Article List

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 83% 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 Porto 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...



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...



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...



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...



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...



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...



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...



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...



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...



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...



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...



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...



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...



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&rsquo;s Levi Plaza, setting the stage for one of the largest office trades in the city&rsquo;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&rsquo;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 Co. of Boston.Marketing materials...



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 and fund-raising activities for its high-yield funds. Cerberus held a final close last year on $1.8 billion of equity for Cerberus Institutional Real Estate Partners...



The Grapevine

Wed, 18 Jul 2018
David Kelly started at Edge Principal this month as a vice president, focused on acquisitions. He came to the investment manager&rsquo;s New York headquarters from RXR Realty of Uniondale, N.Y., where he was a first vice president of investments. He spent nearly six years at that firm and had a prior stint as an analyst in J.P. Morgan&rsquo;s real estate investment-banking unit. Edge, led by principals Evan Mallah and Jeffrey Walker, was founded...



The Grapevine

Wed, 18 Jul 2018
New York property veteran Randi Kaufman joined Pacific Urban Residential last month at its Manhattan outpost. She is a vice president focused on asset management for the Palo Alto, Calif., multi-family shop. Kaufman previously was a senior vice president at HNA Group&rsquo;s New York office, but left the Chinese conglomerate last month as it pared down staff while liquidating its U.S. holdings. Kaufman had earlier stints at Silverstein...



The Grapevine

Wed, 18 Jul 2018
Denver investment and development firm McWhinney has recruited Josefina Radcliffe as a director of asset management, tasked with overseeing its growing hotel portfolio. Radcliffe, who started this month, spent the last four years at Hyatt Hotels&rsquo; Chicago headquarters as a director of feasibility and development finance, examining opportunities to acquire and develop full-service hotels in the Americas. Before that, she was a senior...



The Grapevine

Wed, 18 Jul 2018
HFF has hired Bo Moore as a senior director in Atlanta. He jumped from Newmark, where he&rsquo;d been since 2010. Moore started Monday, focusing on multi-family investment sales in the Southeast and working alongside senior managing director Jason Nettles and senior director Megan Thompson. Before Newmark, he worked at Atlanta real estate services firm Carter &...



The Grapevine

Wed, 18 Jul 2018
Terra Weirich has left fund operator CIM Group to join Bernstein Management in Washington. She started this month as a vice president at the real estate services firm, working on acquisitions, dispositions and development in Greater Washington. Weirich was a vice president at Los Angeles-based CIM, where she worked for 13 years. Bernstein, a family-owned firm founded in 1953, is led by chief executive Joshua Bernstein. It owns and manages some...



The Grapevine

Wed, 18 Jul 2018
After 14 years at Eastdil Secured, Kara Wiard left the brokerage last week to join WeWork. Wiard leads the West Coast advisory team for the New York-based shared workspace provider&rsquo;s enterprise division. At Eastdil, she was a director in San Francisco. Previously, Wiard had a three-year stint at Citigroup.



The Grapevine

Wed, 18 Jul 2018
Brian Kolin left Blackstone&rsquo;s real estate secondaries team two weeks ago. He was a director in the Strategic Partners Fund Solutions group, which trades stakes in funds that invest in real estate and other sectors. Kolin told colleagues he&rsquo;s taking the summer off. His plans after that are unknown. Kolin was at Strategic Partners and its predecessor for 16 years. Blackstone bought the business from Credit Suisse in...



ON THE MARKET

Wed, 18 Jul 2018
MULTI-FAMILY:Property: Echelon at Middletown, 400 Echelon Drive, Louisville, Ky.Size: 210 units, 90.5% occupiedEstimated Value: $42 million, $200,000/unit, Yield: 5.5%Owner: Garret Cos., IndianapolisBroker: CBREColor: Class-A apartment complex in the affluent East End, completed last year and nearly stabilized. Made up of 17 two-story buildings on 12.6 acres. In-place rent: $1,265. Units have 1-3 bedrooms. Amenities include resort-themed pool,...



Host Shops Hotel Portfolio Worth $1.2 Billion

Wed, 11 Jul 2018
Host Hotels & Resorts is marketing a dozen full-service hotels and resorts valued at roughly $1.2 billion.The properties, which encompass some 5,300 rooms, are being pitched as a portfolio to the relative handful of investors with the capacity and appetite to take down an investment of that size. Eastdil Secured has the listing.The offering is Host&rsquo;s latest move to reshape its holdings by focusing on higher-end properties in top-performing...



Turnbridge Preps for More Large-Scale Deals

Wed, 11 Jul 2018
Investment manager Turnbridge Equities is gearing up to chase more institutional-size deals.The New York shop, led by founder Andrew Joblon, is on a hiring spree and is expected to close its debut commercial real estate fund early next year. The vehicle, Turnbridge Equities Real Estate Fund 1, is already roughly two-thirds of the way toward its $300 million equity goal.The fund makes value-added and opportunistic acquisitions across asset classes...



REIT, Deutsche Joining Werner on NY Deals

Wed, 11 Jul 2018
Syndicator David Werner has lined up Alexandria Real Estate Equities and Deutsche Asset Management as his equity partners for two adjacent office buildings in Midtown Manhattan he is buying from pharmaceutical giant Pfizer.Werner in April agreed to pay about $365 million for the 350,000-square-foot building at 219 East 42nd Street and the leasehold interest in the 825,000-sf building at 235 East 42nd Street. Pfizer, which is being represented by...



Investcorp Snares Industrial Portfolio

Wed, 11 Jul 2018
Investcorp has agreed to buy an industrial portfolio from Greenfield Partners for roughly $300 million.The 4.5 million-square-foot package encompasses 56 light-industrial properties in seven markets. The warehouses are relatively small, averaging 81,000 sf. They are in urban areas, making them desirable for e-commerce tenants seeking a staging ground for &ldquo;last-mile&rdquo; deliveries. CBRE shopped the package for Greenfield, a fund operator...



Pledges by Pensions Surge by 35%

Wed, 11 Jul 2018
Commercial real estate commitments by public pension funds jumped by a surprising 35% in the first half, putting pledges on pace for the second-highest annual level since the market crash.Pensions continued to plow equity into the sector even though investment managers are sitting on a record hoard of uninvested capital because of the difficulty of finding suitable investments. That factor had contributed to declines in pledges for the past two...



Former Perella Pros Map Buying Spree

Wed, 11 Jul 2018
An investment shop founded by two former Perella Weinberg partners wants to buy some $850 million of properties in the next two years.Innovatus Capital was formed two years ago by David Schiff and Andrew Dym to invest in a wide variety of assets, including commercial real estate. It has bought three properties to date, valued at about $140 million, and wants to build its property portfolio up to $1 billion over the next 24 months.The New York...



Foreclosed Calif. Resort Up for Grabs

Wed, 11 Jul 2018
The Park Hyatt Aviara Resort in Southern California is on the block, a year after a special servicer took control of the overleveraged property.CWCapital has listed the 329-room luxury hotel, in Carlsbad, with Eastdil Secured. The anticipated price couldn&rsquo;t be learned, but a January appraisal valued it at $123.6 million &mdash; a big discount to its $186.5 million securitized mortgage.The resort had been appraised at $251 million in 2007,...



Joint Venture Targets Senior Housing

Wed, 11 Jul 2018
A newly formed joint venture has pledged $300 million of equity to buy and develop senior-housing properties.LCS, a senior-housing specialist in Des Moines, Iowa, is leading the vehicle and has kicked in $30 million of equity. It tapped placement agent CBRE Capital Advisors to line up its unidentified partner, which is supplying the remaining $270 million.With leverage, the joint venture can make $750 million of investments. The return goal is...



Stamford Office Complex on Block

Wed, 11 Jul 2018
SL Green Realty is marketing a Connecticut office complex valued at about $165 million.The 815,000-square-foot Landmark Square, in Stamford, is 80% leased. At the estimated price of $200/sf, the initial annual yield would be 7%, based on in-place net operating income of $11.6 million. CBRE is representing New York-based SL Green.The sales pitch is that a buyer could quickly increase its return by attracting tenants from more-expensive areas,...



Price Record Seen for Student Housing

Wed, 11 Jul 2018
A Rockpoint Group partnership is marketing a student-housing complex in College Park, Md., that&rsquo;s valued at about $230 million &mdash; a price that would be the highest ever in the sector.The two-building property, adjacent to the University of Maryland&rsquo;s main campus, has 1,573 beds in 507 units that are fully leased for the fall semester. The offering is being pitched to large U.S. institutions and foreign investors &mdash; both of...



Blackstone Shops Calif. Apartments

Wed, 11 Jul 2018
A Blackstone partnership is marketing a suburban San Diego apartment property that could fetch at least $100 million.The 406-unit property, in La Mesa, Calif., is 95% occupied. The estimated value translates to about $246,000/unit. JLL, which has the listing, is pitching the offering as a value-added play.The complex, called Alvista on Baltimore, was part of a 16-property, 3,800-unit portfolio formerly owned solely by fund operator Phoenix Realty...



New Industrial Property for Sale in NJ

Wed, 11 Jul 2018
A LaSalle Investment partnership is pitching a new industrial building in Central New Jersey that could command bids of $80 million.The 452,000-square-foot property, in Piscataway, is fully leased for 20 years to Cascades, a Canadian manufacturer of packaging and tissue products.The estimated value works out to $177/sf. Cushman & Wakefield is representing Chicago-based LaSalle and its partner, Greek Development of East Brunswick, N.J.The LaSalle...



Bundle of Okla. Offices Hit the Market

Wed, 11 Jul 2018
In a rare office listing in Oklahoma, an investment firm is shopping eight Class-B buildings in Tulsa.The 884,000-square-foot portfolio is roughly 80% occupied, offering the potential to boost income by leasing vacant space.Bids could come in around $85/sf, which would value the package at about $75 million. With in-place net operating income of $5.8 million, the initial annual yield would be 7.7% at that price. Cushman & Wakefield is...



Leased-Up Warehouse Shown Near KC

Wed, 11 Jul 2018
Bentall Kennedy is pitching a fully leased distribution warehouse on the outskirts of Kansas City that could fetch $37 million.The 602,000-square-foot building is at 22101 West 167th Street in Olathe, Kan., 27 miles southwest of downtown Kansas City, Mo. Bentall Kennedy, a unit of Toronto-based Sun Life Investment, has given the listing to HFF.Bushnell and FedEx fully lease the property, with a weighted average remaining lease term of 4.5 years....



MARKET SPOTLIGHT: Office Properties in Orange County, Calif.

Wed, 11 Jul 2018
More than 100 Class-B properties have been converted to &ldquo;creative&rdquo; offices over the past three years, according to JLL. Most of that 6.5 million-sf block of space is in the strong Airport submarket and commands higher rents, which is pushing value-oriented tenants out to nearby submarkets.The average asking rent climbed to a record $34.80/sf at the end of the first quarter, up 8.6% year-over-year, according to CBRE. But tenants have...



The Grapevine

Wed, 11 Jul 2018
Acquisitions veteran Suril Shah stepped down within the past two weeks from Starwood Capital, where he led the U.S. hotel-acquisition platform. His plans are unknown, but he is said to be on gardening leave. Shah, a managing director, joined in 2005 and took the reins of the hotel team in 2011. During his tenure, the Miami firm has amassed a sizable portfolio ranging from high-end urban properties to select-service hotels. The buzz is senior vice...



The Grapevine

Wed, 11 Jul 2018
Toll Brothers has recruited Michael Skena as national director of mixed-use development, based in Washington. He joined the Horsham, Pa., firm last week. Skena spent the past three years at MRP Realty of Washington and previously had a four-year stint at JBGR Retail of Chevy Chase, Md. As part of the Toll Brothers Apartment Living unit, he will focus on the acquisition and development of residential properties anchored by retail...



The Grapevine

Wed, 11 Jul 2018
Multi-family shop Waypoint Residential has added two staffers. John Ford was named a vice president of acquisitions in Dallas, and Michael Berliner joined as a development associate in Stamford, Conn. Ford previously worked at Elite Street Capital of Houston, Wood Partners of Atlanta and Trammell Crow of Dallas. Berliner completed his master&rsquo;s degree this year. He had a prior stint as an analyst at Ackman-Ziff Real Estate. Ford reports to...



The Grapevine

Wed, 11 Jul 2018
JLL has hired Matt McCune as a senior vice president in its multi-family capital-markets division. He started last month, based in Columbus, Ohio. McCune previously ran his own investment-sales shop, Columbus-based Cadence Real Estate Investment, which he founded in 2016 and shut down upon joining JLL. He will advise JLL clients on property sales, with an initial focus on Central Ohio. McCune reports to managing director Keith Largay and works...



The Grapevine

Wed, 11 Jul 2018
Jeffrey Hammond left Black Creek Group last week to join fund shop Alidade Capital as a vice president of acquisitions, based in Dallas. Hammond previously spent two years at Denver-based Black Creek, working on acquisitions from Dallas. He also had stints at Wells Fargo and L&B Realty of Dallas. Alidade, of Bloomfield Hills, Mich., was co-founded by Mark Hammond, Jeffrey&rsquo;s...



The Grapevine

Wed, 11 Jul 2018
C-J. Ford joined Newmark&rsquo;s New York office as a research director in the past two weeks. He previously worked at mortgage brokerage Eastern Union Funding of New York and also had stints at commercial real estate data firm Xceligent and CBRE. Ford reports to senior managing director Jonathan Mazur, who co-heads Newmark&rsquo;s research group with senior managing director Alexander...



The Grapevine

Wed, 11 Jul 2018
After spending the past three years at Eastdil Secured as an associate in Washington, Matthew Graham last week joined his family&rsquo;s business, Graham & Co., in Birmingham, Ala. As a vice president of corporate strategy and investments, he will scout out value-added office properties in the Southeast. The company, which was founded in 1978, is led by Matthew&rsquo;s father, Mike Graham, and his uncle, Steve Graham. It leases and manages 10...



ON THE MARKET

Wed, 11 Jul 2018
MULTI-FAMILY:Property: Sky Mark, 600 Main Street, Worcester, Mass.SIZE: 196 units, 96% occupiedEstimated Value: $32 million, $163,000/unit, Yield: Low-5% areaOwner: VTT Management, Framingham, Mass.Broker: Capstone ApartmentCOLOR: Vintage-1990, downtown apartment tower with 24 stories. Pitched as a core-plus play via continuing a renovation campaign. Units have 1-2 bedrooms. Average rent: $1,445. Near Interstate 290 and a half-mile from a train...



Blackstone Lands JW Marriott in San Antonio

Wed, 04 Jul 2018
Blackstone has struck a deal to buy a JW Marriott luxury resort in San Antonio from a Miller Global partnership for just under $650 million.The price for the 1,002-room JW Marriott San Antonio Hill Country Resort & Spa works out to almost $650,000/room. Eastdil Secured is brokering the sale for Denver-based Miller and its partner, Principal Real Estate Investors of Des Moines, Iowa.The agreement comes roughly a year after the property hit the...



Foreign Buyers Hit by Rising Cost of Hedging

Wed, 04 Jul 2018
The cost of insuring against fluctuations in currency values continues to rise for foreign investors, making it harder for them to compete in the primary U.S. markets they typically favor.The price of currency hedges has risen dramatically for South Korean and Japanese buyers of U.S. real estate in the last six months, according to a CBRE report. Fueled by the quickening pace of interest rates hikes in the U.S., the expense has also worsened in...



Hines Breaks Up Big Office Portfolio for Sale

Wed, 04 Jul 2018
Hines has launched separate marketing campaigns for seven office properties nationwide, worth more than $900 million in total.The properties, which encompass about 2.2 million square feet, were originally shopped quietly as a portfolio, along with an eighth property. Hines is now opting to market them one-by-one. Eastdil Secured has the listings: Three in Massachusetts, two in California and one each in Minnesota and Washington, D.C.The offerings...



McCourt Eyes Partner for Texas Project

Wed, 04 Jul 2018
Billionaire real estate investor Frank McCourt is looking to bring in a partner on a site in downtown Austin where he plans to build a $1 billion mixed-use complex.The land, two parcels totaling 4.7 acres on Rainey Street, is valued at about $150 million. The relative stakes of McCourt and the partner would be open to negotiation. The partner would likely commit to spend hundreds of millions of dollars on the development. HFF has the listing.The...



Swedish Firm Snags DC-Area Rentals

Wed, 04 Jul 2018
Akelius Residential is under contract to buy a suburban Washington apartment tower from AvalonBay Communities for $170 million.Eastdil Secured is brokering the sale of the 383-unit Avalon Ballston Place, in Arlington, Va., for locally based AvalonBay. The price translates to $444,000/unit.The occupancy rate is 95%. The 25-story building, at 901 North Pollard Street, includes 5,000 square feet of retail space that&rsquo;s fully leased.When the...



High-Rise Apartments Offered in Conn.

Wed, 04 Jul 2018
Bentall Kennedy is shopping a 500-unit apartment building in Connecticut that could appeal to core-plus investors.The high-rise, next to Yale University&rsquo;s campus in downtown New Haven, is valued at roughly $165 million, or $330,000/unit. Toronto-based Bentall, which is representing an unidentified advisory client, has given the listing to CBRE.The 32-story tower, at 360 State Street, was built in 2010. The apartments are 94% occupied. There...



San Diego Complex Up for Grabs

Wed, 04 Jul 2018
A San Diego office complex valued at about $110 million is on the block.The offering encompasses the 279,000-square-foot Elements at Wateridge and an adjacent development parcel. The capitalization rate at the estimated value is unknown, but similar properties have been commanding yields of about 6%. HFF is representing the local owner, Parallel Capital.The Class-A property, in the Sorrento Mesa submarket, is 91% occupied, with an unusually long...



KBS Showing Offices Near St. Louis

Wed, 04 Jul 2018
KBS Realty is marketing a Class-A office complex in an upscale market near St. Louis.The 580,000-square-foot Pierre Laclede Center, in Clayton, Mo., is expected to attract bids of about $100 million, or $172/sf. KBS, of Newport Beach, Calif., is pitching the property as stabilized, with a 97% occupancy rate, but providing the potential to raise below-market rents. HFF has the listing.The complex, about 10 miles west of downtown St. Louis,...



NC Office Portfolio Comes to Market

Wed, 04 Jul 2018
Bridge Investment is teeing up four office buildings and a parcel in North Carolina that together are valued at about $101 million.The offering encompasses 380,000 square feet in two buildings in Durham and two in Charlotte, plus the land under a Charlotte bank branch. The office properties are valued at roughly $95 million, or $250/sf, and the site is worth about $6 million.Bridge, a Salt Lake City investment manager, will consider bids on the...



Net-Leased Fla. Warehouse on Block

Wed, 04 Jul 2018
Fortress Investment is marketing a Southern Florida distribution center, as it continues to sell some properties in a portfolio it just acquired in a sale-leaseback deal.The New York investment manager has tapped CBRE to market the 779,000-square-foot property, in Pompano Beach. Bids are expected to hit $105 million. A sale at that $134/sf valuation would indicate an initial annual yield of 5.2%.The complex is fully leased on an absolute-net...



Fund Shop Lists Rentals Near Chicago

Wed, 04 Jul 2018
A luxury apartment complex in Chicago&rsquo;s western suburbs is being pitched as a value-added play.The 294-unit property, in Downers Grove, Ill., could attract bids of roughly $75 million, or $255,000/unit. At that price, the buyer&rsquo;s initial annual yield would be about 4.9%. The owner, Los Angeles fund shop American Realty, has given the listing to Moran & Co.The complex, dubbed Residences at the Grove, is 94% occupied, slightly below the...



Merchants' Buying Manhattan Offices

Wed, 04 Jul 2018
A year after hiring a new leader for an expansion push, Merchants&rsquo; National Properties has struck its first New York office deal, agreeing to buy two buildings for about $48 million.The fully leased properties, at 135 and 161 Bowery on the Lower East Side, are roughly the same size and total 50,000 square feet. The purchase price works out to $960/sf and a capitalization rate of 5%. Two joint ventures that include Caspi Development of White...



Redevelopment Play Available in NY

Wed, 04 Jul 2018
A nearly vacant building in Manhattan&rsquo;s Greenwich Village neighborhood is being pitched as a redevelopment play, with an asking price of $40 million.The four-story property, at 64 University Place, encompasses 25,000 square feet. Avison Young is representing the local owner.The street-level space is occupied by high-end grocer Agata & Valentina. The top three floors are vacant, following the closure of the Institute of Audio Research at the...



Onyx Partnership Showing NJ Complex

Wed, 04 Jul 2018
A partnership is offering a newly renovated office complex in Northern New Jersey that could attract bids of about $75 million.The 304,000-square-foot Country Club Plaza, in Paramus, is 97% occupied, mostly by investment-grade tenants. At the estimated value of $247/sf, the buyer&rsquo;s initial annual yield would be 7.2%, based on $5.4 million of in-place net operating income. CBRE is representing the owners, Onyx Equities of Woodbridge, N.J.,...



NEW DEALS

Wed, 04 Jul 2018
Arizona Apartment PortfolioCommerce Capital paid $64.5 million last week for three Tucson, Ariz., multi-family properties totaling 887 units. Berkadia represented the seller, Holualoa Cos. of Tucson. San Antonio-based Commerce paid $27 million for the 411-unit Stonybrook Apartment Homes at 4225 North First Avenue; $21.6 million for the 253-unit Quail Ridge Apartments at 4500 East Sunrise Drive; and $15.9 million for the 223-unit La Jolla de...



MARKET SPOTLIGHT: Chicago-Area Apartment Properties

Wed, 04 Jul 2018
Sales will have to pick up sharply to approach last year&rsquo;s record $3.8 billion tally. Roughly $1.2 billion of trades have closed so far this year, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up.New supply is projected to help compress the average occupancy rate by 30 bp this year, to 93.8%, according to Marcus & Millichap. But construction is starting to slow.Green Street Advisors said...



The Grapevine

Wed, 04 Jul 2018
Two real estate pros have launched their own New York investment shop. David Steinberg and Nirmal Roy formally opened Foundation Capital last month. The firm will chase opportunistic returns via investments in real assets, including distressed opportunities in real estate equity and debt. Steinberg previously was a managing director and principal at Madison Capital of New York, where he spent eight years. Before that, he worked at FrontView...



The Grapevine

Wed, 04 Jul 2018
Payton Reid has joined Choice Hotels International as a managing director to handle real estate acquisitions. The Rockville, Md., corporation operates about a dozen select-service hotel brands, including Comfort Suites, Quality Inn and Econolodge. Reid moved over last month from LidlUS, where he was a vice president of real estate and helped the German grocer expand its presence in the U.S. He spent the last four years there, and before that was...



The Grapevine

Wed, 04 Jul 2018
Apartment buyer Rise Properties has added an investment manager to work on acquisitions. Beau Madsen joined the firm last month at its office in Seattle. Madsen spent the past five years at Security Properties, another multi-family shop in Seattle. At Rise, he works under Dave Kirzinger and Barrett Sigmund. Sigmund joined the firm as its president in October, also from Security Properties. Rise is a nontraded Canadian REIT focused on U.S....



The Grapevine

Wed, 04 Jul 2018
Renat Yusufov joined Wharton Equity last month as a vice president in its New York headquarters. Yusufov came from Ackman-Ziff Real Estate, also in New York, where he spent about a year. Before that, he worked on acquisitions at New York-based Related Cos. for about a year and a half, and earlier had a four-year stint at PricewaterhouseCoopers.



The Grapevine

Wed, 04 Jul 2018
As boutique New York brokerage Eastern Consolidated winds down, senior directors Rubin Isak and Lev Kimyagarov are leaving to head Goldenwood Property of New York. They&rsquo;ll be joined there by analysts Mark Pietrogiacomo and Jonathan Sherman. All four joined Eastern last year. Goldenwood is a shop that Isak ran on his own before he was hired by Eastern. The brokerage announced three weeks ago that it was shutting down after an unsuccessful...



The Grapevine

Wed, 04 Jul 2018
Retailer Macy&rsquo;s has hired a staffer to help with its real estate disposition strategy. Tim Karmazsin started this month in New York as a senior associate. He reports to Chris Erb, who joined the department store company two years ago as head of real estate development. Macy&rsquo;s real estate team is led by Doug Sesler. Karmazsin came from DLC Management of Elmsford, N.Y. He previously spent eight years at DDR, the Beachwood, Ohio, REIT....



The Grapevine

Wed, 04 Jul 2018
Allianz Real Estate of America wants to add an associate in New York. The recruit would work on direct property buys, joint ventures and other deals across the U.S., reporting to the firm&rsquo;s head of acquisitions in the Americas, Gary Phillips. Candidates should have 2-5 years of experience.



Israeli Investor Buying Georgetown Complex

Wed, 27 Jun 2018
Israeli billionaire Eyal Ofer has struck a deal to pay about $415 million for the office and retail components of a complex in Washington&rsquo;s tony Georgetown district.Ofer&rsquo;s Global Holdings has agreed to buy 562,000 square feet of space within Washington Harbour, at 3000-3050 K Street NW, along the Potomac River. HFF is representing the seller, a consortium of South Korean investors advised by Principal Real Estate Investors of Des...



Rebounding Resorts Luring Back Investors

Wed, 27 Jun 2018
Call it a comeback for investment sales of resort hotels.The high-end properties saw their performance hammered in the downturn. Even during the recovery, investors largely shied away. But now, with a strong economy boosting revenues and limited construction constraining supply, buyers have started coming back &mdash; and that&rsquo;s drawing out listings.On the heels of recent purchases by giants like Blackstone, Carey Watermark Investors and...



Hines Shows Silicon Beach Office Complex

Wed, 27 Jun 2018
Hines is marketing a &ldquo;creative&rdquo; office complex in the Silicon Beach area of Los Angeles that could fetch $350 million.The valuation of the 350,000-square-foot Campus at Playa Vista works out to $1,000/sf. Eastdil Secured is representing Houston-based Hines.The four-building property is 98.7% leased, with a weighted average remaining lease term of 6.1 years. Major tenants include Belkin International and the University of Southern...



TPG Buys NC Offices From Heitman

Wed, 27 Jun 2018
A TPG Real Estate partnership has acquired the leasehold interest in a Raleigh office portfolio from Heitman for $172 million.The price for the 621,000-square-foot package works out to $277/sf. TPG, of Fort Worth, Texas, teamed up with Orlando-based Parkway Property Investments on the acquisition, which closed last Friday. HFF represented Heitman, a Chicago investment manager.The six buildings are in the Centennial Campus research park at North...



Mixed-Use Bundle Listed Near Seattle

Wed, 27 Jun 2018
A Colony Capital partnership is marketing a cluster of suburban Seattle buildings that encompass office/flex, medical-office, laboratory and data-center space.The 18 buildings, totaling 718,000 square feet, are being offered via three listings, but could be acquired together. Combined, they&rsquo;re expected to fetch $174 million. Newmark is running the marketing campaign for Los Angeles-based Colony (which changed its name this week from Colony...



Starlight Wins Fla. Rental Complexes

Wed, 27 Jun 2018
Starlight Investments acquired two Tampa apartment complexes this week from IMT Capital for $117 million.The garden-style properties, which are within a mile of each other, have 670 total units. That puts the per-unit price at $175,000. During its six weeks on the market, the offering drew 165 property tours and 40 bids. Newmark represented IMT, a fund operator Sherman Oaks, Calif.The properties, which have a blended 97% occupancy rate, are at...



Rockpoint Picks Up Greenwich Offices

Wed, 27 Jun 2018
Rockpoint Group has agreed to pay about $130 million for a Greenwich, Conn., office property that is a leasing play.The Boston fund operator is buying the 155,000-square-foot property, at 100 West Putnam Avenue, from a Torchlight Investors partnership for roughly $840/sf. Eastdil Secured is brokering the sale.The property was 86% occupied as of March, according to a loan-servicer report. Rockpoint can work to fill the vacant space and boost rents...



Top Dollar Seen for San Diego Offices

Wed, 27 Jun 2018
Union Investment Real Estate is marketing a San Diego office complex worth about $165 million.The estimated value of the 235,000-square-foot Paseo Del Mar, in the affluent Del Mar Heights neighborhood, works out to some $700/sf, which would be a record high in the city. Eastdil Secured is representing Union Investment, a German firm advised by Metzler Real Estate of Seattle.The three-building complex is 84.3% leased, with a weighted average...



Office Complex Available Near Raleigh

Wed, 27 Jun 2018
A Capital Associates partnership is marketing an office complex near Raleigh that&rsquo;s worth an estimated $75 million.The 290,000-square-foot Weston 1&2, in Cary, N.C., would generate an initial annual yield around 6.75% at the estimated value of $258/sf. Raleigh-based Capital and its partner, New York insurer Assurant, prefer to sell the two Class-A buildings as a package. HFF has the listing.Marketing materials tout the offering&rsquo;s mix...



REIT Pitches Repositioning Play in SF

Wed, 27 Jun 2018
Digital Realty is marketing a mostly vacant San Francisco data center that&rsquo;s suitable for repositioning into &ldquo;creative&rdquo; office space.The 155,000-square-foot building, at 360 Spear Street in the South Financial District, is expected to command bids of about $95 million, or $613/sf. Cushman & Wakefield is representing Digital, a San Francisco REIT.The five-story property was developed as a warehouse in 1924 and converted into a...



Chicago Office Condo Up for Grabs

Wed, 27 Jun 2018
A Chicago office condo valued at up to $130 million is on the market.The 259,000-square-foot block of space is in the 17-story building at 20 West Kinzie Street, in the red-hot River North submarket. At the estimated value of $500/sf, the buyer&rsquo;s initial annual yield would be roughly 6%. The owner, Alter Group of Skokie, Ill., has given the listing to local shop EnTrust Realty.The Class-A condo is 99% leased, primarily by shared-workspace...



Medical Offices Shown on Long Island

Wed, 27 Jun 2018
RXR Realty is offering five medical-office buildings on Long Island valued at about $35 million.The properties, clustered along Froehlich Farm Boulevard in Woodbury, N.Y, encompass 153,000 square feet of space that&rsquo;s 90% occupied.At the estimated value of $230/sf, the portfolio would generate an initial annual return of 7.1%. RXR, a Uniondale, N.Y., shop led by investor Scott Rechler, prefers to sell the package intact, but would consider...



Power Center Marketed Outside Phila.

Wed, 27 Jun 2018
Investors are getting a crack at a power center in suburban Philadelphia that&rsquo;s worth about $50 million.The 362,000-square-foot property, in Deptford Township, N.J., would generate a 7.25% initial annual yield at the estimated value. HFF is marketing the property for a partnership between shopping-center specialist DLC Management of Elmsford, N.Y., and American Realty of Los Angeles.The power center, called Court at Deptford, was built in...



NEW DEALS

Wed, 27 Jun 2018
Florida Apartment ComplexPassco will realize a 5.25% capitalization rate on its acquisition of a 360-unit apartment complex in Sarasota, Fla. The Irvine, Calif., firm paid $77.5 million, or $215,000/unit, for Springs at Bee Ridge. Completed in 2016, the 16-building complex is 94% occupied. Units range from studios to three bedrooms, and amenities include a salt-water pool, a fitness center and a clubhouse with catering kitchen. The 33-acre...



Value-Added Rental Play in Florida

Wed, 27 Jun 2018
Capreit is shopping a South Florida apartment complex suitable for value-added investors.The 296-unit Brantley Pines, in Fort Myers, could attract bids of about $46 million, or $155,000/unit. Capreit, an apartment owner/operator in Rockville, Md., has given the listing to JBM Institutional Multifamily of Tampa.The garden-style complex, on a 29-acre site at 1801 Brantley Road, contains 19 two-story buildings that are 97% occupied, in line with its...



MARKET SPOTLIGHT: Office Properties in Raleigh, Charlotte Areas

Wed, 27 Jun 2018
Two weeks ago, a property commanded more than $500/sf for the first time in the region. The 376,000-sf building, at 615 South College Street in Charlotte, and its revenue-generating garage sold for $222 million. Market pros estimate the office component was valued at roughly $520/sf, or $196 million.The development pipeline is strong in the Raleigh-Durham and Charlotte metropolitan areas. The total space under development is 5.6 million sf, equal...



The Grapevine

Wed, 27 Jun 2018
CBRE has added David Fowler to its New York property-sales team. He started Monday as a first vice president, focused on the office sector. Fowler had been a senior director at HFF, where he spent six years. Before that, he was a senior associate at Massey Knakal Realty Services, where he worked on Lower Manhattan deals. At CBRE, Fowler reports to Darcy Stacom and Bill Shanahan, who jointly head the capital-markets operation in New...



The Grapevine

Wed, 27 Jun 2018
Jon Mendoza joined Abacus Capital on June 18 as a director of acquisitions, based in Denver. He&rsquo;s pursuing core and value-added multi-family investments in the Central U.S. for the New York investment manager. Mendoza previously worked as an acquisitions associate at F&B Capital and Virtus Real Estate Capital, both of Austin.



The Grapevine

Wed, 27 Jun 2018
Lucas Fertitta joined Three Pillars Capital this month as acquisitions and asset manager. He&rsquo;s based in the shop&rsquo;s Houston headquarters and is responsible for multi-family investments in the region. He previously spent about a year as an associate at Houston Income Properties, two years as an associate at Marcus & Millichap and two years as a broker with Houston-based Tarantino...



The Grapevine

Wed, 27 Jun 2018
Ryan Schierberl joined Ares Management this month as a vice president in its Los Angeles headquarters. He focuses on West Coast acquisitions across property types for the company&rsquo;s real estate group. Schierberl had been a vice president at Miami-based Rialto Capital, where he worked for eight years. He previously spent four years as an associate in the institutional capital-markets group at Grubb &...



The Grapevine

Wed, 27 Jun 2018
Boutique placement agent Oderoche has hired industry veteran Edgar Alvarado as a senior advisor to help expand its business. He started this month at the New York advisory shop, founded last year by Yasmine Uzmez. Alvarado stepped down two years ago as global head of Allstate&rsquo;s real estate equity group. He also runs EA Advisory, a consulting firm that advises women- and minority-owned...



The Grapevine

Wed, 27 Jun 2018
JLL has added an associate to its hotel-sales team in New York. John Avanzino moved over this month from Lowe Enterprises, where he was an acquisitions associate. JLL&rsquo;s New York team is led by Jeffrey Davis, an international managing director, and includes managing director Gilda Perez-Alvarado.



The Grapevine

Wed, 27 Jun 2018
Meanwhile, Bob Patterson joined JLL this month as a senior vice president in Irvine, Calif. He had spent the past 22 years at CBRE, where he was a first vice president. At JLL, Patterson focuses on multi-family investment sales in Southern California, reporting to managing director Darcy Miramontes.



The Grapevine

Wed, 27 Jun 2018
Fund manager Fortress Investment has hired David Hammerman as a vice president in its real estate group. He started this month in the New York firm&rsquo;s Los Angeles outpost, lining up and executing real estate investments. Hammerman came from the Los Angeles office of Mack Real Estate of New York, where he worked on loan originations. He previously worked at San Francisco-based Iconiq Capital and, before that, spent five years at...



The Grapevine

Wed, 27 Jun 2018
RXR Realty wants to add an associate and an analyst to its investment team in Manhattan. Associate candidates should have 3-5 years of experience, and analysts 2-3 years, in real estate finance, acquisitions or investment banking. The recruits would help underwrite equity and debt investments across asset classes. RXR, of Uniondale, N.Y., is led by investor Scott...



ON THE MARKET

Wed, 27 Jun 2018
OFFICE:Property: 10222 Barnes Canyon Road, San DiegoSize: 82,000 sf, 100% leasedEstimated Value: $45 million, $549/sfOwner: Bollert Lebeau Commercial Real Estate, La Jolla, Calif.Broker: JLLColor: Newly renovated office/lab building in the Sorrento Mesa submarket. Fully occupied by two life-science companies with a weighted average remaining lease term of eight years. Recent improvements included reconfiguring landscaped...



New Tower Listed in Boston's Seaport District

Wed, 20 Jun 2018
Skanska is marketing a just-completed office condominium in Boston&rsquo;s Seaport District that could fetch about $450 million.The fully pre-leased condo encompasses the 400,000 square feet on the upper 15 floors of the 17-story building at 121 Seaport Boulevard. The offering also includes three levels of underground parking with 300 spaces, but excludes a two-story retail podium with 50,000 sf on the lower two floors.The marketing campaign is...



Investors Hot on "Creative' Offices in Atlanta

Wed, 20 Jun 2018
Prices for &ldquo;creative&rdquo; office properties in Atlanta are reaching new heights, driven by soaring tenant demand.Converted industrial buildings and other properties characterized by brick-and-beam interiors, high ceilings and open floor plans are still a tiny portion of the market&rsquo;s office inventory &mdash; but are far outperforming Atlanta&rsquo;s average rent growth. That&rsquo;s drawing institutional buyers and pushing up...



Dallas-Area Campus Pitched to Redevelopers

Wed, 20 Jun 2018
A soon-to-be vacant office campus that&rsquo;s suitable for redevelopment is on the block in suburban Dallas.The 1.6 million-square-foot property, in Plano, Texas, could attract bids of roughly $125 million. CBRE is representing the owner, DXC Technology, which was formed last year by the merger of Computer Sciences with a division of Hewlett Packard Enterprise.DXC, the only occupant, uses less than 40% of the space. The company is willing to...



Pembroke to Pay Top Dollar in Seattle

Wed, 20 Jun 2018
Pembroke Real Estate has agreed to buy an office building in Seattle&rsquo;s white-hot South Lake Union submarket from a TH Real Estate partnership for roughly $340 million.The price for the 349,000-square-foot property, at 400 Fairview Avenue North, works out to $970/sf. That would be the second-highest per-foot price ever in the city, after the $989/sf valuation last month on another deal in South Lake Union.Boston-based Pembroke, a subsidiary...



3 Student-Housing Portfolios Put Out for Bid

Wed, 20 Jun 2018
Three separate owners are marketing student-housing portfolios that have a combined value of almost $325 million.The eight properties &mdash; a mix of garden-style complexes, townhomes and mid-rise buildings &mdash; encompass 1,457 units with 4,427 beds. Two portfolios are in Texas and the other is in the Southeast. All eight properties are less than five years old, and two are just opening. Some have luxury finishes.The owners are marketing the...



Labs Up for Grabs in Boston's Seaport

Wed, 20 Jun 2018
A well-occupied laboratory building is on the block in Boston&rsquo;s red-hot Seaport District.Related Beal is shopping the leasehold interest in the 290,000-square-foot property, at 27 Drydock Avenue. It&rsquo;s expected to fetch around $900/sf, or $261 million. That price would produce an initial annual yield of just under 5%, but a buyer could lift that by filling the small amount of vacant space and increasing rents as leases with...



Deal Struck for NJ Office Complex

Wed, 20 Jun 2018
A Northern New Jersey office property is under contract to a Brooklyn investment shop for roughly $118 million.Galil Management has agreed to pay about $230/sf for the 510,000-square-foot Park 80 West complex, in Saddle Brook, indicating an initial annual yield of just under 7%. The seller, CBRE Global Investors, is being represented by its brokerage affiliate.Galil could look to boost its return by lifting below-market rents. It&rsquo;s unclear...



Clarion Shops Luxury NJ Apartments

Wed, 20 Jun 2018
Clarion Partners is offering a Northern New Jersey apartment property worth about $105 million.The 361-unit Parkway Lofts, in Bloomfield, is a former warehouse that was converted to luxury rentals in 2013. It is 92% occupied. The sales pitch is that a buyer could make value-added improvements and boost rents, which are already projected to grow in the market.At the estimated value of $291,000/unit, a buyer&rsquo;s initial annual yield would be...



Southern Calif. Hyatt Hits the Market

Wed, 20 Jun 2018
A Walton Street Capital partnership is marketing an upper-upscale hotel near San Diego, along with some vacant space that&rsquo;s ripe for repositioning.The offering encompasses the 417-room Hyatt Regency La Jolla, in La Jolla, Calif., and two adjacent buildings totaling 32,000 square feet that formerly housed a health club. A buyer could explore leasing that space for various uses, operating it as part of the hotel or selling it off.The offering...



NJ Rental Complex, Land Available

Wed, 20 Jun 2018
A developer is shopping the completed first phase of a Northern New Jersey apartment complex and the development rights to the remaining four phases.The 57-acre site, at 417 Raritan Road in Roselle, could attract bids of about $120 million. Cushman & Wakefield is representing the developer, MLE Cos. of New York.MLE finished the 190-unit first phase of the Park Luxury Apartments last year. The company has already lined up approvals to build...



Rehabbed Phila. Offices on the Block

Wed, 20 Jun 2018
A Walton Street Capital partnership is pitching two newly renovated office buildings near Philadelphia&rsquo;s Independence Hall as an opportunity to boost occupancy and rents.The offering encompasses the 212,000-square-foot building at 325 Chestnut Street and the 186,000-sf building at 400 Market Street, about a block apart. They are being marketed as a package, but can be acquired separately. Eastdil Secured is the broker.Bids for the combined...



Minneapolis Garage Portfolio for Sale

Wed, 20 Jun 2018
Investors are getting a crack at a rare opportunity to buy multiple garages in downtown Minneapolis.The offering, worth about $100 million, encompasses three garages with 3,308 total spaces. At that valuation of $30,000/space, the capitalization rate would be 6%.The seller, Alinda Capital of Greenwich, Conn., is pitching the properties as a package via Cushman & Wakefield. The brokerage is running the marketing campaign through its Boston office,...



Goldman Team Dealing Calif. Complex

Wed, 20 Jun 2018
A Goldman Sachs partnership is marketing a Southern California office complex that includes the headquarters of the Los Angeles Chargers football team.The 182,000-square-foot property, known as The Hive, is in the Orange County community of Costa Mesa. It is expected to attract bids of $91 million from core-plus investors. Newmark is representing Goldman and its partner, SteelWave of Foster City, Calif.At the anticipated price of $500/sf, the...



Hancock Tees Up Atlanta Warehouses

Wed, 20 Jun 2018
John Hancock Life is marketing a portfolio of industrial properties in suburban Atlanta with an estimated value of $70 million.The nine warehouses, totaling 891,000 square feet, are in the Interstate 85/Northeast submarket. Newmark is representing John Hancock, which would strongly prefer to sell the buildings as a package, but may consider individual bids.Although the properties are 96% occupied, they are expected to appeal to core-plus...



Partnership Offers Midtown Offices

Wed, 20 Jun 2018
A Midtown South office building is being marketed by its longtime owner.The 91,000-square-foot property, at 44 East 32nd Street, is expected to attract bids as high as $60 million, or $650/sf. Newmark is representing the owner, a local partnership.The building is 92% occupied by tenants including Brick Realty, FTL Architecture & Engineering and Metropolitan Valuation. It includes street-level retail space occupied by the Cutting Room, a bar and...



NEW DEALS

Wed, 20 Jun 2018
Suburban Tampa Multi-Family PropertyLantower Residential of Dallas will realize a stabilized capitalization rate of 5.4% on its $57.7 million purchase of a 322-unit apartment complex near Tampa. The $179,000/unit deal closed June 11. Newmark represented the seller, a partnership between Panther Residential of Boston and Orlando-based Integra Land. The 13.5-acre property is at 15175 Integra Junction in Odessa, Fla., within a 300-acre...



NEW DEALS

Wed, 20 Jun 2018
Apartment Complex Near San DiegoProvidence Capital of Encinitas, Calif., last week acquired a 97-unit apartment property in suburban San Diego for $32.5 million, or $335,000/unit, in an off-market deal. Los Angeles-based LaTerra Development completed the property, at 3875 Main Street in Chula Vista, Calif., this year. It&rsquo;s 50% leased so far. The units, designed as workforce housing, have 1-2 bedrooms with washer/dryers. Amenities include a...



The Grapevine

Wed, 20 Jun 2018
Investment shop Cadre has hired David Anderson as its first director of research. He&rsquo;s based in its New York headquarters, but will split time between there and Atlanta as he builds out a team. He reports to managing director Greg Rush. Anderson spent the past five-and-a-half years with Abu Dhabi Investment Authority as a research manager in its real estate division. He had prior stints at Green Street Advisors and Acadia Realty. Cadre, a...



The Grapevine

Wed, 20 Jun 2018
Evan Abrams joined Hunt Investment two weeks ago as a senior vice president in its New York headquarters. He is focused on marketing and investor relations for the firm, a subsidiary of Hunt Cos. of El Paso, Texas. He reports to Thomas Duda, president of Hunt Investment. Abrams joined from New York advisory firm Hodes Weill & Associates, where he was a vice president. He had prior stints at Centaur Properties, Credit Suisse and SunTrust. Hunt is...



