Coral Gables, Fla., where he was a senior acquisitions and investments associate. Before that, he spent five years in Washington, with stints at Akridge and CBRE.



The Grapevine

Wed, 08 Aug 2018
Denee Denney has joined Challenger Financial Services in Australia as a senior asset analyst focused on real estate. She started last month at the Sydney investment manager, which pursues real estate and fixed-income deals globally. Denney previously worked in the local office of CBRE Capital Advisors, where she was a director in the firm&rsquo;s Asia-Pacific Group. Earlier, she spent a decade at Quadrant Real Estate of Alpharetta,...



The Grapevine

Wed, 08 Aug 2018
Placement agent Mercury Capital wants to hire an associate at its New York headquarters. The recruit would work with teams that identify new clients and help raise capital for investment vehicles. Candidates should have at least three years of financial-services experience. Resumes can be sent to Kelly Gardner at kgardner@mcadv.com.



Retail Sales Down 13%; Cushman Grabs Lead

Wed, 01 Aug 2018
Sales of large retail properties fell 13% in the first half, continuing their slide into a third year and dashing hopes that the bottom had already been reached.Cushman & Wakefield jumped into the lead in the brokerage race on the strength of a massive, unusual deal in New York. It displaced defending champ Eastdil Secured, which saw its volume shrink by nearly half and slipped to third place, behind repeat runner-up CBRE.Some $9.4 billion of...



Hotel Sales on Rebound; Eastdil Back on Top

Wed, 01 Aug 2018
A strengthening economy revived the hotel-sales market in the first half, following two years of decline, while Eastdil Secured returned to its customary spot at the top of the broker rankings.Large hotel purchases totaling $10.7 billion closed in the first six months of the year, up 27% from last year&rsquo;s first-half tally of $8.5 billion, according to Real Estate Alert&rsquo;s Deal Database. That puts volume on pace to easily surpass the...



Rockpoint Showing New Manhattan Complex

Wed, 01 Aug 2018
A Rockpoint Group partnership is marketing the leasehold interest in a new office complex in Manhattan&rsquo;s Meatpacking District.The 256,000-square-foot property, which includes 46,000 sf of retail space, stretches from West 14th to West 15th Streets, midway between Ninth and Tenth Avenues. It consists of back-to-back buildings: a new 18-story tower at 412 West 15th Street, and a redeveloped low-rise building, stretching over multiple parcels,...



Bidders Sought for Denver Offices

Wed, 01 Aug 2018
An Ivanhoe Cambridge partnership is marketing a downtown Denver office building that is in the midst of a renovation, pitching it as a leasing play.Bids for the 532,000-square-foot U.S. Bank Tower, at 950 17th Street, are expected to hit $193 million, or $363/sf. CBRE is representing Montreal-based Ivanhoe and its partners, Chicago-based Callahan Capital Properties and Wisconsin Investment.The Class-A building is 87% occupied. CBRE has told...



Core-Plus Office Play in Nashville

Wed, 01 Aug 2018
A joint venture is marketing a downtown Nashville office tower that could appeal to core-plus investors.The 436,000-square-foot Philips Plaza, at 414 Union Street, is expected to attract bids of about $110 million, or $253/sf. That valuation indicates an initial annual yield in the low-6% range. Cushman & Wakefield is representing the seller, a partnership between Swiss investment manager Partners Group and Lingerfelt CommonWealth Partners of...



Chicago-Area Warehouses Up for Grabs

Wed, 01 Aug 2018
An EverWest Real Estate partnership is marketing a portfolio of well-leased warehouses near Chicago&rsquo;s O&rsquo;Hare International Airport.The 955,000-square-foot package, encompassing eight buildings in Elk Grove Village, Ill., is expected to attract bids of $90 million, or $94/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.25%. Colliers International is representing Denver-based EverWest and its partner, local...



Stanford Dealing Silicon Valley Offices

Wed, 01 Aug 2018
Stanford University is shopping the leasehold interest in a new Silicon Valley office building that&rsquo;s fully leased to a biopharmaceutical company.The 99,000-square-foot property, in Palo Alto, Calif., could attract bids of roughly $110 million, or $1,110/sf. Eastdil Secured has the listing.The two-story life-science building is adjacent to Stanford University, at 3170 Porter Drive in the 10 million-sf Stanford Research Park. The university,...



