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Dunne, Welsh and Schulz represents The Hampshire Companies CBRE Group announces sale of 200 Milik St. for $49.5m in Carteret, NJ C ARTERET, NJ — CBRE Group, Inc. announced that Jef-
ISSUE HIGHLIGHTS Volume 27 Issue 13 July 17 - 30, 2015 Feinberg Real Estate Advisors represents seller in $9m sale
frey Dunne , Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the $49.5-mil- lion sale of a newly developed industrial building at 200 Mi- lik St. in Carteret. The team was also responsible for pro- curing the buyer, TIAA-CREF. The property, which con- tains 232,134 s/f of warehouse/ distribution space, was con- structed in 2012 with modern specifications including 36- foot clear, 52-by-50-foot col- umn spacing, ESFR sprinkler, and up to 40 loading docks. Hampshire began construc- tion on a speculative basis and fully leased the building to FedEx Ground prior to completion. The Exit 12 industrial mar- ket, also known as Port South, has evolved into one of the leading industrial markets in
200 Milik
New Jersey, evidenced by a rise in construction and sub- stantial tenant commitments. A key component can be traced to the 2010 completion of the Exit 12 interchange expan- sion. At 200Milik, Hampshire demolished the former Path- mark office headquarters in 2011, and developed a modern generation industrial building based on foresight into the evolving Exit 12 market. Since 2007, more than 4.7 million s/f has been developed or is close to being completed in the market (a 24% increase in inventory),
which has attracted interna- tionally recognized tenants such as Amazon and FedEx. “With available land sites near the port dwindling, we identified Exit 12 of the NJ Turnpike as a market well- situated to capture demand from the expansion of the Port of Newark/Elizabeth and the rapidly expanding e-commerce market,” said Todd Anderson , principal for The Hampshire Compa- nies. “FedEx’s decision to sign a long-term lease prior to completion of the building, followed by the sale less than and GRK Fresh Greek. “1140 19th Street allowed American Real Estate Part- ners to apply our redevelop- ment skills as we set out to consider the building’s competitive position in the market, create a stunning renovation plan designed to attract the most sophisticated tenants in the market and suc- cessfully transform this im- portant downtown DC asset,” said American Real Estate Partners president, Brian Katz . “Working alongside our partners at The Davis Compa- nies was a pleasure as we ful- filled our shared goals for the joint venture after acquiring both this property and the one next door at 1146 19th Street, which sold in July 2013.” American Real Estate Part- ner’s principal and executive managing director Michael Gribbon directed the leas- ing and repositioning strat- egy, saying, “Our approach to marketing 1140 19th Street
three years after its develop- ment, is a testament to Hamp- shire’s vision.” Welsh said: “The develop- ment of 200 Milik was driven by Hampshire’s view that there was a limited supply of modern warehouse/distribu- tion buildings while there was increasing demand from tenants willing to pay a pre- mium for state-of-the-art in- frastructure. This, combined with Hampshire’s long-term belief in Exit 12 as a premier location, was integral to the successful execution of this development.” n included not only the re-in- troduction of the property as a completely renovated, up- graded and sophisticated ad- dition to this important block in the Golden Triangle but also introduced unusual choice and flexibility to the market, with highly visible full floors and smaller, flexible spec suites.” The Davis Companies man- aging director of asset man- agement Cappy Daume said, “While the asset benefited from an inherently strong location, its potential was limited by many physical chal- lenges and historical lack of investment. This team did an amazing job re-imagining how this property could look and function for a new generation of office and retail tenants. The results are stunning and a true improvement to the neighborhood for decades to come. We are grateful to our partner, AREP, for leading such a successful re-develop- ment.” n
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HFF arranges $160 million in financing for hotel dev.
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American Real Estate Partners and The Davis Companies announce $40.5m sale of 72,648 s/f
Meridian Capital arranges $22.7m in acquisition financing
WASHINGTON, DC — American Real Estate Part- ners (AREP) , with joint ven- ture partner The Davis Com- panies (TDC) , announced the $40.5 million sale of 1140 19th St., NW, a 72,648 s/f, nine- story class A office building in the heart of Washington, DC’s Golden Triangle district.
FC-B
Directory
1140 19th St., NW
AREP and TDC began reposi- tioning the building in 2012, investing significant capital to renovate the building. A creative leasing cam- paign and spec suite pro- gram brought the building to stabilized occupancy as tenants seeking flexibility and prominence for large and small suites discovered this elegantly finished “jewel box” asset along a vibrant down- town corridor. On the retail level, new signage heralded leases with popular fast casual restaurants, Noodles & Co.
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Mid Atlantic Real Estate Journal
Market Research is Key for Building Successful Real Estate Developments John D. Sims L ONG VALLEY, NJ — For a real estate project to reach its full investment potential in today’s economic environment, a more intelligent approach is essen- tial. Independent market re- search provides timely analysis that will help to mitigate risk, identify opportunity and estab- lish value, thereby allowing a real estate project to achieve maximum success. In the following interview, John D. Sims , chairman and CEO of Long Valley, NJ-based Marketlogics – a multi-facet- ed real estate market research company – discusses how cus- tom advisory and consulting services are vital to assisting developers, residential home builders, lenders, investors and municipalities in making the best strategic decisions for their companies and com- munities. Q: What role does market research play in helping new- home builders and developers create successful communities?
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
continued on page 22A Q: How important is it for builders/developers to utilize key market research from a project’s onset? of hard-worked income on the table. Second, if a new housing product is over-priced, it will languish on the market and the builder/developer will have to start fielding very low offers. Or, the builder/developer will have to lower product pricing, which essentially tells the marketplace that a real estate product isn’t worth what the developer originally thought. You only get one chance to make a great first impression, and in this case, that means coming into the real estate market with great product acceptance.
A: Market research – the strategic in-depth analysis of >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52
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