The Grapevine

Wed, 20 Jun 2018
Extra Space Storage hired acquisitions pro Kely Chipman last month as a senior director of real estate, based in the public company&rsquo;s Salt Lake City headquarters. He leads acquisitions and development, as well as lining up joint-venture partners, in a region that covers the Northeast, the Mid-Atlantic and as far west as Chicago. Chipman joined from PNC Realty Investors, where he was a vice president focused on acquisitions in the...



The Grapevine

Wed, 20 Jun 2018
Michael Murillo joined Avison Young late last month as a capital-markets vice president in Washington. He primarily handles investment sales of office and industrial properties in the Washington area, but could work on deals across asset classes. Murillo brings buyside experience to the brokerage, having spent 10 years at First Potomac Realty. He was most recently a manager of acquisitions and dispositions at the Bethesda, Md., industrial REIT,...



The Grapevine

Wed, 20 Jun 2018
TH Real Estate is finally ready to launch its marketing campaign for 1001 Pennsylvania Avenue NW, a 780,000-square-foot office building in Washington. As previously reported, the TIAA unit hired HFF at the start of the year to market the trophy property. But it delayed the listing as it worked to firm up some leases. The property is now roughly 90% occupied. It&rsquo;s expected to fetch bids in the realm of $750 million, or almost...



The Grapevine

Wed, 20 Jun 2018
Allan Crimer joined Inland Real Estate of Oak Brook, Ill., last month as an asset manager. He&rsquo;s responsible for overseeing a 5.5 million-square-foot portfolio of retail, office, medical-office and self-storage properties in the Eastern U.S. Crimer previously completed stints at Newmark, BIG Shopping Centers USA and CenterPoint Properties.



The Grapevine

Wed, 20 Jun 2018
Milan Bhatt joined Hines this month as an acquisitions and development analyst in Los Angeles. He works on deals across all asset classes for the Houston-based firm. Bhatt came from Lowe, a Los Angeles based-investment firm where he spent two years as an acquisitions associate. He previously worked at Wells Fargo for a year and a half as a financial analyst in San...



MARKET SPOTLIGHT

Wed, 20 Jun 2018
Renters priced out of Manhattan continue to fuel leasing demand in Northern New Jersey. But the scheduled construction of 10,200 units this year could force landlords to give concessions on luxury apartments, according to Marcus & Millichap.The added supply of high-end units is boosting the average rent. Effective rents are projected to rise 3.1% this year, to $1,871.Leasing demand in Central New Jersey is bolstered by the strength of the...



Blackstone Planning to Flip 6 LaSalle Hotels

Wed, 13 Jun 2018
Blackstone has identified six hotels it intends to put on the market immediately following its pending acquisition of LaSalle Hotel Properties.The fund giant&rsquo;s agreement to acquire the Bethesda, Md., hotel REIT for some $4.8 billion is slated to close in the third quarter. Ahead of that, Blackstone has tapped Eastdil Secured to begin gauging investor interest in two New York properties and one each in Boston, Chicago, Philadelphia and...



Newmark's New Growth Target: Small Deals

Wed, 13 Jun 2018
After increasing its volume at the high end of the sales market in recent years, Newmark now wants to pump up the bass.The firm has launched a Private Capital Group, made up of brokers who specialize in deals in the $5 million-$25 million range. They will work closely with the institutional-sales staff in a collaborative effort that is expected to generate more business at both ends of the spectrum.The initiative began in recent weeks on the West...



UBS Tees Up Clorox's HQ Tower in Oakland

Wed, 13 Jun 2018
UBS Asset Management is preparing to shop Clorox&rsquo;s headquarters in downtown Oakland, setting the stage for the city&rsquo;s largest-ever office trade.Bids could go as high as $270 million for the 521,000-square-foot Clorox Building, at 1221 Broadway, which has direct access to a BART commuter rail station. At that $518/sf valuation, the buyer&rsquo;s initial annual yield would be about 4.25%. Newmark, which has the listing, is expected to...



2 Offices at Miami Transit Hub Listed

Wed, 13 Jun 2018
A developer is offering two new, adjacent office buildings in downtown Miami that are valued at about $210 million.The properties, which encompass 318,000 square feet, are part of MiamiCentral, a mixed-use development that stretches for six blocks along Northwest First Avenue and is anchored by a major new transportation hub. When completed, the 11-acre development will also include about 800 apartments and more than 130,000 sf of retail...



New Anaheim Apartments on Block

Wed, 13 Jun 2018
A developer is shopping a new luxury apartment complex in California&rsquo;s Orange County that could attract bids near $180 million.The 400-unit property, at 1781 South Campton Avenue in Anaheim, is in the Platinum Triangle, a former industrial district that over the last decade has seen active development of luxury apartments, street-front retail space and offices.The Class-A complex, dubbed Jefferson Platinum Triangle, was built last year and...



Lake Tahoe Resort Up for Grabs

Wed, 13 Jun 2018
A Kennedy Wilson partnership is shopping a luxury resort north of Lake Tahoe.The 170-room Ritz-Carlton Lake Tahoe, at 13031 Ritz-Carlton Highlands Court in Truckee, Calif., is expected to attract bids of more than $150 million from U.S. and foreign investors. CBRE has the listing.The Ritz-Carlton opened in 2009. The hotel includes 23 condominiums that aren&rsquo;t part of the offering. The property is the only mountain resort in California to...



Beacon Pitches New Charlotte Offices

Wed, 13 Jun 2018
Beacon Capital is offering a new office building in Charlotte that’s valued at about $90 million.The 178,000-square-foot property, at 500 East Morehead Street in the Midtown/South End submarket, is 98.6% leased. At the estimated value of $505/sf, the buyer’s initial annual yield would be 5.5%. The local investment manager has given the listing to HFF.The seven-story building was developed on a speculative basis and opened in April 2017. Its...



New Offices Shown Near Cambridge

Wed, 13 Jun 2018
A developer is offering a newly repositioned and leased-up office/laboratory building in suburban Boston.The Linx is a 185,000-square-foot former warehouse in Watertown, Mass., near the edge of the West Cambridge submarket. Based on comparable sales, the property could trade in the vicinity of $800/sf, or almost $150 million. Boylston Properties has given the listing to HFF.The property is a prime example of how adjoining markets have captured...



Southwest Rental Portfolio Available

Wed, 13 Jun 2018
Eight Class-B apartment complexes in the Southwest are being pitched to value-added investors.The garden-style properties, which encompass 1,826 units, are worth about $155 million, or $85,000/unit. At that valuation, the capitalization rate would be around 5%. The owner, MC Cos. of Scottsdale, Ariz., will accept bids on individual properties or any combination. CBRE has the listing.The complexes, considered workforce housing, are 90% occupied on...



Builder Shops New Conn. Apartments

Wed, 13 Jun 2018
A developer is marketing a new luxury apartment building in Stamford, Conn., with an estimated value of $85 million.The 183-unit Element One, at 111 Morgan Street, at the north end of the Central Business District, opened in late 2016 and is about 95% occupied. At the estimated $465,000/unit value, a buyer&rsquo;s initial annual yield would be in the low 5% range.CBRE is marketing the property on behalf of a joint venture between Fuller...



Vintage Industrial Package Sold

Wed, 13 Jun 2018
A partnership has paid Berkeley Partners $99.4 million for 11 industrial properties in Texas and Georgia.The package encompasses 1.6 million square feet, with seven properties totaling 1.1 million sf in the Dallas area and four properties totaling 559,000 sf in the Atlanta suburb of Norcross. The price of $61/sf indicates an initial annual yield of 7.5% for the buyers, Circle Industrial of Manhattan Beach, Calif., German investment firm FREO...



Value-Added Apartments on Tap in DC

Wed, 13 Jun 2018
An apartment building in one of Washington&rsquo;s hippest enclaves is being marketed as a value-added opportunity.The 205-unit property, at 1825 Seventh Street NW in the Shaw neighborhood, has an estimated value of $110 million, or $537,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.5%. Walker & Dunlop, representing local development shop Four Points, began the marketing campaign last week.The nine-story building,...



Core Retail Play Pitched in Brooklyn

Wed, 13 Jun 2018
Vereit is marketing a well-leased shopping center in Brooklyn that could draw bids of about $150 million.The 274,000-square-foot Canarsie Plaza, anchored by BJ&rsquo;s Wholesale Club, is 96% leased. The five-building complex, built in 2011, is being pitched mostly to core buyers, given the strength of its rent roll. It has a tax abatement that runs until 2036.At the estimated value, a buyer&rsquo;s initial annual yield would be about 6%. HFF is...



Stake in Cambridge Building Offered

Wed, 13 Jun 2018
Madison International Realty is shopping its minority interest in a fully occupied office/laboratory building in red-hot Cambridge, Mass.The 128,000-square-foot building, 100 Cambridge Discovery Park, is valued at roughly $95 million, or about $742/sf. A deal for the 49% stake at that valuation would produce an initial annual yield just topping 5%. But income could be lifted as leases expire by converting some offices into lab space, which is in...



THE GRAPEVEINE

Wed, 13 Jun 2018
HNA Group has lost another staffer in New York. Senior vice president Randi Kaufman parted ways with the embattled Chinese conglomerate in the past few weeks. She had focused on investments and asset management for the firm since joining in late 2016. Kaufman had prior stints at Silverstein Properties of New York, KBS Realty of Newport Beach, Calif., and BlackRock. Kaufman&rsquo;s departure comes a few months after a round of layoffs that...



THE GRAPEVEINE

Wed, 13 Jun 2018
Veteran industrial broker Shin Kim has left CBRE after 12 years to join Newmark as part of its newly formed Private Capital Group (see article on Page 1). Kim, who starts Thursday, will spearhead industrial sales for the platform&rsquo;s Southern California team, which is led by executive managing director Sean Fulp. Kim will work closely with executive managing director Bret Hardy, who leads institutional industrial sales in the Western U.S. Kim...



THE GRAPEVEINE

Wed, 13 Jun 2018
Alexander Fraser is leaving GI Partners after a 15-year tenure. The word is he&rsquo;ll depart at month&rsquo;s end to pursue new opportunities. Fraser was a managing director at the San Francisco investment manager before becoming a senior advisor at yearend. During his tenure, Fraser lined up acquisitions in real estate and other asset classes, and recruited new separate-account...



THE GRAPEVEINE

Wed, 13 Jun 2018
Acquisitions pro GauRav Khanna has joined Gazit Horizons, the New York subsidiary of Israel&rsquo;s Gazit-Globe, as a senior vice president. He started in mid-May, focusing on property acquisitions in the New York metropolitan area. He had been a senior vice president at Vornado Realty of New York, where he spent the past eight years. Khanna had a prior stint as director of real estate and development for the Le Pain Quotidien restaurant chain....



THE GRAPEVEINE

Wed, 13 Jun 2018
Michael Chukwueke will join industrial investor Duke Realty this month as a vice president in Irvine, Calif. He&rsquo;ll focus on infill acquisition and development opportunities in Southern California for the Indianapolis REIT. He reports to regional senior vice president Chris Burns. Chukwueke spent almost two years at Rockefeller Group of New York as a manager of development in the Western U.S. He previously worked at TIAA-CREF and Bascom...



THE GRAPEVEINE

Wed, 13 Jun 2018
Apartment specialist Kevin Smith set up an investment shop last month in partnership with Edwin Villegas, who heads Winmar Construction of Washington. Winmar Capital, also of Washington, will target value-added rental properties of at least 200 units in the Mid-Atlantic region and Florida, with a focus on deals of at least $50 million. Smith spent the past three-plus years working on acquisitions at Jefferson Apartment Group of McLean, Va. He had...



THE GRAPEVEINE

Wed, 13 Jun 2018
KKR has added an associate to its real estate team. Payton Larson started this month in the firm&rsquo;s New York headquarters. She joined from Goldman Sachs, where she spent three years. Before that, Larson was a real estate investment banking analyst at RBC.



THE GRAPEVEINE

Wed, 13 Jun 2018
Industry veteran Ned White joined New York investment shop Ceruzzi Properties in the past few weeks. He was previously a principal at Property Markets Group of New York, where he had been since 2001. Before that he worked at Extell Development of New York for four years and had an earlier three-year stint at Property Markets. His title at Ceruzzi is unknown. The firm, which was led by founder Louis Ceruzzi until his death late last year, is now...



Toys R Us to Auction 4 Warehouses, 70 Stores

Wed, 06 Jun 2018
As bankrupt retailer Toys R Us moves forward with liquidating its assets, investors are getting a crack at four distribution warehouses and about 70 retail properties worth an estimated $375 million in total.The Wayne N.J., chain has tapped A&G Realty and the Miami and New York offices of Cushman & Wakefield to jointly market the properties. The will conduct separate auctions of the industrial and retail components in July. Investors can bid on...



Perk Wars: Amenities Driving Office Values

Wed, 06 Jun 2018
A potential buyer checks out an office property and finds solid fundamentals &mdash; high occupancy, steady revenue, rising rents in the neighborhood.But does it have an up-to-date fitness center? A bike-repair shop? How about a golf simulator?For office-building owners, top-notch amenities are no longer just a nicety &mdash; they&rsquo;re a necessity. To attract tenants and maintain rents at market levels, they must offer creature comforts that...



Fort Lauderdale Sees Rush of Hotel Listings

Wed, 06 Jun 2018
Three more high-end hotels with a combined value of more than $550 million have hit the block in Fort Lauderdale, portending a banner year for trades in the South Florida city.Related Cos. has listed the 346-room W Fort Lauderdale with JLL. The luxury property is expected to attract offers in the vicinity of $275 million, or $795,000/room.Meanwhile, Carlyle Group and InSite Group are shopping a resort two miles south &mdash; the 481-room B Ocean,...



New Luxury Rentals Offered in LA

Wed, 06 Jun 2018
A development team is pitching a new luxury apartment complex in downtown Los Angeles that&rsquo;s valued at about $330 million.The 606-unit Sofia, still in its initial leasing phase, is 80% occupied. With new leases being signed at the rate of 40 a month, the property is expected to be stabilized by the time a sale closes.The complex was completed last summer by a joint venture between Holland Partner Group of Vancouver, Wash., and North America...



Invesco Team Snares Offices Near SF

Wed, 06 Jun 2018
An Invesco Real Estate partnership is under contract to pay Hudson Pacific Properties about $210 million for a Bay Area office complex.Peninsula Office Park encompasses six buildings totaling 447,000 square feet in San Mateo, Calif. The price Dallas-based Invesco and its partner, Harvest Properties of Emeryville, Calif., have agreed to pay works out to $470/sf. Eastdil Secured is advising Hudson, a Los Angeles REIT.The campus is about 23 miles...



Buyer Seeks Partner for 183 Madison

Wed, 06 Jun 2018
APF Properties is seeking an equity partner for its pending purchase of the Class-B office building at 183 Madison Avenue in Midtown Manhattan for roughly $220 million.The New York investment shop, which has agreed to buy the 274,000-square-foot property from a Tishman Speyer partnership, has tapped advisory firm Park Hill Group to line up a partner that would supply 50-90% of the needed equity. The purchase price works out to slightly more than...



RFR Marketing Stamford Portfolio

Wed, 06 Jun 2018
RFR Holding is shopping two office buildings and an office/apartment property clustered in the Central Business District of Stamford, Conn.The portfolio, valued at about $200 million, totals some 700,000 square feet of office space that&rsquo;s 84% leased and 106 apartments that are 95% occupied. The annual net operating income is $16.3 million.New York-based RFR prefers to sell the package intact. At the estimated value, the buyer&rsquo;s...



3 Renovated Luxury Resorts Pitched

Wed, 06 Jun 2018
A resort operator is seeking to sell or recapitalize three luxury hotels with a combined value of about $250 million.The offering encompasses the 154-room Lodge at Jackson Hole in Jackson, Wyo.; the 138-room Capitol Reef Resort in Torrey, Utah; and the 135-room Bungalows Key Largo in Key Largo, Fla.The owner, affiliates of Resort Management of Jackson, Wyo., prefers to retain unspecified stakes in the properties, but would consider outright...



Value-Added Rentals Listed Near DC

Wed, 06 Jun 2018
A joint venture has teed up a suburban Washington apartment complex geared for value-added investors.The 574-unit property, in Alexandria, Va., is 96% occupied. Its estimated value is $153 million, or $267,000/unit, which would translate into an initial annual yield near 5.3%. JLL is representing the seller, a partnership between Swiss investment manager Partners Group and Bainbridge Cos. of Wellington, Fla.The community encompasses three...



White Plains Complex Up for Grabs

Wed, 06 Jun 2018
Investors are getting a crack at a well-occupied retail/office building in suburban New York with an estimated value of $150 million.The property, called The Source, encompasses 261,000 square feet at 110 Bloomingdale Road in downtown White Plains, N.Y. At the estimated price, the buyer&rsquo;s initial annual yield would be 5.2%. CBRE is representing the owner, UBS Global Asset Management.The four-story structure is 99% occupied, with a weighted...



Blackstone Nabs Rentals Near Boston

Wed, 06 Jun 2018
Blackstone has purchased a suburban Boston apartment complex from AvalonBay Communities for $131.3 million.The price for the 472-unit property, in Randolph, Mass., works out to $278,000/unit. JLL represented AvalonBay, a REIT in Arlington, Va. The deal closed two weeks ago.The complex, known as Avalon Blue Hills, is 96% occupied at an average rent of about $2,100. It was completed in two phases — 276 units in 2008 and the remaining 196 in...



Lionstone Shows Seattle-Area Offices

Wed, 06 Jun 2018
A Lionstone Investments partnership is shopping an office building in Bellevue, Wash., that could fetch about $110 million.The 237,000-square-foot building is at 110 110th Avenue in the Central Business District. The anticipated pricing works out to $464/sf. Eastdil Secured is marketing the property on behalf of Houston-based Lionstone and its partner, Talon Private Capital of Seattle.The Class-A building, called 110 Atrium, is 98% leased....



Harbor Buys Rentals From Blackstone

Wed, 06 Jun 2018
Harbor Group International last week acquired a garden-style apartment complex in suburban Washington from Blackstone for $144 million.The 556-unit Sussex at Kingstown, in Alexandria, Va., is 95% occupied. The $259,000/unit valuation will generate a 5.25% initial annual yield for Harbor, an investment manager in Norfolk, Va. JLL represented Blackstone&rsquo;s multi-family division, LivCor.The complex, on nearly 28 acres at 6050 Edgeware Lane, was...



AEW Shops Calif. Offices With Upside

Wed, 06 Jun 2018
AEW Capital is pitching an office building in California&rsquo;s Orange County to value-added investors.The Class-A property encompasses 328,000 square feet at 100 Bayview Circle in Newport Beach. Bids are expected to hit $130 million, or $396/sf. Eastdil Secured has the listing.The property is just 65% occupied, with a weighted average remaining lease term of 2.5 years &mdash; at rents that average 25% less than market levels. Eastdil is telling...



RBS Puts HQ in Stamford on Block

Wed, 06 Jun 2018
RBS is looking to sell and partially lease back its North American headquarters in downtown Stamford, Conn.The 402,000-square-foot office property, at 600 Washington Boulevard, is valued at about $190 million, or $472/sf. JLL launched the marketing campaign this week.The 12-story building, which was constructed in 2009 for RBS, is 92% leased. The rent roll also includes Bank of America, Citizens Bank and UBS.RBS, which along with UBS has signage...



NEW DEALS

Wed, 06 Jun 2018
Suburban San Diego ApartmentsPacific Urban Residential last week paid $115 million for a 314-unit luxury apartment complex in Vista, Calif. The Palo Alto, Calif., apartment investor bought the Monarch at Shadowridge from an unidentified client of Dallas-based Invesco Real Estate. The deal, which valued the property at $366,000/unit, was brokered by JLL. The 29-building complex of 1-3 bedroom apartments is 94% leased, but the marketing campaign...



NEW DEALS

Wed, 06 Jun 2018
Richmond Multi-Family PropertyPeak Capital of Provo, Utah, paid $25.1 million for a 157-unit apartment property in Richmond, Va. The May 30 deal valued The Gallery Midtown, at 308 North Nansemond Street, at $160,000/unit. The seller, a partnership between local shop Spy Rock Real Estate and Davis Cos. of Boston, offered the complex along with 219 units in scattered properties nearby, called The Collection. A separate, unidentified buyer is under...



Updated Phila. Office Tower Available

Wed, 06 Jun 2018
APF Properties is seeking a buyer for a full or partial interest in a downtown Philadelphia office tower that has undergone substantial renovations.The 705,000-square-foot building, at 1601 Market Street in the Center City district, is 93% occupied. Market pros estimate the Class-A property could fetch up to $250/sf, or $176 million.New York-based APF would prefer to sell a stake, with the size to be negotiated, while continuing to operate and...



Grocery-Anchored NJ Center for Sale

Wed, 06 Jun 2018
A New Jersey shopping center valued at about $55 million is on the block.The 174,000-square-foot Lacey Mall, in the Forked River section of Lacey Township, is 98.3% leased. The anchors are a 64,000-sf ShopRite supermarket and a 26,000-sf TJ Maxx. At the estimated value, the buyer&rsquo;s initial annual yield would be 5.25%. HFF is representing the owner, an unidentified partnership.The center has 24 tenants, including 16 national retailers that...



TIAA Plan to Revamp HQ Advances

Wed, 06 Jun 2018
TIAA&rsquo;s game plan for selling, leasing back and redeveloping its Manhattan headquarters is starting to emerge.The giant pension fund is the sole owner of the 700,000-square-foot building, at 730 Third Avenue, which is worth about $450/sf, or $315 million. In January, the Commercial Observer reported that TIAA wanted to sell the 27-story property and continue to occupy it.Now comes word that the company tapped Cushman & Wakefield to shop a...



MARKET SPOTLIGHT: Washington-Area Apartment Properties

Wed, 06 Jun 2018
A record 15,360 units were completed last year, according to Marcus & Millichap, which projects deliveries will rise to 15,705 this year.The brokerage reports that annual rent growth slowed to 2.2% last year, from 3.1% in 2016. The biggest gains were at Class-B and -C properties.Strong per-capita income is bolstering properties in the District of Columbia, but a net outflow of millennials is a headwind, according to Green Street...



The Grapevine

Wed, 06 Jun 2018
Lee Purcell has joined fund operator Meyer Bergman as a senior managing director, in the newly created position of global head of investor relations. He started in the past few weeks in the London investment shop&rsquo;s New York office. Purcell most recently was a real estate-focused managing director in the investor-relations group at Washington-based Carlyle Group. Before that, he was a managing director at placement agent Greenhill & Co. and...



The Grapevine

Wed, 06 Jun 2018
Fund operator Stockbridge Capital has hired Nicole Stagnaro as a managing director at its San Francisco headquarters. She started last month, overseeing opportunistic transactions. She reports to Terry Fancher, who co-heads the shop with Sol Raso. Stagnaro was previously an executive director at PGIM Real Estate. She spent more than 14 years at the Prudential unit, in a variety of acquisitions, portfolio-management and asset-management...



The Grapevine

Wed, 06 Jun 2018
Investment shop Cadre has hired David Seshens as a director focused on asset management. He started six weeks ago, working on a national portfolio under director Dimitrios Pilitsis. Seshens joined from Raith Capital of New York and had prior stints at Continental Properties of Chatham, N.J., New York hedge-fund operator Avenue Capital and Keystone Property of Conshohocken, Pa. Cadre, which bills itself as a technology-enabled real estate...



The Grapevine

Wed, 06 Jun 2018
Online marketplace RealtyShares has hired a director of equity investments. Denis Barreto started last month at the firm&rsquo;s San Francisco headquarters. He reports to Bryan Schultz, vice president of commercial equity. Barreto came from Fifteen Group, a family-owned real estate firm in Miami. He previously worked at Jamestown and HFF. RealtyShares matches up accredited and institutional investors with pre-vetted real estate firms looking to...



The Grapevine

Wed, 06 Jun 2018
John Oharenko joined Chicago developer Real Estate Capital Investors this month as a principal. His duties include acquiring and redeveloping multi-family properties in the Chicago area. Oharenko was previously a managing director in the local office of brokerage Berkadia, where he spent about 25 years. He is on the advisory board of the Real Estate Capital Institute, a Chicago research...



The Grapevine

Wed, 06 Jun 2018
Managing director Jeffrey Stonger left Amstar in the last month or so. The buzz is he&rsquo;s looking to start his own real estate-focused hedge fund. Stonger had been at the Denver investment manager for the past 10 years, starting as an analyst. He moved back to the firm&rsquo;s headquarters earlier this year and had been working on U.S. investments and capital raising. He previously led the firm&rsquo;s European operation, based in...



The Grapevine

Wed, 06 Jun 2018
Marcus & Millichap&rsquo;s Institutional Property Advisors unit is looking to hire an analyst in San Diego. Candidates should have 2-3 years of experience, a finance degree and real estate experience. Duties include financial modeling and preparing offering materials.



ON THE MARKET

Wed, 06 Jun 2018
MULTI-FAMILY:Property: Rivermont Crossing, 1530 River Tree Drive, Chester, Va.Size: 457 units, 97% occupiedEstimated Value: $80 million, $175,000/unit, Yield: 5.5-6%Owner: Boyd Homes, Virginia Beach, Va.Broker: NewmarkColor: Two adjacent Class-A properties offered as a package: Rivermont Station, built in 2008, and Rivermont Landing, built in 2009. Pitch touts value-added potential via renovations. Major employers within two miles include...



HNA Selling Minneapolis Offices to Samsung

Wed, 30 May 2018
Embattled HNA Group is making progress in its effort to unwind its multi-billion-dollar U.S. property portfolio.The Chinese conglomerate has agreed to sell the 1.6 million-square-foot office building at 33 South Sixth Street in Minneapolis to Samsung Life of South Korea for roughly $315 million, or $197/sf &mdash; the amount that HNA paid for the property less than two years ago.That follows word that Northwood Investors has struck a deal to buy...



Apartment Start-Up Eyes $1 Billion of Deals

Wed, 30 May 2018
Executives from two family-run investment firms have teamed up to start an apartment shop with plans to acquire more than $1 billion of properties in the next three years.Landon McGaw and Ian Schenkman launched their New York company, MS Equities, this month. They are targeting value-added investments in East Coast markets from Boston to Baltimore, as well as in South Florida and Greater Nashville.McGaw is a managing principal at New York-based...



Trammell Lists High-Rise Austin Apartments

Wed, 30 May 2018
A Trammell Crow partnership is pitching an Austin apartment building that could attract bids north of $325 million.The 38-story Northshore, at 110 San Antonio Street in the Central Business District, encompasses 439 apartments, 52,000 square feet of office/retail space and two garages.High Street Residential, a subsidiary of Dallas-based Trammell, and Hanover Co. of Houston completed the property in 2016. They have given the listing to CBRE.The...



TIAA Unit Shops Stake in NY Offices

Wed, 30 May 2018
TH Real Estate is marketing its controlling interest a Midtown Manhattan office building, but there&rsquo;s a catch &mdash; the buyer can&rsquo;t use mortgage financing.The TIAA unit has a 50.1% stake in the 310,000-square-foot property, at 470 Park Avenue South. But the building is unencumbered by debt, and TH Real Estate&rsquo;s 49.9% partner, Norges Bank Investment, prefers to keep it that way.With no debt to assume, the buyer would have to...



Phila. Apartments Ripe for Renovation

Wed, 30 May 2018
A garden-style apartment complex in Philadelphia is being marketed to value-added investors.The 636-unit Lincoln Green Apartments is expected to fetch bids in the vicinity of $115 million, or $181,000/unit. The initial annual yield at that price would be around 5.5%. Newmark kicked off the marketing campaign last week for the owner, Deutsche Asset Management.The complex was completed in 1989. It&rsquo;s 95% occupied, in line with its closest...



Spruced-Up Long Island Offices Shown

Wed, 30 May 2018
A J.P. Morgan Asset Management partnership is marketing a recently renovated office property on Long Island.The 409,000-square-foot complex, at Three Huntington Quadrangle in Melville, N.Y., is 99% leased. Bids are expected to come in around $75 million, or $183/sf. Based on $5.8 million of net operating income, that valuation would produce an initial annual yield of 7.7%. CBRE has the listing.The J.P. Morgan team bought the property from...



Bethesda Offices Pitched With Upside

Wed, 30 May 2018
A Class-A office building in Bethesda, Md., is being marketed as an upgrade play.The 296,000-square-foot building, which is above the Bethesda Metro Station, is expected to attract bids of up to $170 million, or $574/sf. Cushman & Wakefield has the listing.The seller is the estate of A. James Clark, who founded investment firm Clark Enterprises and its spinoff, Clark Construction, which is now employee-owned. Both are headquartered in the...



Value-Added Rentals Offered in Conn.

Wed, 30 May 2018
Harbor Group International is pitching an apartment property in Danbury, Conn., as a value-added play.The 466-unit Crown Point Apartments, at 50 Saw Mill Road, could attract bids of about $115 million, or $247,000/unit. At that price, the buyer&rsquo;s initial annual yield would be roughly 5.3%. CBRE is representing Harbor, a Norfolk, Va., investment manager.The property, which is about 95% leased, was built in two phases, in 2007 and 2011. The...



"Zero Cashflow' Offices Listed in NJ

Wed, 30 May 2018
In a &ldquo;zero cashflow&rdquo; offering geared toward tax-conscious investors, Mesirow Financial has set a $148.5 million asking price for a newly renovated corporate headquarters in Northern New Jersey.The 325,000-square-foot property, at 700 Sylvan Road in Englewood Cliffs, is the North American headquarters of Unilever. The Dutch consumer-goods company has an 18-year absolute net lease, meaning a buyer would have no landlord...



REIT Markets DC Repositioning Play

Wed, 30 May 2018
Boston Properties is pitching a soon-to-be vacant office building in Washington&rsquo;s Dupont Circle as a repositioning play.The 386,000-square-foot property, at 1333 New Hampshire Avenue NW, is expected to fetch roughly $150 million. The Boston REIT has given the listing to Eastdil Secured.The 12-story building is 84% occupied, but its sole office tenant, law firm Akin Gump, will exit next August. There is also street-level retail space leased...



Boston Offices With Upside Shopped

Wed, 30 May 2018
A Class-B office building near Boston&rsquo;s City Hall is on the market with an estimated value of $95 million.Georgetown Co. of New York is pitching the 155,000-square-foot building, at One Washington Street, as an opportunity to boost revenue by increasing the 90% occupancy rate and raising rents. Cushman & Wakefield has the listing.At the anticipated price of $613/sf, the initial annual yield would be just over 4%. The pitch is that a buyer...



UBS Puts Boston Trophy Up for Grabs

Wed, 30 May 2018
UBS Asset Management is looking to sell or recapitalize a trophy office property in Boston&rsquo;s Financial District.The 1.2 million-square-foot Exchange Place, at 53 State Street, is worth roughly $830 million, or $691/sf. At that valuation, the capitalization rate would be 4.5%.While UBS would consider an outright sale, it prefers to retain an interest in the property. The size of the acquired stake, subject to negotiation, could be either a...



Nashville Office Complex Hits Market

Wed, 30 May 2018
TIER REIT is marketing a Nashville office complex valued at about $55 million.The 361,000-square-foot Plaza at MetroCenter is 92% occupied. At the estimated value of $152/sf, the buyer&rsquo;s initial annual yield would be in the vicinity of 6.5%. Cushman & Wakefield launched the marketing campaign last week for Dallas-based TIER.The 1985-vintage property, on a 19-acre site at 200-220 Athens Way, encompasses three buildings &mdash; the five-story...



IKEA Warehouse Available in Calif.

Wed, 30 May 2018
A DivcoWest Properties partnership is marketing a recently built distribution center in California&rsquo;s Napa Valley that&rsquo;s fully leased to furniture retailer IKEA.The 646,000-square-foot property is expected to attract bids of about $90 million, of $139/sf. That price would produce an initial annual yield of roughly 4.9%. Cushman & Wakefield is representing San Francisco-based DivcoWest and its co-owner, Orchard Partners of Lafayette,...



NEW DEALS

Wed, 30 May 2018
Las Vegas ApartmentsRK Properties acquired a 336-unit apartment property in Las Vegas for $59.3 million, or $176,000/unit. JLL brokered the sale last week for Bascom Group of Irvine, Calif. The garden-style complex, Montecito Point, was completed in 2007 and is 96% occupied. It&rsquo;s at 9745 Grand Teton Drive in the northwest part of the city. RK Properties, based in Long Beach, Calif., is likely to continue a renovation program started by the...



Nonperforming NJ Office Loan for Sale

Wed, 30 May 2018
CWCapital is marketing a $35.5 million nonperforming mortgage on a Central New Jersey office building at risk of becoming vacant.The 234,000-square-foot property, at 1001 Frontier Road in Bridgewater, is owned by Fortis Property. The Brooklyn shop defaulted on the securitized mortgage when it matured in March 2017.The property is fully occupied by apparel company PVH (formerly Phillips Van Heusen), but its lease matures in February 2021,...



Leased-Up Cambridge Offices on Block

Wed, 30 May 2018
A joint venture has teed up a fully leased office building in Cambridge, Mass., where a red-hot leasing market continues to draw intense investor interest.The 142,000-square-foot building, at 10 Fawcett Street in the West Cambridge submarket, is expected to fetch bids of about $53 million, or $373/sf. That would produce an initial annual yield of 6.2%, which would increase with scheduled rent bumps.Newmark is representing the owner, a joint...



Swift Picks Up Seattle-Area Offices

Wed, 30 May 2018
Continuing its robust West Coast acquisitions campaign, Swift Real Estate has agreed to pay $45 million for a suburban Seattle office complex.The San Francisco fund shop is set to close this week on its purchase of the 146,000-square-foot Oakhurst Center, in Bellevue, Wash. The price works out to $309/sf. Newmark is brokering the sale for Barings, a Charlotte unit of MassMutual.The property, consisting of two buildings with two stories each, is...



Whole Foods Store Listed in Chicago

Wed, 30 May 2018
A recently built Whole Foods grocery is on the market in an affluent section of Chicago.Bids are expected to land around $70 million for the 79,000-square-foot stand-alone store, which opened last year. The high-end grocer has 19 years remaining on its net lease. The landlord&rsquo;s responsibilities are limited to the roof and structure. JLL has the listing.The property was developed for Whole Foods by local firm Novak Construction. The exact...



MARKET SPOTLIGHT: Los Angeles-Area Retail Properties

Wed, 30 May 2018
A minimum-wage increase, to be phased in by 2020, could drive up business expenses and soften leasing demand in the near term, according to Green Street Advisors. But that should be offset by technology-industry expansion, a wealthy population and the significant barriers to development.The average occupancy rate in Los Angeles County was an impressive 95.9% on March 30, according to Marcus & Millichap. And rents jumped 4.1% year-over-year, to...



The Grapevine

Wed, 30 May 2018
Clarion Partners has added a managing director at its New York headquarters. Brent Morris started in late April in the client capital management group, pitching Clarion vehicles to U.S. institutions. He was previously a principal at True North Management, a White Plains, N.Y., fund operator he joined in 2012. Before that, he was a senior vice president at Urdang Capital of Plymouth Meeting, Pa., and had stints at Capmark Investments and Deutsche...



The Grapevine

Wed, 30 May 2018
JCR Capital has hired Bryan Antman as a managing director focusing on equity investments. He joined the fund shop at its Denver headquarters two weeks ago, moving over from Argosy Real Estate, where he was a principal. He spent nearly seven years at that Wayne, Pa., firm, and before that, worked at homebuilder MDC Holdings and Simpson Housing, both of Denver, as well as MacFarlane Partners of San Francisco. He reports to JCR president Jay Rollins...



The Grapevine

Wed, 30 May 2018
Blackstone has added a vice president in its LivCor multi-family division. Jeffery Sanford started May 21 as a vice president of asset management, based in Seattle. He will work on the company&rsquo;s holdings in the Western U.S. Sanford moved over from Mill Creek Residential of Bellevue, Wash., where he spent about a year in a similar role. Before that, he was a director of asset management at Seattle-based Security Properties, where he spent...



The Grapevine

Wed, 30 May 2018
Hotel broker Chris Dewey joined HFF this week as a managing director in Atlanta, focusing on investment sales in the Southeast. He was previously an executive vice president at JLL, also in Atlanta. He spent the last 14 years at that firm, working largely on offerings of select-service hotels. At HFF, Dewey is part of the national hotel team led by senior managing director Daniel...



The Grapevine

Wed, 30 May 2018
Tristan Last has joined Arch Cos. of New York as a director, working on investments, capital raising, asset management and investor reporting. She arrived three weeks ago from New York-based Greystone Development, where she&rsquo;d been for about three years. Managing partner Jeff Simpson and partner Jared Chassen founded Arch this year to acquire and develop commercial real estate nationwide. Simpson was previously chief executive of Greystone...



The Grapevine

Wed, 30 May 2018
HFF wants to add two analysts to its investment-sales team in booming Seattle. Candidates should have 1-3 years of experience. Duties would include research, financial modeling and preparing marketing materials. The firm opened its Seattle office in December as part of a move to bolster its presence in the Pacific Northwest, where its regional operations are overseen by senior managing directors Tom Wilson and Ira Virden. HFF brokers had been...



The Grapevine

Wed, 30 May 2018
Jeffrey Wagstaffe started at Veritas Investments this month as an associate in its San Francisco headquarters. Wagstaffe came from another multi-family shop, Mosser Capital, where he spent two years as a senior investment analyst in San Francisco. He had a previous one-year stint as an analyst at Redwood Trust in Mill Valley, Calif.



ON THE MARKET

Wed, 30 May 2018
OFFICE:Property: HarborSouth Tower, 100 Hancock Street, Quincy, Mass.Size: 205,000 sf, 100% leasedEstimated Value: $40 million, $195/sfOwner: Synergy Investments, BostonBroker: NewmarkColor: 10-story building about five blocks from an MBTA station. Largest tenants: Commonwealth of Massachusetts (131,000 sf until 2025), MFS (26,000 sf until 2024) and Xerox (17,000 sf until 2020). Weighted average remaining lease term is almost six years. LEED...



Big Deals Keep On Coming in the Seattle Area

Wed, 23 May 2018
Two more Seattle-area office properties are under contract and a third is well on its way.The flurry of activity adds further momentum to the region&rsquo;s investment-sales market, which had already gotten off to a roaring start this year.LaSalle Investment has agreed to pay GLL Real Estate $130 million for the 131,000-square-foot office building at 202 Westlake Avenue North in Seattle&rsquo;s white-hot South Lake Union neighborhood. That...



Newmark Looks to Up its Hotel-Sales Game

Wed, 23 May 2018
The departure of Eastdil Secured&rsquo;s East Coast hotel team for Newmark has the potential to shake up the national sales rankings in the sector.Veteran brokers Lawrence Wolfe, Mark Schoenholtz and Adam Etra in New York and Miles Spencer in Washington left Eastdil last week and are headed to Newmark to build a national hotel platform. Together they had handled a substantial portion of large hotel sales at Eastdil, the category&rsquo;s top U.S....



TIAA Unit Shops Stake in NY Rental Tower

Wed, 23 May 2018
TH Real Estate is marketing its 49% interest in a luxury apartment tower in Lower Manhattan.The 898-unit skyscraper, at Eight Spruce Street, is worth about $900 million, or $1 million/unit. That would value the TIAA unit&rsquo;s stake at some $440 million. At that price, the buyer&rsquo;s initial annual yield would be about 4.3%, based on the property&rsquo;s $39.4 million of net operating income last year. CBRE is representing TH Real Estate.The...



Hancock Dealing West Loop Tower

Wed, 23 May 2018
John Hancock Real Estate is pitching an office building in Chicago&rsquo;s West Loop as a leasing play.The 1.2 million-square-foot property, at One South Wacker Drive, is expected to attract bids in the vicinity of $370 million, or $308/sf. JLL is representing Boston-based John Hancock, a real estate arm of Manulife Financial of Toronto.The 43-story building is 76% leased, following the departure of a few tenants. The investment strategy is to...



DC-Area Warehouse Bundle on Block

Wed, 23 May 2018
A portfolio of light-industrial properties in suburban Washington is being pitched as suitable for &ldquo;last-mile&rdquo; distribution.The 34 warehouses, totaling 1.6 million square feet, could fetch $210 million. At that $128/sf valuation, a buyer&rsquo;s initial annual yield would be 7.5%. Newmark is representing the owner, Government Properties Income of Newton, Mass. Offers will be considered for individual properties or sub-portfolios.The...



Net-Leased Cambridge Offices in Play

Wed, 23 May 2018
CBRE Global Investors has teed up a Cambridge, Mass., office building that&rsquo;s expected to fetch bids of up to $145 million.The 202,000-square-foot building, known as 200 Cambridge Discovery Park, is fully leased to a single tenant until 2027. At the estimated value of $718/sf, it would produce an initial annual yield just topping 5%. The Los Angeles investment shop has given the listing to Eastdil Secured.The six-story building, at 60 Acorn...



Dune Was the Money Behind Hotel Deal

Wed, 23 May 2018
Dune Real Estate is the key equity partner behind the $190 million purchase of the W Hotel New York in Midtown Manhattan.Dune and two partners acquired the 697-room property this month from Host Hotels & Resorts, a Bethesda, Md., REIT.The other partners, Capstone Equities and Highgate Hotels, both of New York, were previously reported. But Dune&rsquo;s presence has just come to light. The New York fund operator, which often teams with Highgate,...



Piece of Nashville Skyline on Market

Wed, 23 May 2018
A prominent office tower in downtown Nashville is being marketed as a core-plus play.The 394,000-square-foot One Nashville Place is expected to fetch bids of around $140 million, or $355/sf. The initial annual yield at that price would be in the mid-5% area. Cushman & Wakefield launched the marketing campaign last week for the owner, an unidentified institution advised by AEW Capital of Boston.The 24-story building, with a distinctive octagonal...



Fully Leased Austin Offices for Sale

Wed, 23 May 2018
A Class-A office property has hit the market in Austin, while another has just gone under contract.Investment manager KBS Realty of Newport Beach, Calif., is pitching Stonebridge Plaza 1&2, a 388,000-square-foot complex that&rsquo;s fully occupied. It&rsquo;s expected to draw bids near $155 million, or $399/sf. The initial annual yield at that price would be 6.5%. Eastdil Secured has the listing.Meanwhile, Tel Aviv-based Azrieli Group has agreed...



Spear Street Lists Offices Near Boston

Wed, 23 May 2018
Spear Street Capital is marketing an office building near Boston that&rsquo;s close to fully occupied.The 200,000-square-foot Riverworks, in Watertown, Mass., is expected to fetch about $65 million, or $325/sf. That would produce an initial annual yield of just under 6%, but a buyer could lift that by raising below-market rents. Spear Street, a San Francisco fund operator, has given the listing to CBRE.The building is 98% leased to 15 tenants,...



Land Under Colo. Facility Up for Grabs

Wed, 23 May 2018
A healthcare operator is seeking $65 million for the land under a planned high-end addiction facility near the tony Colorado ski town of Vail.The property on the land, a former luxury hotel, is being redeveloped into the addiction facility by Baltimore-based Concerted Care, which would sign a 99-year ground lease, with 2% annual increases. The 78,000-square-foot facility, in Edwards, is scheduled to open in May 2019.At the asking price, the...



LA-Area Shopping Center Available

Wed, 23 May 2018
Investors are getting a crack at a recently renovated and fully leased shopping center in suburban Los Angeles that&rsquo;s worth about $88 million.The listing encompasses some 252,000 square feet of in-line and outparcel space, plus the ground lease on a 207,000-sf IKEA store, at SouthBay Pavilion in Carson, Calif. Separately owned space, including anchor stores Target and JC Penney, bring the center to a total of 1 million sf.JLL is marketing...



New South Florida Apartments Pitched

Wed, 23 May 2018
A new apartment complex in downtown West Palm Beach, Fla., is on the block with an estimated value of $120 million.The 290-unit offering encompasses a 20-story building, completed last year, and a mid-rise building across the street that was redeveloped as loft apartments in 2015. Together, they are 75% leased and are expected to be stabilized by the time a sale closes.The developer, a partnership between Ram Realty of Palm Beach Gardens, Fla.,...



2 Retail Centers Offered Near Atlanta

Wed, 23 May 2018
Two adjacent shopping centers are up for sale in the Atlanta suburb of Sandy Springs, Ga.The properties, worth about $100 million in total, are the 176,000-square-foot Exchange at Hammond and the 158,000-sf Parkside Shops. The owner, Mimms Enterprises of Roswell, Ga., is offering them separately via HFF, but would consider joint bids.The fully leased Exchange at Hammond, at 5932-5980 Roswell Road, is valued at about $63 million. At that price,...