Core-Plus Rentals on Block in Phila.

Wed, 01 Aug 2018
A luxury apartment complex near downtown Philadelphia is up for grabs.Penn Treaty Village Pennthouses encompasses 224 units that are 96.4% occupied and another 21 units that are expected to be completed this month.The two-building property, at One Brown Street and 800 North Delaware Avenue in the Northern Liberties neighborhood, is valued at about $104 million, or $424,000/unit. CBRE is representing the seller, a partnership between New...



Apartments Marketed Near Orlando

Wed, 01 Aug 2018
A new luxury apartment complex is on the block near Orlando.The 308-unit Gate, in Championsgate, Fla., is expected to attract bids of about $70 million, or $227,000/unit. At that price, the stabilized capitalization rate would be 5.25%. The developer, Investors Realty of Davenport, Fla., has given the listing to JBM Institutional Multifamily.The complex sits on 10.7 acres at 1550 Calder Boulevard, about 25 miles southwest of downtown Orlando.The...



NEW DEALS

Wed, 01 Aug 2018
North Carolina Medical OfficesMBRE Healthcare acquired three medical-office buildings in Asheville, N.C., in a $35.2 million sale-leaseback deal. The Chicago firm closed last month on the 86,000-square-foot portfolio, paying $407/sf. JLL represented the seller, a partnership between a group of doctors and Asheville-based Mission Health, which signed long-term net leases on all the space. The properties, at 5 & 14 Medical Park Drive and Seven...



Luxury Boston-Area Rentals for Sale

Wed, 01 Aug 2018
Investors are getting a crack at a new luxury apartment complex in an outer suburb of Boston.The 244-unit Paddock Estates, in Boxborough, Mass., is worth about $76 million, or $311,000/unit. The developer, JPI of Irving, Texas, has given the listing to CBRE.The complex, at One Paddock Lane, is 96.5% occupied. Rents range from $1,895 to $3,543. Income is expected to rise as leasing concessions burn off.The apartments, which average 980 square...



San Diego Offices With Upside Shown

Wed, 01 Aug 2018
Clarion Partners is marketing a San Diego office building that&rsquo;s only 64% leased.The 120,000-square-foot property, at 12544 High Bluff Drive in the Del Mar Heights submarket, is expected to attract bids of about $75 million, or $625/sf. JLL is representing New York-based Clarion, which controls the Class-A building via a commingled fund.Clarion completed a $2 million renovation this year that included upgrades of the lobby, gym, cafe and...



Servicer Lists 63%-Leased DC Offices

Wed, 01 Aug 2018
A special servicer is pitching a Class-A office building in Washington that&rsquo;s just 63% occupied.The 529,000-square-foot Portals 1, at 1250-1280 Maryland Avenue SW in the Southwest submarket, is expected to attract bids in the vicinity of $150 million, or $284/sf. At that valuation, the buyer&rsquo;s initial annual yield would be 6%. LNR Partners is pitching the offering to value-added investors via HFF.The nine-story building, completed in...



Thor Pitches Manhattan Apartments

Wed, 01 Aug 2018
Thor Equities is shopping three adjacent apartment buildings on Manhattan&rsquo;s Upper West Side as a value-added play.The six-story buildings, at 556-566 West 126th Street in the Manhattanville neighborhood, have a combined 58 apartments and five street-level storefronts. Both the apartments and the retail space are fully occupied. Bids are expected to come in around $54 million, or $931,000/unit. Thor, a New York investment shop led by Joseph...



Leasing Play for Offices Near Phila.

Wed, 01 Aug 2018
A lender has listed a suburban Philadelphia office complex that is slated to lose its biggest tenant.The 197,000-square-foot Millennium 1-3, in Conshohocken, Pa., is expected to attract bids of $55 million, or $279/sf. At that price, the buyer&rsquo;s initial annual yield would be about 8.5%.The occupancy rate is 96%, but will drop to 41% after drug wholesaler AmerisourceBergen&rsquo;s lease expires in December 2020.HFF is representing the owner,...



