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THE GRAPEVINE

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 garden-ing 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 president Akshay Goyal has succeeded Shah as the team leader.

Toll Brothers has recruited Michael Skena as national director of mixed-use devel-opment, based in Washington. He joined the Horsham, Pa., firm last week. Skena

10 SINGLE-PROPERTY TRANSACTIONS

2 Investcorp Snares Industrial Portfolio

2 Pledges by Pensions Surge by 35%

4 Former Perella Pros Map Buying Spree

6 Foreclosed Calif. Resort Up for Grabs

8 Joint Venture Targets Senior Housing

8 Stamford Office Complex on Block

8 Price Record Seen for Student Housing

9 Blackstone Shops Calif. Apartments

12 New Industrial Property for Sale in NJ

12 Bundle of Okla. Offices Hits the Market

13 Leased-Up Warehouse Shown Near KC

13 ON THE MARKET

15 MARKET SPOTLIGHT

Host Shops Hotel Portfolio Worth $1.2 BillionHost 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 port-

folio 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’s latest move to reshape its holdings by focusing on higher-end properties in top-performing urban markets and vacation destinations. The Bethesda, Md., company, which is the largest U.S. hotel REIT, opted to pursue a portfolio sale after weighing various disposition options.

The portfolio is being pitched as a geographically diverse package that produces solid income and has the potential to achieve value-added returns with favorable financing.

Only eight of the 12 properties could be identified. Among them, there are two inSee HOST on Page 13

Turnbridge Preps for More Large-Scale DealsInvestment manager Turnbridge Equities is gearing up to chase more institu-

tional-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 nationwide. It also develops properties. Turnbridge typically forms joint ventures with larger investors, taking the minority interest, but also considers solo pur-chases. With leverage and partners, the vehicle could participate in deals worth several billion dollars over the next few years.

Turnbridge’s portfolio is concentrated in Austin, Miami, Manhattan and Brooklyn.Joblon founded the firm at the end of 2014. It started out doing one-off deals,

See TURNBRIDGE on Page 9

REIT, Deutsche Joining Werner on NY DealsSyndicator 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 build-ing at 235 East 42nd Street. Pfizer, which is being represented by Cushman & Wake-field, will lease back both properties for five years.

Werner typically strikes deals and then brings in one or more partners to sup-ply the bulk of the equity. Working via Cushman, he lined up Alexandria for 219 East 42nd Street and Deutsche for the adjacent building. Both sales are scheduled to close this week. The properties, between Second and Third Avenues, are Pfizer’s global headquarters.

The transaction with Alexandria values 219 East 42nd Street at about $200 million,See DEALS on Page 12

JULY 11, 2018

Pledges by Pensions Surge by 35%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 suit-able investments. That factor had contributed to declines in pledges for the past two years, and observers did not predict a strong rebound this year.

“I’m pleasantly surprised where we’re tracking thus far through the year,” said Erin Green, a senior director at FPL Associates, which compiles the data.

While pensions poured $11.8 billion into real estate funds and separate accounts in the first quarter, up 48% year-over-year, one system — California State Teachers — accounted for 37% of the total. But commitments in the second quarter came from a broader mix of pensions, totaling $9.3 billion, up 21% from a year earlier.

“What’s really promising and interesting about the second quarter is that there is no single investor who is driving this result,” said Green. “That says to me that across the board, investors are still active in real estate and are still looking to make new allocations.”

The first-half total of $21.1 billion, up from $15.7 billion a year earlier, puts commitments on pace to exceed $42 billion this year. The post-crash record was $47.2 billion, in 2015.

Market watchers have been wary of the rising amount of uninvested equity. Preqin reported last week that dry powder at closed-end funds stood at $290 billion at midyear, up from $249 billion at yearend.

Green said that managers are expanding their scope to line up investments. Examples include looking at more subur-ban or secondary markets, and increasing allocations to differ-ent asset classes. Managers “are starting to find ways to expand the parameters of their invest-ment strategy,” she said. “They are finding creative ways to place their capital.”

At the same time, most spon-sors are continuing to use rea-sonable debt levels, so she isn’t overly worried about a 2008-style correction. “Last cycle,

where people got into trouble was the use of leverage,” Green said. “But what we’re hearing is that, by and large, people are being prudent now.”

Core-plus strategies attracted a growing share of pledged dollars. That category accounted for 16% of pledges by dollar amount in the first half, up from 11% for full-year 2017. Value-added and opportunistic strategies attracted 61% of committed equity, down from 64%. Core plays dipped to 23% from 25%.

Closed-end funds remained investors top choice, garnering 51% of committed dollars in the first half, up from 46% for full-year 2017. The other pledges went to open-end funds (17%) and separate accounts (32%).

The number of closed-end funds that held final closes slowed in the second quarter, but that was largely because the

See PENSIONS on Page 12

July 11, 2018 2Real EstateALERT

9.2 10.2

6.88.0 7.4

9.5 10.011.8

9.3

2Q-16 3Q 4Q 1Q-17 2Q 3Q 4Q 1Q-18 2Q

Pension Pledges ($Bil.)

Source: FPL Associates

Investcorp Snares Industrial Portfolio 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 stag-ing ground for “last-mile” deliveries. CBRE shopped the pack-age for Greenfield, a fund operator in Westport, Conn.

At the price tag of about $67/sf, Investcorp would reap a 6.25% initial annual yield. The Bahrain investment manager could boost its return by lifting the 91% overall occupancy rate and raising below-market rents as leases roll over. In-place rents average 6.9% below market rates. Leases on 57% of the space mature within four years.