New Rentals Shown Outside Chicago

Wed, 23 May 2018
A development team is marketing a new apartment complex in suburban Chicago.The 180-unit property, in Schaumburg, Ill., could attract bids near $60 million, or $333,000/unit. At that price, the initial annual yield would be 5.25%. CBRE is representing the developer, a partnership between North American Properties of Cincinnati and UrbanStreet Group of Chicago.The complex, at 680 East Algonquin Road in northwest Cook County, was completed last...



Industrial Play Near Port of Houston

Wed, 23 May 2018
A developer is pitching a nearly completed industrial complex near the Port of Houston to core investors.The 562,000-square-foot Bayport North Industrial Park, fully pre-leased to chemicals producer Kuraray Americas, is expected to attract bids of about $58 million, or $103/sf. At that price, the buyer&rsquo;s initial annual yield would be 4.8%. HFF is representing the local developer, Avera Cos.The complex has two buildings, anomalously dubbed...



Building Near Union Square Marketed

Wed, 23 May 2018
An L3 Capital partnership is marketing a retail/residential building in Manhattan&rsquo;s Union Square neighborhood that could attract bids of about $35 million.The four-story property, encompassing 7,300 square feet, has a two-floor store leased to a cosmetics firm and two loft-style apartments on the upper two floors. The offering also includes 11,000 sf of air rights, so a long-term investor could look to redevelop the property.At the...



MARKET SPOTLIGHT: Chicago Office Properties

Wed, 23 May 2018
Large sales have surpassed $2 billion this year, already tripling the $703 million tally in last year&rsquo;s first half, according to Real Estate Alert&rsquo;s Deal Database.Some 7.3 million square feet of space is nearing completion downtown. The added supply is putting downward pressure on leasing demand. But the average occupancy rate held steady in the first quarter, at 89%, according to JLL.Local billionaire Joseph Mansueto has agreed to...



The Grapevine

Wed, 23 May 2018
Investment veteran Frank Small joined Greystone this month as chief investment officer of its new Greystone Healthcare Investments unit. The platform will expand the New York firm&rsquo;s healthcare-property activities. It will mostly focus on sale-leaseback deals with owners of post-acute care and skilled-nursing facilities that are looking to raise equity. Small joined from GMF Capital of New York, where he was a managing director focused on...



The Grapevine

Wed, 23 May 2018
Atria Senior Living has hired Randy Bekerman as senior vice president of investment and business development. He started May 1 in New York. His duties include acquisitions of senior-housing properties and development sites in major U.S. cities. He reports to Rick Atlas, chief investment officer for the Louisville, Ky., owner-operator of senior-housing properties. Previously, Bekerman spent more than three years at the U.S. real estate arm of...



The Grapevine

Wed, 23 May 2018
Patrick Heffernan has signed on to the real estate private equity team at Brown Brothers Harriman. He&rsquo;ll start early next month as a senior vice president working on acquisitions. He&rsquo;ll be based in the private bank&rsquo;s New York headquarters, reporting to Martin Levine. Heffernan was a vice president at Admiral Capital, also of New York, where he spent the past four years. His last day there was...



The Grapevine

Wed, 23 May 2018
Ryan Berger has jumped to fund operator Asia Capital Real Estate from Walker & Dunlop. He started this week as an associate in the New York shop&rsquo;s Atlanta office. Berger was an assistant vice president at Walker & Dunlop, where he spent nearly four years. Asia Capital invests in multi-family assets, particularly workforce housing, and commercial real estate debt. The shop, led by founders Les Menkes and Blake Olafson, is raising equity for...



The Grapevine

Wed, 23 May 2018
Related Cos. is adding an associate to its development team. Anna Coltrane will join the New York investment manager next month to focus on multi-family projects. Coltrane spent the past four years at Eastdil Secured, also in New York. She had a prior stint as an investment-banking analyst at Bentley Associates. Related, led by investor Stephen Ross, is one of Manhattan&rsquo;s most-active developers. It&rsquo;s currently developing the 28-acre...



The Grapevine

Wed, 23 May 2018
Samuel McQuillan is joining Jamestown&rsquo;s acquisitions team early next month. McQuillan will be based in the New York office of the Atlanta-based investment manager. He&rsquo;s moving from HFF, where he spent three years as an analyst. He had an earlier stint at Boston-based Taurus Investment Holdings.



The Grapevine

Wed, 23 May 2018
Boutique New York advisory shop Prince Realty is looking to hire an investment-sales professional. Candidates should have at least three years of experience. The recruit would work alongside founder David Ash. In addition to dispositions and acquisitions work, Prince arranges joint ventures and lines up debt, equity and preferred equity. For more information, email...



ON THE MARKET

Wed, 23 May 2018
OFFICE:Property: 1000 Windward Concourse, Alpharetta, Ga.Size: 251,000 sf, 97% leasedEstimated Value: $45 million, $179/sf, Yield: 8%Owner: UBS Asset ManagementBroker: Cushman & WakefieldColor: Five-story, Class-A building with 50,000-sf floorplates. On 20-acre site with more than 1,000 parking spots. Agilysys and Kinder Morgan are among the tenants. Amenities include full-service cafe and fitness...



Big "Last Mile' Warehouse Portfolio on Block

Wed, 16 May 2018
After making an early bet on relatively small warehouses, a value-added industrial operator and its institutional partner are ready to cash out.MDH Partners and Harvard University&rsquo;s endowment are shopping a 13.3 million-square-foot portfolio that they started accumulating in 2014. The 104 logistics properties, spread across 14 markets concentrated in the Southeast, could attract bids of roughly $1 billion, or $75/sf. That valuation...



Bascom Team to Step Up Office Acquisitions

Wed, 16 May 2018
Apartment investor Bascom Group is doubling down on a joint venture that targets value-added office properties in the Western U.S.The affiliate, called Harbor Associates, plans $500 million of acquisitions in the next two years, keeping its focus on Southern California while increasingly targeting Denver and expanding to Salt Lake City. It kicked off the new push in the past couple of weeks with two purchases, in Los Angeles and suburban San...



JP Morgan Shopping 425 Lexington Avenue

Wed, 16 May 2018
J.P. Morgan Asset Management is marketing a Midtown Manhattan office tower that could be worth $750 million.The 749,000-square-foot property, at 425 Lexington Avenue in the Grand Central submarket, is fully leased. The estimated value works out to some $1,000/sf. HFF is representing J.P. Morgan, which controls the building on behalf of institutional investors that it advises.The listing is one of the largest of the year in Manhattan. Only three...



Big Select-Service Portfolio for Sale

Wed, 16 May 2018
A Lone Star Funds partnership has listed one of the largest portfolios of select-service hotels to hit the market in several years.The 38 Hyatt Place and Hyatt House hotels, with 4,950 total rooms, could fetch roughly $700 million, or $141,000/room.Dallas-based Lone Star and its partner, Aimbridge Hospitality of Plano, Texas, own the portfolio via a special-purpose entity, LSREF3/AH Chicago, that is structured as a REIT. They are offering the...



Unizo Pitches 2 Manhattan Offices

Wed, 16 May 2018
Unizo Holdings is preparing to separately market two Midtown Manhattan office buildings with a combined value of roughly $435 million.The offerings encompass the 312,000-square-foot property at 370 Lexington Avenue and the 255,000-sf building at 321 West 44th Street.The 27-story Lexington Avenue property, two blocks south of Grand Central Terminal, could attract bids of about $265 million, or $850/sf. The 10-story West 44th Street building,...



New Denver Apartments Up for Grabs

Wed, 16 May 2018
A development team is offering a new Denver apartment building worth about $150 million.The 354-unit SkyHouse Denver, at 1776 Broadway in the Central Business District, is already about 85% occupied and is expected to finish its initial lease-up phase in the coming weeks. At the estimated value of $424,000/unit, the buyer&rsquo;s annual yield would be about 4.5% upon stabilization.The owner, a partnership between local shop Simpson Housing and...



Sheraton Hotel in Austin Hits Market

Wed, 16 May 2018
A Carey Watermark Investors partnership has listed a Sheraton hotel in downtown Austin that&rsquo;s expected to fetch about $110 million.The marketing pitch is that a buyer could change the flag by terminating a franchise agreement and take over management of the 367-room property, called the Sheraton Austin Hotel at the Capitol. The valuation works out to $300,000/room. Eastdil Secured has the listing.Carey Watermark, a nontraded New York REIT,...



Carolina Industrial Portfolio Available

Wed, 16 May 2018
A developer is marketing a North Carolina industrial portfolio that could attract bids of $100 million.The nine fully leased buildings, which encompass 1.3 million square feet, are being offered as a package. At the estimated value of $77/sf, the buyer&rsquo;s initial annual yield would be just under 6%. CBRE is representing the seller, Samet Corp. of Greensboro, N.C.The properties, west of Raleigh in the Greensboro area, have 12 tenants,...



Luxury Westchester Rentals Offered

Wed, 16 May 2018
A luxury high-rise apartment building is on the block in New York&rsquo;s Westchester County.The 588-unit property, in New Rochelle, could attract bids of about $295 million, or $502,000/unit. At that valuation, the buyer&rsquo;s initial annual yield would be 5.1%. The owner, DSF Group of Waltham, Mass., has given the listing to HFF.The 40-story Halstead New Rochelle, on a two-acre site at 40 Memorial Highway, is 95.4% occupied. The marketing...



Fund Shop Dealing Colorado Offices

Wed, 16 May 2018
GEM Realty Capital is marketing a suburban Denver office building worth about $100 million.The 298,000-square-foot Central Park Tower, in Broomfield, Colo., is 99.1% leased. Newmark is representing GEM, a Chicago fund shop.The Class-A property, at 385 Interlocken Boulevard, is in Interlocken Business Park. The marketing campaign touts it as the highest-quality office building in the Northwest submarket. It has a LEED gold designation and features...



New Medical Offices for Sale in Calif.

Wed, 16 May 2018
A developer is shopping a medical-office complex under construction in suburban San Diego that could fetch $100 million.Palomar Health Outpatient Centers 1&2, in Escondido, Calif., will have 149,000 square feet of Class-A space when completed in the third quarter of next year. It&rsquo;s 60% pre-leased to Palomar Health, which operates an adjacent hospital.The listing encompasses the leasehold interest in the 74,000-sf first building &mdash;...



Embassy Suites Portfolio on the Block

Wed, 16 May 2018
AWH Partners is marketing eight Embassy Suites hotels it acquired out of bankruptcy and renovated.The portfolio, with 1,910 rooms in six states, is expected to draw bids of at least $325 million, or $171,000/room. Offers will be considered for the entire package or sub-portfolios. Eastdil Secured has the listing.The upper-upscale hotels were valued at $240 million when then-owner Windsor Capital refinanced them in 2006. The Santa Monica, Calif.,...



Two Retail Properties Listed in Boston

Wed, 16 May 2018
Investors are getting a crack at two fully leased retail properties in Boston&rsquo;s upscale Back Bay neighborhood.The offering, valued at some $125 million, encompasses a 53,000-square-foot building at 777 Boylston Street and a 7,000-sf condominium a few blocks away, at 159 Newbury Street. The owner, a local wealthy individual, will consider bids on either component or both. Newmark has the listing.The Boylston Street building is fully leased...



Value-Added San Jose Offices in Play

Wed, 16 May 2018
An office/research-and-development complex next to a light-rail stop in San Jose is being pitched as a value-added opportunity.The 434,000-square-foot Valley Oak Technology Center is expected to fetch about $80 million. At that $184/sf valuation, the initial annual yield would be 7.5%. A buyer could boost that by lifting the occupancy rate, which is about to drop to 81%. CBRE is representing the owner, Sobrato Family Foundation of Cupertino,...



New Northwest Atlanta Offices Shown

Wed, 16 May 2018
A USAA Real Estate partnership is marketing a new Atlanta office building that&rsquo;s expected to draw bids near $69 million.The 173,000-square-foot property, at 3400 Overton Park Drive in the Cumberland/Galleria submarket, was completed in July 2017 and is 85% leased. A sale at the estimated value of $400/sf would generate an initial annual yield north of 6%, and higher returns upon stabilization. Eastdil Secured is handling the offering for...



Sovereign Marketing Illinois Offices

Wed, 16 May 2018
Sovereign Partners is shopping two Class-A office buildings in the Chicago suburb of Schaumburg, Ill.The properties, encompassing 494,000 square feet, are valued at up to $60 million, or $121/sf. They are on East Golf Road in the Northwest submarket, separated by a Hyatt Regency hotel. New York-based Sovereign is pitching them as a package via HFF.The 273,000-sf Centennial Center and the 221,000-sf Two Century Centre have a combined 86% occupancy...



Japanese Firm Backs Portland Project

Wed, 16 May 2018
A developer has lined up $47.7 million of equity from a Japanese company for the construction of a luxury apartment tower in Portland, Ore.The developer, Dallas-based Alamo Manhattan, will team up on the 347-unit building with Diamond Realty Investments, the Dallas real estate arm of Japanese conglomerate Mitsubishi.Diamond will hold a majority stake in the project, whose cost couldn&rsquo;t be learned. HFF handled the equity search for Alamo.The...



CBRE: Debt Levels Up, Still Moderate

Wed, 16 May 2018
U.S. commercial real estate debt as a percentage of gross domestic product ticked up last year to its highest level since 2010, but remained below its pre-crash peak, according to a new CBRE report.The increase was moderate compared with other forms of public and private debt, the report said, noting a recent warning from the International Monetary Fund that global debt has reached historically high levels.Due to more conservative loan...



High-Yield Office Play in Houston

Wed, 16 May 2018
Younan Properties is marketing a nearly half-vacant Houston office building with a garage that could be redeveloped.The 275,000-square-foot building, at 1010 Lamar Street, and the 550-space garage take up almost an entire block. Bids are expected to hit about $41 million. Younan, an investment firm in Woodland Hills, Calif., is pitching the offering to high-yield investors via HFF.The 54% occupancy rate is well below the 84% average in the...



MARKET SPOTLIGHT: Atlanta-Area Apartment Market

Wed, 16 May 2018
Effective rents in Atlanta are projected to grow 4.6% this year, to an average of $1,197, according to Marcus & Millichap. But the brokerage forecasts that the average occupancy rate will dip 60 bp, to 93.4%, partly because of increased supply.The area&rsquo;s construction pipeline climbed in the first quarter to some 16,350 units, up from roughly 15,000 in the fourth quarter, according to Cushman & Wakefield.The Midtown section of Atlanta is a...



The Grapevine

Wed, 16 May 2018
Andrew Bibby is retiring as chief executive at Grosvenor Americas, effective at yearend, ending his 35-year tenure at the development and investment firm. Steve O&rsquo;Connell, currently a managing director of investment overseeing activity in the U.S. and Canada, will take the reins and lead strategic growth in North America. Bibby joined the firm in 1984 and became chief executive in 2009. Grosvenor Americas has some $5 billion of assets under...



The Grapevine

Wed, 16 May 2018
MB Real Estate launched a marketing campaign last week for the 494,000-square-foot building at One North LaSalle Street in Chicago. Bids are expected to land in the vicinity of $125 million, or $253/sf. The Art Deco tower dates back to the 1930s, but has undergone some $35 million of recent renovations to add amenities and update the infrastructure. It&rsquo;s 86% leased, with a weighted average remaining lease term of 4.2 years. The pitch is...



The Grapevine

Wed, 16 May 2018
Adam DeBoey jumped to GEM Realty Capital of Chicago on April 30. As a senior vice president of acquisitions, he&rsquo;s responsible for equity and debt investments across all property types in Texas, Georgia, Nashville, and Birmingham, Ala. The firm is pursuing opportunistic investments via its GEM Realty Fund 6 and core-plus investments with its open-end GEM Realty Evergreen Fund. DeBoey previously spent about three years as a senior vice...



The Grapevine

Wed, 16 May 2018
Mark Campbell joined Leggat McCall Properties in Boston last week as a senior vice president of acquisitions to help expand its activity in the region. The development and advisory firm invests across asset classes. Campbell was previously a senior director at HFF, where he worked for nearly seven years. Before that, he was an acquisitions and asset-management associate at LBA Realty of Irvine,...



The Grapevine

Wed, 16 May 2018
PGIM Real Estate has added an acquisitions pro in San Francisco. Yusef Freeman joined the Madison, N.J., investment manager last week as a vice president in the transactions group. He scouts out opportunities in Southern California, working under managing director Tim Hennessey, who leads the Western region for the group. Freeman moved over from McCormack Baron Salazar, a St. Louis developer that focuses on urban markets nationally. He spent 12...



The Grapevine

Wed, 16 May 2018
Steven Hillgren joined Kearny Real Estate this month as a vice president in the investment manager&rsquo;s Los Angeles headquarters. He&rsquo;s responsible for acquisitions and project management in Southern California. Hillgren&rsquo;s most recent experience was on the lending side. He came from Wells Fargo, where he managed a $1 billion portfolio, and had a previous stint at Sunwest...



The Grapevine

Wed, 16 May 2018
Lennar Multifamily has hired a development associate in Jersey City, N.J. Paul Hess started last month, reporting to vice president Charles Epstein. He&rsquo;s part of a team set up last year to focus on luxury multi-family properties in urban areas of Connecticut, New Jersey, New York and Pennsylvania. Hess previously was worked in New York as an analyst for Miami developer Crescent Heights. Charlotte-based Lennar Multifamily is a unit of Miami...



ON THE MARKET

Wed, 16 May 2018
OFFICE:Property: 3379 Peachtree Road NE, AtlantaSize: 126,000 sf, 94% occupiedEstimated Value: $35 million, $278/sf, Yield: 7%Owner: PM Realty, HoustonBroker: CBREColor: Class-A building in Buckhead submarket. Recently underwent $2.2 million in renovations. Occupied primarily by small and medium-size tenants. Weighted average remaining lease term: 5.4 years. MARTA train station, shops and restaurants nearby.OFFICE:Property: 100 Embassy Row, 6600...



Brookfield Pitching 75 State Street in Boston

Wed, 09 May 2018
A Brookfield Property partnership is marketing a Boston office tower that&rsquo;s expected to fetch up to $640 million.The 841,000-square-foot building, at 75 State Street in the Financial District, includes a 700-space garage that generates substantial revenue. At the estimated price, the capitalization rate would be 4.5%. The valuation breaks down to about $600/sf, or $505 million, for the office space and about $135 million for the parking...



South Florida Shaking Off Hotel-Sales Slump

Wed, 09 May 2018
The South Florida hotel-sales market is on the rebound.After peaking in 2015, trading volume plummeted in the past two years, as hotel fundamentals suffered from a confluence of factors that included a spurt of construction and concerns about the Zika virus. But revenues are once again in growth mode &mdash; and that&rsquo;s bringing back investors, with renewed confidence in the market&rsquo;s long-term prospects.&ldquo;The difference today is...



Vanbarton Pitching Well-Leased Offices in SF

Wed, 09 May 2018
Vanbarton Group is marketing a renovated San Francisco office building that could fetch about $285 million. The 319,000-square-foot building, at 301 Howard Street in the South Financial District, is 98% leased. Eastdil Secured is representing the New York investment manager. New York-based Emmes Asset Management acquired the Class-A property in 2015 from Embarcadero Capital of Belmont, Calif., for $200 million, in a deal also brokered by Eastdil....



KKR Team Lands Tower in Miami

Wed, 09 May 2018
A KKR partnership is under contract to buy a prominent Miami office tower from PGIM Real Estate for about $255 million.The price for the 523,000-square-foot Sabadell Financial Center, at 1111 Brickell Avenue, works out to $488/sf.The Class-A property encompasses 21 floors of office space atop a nine-story garage with 1,100 spaces. The occupancy rate couldn&rsquo;t be learned, but the largest tenant, law firm Hunton & Williams, occupies 62,000 sf...



Vanguard Offices Listed Outside Phila.

Wed, 09 May 2018
Liberty Property has teed up a suburban Philadelphia office campus leased to Vanguard Group.The 885,000-square-foot office campus, in Malvern, Pa., is expected to attract bids of about $250 million, or $282/sf. The offering is part of a broader disposition of suburban Philadelphia offices by Liberty. CBRE has the listing.The eight-building complex, which is adjacent to the mutual fund giant&rsquo;s headquarters, is part of Great Valley Corporate...



PCCP, Lincoln Nab San Jose Complex

Wed, 09 May 2018
A PCCP partnership has agreed to buy an office/R&D complex in San Jose for about $145 million.Eastdil Secured is brokering the sale of the 464,000-square-foot Valley Technology Centre for MWest Properties, a joint venture among TPG Real Estate of Forth Worth, Texas, DivcoWest Properties of San Francisco and Ivanhoe Cambridge of Montreal. The price works out to $313/sf.PCCP, a Los Angeles investment manager, and its partner, Dallas-based Lincoln...



Calif. Plant Leased to SpaceX for Sale

Wed, 09 May 2018
A manufacturing campus near Los Angeles that&rsquo;s slated to be fully occupied by SpaceX is on the market with expectations that bids will reach at least $180 million.The 1.4 million-square-foot complex is in Hawthorne, Calif., a couple of blocks from the headquarters of the rocket company headed by Elon Musk. Newmark is representing the Los Angeles owner, Zelman Development.Zelman acquired the 43-acre campus in 2010 and landed SpaceX as a...



Orange County Offices Up for Grabs

Wed, 09 May 2018
Blackstone is shopping four Southern California office properties valued at about $160 million.The Class-A properties, in Newport Beach and Irvine, encompass 538,000 square feet of space that&rsquo;s 82.6% leased. Investors can bid on individual properties or any combination. The valuation works out to some $300/sf. Eastdil Secured has the listing.The properties are in Orange County&rsquo;s Airport submarket, named after John Wayne Airport. The...



Thor Shops Retail/Office Space in NY

Wed, 09 May 2018
Thor Equities has put a retail/office building in Midtown Manhattan back on the block.The 102,000-square-foot property, at 590 Fifth Avenue, could be worth about $140 million.Thor, led by investor Joe Sitt, marketed a minority stake in 2015 via JLL and then offered the building outright in 2016 via CBRE, but no deals materialized. HFF has the listing this time.The value of the 18-story property, between West 47th and West 48th Streets, is driven...



Luxury Rentals Pitched in Florida

Wed, 09 May 2018
A new luxury apartment complex is up for grabs in South Florida.The 346-unit Atlantic Delray, in Delray Beach, could attract bids of about $100 million, or $289,000/unit. The developer, Atlantic Pacific of Boca Raton, Fla., has given the listing to Cushman & Wakefield.The garden-style property, still in its initial leasing phase, is 75% occupied. At the estimated value, the capitalization rate would be in the neighborhood of 5% upon...



AT&T Headquarters Offered in Dallas

Wed, 09 May 2018
The listing of AT&T&rsquo;s global headquarters in downtown Dallas could command bids of $165 million.The 966,000-square-foot One AT&T Plaza is fully leased to the telecommunications giant until 2030. At the estimated value of $171/sf, a buyer&rsquo;s initial annual yield would be 5.5%. CBRE is running the marketing campaign for New York investor Carl Icahn.The Class-A building is at 208 South Akard Street, three blocks from a light-rail stop....



Class-B Rentals Available Near LA

Wed, 09 May 2018
StarPoint Properties has teed up a Class-B apartment complex near Los Angeles that would benefit from improvements.The 259-unit Lafayette Parc Apartments, in West Covina, Calif., is valued at about $80 million, or $309,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.8%. StarPoint, of Beverly Hills, has given the listing to Madison Partners of Los Angeles.The complex, on a 13-acre site at 624 South Glendora Avenue, was...



New Apartments for Sale in Phoenix

Wed, 09 May 2018
A developer is shopping an arts-themed apartment building in downtown Phoenix that could draw bids of around $80 million.The 280-unit Broadstone Arts District, at 222 East McDowell Road, opened last year and is 90% occupied. A sale at the estimated $284,000/unit valuation would generate an initial annual yield of about 5%. CBRE is representing the local owner, Alliance Residential.The pitch is that the property is in a high-growth area and...



NEW DEALS

Wed, 09 May 2018
Southern California Apartment ComplexBascom Group will see a 4.7% initial annual yield on its $33.3 million acquisition last week of a 123-unit apartment complex in Costa Mesa, Calif. The Irvine, Calif., firm paid $271,000/unit for Sunset Cove Apartments, at 425 Merrimac Way. Developed in 1970, the Orange County property is 97% occupied. Berkadia represented the seller, Klingbeil Capital of San Francisco.Suburban Orlando Rental PropertyTH Real...



Brookfield Wins Ft. Lauderdale Hotel

Wed, 09 May 2018
Brookfield Asset Management has emerged as the winner of a heated bidding contest for the Hilton Fort Lauderdale Marina hotel in South Florida.Brookfield came out on top after four rounds of bidding for the 589-room hotel, in Fort Lauderdale, with an offer that met the initial expectations of $175 million. CBRE is brokering the sale for Blackstone.The property, which includes a 33-slip marina, was listed nearly a year ago. At the time, South...



Blackstone Markets Illinois Complex

Wed, 09 May 2018
Blackstone has teed up a Class-A office complex in suburban Chicago that is expected to attract bids of more than $70 million.The two-building O&rsquo;Hare International Center 1&2 encompasses 518,000 square feet at 10255 and 10275 West Higgins Road in Rosemont, Ill., in the O&rsquo;Hare submarket. Blackstone, acting via its Equity Office unit, has listed the complex with HFF.Potential bidders are being told that a buyer could lift the occupancy...



Banks' Bad-Debt Holdings Fall Again

Wed, 09 May 2018
A decade after the onset of the credit crunch, big U.S. banks last year whittled down their holdings of distressed loans to just 0.5% of their commercial real estate assets.The 500 banks with the largest commercial-mortgage portfolios had $7.7 billion of nonperformers on their books at yearend, according to regulatory data compiled by Trepp Bank Navigator. That was down 11% from a year earlier. Those banks&rsquo; holdings of foreclosed properties...



Barings Offers Nonperforming Loan

Wed, 09 May 2018
Barings is marketing a $41.4 million nonperforming mortgage on an office complex in New York&rsquo;s Westchester County.The 351,000-square-foot property, at 555 and 565 Taxter Road in Elmsford, is 68% occupied. Cushman & Wakefield is handling the offering for Barings, a Charlotte unit of MassMutual.Bids are expected to come in around $35 million, which would value the property at roughly $100/sf, or well below replacement cost. A buyer likely...



Southern California Offices on Block

Wed, 09 May 2018
An Ocean West partnership is touting the leasing potential of a recently renovated office complex in Long Beach, Calif., that is expected to sell for about $60 million.The property, called The Hubb, encompasses two connected six-story buildings totaling 210,000 square feet at 100 West Broadway in downtown Long Beach. Newmark is representing Ocean West, of Santa Monica, Calif., and its partner, Chicago fund operator Singerman Real Estate.The...



Aegon Shows Raleigh Leasing Play

Wed, 09 May 2018
Aegon Asset Management is pitching a Class-A office complex in Raleigh as a leasing play.The 313,000-square-foot WestChase Office Park could attract bids of about $55 million, or $176/sf. The Netherlands firm is offering the three buildings as a package via CBRE.The occupancy rate is 89%, but expiring leases will reduce the level to 79% at yearend. Marketing materials tout the potential to lease space at higher rates. The average rent is...



MARKET SPOTLIGHT: Silicon Valley Office Properties

Wed, 09 May 2018
Sales are on an extraordinary run. Last year was the fourth in a row in which volume exceeded the previous cycle&rsquo;s $5.4 billion high, in 2006. And last year&rsquo;s $6.4 billion tally was second only to the $9.7 billion record set in 2015.Valuations are soaring as well. The average per-foot sales price last year was a record $528/sf, some 65% above the last cycle&rsquo;s peak, in 2007. In January, a big office sale topped $2,000/sf for the...



The Grapevine

Wed, 09 May 2018
Capital-raising veteran Marty Alston has joined London placement agent Threadmark as a senior vice president in New York. He started last month, reporting to partner and co-founder Anne Gales. Alston oversees real estate capital-raising in North America. He spent the past two years at Bentall Kennedy as a vice president in Chicago, focused on business development and client relations. Before that, he was a managing director at developer Fifield...



The Grapevine

Wed, 09 May 2018
Brett Moss rejoined HFF last week as a senior director after a brief stint at CBRE. He&rsquo;s based in Orlando, with a focus on multi-family investment sales and advisory services in Central and Northern Florida. Moss most recently was a vice president at CBRE. He was an associate director at HFF from March 2015 to June 2017 and before that was at BMO Harris Bank, working on commercial real estate lending efforts in the...



The Grapevine

Wed, 09 May 2018
CBRE has tapped a buyside pro to expand its retail investment-sales team in Texas. Mark Witcher left Weingarten Realty to join the brokerage last week as a vice president in Houston. He works with executive vice president Chris Cozby and senior vice president Chris Gerard, who are based in Dallas and lead investment-sales efforts in the Southwest for CBRE&rsquo;s retail team. Witcher was divisional vice president for acquisitions and dispositions...



The Grapevine

Wed, 09 May 2018
Emily Mandrup has joined LBA Realty as vice president for industrial development. Mandrup arrived last month from Pacific Industrial of Long Beach, Calif., where she spent six years, most recently as a development manager. She also has worked at Xebec Realty and JMF Development. Mandrup&rsquo;s hire is intended to help LBA, a fund shop in Irvine, Calif., take on more ground-up projects. The firm owns some 35 million square feet of industrial...



The Grapevine

Wed, 09 May 2018
Adam Lerer recently started at Decron Properties as a vice president. He&rsquo;s tasked with working on growth strategies and raising institutional capital for the Los Angeles firm. He reports to president and chief executive David Nagel. Decron, which has concentrated on California apartment properties, is now looking at deals in Portland and Seattle &mdash; and plans to invest in industrial properties as well. Lerer previously was a senior...



The Grapevine

Wed, 09 May 2018
HFF Securities has added two senior analysts in Los Angeles to work on capital raising and equity placement. Scott Bailey moved over from JLL, where he spent the past three years working on net-lease investment sales. Chris Brown came from Clarion Partners of New York, where he worked on portfolio management. They joined a team led by senior managing directors Doug Bond and Dan...



The Grapevine

Wed, 09 May 2018
JLL wants to add an analyst to its hotel team on the West Coast, where sales activity is brisk. The recruit would work in Los Angeles under executive vice presidents Tony Muscio and James Stockdale. Some experience, particularly in the hotel sector, is preferred.



The Grapevine

Wed, 02 May 2018
Alexia Gottschalch has left Rockwood Capital after a brief stint and joined Invesco as head of commercial strategies. She is based in New York, heading a team that handles portfolio management for private-capital clients. Gottschalch had joined Rockwood around yearend as a managing director and global head of client strategy. Before that, she spent more than two years at J.P. Morgan Asset Management, where she was head of business development and...



The Grapevine

Wed, 02 May 2018
After 10 years at AEW Capital, acquisitions pro Eric Samek left last month to co-found an investment shop. His Los Angeles firm, Brasa Capital, seeks value-added and opportunistic plays in the West and Texas. Along with Samek, its principals are Matt Milich, most recently a vice president at Pearlmark Real Estate of Chicago, and Elliot Weinstock, who was a vice president at Los Angeles-based Kearny Real Estate. Brasa aims to invest $5 million to...



The Grapevine

Wed, 02 May 2018
Peter Crovo left Prologis late last month to join NFI Real Estate. He&rsquo;s chief investment officer for the Cherry Hill, N.J., warehouse developer and logistics provider. Crovo was a senior vice president based in East Rutherford, N.J., for Prologis, spending seven years at the San Francisco industrial REIT. Before that, he worked for six years at Seagis Property, an industrial shop in Conshohocken,...



The Grapevine

Wed, 02 May 2018
Rubenstein Partners has added Louis Merlini as a vice president of asset management. He started last month in the fund operator&rsquo;s Philadelphia headquarters, reporting to chief operating officer Eric Schiela. Merlini was previously a principal at another Philadelphia fund shop, Miller Investment. Also last month, Rubenstein hired Rosita Bitetto as a construction and development associate in Philadelphia and, as previously reported, added...



The Grapevine

Wed, 02 May 2018
Real estate veteran Jon Foulger has joined MedProperties Realty of Dallas as a director, responsible for identifying acquisition and development opportunities. He reports to managing principal Darryl Freling. Foulger was most recently a vice president of business development and financing for healthcare real estate at Astoria Property, an arm of Nueterra Capital of Leawood, Kan. He had a prior stint at Cottonwood Properties of Dallas....



Apartments Available Near Phila.

Wed, 02 May 2018
A suburban-Philadelphia rental complex is for sale, with bids expected to come in at around $80 million.Cherry Hill Towers, in Cherry Hill, N.J., encompasses 434 units in two 12-story buildings. At a $184,000/unit valuation, the property is expected to generate an initial annual yield of around 5%.CBRE is handling marketing for Viking Residential, a local firm affiliated with the family of brothers Bob and Bill Healey, best known for founding...



Delaware Rentals Pitched With Upside

Wed, 02 May 2018
A garden-apartment complex in Delaware is being marketed as a value-added opportunity.The 634-unit Castlebrook Apartments, in New Castle, is expected to draw bids topping $70 million, or $110,000/unit. That would translate into an initial annual yield of about 6.25%. HFF is representing Galman Group, a Jenkintown, Pa., owner-operator of multi-family properties.The property, which is 95% occupied, dates to 1973, but has had extensive improvements...



Zoning Key for Listed Cambridge Site

Wed, 02 May 2018
A development site in the hot Kendall Square neighborhood of Cambridge, Mass., could become a monster deal.Constellation Charitable Foundation had planned to build a performing-arts center on the 0.8-acre parcel, at 585 Third Street. But now it is looking at alternative locations and has listed the land with CBRE.The now-vacant site, known as Block 585, is zoned for an 80,000-square-foot commercial development. At an estimated value of $300 per...



NEW DEALS

Wed, 02 May 2018
Illinois Power CenterTime Equities last week paid $32 million for a 341,000-square-foot power center in McHenry, Ill. Mid-America Real Estate brokered the sale for DDR, a Beachwood, Ohio, REIT. Shops at Fox River is at 3340 Shoppers Drive, 55 miles northwest of Chicago. It&rsquo;s 83% leased by Bed Bath & Beyond, Dick&rsquo;s Sporting Goods, PetSmart, Ross, TJ Maxx and other retailers. Time, a New York investment firm, will seek to fill vacant...



MARKET SPOTLIGHT: Philadelphia-Area Office Properties

Wed, 02 May 2018
Korea Investment&rsquo;s pending $625/sf purchase of GlaxoSmithKline&rsquo;s newly built headquarters at Five Crescent Drive will set a record valuation for Philadelphia. Liberty Property is the seller. Korea Investment is being advised by Coretrust Capital.Liberty, a REIT in Malvern, Pa., has been steadily selling in Philadelphia and its suburbs, boosting volume in the region.Leasing is strong in submarkets such as Market Street West, University...



High-End Dallas Hotel Up for Sale

Wed, 02 May 2018
Brookfield Asset Management has listed a luxury Dallas hotel that&rsquo;s expected to fetch bids of roughly $70 million.The Highland Dallas has 198 rooms and 26,000 square feet of retail space. Investors are being told there&rsquo;s opportunity to increase the room count and boost occupancy in the retail component. Brookfield&rsquo;s hotel arm, Thayer Lodging of Annapolis, Md., has given the listing to HFF.The hotel has operated under several...



Goldman Team Nabs Phila. Offices

Wed, 02 May 2018
A Goldman Sachs joint venture has agreed to pay about $130 million for a Philadelphia office building.A unit of the investment bank is teaming up with an unidentified operator to acquire the 665,000-square-foot tower, at 2000 Market Street. At the roughly $195/sf price tag, the buyer&rsquo;s initial annual yield would be 8%. Eastdil Secured is brokering the sale for Gemini Rosemont Commercial Real Estate of Santa Fe, N.M.Gemini acquired the...



Net-Lease Sales Volume on the Rise

Wed, 02 May 2018
Some $57.8 billion of net-lease commercial real estate traded in 2017 &mdash; the second-highest tally ever &mdash; and this year is on pace to match that, according to CBRE.Sales of such office, industrial and retail properties grew by 3.3% last year from $56 billion in 2016. That followed a dip from the record volume of $64.2 billion set in 2015, according to the brokerage&rsquo;s &ldquo;U.S. Net-Lease Market Trends Report,&rdquo; to be...



Netflix Offices Shown in Silicon Valley

Wed, 02 May 2018
A portion of Netflix&rsquo;s Silicon Valley headquarters is about to hit the market.The 130,000-square foot building, at 131 Albright Way in Los Gatos, Calif., is expected to attract bids of up to $95 million, or $731/sf. At that price, the buyer&rsquo;s initial annual yield would be 5.5%.Newmark is representing the owner, German investor Wealth Management Capital. A marketing campaign is expected to launch in the coming weeks.Netflix has nearly...



Another Tower Eyes Denver Record

Wed, 02 May 2018
Denver&rsquo;s office market has another contender for the per-foot price record.Bids for the 101,000-square-foot Union Tower West, in the hot Union Station neighborhood, could reach $744/sf, or $75 million. That would eclipse the current $724/sf high-water mark. But, as previously reported, another Denver listing also is vying to set a new high.Union Tower West, at 1801 Wewatta Street, is owned by Atlanta-based Portman Holdings. At the estimated...



San Diego Office Complex in Play

Wed, 02 May 2018
Investors are getting a crack at a newly renovated office complex in San Diego&rsquo;s strongest submarket.The three-building Sunroad Corporate Center, encompassing 304,000 square feet, is expected to command bids of $173 million, or $570/sf. Newmark is representing the owner, local investor Sunroad Enterprises.The Class-A campus is 78% occupied, versus a 91.9% average for comparable space in the surrounding University Town Center submarket...



Southern Apartment Portfolio on Block

Wed, 02 May 2018
A package of 12 apartment properties in five Southern states is on the market with expectations it could fetch nearly $250 million.The portfolio encompasses 2,671 units in North Carolina, South Carolina, Georgia, Alabama and Texas. Investors can bid on individual properties, any combination or the entire package. The estimated value works out to $94,000/unit. Cushman &amp; Wakefield is advising the owner, Elite Street Capital of Houston.The...



DivcoWest Pitches Bay Area Campus

Wed, 02 May 2018
DivcoWest Properties is marketing a Class-A office campus in San Francisco&rsquo;s East Bay that&rsquo;s valued at about $130 million.The 600,000-square-foot property, in Concord, Calif., is 74.5% leased, to Bank of America and Wells Fargo. The estimated value works out to $217/sf. JLL is representing San Francisco-based DivcoWest.The two-building complex, at 2000 and 2001 Clayton Road, is next to a BART train station and a short walk from...



Chicago Pipeline Keeps Producing

Wed, 02 May 2018
Another sizable office property is on the block in suburban Chicago, where dealmaking activity appears to be on the rebound.Up for grabs is the 636,000-square-foot Triangle Plaza, located just within the city limits at 8750 and 8770 West Bryn Mawr Avenue in the O&rsquo;Hare submarket. The two-building complex is expected to attract bids approaching $140 million, or $220/sf. CBRE is representing the owner, Chicago REIT Equity Commonwealth.Triangle...



TH Shops Upscale Apartments in DC

Wed, 02 May 2018
TH Real Estate is shopping a luxury apartment building in Washington, D.C., that&rsquo;s likely to fetch $170 million.The 268-unit property, at 1920 14th Street NW, opened four years ago and is 96% occupied. A sale at the anticipated price would produce an initial annual yield in the low-4% area. Eastdil Secured is representing the TIAA unit.The nine-story building, called Louis at 14th, has 43,000 square feet of ground-floor retail space,...



Related Marketing Bronx Apartments

Wed, 02 May 2018
Related Cos. is looking to sell nearly 1,200 workforce-housing apartments in the Bronx via two listings valued at close to $250 million.A 16-building package totaling 925 units, all in neighborhoods near Van Cortlandt Park in the Northern Bronx, is expected to attract bids in the vicinity of $225,000/unit, or $210 million. Related also is pitching a two-building complex with 252 units at 1065-1075 Gerard Avenue, a few blocks from Yankee Stadium...



Marriott on NY's East Side Up for Sale Again

Wed, 02 May 2018
The New York Marriott East Side hotel in Midtown Manhattan is back on the block.The 655-room property, at 525 Lexington Avenue, is owned by Ashkenazy Acquisition of New York and German fund operator Deka Immobilien. They have given the listing to Colliers International.This is the second time that the duo is attempting to sell the hotel and the fourth time it has been up for sale since 2012. The valuation is unclear, but market pros expect the...



Portland's Office Boom Has Further to Go

Wed, 02 May 2018
Office-property sales and prices have surged in Portland, Ore., but market pros think the peak is still a ways off.The small-but-booming market is riding a wave of investor and tenant demand. Leasing fundamentals are strong amid technology-driven job growth, and institutional-buyer interest is spilling over from San Francisco and white-hot Seattle.&ldquo;Portland had traditionally been the slow-and-steady market &mdash; it didn&rsquo;t boom or...



Calpers Circling Amazon Offices in Seattle

Wed, 02 May 2018
Calpers is in talks to buy a massive new Seattle office property from a USAA Real Estate partnership at a record per-foot price for the booming market.The 812,000-square-foot Troy Block complex, fully leased to Amazon.com, was expected to fetch $800 million or more. The buzz is that pricing fell short of that threshold, but exceeded Seattle&rsquo;s $926/sf record for a large office property. That indicates Calpers bid more than $750 million. The...



The Grapevine

Wed, 02 May 2018
CrowdStreet of Portland, Ore., has hired Kimberly Foley as a director of investor relations. She started this week, reporting to vice president of investments Ian Formigle. Foley is tasked with growing the crowdfunding platform&rsquo;s roster of 2,000 participating investors to more than 10,000. The shop plans to increase its investor-relations staff to eight, from three, by yearend. Foley arrived from Jensen Investment of Lake Oswego, Ore.,...



The Grapevine

Wed, 02 May 2018
Hanover Co. has hired Zach Anderson as a development director, responsible for land acquisitions and for multi-family and mixed-use projects in the San Francisco Bay Area. He started last week in the Houston firm&rsquo;s Danville, Calif., outpost. Anderson previously worked for Anton Development of Foster City, Calif., as director of acquisitions. He also had stints at Colliers International and Cushman &...



Blackstone Gets Strong Bids for Calif. Offices

Wed, 25 Apr 2018
Heated competition has driven the bidding for a Santa Monica, Calif., office campus above the already-lofty expectations of $600 million.Blackstone, working via Eastdil Secured, took a last round of offers late last week on the 1.2 million-square-foot Santa Monica Business Park. Entering the round, the four finalists were Alexandria Real Estate Equities of Pasadena, Calif., Boston Properties, Hudson Pacific Properties of Los Angeles and a...



Real Estate Job Market Still Going Strong

Wed, 25 Apr 2018
For executive search firms in the commercial real estate field, the good times just keep on coming.Recruiters are reporting that their pipelines of assignments are as robust, if not more so, than a year ago. Despite a slowdown in property transactions last year, investment firms are continuing to add to their staffs some eight years after the market began its post-crash recovery.&ldquo;It&rsquo;s hard to know where we are in the cycle,&rdquo;...



Ruben Pitching Tower Near UN Headquarters

Wed, 25 Apr 2018
In a rare offering by an old-line Manhattan developer, Ruben Cos. is marketing an office tower that it built in 1974 near the United Nations headquarters.The 815,000-square-foot property, at One Dag Hammarskjold Plaza, is valued at up to $650 million, or nearly $800/sf. At that price, the buyer&rsquo;s initial annual yield would be in the low 4% area.Cushman & Wakefield is representing Ruben, which is pitching the 97%-leased property to core...



Tishman Markets New Boston Offices

Wed, 25 Apr 2018
Tishman Speyer is marketing the newest office building in Boston&rsquo;s Seaport District.The 372,000-square-foot Pier 4, valued at about $420 million, is in the final stage of completion and is already 93% pre-leased. Given its new vintage and the absence of competing offerings, the 13-story property is likely to attract strong interest from foreign and domestic core investors.At the $1,129/sf estimated value, the buyer&rsquo;s initial annual...



Land Under Lipstick Building for Sale

Wed, 25 Apr 2018
A partnership is shopping the land under Midtown Manhattan&rsquo;s Lipstick Building.The offering could attract bids of about $475 million. HFF is representing the owner, a partnership between Ceruzzi Holdings of New York and Shanghai Municipal Investment USA.The investment opportunity has complicating factors. The holder of the leasehold interest has an option to buy out its land lease for $520 million in April 2020, when the rent is scheduled...



CalSTRS Fuels Pension-Pledge Surge

Wed, 25 Apr 2018
Commercial real estate commitments by public pension funds surged in the first quarter, fueled largely by one system &mdash; California State Teachers.CalSTRS plowed $4.4 billion of equity into real estate funds and separate accounts from January to March. That accounted for a whopping 37% of the commitments by the 217 pensions tracked by FPL Associates.FPL&rsquo;s three-month overall tally of $11.8 billion was up 48% from $8 billion a year...