MARKET SPOTLIGHT: Manhattan Office Properties

Wed, 01 Aug 2018
First-half sales of large properties totaled $7.8 billion, according to Real Estate Alert&rsquo;s Deal Database. That was the highest six-month tally since the second half of 2016 and put the market on pace to far exceed last year&rsquo;s $10.6 billion total.The average asking rent at midyear was $74.19/sf, up 1.5% year-over-year and up 2% from yearend, according to Colliers International. The average occupancy rate was 89.8%, roughly even with a...



The Grapevine

Wed, 01 Aug 2018
Goldman Sachs Asset Management&rsquo;s private real estate unit has hired Whitney Ifcher to lead business development. She started in the past few weeks, moving over from the New York office of Houston developer Hines, where she was a managing director in the capital-markets group. Ifcher previously was a director and head of fund raising and investor relations for New York fund operator Aetos Capital Real Estate. She had earlier...



The Grapevine

Wed, 01 Aug 2018
Patrick Dempsey joined HFF last month as a retail broker in Phoenix. He&rsquo;s a managing director and works under senior managing director Jeremy Womack, who opened the office in 2016. Dempsey had been a principal at Lee & Associates, where he spent 22 years.



The Grapevine

Wed, 01 Aug 2018
Industry veteran Joshua Daitch is joining Hong Kong-based industrial shop ESR. He is relocating to Singapore this week to be a senior managing director of investments and capital. The firm invests in logistics properties in China, Japan, Korea and Singapore. Daitch had led SAJE Capital of Chicago since founding it three years ago. He&rsquo;s most well known for a 14-year stint at fund operator Mesirow Financial of Chicago, which he left in 2015...



The Grapevine

Wed, 01 Aug 2018
Fund operator FCP wants to hire a vice president to open an Atlanta office and line up property investments in the Southeast. Candidates should have 7-10 years of experience. The Chevy Chase, Md., firm, formerly known as Federal Capital Partners, acquires properties and invests in preferred equity and debt, mostly in the office and multi-family sectors. The recruit would report to senior vice president Erik Weinberg. Send resumes to...



The Grapevine

Wed, 01 Aug 2018
Brady Nolan has left his post as managing director of acquisitions for Urban Atlantic of Bethesda, Md. He started last month as chief development officer of Till, an Alexandria, Va., startup offering financial services to apartment owners. Nolan spent about a year at Urban Atlantic, which invests in multi-family properties and mixed-use developments. He previously co-founded a Washington development shop, Vecino Communities, and had stints at...



The Grapevine

Wed, 01 Aug 2018
Bristol Group has added an investment associate. Matt Morrison started last month in the fund operator&rsquo;s San Francisco headquarters. He was previously a senior analyst for nearly three years at Swift Real Estate and worked at investment manager Industry Capital, both of San Francisco. Bristol, led by managing partners Jim Curtis and Jeff Kott, held a final close late last year on the $85.9 million Bristol Value 3 fund. The shop mostly...



The Grapevine

Wed, 01 Aug 2018
Bryce Holman departed Newmark last month to join Presidio Bay Ventures as an associate at the San Francisco investment and development firm. Holman spent two years at Newmark and was an associate director. He had earlier stints at HFF, Fifth Street Asset Management and PrinceRidge Group.



The Grapevine

Wed, 01 Aug 2018
J.P. Morgan has added a real estate analyst to its West Coast team. Austin Maleki started in Los Angeles last month, working on acquisitions and asset management across property classes in the Western U.S. He was previously an associate at Newport Beach, Calif., research firm Green Street Advisors, where his duties included equity research with a focus on the industrial...



ON THE MARKET

Wed, 01 Aug 2018
RETAIL:Property: Pavilion, 1900 Hacienda Drive, Vista, Calif.Size: 137,000 sf, 97% leasedEstimated Value: $29.9 million (asking price)Owner: Brixton Capital, Solana Beach, Calif.Broker: Marcus & Millichap&rsquo;s Institutional Property AdvisorsColor: Shopping center built in 1989 on nearly 11 acres off Route 78, 40 miles north of San Diego. Renovations last year included parking lot, roof and facade. Major tenants: Altitude Trampoline Park,...