The marketing campaign had touted the fact that indus-trial properties of less than 200,000 sf have been outper-

forming the sector as a whole in terms of occupancy and rent growth. Tight supply in urban areas, stemming from scarce development sites and high per-foot construction costs, has been a primary driver of that trend. Such warehouses have strong leasing demand because of the growth of e-commerce retail sales. Only two properties in the portfolio exceed 200,000 sf.

The buildings, which are 35 years old on average, are mostly clustered in business parks. They are in seven markets:•Minnesota (nine properties totaling 991,000 sf).•Dallas/Fort Worth (16 totaling 939,000 sf).•Chicago (14 totaling 800,000 sf).•Philadelphia (nine totaling 738,000 sf).•Phoenix (five totaling 539,000 sf).•Houston (two totaling 357,000 sf).•San Antonio (one 149,000 sf property).The portfolio has 193 tenants, including Aramark, Honey-

well, Lennox, Red Bull, Stryker and Wesco Distribution.

Executing $650 million in deals every working day.

How do we do it? We are the world’s most trusted real estate advisor. Our experts have unparalleled access to the global capital markets, with on-the-ground experience, world-class research, and, simply put, the best people in the business. Achieve your investment ambitions by partnering with us.

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800 Hydro RoadMississauga, OntarioLand sale$274,770,000

5 Bryant ParkNew York, NY

Sale: $640,000,000Financing: $463,000,000

PHT PortfolioVarious locations, U.S.

Sullivan CenterChicago, IL

Sale: $176,000,000

*Based on global Capital Markets production volume in 2017

Montecito PointeLas Vegas, NV

$59,250,000

175 West Jackson Chicago, IL

$305,000,000

Blackriver Corporate ParkRenton, WA

U.S. Bank Tower at 621 Capitol MallSacramento, CA

$170Bover

Former Perella Pros Map Buying SpreeAn investment shop founded by two former Perella Wein-

berg 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 firm is focused on Class-A offices in top sub-

urban submarkets. It will also look at other property types in markets with economic and population growth and long-term positive net-absorption trends, said Bradley Seiden, who was hired last year as managing director and head of structured commercial real estate.

The shop will look at properties valued at $50 million to $150 million, and possibly portfolios of larger amounts. While it will mostly invest solo, it can form joint ventures as well.

Innovatus favors properties that offer stability — with long-term leases and weighted average remaining lease terms of 5-7 years — as well as the opportunity to increase rev-

enue through renovations and improved management. Its lat-est purchase, which closed last month, was a 164,000-square-foot office building in the Dal-las suburb of Frisco, Texas. The price was unavailable.

The firm’s geographic focus is the South, particularly Texas and parts of Florida, as well as subur-ban Seattle. It looks for markets with low income-tax rates, those with strong technology, military, pharmaceutical or education industries, and with good trans-portation systems.

“We like markets that are expe-riencing infrastructure improve-ment,” Seiden said. “Cities that are having major above-ground rail expansion or major airport renovations. You see a dynamic growth and job story there.”

Seiden said many institutional investors have focused on urban markets over the last few years — leaving what Innovatus believes is a better opportunity in subur-ban growth markets. Those offer “significantly less competition, especially from the institutional perspective,” Seiden said. “You’re competing primarily against sponsors that have to go raise equity . . . That’s a pretty defin-able competitive advantage.”

The shop will invest via Inno-vatus Structured Credit Real Estate Fund 1. Seiden wouldn’t comment on the vehicle, but an SEC filing shows it had closed on $85 million of equity at yearend.

Seiden joined the firm in Sep-tember to help expand its real

See PERELLA on Page 13

July 11, 2018 4Real EstateALERT

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Foreclosed Calif. Resort Up for GrabsThe 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’t be learned, but a January appraisal valued it at $123.6 million — a big dis-count to its $186.5 million securitized mortgage.

The resort had been appraised at $251 million in 2007, when the loan was originated in conjunction with a recapitalization

that saw Maritz, Wolff & Co. of St. Louis sell a controlling inter-est in the property, then known as the Four Seasons Resort Avi-ara, to Broadreach Capital of Palo Alto, Calif.

The subsequent market downturn hammered luxury resorts, causing the property’s revenues to sink. In 2011, the Broadreach partnership negotiated a modification of the inter-est-only loan that deferred interest payments and extended the maturity date. But it still struggled and missed payments, as the recovery in resort performance lagged other hotel classes. Broadreach and Maritz surrendered the deed in lieu of foreclo-sure in June 2017.

A year later, the timing for a sale might be right as investors are bullish on resorts once again. That’s thanks to recent gains in resort performance coupled with prospects for a continued strong economy and a pickup in leisure and corporate group business.

The Park Hyatt Aviara itself has seen performance gains in recent months. For the year end-ing in April, its average occu-pancy rate was 70.3%, and room rates averaged $266.60, accord-ing to a servicer report. That pro-duced revenue of $187.31/room, up from $165.01/room in 2016. Net operating income for 2017 was $5.7 million, nearly $1 mil-lion more than in 2016 but still only enough to cover about half the required loan payments.

The resort was rebranded as a Park Hyatt — a luxury flag oper-ated by Hyatt Hotels & Resorts of Chicago — in 2010. The 200-acre property, about 30 miles north of San Diego, encompasses an 18-hole golf course designed by Arnold Palmer, a spa, tennis courts and pools. There’s also almost 37,000 square feet of event and meeting space.