Lionstone Team Shops Office Bundle

Wed, 25 Apr 2018
Three office buildings, in Los Angeles, Washington and Austin, are on the market as a package worth an estimated $300 million.A joint venture between Lionstone Investments and Hermes Investment is offering the bundle, whose 722,000 square feet of space is 87% occupied. The marketing campaign is touting stable cashflow as well as the opportunity to increase returns by filling vacant space and lifting below-market rents as leases roll over.JLL is...



Swift to Buy Fox Plaza Office Condo

Wed, 25 Apr 2018
Swift Real Estate has agreed to buy the office condominium at Fox Plaza in San Francisco from Broadreach Capital for nearly $110 million.The 220,000-square-foot block of space encompasses the lower 12 floors of the 29-story building, at 1390 Market Street in the booming Mid-Market district. The upper floors contain 444 apartments that are separately owned. HFF is brokering the sale for Broadreach.Swift, a San Francisco fund shop, is apparently...



TIAA Dealing Silicon Valley Complex

Wed, 25 Apr 2018
TH Real Estate is pitching a Class-A office complex in one of Silicon Valley&rsquo;s tightest submarkets.The 115,000-square-foot Castro Station, adjacent to a transit center in downtown Mountain View, Calif., is worth about $185 million. A trade at the estimated value of just over $1,600/sf would give a buyer an initial annual yield of about 5.5%. Newmark is representing the TIAA unit.The three-building complex is 95% leased, with an average...



UBS Lists Class-A Offices in Portland

Wed, 25 Apr 2018
UBS Global Asset Management is shopping an office property in downtown Portland, Ore., that could fetch about $180 million.The 398,000-square-foot Moda Tower is 90% leased. At the estimated value of roughly $450/sf, a buyer&rsquo;s initial annual yield would be between 5% and 5.5%. Eastdil Secured has the listing.The Class-A property, at 601 SW Second Avenue, has a weighted average remaining lease term of seven years, with limited near-term...



Chicago Tower Pitched With Upside

Wed, 25 Apr 2018
Franklin Street Properties is marketing a Chicago office building as a leasing play.The 861,000-square-foot property, at 303 East Wacker Drive, is just 69% leased, well below the 93% average for its Class-A peers in the East Loop submarket. Bids are expected to land in the vicinity of $185 million, or $215/sf. JLL has the listing.The tower, along the south bank of the Chicago River, is part of the master-planned Illinois Center, a mixed-use...



CBRE Global Snags East Bay Offices

Wed, 25 Apr 2018
CBRE Global Investors has agreed to buy a core-plus office building in San Francisco&rsquo;s East Bay from Blackstone for about $170 million.The 346,000-square-foot property, at 2100 Powell Street in Emeryville, Calif., is almost fully leased at below-market rents. At the roughly $490/sf purchase price, the Los Angeles investment manager&rsquo;s initial annual yield would be 6%. Eastdil Secured is advising Blackstone on the sale.Although the...



"Dual Branded' Calif. Hotel Shown

Wed, 25 Apr 2018
An AIG partnership has listed the leasehold interest in a &ldquo;dual branded&rdquo; hotel on the waterfront in downtown San Diego.The 400-room offering encompasses a Residence Inn and a SpringHill Suites in a single building, which was completed two years ago. It&rsquo;s expected to draw bids of $175 million, or almost $438,000/room. AIG and its partner, Atlanta-based Portman Holdings, have given the listing to HFF.As is typical with a...



Lifestyle Center Up for Grabs in NJ

Wed, 25 Apr 2018
Investors are getting a crack at a Northern New Jersey lifestyle center that could fetch $120 million.The 142,000-square-foot property, in Clifton, is fully leased. A buyer&rsquo;s initial annual yield would be 5.4% at the estimated price. HFF is representing the owner, Briad Group, a restaurant and hotel franchise operator in Livingston, N.J.The center, called Promenade Shops at Clifton, is primarily leased to types of retailers resistant to...



Developer Offers Boston Residence Inn

Wed, 25 Apr 2018
A developer has listed an extended-stay hotel in Boston&rsquo;s Seaport District that is expected to attract bids of about $84 million.The 120-room Residence Inn, at 370 Congress Street, is owned by Norwich Partners of Lebanon, N.H. HFF has the listing.The upscale hotel is offered unencumbered by a management contract, but is subject to a franchise agreement with Marriott International of Bethesda, Md.The brick-and-beam property, known as the...



Luxury Manhattan Rentals Available

Wed, 25 Apr 2018
Bentall Kennedy is offering a luxury apartment building in Midtown Manhattan that&rsquo;s worth about $150 million.The 165-unit property, at 309 Fifth Avenue in the NoMad district, is 96% leased. The estimated value equals $909,000/unit. HFF is representing Toronto-based Bentall, which is acting on behalf of Multi-Employer Property Trust, an open-end fund it operates for private pensions.The 36-story building, known as The Dylan, is on the east...



Principal Puts Offices Near LA on Block

Wed, 25 Apr 2018
Principal Real Estate is touting the leasing potential of a suburban Los Angeles office building that could attract bids of about $105 million.The 320,000-square-foot property, in Glendale, Calif., would generate a 4.5% initial annual yield at the estimated value of $325/sf. Eastdil Secured is representing Principal, of Des Moines, Iowa.The Class-A building, at 505 North Brand Boulevard, is 82% occupied. That compares to the 87.5% average for...



Ohio Student-Housing Portfolio Listed

Wed, 25 Apr 2018
A developer is shopping three student-housing properties in Ohio that can be purchased as a package or separately.The portfolio encompasses 319 units and 862 beds. Two properties are near Miami University of Ohio, and one is near Kent State University. Bids for the package are expected to top $80 million, or $251,000/unit, which would provide an initial annual yield of about 5%.Cleveland developer NewBrook Partners has given the listing to TSB...



NEW DEALS

Wed, 25 Apr 2018
Raleigh Office BuildingL&B Realty is under contract to pay $32 million for a six-story office building in Raleigh. The 157,000-square-foot Crabtree Overlook is 91% leased, with Nokia occupying a third of the space. At the $204/sf valuation, the Dallas buyer&rsquo;s initial annual yield would be around 7%. The building is on 8.2 acres at 2301 Sugar Bush Road in the Northwest Raleigh section. CBRE is brokering the sale for a partnership among...



MARKET SPOTLIGHT: New Jersey Office Properties

Wed, 25 Apr 2018
Property sales slumped to $1.9 billion last year from $2.6 billion in 2016, according to Real Estate Alert&rsquo;s Deal Database, which tracks transactions of $25 million and up.A broad swath of the state finished near the bottom of a Green Street Advisors ranking of projected job growth. Among 56 markets, Central New Jersey ended up in 47th place, and Northern New Jersey was 54th.Still, Northern New Jersey benefits from minimal construction and...



The Grapevine

Wed, 25 Apr 2018
Newmark has hired three multi-family brokers as senior managing directors. Matthew Day in Austin, Brett Polachek in Phoenix and Lydia Thompson in Portland, Ore., all started this month. Day previously was a buy-side executive, most recently at Fogelman Properties and before that at Steadfast Cos. He joins a team headed by vice chairman Patton Jones that covers the Austin and San Antonio markets. Polachek was a senior director at Cushman &...



The Grapevine

Wed, 25 Apr 2018
Peter Gottlieb joined Rubenstein Partners this month as a senior vice president in Boston. He&rsquo;ll work on investments and asset management for the Philadelphia fund operator. Gottlieb relocated from New York, where he worked at DRA Advisors. Before that, he spent three years at Greenfield Partners of Westport, Conn., and five years at Goldman Sachs. Search firm Keller Augusta arranged the hire for...



The Grapevine

Wed, 25 Apr 2018
Trinity Real Estate has added a director of asset management. Sujohn Sarkar started this month, moving over from another New York shop, Ruben Cos. He was a director at that development and investment firm, where he spent more than four years. Sarkar had previous stints in Cushman & Wakefield&rsquo;s New York capital-markets group and at fund operator Broadway Partners of New York. Trinity is the real estate arm of Trinity Church, whose assets are...



The Grapevine

Wed, 25 Apr 2018
Nascent apartment investor Aurelie Capital is adding a principal. Charlie Rimkus will join the New York firm next week, working alongside founder Pavan Malhotra. Rimkus has relocated to Manhattan from San Francisco, where he previously was a vice president on JLL&rsquo;s capital-markets team. Aurelie, launched in 2016 with backing from a California foundation, looks to buy value-added Class-B and -C properties valued at up to $30 million,...



The Grapevine

Wed, 25 Apr 2018
Seven Valleys has hired Melissa Cohen as director of development. She started last month in the firm&rsquo;s New York headquarters, jumping from Boston Properties&rsquo; local office. She focuses on ground-up development projects. Cohen had a prior stint as a development associate at Urban Partners of Los Angeles. Seven Valleys, the U.S. family office of Zhang Xin and Pan Shiyi, develops and buys properties nationwide. Last year, it hired...



The Grapevine

Wed, 25 Apr 2018
Hotel specialist Edy Gross joined Newmark&rsquo;s valuation and advisory group this month as an executive vice president in its hospitality, casino and leisure practice. He had a similar responsibilities as a senior director at Cushman & Wakefield, where he spent the last 15 years. Based in Miami, Gross handles valuations of hotels, resorts, marinas, casinos and some land deals to advise clients on portfolio management, purchases, mergers and...



The Grapevine

Wed, 25 Apr 2018
Brad Cappellini joined Brookfield Asset Management in New York this month as an associate in the acquisitions group. He came from Carlyle Group, where he spent three years as an associate. Before that, he had a two-year stint at UBS.



ON THE MARKET

Wed, 25 Apr 2018
MULTI-FAMILY:Property: District at Mountain Vista, 1304 South 105th Place, Mesa, Ariz.Size: 384 units, 95% occupiedEstimated Value: $65 million, $170,000/unit, Yield: 5%Owner: Westplan Investors, AtlantaBroker: Cushman & WakefieldColor: Class-A complex built in 2009. Ripe for light value-added improvements. Average in-place rent is $1,048, about 10% below market. Encompasses 17 buildings on 20 acres. Units have 1-3 bedrooms, nine-foot ceilings,...



Another Big Seattle Office Building on Block

Wed, 18 Apr 2018
Seattle has a third office property on the market that could exceed the city&rsquo;s per-foot price record.A TH Real Estate partnership could attract bids of about $975 a square foot, or $340 million, for the 349,000-sf building at 400 Fairview Avenue North, in the red-hot South Lake Union submarket. TH Real Estate, a unit of TIAA, and its partner, Swedish investment shop Skanska USA, have just given the listing to Eastdil Secured.The offering...



Retail REITs Unleash Flood of Small Listings

Wed, 18 Apr 2018
Retail-property REITs have big dispositions goals for the year &mdash; but they are going small to achieve them.Amid negative headlines about store closings and rising competition from e-commerce, the stocks of the biggest shopping-center REITs are trading at steep discounts to their asset values. Wall Street continues to pressure the companies to scale back and upgrade their portfolios by shedding their weakest properties in undesirable...



Offices Near Manhattan's High Line for Sale

Wed, 18 Apr 2018
A majority stake in a new boutique office building along Manhattan&rsquo;s High Line park is in play.A joint venture between Property Group Partners and W.R. Berkley has hired Cushman & Wakefield to shop its roughly 75% stake in the 114,000-square-foot property, at 860 Washington Street.Meanwhile, the Romanoff family, which holds the remaining 25% interest, evidently has an option to buy out the Property Group/Berkley team, but the details...



Big Medical-Office Portfolio on Block

Wed, 18 Apr 2018
A healthcare firm is marketing a fully leased medical-office portfolio valued at roughly $400 million.The 1 million-square-foot package contains 91 single-tenant properties across 25 states. Dialysis centers generate some 62% of the net operating income. The rest comes from offices leased to health systems.The owner, Elliott Bay Capital of Seattle, wants to sell the portfolio intact. JLL is representing the company, which is sponsored by Eldridge...



Downtown Raleigh Complex Available

Wed, 18 Apr 2018
A HighBrook Investors partnership is marketing a prominent office tower in Raleigh and the leasehold interest in an adjacent retail/garage building as a package that could draw bids near $175 million.The 560,000-square-foot complex is 89% leased. At the estimated $313/sf valuation, it would generate an initial annual yield in the low-6% range. Eastdil Secured has the listing.The 29-story building, Wells Fargo Capitol Center, is at 150...



JP Morgan to Buy, Occupy DC Offices

Wed, 18 Apr 2018
J.P. Morgan has struck a deal to buy a Class-A office building in Washington, with an eye toward moving in.The banking giant is paying roughly $139 million for the 232,000-square-foot Bowen Building, at 875 15th Street NW. Eastdil Secured is brokering the sale for JBG Smith of Chevy Chase, Md.The building is 86% leased, with a weighted average remaining lease term of just over four years. But its largest tenant, law firm Paul Hastings, plans to...



Pension Marketing Pasadena Offices

Wed, 18 Apr 2018
Investors are getting a crack at a Class-A office building in Pasadena, Calif., that&rsquo;s valued at about $92 million.The 208,000-square-foot property, at 301 North Lake Avenue, is 91% occupied. At the $441/sf estimated value, the buyer&rsquo;s initial annual yield would be 4.5%. CBRE is representing the owner, Operating Engineers Pension Trust.CBRE is telling investors they could realize a stabilized capitalization rate of 6.5% by boosting...



Paramount Seeking Partner in DC

Wed, 18 Apr 2018
Paramount Group is shopping a stake in a Washington office building valued at roughly $170 million.Paramount plans to negotiate the size of the stake with potential buyers, while retaining the remaining interest in the 380,000-square-foot property, at 425 Eye Street NW in the Capitol Hill submarket. The estimated value works out to $447/sf. HFF has the listing.The seven-story property is nearly fully occupied at an average rent of $45.91/sf, well...



Upside Touted for Offices in West LA

Wed, 18 Apr 2018
A Westbrook Partners team is pitching a newly renovated office building in Los Angeles as a leasing play.The 165,000-square-foot property, at 1640 South Sepulveda Boulevard in the Westwood submarket, is expected at attract bids of about $100 million, or $606/sf. Newmark has the marketing assignment.The relatively few recent listings in Westside Los Angeles have been finding strong demand. The pitch for the offered property is that the tenant...



Princeton-Area Complex, Parcel Listed

Wed, 18 Apr 2018
An Investcorp partnership is again offering a mixed-use complex near Princeton, N.J., along with an adjacent multi-family development site.The 549,000-square-foot Princeton Forrestal Village, in Plainsboro, encompasses office, medical-office and retail space, plus a vacant former fitness center that&rsquo;s ripe for repositioning. The developable land would accommodate a multi-family project with up to 394 units.Bids are expected to value the...



Value-Added Rental Play in Arizona

Wed, 18 Apr 2018
A suburban Phoenix apartment complex with value-added potential is up for grabs.The 396-unit Country Brook, in Chandler, Ariz., could attract bids of about $79 million, or $199,000/unit. At that price, the buyer&rsquo;s initial annual yield would be nearly 5%. Colliers International is representing the owner, Standard Portfolios, an Arcadia, Calif., shop run by investor David Liu.The Class-A property, at 4909 West Joshua Boulevard, was built in...



Core-Plus Atlanta Apartments Offered

Wed, 18 Apr 2018
Redwood Capital has teed up a luxury apartment complex in Atlanta that&rsquo;s likely to appeal to core-plus investors.The 288-unit Reserve at Collier Hills, in the affluent Buckhead neighborhood, is expected to attract bids north of $230,000/unit, or $66 million. That valuation would translate into a 4.5% initial annual yield. JLL is representing Redwood, a Chicago fund manager.The gated rental community, built in 2014, is 94.4% occupied. The...



REIT Shops Vacant NY Office Condo

Wed, 18 Apr 2018
SL Green Realty is marketing a vacant office condominium in Midtown Manhattan that could be worth $85 million.The roughly 133,000-square-foot block of space is on the top 11 floors of the 13-story building at 609 Fifth Avenue, on the southeast corner of East 49th Street. SL Green would continue to own the vacant retail space on the bottom two floors and in the basement.The estimated value works out to $640/sf. The building has air rights that SL...



New Boston-Area Rentals for Sale

Wed, 18 Apr 2018
A Heritage Properties partnership is marketing a new suburban Boston apartment complex that could benefit from an expansion of its amenities.The 176-unit Matrix Hudson, in Hudson, Mass., is expected to draw bids of about $45 million, or $256,000/unit. The property, which was completed in 2016, is 97% occupied. CBRE is representing Heritage, of Lowell, Mass., and its partner, Moss Development of Westborough, Mass.At the estimated value, the...



Pricey Add-On to Boston-Area Trade

Wed, 18 Apr 2018
Following its purchase of a suburban Boston office/laboratory complex, a joint venture between HCP and King Street Properties has paid $21.1 million for development rights to expand the property.In the first part of a two-step transaction, the HCP team bought the 397,000-square-foot Hayden Research Campus in Lexington, Mass., in December for $228 million from a partnership between King Street and Washington-based Carlyle Group. The 37-acre...



SF Office/Retail Building Available

Wed, 18 Apr 2018
Sun Life Assurance is pitching an office/retail building in San Francisco&rsquo;s Union Square that could attract bids of $43 million.The 40,000-square-foot property, at 660 Market Street, is 96% occupied, with a weighted average remaining lease term of 4.1 years. Toronto-based Sun Life is touting the potential to raise rents as leases roll over. JLL has the listing.The five-story building has roughly 18,000 sf of high-end retail space on the...



MARKET SPOTLIGHT: Boston-Area Apartment Properties

Wed, 18 Apr 2018
Capitalization rates for stabilized Class-A urban properties ranged from 4.25% to 4.75% last year, according to CBRE. The range for value-add apartments was 5.5% to 6%.Robust hiring in the technology and life-science sectors has fueled demand for high-end apartments. But Green Street Advisors expects job growth to slow over the next few years.After six years at JLL in Boston, brokers Travis D&rsquo;Amato and Michael Coyne last month jumped to...



The Grapevine

Wed, 18 Apr 2018
Newmark has added two senior managing directors in San Francisco. Office brokers Tyler Meyerdirk and Seth McKinnon jumped from CBRE. They started this week, working under vice chairman Steve Golubchik, co-head of the capital-markets team for Northern California. The brokers were joined in the move by senior analyst Darren Hollak. Meyerdirk was a senior vice president at CBRE, where he spent 12 years. He is primarily charged with stepping up...



The Grapevine

Wed, 18 Apr 2018
Kevin Kuzemchak joined USAA Real Estate last week as an executive director focused on asset management. He relocated to the company&rsquo;s San Antonio headquarters from Chicago, where he spent just over a year as president of Metropolis Investment Holdings. Before that, Kuzemchak served for nearly nine years at San Francisco-based Shorenstein Properties, where he was a senior vice president, and had an earlier seven-year term at AEW Capital of...



The Grapevine

Wed, 18 Apr 2018
GCM Grosvenor has hired a vice president. Mo Saraiya joined the Chicago investment manager&rsquo;s New York staff to help work on joint ventures, seed investments and fund commitments. Saraiya previously spent nearly eight years at Los Angeles fund operator CIM Group. GCM has some $50 billion of assets under management across real estate, hedge funds, infrastructure and other asset classes. Managing director Peter Braffman leads its real estate...



The Grapevine

Wed, 18 Apr 2018
Christine Angino joined ALTO Real Estate Funds this month as a vice president of acquisitions, based at its New York headquarters. She reports to president and managing partner Scott Onufrey. Angino came from MetLife, where she was a director for the past three years. She previously spent 10 years at New York retail REIT Brixmor Property and predecessors Centro Properties and New Plan Excel Realty. Angino will look at deals across asset classes,...



The Grapevine

Wed, 18 Apr 2018
Elan Blum has joined L&M Development of Larchmont, N.Y., as associate director of portfolio strategy and asset management. He moved over last month from Thor Equities of New York, where he was an asset manager focused on residential properties. He had an earlier stint at Related Cos. An attorney, Blum previously worked at law firms Paul Weiss and Fried Frank. L&M is led by founding partners Ron Moelis and Sanford Loewentheil, who started the firm...



The Grapevine

Wed, 18 Apr 2018
Blackstone real estate principal Devin Peterson is leaving to join a London residential firm that the New York fund titan is forming with two other entities. Peterson starts June 1 as chief operating officer of Sage Housing. Peterson, who joined Blackstone in 2011, helped create its U.S. single-family housing platform, Invitation Homes. He previously worked at Rockwood Capital and Morgan Stanley Real...



The Grapevine

Wed, 18 Apr 2018
HFF wants to further expand its Carolinas multi-family team. It&rsquo;s seeking an analyst to join the seven-person group, split between Charlotte and Raleigh. The brokerage last month transferred director Caylor Mark from Atlanta to the Carolinas team, which is led by senior managing director Ryan Clutter.



ON THE MARKET

Wed, 18 Apr 2018
OFFICE:Property: Medical-office portfolio, Havertown, Pa., and Mount Kisco, N.Y.Size: 108,000 sf, 95% leasedEstimated Value: $34 million, $316/sf, Yield: 6.25%Owner: Deutsche Asset ManagementBroker: HFFColor: A two-building complex in Philadelphia suburb of Havertown, Pa. and one building in Mount Kisco, N.Y., 40 miles north of Manhattan. Crozer-Keystone Medical Office and Surgery Center, at 2010-2050 West Chester Pike in Havertown, totals 69,000...



Bentall Team Pitches New Rental Tower in SF

Wed, 11 Apr 2018
In a rare offering of a new apartment building in downtown San Francisco, a Bentall Kennedy partnership is marketing a luxury tower that could be worth $335 million.The 409-unit Solaire, in the burgeoning TransBay neighborhood of the South Financial District, is about 95% occupied. At the estimated value of $820,000/unit, the buyer&rsquo;s initial annual yield would be 3.75%.Eastdil Secured is representing Toronto-based Bentall and its partner,...



Student-Housing Firm Preps for Buying Binge

Wed, 11 Apr 2018
Fresh off a hiring spree, a student housing owner-operator is poised to ramp up its acquisitions.Student Quarters plans to buy up to $1 billion of properties over the next five years, targeting core-plus and value-added complexes near large universities nationwide. That would far exceed the $190 million the Atlanta firm has spent since its founding five years ago.The company&rsquo;s expansion plans are fueled by an equity investment it received...



Paramount Marketing Leased-Up DC Offices

Wed, 11 Apr 2018
Paramount Group has listed a prime office building in downtown Washington that it leased up following the loss of the lead tenant.The 209,000-square-foot building, at 2099 Pennsylvania Avenue NW, is 89% occupied under long-term leases. Bids could reach about $1,100/sf, or $230 million, thanks to the strong leasing profile, the property&rsquo;s high-caliber finishes and its desirable location four blocks from the White House. Eastdil Secured is...



Extell Shops 2 NY Development Sites

Wed, 11 Apr 2018
Developer Gary Barnett is marketing two development sites in Manhattan that could fetch close to $200 million in total.The larger offering consists of five adjacent apartment buildings at East 85th Street and First Avenue, in the Yorkville neighborhood. The investment play is to tear down the walk-up properties and develop some 172,000 square feet of residential space. Bids are expected to reach as high as $700 per buildable foot, or $120...



Fully Occupied Offices Listed in SC

Wed, 11 Apr 2018
Investors are getting a shot at a new office complex in South Carolina that&rsquo;s fully leased to a healthcare firm for the next 12 years.Separate owners are jointly offering the two buildings that make up the 422,000-square-foot Lash Group Campus, in Fort Mill. Together, the properties are expected to draw bids near $140 million. At that $332/sf valuation, the initial annual yield would be about 5.6%.Cushman & Wakefield is launching the...



Hana Team Buying San Jose Complex

Wed, 11 Apr 2018
Hana Alternative Asset Management and Ocean West Capital have agreed to pay about $135 million for a San Jose office complex fully leased to eBay.The 250,000-square-foot property, called North First Commons, is in Silicon Valley&rsquo;s &ldquo;Golden Triangle,&rdquo; a hotbed for technology companies. At the estimated value of $540/sf, the partnership&rsquo;s initial annual yield would be about 5.25%. Newmark is brokering the off-market deal for...



Suburban Apartment Portfolio for Sale

Wed, 11 Apr 2018
A Building and Land Technology partnership is pitching five suburban apartment complexes to core-plus and value-added investors.The garden-style properties, which encompass 1,248 apartments, are valued at roughly $215 million, or $172,000/unit. They are in four states &mdash; Virginia, Louisiana, North Carolina and Washington &mdash; and have an overall occupancy rate of about 95%.Investors can bid on individual complexes or any combination. At...



Rentals Available in Northern Virginia

Wed, 11 Apr 2018
An apartment complex with potential for upgrades is for sale in a fast-growing area of Northern Virginia.The 806-unit Dulles Greene, in Herndon, is 96% occupied. It&rsquo;s expected to draw bids of around $190 million, or $236,000/unit. At that valuation, a buyer&rsquo;s initial annual yield would be about 5.5%.JLL is marketing the complex for a partnership between Toll Brothers of Horsham, Pa., and Lowe Enterprises of Los Angeles.The marketing...



PGIM Shows Orange County Offices

Wed, 11 Apr 2018
PGIM Real Estate is marketing a well-leased office complex in Southern California&rsquo;s Orange County that could fetch $125 million.One Pacific Plaza, in Huntington Beach, encompasses 395,000 square feet in three recently renovated Class-A buildings. At the estimated value of $316/sf, a buyer&rsquo;s initial annual yield would be about 6%. Eastdil Secured has the listing.PGIM bought the complex in 2014 for $93.7 million, or $237/sf. Eastdil...



RXR Dealing Office Complex in NJ

Wed, 11 Apr 2018
RXR Realty is offering a Central New Jersey office complex worth an estimated $120 million.The 328,000-square-foot University Square, in the Princeton suburb of West Windsor, is 89% leased. The sales campaign is highlighting the potential to boost cashflow by leasing vacant space. The offering also includes a 116-space garage and an undeveloped parcel between the complex&rsquo;s two buildings.At the estimated value of $365/sf, the buyer&rsquo;s...



Invesco Wins Cambridge Bid Contest

Wed, 11 Apr 2018
Invesco Real Estate has agreed to buy a majority interest in an office/laboratory campus in Cambridge, Mass., that&rsquo;s slated for redevelopment and expansion.The Dallas investment manager won a spirited bidding contest to acquire the unspecified stake from Davis Cos., which is retaining the remaining interest and will be the operating partner. The transaction values the 200,000-square-foot campus, called the Quad, at $73 million, topping...



Austin Offices Pitched With Upside

Wed, 11 Apr 2018
GLL Real Estate is showing two adjacent office buildings in suburban Austin that have below-market rents and significant lease rollover in a few years.The properties, called Las Cimas 2&3, encompass 314,000 square feet of space that&rsquo;s 91% leased. They are expected to attract bids near $110 million, or $351/sf. GLL, a Munich fund manager, is marketing them as a package via HFF.The buildings, at 805-807 Las Cimas Parkway, have an average rent...



GEM Lands Stake in Illinois Offices

Wed, 11 Apr 2018
GEM Realty has agreed to buy a majority interest in a suburban Chicago office building.The transaction values the 339,000-square-foot Orrington Plaza, in Evanston, Ill., at about $91 million, or $268/sf.Investcorp currently owns the property in partnership with Golub & Co. Investcorp is cashing out, and Golub will retain a minority interest and continue as the operator. The exact size of the stake being acquired by GEM, a Chicago fund operator,...



Midtown NY Redevelopment Play

Wed, 11 Apr 2018
Feil Organization is marketing a nearly vacant office building along Manhattan&rsquo;s Billionaires&rsquo; Row to redevelopers.The roughly 75,000-square-foot building, at 140 West 57th Street, is valued at about $90 million. Cushman & Wakefield has the listing.Feil had planned to convert the upper 12 floors of the 14-story property to residential condominiums. In preparation, the New York shop cleared out all the office tenants on those...



Harbor Group Lists Va. Office Tower

Wed, 11 Apr 2018
The tallest office building in Norfolk, Va., is on the block with expectations that bids could reach $90 million.Harbor Group International has listed the 403,000-square-foot Dominion Tower with HFF. A sale at the estimated valuation of $223/sf would produce an initial annual yield in the vicinity of 8%. A buyer could boost that return by raising rates at the property&rsquo;s garage.The 26-story building is 93% leased to a wide variety of...



Meridian Shops Leased-Up Va. Offices

Wed, 11 Apr 2018
Meridian Group is marketing a Northern Virginia office building that it recently stabilized.The 216,000-square-foot building, at 11111 Sunset Hills Road in Reston, is 95% occupied. It&rsquo;s expected to fetch bids in the vicinity of $70 million, or $324/sf. HFF has the listing.Meridian bought the property for $54.6 million in 2015, when it was slated to lose a tenant and see its occupancy rate fall below 80%. The Bethesda, Md., fund operator set...



DC Offices With Vacancy on Block

Wed, 11 Apr 2018
Invesco Real Estate is pitching a Class-B office building in Washington&rsquo;s Central Business District that houses the famed Palm restaurant.The 73,000-square-foot Jefferson Building, at 1225 19th Street NW, is expected to fetch bids of up to $40 million, or $548/sf. It&rsquo;s being pitched as a core-plus opportunity because it is 87% occupied, below its 97% historical average. Dallas-based Invesco has given the listing to HFF.The offering...



NEW DEALS

Wed, 11 Apr 2018
New Jersey Apartment ComplexKushner Cos. will see a roughly 5% initial annual yield on its $102.5 million acquisition last week of a 360-unit multi-family property in Northern New Jersey. Prospect Place, at 300 and 310 Prospect Avenue in Hackensack, is 96% occupied. New York-based Kushner paid $285,000/unit to an affiliate of Greystone, which was represented by HFF. The property consists of an 18-story tower with 157 units and a four-story...



NEW DEALS

Wed, 11 Apr 2018
Massachusetts OfficesAlbany Road Real Estate of Boston paid $47.4 million last month for the leasehold interest in 2&3 University Office Park in Waltham, Mass. The buildings, totaling 297,000 square feet, are 89% occupied, with a weighted average remaining lease term of about five years. The largest tenants, Commonwealth Financial and NEC subsidiary Netcracker Technology, occupy 41% of the space. The property is subject to a ground lease with...



NEW DEALS

Wed, 11 Apr 2018
<span style="background-color: initial;"&rt;Colorado Springs Apartment Property</span&rt;<br&rt; Security Properties last month acquired a 220-unit apartment complex in Colorado Springs for $41 million. The Seattle investment shop will realize an initial annual yield of 5.2% on its purchase of Willows at Printers Park from local firm Griffis/Blessing. CBRE brokered the sale, which valued the Class-B property at $186,000/unit. Security, which has an...



Transamerica Markets Offices, Land

Wed, 11 Apr 2018
Insurer Transamerica is seeking to sell and lease back seven suburban office properties encompassing 1.2 million square feet in five states.The offering, which also includes 113 acres of developable land, could attract bids of about $135 million. Investors can bid on individual properties or parcels, or any combination.Transamerica wants to lease back unspecified percentages of the properties for varying terms, ranging up to 10 years. The insurer...



MARKET SPOTLIGHT: Phoenix-Area Office Properties

Wed, 11 Apr 2018
Sales volume more than doubled last year to $2 billion, just shy of the cyclical peak of $2.1 billion in 2015. The spurt was fueled by one giant deal: the $928 million sale-leaseback of State Farm&rsquo;s campus in Tempe. Even so, market pros expect volume this year to rival 2017&rsquo;s total.Tempe is attracting tenants and investors because of its proximity to Arizona State University, as well as its walkable amenities and mass-transit options,...



The Grapevine

Wed, 11 Apr 2018
Grant Jaber is joining Hines this month as a managing director in New York. He&rsquo;s tasked with overseeing multi-family development in the Northeast. That includes identifying and evaluating opportunities and supporting existing projects. Jaber was previously a senior director of development at AvalonBay Communities, where he worked since 2007, most recently on projects in Connecticut and New York&rsquo;s Westchester County. Executive search...



The Grapevine

Wed, 11 Apr 2018
HNA Group investment manager Rob Angilletta has left the Chinese investment firm&rsquo;s New York office. He had joined a little over a year ago to help manage HNA&rsquo;s national office portfolio. Angilletta told colleagues in recent weeks that he was caught in a round of layoffs. He reported to senior vice president Randi Kaufman, who remains at the firm. Angilletta had prior stints as a transaction manager at CBRE and Newmark. HNA, led by...



The Grapevine

Wed, 11 Apr 2018
Charles Jerkovich joined Tucker Development this month in the firm&rsquo;s Highland Park, Ill., headquarters. He&rsquo;s filling a new position as a vice president of acquisitions and asset management. Jerkovich works under Aaron Tucker, chief investment officer. Founded in 1996, the firm develops and manages mixed-use properties and shopping centers. Tucker&rsquo;s 5 million-square-foot portfolio is primarily in the Midwest and on the East...



The Grapevine

Wed, 11 Apr 2018
Carlyle Group has added a vice president at its Washington headquarters. Christopher Fogle started in mid-March, focusing on Carlyle Property Investors, the fund operator&rsquo;s open-end core-plus vehicle. He reports to managing directors Barbara Murphy and Mark Schoenfeld. Fogle previously spent eight years at USAA Real Estate, where he was a senior director and head of portfolio...



The Grapevine

Wed, 11 Apr 2018
Invesco Real Estate hired Matthew Moore last month as an associate focused on asset management. He will concentrate on properties in New England, working out of the Dallas investment manager&rsquo;s Manhattan office. He reports to asset manager John Kiernan. Moore joined from Cedar Realty of Port Washington, N.Y., where he was also an asset-management associate. He had a prior stint at...



The Grapevine

Wed, 11 Apr 2018
Jason Chiang has joined New York &ldquo;co-living&rdquo; firm Common as chief of staff. He started last week, reporting to chief executive and founder Brad Hargreaves. Common partners with real estate owners and developers to rent out communal apartments, with shared kitchens and laundry rooms. Chiang spent the past year-and-a-half as a vice president at the real estate unit of investment manager StepStone Group of La Jolla, Calif. He had prior...



The Grapevine

Wed, 11 Apr 2018
Innovatus Capital has added an associate. Thomas Wasko started at the New York firm last week, reporting to managing director Bradley Seiden and founders David Schiff and Andrew Dym. Wasko was previously an associate at JLL, where he spent four years working on investment sales and debt and equity placement. Innovatus invests in Class-A office and multi-family properties in growing markets. Seiden joined last fall as head of structured commercial...



ON THE MARKET

Wed, 11 Apr 2018
INDUSTRIAL:Property: 10433 Ella Boulevard, HoustonSize: 601,000 sf, 100% leasedEstimated Value: $48 million, $80/sf, Yield: 4.8%Owner: KKR, New York and Hines, HoustonBroker: HFFColor: Scheduled for completion in June. Fully pre-leased to Emser Tile as its primary distribution center serving a third of the U.S. Starting rent is already 9% below market and expected to be 25% below market upon lease expiration in 2026. Ceiling height: 36 feet....



San Jose Offices, Land Headed to Market

Wed, 28 Mar 2018
Equus Capital is preparing to shop a downtown San Jose office complex that includes a parcel suitable for additional development.The 575,000-square-foot Cityview Plaza is expected to attract bids of at least $250 million. The existing space is 92% occupied at below-market rents. Equus has started seeking the necessary approvals to add a 295-unit apartment building on one corner of the 11-acre site.Investors are being told a buyer could spend an...



Warehouse Push Boosts LA-Area Land Prices

Wed, 28 Mar 2018
An industrial land rush is under way in Southern California.Local brokers say valuations of sites for warehouse development and redevelopment have doubled in the past 18-24 months. That&rsquo;s brought out a flurry of listings this year by owners seeking to capitalize on the trend. The activity is most pronounced in locations near dense population centers, well positioned to tap into the e-commerce boom.&ldquo;We are as busy as we have ever been...



Host Puts Westin Hotel on the Block in NY

Wed, 28 Mar 2018
Host Hotels & Resorts is teeing up another Manhattan hotel, looking to further reduce its footprint in a market weighed down by new supply.The 774-room Westin New York Grand Central could attract offers in the vicinity of $325,000/room, or just over $250 million. JLL has the listing.Host, a REIT in Bethesda, Md., is paring properties in markets with low or declining revenue growth, as well as hotels that are underperforming or in need of...



Mixed-Use Portland Property for Sale

Wed, 28 Mar 2018
A prominent apartment/office tower in downtown Portland, Ore., is being marketed to core investors.Indigo Twelve West, at 430 Southeast 13th Avenue, encompasses 273 luxury apartments, 86,000 square feet of offices, 10,000 sf of retail space and a 321-space garage that generates revenue. It&rsquo;s expected to draw bids of approximately $210 million, which would translate into an initial annual yield of just under 5%.A local partnership between...



Buyers Snag 2 Chicago-Area Offices

Wed, 28 Mar 2018
Two suburban Chicago office complexes are trading for a total of $280 million in separate deals.Angelo, Gordon & Co. of New York has agreed to buy the controlling interest in the 835,000-square-foot Presidents Plaza office complex on Chicago&rsquo;s outskirts. The deal values the property at roughly $148 million, or $177/sf. JLL is brokering the sale for a joint venture between PGIM Real Estate and GlenStar Properties of Chicago. GlenStar will...



Rockpoint Wins Calif. Office Campus

Wed, 28 Mar 2018
Rockpoint Group has agreed to pay $158 million for a Southern California office complex that it plans to renovate and lease up.Newmark is brokering the sale of the 479,000-square-foot Summit Office Campus, in Aliso Viejo, for Deutsche Asset Management.Deutsche has secured the necessary approvals for an $8 million upgrade. Boston-based Rockpoint would fund the renovation, aimed at positioning the property to better compete for tenants in...



Luxury Phila. Apartments on Block

Wed, 28 Mar 2018
A recently stabilized luxury apartment tower in Philadelphia&rsquo;s University City neighborhood is being pitched as a core play.The leasehold interest in the 363-unit property, at 3601 Market Street, is expected to command bids of about about $145 million, or $400,000/unit. That would translate into an initial annual yield of about 5.25%.The seller is a partnership between Southern Land of Franklin, Tenn., and Redwood Capital Investments of...



Flagler Lists South Fla. Warehouses

Wed, 28 Mar 2018
Flagler is marketing a new industrial complex in suburban Miami that could attract bids of about $190 million from core investors.The 1.1 million-square-foot property, in Hialeah, Fla., is fully leased. At the estimated value of $179/sf, the buyer&rsquo;s initial annual yield would be 4%.Flagler&rsquo;s broker, HFF, is touting the offering as a rare opportunity to acquire a trophy industrial property of its size in the Miami area. In the past...



WHI Fund, Sidecar Raise $302 Million

Wed, 28 Mar 2018
WHI Real Estate last week held the final close for its fourth real estate fund, lifting the total amount of equity to $285 million.The Chicago investment manager also raised $17 million of co-investment capital. All told, the fund, WHI Real Estate Partners 4, and the sidecar vehicle have up to $850 million of investment power.WHI lined up the equity from university endowments, foundations, pensions, family offices and others. Park Hill Real...



Core-Plus Office Play in California

Wed, 28 Mar 2018
Barings is marketing a Southern California office building that could attract bids of $110 million from core-plus investors.The 303,000-square-foot Atrium, in Irvine, is 90% leased. Newmark is representing Barings, a Charlotte investment-management unit of Mass Mutual.The pitch is that a buyer could raise rents as leases roll over in the near term. The average in-place rent of $32.40/sf is well below the market asking rates of $37.20/sf for...



Brooklyn Industrial Parcel Available

Wed, 28 Mar 2018
A development site is in play in Brooklyn&rsquo;s Red Hook section.Thor Equities is listening to offers for the 10.5-acre parcel, at 280 Richards Street, which could accommodate nearly 1 million square feet of commercial development. A likely strategy would be to develop a &ldquo;last-mile&rdquo; distribution center, to exploit the strong leasing demand for such properties in urban areas.Bids could reach $110 million. New York-based Thor, led by...



High Street Nabs Industrial Portfolio

Wed, 28 Mar 2018
High Street Real Estate has acquired 11 industrial properties in suburban Chicago from John Hancock Real Estate for $86 million.The 1.2 million-square-foot portfolio is 86% leased. Boston-based John Hancock, which was represented by JLL, touted the potential to fill vacant space and raise below-market rents as leases roll over.High Street, also based in Boston, made the acquisition this month via its High Street Real Estate Fund 5, a core-plus...



NEW DEALS

Wed, 28 Mar 2018
North Carolina OfficesAn Accesso Partners joint venture will realize an initial annual yield of 7% on its $108.2 million acquisition this month of a 691,000-square-foot office portfolio in Durham, N.C. Accesso, of Hallandale Beach, Fla., partnered with New York-based Torchlight Investors to buy the 10 buildings from two sellers, both represented by HFF. A partnership between Bahrain-based Investcorp and American Real Estate Partners of Herndon,...



Normandy Shows Boston-Area Offices

Wed, 28 Mar 2018
Normandy Real Estate has listed a well-occupied office building in suburban Boston.The 248,000-square-foot property, at 89 A Street in Needham, Mass., is expected to attract bids in the vicinity of $92 million, or $371/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.75%. Newmark is representing Normandy, a Morristown, N.J., fund operator.The building is part of Founders Park, a 41-acre campus that Normandy is in the process...



Top Dollar Eyed for Denver Offices

Wed, 28 Mar 2018
Denver&rsquo;s per-square-foot record could be toppled yet again.GLL Real Estate is shopping a 109,000-sf downtown office building that&rsquo;s expected to fetch $80 million. That $735/sf valuation would exceed the current high-water mark of $724/sf, set just a few months ago. CBRE has the listing.Known as the North Wing Building, the Class-A property is fully leased by five tenants with a weighted average remaining lease term of 9.5 years. At...



Long Island Apartments Listed Again

Wed, 28 Mar 2018
A Long Island apartment complex is on the market for the second time in two years.The 154-unit Jefferson at Farmingdale Plaza, in Farmingdale, N.Y., is worth about $80 million, or $520,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5%. Cushman & Wakefield is representing the owner, a joint venture between Irving, Texas, developer JPI and New York fund operator HIG Realty.The partnership previously listed the property...



Value-Added Rentals Pitched in Texas

Wed, 28 Mar 2018
An investment shop is pitching a luxury apartment complex in Fort Worth, Texas, as a value-add play.The 324-unit Avana Point could attract bids of about $47 million, or $145,000/unit. At that price, the buyer&rsquo;s initial annual yield would be just below 5%. New York-based Raith Capital has given the listing to Marcus & Millichap&rsquo;s Institutional Property Advisors unit.The gated complex, at 2650 Western Center Boulevard, is 97% occupied....



MARKET SPOTLIGHT: Suburban Chicago Office Properties

Wed, 28 Mar 2018
Large sales fell by 17% last year, to $1.2 billion, according to Real Estate Alert&rsquo;s Deal Database.Brokers said listings are attracting a wider range of buyers, both foreign and domestic, in search of higher yields.The average occupancy rate is projected to stabilize after falling to 77% at yearend, from 81% a year earlier, according to JLL.



The Grapevine

Wed, 28 Mar 2018
Investment veteran Andrew Trickett is leaving Oxford Properties after more than a dozen years to join Dubai investment firm Safanad in a senior role. His title hasn&rsquo;t been announced, but his responsibilities will include overseeing the company&rsquo;s U.S. real estate investment platform. Trickett has had a similar role as a senior managing director at Oxford, the real estate investment arm of Ontario Municipal Employees of Toronto....



The Grapevine

Wed, 28 Mar 2018
Two Lone Star Funds executives in New York have left the firm. Senior managing director and co-head of real estate investments Hugh Ward and managing director Kyle Mitts departed in the past few weeks. Their plans are unknown. Both had been with the Dallas fund operator since 2010. The buzz is that as Lone Star has been less active in U.S. investments over the past few years, it has reduced its North American investment staff. Mitts had prior...



The Grapevine

Wed, 28 Mar 2018
Development and acquisitions pro Chad Parrish joined warehouse investor Molto Properties this month to help it expand beyond the Midwest. Parrish came from First Industrial Realty, a Chicago REIT where he spent the past 10 years. Parrish is a vice president at Molto, and just opened a Houston office for the Oakbrook Terrace, Ill., firm. He&rsquo;s tasked with seeking out acquisition and development opportunities in Texas and across the Southwest...