Office Sales Fall 8%; Cushman Gains Ground

Wed, 25 Jul 2018
Office sales fell 8% in the first half as the market continued to slide from its 2015 peak, while Cushman & Wakefield jumped into second place in the broker rankings behind perennial leader Eastdil Secured.Some $41.7 billion of large office properties traded in the first six months, compared to $45.4 billion in the same period last year, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of $25 million and up. Because of a...



Host Marketing Giant Sheraton in Manhattan

Wed, 25 Jul 2018
Continuing to aggressively pare its Manhattan holdings, Host Hotels & Resorts has listed the Sheraton New York Hotel Times Square.The 1,780-room property, on Seventh Avenue between West 52nd and West 53rd Streets, is expected to attract bids of up to $550 million, or $309,000/room. Eastdil Secured is running the marketing campaign.This is the fourth Manhattan hotel that the Bethesda, Md., REIT has put up for sale this year as part of its strategy...



Unico Teams Buying Seattle, Portland Offices

Wed, 25 Jul 2018
Unico Properties partnerships have struck deals to buy three office properties in the Pacific Northwest for a combined $540 million.Unico and AEW Capital have agreed to purchase two adjacent downtown Seattle buildings, totaling 713,000 square feet, from an Ivanhoe Cambridge joint venture for roughly $360 million, or $505/sf. Meanwhile, Unico and American Realty are poised to pay UBS Global Asset Management in the vicinity of $180 million, or...



Florida, Hawaii Resorts Poised to Trade

Wed, 25 Jul 2018
Two high-end resorts, in Florida and Hawaii, are slated to change hands in separate deals totaling $480 million, adding to a wave of such sales in the U.S. this year.Toronto-based Brookfield Asset Management is in talks to acquire the 339-room PGA National Resort & Spa in Palm Beach Gardens, Fla., for roughly $255 million, or $752,000/room. Hodges Ward Elliott is representing the seller, Walton Street Capital of Chicago.Meanwhile, Starwood...



GLL Dealing Boston Offices, Garage

Wed, 25 Jul 2018
GLL Real Estate is marketing an office condominium and a garage in Boston that could attract bids of about $210 million.The 304,000-square-foot condo and the 120-space underground garage take up most of the 16-story building at 200 State Street. The property, which faces the Faneuil Hall Marketplace, also includes 53,000 sf of ground-level retail space that is separately owned.The garage generates significant income, bolstering the estimated...



German Shop Buying Dallas Offices

Wed, 25 Jul 2018
Union Investment Real Estate has agreed to buy a new office building in suburban Dallas from Granite Properties for $165 million.The 324,000-square-foot property, in Plano, Texas, is fully leased by Fannie Mae as its regional headquarters.At the $510/sf price tag, Union Investment&rsquo;s initial annual yield would be 5.25%. The firm, Germany&rsquo;s largest operator of open-end real estate funds, is advised by Metzler Real Estate of Seattle....



2 Virginia Business Parks for Sale

Wed, 25 Jul 2018
Investors are getting a crack at two Northern Virginia business parks that could fetch $190 million in total.The properties, which are about five miles apart, encompass 870,000 square feet of office and industrial space that&rsquo;s 81% leased. They are being pitched separately, but investors can bid on them as a package. At the blended estimated value of $218/sf, the portfolio would generate an initial annual yield of about 7%. The owner, local...



Angelo Gordon Snags Calif. Offices

Wed, 25 Jul 2018
An Angelo, Gordon & Co. partnership has agreed to pay Blackstone just over $160 million for an office portfolio in Southern California&rsquo;s Orange County.The four Class-A properties, in Newport and Irvine, encompass 538,000 square feet of space that&rsquo;s 82.6% leased. The purchase price works out to about $300/sf. Eastdil Secured marketed the package for Blackstone, which was willing to sell the properties either individually or as a...



