REAL ESTATE INVESTMENT
SFL | May 31, 2022
SFL, leader in the prime segment of the Parisian commercial real estate market, announces that it has sold the Le Vaisseau building, located on Ile Saint-Germain in Issy-les-Moulineaux, to the Institut Catholique de Lille, which plans to relocate its Faculty of Law there, also situated in Issy-les-Moulineaux since 2013. The property has been sold for €27 million excluding transfer costs.
Spanning approximately 6,300 sq.m, the property boasts outstanding architecture with a unique façade and opening roof. It was designed by Jean Nouvel for advertising agency CLM BBDO and was completed in 1992.
We are delighted to sell this building to the Institut Catholique de Lille, and to contribute to the transformation of office property as new uses offering opportunities for value creation emerge. This ambitious project would not have been possible without the high quality collaboration with teams at both Institut Catholique de Lille and Ateliers Jean Nouvel.”
Aude Grant, Deputy Managing Director, Asset Management & Investments at SFL
SFL was advised in the transaction, initially handled by BNP Real Estate, by Anne-Hélène Garnier (Oudot & Associés).
Institut Catholique de Lille was advised by Grégory Jacobsoone (Fontaine Roussel & Associés).
Leader in the prime segment of the Parisian commercial real estate market, Société Foncière Lyonnaise stands out for the quality of its property portfolio, which is valued at €8.1 billion and is focused on the Central Business District of Paris (#cloud.paris, Edouard VII, Washington Plaza, etc.), and for the quality of its client portfolio, which is composed of prestigious companies in the consulting, media, digital, luxury, finance and insurance sectors. As France’s oldest property company, SFL demonstrates year after year an unwavering commitment to its strategy focused on creating a high value in use for users and, ultimately, substantial appraisal values for its properties.
REAL ESTATE TECHNOLOGY
AREP | July 29, 2022
American Real Estate Partners (“AREP”), and its Joint Venture partner Machine Investment Group (MIG) today announced the company’s latest investment in the logistics & distribution market, a 1,015,740 square foot industrial property located in Middletown, Delaware. This is AREP’s sixth investment through its Strategic Opportunity Fund III (“Fund III”) and is now 60 % deployed.
The New Castle County industrial submarket has experienced meaningful growth, with the newly developed Route 301 Bypass transforming the ease of access to Middletown from Interstate 95. The current lack of easily accessible properties in Southern Jersey, Northern Delaware, and Eastern Pennsylvania has pushed tenants to seek strong alternate locations, the Middletown area is a premier example of this.
“At AREP, we have sought to invest in those markets where we see growth of both tenancy and rents, We were drawn to this asset in a growing market as demand from Logistics & Distribution companies along 3PL providers continue to lead market absorption.”
Doug Fleit, Co-Founder & CEO of AREP
“Just weeks after announcing the closing of our third investment fund, this acquisition exemplifies AREP’s strategic and meaningful investments in the logistics market,” said Brian Katz, Co-Founder & President of AREP. “Our team has a proven track record of credibility and expertise in opportunistic investments, and we are proud to continue the diversification of our four asset pillars: industrial, data center, multi-family and office. We remain optimistic about Fund III and will continue to put its capital to work in a judicious manner.”
In June, AREP announced the closing of Fund III with $63 million in equity commitments expanding on the diverse mix of public and private institutional investors and family offices. Fund III will continue AREP’s focus on a value-add and opportunistic strategy, concentrating on data center, residential, industrial, and office assets in East Coast urban and urbanized suburban markets. Fund III’s co-investment capital is targeted to invest in $1.5 B to $2.0 B of total asset value, utilizing moderate financial leverage.
ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets, on both a development and repositioning basis in various markets along the East Coast.
Since the company’s founding in 2003, AREP has deployed over $5.1B across targeted geographies, acquired more than 20 million SF of Class A real estate, and currently oversees over 10 million SF. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors.
REAL ESTATE INVESTMENT
FCPT | May 19, 2022
Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, is pleased to announce the acquisition of a NextCare Primary Care property for $1.8 million. The property is located in a strong retail corridor in Arizona and is corporate-operated under a net lease with approximately 7 years of term remaining. The transaction was priced at a 6.4% going-in cash capitalization rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
REAL ESTATE TECHNOLOGY
Institutional Property Advisors | May 18, 2022
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hudson on Farmer, a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The property traded for $96 million, which represents $561,404 per unit.
Hudson on Farmer is supported by a highly educated population of over 620,700 working professionals throughout 16 major employment corridors within a 10-mile radius. Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.”
Steve Gebing, IPA executive managing director
Gebing and IPA executive managing director Cliff David represented the seller, 8th & Farmer Owner LLC, and procured the buyer, Ideal Capital Group. “Tempe is one of the best suburbs in Arizona for young professionals and this ambitious demographic has long been a key source of the city’s success,” added David.
Hudson on Farmer’s Mill Avenue District location places it in the geographical center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe has a mix of treelined walkways and large office developments, including 20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry Lakeside, a master-planned mixed-use development with 1.6 million square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank, and Microsoft. There is 18.5 million square feet of lifestyle amenities in close proximity, namely Tempe Marketplace, Mesa Riverview, and Sloan Park, the spring training home of the Chicago Cubs.
Completed in 2021, six-story Hudson on Farmer has open-concept apartment homes with full-size front-load washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with undermount lighting, premium closets, and reserved parking. The property’s common area accommodations include a resort-inspired, heated swimming pool and spa and second-story resident lounge with social space, a conference room, and workspaces accented by modern art and natural wood décor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, firepit, desert vegetation and misting system gives residents an added venue for entertaining. Additional community amenities include a fitness center, bike parking room and electric vehicle charging stations.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.