July 11, 2018 6Real EstateALERT

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Joint Venture Targets Senior HousingA 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 lead-

ing the vehicle and has kicked in $30 million of equity. It tapped placement agent CBRE Capital Advisors to line up its unidenti-fied partner, which is supplying the remaining $270 million.

With leverage, the joint venture can make $750 million of investments. The return goal is from the low- to mid-teens.

The bulk of the capital is earmarked for the purchase of Class-A independent-living, assisted-living and memory-care facilities with high-end amenities in the 30 largest markets, according to LCS chief executive Joel Nelson. The rest will be used to develop those types of properties in select Northeast markets.

LCS, which bills itself as the third-largest senior-housing operator in the country, will operate the joint venture via its LCS Real Estate arm, headed by executive vice president David Laffey. The properties will be managed by another affiliate, Life Care Services.

The firm, which was founded in 1971, has $1.7 billion of assets under management.

Stamford Office Complex on BlockSL 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, including Midtown Manhattan (some 35 miles southwest) and the Central Business District of Greenwich, Conn. (six miles west). At a 95% occupancy rate, the net operating income would rise by more than 30%, to $15.2 million, according to marketing materials.

The marketing campaign is also touting the property’s sta-bility. The seven largest tenants occupy just 26% of the total space, limiting potential rollover.

The seven-building complex was constructed in phases from 1973 to 2005. SL Green took control of it in 2007 via its $6 bil-lion takeover of Reckson Associates Realty of Uniondale, N.Y.

The complex’s largest building, the 22-story One Landmark Square, is the tallest in Stamford. It encompasses 299,000 sf. The smallest building, at Seven Landmark Square, has a single floor with 13,000 sf.

The office amenities include a large conference room, a full-service cafe with an outdoor plaza, a dry cleaner and a 20,000-sf fitness facility that includes squash courts, locker rooms and saunas. There is also a shuttle service to the nearby Stamford Transportation Center, which offers train service to Manhattan

The property is next to Stamford Town Center mall, which includes a nine-screen movie theater and multiple eateries.

Price Record Seen for Student HousingA Rockpoint Group partnership is marketing a student-hous-

ing complex in College Park, Md., that’s valued at about $230 million — a price that would be the highest ever in the sector.

The two-building property, adjacent to the University of Maryland’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 — both of which have shown increasing interest in the asset class in recent years.

At the estimated value of $146,000/bed and $454,000/unit, the initial annual yield would be about 5%. A buyer could boost that return by renovating the units and raising rents. CBRE is representing Boston-based Rockpoint and its partner, Greystar Real Estate of Charleston, S.C.

Off-campus housing long consisted of traditional multi-family properties with local owners. However, properties con-structed expressly for students have performed strongly in recent years, attracting investors and pushing up sales volume. Some $8 billion of student housing traded in 2017, up from $3 billion just three years earlier.

The listed property encompasses a 16-story tower built in 2005 and a 12-story building developed in 2010. The Rock-point team acquired the complex in 2016 for $170.8 million from Clark Enterprises of Bethesda, Md. CBRE also brokered that transaction.

Tower One, at 8204 Baltimore Avenue, has 353 units and 1,056 beds. Tower Two, at 8300 Baltimore Avenue, has 154 units and 517 beds. The Rockpoint partnership has spent some $20 million on improvements to the rooms of Tower 2 and the common areas and exteriors of both buildings. That paved the way for rent increases of up to $270/bed, according to market-ing materials. A buyer could continue that effort by upgrading the rooms in Tower 1.

The buildings are connected to the campus via a pedestrian bridge. Units average 1,068 square feet and feature 50-inch TVs, free cable/internet, electronic key access and washer/dryers. There is also some 9,000 sf of retail space. Amenities include two fitness facilities, a pool with a sun deck, shuttle service to the campus, stand-up tanning beds, study rooms, a game room, on-site banking and access to Zipcar rental automobiles. On-site maintenance and 24-hour security are provided.

The current record price for a single student-housing prop-erty was set in 2012, when Wisconsin Investment paid $203.5 million for University Gateway, a 421-unit and 1,656-bed prop-erty next to the University of Southern California’s Los Angeles campus. The seller was a partnership that included Blackstone and New York shops RCG Longview and Real Estate Capital Partners. The deal valued the property at $483,000/unit and $123,00/bed. CBRE also brokered that sale.

July 11, 2018 8Real EstateALERT

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Blackstone Shops Calif. ApartmentsA Blackstone partnership is marketing a suburban San

Diego apartment property that could fetch at least $100 mil-lion.

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 of New York. In 2015, Phoenix sold a majority interest to Blackstone in a transaction that val-ued the package at $570 million, or $150,000/unit. According to local reports, the Alvista’s allocated price was $69 million, or $170,000/unit. Blackstone parked the investment in its Chi-cago-based LivCor multi-family platform.

The Blackstone-Phoenix partnership has renovated some rooms at Alvista and raised their rents. A buyer could continue that effort and upgrade common areas to create additional amenities.

Rents start at around $1,400 for studios and range up to $1,850 for the largest two-bedroom apartments. The units have eat-in kitchens, walk-in closets with shelving and nickel finishes in bathrooms and kitchens. Some units have patios or balconies and vaulted ceilings. Amenities include laundry facilities, four swimming pools, six spa/hot tubs, a tennis court, two fitness centers and a clubhouse.

The complex, at 5401 Baltimore Drive, has 27 buildings on 16.5 acres. It’s about 10 miles east of downtown San Diego, in an area known for recreational destinations, including Lake Murray, Mission Trails Regional Park and Mount Helix.