The Grapevine

Wed, 28 Mar 2018
Nascent net-lease advisory firm Brokers & Engineers is continuing to hire. The New York firm is seeking a director and associates to open an office in Chicago, to add to its outposts in Tampa and San Francisco. Led by co-founder and chief executive Camille Renshaw, the shop bills itself as a technology-driven trading platform for net-lease properties. Its latest recruit is Katie Berg, who will start as an associate in Tampa next week, focusing on...



The Grapevine

Wed, 28 Mar 2018
Bids could approach a combined $200 million for three Chicago properties encompassing 587,000 square feet of loft-style office, retail and self-storage space. LSC Development of Barrington, Ill., is taking bids via Eastdil Secured on the individual properties or any combination. The portfolio is virtually fully occupied with a weighted average remaining lease term of 5.5 years. There is potential to develop another 260,000 sf, convertself-storage...



The Grapevine

Wed, 28 Mar 2018
Mark Margolis joined Newmark&rsquo;s multi-family brokerage team in Philadelphia this month as a transaction manager. He previously spent four years at Lowe Enterprises Investors of Los Angeles, where he focused on multi-family acquisitions and asset management for the East Coast and Texas. Newmark&rsquo;s Philadelphia-area apartment team now has six members. It launched in January with the hiring of executive managing directors Erin Miller from...



The Grapevine

Wed, 28 Mar 2018
Innovo Property associate Ari Bittel left the New York firm last month. The word is he plans to relocate to Miami and launch his own shop. He had been at Innovo for about two years and worked at Rialto Capital before that. The firm, led by former Carlyle Group executive Andrew Chung, was founded in 2015 with backing from Hong Kong conglomerate Nan Fung...



CBRE Global Touts Leased-Up Seattle Offices

Wed, 21 Mar 2018
After taking a gamble on a Seattle office property that was losing Facebook as a major tenant, CBRE Global Investors is now seeking to capitalize on its success in filling the space.The 709,000-square-foot Metropolitan East & West could attract bids of about $650/sf, or $461 million &mdash; nearly 70% more than CBRE Global paid three years ago. Eastdil Secured has the listing.CBRE Global is finalizing a 107,000-sf lease with WeWork that would...



Dutch Pension Buys 30% Stake in NY Rentals

Wed, 21 Mar 2018
A Dutch pension-fund manager has acquired a 30% stake in a new Manhattan apartment building, in a deal that valued the luxury property at $650 million.PGGM, the second-largest pension manager in the Netherlands, purchased the interest in the 616-unit building, at 21 West End Avenue, from a joint venture between Carlyle Group of Washington and Greenfield Partners of Westport, Conn. HFF brokered the sale, which closed in the past month.The other...



Savanna Shops New Loft-Style Offices in NY

Wed, 21 Mar 2018
A Savanna joint venture is offering a newly constructed office building in Manhattan that could fetch $275 million.The 166,000-square-foot property, at 540 West 26th Street in the West Chelsea neighborhood, is almost entirely occupied by two firms under leases with a weighted average remaining term of 23 years. There is also 7,300 sf of vacant street-level space designed for an art gallery. The building is on the south side of West 26th Street,...



Majority Stake in Phila. Offices Listed

Wed, 21 Mar 2018
A Madison International Realty partnership is shopping a 75% interest in a landmark office/retail property in downtown Philadelphia.Madison and Brickstone Cos. jointly own the 746,000-square-foot Lits Building, at 701 Market Street. Their relative ownership stakes are unclear, but Madison, a New York fund shop, wants to exit the investment. Philadelphia-based Brickstone plans to retain a 25% interest and continue managing and leasing the...



New Luxury Rentals Pitched Near DC

Wed, 21 Mar 2018
A developer is shopping a new luxury apartment building in suburban Washington.The 402-unit Rivergate, in Woodbridge, Va., is expected to attract bids of about $115 million, or $286,000/unit. IDI Group, an Arlington, Va., developer that completed it last year, has given the listing to Walker & Dunlop.The six-story property, at 13175 Marina Way, is still in its initial leasing phase. The occupancy rate, currently 25%, is expected to be around 50%...



REIT Shops Land Under NY Building

Wed, 21 Mar 2018
SL Green Realty is marketing the land beneath the retail/office building at 635 Madison Avenue in Midtown Manhattan&rsquo;s Plaza District.The offering could attract bids of roughly $160 million. Cushman & Wakefield has the listing.Ashkenazy Acquisition holds the leasehold interest in the roughly 180,000-square-foot building. That New York shop&rsquo;s ground lease expires in 2051, including extension options.At the estimated value, the...



Lower Manhattan Hotel Back on Block

Wed, 21 Mar 2018
Magna Hospitality is taking another swing at selling a full-service hotel in Lower Manhattan.The leasehold interest in the 399-room DoubleTree by Hilton Hotel New York Financial District is on the market for the second time in as many years. Magna, of Warwick, R.I., has given the listing to Eastdil Secured.When it was shopped a year ago via CBRE, market pros estimated the value at about $140 million, or $351,000/room. Pricing expectations this...



Blackstone Showing LA-Area Offices

Wed, 21 Mar 2018
Blackstone is shopping an office complex in the South Bay region of Los Angeles County that could fetch $110 million.The 444,000-square-foot Gateway Towers, in Torrance, Calif., is 89% occupied. At the estimated value of $248/sf, the buyer&rsquo;s initial annual yield would be 6.25%. Blackstone&rsquo;s Equity Office platform has given the listing to Newmark.The twin nine-story buildings have 59 tenants, with a weighted average remaining lease...



Core-Plus Office Play in Atlanta

Wed, 21 Mar 2018
Parmenter Realty is marketing an office building in Atlanta&rsquo;s Buckhead submarket to core-plus investors.The 348,000-square-foot Buckhead Tower at Lenox Square, at 3399 Peachtree Road NE, is expected to attract bids exceeding $100 million, or $287/sf. At that price, the buyer&rsquo;s initial annual yield would be about 5.5%. HFF has the listing.Miami-based Parmenter acquired the property, then known as the Lenox Building, in 2012 for $59.3...



Fannie Puts 2 Va. Offices on Block

Wed, 21 Mar 2018
Fannie Mae has listed two Northern Virginia office properties that it plans to vacate in four years.The mortgage agency is offering the 379,000-square-foot building at 11600 American Dream Way in Reston and a 355,000-sf complex in Herndon, at 13100 and 13150 Worldgate Drive. Fannie would lease back all the space while waiting to move into a building slated for development nearby.The Class-A properties are being marketed separately by Cushman &...



Barings Marketing Orlando Offices

Wed, 21 Mar 2018
Barings is pitching a Class-A office complex in Orlando as a core investment.The 416,000-square-foot property, called Millenia Lakes, is expected to fetch about $100 million, or $240/sf. Cushman & Wakefield is representing Barings, a Charlotte-based unit of MassMutual.The three-building complex was developed between 2001 and 2007 and is designated LEED gold. Barings predecessor Cornerstone Real Estate acquired it in 2014 for $86.5 million, or...



NEW DEALS

Wed, 21 Mar 2018
Warehouses Near BostonL&B Realty will realize an initial annual yield of just above 6% on its $72.7 million acquisition this month of two warehouses, totaling 755,000 square feet, in suburban Boston. The buildings, at 154 Campanelli Drive in Middleborough, Mass., and One Distribution Center Circle in Littleton, Mass., are fully occupied with a weighted average remaining lease term of five years. The seller, Novaya Real Estate of New York, was...



NEW DEALS

Wed, 21 Mar 2018
Offices in Suburban IndianapolisA joint venture between DRA Advisors of New York and M&J Wilkow of Chicago this month paid $33.1 million for Meridian Plaza 2&3, a 240,000-square-foot office complex in the Indianapolis suburb of Carmel, Ind. The Class-A buildings, at 10401 & 10333 North Meridian Street, are 86% occupied. The listing was pitched as an opportunity to fill vacant space and lift rents that are 16% below the market level. The weighted...



NEW DEALS

Wed, 21 Mar 2018
Philadelphia Office BuildingChelsea/Village Associates of New York last week paid $31.5 million, or $248 a square foot, for the 127,000-sf office building at 1760 Market Street in Philadelphia. The five-story building is a few blocks north of Rittenhouse Square and west of City Hall, in the Market West submarket. It is 80% occupied, with a weighted average remaining lease term of 4.2 years. JLL represented the seller, a joint venture between...



Medical-Office Buyers Trim Outlook

Wed, 21 Mar 2018
Investors in healthcare-related real estate have lowered their expectations for purchases this year, after a record-breaking acquisitions binge in the last few years, according to a CBRE report.The brokerage&rsquo;s 2018 Healthcare Real Estate Investor and Developer Survey found that firms are looking to deploy $11.2 billion in the sector during 2018. That&rsquo;s down from $14.9 billion in last year&rsquo;s poll &mdash; but still more than the...



Value-Added Pitch for Seattle Offices

Wed, 21 Mar 2018
LBA Realty is touting the leasing potential of an office building it is looking to sell in Seattle&rsquo;s hot South Lake Union submarket.The 103,000-square-foot property, at 501 Eastlake Avenue East, is expected to attract bids of $600/sf, or $62 million. Newmark is representing the Irvine, Calif., fund operator.While South Lake Union has seen a flurry of big listings this year, they largely have been geared toward core investors. LBA&rsquo;s...



Core-Plus Arizona Rentals Available

Wed, 21 Mar 2018
Investors are getting a crack at a luxury apartment complex near Phoenix that&rsquo;s ripe for upgrades.Adobe Ridge, in Glendale, Ariz., has 224 units that are 97.8% leased. It&rsquo;s expected to attract bids of up to $175,000/unit, or $39 million. At that price, the buyer&rsquo;s initial annual yield would be about 5%. Marcus & Millichap&rsquo;s Institutional Property Advisors&rsquo; unit has the listing.The owner, Praedium Group of New York,...



Sears Offers Sale-Leaseback Deal

Wed, 21 Mar 2018
Sears wants to sell and lease back 16 stores at malls across the Midwest and Texas.The 2.8 million-square-foot portfolio has an estimated value of $100 million. Investors can bid on the whole package or any combination of properties.Terms of the leaseback would be negotiated with buyers. Some investors might view the properties as future repositioning opportunities.Cushman & Wakefield is handling the offering for Sears, which like many...



Scottsdale Complex Up for Grabs

Wed, 21 Mar 2018
An iStar Financial partnership is marketing a Class-A office complex near Phoenix that could attract bids of $100 million.The 345,000-square-foot Raintree Corporate Center, in Scottsdale, Ariz., is 90% occupied. At the estimated value of $290/sf, the buyer&rsquo;s initial annual yield would be 7%. Newmark is representing New York-based iStar and its partner, Equus Capital of Yardley, Pa.The two-building complex, which was developed in 2007-2008,...



MARKET SPOTLIGHT: Atlanta-Area Office Properties

Wed, 21 Mar 2018
The average asking rent has increased for 16 of the past 17 quarters, according to JLL. The cumulative increase was 23%, to $25.56/sf.The Class-A occupancy rate climbed 20 bp in the fourth quarter, to 84.4%. CBRE expects the completion of speculative properties to apply downward pressure in the near term, but adds that overall leasing demand remains strong.In Midtown last year, tenants leased 257,000 sf more than they vacated &ndash; the largest...



The Grapevine

Wed, 21 Mar 2018
Acquisitions pro Ryan Nelson has joined Turnbridge Equities as a managing principal. He started in the past few weeks, working with founder and managing principal Andrew Joblon to expand the New York firm&rsquo;s presence. Nelson was previously a managing director and head of MRP Realty&rsquo;s Manhattan office, which he opened for the Washington firm in 2015. He spent nearly eight years before that at Sherwood Equities of New York. Joblon, a...



The Grapevine

Wed, 21 Mar 2018
Keystone Property chief investment officer Charles &ldquo;Chip&rdquo; Walters has left the Conshohocken, Pa., firm. His plans are unclear. Walters joined in 2014 to lead investments and portfolio management. He came from Grosvenor Fund Management of Philadelphia, but is best known from his roughly 20-year stint at Prudential Real Estate Investors, where he was a principal and head of Northeast acquisitions before leaving in 2012. At Keystone,...



The Grapevine

Wed, 21 Mar 2018
Enda Bracken joined Deka Immobilien last month to lead asset management of the German fund operator&rsquo;s U.S. real estate portfolio. He relocated to New York from Ireland, where he worked for several real estate-related firms, including investment manager Kennedy Wilson. At Deka, Bracken replaces Mike Winter, who left in December after just over a year to join LaSalle Investment, overseeing asset management of its East Coast office holdings...



The Grapevine

Wed, 21 Mar 2018
Veteran hotel broker Samantha Fisher joined Hodges Ward Elliott last month as a senior vice president. She signed on in Los Angeles, but will relocate to South Florida later this year to help build the firm&rsquo;s practice there, handling investment sales, drumming up assignments and cultivating new clients. Fisher spent the past six-and-a-half years at JLL, where she held the same...



The Grapevine

Wed, 21 Mar 2018
JLL has added a retail-property broker in Philadelphia. Colin Behr started Monday as a vice president of capital markets. Behr moved over from CBRE, where he was a senior associate. He previously worked at Fameco Real Estate, a boutique Philadelphia retail brokerage acquired by CBRE in 2013, and at PNC.



The Grapevine

Wed, 21 Mar 2018
Chris Frank joined TruAmerica Multifamily this week as a director of asset management. He&rsquo;s tasked with working on the firm&rsquo;s Southeast portfolio. He reports to Doug Kelley, head of East Coast asset management for the Los Angeles firm. Frank will split his time between Arlington, Va., and Orlando. He was previously a portfolio operations director at AvalonBay Communities, the Arlington apartment...



The Grapevine

Wed, 21 Mar 2018
Equus Capital is adding an associate to its multi-family team. Nicoletta DeSimone is joining the Yardley, Pa., fund operator next month to focus on acquisitions. She was previously an acquisitions analyst at Toll Brothers, where she worked for nearly two years. Before that, she was at Pennsylvania Real Estate Investment of Philadelphia.



The Grapevine

Wed, 21 Mar 2018
DivcoWest Properties has made an addition to its asset-management team. The San Francisco shop hired Nicholas Wilson this month as an analyst. Wilson was previously a financial analyst at Wells Fargo, where he worked for just over a year.



ON THE MARKET

Wed, 21 Mar 2018
RETAILProperty: Quay on 17th Street, 1535 SE17th Street, Fort Lauderdale, Fla.Size: 73,000 sf, 100% leasedEstimated Value: $46 millionOwner: Hudson Capital, Fort LauderdaleBroker: JLLColor: Shopping center pitched as offering stable income with potential for redevelopment as an upscale mixed-use complex. Seven-acre site in high-traffic Southeast 17th Street corridor connecting downtown Fort Lauderdale to the beach. Tenants include Boatyard...



Funds Sit on Capital as Suitable Plays Wane

Wed, 14 Mar 2018
High-yield real estate funds are raising unprecedented amounts of equity, but deploying that capital is proving to be more tricky.Real Estate Alert&rsquo;s 22nd annual review of commingled funds has identified 488 active vehicles and 392 different managers &mdash; both records. Those funds have lined up $261.3 billion of equity commitments &mdash; also a new high.But a whopping 72% of the pledged capital, or $186.9 billion, is still uninvested...



3 Big Resorts in Blackstone's Shopping Cart

Wed, 14 Mar 2018
Blackstone is buying two more luxury resorts from GIC.The fund behemoth has agreed to acquire the 738-room Arizona Biltmore, in Phoenix, and the 796-room La Quinta Resort & Club, near Palm Springs, Calif. Those are in addition to its previously reported deal to buy the 780-room Grand Wailea, on the Hawaiian island of Maui, for $1.1 billion.Pricing for the landmark hotels in Arizona and California couldn&rsquo;t be learned, but market pros...



Werner Team May Market West Loop Tower

Wed, 14 Mar 2018
A partnership led by David Werner is weighing whether to list a Chicago office trophy, after shoring up a lease with its anchor tenant.The 1.1 million-square-foot building, at 540 West Madison Street, is virtually fully occupied on long-term leases. It&rsquo;s valued at roughly $750 million, or $682/sf. A trade at that price would produce a capitalization rate in the vicinity of 5%, in line with other high-caliber office sales over the last few...



MacFarlane Exits Brooklyn Rentals

Wed, 14 Mar 2018
AIG and Douglaston Development have bought out MacFarlane Partners&rsquo; 40% interest in a high-end apartment building they jointly developed in the trendy Williamsburg section of Brooklyn.AIG and Douglaston are now 50-50 partners in the 509-unit property, at One North Fourth Place. The recapitalization, brokered by HFF, valued the property at roughly $825,000/unit, or $419 million. It closed at the end of January.San Francisco-based MacFarlane...



Buyers Lined Up for 2 DC Buildings

Wed, 14 Mar 2018
Separate investors have agreed to buy two downtown Washington office properties with looming vacancies for $260 million in total.Redevelopment specialist Tishman Speyer is under contract to acquire the 533,000-square-foot Patrick Henry Building, at 601 D Street NW, for just over $160 million, or $300/sf. Transwestern and Highland Realty are brokering that sale for a joint venture that includes LHL Realty of New York.Meanwhile, Beacon Capital of...



Shidler Unit Markets Tampa Offices

Wed, 14 Mar 2018
One of Tampa&rsquo;s largest office towers is on the block.The 757,000-square-foot Tampa City Center is expected to attract bids of about $130 million, or $172/sf. At that price, the buyer&rsquo;s initial annual yield would be 6.75%. Cushman & Wakefield is representing the owner, Alliance Partners HSP of Bryn Mawr, Pa.Alliance, the East Coast operating arm of Honolulu-based Shidler Group, acquired the 38-story building in 2014 for $128.1 million...



San Jose Office Campus Up for Grabs

Wed, 14 Mar 2018
Embarcadero Capital is marketing a San Jose office/R&D campus touted as having near-term potential for rent growth.The 303,000-square-foot Gold Street Technology Center, along the Route 237 corridor, is 88% occupied at rents that are 22% below the average market asking rate. The pitch is that a buyer could boost its return by leasing vacant space and raising rents on the 78,000 sf with leases that roll over within three years.The Class-A complex...



Waterton Offering Portland Rentals

Wed, 14 Mar 2018
Waterton is pitching a Portland, Ore., apartment complex as a core-plus play.The 202-unit property, at 1500 NE 15th Avenue in the Lloyd District, is valued at about $65 million, or $322,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 4.5%. HFF is representing Waterton, a Chicago fund operator.The two-building complex, called Axcess 15, is 91% leased at an average rent of $1,635. That&rsquo;s in line with the average 92%...



Coretrust to Acquire Pasadena Offices

Wed, 14 Mar 2018
Coretrust Capital has agreed to pay UBS Realty $250 million to $260 million for a large office complex in Pasadena, Calif.The 640,000-square-foot Corporate Center Pasadena fills a city block in the South Lake Avenue business and shopping district. The buzz is that Los Angeles-based Coretrust plans to reposition the four-building complex, which is just 78% leased. Eastdil Secured is advising UBS, which has owned the property since 1984.The...



MWest Adds 2nd Listing in San Jose

Wed, 14 Mar 2018
MWest Properties is pitching another newly renovated office complex in San Jose, this one fully occupied by Toshiba.The 219,000-square-foot Orchard Trimble Campus is expected to attract bids of $100 million, or $457/sf. At that price, the buyer&rsquo;s initial annual yield would be about 7%. Eastdil Secured is representing MWest, a joint venture between TPG Real Estate of Fort Worth, Texas, DivcoWest Properties of San Francisco and Ivanhoe...



More Amazon Offices Shown in Seattle

Wed, 14 Mar 2018
Another Seattle office building fully leased to Amazon.com has hit the block, with expectations of commanding a historically high per-foot price.GLL Real Estate has tapped Eastdil Secured to market the 131,000-square-foot building, at 202 Westlake Avenue North, in the South Lake Union neighborhood. Bids for the Class-A property are likely to be about $125 million, or $958/sf. At that valuation, market pros say the initial annual yield would be...



Senior-Care Sale-Leaseback Offered

Wed, 14 Mar 2018
A developer is seeking to sell and lease back 13 memory-care facilities under construction in Florida, valued at about $260 million.The properties, mostly in Greater Orlando, are in varying stages of development and will be completed by spring 2019. Each will have 64 units and operate under a 20-year, absolute triple-net lease with the seller, Certus Senior Living. That Sanford, Fla., company builds, owns and operates residential treatment...



Vegas Aparment Complexes Available

Wed, 14 Mar 2018
Two adjacent Las Vegas apartment complexes totaling more than 1,100 units are being marketed as a package.Liberty Village, with 720 units, and the adjacent 409-unit Village Square are expected to fetch bids of around $65 million, or $58,000/unit. At that price, a buyer would see an initial annual yield of 6.25%. CBRE is marketing the properties for Shamrock Communities of Greenwich, Conn.Shamrock acquired the properties out of foreclosure for $36...



Vacant Retail Condo Pitched in SoHo

Wed, 14 Mar 2018
Investors are getting a rare crack at a new retail condominium in Manhattan&rsquo;s trendy SoHo shopping district.The roughly 10,000-square-foot block of vacant space, at the base of a just-completed residential-condo building at 150 Wooster Street, is valued at about $30 million. At that price, the stabilized capitalization rate would be 5.25-5.5%. HFF is representing the building&rsquo;s developer, New York-based KUB Capital, which is led by...



REIT Pitches Shopping Center in NJ

Wed, 14 Mar 2018
Brixmor Property is marketing a grocery-anchored shopping center in New Jersey that could fetch about $55 million.The 204,000-square-foot Lakewood Plaza, in Ocean County&rsquo;s fast-growing Lakewood Township, is 97% leased. The marketing pitch is that a buyer could boost its return by raising below-market rents as leases roll over. JLL is representing Brixmor, a shopping-center REIT in New York.The anchor tenant is kosher grocer Gourmet Glatt,...



New Rentals Offered in Indianapolis

Wed, 14 Mar 2018
A developer is pitching a new apartment complex in downtown Indianapolis.The 215-unit Lockerbie Lofts, at 640 East Michigan Street, is expected to attract bids of $44 million, or $205,000/unit. That valuation would translate to a 5.5% initial annual yield.Indianapolis-based TWG Development completed the property in 2016 with an unidentified equity partner. CBRE has the listing.The four-building complex is 99% leased at an average rent of $1,363....



MARKET SPOTLIGHT: New Jersey Retail Properties

Wed, 14 Mar 2018
Fundamentals remain solid amid relatively tepid growth in the local economy. At yearend, the average occupancy rate was 90.3% in Northern Jersey and 85.3% in Central Jersey, according to Green Street Advisors.Three-quarters of the properties completed last year were concentrated in wealthy Bergen and Morris Counties, according to Marcus & Millichap.Sales dropped 23.7% last year, to $656.7 million, but that was still the third-highest annual total...



The Grapevine

Wed, 14 Mar 2018
Managing principal Gary Palmer is leaving Westbrook Partners. The industry veteran is expected to depart from the firm&rsquo;s San Francisco office in the coming weeks. The buzz is that the split is amicable and that Palmer hasn&rsquo;t yet told colleagues about his next move. Palmer joined the New York fund manager in 2005 and opened its San Francisco outpost. He previously was an executive director and head of the Western region real estate...



The Grapevine

Wed, 14 Mar 2018
Healthcare real estate specialist Hammes Partners has hired a senior vice president. Phil Mahler joined the Brookfield, Wis., fund operator this month. He was previously a managing director at HFF and before that spent 10-plus years at Savills, where he was a managing director specializing in the medical real estate market. Earlier, Mahler worked at Ernst & Young and UBS Realty Investors. Hammes held a final close in December on $687 million of...



The Grapevine

Wed, 14 Mar 2018
Max Wasser joined Dalzell Capital last week as a vice president, focusing on acquisitions and capital markets. The Westport, Conn., firm plans to invest some $175 million to $200 million over the next two years. Launched in 2016 by Christian Dalzell, a former Starwood Capital executive, Dalzell has acquired four properties in Philadelphia and Connecticut so far. The firm shoots for value-added returns, with a focus on multi-family and mixed-use...



The Grapevine

Wed, 14 Mar 2018
JLL has added Hunter Amos to its multi-family team as a senior vice president in Atlanta. He started in the past several weeks, handling investment sales and lining up equity for properties in Georgia, Tennessee, Alabama and the Carolinas. He reports to managing directors Derrick Bloom and David Gutting. Amos spent the past four years at Lockton Cos., where he was an Atlanta-based partner in the insurance broker&rsquo;s commercial real estate...



The Grapevine

Wed, 14 Mar 2018
Nathaniel Perry joined HFF last week as a director in Denver. He handles office and industrial sales in Denver and the Rocky Mountain region, working alongside managing director Jules Sherwood. Perry had been a senior associate at Transwestern, where he spent three years.



The Grapevine

Wed, 14 Mar 2018
Madison International Realty has hired an associate. Yichao Mark started at the New York fund shop&rsquo;s headquarters this month. He was previously an analyst at Cleveland investment consultant ORG Portfolio Management and had prior stints at Markets Group and MacKenzie Partners. At Madison, Mark reports to managing director Michael Chen. The firm, run by founder Ronald Dickerman, buys minority stakes in commercial real estate and operating...



The Grapevine

Wed, 14 Mar 2018
Etienne Paris left Innovo Property of New York this week. He had been an associate at the investment shop for the past two years, where his duties included acquisitions and capital-markets functions. The buzz is the move is amicable. Paris&rsquo; plans are unknown. He was previously a principal at DeCoene Holdings of New York and a managing director at Reva Capital Markets. Innovo, backed by Hong Kong conglomerate Nan Fung Group, was founded in...



Fund Managers Flush With Capital, but Not Opportunities

Wed, 14 Mar 2018
Capital, capital everywhere, but no place to invest.That&rsquo;s the quandary facing managers of high-yield real estate funds.By any measure, their industry is booming, with both the number of vehicles and the amount of equity commitments at record levels. But finding suitable investments for all that capital is becoming harder and harder, because the long-running bull market has driven valuations sky-high. As a result, fund managers are lowering...



Family Shop Pitches Big Mixed-Bag Portfolio

Wed, 07 Mar 2018
Jack Parker Corp. has put a sprawling portfolio of multi-family, hotel and office properties on the block with an estimated value well in excess of $1.5 billion.The seven-property package encompasses three New York City apartment properties, the Le Parker Meridien New York hotel, the Parker Palm Springs luxury resort in Southern California, a Northern New Jersey office building and a small medical-office condominium in Midtown Manhattan. Newmark...



Lab Demand Fueling Trades in Boston Suburbs

Wed, 07 Mar 2018
Tenant demand for laboratory and life-science space is spilling over from downtown Boston and Cambridge into nearby suburbs, and investors are following along.The needs of medical, pharmaceutical and related businesses have outgrown the available space in East Cambridge and some Boston districts, resulting in near-100% occupancy and dramatic rent increases. So those firms are pushing into West Cambridge and beyond, to towns like Waltham,...



Angelo Gordon Lists Upgraded Dallas Offices

Wed, 07 Mar 2018
An Angelo, Gordon & Co. partnership is pitching two recently repositioned Dallas office properties as a leasing play.Bids are expected to reach about $175 million for 505,000 square feet at two buildings in the Uptown/Turtle Creek submarket. The Class-A office space is 80% leased, and the pitch is that a buyer could boost occupancy to achieve a core profile.The offering encompasses the 393,000-sf office condominium at a mixed-use building called...



Arizona Apartments Ripe for Upgrades

Wed, 07 Mar 2018
An investor group is marketing three Phoenix-area apartment properties with value-added potential.The 1,117-unit portfolio is expected to fetch around $150 million, or $134,000/unit. At that valuation, a buyer would see an initial annual yield of 5.4%.The seller is a partnership among three principals of Sherman Oaks, Calif., fund shop IMT Capital: Bryan Scher, John Tesoriero and Cory Thabit. CBRE is representing the group, which is open to bids...



"Last-Mile' Warehouses Shown in Va.

Wed, 07 Mar 2018
MRP Realty and J.P. Morgan Asset Management are shopping a Northern Virginia portfolio of &ldquo;last-mile&rdquo; warehouses valued at about $150 million.The 19 properties, encompassing 1.1 million square feet, are still being leased up following renovations. At the estimated value of $136/sf, the buyer could reap a 6.6% stabilized capitalization rate after increasing the occupancy rate to 95% from the current 79% level. Washington-based MRP and...



Value-Added Office Play in Atlanta

Wed, 07 Mar 2018
CBRE Global Investors is pitching a Class-A Atlanta office tower as a leasing play.The 424,000-square-foot property, at 7000 Central Parkway NE, has an estimated value of $110 million, or $260/sf. At that price, the capitalization rate would be about 5.5% initially and nearly 7% upon stabilization. The Los Angeles investment manager has given the listing to its CBRE brokerage affiliate.The occupancy rate is 81%, below the 91% average for...



Tech Campus for Sale Outside Boston

Wed, 07 Mar 2018
Davis Cos. is marketing a technology-oriented office campus in suburban Boston that&rsquo;s expected to fetch about $100 million.The 480,000-square-foot Xchange, in Bedford, Mass., is 88.6% occupied on long-term leases. Income could be boosted by filling vacant space and expanding the campus. JLL has the listing.The eight buildings encompass office, flex and R&D space. About 11% of the property is leased as a life-science laboratory. There is...



Luxury Rentals Pitched Near Chicago

Wed, 07 Mar 2018
Investors are getting a crack at a new luxury apartment building in suburban Chicago.The 347-unit property, in Northbrook, Ill., is valued at about $130 million, or $375,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5%. Chicago-based Morningside Group, which developed the property in 2016, has given the listing to CBRE.The occupancy rate, now 77%, is expected to be near the 95% average for the surrounding North Shore...



San Diego-Area Rentals Offer Upside

Wed, 07 Mar 2018
A luxury apartment property near San Diego is being pitched as an opportunity to boost revenue via renovations.The 314-unit Monarch at Shadowridge, in Vista, Calif., could attract bids of about $110 million, or $350,000/unit. JLL is marketing the complex for an unidentified client of Dallas-based Invesco Real Estate.The garden-style complex was developed in 2005 on 21 acres at 1850 Thibodo Road, about 40 miles north of San Diego. It&rsquo;s 94%...



New FedEx Warehouse Listed in Mass.

Wed, 07 Mar 2018
Investors are getting a crack at a suburban Boston distribution center that&rsquo;s being constructed for FedEx.The 362,000-square-foot warehouse, in Boylston, Mass., could fetch about $295/sf, or $107 million. At that price, the buyer&rsquo;s initial annual yield would be 5.5%. JLL is representing the developer, Indianapolis-based Scannell Properties, which is scheduled to complete construction in May.Scannell has built more than 100 warehouses...



California Office Portfolio Available

Wed, 07 Mar 2018
A portfolio of Inland Empire office properties is on the market with an estimated value of $50 million.The offering encompasses five Class-A buildings totaling 224,000 square feet, spread across two complexes in downtown Riverside, Calif. Newmark is marketing the package for EverWest Real Estate of Denver.While the properties are listed as a portfolio, investors can bid separately on the three-building Market Street Corporate Center, with 134,000...



Value-Added Fund Holds First Close

Wed, 07 Mar 2018
An Austin investment manager has lined up $57 million of initial equity for its third office fund.CapRidge Partners has set a $250 million goal for the vehicle, CapRidge Partners Value Fund 3.The fund series shoots for value-added returns by acquiring office buildings. The geographic focus is nine metropolitan areas with young, educated workforces, solid leasing demand and job growth. They include Atlanta, Austin, Charlotte, Houston, Phoenix and...



Boston-Area Complex Gets Top Dollar

Wed, 07 Mar 2018
An unidentified Hong Kong investor is under contract to buy a fully occupied industrial/office complex at a record-low capitalization rate for suburban Boston.The 300,000-square-foot Ames Business Park, in Somerville, Mass., drew heated bidding from a mix of investors. The $88 million purchase price indicates an initial annual yield of 3.7% &mdash; well below the initial expectation of closer to 5%.Newmark is brokering the sale for a local family...



Converted Atlanta Complex on Block

Wed, 07 Mar 2018
A partnership is marketing a fully leased Atlanta office complex that it converted from light-industrial space.The 91,000-square-foot property, at 2282-2300 Defoor Hills Road NW in the burgeoning Upper Westside district, could attract bids of about $35 million, or $385/sf. At that price, a buyer would see an initial annual yield of about 5.5%.Cushman & Wakefield is representing the partnership, led by three local developers: McKittrick Simmons of...



DDR Markets Oregon Shopping Center

Wed, 07 Mar 2018
DDR is marketing a shopping center near Portland, Ore., that could attracts bids approaching $70 million.The 342,000-square-foot Gresham Station is 86.4% occupied by a lineup of national retailers. Newmark is representing DDR, a REIT in Beachwood, Ohio.While DDR treats Gresham Station as a single property, the offering actually encompasses two components a few blocks apart. The bulk of the space, some 297,000 sf, is at 649 NW 12th Street in...



NJ Shop Eyes First Development Fund

Wed, 07 Mar 2018
A New Jersey development shop that has historically raised money on a deal-by-deal basis is now marketing its first fund.National Realty Investment is seeking to raise up to $25 million of equity. The Secaucus shop would shoot for opportunistic returns by developing single-family homes, residential condominiums, multi-family buildings and mixed-use properties. It will also redevelop properties. The geographic focus is Brooklyn, Northern New...



MARKET SPOTLIGHT: Washington Office Properties

Wed, 07 Mar 2018
The pipeline of listings is relatively thin, following a 57% increase in sales last year. But valuations remain sky-high. The prices fetched by 900 G Street NW ($1,274/sf) and 1440 New York Avenue NW ($1,168/sf) rank among the highest ever in the city.Two factors are constraining rent growth, according to Green Street Advisors. First, supply has grown, with some 2 million sf completed last year. And ongoing consolidation among law firms is...



NEW DEALS

Wed, 07 Mar 2018
Florida ApartmentsA joint venture acquired a 324-unit multi-family property in Fort Myers, Fla., last week for $71.4 million. At the $220,000/sf valuation, the buyer, a partnership between Coastal Ridge Real Estate of Columbus, Ohio, and H. Katz Capital of Southampton, Pa., will see an initial annual yield of 5.7%. Cushman &amp; Wakefield brokered the sale for Stock Development of Naples. Fla., which completed the luxury complex, called Spectra...



NEW DEALS

Wed, 07 Mar 2018
Suburban Seattle HotelAllianceBernstein paid about $70 million for a newly renovated 262-room hotel in the Seattle suburb of Redmond, Wash. The New York investment manager bought the property last week from BRE Select Hotels, an affiliate of Blackstone. Eastdil Secured brokered the sale, which valued the property at $267,000/room. BRE finished a $7.3 million renovation of the guest rooms in June. AllianceBernstein is expected to continue capital...



The Grapevine

Wed, 07 Mar 2018
Net-lease veteran Tim Hall joined JLL&rsquo;s corporate-finance group this week as an executive vice president in Washington. He focuses on arranging sale-leasebacks and lining up large single-tenant net leases. His scope was largely the same at HFF, where he spent the last six years, leaving as a senior managing director. At JLL, he reports to managing director Blake...



The Grapevine

Wed, 07 Mar 2018
Colliers International is looking to fill out its capital-markets team in Manhattan. The brokerage wants to hire a managing director, two directors and an associate director. Candidates should have 5-7 years of experience in raising equity and debt. Contact senior director Melissa Guzman at melissa.guzman@colliers.com. The brokerage&rsquo;s New York sales team is led by vice chairmen Richard Baxter, Scott Latham and Yoron Cohen, who moved over...



The Grapevine

Wed, 07 Mar 2018
Jordyn Berger joined Marcus & Millichap&rsquo;s Institutional Property Advisors unit last month as a director in Chicago, focusing on senior housing. She arranges equity and debt for owners, operators and developers of independent-living, assisted-living, memory-care and skilled-nursing facilities. She was previously director of acquisitions at assisted-living owner-operator Enlivant of Chicago and had earlier stints at Ventas, JLL and Cohen...



The Grapevine

Wed, 07 Mar 2018
Mission Capital has an opening for a managing director at its Manhattan headquarters. The firm&rsquo;s debt and equity advisory group is looking for a specialist to help raise equity for clients. Candidates should have at least seven years of real estate experience, with a background in raising joint-venture capital. The recruit would develop new relationships with private-equity groups, family offices and others, as well as assist in managing...



The Grapevine

Wed, 07 Mar 2018
Nicholas Meli stepped down last week from JLL, where he was a vice president in the hotel group in Miami. He joined the brokerage in Atlanta in 2012, following a two-year stint at Hodges Ward Elliott. Two years later, he relocated to Miami to build out JLL&rsquo;s mid-size-hotel practice in Florida, where he worked on single-asset and portfolio sales. His next move is...



The Grapevine

Wed, 07 Mar 2018
Elan Gordon has joined JoCo Partners in Austin as a vice president of acquisitions, focusing on Texas for the Pittsburgh-based multi-family investment firm. Gordon moved over from NAPA Ventures of Cedar Park, Texas, where he&rsquo;d worked for several months as a director handling multi-family acquisitions in the state. Gordon previously worked as a property buyer for Presidium Group, World Class Capital, Stellar Management and GFI Capital. JoCo...



The Grapevine

Wed, 07 Mar 2018
Alexandria Real Estate Equities last month hired Hunter Kass as a vice president in Cambridge, Mass. He&rsquo;ll scout out deals and work on business development for the Pasadena, Calif., REIT, which focuses on office and laboratory properties in select U.S. markets that are leased to technology and life-science companies. Kass previously spent nearly six years at MIT Investment Management and was most recently associate...



The Grapevine

Wed, 07 Mar 2018
TriPost Capital of New York has added Harrison Tract as an investment analyst. He was previously an analyst in the global real-assets group of J.P. Morgan. TriPost is led by partners Brad Carroll and Todd Silverman, two Madison International Realty alumni who started the firm in 2014. The shop buys stakes in real estate companies.



ON THE MARKET

Wed, 07 Mar 2018
RETAILProperty: Tampa Bay Center, 2905 North Dale Mabry Highway, TampaSize: 142,000 sf, 97% leasedEstimated Value: $30 millionOwner: Third Lake Capital, TampaBroker: Cushman & WakefieldColor: Recently underwent $5 million repositioning after anchor Kmart vacated. Ashley Furniture and Floor & Decor are new anchors, with 103,000 sf combined. On 11.5 acres in densely developed area near Raymond James Stadium and Tampa International Airport. Visible...



HNA's Sales Strategy Leaves Buyers Confused

Wed, 28 Feb 2018
HNA Group’s multi-billion-dollar U.S. property portfolio is in play, but the Chinese conglomerate’s marketing tactics are befuddling investors.Rather than hire a single brokerage on an exclusive basis, the debt-laden company is working separately with two shops — Eastdil Secured and HFF, which are approaching different sets of investors. HNA is also holding direct talks with investors. And contradictory signals from different factions...



Shorenstein Pitching Tower in Seattle Suburb

Wed, 28 Feb 2018
A third big office property has gone up for sale in the Seattle suburb of Redmond, Wash.Shorenstein Properties has listed the 610,000-square-foot Redmond Town Center with Eastdil Secured. The six-building complex is expected to attract bids of about $270 million, or $443/sf. That would be the highest price ever paid for a Redmond office property and would rank second in per-foot valuation.The offering comes on the heels of two other big listings...



Rivals Loosen Eastdil's Grip in San Francisco

Wed, 28 Feb 2018
San Francisco isn&rsquo;t quite the one-brokerage town it used to be.For a decade, Eastdil Secured had a virtual lock on office sales in the city. It handled an astonishing 71% of the $30 billion of trades valued at over $25 million that closed between 2006 and 2015, according to Real Estate Alert&rsquo;s Deal Database.But amid stepped-up efforts by rival brokerages, Eastdil&rsquo;s share of big San Francisco office trades slipped to 59% in 2016...



Bank of China Eyes Land Under Tower

Wed, 28 Feb 2018
Bank of China, which bought the leasehold interest in the office building at Seven Bryant Park in Midtown Manhattan when it was completed three years ago, is now in talks to buy the underlying ground.The Chinese bank has previously expressed interest in buying the land, but only recently began formal discussions with the owner, Pacolet Milliken Enterprises of Greenville, S.C. CBRE had worked with Pacolet last year to prepare an offering memo, but...



Core Offices Marketed in Jersey City

Wed, 28 Feb 2018
LeFrak Organization is offering the leasehold interest in a fully occupied office building in Northern New Jersey.The 619,000-square-foot building, at 499 Washington Boulevard in Jersey City, could attract bids of around $200 million, or $323/sf. At that price, a buyer&rsquo;s initial annual yield would be 5.5% to 6%. Eastdil Secured has the listing.LeFrak, a New York investment and development firm, developed the property in 1999. It plans to...



Suburban Phila. Offices Up for Grabs

Wed, 28 Feb 2018
A lender is pitching a large block of office space in Pennsylvania&rsquo;s Bucks County as a leasing opportunity in an improving market.The 467,000-square-foot Lower Makefield Corporate Center, in Yardley, encompasses two campuses less than a mile apart, separated by farmland. The occupancy rate is 83%, with a weighted average remaining lease term of almost five years.The offering is expected to command bids in the vicinity of $90 million, or...



Heitman to Show Raleigh Offices

Wed, 28 Feb 2018
Heitman is teeing up the leasehold interests in six Raleigh office buildings valued at roughly $175 million.The 621,000-square-foot portfolio, part of the Centennial Campus research park at North Carolina State University, is 95.4% occupied. At the estimated value of $282/sf, the buyer&rsquo;s initial annual yield would be about 7.5%.Chicago-based Heitman prefers to sell the portfolio intact, but would consider individual bids on one building...



UBS Lists Value-Added Ariz. Rentals

Wed, 28 Feb 2018
UBS Asset Management is pitching a Phoenix-area apartment complex as a value-add play.The 736-unit Dakota at McDowell, in Scottsdale, Ariz., is valued at roughly $150 million, or $204,000/unit. CBRE is representing UBS.The complex, on a 54-acre site at 16356 North Thompson Peak Parkway, is the only multi-family property in McDowell Mountain Ranch, a 3,200-acre master-planned community featuring schools, parks and desert landscapes. The average...



Single-Tenant SC Offices on Block

Wed, 28 Feb 2018
Investors are getting a crack at a new Charlotte-area office building that&rsquo;s fully leased to a technology company for 15 years.The 150,000-square-foot property, in Fort Mill, S.C., is expected to attract bids of about $40 million, or $267/sf. At that valuation, the buyer&rsquo;s initial annual yield would be 6.7%.Cushman & Wakefield is handling the marketing campaign for Keith Corp., a Charlotte developer that completed the three-story...



Survey Finds Investors Remain Bullish

Wed, 28 Feb 2018
The vast majority of commercial real estate investors responding to an annual CBRE survey said they plan to buy as much or more in 2018 than they did last year.The annual CBRE Americas Investor Intentions Survey found that 45% of investors plan to increase acquisitions this year, while 43% expect their volume to remain unchanged. The combined 88% is up from 83% the year before. Just 12% of respondents said they expect to reduce their buying...



Luxury Florida Apartments Available

Wed, 28 Feb 2018
A developer is offering a new luxury apartment complex in Central Florida.The 360-unit Springs at Bee Ridge, in Sarasota, is valued at roughly $81 million, or $225,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.2%.The developer, Continental Properties of Menomonee Falls, Wis., has given the listing to Tampa-based JBM Institutional Multifamily Advisors.The gated property, which was completed in 2016, is 97% leased at an...



Vt. Mall With New Target Store Listed

Wed, 28 Feb 2018
LNR Partners is pitching a Vermont mall where Target will soon open its first store in the state.University Mall, in South Burlington, encompasses 614,000 square feet that is 98.2% leased. JLL is marketing the property, which is expected to fetch bids of $50 million.The mall has three other anchor tenants &mdash; JC Penney, Kohl&rsquo;s and Sears &mdash; as well as a Hannaford grocery store that helps draw in shoppers.Target signed a 15-year...



NEW DEALS

Wed, 28 Feb 2018
Southern California Office ComplexA joint venture between Goldman Sachs Asset Management and Harbor Associates will see an initial annual yield of 7.4% on its $33.1 million purchase this month of a 157,000-square-foot office campus in the Valencia neighborhood of Santa Clarita, Calif. The deal valued the two-building complex, at 25124-25125 Springfield Court, at $211/sf. JLL represented the seller, Barings, a unit of MassMutual. The Goldman...



Condo Potential Pitched in Tribeca

Wed, 28 Feb 2018
Three Lower Manhattan buildings valued at about $30 million are being offered as a residential redevelopment play.The properties, at 29-31 Leonard Street and 198 West Broadway in the Tribeca neighborhood, total nearly 30,000 square feet. A buyer would most likely conduct a gut renovation and convert the space to condominiums.JLL has the listing. The unidentified local owner uses the two interconnected, seven-story buildings on Leonard Street as a...