Suburban Nashville Marriott on Block

Wed, 25 Jul 2018
Crow Holdings is pitching a full-service hotel in the Nashville area that&rsquo;s expected to fetch offers of roughly $75 million.The 300-room Franklin Marriott Cool Springs is in Franklin, Tenn., in a submarket with a high concentration of corporate offices. Dallas-based Crow, which owns the hotel via one of its funds, has given the listing to HFF. The estimated value works out to $250,000/room.The property has undergone $13.2 million of...



Austin Office Complex Up for Grabs

Wed, 25 Jul 2018
GLL Real Estate is shopping an Austin office complex with an estimated value of about $85 million.The 257,000-square-foot Prominent Pointe, at 8310 North Capital of Texas Highway, is 92% occupied. At the estimated value of $320/sf, the buyer&rsquo;s initial annual yield would be in the neighborhood of 6.5%. Eastdil Secured is representing GLL, a German investment manager.The two-building complex, in the Loop 360/Northwest submarket, has...



Student Housing Pitched in Austin

Wed, 25 Jul 2018
A developer is shopping two Austin student-housing properties valued at about $115 million.The buildings, which encompass 141 units with 578 beds, are about three blocks apart in the West Campus district, near the University of Texas at Austin. At the estimated value of $199,000/bed ($816,000/unit), the buyer&rsquo;s initial annual yield would be 4.5%. The owner, Zucker Properties of Bellaire, Texas, is pitching them as a package via HFF.The two...



New Luxury Rentals Offered in Utah

Wed, 25 Jul 2018
Wood Partners is shopping a new luxury apartment building in downtown Salt Lake City that&rsquo;s worth an estimated $82 million.The 277-unit Alta Gateway Station, already about 81% leased, is expected to be stabilized this fall. At the estimated valuation of $296,000/unit, the buyer&rsquo;s initial annual yield would be roughly 4.75%. Atlanta-based Wood, which completed the property last year, has given the listing to Cushman & Wakefield.The...



Cushman Leaps to Top of NY Ranking

Wed, 25 Jul 2018
Cushman & Wakefield dominated New York office sales in the first half, vaulting over defending champion CBRE to the top of the league table in the nation&rsquo;s largest market.Cushman closed $4.5 billion of large office deals in the city by June 30, far exceeding its full-year 2017 tally of $2.7 billion. That gave it a 59.2% share of brokered New York trades at midyear, followed by Eastdil Secured with 19.5% and CBRE with 9.2%.One giant...



Austin Center Shown to Redevelopers

Wed, 25 Jul 2018
An Austin shopping center is on the market as a redevelopment play.Riverside Place encompasses 102,000 square feet at 2410 East Riverside Drive, on a 10.2-acre site in the Southeast submarket that is zoned for mixed-use development. Bids are expected to hit $47 million. HFF is representing the unidentified seller.The pitch is that a buyer could spend $250 million to redevelop the site as a &ldquo;live-work-play&rdquo; community with office,...



Warehouses Near St. Louis Available

Wed, 25 Jul 2018
Colony Capital is marketing a suburban St. Louis industrial portfolio that&rsquo;s worth an estimated $52 million.The eight distribution warehouses, totaling 740,000 square feet, are 98% leased. At the estimated value of $70/sf, the buyer&rsquo;s initial annual yield would be 6.5%. Los Angeles-based Colony, which changed its name last month from Colony NorthStar, has given the listing to Newmark.The listing encompasses two adjacent industrial...



MARKET SPOTLIGHT: Tampa-Area Apartment Properties

Wed, 25 Jul 2018
Recent corporate relocations and expansions have bolstered job growth. Some 46,000 residents have moved into the metropolitan area over the past year, according to Marcus & Millichap.The brokerage expects the average rent to grow 4.2% this year, to $1,173, on top of a 5.1% increase last year. Rents have jumped 33% over the past five years.Green Street Advisors said investors should be cautious about softening fundamentals in the Central Tampa...



The Grapevine

Wed, 25 Jul 2018
L&L Holding has hired Patrick Connell as managing director and head of capital raising. He&rsquo;s tasked with developing new partnerships with institutional investors and maintaining the New York investment shop&rsquo;s existing relationships. Connell reports to president and chief investment officer Robert Lapidus and chief executive David Levinson. He was most recently at Riverstone Holdings of New York, where he helped raise capital for...