Rent growth has been steady in the San Diego metropoli-tan area, which added an average of 32,000 jobs a year over the past five years, according to Marcus & Millichap. The influx of young professionals has driven up apartment demand and rents. The brokerage forecasts the market average rent will rise 5.3% this year, to $1,980, the third straight year of growth exceeding 5%.

Turnbridge ... From Page 1

using capital raised from friends and family. Among its part-ners: Harbor Group International of Norfolk, Va., and MSD Capi-tal, the New York family office of billionaire Michael Dell.

The shop’s largest undertaking to date is Music Lane, a planned $380 million redevelopment of a 17.5-acre parcel on one of Austin’s popular retail/dining corridors, South Congress Avenue. Turnbridge and MSD assembled the site over the past few years. They plan to renovate 485 existing apartments and build 175,000 square feet of offices plus 90,000 sf of retail space, to be anchored by Equinox and SoHo House. The project is expected to be completed by the end of next year.

Turnbridge is telling investors it wants to step up its activ-ity by having capital more readily available via a fund. It regis-

tered the vehicle with the SEC early this year and held an initial equity close in February. The fund has already purchased an industrial property in Brooklyn and has a second deal under contract in New Jersey, investors have been told.

To staff its expansion, the firm has been actively hiring. As previously reported, Joblon brought on acquisitions pro Ryan Nelson in March as a managing principal to help manage the growth plan. Nelson was previously a managing director and head of MRP Realty’s Manhattan office, which he opened for the Washington firm in 2015.

In April, Elie Norowitz joined as a vice president of finance. He came from 54 Madison Partners and had previously worked at Och-Ziff Real Estate, both of New York. Search firm Rhodes Associates oversaw the recruiting.

Managing director Jason Davis, who focuses on sourcing deals nationwide, started in May. He was previously a senior vice president at MRP in New York, working under Nelson.

And last month, Jessica Wald joined as general coun-sel from the real estate group of law firm Kasowitz Benson, where she was an associate. Turnbridge is expected to add several associates and analysts over the next year as its port-folio grows.

Before founding Turnbridge, Joblon was a senior vice presi-dent at Fisher Brothers of New York, where he worked on invest-ments nationwide, and had an earlier stint at CWCapital.

July 11, 2018 9Real EstateALERT

NOTICE OF PUBLIC SALE OF COLLATERAL Please take notice that 100% of the limited liability company interests (collectively, the “Equity Interests”) in each of FPG Bridgewater Owner One, LLC, FPG Bridgewater Owner Two, LLC, and FPG Bridgewater Owner Three, LLC (individually and collectively, the “Pledged Interest

This sale is held to enforce the rights of the secured party (and its

to reject all bids and terminate or adjourn the sale to another time, without

Interested parties who would like additional information regarding the

July 11, 2018 10Real EstateALERT

Large Single-Property Purchases in the Second QuarterOffice Buildings Price Price SF Per SF ($Mil.) (000) Property Buyer Seller $1,617 $158.5 98 430 West 15th Street, New York Invesco Real Estate TH Real Estate 1,422 273.0 192 Four Blackfan Circle, Boston Intercontinental Real Estate Harvard Medical School 1,273 145.1 114 601 California Avenue, Palo Alto, Calif. Morgan Stanley Blackstone 1,191 431.9 1,813 10 Hudson Yards, New York (20% stake) Ohio State Teachers Related Cos., partners 962 640.0 665 1065 Sixth Avenue, New York Savanna Blackstone 939 633.0 674 1745 Broadway, New York Invesco, QSuper Board Ivanhoe Cambridge, SL Green 853 332.5 390 222 East 41st Street, New York Commerz Real Columbia Property 838 290.0 346 123 Mission Street, San Francisco Northwood Investors HNA Group 773 160.0 207 101 Mission Street, San Francisco Vanbarton Group PGIM Real Estate 730 417.6 572 28 State Street, Boston Heitman Rockefeller, TA Realty, Mitsubishi 603 278.0 461 Seaport Center, Boston Related Beal GE Capital, Meritage Properties 590 222.0 376 615 South College Street, Charlotte CBRE Global Investors, CalSTRS PCCP, China Orient Summit 573 217.0 379 Clearview Business Park, San Mateo, Calif. Hines Embarcadero, Deutsche Asset 563 255.0 453 Wrigley Building, Chicago Mansueto Properties Zeller Realty, partners 500 800.0 1,600 Infomart Dallas, Dallas Equinix ASB Capital 494 170.9 346 2100 Powell Street, Emeryville, Calif. CBRE Global Investors Blackstone 488 255.0 523 Sabadell Financial Center, Miami KKR, Parkway Property PGIM Real Estate 461 189.0 410 LoDo Towers, Denver CIM Group Zeller Realty 453 268.4 592 Redmond Town Center, Redmond, Wash. Invesco Real Estate Shorenstein Properties 400 204.0 1,000 Factory Building, Queens, N.Y. (51% stake) Partners Group, Atlas Capital Square Mile Capital, Atlas Capital 397 254.0 639 Corporate Center Pasadena, Calif. Coretrust Capital UBS Global Asset Management 345 250.0 725 Daytona Laguna, Redmond, Wash. Microsoft Blackstone 328 157.0 479 Summit Office Campus, Aliso Viejo, Calif. Rockpoint Group Deutsche Asset Management 311 144.5 464 Valley Technology Centre, San Jose PCCP, Lincoln Property MWest Holdings 305 167.5 549 2200-2230 East Imperial, El Segundo, Calif. Swift Real Estate GI Partners 292 680.0 2,329 Prudential Plaza, Chicago Sterling Bay, Wanxiang America 601W Cos. 281 142.0 505 Greensboro Park, Tysons, Va. Velocis, Altus Realty Beacon Capital 277 172.0 621 Venture Center, Raleigh TPG Real Estate, Parkway Property Heitman 211 305.0 1,447 175 West Jackson Boulevard, Chicago Brookfield Asset Management Extell Development 198 320.0 1,620 Minneapolis City Center, Minneapolis Samsung Life Insurance HNA Group 176 147.0 835 Presidents Plaza, Chicago Angelo, Gordon & Co. PGIM Real Estate 106 179.3 1,687 Boca Raton Innovation, Boca Raton, Fla. Rialto Capital, Crocker Partners Farallon Capital, Next Tier HD Industrial Price Price SF Per SF ($Mil.) (000) Property Buyer Seller $200 $102.5 512 Bridge Point South Bay, Torrance, Calif. Morgan Stanley Bridge Development 180 180.0 1,000 Countyline Corporate Park, Hialeah, Fla. Duke Realty Florida East Coast Industries 175 121.0 693 5300 Sheila Street, Commerce, Calif. Rexford Industrial Realty SuperValu