MARKET SPOTLIGHT: Phoenix-Area Apartment Properties

Wed, 28 Feb 2018
Strong rent growth is attracting investors. Asking rents have climbed at least 6% annually since 2015. Last year&rsquo;s 6.8% increase lifted the average rent to $994, according to Colliers International.The investor demand pushed capitalization rates down slightly last year, to 5.5%, Colliers said.Corporate expansion is another plus for buyers. But Green Street Advisors also noted two risks: low barriers to entry and competitive single-family...



The Grapevine

Wed, 28 Feb 2018
Tishman Speyer has tapped market veteran Jessica Hughes to lead its Boston office. Hughes joined as a managing director late last month to oversee acquisitions, dispositions, asset management and development in the market. Hughes was previously a managing director in the Boston capital-markets group of JLL, where she worked for just over five years. Before that, she spent nine years at local fund operator Beacon Capital, where she was a senior...



The Grapevine

Wed, 28 Feb 2018
JLL has revamped its retail capital-markets team, creating two new leadership roles. Chris Angelone, a managing director based in Boston, has transitioned from his role as a broker to become the team&rsquo;s national leader. Angelone joined the firm in 2015, after 17 years at CBRE. Mike Longmore, an executive vice president based in Charlotte, has also taken on a new role spearheading business development and operations. His focus is on...



The Grapevine

Wed, 28 Feb 2018
A healthcare real estate pro has started his own shop. Michael Goldberg formed Venue Capital of New York this month to buy and reposition value-added senior-housing properties. The firm, with Goldberg as chief executive, will look to partner with regional operators across the country. Goldberg was previously chief investment officer of Care Investment of New York, where he spent about eight years. That shop had been seeking to raise a $500...



The Grapevine

Wed, 28 Feb 2018
HFF has won the assignment from Principal Real Estate Investors to market an office and retail property in the Georgetown section of Washington. The 561,000-square-foot Washington Harbour complex, alongside the Potomac River, is expected to fetch bids in the range of $425 million to $450 million. The two buildings, at 3000 and 3050 K Street NW, are nearly fully occupied. Principal, advising a consortium of South Korean investors, paid $373...



The Grapevine

Wed, 28 Feb 2018
Startup net-lease advisory firm Brokers & Engineers has hired a lead broker at its New York headquarters. Daniel Zimmerman joined last week as a director, reporting to co-founder and chief executive Camille Renshaw. Zimmerman jumped from an acquisitions post at net-lease specialist United Trust Fund of Coral Gables, Fla. Brokers & Engineers touts itself as a technology-driven trading platform for net-lease properties. It has a back-office...



The Grapevine

Wed, 28 Feb 2018
Managing director Jay Kwan has left TPG Real Estate and joined QuadReal Property as a managing director in London, overseeing its activity in Europe. QuadReal manages the real estate assets of British Columbia Investment, a Canadian pension fund. Kwan spent two years with TPG in London, focusing on equity investments in properties, real estate companies and distressed debt. Kwan had prior stints at Grove International, Soros Real Estate and...



The Grapevine

Wed, 28 Feb 2018
Angelo, Gordon & Co. is looking to hire an analyst at its New York headquarters. The recruit would support senior acquisitions and asset-management pros. Candidates should have 1-2 years of experience. Send resumes to USREHiring@angelogordon.com.



ON THE MARKET

Wed, 28 Feb 2018
RETAIL:Property: 33 convenience stores in Charlotte areaSize: 99,000 sf, 100% leasedEstimated Value: $125 millionOwner: Sam&rsquo;s Holdings, Mathews, N.C.Broker: HFFColor: Free-standing stores occupied by 7-Eleven under long-term absolute triple-net leases. Weighted average remaining lease term: 12.5 years. Contracted rent bumps of 10% every five years.OFFICE:Property: Wells Fargo Tower, 2200 Concord Pike, Wilmington, Del.Size: 223,000 sf, 92%...



Corrections

Wed, 28 Feb 2018
Rankings of 2017 brokerage activity misclassified an industrial property as an office property. As a result, Transwestern&rsquo;s industrial volume was understated by $85.5 million and its office total was overstated by that amount. Transwestern should have ranked ninth, not 11th, in the industrial-broker ranking, published on Feb. 14. And it should have ranked ninth, not eighth, in the office-broker ranking, published on Jan. 24. Corrected...



New Amazon Offices in Seattle Up for Grabs

Wed, 21 Feb 2018
A USAA Real Estate partnership is preparing to market a new Seattle office complex, fully leased to Amazon.com, that could fetch over $800 million.The 812,000-square-foot Troy Block complex, in the South Lake Union neighborhood, would set a high-water mark for a large office sale in the Seattle area at the estimated value of nearly $1,000/sf.HFF was awarded the assignment by San Antonio-based USAA and its partner, Touchstone, a development...



CBRE: Demand, Pricing Ticked Up in 2017

Wed, 21 Feb 2018
Investor appetite for U.S. commercial real estate remained strong and pricing increased overall last year, although buyers grew more cautious about riskier deals, according to an analysis of CBRE sales data.The median capitalization rate across all sales the brokerage handled in 2017 was 6.25%, down 20 bp from the previous year, as buyers particularly bid up core and core-plus properties. On average, 56 confidentiality agreements were signed per...



Harbor Group Markets Cleveland Skyscraper

Wed, 21 Feb 2018
Harbor Group International has teed up one of Cleveland&rsquo;s tallest office towers.The 1.3 million-square-foot skyscraper, at 200 Public Square, is expected to attract bids in the vicinity of $210 million, or $162/sf. JLL is marketing the Class-A building.Harbor, of Norfolk, Va., acquired the 45-story building in 2005 for $141.3 million &mdash; which still stands as the city&rsquo;s price record.Cleveland&rsquo;s office-sales market is...



LBA Fund Lines Up $900 Million

Wed, 21 Feb 2018
LBA Realty last month held the final close for its sixth and largest fund targeting industrial and office properties.The Irvine, Calif., shop corralled $900 million of total equity, exceeding the roughly $800 million target.The vehicle, LBA Realty Fund 6, shoots for a return in the mid-teens by acquiring or developing warehouses, light-industrial facilities and offices. The sponsor typically acquires relatively small properties that it can...



PGIM Shows SF Offices With Upside

Wed, 21 Feb 2018
PGIM Real Estate is pitching a Class-A office building in San Francisco as a leasing play.The 203,000-square-foot property, at 101 Mission Street, could attract bids of $745/sf, or $151 million. At that valuation, the buyer&rsquo;s initial annual yield would be 4.25%. HFF is representing PGIM, of Madison, N.J.The occupancy rate is only 80%, well below the 92.3% average for Class-A space in the surrounding South Financial submarket.A buyer could...



Silicon Valley Complex on Market

Wed, 21 Feb 2018
A TPG Real Estate partnership is touting the upside potential in a San Jose office/R&D complex that could fetch $145 million.The 464,000-square-foot Valley Technology Centre, in the San Jose North submarket, is 74% occupied, and leases on 45% of the total space roll over within five years. Eastdil Secured is marketing the seven-building property for a joint venture that includes TPG, of Forth Worth, Texas, and San Francisco-based DivcoWest...



Rockpoint Circles Boston Office Condo

Wed, 21 Feb 2018
Rockpoint Group is poised to acquire a downtown Boston office condominium for about $107 million.The local fund operator was in talks last week to purchase the 193,000-square-foot block of space, at 226 Causeway Street, from Invesco Real Estate of Dallas. The $544/sf expected price would generate an initial annual yield just above 4%. Newmark is representing Invesco.The condo, which includes 15,000 sf of retail space, is 94% occupied. Tenants...



MedProperties Maps Healthcare Fund

Wed, 21 Feb 2018
A Dallas investment manager is seeking to raise $250 million of equity for its third fund focused on healthcare properties.MedProperties Realty targets value-added and opportunistic investments nationwide. The operator buys medical offices, ambulatory-surgery centers, outpatient clinics and specialty hospitals. It also develops properties with partners. The vehicle, MedProperties Fund 3, could have more than $1 billion of buying power when...



Historic San Antonio Hotel on Block

Wed, 21 Feb 2018
A family office is marketing a historic hotel in San Antonio that was extensively renovated a few years ago.The 277-room St. Anthony Hotel could attract bids of about $100 million, or $361,000/room. Carlton Group is representing the unidentified family office.The 10-story building, at 300 East Travis Street, opened in 1909 as the city&rsquo;s first luxury hotel, dubbed the &ldquo;Queen of San Antonio.&rdquo; In 2014, the family office, working...



Orlando-Area Retail Center for Sale

Wed, 21 Feb 2018
Sterling Organization is marketing a suburban Orlando shopping center worth about $75 million.The 245,000-square-foot center, at 501 North Orlando Avenue in Winter Park, Fla., is 96.6% leased. At the estimated value, the buyer&rsquo;s initial annual yield would be 6%. HFF is representing Sterling, of Palm Beach, Fla.The property, called Center of Winter Park, has three anchors: LA Fitness, Michaels and Office Depot. They lease 35% of the space....



Mesirow Pitching NJ Luxury Rentals

Wed, 21 Feb 2018
A luxury apartment complex is back on the market in Central New Jersey.The 290-unit gated property, in Aberdeen, is valued at roughly $75 million, or $259,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.25%.The owner, Mesirow Financial, put the property on the market in late 2016 via HFF, but no deal emerged. After conducting additional renovations, the Chicago shop has now listed it again with the brokerage.The...



Hines Shows Pier 1 HQ in Fort Worth

Wed, 21 Feb 2018
Hines has teed up a single-tenant office tower in Fort Worth, Texas, that could attract bids of about $93 million.The 410,000-square-foot building, in the Central Business District, is fully leased to housewares retailer Pier 1 Imports through 2027. At the $229/sf estimated value, the buyer&rsquo;s initial annual yield would be 7.5%. CBRE has the listing.The Class-A property, on a 12-acre site at 100 Pier 1 Place, was built in 2004 as Pier...



NEW DEALS

Wed, 21 Feb 2018
Philadelphia Office BuildingAmerican Real Estate Partners and Independenica Asset Management will see a 7% initial annual yield on the $160 million purchase last week of the 826,000-square-foot office building at 1600 Market Street in Philadelphia. The partnership plans to boost that yield by increasing the occupancy rate, now about 82% but set to drop 10 percentage points when anchor tenant PNC reduces its space next year. HFF handled the sale...



NEW DEALS

Wed, 21 Feb 2018
Southern California OfficesA partnership between Harbor Associates and Blue Vista Capital paid $22.9 million last week for the 198,000-square-foot Conejo Corporate Center in Thousand Oaks, Calif. The $115/sf valuation translates to a 5.2% capitalization rate. Newmark brokered the sale for the local Cusumano family. A subsidiary of New York REIT Granite Point Mortgage financed the transaction. The two-building office complex, at 2380 and 2400...



Center Offered in Upmarket Houston

Wed, 21 Feb 2018
Fidelis Realty is marketing a grocery-anchored shopping center in an affluent section of Houston.Tanglewood Court, a 126,000-square-foot property in the Galleria/Uptown submarket, is expected to fetch $74 million. At that valuation, a buyer&rsquo;s initial annual yield would be 5% to 5.25%. HFF is marketing the fully leased property for Fidelis. The Bellaire, Texas, firm is pitching a full interest in the property, but is willing to sell a...



KBS Makes First Use of Crowdfunding

Wed, 21 Feb 2018
KBS Realty is tapping a crowdfunding firm for the first time to help raise equity for one of its REITs.The Newport Beach, Calif., investment manager is working with CrowdStreet of Portland, Ore., as it drums up capital for KBS Growth & Income Real Estate Investment. The nontraded REIT has a $1 billion equity goal, some $250 million of which has already been committed.In October, KBS unveiled its own online portal, KBS Direct, which allows retail...



Luxury Rentals on Block in Tacoma

Wed, 21 Feb 2018
A luxury apartment building is up for grabs in Tacoma, Wash.The 173-unit Copperline, on the shore of Commencement Bay, is expected to fetch about $60 million, or $347,000/unit. At that valuation, the buyer&rsquo;s initial annual yield would be 5%. HFF has the listing.The property, at 5005 Main Street, was developed in 2012 by MC Construction, a Ruston, Wash., developer led by Mike Cohen. It is part of Point Ruston, a 97-acre...



Austin Redevelopment Site Available

Wed, 21 Feb 2018
Hewlett Packard Enterprise is shopping a 52-acre Austin site as a redevelopment play.The parcel, valued at about $37 million, currently houses a 186,000-square-foot building with offices, laboratory space and computer servers. The technology giant is willing to lease back 50,000 sf for an unspecified short period of time, which would provide cashflow while a buyer weighs its investment strategy. CBRE is representing HPE, of Palo Alto, Calif.The...



MARKET SPOTLIGHT: San Francisco Office Properties

Wed, 21 Feb 2018
Construction is active. Some 4.7 million sf will come on line this year, a 6% increase in supply. But 80.2% is already pre-leased, according to JLL.JLL notes that a record 18 leases exceeding 100,000 sf were signed last year, including the biggest ever: a 751,000-sf agreement by Dropbox. The strong demand helped drive Class-A rents up 13.3%, to $84.51/sf, according to Colliers International. Market pros forecast more growth.The 330,000-sf...



The Grapevine

Wed, 21 Feb 2018
Fund-raising veteran Lee Purcell has left Carlyle Group. His plans are unknown. Purcell, a managing director, departed at yearend after a little over a year at the Washington investment manager, where he was a real estate specialist in the investor-relations group. Before that, he was a managing director at placement agent Greenhill & Co. and was a director in the capital-raising unit at Credit...



The Grapevine

Wed, 21 Feb 2018
Matthew Havey left John Buck Co. in recent weeks to join another Chicago firm, Vermilion Development, as a managing director. Havey spent two years at John Buck, where he was a managing director and a member of its investments team. An attorney, Havey had a previous stint at law firm Drinker Biddle.



The Grapevine

Wed, 21 Feb 2018
Robbie McEwan joined HFF on Friday as a senior director in Orlando. His focus is on office and industrial investment sales in the Southeast. McEwan previously was an associate director at Marcus & Millichap in Orlando. He spent four years there, also brokering office and industrial properties.



The Grapevine

Wed, 21 Feb 2018
Kingbird Properties, a new multi-family investment platform, has hired a director of acquisitions. Vincent DiSalvo joined the Boston-based operation this month, reporting to senior managing director Kenneth Munkacy. The firm is targeting workforce-housing properties in secondary and tertiary markets nationwide. DiSalvo was previously an associate at Boston advisory shop GID, where Munkacy also previously worked. DiSalvo had earlier tours at...



The Grapevine

Wed, 21 Feb 2018
Brokers & Engineers, an advisory startup focused on net-lease properties, has hired Spencer Henderson as its first West Coast broker. Henderson, a director, started last week in a new San Francisco office. He reports to president Scott Scurich. The firm, which bills itself as a technology-driven trading platform for net-lease properties, was launched last year by veteran broker Camille Renshaw. It&rsquo;s based in New York and also has an office...



The Grapevine

Wed, 21 Feb 2018
Jason Goldblatt last month became chairman and chief executive of the National Foundation for Affordable Housing Solutions. The Rockville, Md., nonprofit organization owns more than 40 affordable-housing properties across 13 states, according to its website. Goldblatt previously was president and chief executive of Willco, a Potomac, Md., developer where he worked for more than 13...



The Grapevine

Wed, 21 Feb 2018
Ben Puche has joined Knickpoint Ventures of New York as an investment associate. He started this week at the investment and development shop, which looks to form joint ventures with family offices and institutional investors. Puche came from Thor Equities of New York, where he was an asset-management analyst. He had a previous stint at Cushman & Wakefield. Knickpoint is led by Zain Koita and Matt...



The Grapevine

Wed, 21 Feb 2018
Oregon State Treasury wants to hire a veteran real estate investment officer. The pension system is looking for candidates with at least 10 years of experience. The recruit, to be based in Tigard, Ore., would screen prospective investments and make recommendations to more-senior real estate staffers, as well as manage existing relationships with investment managers. The salary range is $150,000-222,000, with the potential for a bonus of up to...



Sales Down 10% Overall; CBRE Tops Eastdil

Wed, 14 Feb 2018
CBRE overtook Eastdil Secured as the most-active broker of large commercial properties last year, as overall sales dropped 10%.Across the five major asset classes, $244.2 billion of properties worth $25 million or more changed hands last year. That was down from $271.2 billion in 2016 and from the 2015 peak of $281.7 billion (see ranking on Page 14).Despite the drop, 2017 saw the third-highest annual volume since Real Estate Alert&rsquo;s Deal...



Bucking the Trend, Industrial Sales Jump 33%

Wed, 14 Feb 2018
In a down year for every other major property type, sales of large industrial properties soared by 33% to a record high in 2017, as investors increasingly targeted urban warehouses positioned to capitalize on the e-commerce boom.CBRE easily defended its title as the sector&rsquo;s top broker, despite strong performances by Eastdil Secured and Cushman & Wakefield, which outpaced the market to finish second and third.Some $23.1 billion of...



Building Listed on Fifth Ave. Retail Corridor

Wed, 14 Feb 2018
An investment manager is marketing the leasehold interest in a retail/office building on Fifth Avenue in Manhattan that could be worth up to $400 million.The 184,000-square-foot property&rsquo;s valuation is driven by the fully leased 68,000-sf retail component, which sits along one of the world&rsquo;s highest-priced retail corridors.The longtime owner, an entity controlled by London-based Mactaggart Family & Partners, wants to sell the...



Mixed-Use DC Complex Seen in Play

Wed, 14 Feb 2018
An office/retail complex in the Georgetown section of Washington appears to be headed to market.The 561,000-square-foot Washington Harbour, along the Potomac River, is valued at $425 million to $450 million, according to market pros. The owner, a consortium of South Korean investors advised by Principal Real Estate Investors of Des Moines, Iowa, is talking to brokers about a potential listing.The two-building complex, at 3000 and 3050 K Street...



Office Deal, Listing Emerge in Denver

Wed, 14 Feb 2018
Denver&rsquo;s office-sales market continues to run hot, as one big tower has gone under contract and another has hit the block.AFL-CIO Building Investment Trust has agreed to buy a stake of at least 49% in the 1.3 million-square-foot building at 1801 California Street. AFL-CIO&rsquo;s advisor, PNC Realty Investors of Washington, is still finalizing the size of the stake with the seller, Brookfield Property of New York. The transaction, which...



Shorenstein Maps 12th Core-Plus Fund

Wed, 14 Feb 2018
Shorenstein Properties is about to start marketing its latest core-plus office fund.The San Francisco firm is expected to set an equity target of about $1.25 billion for the vehicle, Shorenstein Realty Investors 12. Formal capital-raising efforts are scheduled to begin by March 31.The fund presumably would aim for the same 13% return as its predecessors. With Shorenstein&rsquo;s typical use of leverage, it could have $3 billion of buying...



Class-A Complex Shown Near Dallas

Wed, 14 Feb 2018
Fortis Property is marketing a suburban Dallas office complex that could fetch $300 million &mdash; an unusually big listing for that market.The 1.1 million-square-foot Colonnade, in Addison, Texas, is 94% leased. At the estimated value of $272/sf, a buyer&rsquo;s initial annual yield would be in the vicinity of 7%. CBRE is representing Brooklyn-based Fortis.The offering&rsquo;s size is expected to draw institutional investors looking to put a...



Self-Storage Shop Assembles Fund

Wed, 14 Feb 2018
Prime Group Holdings has raised $670 million of equity for its second self-storage fund.The Saratoga Springs, N.Y., firm held the final close for its Prime Storage Fund 2 in January. With leverage, the vehicle could have $2 billion of buying power. It already is about one-quarter invested.The fund employs an opportunistic strategy, with a targeted return of at least 25%. It invests nationwide with a focus on markets with supply constraints and...



Big Light-Industrial Portfolio on Block

Wed, 14 Feb 2018
Greenfield Partners is shopping a 4.5 million-square-foot portfolio of light-industrial properties in urban locations suitable for e-commerce deliveries.The package, which is being offered intact, could fetch $325 million, or $72/sf. At that valuation, a buyer&rsquo;s initial annual yield would be 6%.The 56 properties have an average size of 81,000 sf. They are spread across seven markets, with about a third of the space in Texas.CBRE is advising...



Correction

Wed, 14 Feb 2018
A ranking of the multi-family brokers in 2017, published Feb. 7, significantly understated Walker & Dunlop&rsquo;s sales volume because of a computational error. The brokerage handled $2.7 billion of transactions, not $1.2 billion. Its market share was 3.4%, not 1.5%. It posted a 22% increase in activity, not a 47% decline. The error didn&rsquo;t affect the firm&rsquo;s No. 10 position in the ranking. The corrected volume is shown in the...



Renovated SF Offices Up for Grabs

Wed, 14 Feb 2018
CBRE Global Investors is pitching an office building in San Francisco&rsquo;s Financial District that it renovated and re-leased.The 164,000-square-foot property, at 235 Pine Street, could attract bids of about $130 million, or $793/sf. Eastdil Secured is representing the Los Angeles investment manager.The 25-story building is 85% occupied. The marketing campaign is touting it as a core investment with the potential to boost the return by leasing...



New DC Apartments Hit the Market

Wed, 14 Feb 2018
A joint venture is shopping a Washington apartment building scheduled to open in June.The 319-unit Trellis House, at 2323 Sherman Avenue NW, could fetch some $160 million, or $500,000/unit. At that price, the stabilized annual yield would be about 4.5%. Newmark is representing the development team: Rise of Valdosta, Ga., Gateway Investment of Tallahassee, Fla., and local investor Pinak Mehta.A buyer would take on the job of leasing up the...



Value-Added Offices Available in SC

Wed, 14 Feb 2018
A South Carolina office complex valued at about $29 million is being pitched as a value-added play.The 316,000-square-foot Synergy Business Park, in Columbia, is 78% occupied at below-market rents. The property, which was recently renovated, would generate a 7.5% initial annual yield at the estimated value of $92/sf. Cushman & Wakefield is representing the owner, Hudson Advisors of Dallas.The Class-A property, at 121 Executive Center Drive, has...



Maryland Apartments Offer Upside

Wed, 14 Feb 2018
An investment shop is marketing a suburban Washington apartment complex that has been partially renovated.The 468-unit Rolling Hills Apartments, in Germantown, Md., is valued at about $90 million, or $192,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5% to 5.5%. HFF is representing the owner, Clark Enterprises of Bethesda, Md.The Class-B complex, at 19228 Circle Gate Drive, encompasses 39 three-story buildings. The...



TIAA Unit Lists Upgraded NY Offices

Wed, 14 Feb 2018
TH Real Estate is shopping the leasehold interest in a fully leased office building in Manhattan&rsquo;s trendy Meatpacking District that was recently renovated and expanded.The 93,000-square-foot building, at 430 West 15th Street, could attract bids of about $150 million, or $1,600/sf. At that price, the buyer&rsquo;s initial annual yield would be about 5%. TH, a unit of TIAA, has given the listing to Hodges Ward Elliott and Cushman &...



Office Leasing Play Outside Chicago

Wed, 14 Feb 2018
Blackstone is pitching a suburban Chicago office complex that&rsquo;s poised to lose a large tenant.The 683,000-square-foot Executive Towers West, in Downers Grove, Ill., is 89% leased. But State Farm is expected to exercise a termination option in its lease in 2021, which would drop the occupancy rate to 74%.The three-building complex is expected to attract bids of about $80 million, or $117/sf. At that price, the initial annual yield would be...



Value-Added Retail Center Near LA

Wed, 14 Feb 2018
An Investcorp partnership is pitching a suburban Los Angeles shopping center with grocery and drugstore anchors as a value-added play.The 281,000-square-foot Mountaingate Plaza, in Simi Valley, Calif., is 80% leased. HFF is handling the offering for Bahrain-based Investcorp and its partner, ScanlanKemperBard of Portland, Ore. Bids are expected to approach $55 million.Investors have been told the seller is in talks with several potential tenants,...



MARKET SPOTLIGHT

Wed, 14 Feb 2018
Southern California HotelsInvestors showed a preference for West Coast hotels last year. While sales were down nationally, activity in Southern California soared by 31%, to $2.4 billion, according to Real Estate Alert&rsquo;s Deal Database.Investors remain bullish on operating performance in the region. More than half of participants in a JLL survey of investors expect improved performance in Los Angeles and San Diego through midyear.However,...



The Grapevine

Wed, 14 Feb 2018
D&rsquo;Juan O&rsquo;Donald has joined J.P Morgan as an executive director. He started last month in New York, handling investments, dispositions and development for the investment bank&rsquo;s global real estate team. O&rsquo;Donald came from New York-based Ackman-Ziff Real Estate, where he spent nearly three years handling equity, debt and structured-finance deals. He also had stints at H/2 Capital and LNR Property. O&rsquo;Donald spent a year...



The Grapevine

Wed, 14 Feb 2018
The buzz is that Boston broker Chris Skeffington is in talks to join CBRE after nearly eight years at Transwestern RBJ. Skeffington is a partner at the Boston affiliate of Houston-based Transwestern and oversees its local capital-markets team. At CBRE, he would work with veteran property brokers David Pergola and Brian Doherty. In the past few weeks, two other Transwestern RBJ partners, Michael Joyce and Robert Richards, jumped to Cushman &...



The Grapevine

Wed, 14 Feb 2018
Dune Real Estate has hired Brad Caracausa as a director at its New York headquarters and Brian Novak as a senior associate in its new Los Angeles office. Caracausa previously ran his own firm, and before that, worked at Westbrook Partners and Rubenstein Partners. Novak came from CIM Group of Los Angeles and had an earlier stint at Pearlmark Real Estate. Dune&rsquo;s Los Angeles outpost opened this year, led by partner and head of acquisitions...



The Grapevine

Wed, 14 Feb 2018
Draper & Kramer has hired a senior vice president to work on multi-family acquisitions. Blas Puzon started two weeks ago in the firm&rsquo;s Chicago headquarters. He relocated from Seattle, where he had spent 14 years at what is now a unit of Hunt Cos. of El Paso, Texas. Puzon reports to chief development officer Ed Polich. He will focus on acquisitions in Austin, Chicago, Denver, Minneapolis and San Antonio. Draper & Kramer is a...



The Grapevine

Wed, 14 Feb 2018
Jared Newman joined Endurance Real Estate of Radnor, Pa., last month as a vice president focused on industrial acquisitions in the Mid-Atlantic region. He joined from Keystone Property of Conshohocken, Pa., where he had been an asset manager. Newman previously worked at Penn National Gaming, a Wyomissing, Pa., operator of casinos and racetracks, and Lubert-Adler. Endurance is led by Benjamin Cohen and William White, who co-founded the firm in...



The Grapevine

Wed, 14 Feb 2018
Brooklyn investment shop JNY Capital has hired a vice president. Moshe Pinsky started last month, working on acquisitions. JNY invests in value-added and opportunistic office, residential and industrial deals across the country. It&rsquo;s led by chief executive Ezra Unger. Pinsky was previously a broker at Douglas Elliman Real Estate of New York, where his duties included brokering commercial-property...



The Grapevine

Wed, 14 Feb 2018
Brady Benz rejoined Trimont Real Estate last month as an asset manager in its Atlanta headquarters, handling equity and debt investments in apartment, office and industrial properties. Benz spent the last two years as a broker at Transwestern, working on property sales in the Southeast. Before that, he spent just over a year at Trimont as a senior associate.



The Grapevine

Wed, 14 Feb 2018
Daniel Donlan joined Essential Properties Realty of Princeton, N.J., this month as a senior vice president of capital markets. He spent the last five years at Miami-based Ladenburg Thalmann Financial Services, where he was a managing director of equity research, covering net-lease REITs. Essential Properties acquires and manages single-tenant, net-leased...



ON THE MARKET

Wed, 14 Feb 2018
RETAILProperty: Wall Towne Center, 2433-2445 Route 34, Wall Township, N.J.Size: 99,000 sf, 100% leasedEstimated Value: $46 million, Yield: 5%Owner: AEW Capital, BostonBroker: HFFColor: Grocery anchor ShopRite recently renovated and expanded its space and extended its lease to 2030. Overall weighted average remaining lease term is 10 years. Some 83% of center is leased by national retailers. Five-mile radius has 125,000 residents with average...



NEW DEALS

Wed, 07 Feb 2018
Northern Florida OfficesCoreCivic paid $44.7 million last month for a 274,000-square-foot office building in Tallahassee, Fla. At the $171/sf price, the Nashville REIT will see an initial annual yield of 7.3%. Colliers International brokered the sale for TerraCap Management of Bonita Springs, Fla. TerraCap purchased the building vacant in 2013 for $3.5 million. It&rsquo;s now 98% leased, mostly to the State of Florida. Fund operator TerraCap has...



MARKET SPOTLIGHT: Seattle-Area Office Properties

Wed, 07 Feb 2018
After two years of heavy turnover, sales dipped 32% to $3 billion in 2017. But while supply has tightened, investor demand remains strong. Since December 2016, four deals topped $900/sf, previously uncharted territory for large Seattle properties. Strong rent growth has fueled the run-up.Construction pushed up supply by almost 5% last year, to 98.8 million square feet. That depressed the occupancy rate by 40 bp, to 90.4% at yearend, according to...



The Grapevine

Wed, 07 Feb 2018
Dune Real Estate has hired Cory Elbaum as a managing director at its New York headquarters. He joined last month after 13 years at Joe Sitt&rsquo;s Thor Equities, where he was a managing director and co-chair of acquisitions. Elbaum earlier worked at Miami developer Crescent Heights and CIBC.



The Grapevine

Wed, 07 Feb 2018
Lonnie Vidaurri has joined Starpoint Properties of Beverly Hills as head of investments and capital markets. He started in the past three weeks, tasked with overseeing deals and expanding relationships with equity and debt providers. He reports to chief executive Paul Daneshrad. Vidaurri came from New York lending shop Ladder Capital, where he was a managing director. He had prior stints at OneWest Bank, Barclays and Lehman Brothers, and started...



The Grapevine

Wed, 07 Feb 2018
Trevor Halverson joined TH Real Estate last month as a director of acquisitions in Newport Beach, Calif. He targets industrial and office deals of at least $15 million, ranging from core to value-added, in Southern California, Arizona and Nevada. He also explores joint-venture development opportunities for TH, an investment unit of TIAA. Halverson had been a vice president at Denver REIT DCT Industrial, where he spent nearly three years. He...



The Grapevine

Wed, 07 Feb 2018
Greystone hired J. Micah Deskins last month as a director in its multi-family sales division. He&rsquo;s based in Columbus, Ohio, working with sales advisors Mark Rohr and Eric Taylor to expand the firm&rsquo;s investment-sales operation in Ohio and the Midwest. Deskins spent the past four years working on apartment sales at CBRE.



The Grapevine

Wed, 07 Feb 2018
Merchants&rsquo; National Properties has hired Amy Jedlicka as general counsel and senior vice president. She started last week in the New York firm&rsquo;s headquarters, reporting to president and chief executive Craig Deitelzweig. Her duties include assisting with property acquisitions and working on the structure of joint ventures. Jedlicka spent the past nine years at Trinity Real Estate of New York and previously worked at law firm Simpson...



The Grapevine

Wed, 07 Feb 2018
Chris Coutts joined advisory firm Washington Capital last month as a vice president in Boston, lining up acquisitions, debt investments and joint-equity deals in East Coast markets. Coutts previously was a vice president in CBRE&rsquo;s debt and structured-finance group, where he spent almost four years. Seattle-based Washington Capital, which recently merged with Great Point Investors of Boston, manages some $5.4 billion of real estate, debt and...



The Grapevine

Wed, 07 Feb 2018
HFF has added a hotel broker in Chicago. Ryan Lindgren joined the firm last month as a director. He was previously an assistant vice president at Waterton, a Chicago fund operator that focuses on hotels and residential properties. He served there for just over four years.



The Grapevine

Wed, 07 Feb 2018
Jamie Smithson joined HFF three weeks ago as a senior director in Atlanta, focusing on land transactions. Smithson spent the past four years at CBRE, where he was an associate in its land-services group.



The Grapevine

Wed, 07 Feb 2018
Greg Scheper left Viking Partners after nearly five years and joined developer Brandicorp of Bellevue, Ky., last month as a vice president of acquisitions. Scheper was director of acquisitions at Cincinnati-based Viking, a retail fund shop. He had an earlier stint at CBRE. Brandicorp focuses on retail, hotel, medical-office and mixed-use properties.



ON THE MARKET

Wed, 07 Feb 2018
Multi-Family:Property: Tacara Steiner Ranch, AustinSize: 246 units, 85% occupiedEstimated Value: $50 million, $203,000/unitOwner: Casey Development, San AntonioBroker: JLLColor: Luxury complex, built in 2016, is near the end of its initial lease-up period. Units have 1-3 bedrooms. Amenities including a hydro-massage room, a dog-washing room and electric-vehicle charging stations. Projected stabilized yield: 5.2%.Retail:Property: River City...



Corrections

Wed, 07 Feb 2018
A ranking of the top office brokers in California&rsquo;s Orange County in 2017, published Jan. 24, misstated the volumes of the top four companies. Newmark should have ranked second, not third, and CBRE should have ranked third, not second. The correct figures are: Eastdil Secured &mdash; $739.3 million; Newmark &mdash; $611.8 million; CBRE &mdash; $607.9 million; and Cushman & Wakefield &mdash; $294.7 million. A corrected table is at...



Luxury Santa Barbara Hotel on Block

Wed, 07 Feb 2018
A luxury hotel in the hills of Santa Barbara, Calif., is on the market with expectations that bids will reach $100 million.That would value the 92-room Belmond El Encanto at almost $1.1 million/room. Belmond Ltd., a London operator of luxury hotels, is offering the boutique property subject to a long-term management agreement. JLL has the listing.The 1918-vintage property is Santa Barbara&rsquo;s oldest operating hotel. It was renowned for...



NEW DEALS

Wed, 07 Feb 2018
Houston Office PropertyA Baupost Group partnership last week purchased the 1.2 million-square-foot Marathon Oil Tower in Houston, paying CBRE Global Investors about $175 million. HFF advised CBRE Global on the sale to Boston-based Baupost and local firm M-M Properties. CBRE Global had marketed the property via three separate brokerages over a span of two years, coming close with potential buyers in at least two separate deals that fell apart. The...



Blackstone Shops Hoboken Rentals

Wed, 07 Feb 2018
Blackstone&rsquo;s multi-family platform is marketing a luxury complex in Northern New Jersey that could fetch about $56 million.The 99-unit Grand Adams, at 300 Grand Street in Hoboken, would generate an initial annual yield of 4.25% at the estimated value of $556,000/unit. Chicago-based LivCor, a Blackstone portfolio company, has given the listing to HFF.The occupancy rate is 96%. Rents average about $3,000. Close to half the units were upgraded...



New Iowa Apartments Hit Market

Wed, 07 Feb 2018
A new apartment complex is up for sale near Des Moines, Iowa.The 434-unit Autumn Ridge, in Waukee, Iowa, could attract bids of about $53 million, or $122,000/unit. HFF is representing the seller, a partnership between Classic Builders and developer Bill Kimberley, both of Ankeny, Iowa.The property, at 1150 Southeast Olson Drive, is being completed in two phases. Slightly more than half of the units opened last year, and the others will become...



Fully Leased Austin Offices for Sale

Wed, 07 Feb 2018
A local developer is marketing an Austin office building valued at about $105 million.The 250,000-square-foot property, at 3700 San Clemente in the Southwest submarket, is fully leased. At the estimated value of $420/sf, the buyer&rsquo;s initial annual yield would be 6%. HPI Real Estate, which completed the five-story property in 2015, has given the listing to Eastdil Secured.There are 11 tenants, with a weighted average remaining lease term of...



Phoenix-Area Campus Up for Grabs

Wed, 07 Feb 2018
Marketing is under way for a recently renovated office property in a technology hub near Phoenix.The offering encompasses a 464,000-square-foot office building at 2501 South Price Road in Chandler, plus two adjacent parcels of developable land. It is expected to attract bids of $100 million. Newmark is representing the owner, Southwest Value Partners of San Diego.The marketing campaign emphasizes a stable and high-caliber tenant roster. The...



Adler Markets Light-Industrial Fund

Wed, 07 Feb 2018
Adler Real Estate is seeking to raise $150 million of equity for its fourth and largest fund.The Aventura, Fla., operator kicked off the capital campaign last month for Adler Real Estate Fund 4. The vehicle will target a 13-14% return via the acquisition of light-industrial and office properties in markets with strong population growth. With leverage, it would have up to $500 million of buying power. Adler doesn&rsquo;t use a placement agent.The...



Brooklyn Apartment Package Listed

Wed, 07 Feb 2018
A joint venture is shopping a Brooklyn apartment portfolio with an estimated value of $60 million.The package encompasses nine buildings totaling 113 units in the Bedford-Stuyvesant neighborhood. At the projected price of $530,000/unit, the buyer&rsquo;s initial annual yield would be 5%. A value-added investor could boost its return by continuing a renovation program.The buildings are listed as a portfolio, but bids on individual properties would...



Value-Added Offices Shopped in Phila.

Wed, 07 Feb 2018
CBRE Global Investors has teed up a Philadelphia office building with a big below-market lease nearing expiration.The 553,000-square-foot property, at 1650 Arch Street in the Central Business District, is 93% occupied. But the Environmental Protection Agency&rsquo;s lease on just over half the space expires in 2020, and it&rsquo;s unclear if the federal agency wants to renew.The Class-A building is expected to attract offers of about $85 million,...



DC Offices Pitched as Leasing Play

Wed, 07 Feb 2018
JBG Smith has listed a Washington office property two blocks from the White House that&rsquo;s due to lose its largest tenant.The 232,000-square-foot Bowen Building, at 875 15th Street NW, is expected to draw bids of about $135 million, or $582/sf. JBG Smith, of Chevy Chase, Md., has tapped Eastdil Secured to find a buyer.The occupancy rate is 86%, with a weighted average remaining lease term of 4.3 years. But law firm Paul Hastings recently...



Core-Plus Rental Listed Near Boston

Wed, 07 Feb 2018
AvalonBay Communities is pitching a suburban Boston apartment complex as a core-plus play.The 472-unit Avalon Blue Hills, in Randolph, Mass., could attract bids of roughly $130 million, or $275,000/unit. At that price, the buyer&rsquo;s initial annual yield would be just under 5%. JLL is representing AvalonBay, of Arlington, Va.The complex, at One Avalon Drive, is 96% occupied at an average rent of about $2,100. It was completed in two phases...



Buyers Sought for Calif. Retail Centers

Wed, 07 Feb 2018
DJM Capital is pitching two well-leased shopping centers in Southern California via separate listings worth roughly $170 million combined.The larger property, anchored by a grocer, is the 218,000-square-foot Montalvo Square, in Ventura. It&rsquo;s expected to fetch $100 million. The 187,000-sf Lakewood Square, in Lakewood, is valued at up to $70 million. HFF has both listings for San Jose-based DJM.Montalvo Square is 97.6% leased, with a weighted...



Bridge Snags Complex Near Atlanta

Wed, 07 Feb 2018
Bridge Investment has agreed to buy a suburban Atlanta office complex for $107 million.The investment manager will acquire the 634,000-square-foot Royal Centre 2-4, in Alpharetta, Ga., from a partnership between New York Life and Dilweg Cos. of Durham, N.C. At the $169/sf price tag, Bridge&rsquo;s initial annual yield would be around 6.5%. Cushman & Wakefield is brokering the deal.The occupancy rate is 85%. While that&rsquo;s in line with the...



NC Offices Could Fetch Top Dollar

Wed, 07 Feb 2018
A Portman Holdings partnership is marketing a new office building that could be the first in Charlotte to command more than $500 a square foot.The property, at 615 South College Street, encompasses 376,000 square feet of office space and a 1,456-space, revenue-generating garage. Bids are expected to reach roughly $215 million, valuing the office component at about $190 million, or $505/sf. Eastdil Secured, which has the listing, is expected to...



Pension Pledges Fell Again in 2017

Wed, 07 Feb 2018
U.S. public pension systems last year committed the least amount of capital to real estate vehicles since 2013.Pensions tracked by FPL Consulting pledged $34.9 billion to commingled funds and separate accounts, down 10% from $38.9 billion in 2016. That marked the second annual decline in a row from the post-crash high of $47.2 billion in 2015.The drop reflects a shortage of supply, not demand, according to FPL senior director Erin Green. Pensions...



2 More Office Deals Struck in Virginia

Wed, 07 Feb 2018
JBG Smith has lined up buyers for two office properties, lifting the value of pending and recently completed deals in the Washington suburbs of Northern Virginia to more than $700 million.Both of JBG&rsquo;s properties are in Reston, near public transportation. Meridian Group of Bethesda, Md., has agreed to pay about $122 million, or $300/sf, for the 408,000-sf Commerce Metro Center, at 1850 Centennial Park Drive and 11400-11440 Commerce Park...



Trammell Team Pitching Seattle-Area Tower

Wed, 07 Feb 2018
A partnership between Trammell Crow and Principal Real Estate Investors plans to shop a recently completed office building near Seattle that could fetch about $390 million from core investors.The 462,000-square-foot property, in Bellevue, Wash., is 92.5% leased. At the estimated value of $844/sf, the buyer&rsquo;s initial annual yield would be 4.75%. The 19-story building, called 929 Office Tower, is at 929 108th Avenue NE.CBRE is representing...



Hyatt Shows $1 Billion Trio of Resort Hotels

Wed, 07 Feb 2018
Hyatt Hotels is quietly shopping three high-end hotels and resorts with a combined valuation of about $1 billion.The listing includes two luxury properties &mdash; the 660-room Grand Hyatt San Francisco and the 300-room Andaz Maui at Wailea Resort in Hawaii. The other is the Hyatt Regency Coconut Point Resort & Spa, an upper-upscale property with 454 rooms in Bonita Springs, Fla.Hyatt would prefer to sell the 1,414-room package to a single buyer....



Multi-Family Sales Dip; CBRE Stays on Top

Wed, 07 Feb 2018
Sales of large apartment properties dipped 7% last year, but volume was still the second-highest ever and market pros remain bullish on the sector.A total of $90.5 billion of multi-family properties traded, according to Real Estate Alert&rsquo;s Deal Database, which tracks sales of at least $25 million. That was down from $96.9 billion in 2016 but exceeded the $88.2 billion of trades in 2015. Sales in the past three years totaled $275.6 billion,...



Corrections

Wed, 07 Feb 2018
A ranking of the largest retail single-property sales in 2017, published Jan. 31, incorrectly listed Savills Studley as a co-broker of the $165.8 million sale of Riverside Plaza in Riverside, Calif. Eastdil Secured was the sole broker.



Retail Sales Tumble 36%; Eastdil Tops Again

Wed, 31 Jan 2018
Sales of large retail properties fell off a cliff last year, plunging 36% to the lowest level since 2011, as new waves of store closings and bankruptcies spooked investors.Eastdil Secured retained its title as the top brokerage, increasing its market share even as its volume declined. Meanwhile, CBRE reclaimed second place from HFF, which slipped to third in the annual ranking.Some $20.5 billion of shopping centers and malls worth at least $25...



SL Green Team Shops Midtown Office Condo

Wed, 31 Jan 2018
SL Green Realty and Ivanhoe Cambridge are pitching the leasehold interest in a fully leased Midtown Manhattan office condominium valued at about $650 million.The 685,000-square-foot block of space is on Floors 2-26 of the 50-story building at 1745 Broadway, a few blocks south of Columbus Circle. The rest of the space &mdash; ground-floor retail space and residential condominiums on the upper floors &mdash; is separately owned.Penguin Random House...



Warehouses for Sale, Above and Below Ground

Wed, 31 Jan 2018
An industrial developer is putting its entire 19 million-square-foot portfolio up for grabs, including two giant underground complexes.Amid robust demand for warehouses, market pros say the offering could be worth more than $1 billion. Space Center of St. Paul, Minn., is seeking to sell the package intact. Eastdil Secured is running the marketing campaign.The two largest concentrations are in the Los Angeles area &mdash; 15 buildings totaling 7...



Rentals Offered on NY's West Side

Wed, 31 Jan 2018
AEW Capital is offering an apartment building on Manhattan&rsquo;s West Side that could draw bids of up to $200 million.The 375-unit Helux, at 520 West 43rd Street, is 95% occupied, with 20% of the units set aside as affordable housing. Rents on the market-rate apartments lag behind newer properties in the burgeoning Midtown West submarket, providing opportunity to boost rents via renovations.At the estimated value of up to $533,000/unit, a...