The Grapevine

Wed, 25 Jul 2018
Nir Liebling joined Edge Principal last week as a managing director in San Francisco. His primary focus will be on hotel acquisitions, but he&rsquo;ll also assist on other real estate deals in the Western U.S. He reports to principals Evan Mallah and Jeffrey Walker, who lead the New York investment shop. Liebling came from Chicago fund shop Waterton, where he served as chief investment officer for hotel investments. He previously had stints at...



The Grapevine

Wed, 25 Jul 2018
Investment pro Conor Soden has rejoined Ashkenazy Acquisition of New York. He started this month as a managing director at the shop led by chief executive Ben Ashkenazy and president Michael Alpert. Soden spent the past year as a vice president of acquisition at Gazit Horizons, the New York subsidiary of Israel&rsquo;s Gazit-Globe. He was previously a principal at NY Ventures, a joint venture he formed with retail investor WS Development of...



The Grapevine

Wed, 25 Jul 2018
Boston fund shop Davis Cos. has added Ravi Ragnauth as a managing director and member of its investment committee. He will also serve as chief financial officer and chief compliance officer, overseeing fund reporting to limited partners, among other duties. Ragnauth moved over two weeks ago from Moinian Group of New York, where he was executive vice president and chief financial officer. He had previous stints at Fannie Mae and Ernst & Young....



The Grapevine

Wed, 25 Jul 2018
Duncan Woodard joined Boston Capital last week as senior director of acquisitions. He jumped to the firm&rsquo;s Boston headquarters from Spaulding & Slye Investments, also of Boston, where he spent two years as vice president of acquisitions. Woodard focuses on buying and renovating value-added apartment properties in high-growth markets. He was hired in part to invest for the firm&rsquo;s Boston Capital Income & Value U.S. Apartment Fund, a...



The Grapevine

Wed, 25 Jul 2018
Angelo, Gordon & Co. has added another analyst to its real estate team. Doug Profenius joined a month ago from New York-based LeFrak Organization, where he spent two years. He will work with vice president Scott Glassberg on acquisitions and asset management of Midwest properties. The New York fund shop had hired two analysts in May: Matt Hennessy, who came from Rialto Capital of Miami, and Zach Gardner from New York advisory firm Hodes Weill &...



Correction

Wed, 25 Jul 2018
A July 11 table, &ldquo;Large Single-Property Purchases in the Second Quarter,&rdquo; overstated BlackRock&rsquo;s purchase price for the 162-unit Flats at Bethesda Avenue apartment property in Bethesda, Md. The price was $97.4 million, or $601,235/unit, not $143.5 million. The larger figure includes the amount BlackRock paid for a retail condominium at the...



CalSTRS, DivcoWest Circle SF Office Tower

Wed, 18 Jul 2018
A joint venture between California State Teachers and DivcoWest is in talks to buy a San Francisco office building from Vanbarton Group for roughly $290 million.The valuation of the 319,000-square-foot property, at 301 Howard Street in the South Financial District, works out to about $909/sf. Eastdil Secured is representing Vanbarton, a New York investment manager.While the Class-A building is 98% leased, CalSTRS and DivcoWest could boost their...



Booming M&A Market Ripe for More Deals

Wed, 18 Jul 2018
Mergers and acquisitions of real estate companies are on track for the busiest year since the market crash.Some $24.1 billion of transactions closed in the first half, and another $62 billion are pending. That $86.1 billion total would be the second-highest since Real Estate Alert began tracking the market in 1996, exceeded only by the $168.4 billion blow-off top in 2007.The first-half tally was dominated by European giant Unibail-Rodamco&rsquo;s...



PGIM Pitching Southeast Apartment Portfolio

Wed, 18 Jul 2018
PGIM Real Estate is marketing five multi-family properties in the Southeast with a combined value of about $415 million.The Class-A properties, which encompass 1,403 apartments, are in Atlanta, Charlotte, Nashville, Charleston, S.C., and Boca Raton, Fla. At the estimated value of $296,000/unit, the capitalization rate would be around 4.5%. Investors can bid on individual properties or any combination.Walker & Dunlop kicked off the marketing...