Retail Price SF ($Mil.) (000) Property Buyer Seller $270.0 385 Knox District Portfolio, Dallas MSD Capital Sarofim Realty 133.0 533 Westgate Entertainment, Glendale, Ariz. YAM Properties iStar Financial 95.0 177 Macy’s Sunnyvale, Sunnyvale, Calif. Sares-Regis Group, Hunter Storm Sand Hill Properties 88.0 121 PGA Plaza, Palm Beach Gardens, Fla. InvenTrust Properties Menin Development 81.5 54 15 East 57th Street, New York Chanel Carlyle Group 80.8 343 Silver Spring Square, Mechanicsburg, Pa. Wilder Cos. DDR

TRANSACTIONS

July 11, 2018 11Real EstateALERT

Large Single-Property Purchases in the Second QuarterMulti-Family Price Price Per Apt. ($Mil.) Units Property Buyer Seller $885,802 $143.5 162 Flats at Bethesda Avenue, Bethesda, Md. BlackRock StonebridgeCarras 608,333 146.0 240 Rivington, Hoboken, N.J. Equity Residential J.P. Morgan Asset Management 576,613 107.3 186 Villas on the Boulevard, Santa Clara, Calif. TH Real Estate SummerHill Apartment Communities 530,303 140.0 264 Domain Oakland, Oakland, Calif. Magnolia Capital Land and Houses USA 476,923 155.0 325 Optima Chicago Center, Chicago Edge Principal DeBartolo Development, Optima 446,215 112.0 251 Stadium House, Anaheim, Calif. Advanced Real Estate AvalonBay Communities 424,055 123.4 291 Gallery421, Long Beach, Calif. IMT Capital Barings 405,573 131.0 323 Alexan Aspect, Fullerton, Calif. Trammell Crow J.P. Morgan Asset Management 400,000 240.0 600 North Harbor Tower, Chicago Waterton Crescent Heights 377,104 112.0 297 Gables Marbella, Boca Raton, Fla. Heitman Gables Residential 366,242 115.0 314 Monarch at Shadowridge, Vista, Calif. Pacific Urban Residential Invesco Real Estate 342,857 120.0 350 Quaye at Wellington, Wellington, Fla. Stockbridge Capital HG Management 300,858 122.8 408 Pearl DTC Apartments, Denver Goldman Sachs Carmel Partners 284,722 102.5 360 Prospect Place, Hackensack, N.J. Kushner Cos. Greystar Real Estate 278,178 131.3 472 Avalon Blue Hills, Randolph, Mass. Blackstone AvalonBay Communities 258,993 144.0 556 Sussex at Kingstowne, Alexandria, Va. Harbor Group International Praedium Group, Milestone Group 250,000 100.0 400 Capes at Ventura, Ventura, Calif. Hanover Financial, Universe Colony Capital 229,167 132.0 576 Oakwood Falls Church, Falls Church, Va. Insight Property, PCCP Oakwood Worldwide 217,527 160.1 736 Dakota at McDowell Mtn., Scottsdale, Ariz. CBRE Global Investors UBS Global Asset Management 203,968 102.8 504 Jefferson at Perimeter, Dunwoody, Ga. Steadfast Apartment REIT LivCor 161,994 104.0 642 Reserve, Hoffman Estates, Ill. InterCapital Investcorp 147,866 869.6 5,881 Starrett City, Brooklyn Rockpoint Group, Brooksville Co. Disque Deane Estate, Donald Trump Hotel Price Price Per Room ($Mil.) Rooms Property Buyer Seller $816,432 $173.9 213 Quin, New York Hilton Worldwide UBS Global Asset Management 717,949 196.0 273 Taj Boston Iconiq Capital New England Development, partners 642,857 171.0 266 Ritz-Carlton Sarasota, Fla. Ashford Hospitality (Unidentified family) 533,403 127.0 238 Hotel MdR, Marina del Rey, Calif. London & Regional Properties Channel West 495,652 125.4 253 Holiday Inn Express Denver Downtown Crescent Real Estate Crow Holdings 363,897 127.0 349 Margaritaville Hollywood Beach, Fla. KSL Capital Starwood Capital, Lojeta Realty 324,635 177.9 548 Renaissance Las Vegas Rockpoint , Highgate Holdings Wheelock Street Capital 289,643 170.6 589 Hilton Fort Lauderdale Marina, Fla. Brookfield Asset Management Blackstone 272,597 190.0 697 W Hotel New York Dune, Capstone, Highgate Host Hotels & Resorts 255,000 255.0 1,000 Sheraton Grand Phoenix Downtown Marriott, Concord Wilshire Capital City of Phoenix

TRANSACTIONS

New Industrial Property for Sale in NJA LaSalle Investment partnership is pitching a new indus-

trial 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 & Wake-field is representing Chicago-based LaSalle and its partner, Greek Development of East Brunswick, N.J.