FPA Passes Hat for Apartment Fund

Wed, 31 Jan 2018
FPA Multifamily is seeking to raise $500 million of equity for its fourth core-plus real estate fund.The San Francisco investment manager has told investors it hopes to wrap up capital raising for FPA Core Plus Fund 4 by midyear. The fund series targets a 9-11% return by acquiring apartment properties in top submarkets of major metropolitan areas nationwide. The sponsor focuses on stabilized properties where upgrades would pave the way for rent...



Luxury Hoboken Apartments for Sale

Wed, 31 Jan 2018
J.P. Morgan Asset Management is marketing a luxury apartment complex in Northern New Jersey that&rsquo;s valued at roughly $152 million.The 240-unit Rivington, in Hoboken, N.J., would produce a 4.25% initial annual yield at the $633,000/unit estimated value. HFF has the listing.The occupancy rate is 94.6%, with an average rent of about $3,200. J.P. Morgan has upgraded about two-thirds of the units, whose rents were then raised by an average of...



Broadreach Dealing SF Office Condo

Wed, 31 Jan 2018
Broadreach Capital is taking another crack at shopping the office condominium at the 29-story Fox Plaza in downtown San Francisco.The 220,000-square-foot offering, which could attract bids of about $100 million, encompasses 11 floors of office space and the ground-floor retail space. The building&rsquo;s upper floors contain 444 apartments that are separately owned.Broadreach, via broker HFF, is touting the potential to boost the 89% occupancy...



Hines Tees Up Phoenix Building

Wed, 31 Jan 2018
Hines is pitching a Phoenix office building to core investors.The 302,000-square-foot property, in the strong Camelback Corridor submarket, has an estimated value of $350/sf, or $105 million. The capitalization rate at that price is unclear, but similar properties have been commanding initial yields of about 6%. CBRE has the listing.The eight-story building, at 2375 East Camelback Road, is 94% occupied. The tenants include law firm Greenberg...



Revived Offices Shown Near Chicago

Wed, 31 Jan 2018
A Walton Street Capital partnership is shopping a once-troubled office complex in suburban Chicago that it repositioned and leased up.The 911,000-square-foot Continental Towers, in Rolling Meadows, Ill., is expected to fetch bids of $130 million to $135 million. A sale at that valuation would produce an initial annual yield of 8.5% to 9%. CBRE has the listing.The Class-A property is 89% leased. It was just 55% occupied when Walton Street and...



Tysons Office Complex Up for Grabs

Wed, 31 Jan 2018
Banyan Street Capital is marketing a Northern Virginia office complex that it acquired less than two years ago and leased up.The 333,000-square-foot American Center, in Tysons, is expected to attract bids of about $90 million, or $270/sf. Cushman & Wakefield is representing the Miami firm.The two-building property was just 75% leased when Banyan acquired it in August 2016 from Boston-based Beacon Capital for $66.3 million, or $200/sf. At the...



Apartments Available Near Va. Base

Wed, 31 Jan 2018
Investors are getting a crack at a new luxury apartment complex near a suburban Washington military base.The 282-unit property, in Fort Belvoir, Va., could attract bids of about $85 million, or $301,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.5%. JLL is representing the owner, Chesapeake Realty of Owings Mills, Md.The five-story Belvoir Square, which was completed last April, is still in its initial leasing phase....



Hotel Sales Drop 26%; JLL Captures Crown From Eastdil

Wed, 31 Jan 2018
Hotel sales fell sharply for a second straight year, but market pros say it wasn&rsquo;t for lack of demand.Close to $16 billion of large hotels were purchased last year, down 26% from $21.7 billion in 2016, according to Real Estate Alert&rsquo;s Deal Database. Last year&rsquo;s volume was the lowest in four years, and far below the $27.7 billion peak reached in 2015.Investors and brokers attributed the drop to a shortage of supply, as owners...



New 5-Story Building on Block in SF

Wed, 31 Jan 2018
A Lincoln Property partnership is marketing a five-story office building in downtown San Francisco that it completed last year and fully leased up.The 57,000-square-foot property, at 500 Pine Street, could attract bids of about $75 million, or a hefty $1,313/sf. At that price, the buyer&rsquo;s initial annual yield would be 4.5% to 4.75%. HFF is representing Dallas-based Lincoln and its partner, China-based developer Gemdale.There are two...



TIAA Unit Pitches Connecticut Offices

Wed, 31 Jan 2018
TH Real Estate is offering a Connecticut office property that should appeal to core investors.The 196,000-square-foot building, at 10 Westport Road in Wilton, could attract bids of $55 million, or $280/sf. Cushman & Wakefield is representing TH, an investment unit of TIAA.The property is 95% occupied by eight tenants on net leases. The largest are Alliance Data Systems, which occupies roughly 67,000 sf until 2028, and tour operator Tauck, whose...



Inland Lists Luxury Louisville Rentals

Wed, 31 Jan 2018
Inland Real Estate Investment has teed up a luxury apartment complex in Louisville, Ky.The 270-unit Hurtsbourne Estates, in the affluent East End, could attract bids of about $47 million, or $174,000/unit. HFF is representing Inland, of Oak Brook, Ill.The garden-style property, at 10405 Watermark Place, is 92% occupied at a $1,183 average rent. That compares with an average 94.5% occupancy rate and $1,047 rent in the surrounding Northeast...



Upside Touted for NJ Apartments

Wed, 31 Jan 2018
A fully occupied apartment building in Northern New Jersey is being marketed to core-plus and value-added investors.The 161-unit Heritage at Lyndhurst, at 601 Riverside Avenue in Lyndhurst, is expected to attract bids of $45 million, or $280,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.5% to 6%. JLL is representing the owners, Ares Management of Los Angeles and Priderock Capital of West Palm Beach,...



REIT Marketing Vermont DoubleTree

Wed, 31 Jan 2018
RLJ Lodging is shopping Vermont&rsquo;s largest hotel and conference center.The 309-room DoubleTree, in South Burlington, is valued at about $40 million, or $129,000/room. HFF is representing RLJ, a hotel REIT in Bethesda, Md.RLJ is wrapping up a $4.5 million renovation that involved converting the flag to DoubleTree from Sheraton. The investment play is to make further upgrades to guest rooms and the 30,000 square feet of event space, and to...



MARKET SPOTLIGHT: Northern Florida Apartment Properties

Wed, 31 Jan 2018
Construction is on the rise in Jacksonville, where the average occupancy rate has hovered near 96% since mid-2015. According to federal housing data, development permits for more than 4,100 units were issued during the 12 months ending in August, more than double the year before.Job growth is fueling the building spree. Jacksonville employment on Nov. 30 was up 2.8% from a year earlier, double the national growth rate, according to Walker &...



The Grapevine

Wed, 31 Jan 2018
Managing principal Jay Weaver is leaving Walton Street Capital, which he co-founded 24 years ago. Weaver, a member of the investment committee, is departing for personal reasons, effective March 31. Weaver started the Chicago fund shop with four other JMB Realty alumni &mdash; Neil Bluhm, Eric Mogentale, Jeffrey Quicksilver and Ira Schulman, who all remain with the...



The Grapevine

Wed, 31 Jan 2018
Continuing its rapid expansion, San Francisco fund shop Swift Real Estate has named veteran acquisitions pro Damian Manolis to the new post of chief investment officer. Manolis, who spent 24 years at PGIM Real Estate, joined the value-added firm this week to oversee investments and work on fund raising and investor relations. He was head of the U.S. transactions group and chair of the investment committee at PGIM, which he left last year. Swift,...



The Grapevine

Wed, 31 Jan 2018
JMC Holdings has hired Aaron Lazovik to lead office acquisitions nationwide. He starts next week, reporting to partners Matt Cassin and David Taylor. Lazovik will oversee an expansion of the New York shop&rsquo;s activities beyond its current focus on the Eastern U.S. He previously headed West Coast acquisitions at Brickman of New York, where Garrett Calbert has moved up to replace him. Meanwhile, JMC promoted Jake Sokol to head of multi-family...



The Grapevine

Wed, 31 Jan 2018
JLL hired Mark Zettl this month as president of property management in the Americas, overseeing some 356 million square feet of office properties on behalf of clients. Zettl was previously chief operating officer at Waterton Associates, a Chicago fund operator with a portfolio of hotel and multi-family properties. Before that, he was an executive vice president at Ultima Hospitality. At JLL, he remains based in Chicago, reporting to Jay Koster,...



The Grapevine

Wed, 31 Jan 2018
Eyzenberg & Co. has hired Gregg Delany as a senior director at its New York headquarters, arranging equity and debt for the boutique investment bank. Delany moved over two weeks ago. He was previously a managing director at Greenwich Group International of New York. He previously worked at MC-Five Mile, Longitude Investment and Morgan Investment Fund, a family office. Eyzenberg, headed by David Eyzenberg, also has hired five associates in the...



The Grapevine

Wed, 31 Jan 2018
Jeremy Basloe rejoined Equity Residential this month as an assistant vice president of investments in Los Angeles, focusing on multi-family acquisitions in Southern California. He spent the past three years in Europe, obtaining his MBA and working at a London real estate investment firm. Before that, he was a senior investment analyst at Equity Residential for two...



The Grapevine

Wed, 31 Jan 2018
Placement agent Park Madison Partners has added an associate at its New York headquarters. Michael Chickinell started about a month ago, with duties including due diligence and underwriting. He was previously a director at Cushman & Wakefield in San Francisco and had a stint at J.P. Morgan.



ON THE MARKET

Wed, 31 Jan 2018
Office:Property: 604 Mission Street, San FranciscoSize: 27,000 sf, 100% leasedEstimated Value: $30 million, $1,100/sfOwner: Market Street Real Estate, MiamiBroker: HFFColor: &ldquo;Creative office&rdquo; property in South Financial submarket, one block from the new Transbay Transit Center. Ten-story building has restaurants on ground floor. Built in 1905, underwent $1.7 million renovation in...



Office Sales Down 9%; Eastdil Wins Narrowly

Wed, 24 Jan 2018
Office sales fell in 2017 for a second consecutive year, dragged down by a sharp decline in the top market, New York.Some $93.4 billion of large office properties traded last year, down 9% from $103.1 billion in 2016, according to Real Estate Alert&rsquo;s Deal Database, which tracks trades of $25 million and up. The back-to-back drops followed six years of increases that brought the market to the cycle&rsquo;s 2015 peak of $112.1 billion.Eastdil...



Stake in SF's TransAmerica Pyramid on Block

Wed, 24 Jan 2018
A piece of San Francisco&rsquo;s iconic TransAmerica Pyramid skyscraper is up for grabs.Its namesake owner, insurer TransAmerica, has tapped HFF to shop a significant minority interest in the 48-story office tower, at 600 Montgomery Street, and two adjacent office buildings. The complex, dubbed TransAmerica Pyramid Center, totals 735,000 square feet.HFF recently began approaching major investors in anticipation of a formal marketing campaign,...



Rockpoint Buys NY Offices for $465 Million

Wed, 24 Jan 2018
Rockpoint Group has paid $465 million for a Midtown Manhattan skyscraper that had never traded before.The Boston fund operator closed in the past few weeks on its purchase of the 626,000-square-foot office building at 1700 Broadway, which is 95% occupied. Cushman & Wakefield brokered the sale for Ruben Cos. of New York.At the $743/sf price, Rockpoint&rsquo;s initial annual yield will be between 4% and 5%, in line with the capitalization rates on...



Lincoln Finds Buyers for Calif. Offices

Wed, 24 Jan 2018
Lincoln Property has lined up separate buyers for two Southern California office properties at a combined price of roughly $325 million.Cerberus Capital has agreed to acquire the 476,000-square-foot Wedbush Center, at 1000 Wilshire Boulevard in downtown Los Angeles, for about $415/sf, or just under $200 million. Separately, Intercontinental Real Estate will pay some $125 million, or $370/sf, for the 338,000-sf Connexion Burbank, in downtown...



Capstone, HEI Circling W Hotel in NY

Wed, 24 Jan 2018
Host Hotels & Resorts is in talks to sell a luxury hotel in Midtown Manhattan to a joint venture between Capstone Equities and HEI Hotels & Resorts.The price being discussed for the 697-room W Hotel New York is in the vicinity of $300,000/room, or $209 million. Eastdil Secured is representing Host, a REIT in Bethesda, Md.The hotel, at 541 Lexington Avenue, is part of the luxury W Hotel line operated by Bethesda-based Marriott International....



Apartment Tower for Sale in Queens

Wed, 24 Jan 2018
A new luxury apartment property is on the market in Queens, N.Y., just across the East River from Midtown Manhattan.The 391-unit tower, in the Long Island City neighborhood, opened last year and is 97% leased. The property, One Queens Plaza South, features condominium-quality finishes and unobstructed views of the Manhattan skyline. Market pros expect bids to come in around $275 million, or just over $700,000/unit.Hodges Ward Elliott is...



New Buyer Emerges for Hawaii Hotel

Wed, 24 Jan 2018
A partnership between Dune Real Estate and Highgate Hotels has agreed to buy a 623-room hotel on Hawaii&rsquo;s Waikiki Beach, after an earlier deal fell apart.The duo will pay $212 million, or $340,000/room, for the leasehold interest in the Hilton Garden Inn Waikiki Beach, in Honolulu. Eastdil Secured is representing the seller, a joint venture between Rockpoint Group of Boston and local firm BlackSand Capital.The Rockpoint partnership turned...



Iconiq Eyes Stake in Boston Hotel

Wed, 24 Jan 2018
Iconiq Capital is negotiating to buy a stake in a high-end Boston hotel.The San Francisco investment and advisory shop is in talks to join the group that owns the 273-room Taj Boston, in the Back Bay district. Market pros estimate the hotel is worth just over $200 million. The size and value of the stake to be traded have yet to be determined.The current ownership includes Boston-based Rockpoint Group, Lubert-Adler of Philadelphia, New England...



Bundle of Warehouses on Block in NJ

Wed, 24 Jan 2018
Sitex Group is shopping 11 Northern New Jersey warehouses suitable for &ldquo;last-mile&rdquo; distribution facilities, with potential to raise below-market rents.The 909,000-square-foot portfolio encompasses 10 properties that are 93.7% occupied, plus a new 271,000-sf building that isn&rsquo;t yet leased. Bids are expected to hit $195/sf, or $177 million, setting the stage for one of that market&rsquo;s biggest-ever industrial trades.CBRE is...



Blue Vista Mapping Biggest Fund

Wed, 24 Jan 2018
Blue Vista Capital is seeking to raise $500 million of equity for what would be its largest fund.The value-added vehicle, Blue Vista Real Estate Partners 5, would pursue returns of 14-16% via a mix of acquisitions and development plays involving major property classes nationwide &mdash; typically forming partnerships with local operators. With leverage and joint-venture equity, it could have $2 billion of buying power.The four previous funds in...



Sentinel Snags Lenovo Campus in NC

Wed, 24 Jan 2018
Sentinel Real Estate has agreed to pay about $135 million for a suburban Raleigh office campus that&rsquo;s fully leased to technology giant Lenovo.The 486,000-square-foot complex, in the Research Triangle Park submarket, would generate a 5.7% initial annual yield at the $278/sf valuation. Cushman & Wakefield is representing the seller, a partnership between London-based 90 North Real Estate and Azran Wealth of Dubai.The price would be the...



Buyer Found for Phila. Office Tower

Wed, 24 Jan 2018
A joint venture between American Real Estate Partners and Independencia Asset Management has struck a deal to pay about $160 million for a Philadelphia office tower.The duo is buying the 826,000-square-foot building, at 1600 Market Street, from Equity Commonwealth, a Chicago REIT led by investor Sam Zell. HFF is brokering the sale.The Class-A property, in the Market Street West submarket, was pitched as a value-added play because its 82%...



CBRE Takes NY Title From Eastdil

Wed, 24 Jan 2018
The defection of a top broker team from Eastdil Secured shook up New York&rsquo;s office league table last year.CBRE jumped to the top of the ranking, snapping Eastdil&rsquo;s eight-year winning streak. Cushman & Wakefield, which poached the former Eastdil team, surged into second place. And Eastdil fell to third (see table on Page 12).CBRE&rsquo;s $4.5 billion of office trades nearly matched the combined totals of Cushman ($2.7 billion) and...



Offices Near Denver Up for Grabs

Wed, 24 Jan 2018
Highbrook Investors is pitching a 1.3 million-square-foot office campus in suburban Denver to value-added investors.The 20-building Denver West Business Park, in Lakewood, is expected to attract bids of $150 million, or $115/sf. CBRE has the listing.The property is just 79% occupied. The marketing effort touts the potential to fill vacant space. Since buying the complex from Connexion Asset Group of Denver for $104 million in 2014, New York-based...



Leased-Up Virginia Offices Available

Wed, 24 Jan 2018
Bridge Investment has teed up a Virginia office complex after fully leasing it up.The 420,000-square-foot SunTrust Center 1&2, in the Richmond suburb of Glen Allen, is expected to command bids of roughly $68 million, or $162/sf. That would produce an initial annual yield in the realm of 7%. Cushman & Wakefield&rsquo;s local affiliate, Thalhimer, is brokering the sale.Bridge, of Salt Lake City, acquired the property a year ago for $45 million. At...



New Denver-Area Warehouse for Sale

Wed, 24 Jan 2018
A joint venture is shopping a new distribution center in the Denver area that could attract bids of $70 million.The 421,000-square-foot property, in an unincorporated area of Adams County, was completed last year on a speculative basis and is already 95% leased. At the estimated $166/sf valuation, the initial annual yield would be 4-5%. CBRE is representing the owners, Denver developer Westfield Co. and an unidentified equity partner.There are...



Value-Added Apartment Play in Pa.

Wed, 24 Jan 2018
AION Partners is marketing a value-added apartment complex in Harrisburg, Pa., that could fetch about $58 million.The 626-unit Stonebridge would generate an initial annual yield of about 6% at the estimated value of $93,000/unit. HFF is representing New York-based AION, a high-yield investment shop led by Michael Betancourt and Siraj Dadabhoy.The garden-style property, on a 38-acre site at 4212 Williamsburg Drive, is 94% occupied at an average...



CBRE: Cap Rates Steady in 2nd Half

Wed, 24 Jan 2018
Capitalization rates on U.S. commercial real estate generally held at &ldquo;rock solid&rdquo; levels in the second half of last year, according to CBRE.Prices rose slightly on downtown offices, apartment buildings and industrial properties, but fell on retail properties, according to the brokerage&rsquo;s semi-annual report on cap rates, based on property acquisitions across property types and geographic markets.&ldquo;With the exception of most...



NEW DEALS

Wed, 24 Jan 2018
Suburban Dallas Multi-Family ComplexNicholas Residential bought a 278-unit apartment property in the Dallas suburb of Plano, Texas, at yearend for $42.8 million, or $154,000/unit. The complex, Park on Spring Creek, has 1-2 bedroom units that are 96% occupied. Newmark brokered the sale for CWS Capital of Newport Beach, Calif. Dallas-based Nicholas raised $4.3 million of its $10.3 million equity slug via CrowdStreet, an online crowdfunding platform...



MARKET SPOTLIGHT: Central Florida Apartment Properties

Wed, 24 Jan 2018
Starwood Property recently agreed to buy 28 Florida affordable-housing properties for $600 million. Most of the 6,185 units are in Greater Orlando. The deal will close in phases by June.Corporate expansion is fueling high-paying jobs in the Tampa area. Among 52 metro areas, Tampa ranks 15th for potential job growth over the next five years, according to Green Street Advisors, which noted that firms like MetLife and Amgen plan to add roughly 2,500...



THE GRAPEVINE

Wed, 24 Jan 2018
<span style="background-color: initial;"&rt;Acquisitions veteran Peter Rumbold joined Soros Fund Management this month to help build out its real estate platform. Rumbold is a managing director in the New York headquarters of billionaire George Soros’ family office. The shop is targeting opportunistic deals on both properties and companies nationwide. Rumbold was most recently at Winter Properties of New York as head of acquisitions. He had prior...



THE GRAPEVINE

Wed, 24 Jan 2018
Newmark has picked off a six-member team from Savills Studley to expand its West Coast retail platform. The Los Angeles-based group is led by vice chairman Bill Bauman and includes executive managing directors Bryan Norcott and Kyle Miller. They started this week, working alongside Newmark&rsquo;s retail teams in San Diego and Northern California. Bauman was at Savills for nine years and was co-head of its global retail-services group. He also...



THE GRAPEVINE

Wed, 24 Jan 2018
JLL added four investment-sales brokers to its retail team in Los Angeles this week. Tom Lagos and Patrick Toomey started Monday as executive vice presidents, while Heather Boren and Jordan Uttal joined as vice presidents. They&rsquo;ll work with executive vice president Geoff Tranchina to increase sales in Southern California. Lagos came from Colliers International, where he spent 10 years and crossed paths with the other three recruits. Toomey...



THE GRAPEVINE

Wed, 24 Jan 2018
Real estate crowd-funding platform RealtyMogul this month tapped Aaron Halfacre as president. He was formerly president and chief investment officer of student-housing REIT Campus Crest Communities, which was acquired in 2016 by Harrison Street Real Estate Capital. Earlier, Halfacre spent almost two years at Cole Capital, where he was head of strategic relations, and was at BlackRock for more than seven years. RealtyMogul, which raises equity for...



THE GRAPEVINE

Wed, 24 Jan 2018
Jed Resnick joined Douglaston Development of New York this month as chief operating officer. His duties include acquisitions, lining up project financing and business development. Resnick spent the past three years at Grafton Street Capital of New York, where he was a principal and managing director. He had prior stints at LeFrak Organization and Katzenbach Partners, both also of New...



THE GRAPEVINE

Wed, 24 Jan 2018
Blackfin Real Estate Investors added Aquene Hernandez this week as an associate. The Arlington, Va., firm, founded in 2016 by Andrew Buchanan and Doug Root, forms joint ventures to buy value-added multi-family properties in the Eastern U.S. Hernandez&rsquo; duties include asset management and supporting construction and renovation efforts. Blackfin also recently hired Forest Dalton as president of its construction business and Jason Lokke as a...



THE GRAPEVINE

Wed, 24 Jan 2018
Boutique placement agent JTP Capital hired an analyst this month to assist with market research and business development. Jonathan Waldner had spent the past three years as an analyst at Morgan Stanley. JTP is led by founder and chief executive Mitchell Sikora. The firm last year hired Larry Kohn as a managing director to help lead its capital-raising...



ON THE MARKET

Wed, 24 Jan 2018
Office/R&D:Property: 601 McCarthy Boulevard, Milpitas, Calif.Size: 189,000 sf, 100% leasedEstimated Value: $77 million $407/sf, Yield: 7%Owner: Embarcadero Capital, Belmont, Calif., and True North Management , White Plains, N.Y.Broker: HFFColor: Class-A property fully leased until 2027 by FireEye, a cybersecurity firm with a $2.6 billion market capitalization. Two-story building, developed in 1998, underwent a $24.6 million renovation completed...



Blackstone Tees Up 5 Offices in Calif., Seattle

Wed, 17 Jan 2018
Blackstone is shopping five West Coast office properties with a combined value of about $1.4 billion.The fund giant has tapped Eastdil Secured to run separate marketing campaigns for the properties, which encompass 2.5 million square feet. The biggest is in the Los Angeles area, two are in the San Francisco area and the other two are in Greater Seattle.The offerings don&rsquo;t reflect any decrease in Blackstone&rsquo;s interest in the region,...



Medical-Office Shop Maps Big Buying Spree

Wed, 17 Jan 2018
With a fresh infusion of capital from Fosun International, Everest Healthcare Properties is planning $1 billion of acquisitions in the growing medical-office sector over the next 18 months.A Fosun subsidiary acquired a majority interest in the Scottsdale, Ariz., firm in October for an undisclosed price. The Chinese behemoth is expected to commit additional capital to build a sizeable portfolio of U.S. healthcare-related properties via...



Big Southeast Apartment Package Hits Market

Wed, 17 Jan 2018
In what figures to be one of the year&rsquo;s largest multi-family offerings, AVR Realty and partners are marketing 13 properties in the Southeast that could trade for as much as $850 million.The properties, a mix of garden-style complexes and urban high-rises, encompass 3,760 units in the Carolinas, Georgia and Florida.The weighted average vintage is only three years. But some were constructed as long ago as 2006 and have value-added potential....



Family Office Plans Apartment Push

Wed, 17 Jan 2018
The family that founded the Hudson News chain of newsstands is gearing up to become a major player in the multi-family sector.Hudson Capital Properties of New York, formed by the Cohen family in 2009 after the sale of the newsstand business, has gradually amassed a 6,500-unit portfolio, valued at $800 million. Now it&rsquo;s embarking on a three-year plan to more than triple its portfolio to some 25,000 units, worth $2 billion to $3 billion. The...



Bundle of US-Leased Offices for Sale

Wed, 17 Jan 2018
A national portfolio of 15 office buildings, almost fully leased to federal agencies, has hit the block with an extimated value of $550 million.The listing encompasses 1.7 million square feet of space that&rsquo;s 98.3% occupied by 47 tenants. Nearly all the leases, accounting for 99% of the portfolio&rsquo;s income, are with the General Services Administration, which manages the real estate needs of federal agencies.Eastdil Secured and Cushman &...



EastBanc Team Strikes DC Office Deal

Wed, 17 Jan 2018
A joint venture between EastBanc and Munich Re has agreed to pay roughly $250 million for a fully leased office building in Washington.The duo is acquiring the 214,000-square-foot property, at 1440 New York Avenue NW, from an unidentified separate-account client of New York-based Clarion Partners. The per-foot valuation of $1,168/sf would rank among the highest ever for a Washington purchase. Cushman & Wakefield is brokering the...



Updated Miami Beach Hotel on Block

Wed, 17 Jan 2018
Quadrum Global is marketing a recently renovated hotel in Miami Beach&rsquo;s Art Deco district.The 250-room Nautilus South Beach is expected to command bids of $180 million, or $720,000/room. The upper-upscale hotel is being offered unencumbered by both brand and management contracts. CBRE Hotels has the listing.The 1950s-vintage property was designed by famed architect Morris Lapidus, who created the Fontainebleau and other Miami-area hotels....



Harbert Finds LPs for Europe Fund

Wed, 17 Jan 2018
Harbert Management has closed on an initial round of equity for a fund that will purchase properties in Europe.Harbert European Real Estate Fund 5 held its first close in December with &#8364;303 million ($370 million). It has an overall equity target of &#8364;600 million. The vehicle seeks opportunistic returns via investments in office, retail, industrial, residential and mixed-use properties in Western and Central Europe.Harbert typically...



Luxury Rentals in Queens Available

Wed, 17 Jan 2018
Lightstone Group is marketing a luxury apartment building in the Long Island City section of Queens, N.Y.The 199-unit Gantry Park Landing, which is one block from the East River, is expected to attract bids of about $140 million, or $704,000/unit. HFF is representing New York-based Lightstone, headed by investor David Lichtenstein.The 12-story building, at 2-14 50th Avenue, is 98% occupied. The apartments range in size from studios to three...



Rockwood Purchasing East Bay Offices

Wed, 17 Jan 2018
Rockwood Capital has agreed to pay Nevada Public Employees roughly $95 million for a Northern California office property.The 193,000-square-foot Growers Square, a Class-A complex in Walnut Creek, is 87.3% leased. At the valuation of about $492/sf, New York-based Rockwood&rsquo;s initial annual yield would be about 5.5%.Newmark is brokering the sale for the Nevada pension, which is advised by Dallas-based Invesco Real Estate. It acquired the...



Hines Lists Apartments in Pasadena

Wed, 17 Jan 2018
Hines is pitching a new luxury apartment property in suburban Los Angeles as a core play.The 212-unit Ellington, at 3300 East Foothill Boulevard in Pasadena, Calif. is expected to attract bids of $525,000/unit, or $111 million. At that price, the buyer&rsquo;s initial annual yield would be 4.25-4.5%. Cushman & Wakefield is representing Houston-based Hines.The four-story building was delivered at yearend 2016 and reached 95% occupancy in less than...



Net-Leased Florida Offices Pitched

Wed, 17 Jan 2018
Gramercy Property is marketing a South Florida office building that&rsquo;s fully leased to Royal Caribbean Cruises.The 129,000-square-foot property, in Miramar, is valued at roughly $50 million, or $388/sf. At that price, the capitalization rate would be 6%. Cushman & Wakefield is representing New York-based Gramercy.The three-story property, at 14700 Royal Caribbean Way, was built in 2001 for Royal Caribbean and houses its call-center...



M&A Volume Up 60%; BofA, Goldman Top Advisors

Wed, 17 Jan 2018
Mergers and acquisitions of real estate companies last year recorded the second-highest tally since the market crash &mdash; and advisors see no slowdown coming.Seventeen companies were taken over for an aggregate $58 billion, up 60% from $36.3 billion in 2016 and not far off the post-crash peak of $68.4 billion in 2015, according to Real Estate Alert&rsquo;s annual review of the M&A market.Bank of America was the most-active advisor, working on...



Office Leasing Play Pitched Near LA

Wed, 17 Jan 2018
GI Partners is marketing an office complex in El Segundo, Calif., that could attract bids of $180 million from value-added investors.The three-building property, called AirFlyte, encompasses 549,000 square feet of space that&rsquo;s fully occupied by Raytheon and AT&T unit DirecTV. But Raytheon is downsizing, in a move that will reduce the occupancy level to 81%.At the estimated price of $328/sf, the initial annual yield would be 5%. But the...



DC-Area Grocery Center Available

Wed, 17 Jan 2018
A local owner is marketing a grocery-anchored shopping center in suburban Washington that includes a medical-office component and has some expansion potential.The 233,000-square-foot Congressional North, in Rockville, Md., is 97% leased. Market pros expect it to fetch $105 million, which would give a buyer an initial annual yield of 5.5%. Owner Cohen Siegel Investors of Rockville listed the building with Newmark.The retail space, encompassing...



Renovated NJ Apartments on Block

Wed, 17 Jan 2018
A developer is marketing a Northern New Jersey apartment building that was just renovated and fully converted to market rents.The 146-unit property, in Fairview, could attract bids of about $50 million, or $342,000/unit. At that price, the buyer&rsquo;s initial annual yield would be 5.25%. HFF is representing the seller, Roizman Development of Plymouth Meeting, Pa.The 12-story building, at 371 Bergen Boulevard, is still being stabilized following...



MARKET SPOTLIGHT: Northern Virginia Office Properties

Wed, 17 Jan 2018
Brokers anticipate an active pipeline of offerings in the first half.Buyer demand has driven up the value of properties near public transportation in markets like Arlington and Tysons, creating a capitalization-rate gap with other offices, according to Green Street Advisors.Owners are anxiously awaiting decisions on the federal budget. JLL notes that an expected increase in defense spending would fuel leasing demand from government...



The Grapevine

Wed, 17 Jan 2018
Managing director Erik Horvat left Fosun Property last month to pursue other opportunities. The buzz is the split was amicable. He joined the subsidiary of Shanghai conglomerate Fosun International in 2014 to build a U.S. real estate platform. Based in New York, he made several hires and led the lease-up and recent refinancing of Fosun&rsquo;s main holding, the 2.1 million-square-foot tower at 28 Liberty Street in Lower Manhattan. Horvat...



The Grapevine

Wed, 17 Jan 2018
Multi-family veteran Ed Ryder has parted ways with Waypoint Residential. His final day at the Stamford, Conn, apartment shop was last week, and the buzz is he&rsquo;s looking for a new position. Ryder joined Waypoint at midyear 2016 as a senior managing director to lead portfolio management and work on investments in the Midwest and Western U.S. Previously, he was head of the multi-family platform at Chicago fund operator Pearlmark Real Estate,...



The Grapevine

Wed, 17 Jan 2018
Marc Schulder has joined BlueGate Partners as a managing director in the investment banking firm&rsquo;s New York office. He started this month, lining up equity and debt for properties across all asset classes. Schulder was previously a managing director at Ackman-Ziff Real Estate, where he spent the last four years. Before that, he worked in asset management and investment management for several owner-operators and fund...



The Grapevine

Wed, 17 Jan 2018
Ted Robottom joined developer Real Estate Equities in New York last week as vice president of acquisitions. He reports to Brandon Miller and Mark Siegel, who run the firm founded by Michael Miller in 1978. Robottom moved over from AMAC Holdings, a New York affiliate of Uniondale, N.Y., REIT Arbor Realty. He previously worked at Lightstone Group of New York and J.P. Morgan Asset...



The Grapevine

Wed, 17 Jan 2018
Jason Klier started last month at Buzz Oates as a vice president of asset management at the developer&rsquo;s Sacramento headquarters. Klier came from Hutensky Capital of Hartford, where he spent a year as a vice president of acquisitions in Northern California. Before that, he worked for seven years at Phillips Edison and its spinoff PECO Real Estate, where he was a vice president of investments. Buzz Oates focuses on California&rsquo;s Central...



The Grapevine

Wed, 17 Jan 2018
Placement agent Atlantic-Pacific Capital has hired Nick Ohler as a senior associate at its New York headquarters. He started in the past few weeks. His duties include helping the firm&rsquo;s partners raise capital for real estate funds and other investment vehicles. Ohler came from Stanwich Advisors of Stamford, Conn.



The Grapevine

Wed, 17 Jan 2018
Artemis Real Estate wants to hire two analysts with 1-3 years experience to work on property acquisitions. One would be based at the fund operator&rsquo;s headquarters in Chevy Chase, Md., and the other in Los Angeles. The firm recently held an initial equity close on $661 million for Artemis Real Estate Partners Fund 3, which has a $750 million goal. Candidates can email Rita Parker at...



ON THE MARKET

Wed, 17 Jan 2018
OFFICE/R&DProperty: HPE Campus, 11445 Compaq Center West Drive, HoustonSize: 2 million sf, 100% leasedEstimated Value: $55 million, $28/sfOwner: Hewlett Packard Enterprise, Palo Alto, Calif.Broker: JLLColor: Hewlett Packard will lease back the property while it builds a new campus. After the company vacates, the 74-acre property along Highway 249 could be redeveloped for mixed use or repositioned for new...



Blackstone to Pay $1 Billion for Hawaii Hotel

Wed, 10 Jan 2018
Blackstone has struck a deal to acquire the Grand Wailea luxury resort on Maui for almost $1.1 billion, in what would be one of the nation&rsquo;s largest-ever hotel trades.The fund giant has agreed to pay a whopping $1.4 million/room for the 780-room resort, one of 29 hotels that Hilton Worldwide groups under its global Waldorf Astoria flag. Eastdil Secured is believed to be representing the seller, Singapore sovereign-wealth fund GIC.A trade at...



Brookfield Lists Value-Added Houston Tower

Wed, 10 Jan 2018
Fresh from making a blockbuster bet on downtown Houston, Brookfield Asset Management is pitching an opportunity for another investor to follow its lead on a smaller scale.The Toronto firm is shopping a 1.1 million-square-foot skyscraper that will soon be more than half vacant. The Class-A building, at 1600 Smith Street, will likely attract bids of about $200 million from value-added investors. HFF has the listing.The largest tenant, United...



Clarion Strikes Deal for Warehouse Portfolio

Wed, 10 Jan 2018
Clarion Partners has agreed to buy a portfolio of high-quality distribution warehouses from Pauls Corp. for about $345 million.Denver-based Pauls marketed the 3.7 million-square-foot package via CBRE in two sub-portfolios: one encompassing stabilized properties with below-market rents in the Denver area, the other consisting of recently completed warehouses still in their initial lease-up phase, in the Las Vegas, Dallas and Atlanta markets.The...



Jamestown to Invest in US Steel Tower

Wed, 10 Jan 2018
Jamestown Properties has agreed to acquire a 40% stake in Pittsburgh&rsquo;s U.S. Steel Tower, in a deal that values the trophy office property at $340 million.The Atlanta investment manager is acquiring the interest in the 2.3 million-square-foot building from New York-based 601W Cos., which is retaining the remaining interest. At the estimated value of $148/sf, Jamestown&rsquo;s initial annual yield would be 7%. Cushman & Wakefield is brokering...



Artemis Corrals $661 Million for Fund

Wed, 10 Jan 2018
Artemis Real Estate has closed on $661 million of initial equity for its third fund targeting diverse properties.With the commitments, Artemis Real Estate Partners Fund 3 is already larger than its $580 million predecessor, whose final close was in 2014.Artemis, which began marketing the new fund six months ago, is likely to exceed its $750 million equity goal.The Chevy Chase, Md., investment manager is targeting a 14-15% return by acquiring...



NC Medical Offices Set Price Record

Wed, 10 Jan 2018
Harrison Street Real Estate Capital has paid Hines $141.9 million for a medical-office building in Durham, N.C., that&rsquo;s fully occupied by Duke University under a long-term lease.The sale of the 327,000-square-foot Hock Plaza late last month set a new price record of $434/sf for offices in the Raleigh-Durham area. The initial annual yield for Harrison Street was just under 5%. The Chicago fund shop targets niche properties, including medical...



Top Dollar Eyed for Palo Alto Offices

Wed, 10 Jan 2018
An office building in the heart of Silicon Valley has hit the market with expectations it could fetch roughly $110 million from core investors.The 57,000-square-foot property in downtown Palo Alto, Calif., is fully leased. Listings worth more than $100 million are rare in that city, so it&rsquo;s expected to command attention from foreign and domestic institutions and other investors seeking entry into the tech-heavy market.Newmark is...



Canadian Firm Drumming Up 5th Fund

Wed, 10 Jan 2018
Canadian apartment buyer Conundrum Capital has begun marketing its fifth fund.The Toronto firm is seeking to raise C$300 million ($240 million) of equity for Q Residential Multi-Family Private Equity Fund 5. It will invest in multi-family properties across Canada, with a focus on large markets.The strategy is to acquire apartment properties from local operators and bring their management up to institutional standards. The fund series has...



DRA Shows Class-A Charlotte Tower

Wed, 10 Jan 2018
A DRA Advisors partnership is marketing a Charlotte office tower that could attract bids of about $150 million.The 587,000-square-foot property, at 400 South Tryon Street in the Central Business District, would produce an initial annual yield of 6.5% to 6.75% at the estimated value of $256/sf. CBRE is representing New York-based DRA and its local partner, Trinity Partners.The 33-story building is 94.6% leased. Duke Energy, which is rated Baa1/A-...



New Apartment Shop Nets First Deal

Wed, 10 Jan 2018
A new investment shop that&rsquo;s aiming to buy $100 million of apartments this year has closed on its first deal.Aurelie Capital, founded last August by former JLL executive Pavan Malhotra, is initially investing with an unidentified California foundation that has pledged to provide $20 million of equity for investments. The foundation will take majority stakes, and Aurelie will hold small minority stakes and manage the investments.In its first...



Encore Seeking $300 Million for Fund

Wed, 10 Jan 2018
Encore Capital has set a $300 million equity target for a fund that would develop multi-family properties.The San Francisco operator builds apartment properties nationwide, with a focus on urban centers that have large populations, high job-growth rates and relatively low supply. The firm, which often teams up with local operating partners, will also consider redevelopment projects.The vehicle, Encore Housing Opportunity Fund 3, would target a...



Net-Leased NJ Retail Center Offered

Wed, 10 Jan 2018
A master-leased shopping center in New Jersey is on the block with an estimated value of $55 million.The 138,000-square-foot Franklin Towne Center, in Franklin Park, is leased to Ahold Delhaize, the parent company of Stop & Shop, although the grocer isn&rsquo;t an occupant. The property is just 50% occupied, following last year&rsquo;s closing of anchor store Stein Mart. HFF is marketing the property for Norse Realty of Lake Success, N.Y. At the...



NEW DEALS

Wed, 10 Jan 2018
North Carolina Apartment PropertyA Blackfin Real Estate partnership last week paid $28.1 million for a 502-unit apartment complex in Westborough, N.C. The deal, brokered by Marcus & Millichap and Triad Commercial Properties, valued the Class-B Westborough Apartments at $56,000/unit. The seller was Mid-Cap Advisors of New York. The property, which is 95% occupied, is at 5939 West Friendly Avenue, some 25 miles east of Winston-Salem. Blackfin, of...



Wis. Offices Marketed as Core Play

Wed, 10 Jan 2018
A developer is asking $116.5 million for six Class-A office buildings and an industrial property in Madison, Wis.The 505,000-square-foot package is being pitched to core investors based on its quality, high occupancy rate and stable rent roll. A sale at the valuation of almost $231/sf would produce a 6.7% initial annual yield.The offering is drawing interest from a mix of foreign and domestic investors seeking higher yields than can be found in...



San Diego Office/Medical Opportunity

Wed, 10 Jan 2018
An office/medical campus is up for grabs in the affluent La Jolla section of San Diego.The 198,000-square-foot Campus on Villa La Jolla could attract bids of about $95 million, or $480/sf. Newmark is representing the unidentified seller.The marketing pitch is that a buyer could seek to boost the 82% occupancy rate and raise rents on existing leases as they roll over.The nearly seven-acre campus connects to the University of California San Diego...



Equity Sought for Complex Near USC

Wed, 10 Jan 2018
A developer is seeking to raise about $90 million of equity for a planned mixed-use project in Los Angeles.Ventus Group expects to receive approvals this year to build the complex on a 4.4-acre site on Figueroa Street, within a block of the University of Southern California&rsquo;s main campus. It would encompass student housing and other residential units, a hotel, offices and retail space.The project, dubbed The Fig, is estimated to cost about...



MARKET SPOTLIGHT:&nbsp;Southern California Industrial Properties

Wed, 10 Jan 2018
<span style="background-color: initial;"&rt;While the final tally still is unavailable, a strong fourth quarter likely pushed 2017 sales of large properties past the $3.1 billion annual record set in 2016.</span&rt;<br&rt;But market pros expect 2018 to get off to a slow start. One reason: Heavy turnover during the historic two-year sales run has reduced the number of potential listings. What’s more, owners are wary of being unable to redeploy sales...



The Grapevine

Wed, 10 Jan 2018
TH Real Estate has awarded the listing for the Washington office building at 1001 Pennsylvania Avenue NW to HFF. The 780,000-square-foot trophy could fetch bids of $750 million to $800 million, which would shatter the market&rsquo;s record for a single office trade. The TIAA unit paid $461.3 million for the property in 2004.



The Grapevine

Wed, 10 Jan 2018
Research veteran Dan Fasulo has joined Newmark as senior managing director of data and technology. He previously worked at MetaProp NYC, Yardi Systems and DMG Information, but is best-known for a 10-year stint at Real Capital Analytics. Fasulo was head of global research for the firm, which he left in 2014. He started at Newmark last month, about the time the brokerage went public via a $280 million initial public...



The Grapevine

Wed, 10 Jan 2018
Mike Kendall started at Colliers International last month as an executive director in Irvine, Calif. He is tasked with helping expand capital-markets services in the Western region, with a focus on industrial deals. Kendall was previously a senior vice president at CBRE, where he worked for six years. He also held posts at Turner Development and Koll...



The Grapevine

Wed, 10 Jan 2018
Kerry Hawkins was added to HFF&rsquo;s team in Boston this month as a senior director focused on office transactions. Hawkins previously was a first vice president at CBRE, where she worked on office sales and leasing. She spent a total of 16 years there in two stretches, with a nearly three-year stint at Trammell Crow in between. Hawkins reports to Coleman Benedict, a senior managing director who co-heads the Boston...



The Grapevine

Wed, 10 Jan 2018
Toni Steele has joined JLL in Los Angeles to work on institutional office sales. She started late last month as an executive vice president. Steele came from Goldman Sachs, where she spent nearly 13 years, ultimately serving as a vice president of acquisitions and asset management in Southern California.



The Grapevine

Wed, 10 Jan 2018
Two JBG Cos. alumni, Ashesh Parikh and Buji Tallapragada, launched their own multi-family investment firm this month. Lock Three Properties of Bethesda, Md., will acquire value-added apartment properties in Maryland and Virginia. Before working at JBG, where both were senior vice presidents, Parikh had a stint at Lehman Brothers&rsquo; real estate private equity unit and Tallapragada was a director at CBRE Global Investors. Vornado Realty...



The Grapevine

Wed, 10 Jan 2018
Managing director Alexander Chalmers left New York fund operator Avenida Capital at the end of November. The buzz is he will start a new investment shop. Chalmers spent six-plus years at Avenida, where his duties included investor relations. He previously worked at Jeffries & Co. and Silicon Valley Bank. Avenida, which has offices in Manhattan and Bogota, Colombia, focuses on real estate investments across Latin...



