7-17-15

- DC

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

9A

HFF arranges $160 million in financing for hotel dev.

25A

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.

DelMarVa • DC...........................................................5-8A Pennsylvania..........................................................9-21A Eastern PA............................................................13-21A Financial Digest....................................................25-28A New Jersey....................................................... Section B Southern New Jersey. ............................................5-11B

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