The LaSalle partnership began the project on a speculative basis, but lined up Cascades as a tenant before completion in May. Cascades has spent $80 million on manufacturing equip-ment and other improvements. That exceeded the LaSalle partnership’s cost of developing the property, according to mar-keting materials.

Cascades’ rent is 24% below the average market asking rate. Its lease has 2.25% annual rent bumps. In Piscataway, indus-trial space is 99% leased, and rents have skyrocketed 69% since 2014.

The building, at 2 Turner Place, has high-quality features, such as 36-foot ceilings, a modern sprinkler system and LED lighting.

Cascades, which generated $4.3 billion of sales last year, is rated Ba2/BB- by Moody’s and S&P.

Bundle of Okla. Offices Hit the MarketIn 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% occu-

pied, 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 representing the owner, Landhuis Co. of Colorado Springs. Bids will be accepted on individual buildings or any combination.

Marketing materials describe the offering as a chance to buy properties at a “staggering” discount to replacement cost. The properties, clustered in the East, Mid-Town and South Central submarkets, are being marketed to prospec-tive tenants as a lower-cost alternative to Class-A offices in the area.

Tulsa’s 29.6 million sf of office space was 87% occupied at March 31, according to CBRE research. The average asking rent was $15.25/sf. Employment gains amid the strengthen-ing local economy have spurred leasing demand, pushing up rents in the city over the past year. So a buyer should be able to raise rents as leases roll over.

The Tulsa metropolitan area is ranked as the third-lowest in the country for cost of living, which marketing materials say has helped attract businesses.

The largest of the listed properties is the 189,000-sf Towne Center, at 10810 East 45th Street. The four-story building, developed in 1980, is 78% occupied. The next-largest is the 167,000-sf Exchange Tower, at 4500 South Garnett Road. The 10-story building was constructed in 1981 and renovated in 2000. It is 95% occupied. The remaining six buildings were developed from 1973 to 1984. They range in size from 42,000 sf to 135,000 sf.

Deals ... From Page 1

or $570/sf. The Pasadena, Calif., REIT, will hold the majority interest. After Pfizer’s lease expires in five years, Alexandria would solely own the property. The REIT will then redevelop it as a life-science/biomedical facility. The 10-story building was constructed in 1905 and renovated in 1964.

Alexandria has already made a big investment in Manhat-tan. It developed the three-tower Alexandria Center for Life Science office/lab complex, at 430 East 29th Street, in phases, starting in 2011. The deal for 219 East 42nd Street is its first purchase in Manhattan, where the REIT had been hunting for an acquisition for several years. The investment could help pave the way for the area to become a hub for life-science and biomedical facilities.

Deutsche will hold the controlling interest in 235 East 42nd Street, which has a ground lease that runs for roughly another 40 years. The transaction values the property at about $165 million, or $200/sf. The partnership’s plans for the building are unclear. In light of the recent rezoning of the surrounding Midtown East submarket, it could be redeveloped into a larger office building. The 34-story property was built in 1960 and renovated in 2004.

Pfizer is leasing back space to gain time to move into its new global headquarters. The firm announced in April that it had pre-leased 800,000 sf at the Spiral, a 2.9 million-sf skyscraper that a Tishman Speyer partnership is developing in the Hudson Yards district. That 20-year lease, at 66 Hudson Boulevard, is the largest signed this year in Manhattan.

Pensions ... From Page 2

prior six months posted the highest totals since 2015, accord-ing to a Preqin report. “It was by no means a bad quarter as much as it was a return to more-typical levels,” wrote Oliver Senchal, Preqin’s head of real estate products. “We should see fund raising pick up” in the second half.

FPL found that the percentage of commitments to debt-focused vehicles fell in the first half. Some 15% of pledged dol-lars went to such vehicles, down from 19% in full-year 2017 and 20% in 2016.

The 228 pension systems tracked by Chicago-based FPL have $341 billion of real estate assets and $4.2 trillion of total assets under management. They are believed to account for the vast majority of assets held by public pension systems. FPL will release a report summarizing its findings this week.

July 11, 2018 12Real EstateALERT

Leased-Up Warehouse Shown Near KCBentall Kennedy is pitching a fully leased distribution ware-

house on the outskirts of Kansas City that could fetch $37 mil-lion.

The 602,000-square-foot building is at 22101 West 167th Street in Olathe, Kan., 27 miles southwest of downtown Kan-sas 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. FedEx occupies 345,000 sf as its primary distribution hub in the Kansas City area and also occupies a separately owned adjacent property. Bushnell last year made significant capital investments to its 256,000 sf. The company is a subsidiary of Vista Outdoor, rated B1/B+ by Moody’s and S&P.

The property, called 167th Street @ Lone Elm, was com-pleted in 2008. It has high-quality features, including 32-foot ceilings, parking for 147 trailers, 128 dock-high doors and truck-court depths of 188 feet. It’s in the Stan Johnson County submarket.

The 286 million-sf Kansas City industrial market was 94.5% leased at the end of the first quarter. Some 33 million sf has been absorbed since 2011, outpacing construction deliveries by 11%, according to marketing materials. That included a record 7 million sf absorbed last year. The average asking rent is around $4.50/sf.