CA Recruits Pro for Industrial Push

Wed, 18 Jul 2018
CA Ventures has picked off a veteran from industrial giant Prologis to spearhead its first big push into the booming warehouse sector.Continuing to expand beyond its initial focus on student housing, Chicago-based CA plans to develop $500 million of distribution buildings on a speculative basis over the next five years.Jim McGill, who was hired last month as an executive vice president, will lead the effort, along with chief development officer...



Revamped Central Loop Offices Listed

Wed, 18 Jul 2018
A joint venture has listed an office building in Chicago&rsquo;s Central Loop that it recently repositioned as &ldquo;creative&rdquo; space and leased up.The 580,000-square-foot property, at 125 South Clark Street, is expected to attract bids of up to $210 million, or $362/sf. JLL has the listing.Local shops Blue Star Properties and Wolcott Group teamed up to buy the 20-story building in 2014 from Chicago Public Schools for $28 million. At the...



KKR to Pay Record Price in Oakland

Wed, 18 Jul 2018
KKR has agreed to buy a renovated office building at 1330 Broadway in downtown Oakland from TMG Partners at a record per-foot price for the city.When the 320,000-square-foot property went up for sale, market pros cited a &ldquo;whisper&rdquo; value of $550/sf, or $176 million &mdash; far above the prevailing $474/sf record. The buzz is that KKR&rsquo;s bid came in just north of that price. Eastdil Secured is advising TMG, a San Francisco...



Minn. Offices Leased to Target in Play

Wed, 18 Jul 2018
Union Investment Real Estate is marketing a Minneapolis office building at Target&rsquo;s headquarters campus.The department-store chain has a long-term lease on the entire 499,000-square-foot property, called Target Plaza 3, at 950 Nicollet Avenue in the Central Business District.Bids are expected to be in the vicinity of $184 million, or $369/sf. Union Investment, a German firm advised by Metzler Real Estate of Seattle, has given the listing to...



Luxury Boston Rentals Up for Grabs

Wed, 18 Jul 2018
Investors are getting a crack at a new luxury apartment building in Boston that&rsquo;s valued at about $130 million.The 195-unit Serenity, at 101 South Huntington Street, is 93% leased. It&rsquo;s near the Longwood Medical Area, which has no vacant office space and few apartments nearby.At the estimated value of $667,000/unit, the buyer&rsquo;s initial annual yield would be around 4.5%. Newmark is representing the local owner, Longwood Group,...



Partner Sought for Luxury LA Project

Wed, 18 Jul 2018
A Bascom Group joint venture is seeking an equity partner to build a luxury high-rise apartment building in downtown Los Angeles.The 452-unit project, at 701 Maple Avenue, is expected to cost as much as $600,000/unit, or $271 million. The buzz is that the joint venture, which HFF is advising, wants a partner to commit $50 million to $100 million of equity. It&rsquo;s unclear how much capital the Bascom team itself would supply. The balance of the...



Toronto REIT Seals 2nd Chicago Deal

Wed, 18 Jul 2018
A Canadian REIT has struck an agreement for its second office purchase in downtown Chicago this year.Slate Office REIT has agreed to pay just under $160 million, or $243 a square foot, for the 656,000-sf tower, at 120 South LaSalle Street in the Central Loop. The deal also includes an adjacent garage, at 183 West Monroe Street.Pricing topped the initial expectation of $155 million. The initial annual yield is in the vicinity of 6%. CBRE is...



Benefit Street Shops Industrial Bundle

Wed, 18 Jul 2018
Benefit Street Partners is marketing an industrial portfolio worth an estimated $155 million.The 3 million-square-foot package encompasses 19 fully leased buildings in 10 states. At the estimated value of $52/sf, the buyer&rsquo;s initial annual yield would be about 7.25%. HFF is representing New York-based Benefit Street, which wants to sell the warehouses to a single buyer.The properties are being pitched as highly stable, with just five...