The Grapevine

Wed, 10 Jan 2018
Real estate crowd-funding platform RealtyMogul has installed its first chief investment officer on a permanent basis, as the firm looks to double its investment activity this year. Chris Fraley took the reigns full-time this month, following an interim appointment in June. He previously spent 13 years at Rockwood Capital, where he was a managing director before his departure in 2013. After that, he led his own firm and most recently was chief...



ON THE MARKET

Wed, 10 Jan 2018
OFFICE:Property: Physicians Medical Center, 901 Campus Drive, Daly City, Calif.Size: 76,000 sf, 92% leasedEstimated Value: $30 million, $395/sf, Yield: 5.1%Owner: Swift Realty Partners, San FranciscoBroker: HFFColor: Offering of leasehold interest in three-story medical-office building a few miles south of San Francisco. The two tenants have a combined weighted-average remaining lease term of 7.3 years. Property is one mile from two...



TIAA Unit Weighs Offering of DC Office Trophy

Wed, 20 Dec 2017
TH Real Estate is mulling whether to list a Washington office property that could command a record price.The TIAA unit is talking with multiple brokerages about valuations and options for 1001 Pennsylvania Avenue NW, including a potential sale of the approximately 800,000-square-foot, trophy-quality building. While a current valuation couldn&rsquo;t be learned, TH pegged it at $810 million in a third-quarter public filing.A sale at or near that...



Western Apartment Shop Targets East Coast

Wed, 20 Dec 2017
After establishing a few beachheads on the East Coast, TruAmerica Multifamily is gearing up to expand its presence in the region.The Los Angeles shop aims to buy as much as $800 million of value-added apartment properties in the Eastern U.S. over the next two years &mdash; amounting to 40-50% of its planned purchases nationally.The four-year-old firm &mdash; a partnership between Guardian Life and former Kennedy Wilson multi-family head Robert...



Grocery-Anchored Portfolio Split Up for Sale

Wed, 20 Dec 2017
Terramar Retail Centers has lined up buyers for $275 million of grocery-anchored shopping centers in suburban Seattle, as it breaks up a massive portfolio it put on the block a few months ago.Donahue Schriber is under contract to pay about $200 million for four centers totaling 589,000 square feet. Separately, a joint venture between First Washington Realty and Calpers has inked a deal to pay roughly $75 million for a 215,000-sf property in...



Penwood Fund Lines Up $325 Million

Wed, 20 Dec 2017
Penwood Real Estate Investment has raised $325 million of equity for its fifth and largest industrial fund.The Hartford shop held the final close last week, exceeding its $300 million target.The vehicle, Penwood Select Industrial Partners 5, is shooting for an 11-13% return by acquiring and building industrial properties, mostly warehouses. The sponsor typically forms joint ventures with local operators that manage the properties.Some 70% of the...



Goldman Strikes Nashville Office Deal

Wed, 20 Dec 2017
In one of Nashville&rsquo;s biggest office deals ever, Goldman Sachs has agreed to buy a Class-A downtown tower from an Illinois Teachers partnership for about $120 million.The price tag for the 490,000-square-foot Fifth Third Center, which works out to $245/sf, will provide Goldman with an initial annual yield of about 5.5%. Eastdil Secured is advising the Illinois pension fund and its partner, Lincoln Property of Dallas.The marketing campaign...



MetLife Lists Novartis Campus in Ga.

Wed, 20 Dec 2017
MetLife Real Estate Investors is gearing up to shop a suburban Atlanta corporate campus that&rsquo;s fully occupied by a unit of pharmaceutical giant Novartis under a long-term lease.The 800,000-square-foot property, in Duluth, Ga., is worth an estimated $110 million, or $138/sf. It encompasses five buildings with office, research-and-development, distribution and manufacturing space. Cushman & Wakefield, which has the listing, is expected to...



Shop's Debut Fund Holds First Close

Wed, 20 Dec 2017
Blackbird Investment has held an initial equity close on its first fund.The Chicago firm, formed three years ago by Greg Adler and Todd Vender after they left Blue Vista Capital, last month locked in $14.4 million of equity commitments for Blackbird Sponsor Equity Partners, according to an SEC filing. The sponsor started soliciting capital in the summer of 2016, aiming to raise $50 million.Blackbird, which has separately completed some one-off...



CBRE Global Buying Atlanta Offices

Wed, 20 Dec 2017
CBRE Global Investors has agreed to pay $156 million for three office buildings totaling 750,000 square feet at Atlanta&rsquo;s Concourse Corporate Center.At the $208/sf valuation, the initial annual yield for the Los Angeles investment manager will be roughly 6%. Eastdil Secured is advising the seller, a Building and Land Technology partnership. The deal is expected to close by yearend.Building and Land, of Stamford, Conn., and its partner, Abu...



Price Record Broken Again in DC

Wed, 20 Dec 2017
Exan Capital has agreed to pay a record per-foot price for a Washington office building.The 113,000-square-foot property, at 900 G Street NW, is trading for about $1,270/sf, or almost $144 million.Exan, a Miami investment manager, invests on behalf of foreign buyers. Eastdil Secured is brokering the sale for a joint venture between ASB Capital of Bethesda, Md., and MRP Realty of Washington.The per-foot price would break the market&rsquo;s record...



Blackstone Unit Snags Vegas Rentals

Wed, 20 Dec 2017
Blackstone&rsquo;s multi-family platform has paid $115 million for two value-added properties in Las Vegas.The New York fund titan closed two weeks ago on the 674-unit portfolio, which is more than 95% occupied. The seller was a joint venture between Alliance Residential of Phoenix and a separate-account client of Boston-based AEW Capital. JLL brokered the sale, which valued the portfolio at $171,000/unit.The properties are about three miles...



NEW DEALS

Wed, 20 Dec 2017
Orange County Retail PropertyRetail Opportunity Investments will see an initial annual yield of roughly 5.75% on its purchase of a grocery-anchored shopping center in California&rsquo;s Orange County. The San Diego REIT paid $46 million late last month for the 88,000-square-foot Village at Nellie Gail Ranch, at 26532-62 Moulton Parkway in Laguna Hills. JLL advised the seller, Vintage Real Estate of Los Angeles. The center, developed in 1987 and...



Shop Set to Pitch 6th Apartment Fund

Wed, 20 Dec 2017
Apartment buyer Hamilton Point Investments, which is wrapping up the marketing campaign for its fifth fund, plans to quickly start soliciting capital for its next vehicle.The Old Lyme, Conn., operator has already closed on $90 million of equity for HPI Real Estate Opportunity Fund 5 &mdash; most of which has already been deployed. Hamilton Point has told investors it expects to have another $10 million of commitments by the final close, around...



Viking Marketing 4th Retail Vehicle

Wed, 20 Dec 2017
Retail-fund operator Viking Partners has begun marketing what would be its largest vehicle.The Cincinnati shop is seeking to raise $100 million of equity for Viking Partners Fund 4. It would pursue value-added returns via acquisitions of Class-A and -B retail properties. The focus would be the Midwest and Southeast, particularly college towns and state capitals. With leverage, the fund could have some $300 million of buying power.The firm&rsquo;s...



Georgia Retail Center Heads to Market

Wed, 20 Dec 2017
Weingarten Realty is getting ready to market a power center in suburban Atlanta valued at about $27 million.The listing encompasses 148,000 square feet at Lakeside Marketplace in Acworth, Ga. The offered space is 93.8% leased. A separately owned 175,000-sf Super Target, which isn&rsquo;t for sale, is a shadow anchor.At the estimated value, a buyer&rsquo;s initial annual yield would be 7.5%. Weingarten, a Houston REIT, has tapped CBRE to run the...



Land Leased to Power Plant for Sale

Wed, 20 Dec 2017
Hess Corp. is marketing the land beneath a power plant in Newark, N.J.The 22.9-acre parcel, at 921 Delancey Street near the Port of Newark, is valued at roughly $25 million. It is leased to an entity controlled by the infrastructure group of Los-Angeles-based Ares Management, which operates the Newark Energy Center power plant.The triple-net ground lease generates $1.2 million of annual rent and runs until 2032. There are annual rent bumps tied...



Virginia Office Portfolio Up for Grabs

Wed, 20 Dec 2017
A Penzance Management partnership is pitching a Northern Virginia office portfolio as a leasing play.The three buildings, totaling 266,000 square feet, are within a mile of one another along the Dulles Toll Road in Reston. They are being offered as a package. Bids are expected to approach $60 million, which would produce a 7% initial annual yield. Transwestern is advising Washington-based Penzance and its partner, an unidentified investment...



RCG Marketing Opportunity Fund

Wed, 20 Dec 2017
RCG Longview is seeking $60 million of equity for a fund that would shoot for a 15-18% return by investing in multi-family, office, retail and hotel properties across the U.S.The New York operator often makes preferred-equity investments, offering property owners a &ldquo;disproportionately large percentage of the upside in exchange for granting RCG Longview a priority on its capital,&rdquo; according to the company&rsquo;s website.The shop...



MARKET SPOTLIGHT: Northern/Central New Jersey Apartment Properties

Wed, 20 Dec 2017
Large sales have climbed past $1.5 billion this year, putting within reach the $1.65 billion record set in 2007.Sky-high construction costs in Manhattan and Brooklyn are pushing developers into towns along the Jersey side of the Hudson River. But despite increased supply, the average occupancy rate in Northern New Jersey remains 96.4%, according to Green Street Advisors.Rent growth is on pace to average 4.2% this year, on top of a 2.6% hike in...



The Grapevine

Wed, 20 Dec 2017
Industry veteran Jeff Erenberg has joined State Street Global Advisors to work on acquisitions and asset management. He&rsquo;s based in Stamford, Conn., for the Boston investment manager. Erenberg spent the past six-plus years at Building and Land Technology, leaving that Stamford investment shop as a managing director. He previously worked for five years at Dubai Investment Group, where he was a senior vice president, and eight years at GE Real...



The Grapevine

Wed, 20 Dec 2017
It turns out that Stockbridge Capital negotiated the roughly $265 million purchase agreement for Three Alliance Center in Atlanta on behalf of Florida State Board, a separate-account client. Real Estate Alert previously identified San Francisco-based Stockbridge as the buyer of the 507,000-square-foot office tower. The valuation of about $525/sf is a new per-foot record in Atlanta. CBRE is brokering the sale for Tishman Speyer, which completed...



The Grapevine

Wed, 20 Dec 2017
Lisa Hillier has parted ways with Related Group of Miami, where she was a vice president of acquisitions, serving at the company for nearly eight years. Hillier this month joined startup Truss Holdings of Chicago as a regional senior vice president, opening and heading a San Francisco office. The firm, launched this year, touts itself as a technology-focused leasing platform that connects property owners with tenants seeking 10,000 sf of space or...



The Grapevine

Wed, 20 Dec 2017
Avison Young continues to build out its capital-markets team in Washington. Clayton Pristou started last month as a senior associate, helping to line up equity and debt on all property types. He was previously an associate at JLL. He follows three other JLL alumni &mdash; Wes Boatwright, Michael Yavinsky and Jon Goldstein &mdash; who joined in October as principals on the capital-markets team. Avison also added associate Ikenna Nwadibia in...



The Grapevine

Wed, 20 Dec 2017
Advalurem Group of New York wants to hire an associate to work on acquisitions and asset management. The recruit would help underwrite new deals, as well as oversee the shop&rsquo;s existing portfolio and lead disposition efforts. Candidates should have 3-5 years of experience, with a focus on underwriting office, multi-family and mixed-use properties. Contact Elysha Chang at echang@advaluremgroup.com for more information. Advalurem was founded...



The Grapevine

Wed, 20 Dec 2017
Prospera Hotels added a financial analyst to its team this month. Ryan Forster joined the Orange, Calif., firm to assist with acquisitions, asset management, business development and operations. He reports to Ron Kim, a senior vice president of real estate. Forster previously was a senior analyst in the hotel group of Integra Realty Resources in San Diego. His hiring was arranged by executive search firm RETS...



The Grapevine

Wed, 20 Dec 2017
World Class Capital is seeking an acquisitions associate at its Austin headquarters. The recruit would help senior acquisitions and development pros underwrite and close deals, and would work on market research. Candidates should have at least five years of experience in real estate investments or a related field. Preference will be given to those who previously worked on the principal...



Office Deals Keep Flowing in Orange County

Wed, 13 Dec 2017
The sizzling office market in California&rsquo;s Orange County is finishing the year with a bang.A high-profile listing hit the block last week, another has gone under contract and one more is in the final bidding round, setting the stage for some $440 million of trades. That follows some $2.2 billion of deals in the county so far this year &mdash; the highest volume since the recovery began.Newly on the market is the 479,000-square-foot Summit...



Hedging Expense Crimping Foreign Investors

Wed, 13 Dec 2017
For some foreign investors, the rising cost of insuring against fluctuations in currency values is undermining their ability to compete for U.S. real estate deals.Currency hedges are often purchased by overseas investors to safeguard the value of U.S. investments when translated to their home currencies. Until recently, that expense was typically offset by the higher returns that they were able to achieve in U.S. real estate relative to other...



Dallas Apartment/Retail Portfolio Up for Grabs

Wed, 13 Dec 2017
Sarofim Realty is marketing a Dallas portfolio that encompasses a luxury apartment building and 11 low-rise retail properties, some of which are ripe for expansion.The buildings, valued at about $260 million, are clustered in the Knox District, a trendy neighborhood in the city&rsquo;s urban core. The six-story apartment building, completed last year, has 165 units that are 93% occupied and retail space on the ground floor. Overall, the...



Beacon Fund Lines Up Equity

Wed, 13 Dec 2017
Beacon Capital has lined up $990 million of initial equity for its eighth high-yield fund.The Boston investment manager, which has set an overall $1.25 billion equity goal, typically shoots for value-added returns by acquiring office buildings it can reposition or redevelop. The geographic focus is urban markets with &ldquo;knowledge-based economies&rdquo; and high concentrations of colleges and teaching hospitals. Examples include Boston,...



Harvard Shows Boston Medical Labs

Wed, 13 Dec 2017
Harvard Medical School is offering fully leased medical-laboratory space in Boston that&rsquo;s valued at about $250 million.The listing covers 192,000 square feet in a 270,000-sf building at Four Blackfan Circle, in the Longwood Medical Center submarket. Harvard will sign a long-term lease for most of the space. The rest is occupied by two medical institutions. HFF and Transwestern share the listing.At the $1,302/sf valuation, the initial annual...



Buyer Found for San Jose Fairmont

Wed, 13 Dec 2017
A luxury hotel in Silicon Valley is changing hands for roughly $250 million.Eagle Canyon Capital has agreed to buy the 805-room Fairmont San Jose, in the city&rsquo;s downtown district. JLL is brokering the sale for Maritz, Wolff & Co. of St. Louis.The transaction would mark Eagle Canyon&rsquo;s first large hotel purchase. The San Ramon, Calif., firm, led by investor Sam Hirbod, has acquired a handful of office properties in the last few...



New Boston Rentals Fetch Top Dollar

Wed, 13 Dec 2017
Clarion Partners has struck a deal to buy a new luxury apartment property in Boston for just under $240 million &mdash; a record price for the city.The New York investment manager won a bidding contest for the 346-unit Watermark Seaport, in Boston&rsquo;s popular Seaport District. The two-building complex, which opened last year, is more than 90% occupied.At the roughly $640,000/unit price, Clarion&rsquo;s initial annual yield would be just under...



MetLife to Scoop Up Virginia Complex

Wed, 13 Dec 2017
A MetLife Real Estate Investors partnership has agreed to buy a 95% stake in a Northern Virginia office complex.The transaction values the 635,000-square-foot Boro Station complex, in Tysons, at roughly $245 million, or $385/sf. MetLife&rsquo;s partner couldn&rsquo;t be learned. Eastdil Secured is advising the seller, Meridian Group of Bethesda, Md., which is retaining the remaining 5% interest.Boro Station encompasses three interconnected...



Silverpeak Marketing Houston Offices

Wed, 13 Dec 2017
A Silverpeak Real Estate partnership is pitching a historic office building in downtown Houston that could attract bids of more than $70 million from value-added investors.The 24-story building, encompassing 375,000 square feet at 1001 McKinney Street, is 75% occupied. At the estimated price of $190/sf, the buyer&rsquo;s initial annual yield would be 7%. HFF is representing New York-based Silverpeak and its partner, local firm Cameron...



NEW DEALS

Wed, 13 Dec 2017
Orlando Apartment ComplexA Salt Lake City investment firm paid $57 million last week for a 371-unit apartment property in Orlando. Millburn & Co. bought the Place on Millenia from B&M Management of Montgomery, Ala. ARA Newmark brokered the sale, which valued the 95%-occupied property at $154,000/unit. The complex, at 5215 Millenia Boulevard, was built in 2007. Units have 1-3 bedrooms and are larger than those at comparable properties. Millburn...



Morgan Stanley Lands Boston Offices

Wed, 13 Dec 2017
Morgan Stanley Real Estate acquired a fully occupied office building in Boston&rsquo;s Seaport District last month for $140 million.The 201,000-square-foot property, at 253 Summer Street, was quietly shopped to a handful of potential buyers. Newmark brokered the sale for a joint venture between local firm Synergy Investments and Independencia Asset Management of Chile. Synergy, which will continue to operate the newly renovated property, may have...



Arizona Rental Complex for Sale

Wed, 13 Dec 2017
Picerne Group is offering a waterfront apartment complex in Tempe, Ariz.The 523-unit complex, along the north edge of Tempe Town Lake, is valued at about $115 million, or $220,000/unit. CBRE is representing Picerne, a San Juan Capistrano, Calif., multi-family firm led by Ken Picerne.The complex, which was built in 2007, is about 95% occupied. The pitch is that a buyer could boost its return by upgrading the units and common areas and then seeking...



John Buck Fund Holds First Close

Wed, 13 Dec 2017
John Buck Co. last week closed on $71.5 million of initial equity for its sixth fund.The vehicle, JBC Fund 6, has an overall $100 million goal, and investors have been told the Chicago investment manager expects to exceed that target. The maximum that can be raised is $150 million.John Buck looks to acquire office, multi-family and mixed-use properties nationwide that are suitable for renovation. It also develops properties. The manager forms...



Mixed-Use Building on Block in SoHo

Wed, 13 Dec 2017
An investment group has set a $39 million asking price for a small retail/apartment building in Manhattan&rsquo;s SoHo district.The 1900-vintage property, at 595 Broadway, encompasses 25,000 square feet over five floors, plus 10,000 sf underground. The ground floor is occupied by a short-term &ldquo;pop up&rdquo; retail tenant. The four upper floors contain eight fully occupied apartments &mdash; three with market rates and five subject to rent...



MARKET SPOTLIGHT: Boston and Cambridge Office Properties

Wed, 13 Dec 2017
Despite an abundance of buy-side capital, most owners remain reluctant to sell. That has slowed the pace of offerings in the second half.The trend will likely carry over to the new year, so properties that are listed will likely attract fierce bidding contests and premium pricing.A tight leasing market, driven largely by demand from technology companies, has boosted the average occupancy rate to 93% in Boston and 98% in Cambridge, leaving few...



The Grapevine

Wed, 13 Dec 2017
Stockbridge Capital has agreed to pay Tishman Speyer roughly $525/square foot for a new Atlanta office tower, breaking a record for that market. CBRE is brokering the sale of the 507,000-sf Three Alliance Center, in the strong Buckhead submarket, for Tishman Speyer, which developed the 30-story tower on a speculative basis and is leasing it up. San Francisco-based Stockbridge is paying about $265 million, which would produce a stabilized...



The Grapevine

Wed, 13 Dec 2017
The buzz is that InvenTrust Properties has broken up a big shopping-center portfolio, choosing multiple buyers for a series of deals totaling between $350 million and $400 million. The Downers Grove, Ill., nontraded REIT had put nine centers, totaling 2.7 million sf, on the block several months ago as package, via CBRE and HFF. But market pros say it has opted for about a half-dozen transactions instead. The centers are in secondary markets in...



The Grapevine

Wed, 13 Dec 2017
Development pro Peter Chavkin last month formed his own firm, Biddle Real Estate Ventures of New York. Initially, it will pursue residential development deals in metropolitan New York and Northern Virginia. The shop will also oversee projects for other investors. Chavkin, the firm&rsquo;s managing partner, spent the past seven years at SunCal, an Irvine, Calif., development firm focused on large, master-planned communities. Chavkin had prior...



The Grapevine

Wed, 13 Dec 2017
Chicago fund operator Blue Vista Capital has added a vice president at its headquarters. Dwight Stephenson started last month, tasked with building and maintaining relationships with the firm&rsquo;s operating partners, as well as originating deals for its multiple fund series. He reports to chief investment officer Laurie Smith. Stephenson joined from JLL, where he spent the past six-plus years. Blue Vista has been actively hiring this year. As...



The Grapevine

Wed, 13 Dec 2017
Quinlan Development of New York has signed on Andrew Manton as vice president of project management. His duties include assisting with acquisitions of land and buildings slated for redevelopment, as well as helping with asset management of the firm&rsquo;s existing properties. He started last week, reporting to principal Tim Quinlan and partner Tyler Wilkins. Manton came from Madison Equities of New York, where he was a senior project manager. He...



The Grapevine

Wed, 13 Dec 2017
Clarion Partners has added a senior associate in Los Angeles. Brian Hinds, who started last week, focuses on asset management for office properties. He reports to senior vice president Khalid Rashid. Hinds previously worked at UBS Wealth Management, Morgan Stanley and J.P. Morgan.



The Grapevine

Wed, 13 Dec 2017
Goldman Sachs is looking for an experienced asset manager. The recruit would join the investment bank&rsquo;s realty management division, based in Irving, Texas, and help mange a portfolio of up to 15 core and value-added properties. The job title would be associate or vice president, depending on experience. Candidates should have at least nine years of experience in asset management and transactions, preferably across asset...



ON THE MARKET

Wed, 13 Dec 2017
OFFICEProperty: One & Two River Crossing, IndianapolisSize: 205,000 sf, 92% occupiedEstimated Value: $35 million, $171/sfOwner: Franklin Street Properties, Wakefield, Mass.Broker: JLLColor: Class-A suburban office complex in the Keystone submarket. Off Interstate 465 in a mixed-use development that includes apartments and a hotel. Adjacent to the 700,000-sf Fashion Mall of...



Blackstone Snares Giant Industrial Portfolio

Wed, 06 Dec 2017
Continuing its aggressive acquisition strategy in the industrial sector, Blackstone has agreed to buy a 21 million-square-foot portfolio from Cabot Properties for roughly $1.8 billion.The investment giant edged out a strong line-up of heavy-hitter investors for the 146 warehouses, which were highly desirable because of their concentration in top markets. More than half of the space is in or around Atlanta, Baltimore/Washington, Chicago, Dallas,...



MSD Taps Apollo Vet as Real Estate Co-Head

Wed, 06 Dec 2017
Billionaire Michael Dell&rsquo;s family office has hired investment pro Coburn &ldquo;Cobie&rdquo; Packard as co-head of its real estate group.Packard is leaving Apollo Global at yearend and will immediately start as a partner at MSD Capital of New York. He will oversee real estate deals alongside partner Barry Sholem, who has been head of real estate since joining the firm in 2004. Sholem will remain in MSD&rsquo;s Santa Monica, Calif., office,...



Baupost Near Deal for Marathon Oil Tower

Wed, 06 Dec 2017
A Baupost Group partnership has emerged as the winning bidder for Marathon Oil Tower in Houston, capping an on-again, off-again marketing process by CBRE Global Investors that spanned two years as the property&rsquo;s value sank.A joint venture between Boston-based Baupost and local firm M-M Properties is hammering out an agreement to purchase the 1.2 million-square-foot office building for roughly $175 million, or $146/sf &mdash; well below the...



Japanese Shop to Buy Seattle Building

Wed, 06 Dec 2017
Takenaka Corp. has agreed to pay $269 million for a new Seattle office property leased to Amazon.com.The Japanese company will buy the 291,000-square-foot building, at 1812 Boren Avenue in the Denny Triangle neighborhood, from a joint venture between Principal Real Estate Investors and local developer Touchstone.The price translates to a hefty $925/sf, reflecting the property&rsquo;s new vintage, trophy-caliber finishes and downtown location, as...



Redeveloped Chicago Building Listed

Wed, 06 Dec 2017
An AXA Investment Managers partnership is marketing a building in Chicago&rsquo;s Central Loop that it recently redeveloped into high-end retail and office space.The 69,000-square-foot property, at 100 South State Street, is fully occupied on a long-term basis. That, coupled with its recent renovation, is expected to drive pricing to $80 million. Eastdil Secured has the listing.The five-story building, which formerly housed the headquarters of...



Duo Snags Retail Center Near Dallas

Wed, 06 Dec 2017
An American Realty partnership has agreed to buy a suburban Dallas shopping center from PGIM Real Estate for slightly more than $170 million.Los Angeles-based American Realty and its partner, DLC Management of Elmsford, N.Y., will acquire 836,000 square feet at the 1.2 million-sf property, in Allen, Texas. The remaining space is separately owned. Eastdil Secured is representing PGIM, of Madison, N.J.The shopping center, called Village at Allen,...



Fla. Distribution Center Out for Bid

Wed, 06 Dec 2017
Investors are getting a crack at a new distribution warehouse in Central Florida that is fully occupied by a PepsiCo subsidiary.The 605,000-square-foot CenterState Logistics Park, at 8060 State Road 33 North in Lakeland, is expected to attract bids of about $55 million. At that price, the buyer&rsquo;s initial annual yield would be 5.3%, based on net operating income of $2.9 million. Cushman & Wakefield is representing the owner, Brennan...



Madison Passing Hat for 7th Fund

Wed, 06 Dec 2017
Fund shop Madison International Realty is marketing its seventh opportunity fund.The New York investment manager is soliciting $1.5 billion of equity for Madison International Real Estate Liquidity Fund 7. That would make it the firm&rsquo;s largest vehicle yet, exceeding the predecessor Fund 6, which last year completed raising $1.4 billion, including co-investment vehicles. With leverage, it would have more than $3 billion of buying...



Carmel Snares NJ Apartment Complex

Wed, 06 Dec 2017
Carmel Partners has agreed to buy a Central New Jersey apartment complex for about $150 million, marking its first purchase in the Garden State.The San Francisco fund operator is acquiring the 896-unit Hunters Glen, in Plainsboro, from Aimco, a Denver REIT. At the $167,000/unit price tag, Carmel&rsquo;s initial annual yield will be about 5.5%. HFF is representing Aimco.Hunters Glen is the second big apartment complex to change hands this year in...



AXA Lands First Office Building in DC

Wed, 06 Dec 2017
AXA Investment Managers has struck its first office deal in Washington.The Paris investment manager agreed to buy the 211,000-square-foot building at 1401 New York Avenue NW for $165 million, or $782/sf, beating out Atlanta-based Jamestown Properties. Eastdil Secured is brokering the sale for a joint venture between Chicago-based Heitman and Minshall Stewart Properties of Bethesda, Md. The transaction is slated to close by the end of the...



Multi-Family Fund Lines Up Equity

Wed, 06 Dec 2017
A startup investment manager has completed raising $100 million of equity for its debut fund.The Houston shop, Marble Capital, is shooting for a 13-14% return by providing preferred equity to developers of multi-family properties nationwide.The operator aims to work with well-respected developers in top markets. It generally supplies $5 million to $15 million of capital per investment, in the portion of the capital stack between the construction...



Ariz. Apartments Ripe for Renovations

Wed, 06 Dec 2017
An apartment property in suburban Phoenix could fetch bids of close to $55 million from value-added investors.The 336-unit Tuscany Ridge, in Peoria, Ariz., is about 95% occupied, but hasn&rsquo;t seen significant renovations since it was built in 2004. A buyer could upgrade units and improve common areas to boost rents.At the estimated value of $160,000/unit, the initial annual yield would be 5-5.5%. CBRE is representing Sentinel Corp., a New...



Pacific West Fund Beats Equity Goal

Wed, 06 Dec 2017
Pacific West Land is wrapping up the marketing campaign for its latest property fund, with more capital than it initially set out to raise.The Bainbridge Island, Wash., firm has already raised $34 million of equity for the vehicle, Pacific West Real Estate Income 2. It plans to end the capital-raising effort at yearend, likely with about $40 million. It had set a $30 million equity target when marketing began about a year ago.The fund&rsquo;s...



Developer Shows NJ Shopping Center

Wed, 06 Dec 2017
A developer is offering a new shopping center in Northern New Jersey that likely will appeal to core investors.The 80,000-square-foot Hanover Crossroads, at 110 East Hanover Avenue in the Cedar Knolls section of Hanover Township, has an estimated value of up to $30 million. The buyer&rsquo;s initial annual yield at that price would be about 6%, based on net operating income of $1.8 million. Cushman & Wakefield is representing the developer, Key...



The Grapevine

Wed, 06 Dec 2017
Former Crescent Heights development executive Roman Speron has launched his own shop. Speron Group, the San Francisco firm he founded last month, will initially focus on consulting with residential developers in that market and in Chicago and Los Angeles. The firm will also seek to form partnerships for development deals in those cities. Speron spent nearly 14 years at Crescent, a Miami developer, where he was executive vice president of national...



The Grapevine

Wed, 06 Dec 2017
Granite Properties added Jason Purvis as a senior managing director last week to oversee acquisitions, development and leasing in Southern California. Purvis spent the last six years at Irvine Co. of Newport Beach, Calif., most recently as a regional vice president of corporate acquisitions, focused on Southern California and the Chicago area. At Granite, he reports to executive managing director Scott Martin. Search firm RETS Associates arranged...



The Grapevine

Wed, 06 Dec 2017
TruAmerica Multifamily has hired apartment specialist Doug Kelley in Washington to oversee asset management in the Eastern U.S. Kelley was previously a vice president of development at Snell Properties of Arlington, Va., and before that spent four years at AvalonBay Communities, also of Arlington, as director of redevelopment and asset management. He had prior stints at Home Properties and Ross Development. Kelley, who reports to chief operations...



The Grapevine

Wed, 06 Dec 2017
Boutique advisory shop Eyzenberg & Co. continues to expand. Joshua Brenner joined at the end of October as a business-development associate. He works with clients seeking equity and debt, reporting to founder David Eyzenberg. Brenner was previously an investment advisor with Fifth Avenue Financial of New York. The firm has added three associates in the past few months, including Nicholas Nguyen, who started in September after stints at the New...



The Grapevine

Wed, 06 Dec 2017
HFF opened a Seattle office this week as part of a move to bolster its presence in the Pacific Northwest. The regional operation is being overseen by senior managing directors Thomas Wilson and Ira Virden. Wilson, who previously headed the Portland, Ore., office, has relocated to Seattle. He continues as a member of HFF&rsquo;s debt-placement group. Virden, who specializes in apartment sales, remains based in Portland. Managing director Evan...



The Grapevine

Wed, 06 Dec 2017
Harbor Associates Ventures has added an analyst at its Long Beach, Calif., headquarters. Robert Meyer, who started last week, works on asset management, portfolio operations and investor reporting. He was previously at Xerox. Meyer reports to principal Joon Choi, who runs the firm with principals Justin Loiacono and Paul Miszkowicz. The trio founded the shop two years ago. It invests via Harbor Associates, a joint venture with Bascom Group of...



Va. Offices on Long-Term US Lease for Sale

Wed, 29 Nov 2017
A Northern Virginia office campus that houses U.S. intelligence agencies is on the block with an estimated value of $320 million.The 724,000-square-foot Patriots Park, in the Fairfax County community of Reston, is fully occupied under a lease that runs for another 15 years. The seller, South Korean investment bank KB Securities, has given the listing to Cushman & Wakefield.The estimated value is in line with the price the three-building property...



Tight Supply Fuels Hot Boston Rental Market

Wed, 29 Nov 2017
Multi-family sales and valuations are running at record levels in Boston.Trades of large properties are on track to approach $600 million this year, 20% higher than the record set in 2015. And prices have soared past $650,000/unit for the first time.The driving factor is strong demand from institutional investors in a market that has limited Class-A supply, even after increased construction over the past few years. &ldquo;There&rsquo;s just way...



Brookfield Snags Office Complex in San Jose

Wed, 29 Nov 2017
Brookfield Asset Management has agreed to pay $128 million for a downtown San Jose office property, making a value-added bet on the city&rsquo;s urban revitalization.The two-building complex, Towers @ 2nd, encompasses 412,000 square feet of space that is 65% leased. The marketing pitch was that in addition to leasing vacant space amid growing demand, a buyer could raise rents, currently 22% below the market level, as leases roll...



JCR Holds First Close for 4th Fund

Wed, 29 Nov 2017
JCR Capital has raised $146 million of initial equity for its fourth real estate fund.The Denver operator has set an overall goal of $250 million to $300 million for the vehicle, JCR Capital Income Plus Fund 4.The sponsor, which is shooting for a 12% return, primarily will invest in preferred equity and team up with partners on property acquisitions. The origination of mezzanine loans is also an option.The fund, which held its first close last...



New FedEx Warehouse Listed in Calif.

Wed, 29 Nov 2017
An American Realty partnership is marketing a new FedEx distribution center in Northern California&rsquo;s East Bay that could fetch just over $400 per square foot.The 237,000-sf warehouse, in Hayward, is expected to attract bids of $95 million. That price would indicate an initial annual yield of just 4.25%, reflecting the intense demand for high-quality, recently built warehouses in top markets.Cushman & Wakefield is representing Los...



Lingerfelt Fund Nears Equity Goal

Wed, 29 Nov 2017
A property firm is nearing the $100 million equity target for its second fund.Lingerfelt CommonWealth this month held another equity close, lifting the total amount raised to $80.9 million. The Richmond, Va., operator began soliciting capital about two years ago and lined up $45.6 million of commitments at the first close a year ago.The vehicle, Lingerfelt CommonWealth Value Fund 2, invests across the risk spectrum, targeting properties of $15...



Business Park Offered Near Boston

Wed, 29 Nov 2017
A former industrial complex converted to mixed-use space is on the market just outside Boston.The 300,000-square-foot Ames Business Park, in Somerville, Mass., encompasses 17 buildings containing flex, industrial and office space that is fully occupied, plus two small residential buildings with five rental units. Offers are expected to reach $65 million, which would produce a 5% initial annual yield.Newmark is representing the unidentified local...



St. Louis Apartment Complex for Sale

Wed, 29 Nov 2017
A multi-family operator is pitching a St. Louis complex with both core and value-added profiles.The property, in the Central West End neighborhood, encompasses four buildings with 401 units. One building, with 82 units, was constructed a few years ago and has relatively high asking rents. But the other three date to the early 1900s and are ripe for upgrades that would give the buyer leeway to raise rents.Bids for the nearly five-acre property,...



Core-Plus Retail Play Near Dallas

Wed, 29 Nov 2017
Investors are getting a crack at a grocery-anchored shopping center in an affluent Dallas suburb that could fetch about $60 million.The 246,000-square-foot property, in Colleyville, Texas, is being pitched as a core-plus play. A tenant will vacate 23,000 sf in April, reducing the occupancy rate to 85% from 98%. Investors are being told a buyer could seek to lease the vacant space at higher rents.At the estimated value, the initial annual yield...



NEW DEALS

Wed, 29 Nov 2017
Massachusetts Office BuildingLivingston Street Capital acquired the Canton, Mass., headquarters of Dunkin&rsquo; Brands for $33.5 million. Cushman & Wakefield brokered the sale this month for H.N. Gorin of Boston. Dunkin&rsquo; Brands, which operates the Dunkin&rsquo; Donuts and Baskin-Robbins chains, fully occupies the 175,000-square-foot office building under a triple-net lease that runs for another dozen years, with rent bumps every three...



Syracuse Rental Complex on Block

Wed, 29 Nov 2017
A developer is marketing a 1970s-vintage apartment complex in Syracuse, N.Y.The 716-unit Nob Hill, at 100 Lafayette Road, could attract bids of about $80,000/unit, or $57 million. At that price, the buyer&rsquo;s initial annual yield would be about 6.5%.Siara Management built the property in phases from 1969 to 1974. The South Euclid, Ohio, company has given the listing to Cushman & Wakefield.The complex encompasses four buildings, with 4-6...



Dallas-Area Retail Center Available

Wed, 29 Nov 2017
Big Shopping Centers USA is marketing a power center in suburban Dallas that is worth about $40 million.Shops at Vineyard Village encompasses 219,000 square feet at 2800 Highway 121 in Euless, Texas. At the estimated value, the buyer&rsquo;s initial annual yield would be 7.25%, based on annual net operating income of $2.9 million. CBRE is representing the owner, an El Segundo, Calif., unit of Israel-based Big Shopping Centers.Vineyard Village is...



CNL Showing Value-Added Fla. Offices

Wed, 29 Nov 2017
CNL Financial is shopping a suburban Miami office building to value-added investors.The 239,000-square-foot Sawgrass Lake Center, in Sunrise, Fla., could attract bids of about $260/sf, or $62 million. Orlando-based CNL has given the listing to HFF.The occupancy rate is 78%, well below the 91.5% average for the surrounding 4.2 million-sf Sawgrass Park submarket.At the estimated value, the buyer&rsquo;s initial annual yield would be 5.75%. The...



MARKET SPOTLIGHT: South Florida Apartment Properties

Wed, 29 Nov 2017
Sales continue to be strong. More than $2 billion of large properties changed hands in the first half, according to Real Estate Alert&rsquo;s Deal Database.Despite record development, rents continue to rise in the region&rsquo;s three major cities. Rates are on pace to increase by 2.6-7.6% this year in Miami, Fort Lauderdale and West Palm Beach, according to Marcus & Millichap. Occupancy rates average 95-96%.But Green Street Advisors cautions...



The Grapevine

Wed, 29 Nov 2017
Andrew Wolff has joined Related Cos. as a vice president in New York. He will relocate to the Shanghai office early next year and focus on the company&rsquo;s Asia-related activities. Wolff spent the past three years at Witkoff Group as a vice president of acquisitions and had a previous three-year stint at Square Mile Capital as an analyst. Related is building its platform in China, with a focus on residential, retail and mixed-use development,...



The Grapevine

Wed, 29 Nov 2017
HFF this week expanded its net-lease investment-sales team. Marc Mandel and Steve Schrenk both left CBRE to join HFF&rsquo;s Philadelphia office, where they will broker retail, industrial and office sales on the East Coast. Mandel, a managing director, was a first vice president at CBRE, where he spent four years. He previously worked at Fameco Real Estate for nearly eight years. Schrenk, a director, was at CBRE for three years and previously...



The Grapevine

Wed, 29 Nov 2017
Industrial fund shop Berkeley Partners hired Nick DiLeone this month as a vice president and asset manager at its San Francisco headquarters. He reports to partner Matthew Novak. DiLeone previously worked at Swift Real Estate, another San Francisco fund operator, and had a five-year stint at TH Real Estate. Berkeley is investing its $275 million IC Berkeley Partners 4 fund, which held a final close last year. The firm is led by founder and...



The Grapevine

Wed, 29 Nov 2017
Stephen Nemeroff launched a development and advisory company in New York this month. Strat Development will construct properties nationwide and offer development-management services to third-party owners. Nemeroff was previously a vice president of acquisitions and originations at Madison Realty Capital, a New York fund operator. Before that, he was a vice president of acquisitions at New York-based Renatus Group and a partner at boutique...



The Grapevine

Wed, 29 Nov 2017
Eastdil Secured added to its London team this month, hiring Alexander Cunningham as an associate. He was previously an associate vice president at Brookfield Financial, the investment banking arm of Toronto-based Brookfield Asset Management, where he worked for just over four years.



The Grapevine

Wed, 29 Nov 2017
Joel Sasser started this month at Stockbridge Capital as a vice president of asset management. He is overseeing multi-family properties in the Southeast, Midwest and Denver, reporting to senior vice president Bianca Tabourn. Sasser was previously a director in the Atlanta office of brokerage Moran & Co. He had a prior stint as a development director at Worthing Cos. Stockbridge is led by executive managing directors Terry Fancher and Sol...



The Grapevine

Wed, 29 Nov 2017
Jack Shulman joined HAP Investments this month as a director of acquisitions. He had been an acquisitions association at Kalikow Group of Westbury, N.Y., where he spent the past four years. Shulman had previous stints at Colliers International and Ellman Realty.New York-based HAP develops residential and commercial properties in New York, Europe and the Middle...



The Grapevine

Wed, 29 Nov 2017
APF Properties of New York is seeking a senior associate to work on property acquisitions. The recruit would assist with due diligence, maintain relationships with investment-sales brokers and prepare investment summaries. Candidates should have 2-4 years of real estate experience, with a focus on office deals. The position reports to APF co-founders Kenneth Aschendorf and Berndt...



Allianz to Acquire Stake in 1515 Broadway

Wed, 15 Nov 2017
After frontrunner China Investment Corp. dropped out of the picture, Allianz Real Estate of America stepped in and struck an agreement to buy a 43% minority interest in Viacom&rsquo;s headquarters at 1515 Broadway in Times Square from SL Green Realty.Allianz&rsquo;s stake values the nearly 1.9 million-square-foot Manhattan building at $1.95 billion, or $1,050/sf. SL Green will retain the majority interest and continue to manage the property....



Office Prices Gain Altitude in Mile High City

Wed, 15 Nov 2017
As office prices in Denver keep reaching new heights, market pros say there is still room to climb.The city&rsquo;s per-foot record has been broken repeatedly in recent years amid robust sales volume &mdash; and a pending deal will reset the mark again. Investors and local experts say that while the record is unlikely to keep leapfrogging at the same pace, a higher range of valuations has clearly been established.Denver has been buoyed by a...



Invesco Snags Majority Stake in 80 Broad St.

Wed, 15 Nov 2017
Invesco Real Estate has agreed to buy a majority interest in the office building at 80 Broad Street in Lower Manhattan from investor Raymond Chalme.The exact size of Invesco&rsquo;s stake is unclear, but market pros said it is at least 90%. The transaction values the 423,000-square-foot property at roughly $235 million, or $555/sf.Chalme, who operates via Broad Street Development of New York, will retain the remaining interest and continue to...



Boston Apartments Could Set Record

Wed, 15 Nov 2017
A new luxury apartment property in Boston could command a record price.The 346-unit Watermark Seaport was completed last year by a partnership between Skanska USA and Twining Properties of New York. It is stabilized, with an occupancy rate north of 90%. Bids are expected to be about $230 million, or $665,000/unit. Eastdil Secured has the listing.That price would be the highest ever paid for a single apartment property in Boston. The current...



New Manhattan Retail Condo Listed

Wed, 15 Nov 2017
A fully leased retail condominium in a new building on Manhattan’s Lower East Side could draw bids of at least $100 million from core investors.The offering consists of 60,000 square feet at the base of an 11-story residential condominium building, at 196 Orchard Street. The retail space, scheduled to be delivered in January, is leased to an Equinox fitness center (roughly 30,000 sf), Marshalls (20,000 sf) and CVS (10,000 sf).At the estimated...



Insurer Shops Value-Added Ga. Offices

Wed, 15 Nov 2017
A New York Life partnership is pitching a suburban Atlanta office complex to value-add investors as a leasing play.The 634,000-sf Royal Centre 2-4, in Alpharetta, Ga., could attract bids of about $100 million, or $158/sf. Cushman & Wakefield is representing New York Life and its partner, Dilweg Cos. of Durham, N.C.The property&rsquo;s occupancy rate is 85%. While that&rsquo;s in line with the 84.3% average in the surrounding 17.9 million-sf GA...



Office Complex Shown Near Chicago

Wed, 15 Nov 2017
Blackstone has teed up a suburban-Chicago office complex with an estimated value of more than $130 million.The marketing campaign for the 1.2 million-square-foot Westbrook Corporate Center, in Westchester, Ill., is touting the potential to raise the occupancy level and bring its rents up to market levels. Eastdil Secured has the listing.The occupancy rate is 82%. That matches the average for the surrounding East-West Corridor submarket, which saw...



Chicago Rentals Pitched With Upside

Wed, 15 Nov 2017
Crescent Heights is offering a Chicago apartment tower as a value-added play.The 344-unit Park Michigan, in the South Loop, has an estimated value of $315,000/unit, or nearly $110 million. It&rsquo;s about 95% occupied. A buyer could upgrade units and raise rents, while still underpricing newer properties in the neighborhood.CBRE is representing Crescent Heights, a Miami multi-family developer and investor.The 30-story building, developed in...



Starwood Offers Florida Apartments

Wed, 15 Nov 2017
Starwood Capital is offering an apartment complex in South Florida that could attract bids of $90 million from value-added investors.The 322-unit Promenade at Wyndham Lakes, at 11500 Northwest 56th Drive in Coral Springs, is 94% occupied. At the estimated price of $271,000/unit, the initial annual yield would be 4.75%. But that figure could climb to 6% for a buyer that improves the property and raises rents. ARA Newmark has the listing.The gated...



Value-Added Nashvill