Host ... From Page 1

California and one each in Arizona, Indiana, Ohio, Massachu-setts, New Jersey and Pennsylvania. Those properties fly a mix of upper-upscale flags, including Hyatt, Marriott, Sheraton and Westin. Some are subject to management contracts, and others have franchise agreements.

The largest is the 1,053-room Sheraton San Diego Hotel & Marina, on Harbor Island just south of San Diego International Airport. It has 141,000 square feet of event space, three pools, a spa, tennis and basketball courts and a fitness center.

The other California property is the 512-room Westin Mis-sion Hills Golf Resort & Spa in Rancho Mirage, near Palm Springs. There are two golf courses, three pools, tennis courts

and 118,000 sf of event space.The portfolio also includes two Midwest properties — the

575-room Westin Indianapolis and the 456-room Westin Cin-cinnati.

There’s also a hotel in the Southwest — the 277-room Camby, in the Biltmore neighborhood of Phoenix. It is operated as part of Marriott International’s Autograph collection.

The remaining three identified properties are on the East Coast:•The 419-room Philadelphia Airport Marriott, which is

connected via a pedestrian walkway to a terminal at Phila-delphia International Airport.•The 470-room Hyatt Regency Cambridge in Cambridge,

Mass. The property is along the Charles River, across from Boston.•The 370-room Sheraton Parsippany Hotel, in Parsippany,

N.J. The property, with a distinct castle-like facade, has 35,000 sf of function space. It’s a few miles from the inter-section of Interstates 287 and 80.

Host owns 89 hotels in the U.S. and six outside the U.S., as well as noncontrolling stakes in other properties. Among its recent moves, the REIT is selling underperforming hotels in Manhattan, including the 697-room W Hotel New York. That property was acquired in May for $190 million, or $273,000/room, by the trio of Dune Real Estate, Capstone Equities and Highgate Hotels, all of New York. In March, Host acquired a San Francisco hotel and two resorts in Hawaii and Florida from Hyatt Hotels of Chicago for $1 billion.

Perella ... From Page 4

estate platform. He was previously head of real state for S2K Partners of New York, but is best known for a 16-year stint at Bahrain-backed Investcorp, where he was principal before leaving in 2012.

Schiff and Dym were longtime executives at Perella Wein-berg before forming Innovatus in September 2016. The firm has some $1.6 billion of assets under management across invest-ment classes. In addition to real assets, its strategies include providing capital for properties or businesses unable to line up traditional lenders. It also looks for opportunities created by market disruption or distress.

July 11, 2018 13Real EstateALERT

ON THE MARKET

ON THE MARKET

Multi-Family Property

Size

Estimated Value

Owner

Broker

Color

Sky Mark, 600 Main Street, Worcester, Mass.

196 units 96% occupied

$32 million, $163,000/unit Yield: Low-5% area

VTT Management, Framingham, Mass.

Capstone Apartment

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 station.

July 11, 2018 14Real EstateALERT

CALENDARCALENDAR Main Events Dates Event Location Organizer Information Sept. 5-7 CMBA Western States CREF Las Vegas CMBA www.cmba.com

Nov. 7-9 REITworld San Francisco Nareit www.reit.com

Events in US Dates Event Location Organizer Information July 16 Cap Intro: Real Estate Fund Investing New York Catalyst Financial catalystforum.com

July 17 Networking Event New York YREPNY www.yrepny.org

July 19 Newark CRE Summit Newark, N.J. CAPRE www.capremedia.com

Aug. 16 Greater Denver Data Center Summit Denver CAPRE www.capremedia.com

Aug. 21 Greater Atlanta & Southeast Data Center Summit Atlanta CAPRE www.capremedia.com

Aug. 23 Connect Texas Multifamily New York Connect Conferences www.connectconferences.com

Sept. 6-7 Bank Special Assets & Credit Officer’s Forum Midwest Chicago IMN www.imn.org

Sept. 6-7 Real Estate CFO & COO Forum East New York IMN www.imn.org

Sept. 12 #InnovateCRE New York AnySizeDeals getbitcoincre.com

Sept. 12 Washington, D.C. & Mid-Atlantic Data Center Summit Leesburg, Va. CAPRE www.capremedia.com

Sept. 12-14 Crittenden Real Estate Finance Conference Miami Crittenden crittendenrealestatefinance.com

Sept. 24-25 Real Estate Private Equity Forum on Land & Homebldg. Las Vegas IMN www.imn.org

Sept. 24-26 NAI Global Convention Austin NAI www.naiglobal.com

Sept. 24-27 Lodging Conference Phoenix Lodging Unlimited www.lodgingconference.com

Sept. 26-29 Global Summit Fort Lauderdale, Fla. IREM www.irem.org

Sept. 27 Real Share New Jersey Florham Park, N.J. Globe Street www.eiseverywhere.com

Oct. 2 Texas Data Center Summit Dallas CAPRE www.capremedia.com

Oct. 3-5 Institutional Investor Conference Boston PREA www.prea.org

Oct. 4-5 Middle-Market Multifamily Forum (Southeast) Orlando IMN www.imn.org

Oct. 8-9 CCIM Global Commercial Real Estate Conference Chicago CCIM www.ccim.com

Oct. 8-11 ULI Fall Meeting 2018 Boston ULI www.uli.org

Oct. 10 Real Focus 2018 New York SiteCompli www.sitecompli.com

Oct. 10 Southwest Data Center Summit Los Angeles CAPRE www.capremedia.com

Oct. 11-13 2018 Fall World Conference Denver SIOR www.sior.com

Oct. 15-16 Middle-Market Multifamily Forum (Midwest) Chicago IMN www.imn.org

Oct. 15-17 CRE.Converge Washington NAIOP www.naiop.org

Oct. 17 Financing Commercial Real Estate Forum Washington Commercial Observer commercialobserver.com