Redevelopers Eye East Bay Center

Wed, 18 Jul 2018
Madison Marquette is pitching a power center in an East Bay suburb of San Francisco as a potential redevelopment play.The offering encompasses 704,000 square feet within the 852,000-sf Bayfair Center, at 15555 East 14th Street in San Leandro, Calif. It excludes a separately owned Target store. Bids are expected to hit $80 million. Newmark has the listing.The property is 67% occupied. The largest tenant, Macy&rsquo;s, has a 200,000-sf lease that...



Buildings at Virginia Campus for Sale

Wed, 18 Jul 2018
A Walton Street Capital joint venture is marketing a cluster of office buildings on a Northern Virginia campus that&rsquo;s transitioning into a &ldquo;live-work-play&rdquo; development.The five properties, totaling 437,000 square feet, are along Dulles Technology Drive and Sunrise Valley Drive in Herndon, near a planned Metrorail station. The offering is expected to attract bids of about $110 million, or $252/sf. Chicago-based Walton Street and...



Listed Boston Offices Can Be Expanded

Wed, 18 Jul 2018
A fully occupied Boston office building that&rsquo;s suitable for expansion is on the block.The 55,000-square-foot property, at 110 Canal Street in the North Station submarket, has an estimated value of roughly $40 million, or $727/sf. Avison Young has the listing.The Class-B building has seven floors. Owner Beerworks Brewing wants to lease back the first two floors, where it operates a restaurant and bar. Bidders can propose lease terms as part...



Hartford Offices, Garage Hit Market

Wed, 18 Jul 2018
Talcott Realty has listed a well-leased office building in downtown Hartford that&rsquo;s expected to attract bids of about $80 million.The 622,000-square-foot One Financial Plaza comes with a 1,141-space garage that generates revenue. At the estimated valuation, the buyer&rsquo;s initial annual yield would be 8.5%. Avison Young has the listing.The Class-A building competes with the top properties in Hartford. Its 89% occupancy level is among the...



NEW DEALS

Wed, 18 Jul 2018
New Multi-Family Building in CharlotteTH Real Estate acquired a new, mid-rise apartment building in Charlotte for $69.3 million. The TIAA unit closed June 28 on the 297-unit Centric Gateway, at 1010 West Trade Street in the Uptown neighborhood. The property was completed last year and is still in its initial lease-up phase. The price is equal to $233,000/unit. HFF brokered the sale for the developer, Dominion Realty of Raleigh. The studio, one-...



NEW DEALS

Wed, 18 Jul 2018
San Francisco Apartment PropertyFlynn Investments will realize a 2.3% capitalization rate on its purchase of a 35-unit apartment building in San Francisco. The local shop paid Aegon $25.1 million, or $717,000/unit, for Chestnut Place, at 900 Chestnut Street in the upscale Russian Hill neighborhood. The seven-story property, built in 1926 and last renovated in 1985, was pitched as a value-added opportunity. It&rsquo;s 98% occupied and subject to...



New Calif. Retail Center Available

Wed, 18 Jul 2018
A Pimco partnership is pitching a new shopping center in suburban Los Angeles that&rsquo;s anchored by Whole Foods.The 78,000-square-foot Sycamore Hills Plaza, in Claremont, Calif., carries an asking price of $50.5 million. At that valuation, the buyer&rsquo;s initial annual yield would be 5%. CBRE is representing Pimco and its partners, Los Angeles-based GPI Cos. and LStar Ventures of Raleigh.The center, at 2129 West 16th Street in Upland,...



MARKET SPOTLIGHT: Florida Hotels

Wed, 18 Jul 2018
Pending and completed sales already exceed $1.2 billion this year, nearly matching the full-year 2017 total of $1.26 billion.Investors are once again enthusiastic for both South Florida properties and large resorts in vacation markets, which have posted steady gains in revenue per room.Performance is getting a boost from vacationers seeking alternatives to the Caribbean, which is still grappling with hurricane-related damage and hotel...



The Grapevine

Wed, 18 Jul 2018
Michael Chang joined New York fund shop Cerberus Capital this month as a managing director to head U.S. real estate asset management. He was previously a managing director at Angelo, Gordon & Co., also of New York. He spent 17 years there, working on acquisitions, asset management a