Oct. 17-19 CREW Network Convention & Marketplace San Diego CREW Network crewnetwork.org

Oct. 22 Global Real Estate Summit New York SIBOR globalrealestatenyc.com

Oct. 23 Family Office Real Estate Investments New York DC Finance www.dc-finance.com

Oct. 23 Real Estate Private Equity Forum Napa, Calif. Opal Group www.opalgroup.net

Oct. 24-25 Real Estate Family Office & Private Wealth Mgmt. Miami IMN www.imn.org

Oct. 29-30 RealShare Apartments 2018 Los Angeles Globe Street www.globest.com

Oct. 29-30 New Hotel Development & Construction West Santa Monica, Calif. IMN www.imn.org

Events Outside US Dates Event Location Organizer Information July 26 Ireland & Emerging European Data Centre Summit Dublin CAPRE www.capremedia.com

Sept. 5-6 Europe GRI 2018 Paris GRI www.griclub.org

Oct. 8-10 EXPO REAL 2018 Munich Messe Munchen www.exporeal.net

Nov. 1 Greater Vancouver Data Centre Summit Richmond, Canada CAPRE www.capremedia.com

Nov. 5-6 Real Estate Investment: Valuation & Financing London Fitch Learning www.fitchlearning.com

To view the complete conference calendar, visit the Market section of REAlert.com

July 11, 2018 15Real EstateALERT

MARKET SPOTLIGHT

Office Properties in Orange County, Calif.More than 100 Class-B properties have been converted to “creative” 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 been negotiating larger tenant-improvement packages than in recent years.

Investment sales, while brisk this year, may not match 2017’s total of $2.4 billion. That was the highest this cycle and second only to the outlier year of 2007, when trades reached a whopping $4.7 billion.

On the Market Hit SF Estimated ValueProperty Seller Market (000) ($Mil.) (Per SF) BrokerFour properties in Airport submarket Blackstone May 538 $160 $300 Eastdil Secured100 Bayview Circle, Newport Beach AEW Capital May 328 130 396 Eastdil SecuredOne Pacific Plaza, Huntington Beach PGIM Real Estate April 395 125 316 Eastdil SecuredHive, Costa Mesa Goldman Sachs, SteelWave June 182 91 500 Newmark2300 Main Street, Irvine Hines June 134 40 299 Eastdil SecuredPalm Terrace, Lake Forest Bailard June 156 39 250 JLL999 Town and Country Road, Orange Westcore Properties May 99 35 354 HFFStadium Centre, Anaheim Guggenheim Partners June 122 32 262 NewmarkVillage Business Park, Buena Park Westcore Properties May 141 26 184 Newmark

Recent Deals SF Sales PriceProperty Buyer Closed (000) ($Mil.) (Per SF) BrokerSummit Office Campus, Aliso Viejo Rockpoint Group June 479 $157 $327 NewmarkCity Tower, Orange KBS Strategic Opportunity REIT March 435 147 338 NewmarkAtrium, Irvine (Unidentified) (Pending) 303 106 350 NewmarkOrange County Business Center, Santa Ana Walton Street, Greenlaw April 437 74 170 NewmarkHuntington Gateway, Huntington Beach (Unidentified) (Pending) 292 72 247 NewmarkBrea Imperial Center, Brea HPA Realty April 194 47 243 Cushman & WakefieldCorporate Pointe, Irvine Kelemen Caamano Investments March 160 42 261 Newmark58 Discovery, Irvine Irvine Co. May 127 36 281 Cushman & Wakefield1500 Quail Street, Newport Beach AIG, Lincoln Property July 91 32 355 NewmarkSan Juan Exec. Center, San Juan Capistrano Ensign Group June 115 32 273 Cushman & WakefieldScenic Business Park, Costa Mesa (Unidentified) (Pending) 110 27 246 Cushman & WakefieldBayside Square, Newport Beach (Unidentified) (Pending) 35 25 715 Newmark

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July 11, 2018 16Real EstateALERT

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 space.

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 Stam-ford, Conn. Ford previously worked at Elite Street Capital of Houston, Wood Partners of Atlanta and Trammell Crow of Dallas. Berliner completed his mas-ter’s degree this year. He had a prior stint as an analyst at Ackman-Ziff Real Estate. Ford reports to chief acquisi-tion officer Jeremey Pemberton, while Berliner reports to senior vice presi-dent of development James Driscoll. Both started in the past few weeks.

Waypoint, based in Boca Raton, Fla., was founded by chief executive Scott Lawlor in 2011.

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 with senior vice president Paul Smith. His resume also includes stops at Marcus & Millichap and Crawford Hoying Real Estate Services of Dublin, Ohio.

Jeffrey Hammond left Black Creek Group last week to join fund shop Alidade Cap-ital 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’s father.

C-J. Ford joined Newmark’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 Jona-than Mazur, who co-heads Newmark’s research group with senior managing director Alexander Paul.

After spending the past three years at Eastdil Secured as an associate in Washington, Matthew Graham last week joined his family’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’s father, Mike Graham, and his uncle, Steve Graham. It leases and manages 10 million sf of office, warehouse, industrial and retail space, primarily in the Southeast.