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Stockbridge Capital Group has landed $350 million in financing to acquire a 26-property industrial portfolio comprising 6.3 million square feet across nine markets in the U.S., with most of the properties located on the West Coast. The seller was San Diego-based Westcore Properties, which did not disclose a sale price.

An Eastdil Secured team of Stephen Silk, Jay Borzi and Adam Pastor represented Westcore Properties in the deal, while Stockbridge represented itself. PGIM Real Estate Finance provided the financing in the deal, with a team of Jaime Zadra and Elizabeth Velazquez arranging the acquisition financing through two 7-year, fixed-rate loans.

The institutional-quality logistics and e-commerce assets are located in five states—California, Arizona, Nevada, Utah and Indiana. Of the 26 properties, 11 are located in the California markets of the Inland Empire, East Bay, San Diego and Central Valley. Another 12 properties are located in Sparks, Nev., and one each is located in Phoenix, Salt Lake City and Lebanon, Ind.

The portfolio is nearly 100 percent leased, despite several of the properties being vacant at the time of the sale. Westcore began buying the properties in 2016 and has since completed renovations at nearly all of them. Tenants at the assets consist mostly of big-box and last-mile users. The portfolio includes bulk distribution facilities measuring up to 1.1 million square feet as well as light industrial properties.

Earlier this month, Westcore purchased a newly built, 379,800-square-foot industrial property in Phoenix from a joint venture of Wentworth Property Co. and a private real estate fund managed by Crow Holdings Capital.

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Marble of the World, a division of The Stone Collection LLC, has signed a 94,261-square-foot showroom lease at Pompano Business Center II, a 133,814-square-foot industrial facility in Pompano Beach, Fla. The natural stone distributor will be the first tenant at the  warehouse, which was completed in 2019. Cushman & Wakefield represented the building owner, IDI Logistics, in the lease negotiations, while Colliers International represented the tenant.

Located at 3001 W. Copans Road, the property is right off Florida’s Turnpike, roughly 4 miles northwest of downtown Pompano Beach. Port Everglades is 18.6 miles south via Interstate 95 and Palm Beach International Airport is 34.8 miles north.

Recently developed on an 11.4-acre parcel, Pompano Business Center II features built-to-suit office space, 32-foot clear heights, 92 auto parking spaces, 38 trailer stalls, 30 dock-high doors, two drive-in doors and a 130-foot truck court.

A Cushman & Wakefield industrial team of Chris Metzger, Richard F. Etner Jr., Christopher Thomson and Matthew G. McAllister represented the landlord in the lease. Colliers International’s Steve Wasserman and Erin Byers assisted the tenant in the negotiations.

In January, Cushman & Wakefield represented the seller in the $62 million purchase of Powerline Business Park. The 444,000-square-foot industrial asset is 2.4 miles northeast of Pompano Business Center II.

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Posted To: Pipeline Press

Data compiled by the American Bar Association shows that average lawyer pay has nearly doubled since 1997! Mortgage loan originators enjoy comparing themselves to attorneys, despite the formal educational differences, the time involved with case work stretching out years, and the initial expense of law school most attorneys attend after college. And then there’s the bar exam with its “not a sure thing” passing rate . How about an exam for homebuyers before a sale can be approved? Spain has one . Also known as the Housing Credit Law, “it should greatly diversify what is on offer for homebuyers while providing better protections.” How about an exam for borrowers, the first question being, “Do you know that you must pay back a loan?” Okay, I’ll stop...(read more)

Vintage Electric

A major upgrade—for a pretty penny

Electric bikes are gaining traction in cities as a fast and relatively affordable way to get around. They are not, however, a particularly attractive mode of transportation generally speaking. Vintage Electric, an e-bike company out of California, wants to change that with the Roadster, a handsome e-bike styled like an old-school sport car.

You could think of the $6,995 ride as the Rolls Royce of e-bikes. It has a powder-coated aluminum frame that arches into a streamlined black swoop. A vintage-style headlamp adorns the front of the bike and glows with LEDs. Riders sit atop a sable leather seat that matches the brown leather handlebar grips, echoing the luxe carseats and steering wheels of yesteryear.

Vintage Electric

Vintage Electric

The Roadster hides its electric guts behind an aluminum casing where a 1,123-watt battery powers the bike for up to 75 miles. The bike is controlled from a digital interface on the handlebars that lets riders choose from five power modes, including instant acceleration. Though e-bikes are only road legal up to 32 mph, the Roadster can hit 36 mph in race mode when it’s used on private property—not that you’d want to hide it.

Posted To: Mortgage Rate Watch

Mortgage rates have had a great week. Although rates are slightly higher today versus yesterday, they're still exceptionally close to the lowest levels since November 2016. That's actually been the case since late last week as more than half of the improvement in underlying bond markets (which dictate rates) was in the books by Friday afternoon. It took lenders a few days to get caught up with the market movement, but by yesterday afternoon and this morning, top tier scenarios were seeing rate quotes of 3.625% in many cases (25%+ down, perfect credit, etc). Tomorrow will bring a raft of mortgage rate headlines from major news outlets due to the typical Thursday release of the widely-followed Freddie Mac Primary Mortgage Market Survey. Those stories will all be wrong . How can I be so sure?...(read more)

If you want to keep sippable suds close at hand, consider offering a toast to a new community on Hawaii’s Big Island.

Purchasing a home at Kohanaiki—on the Kona coast—comes with access to the 67,000-square-foot clubhouse with its own microbrewery and taproom. It’s the first private residential club to debut an on-site brewery and tasting room.

There’s more: a bowling alley with glow lights at night and a Tiki vibe during the day, an intimate cinema, a wine locker with cellar dining, and a lap pool.

Under the tutelage of brew master Garrett Fitts, you can see how beer is made just a short walk from your back door.

“Garrett is incredibly passionate about it,” says Brodie Callendar, residential specialist and sales executive with Kohanaiki. “We have his beers on tap at many locations around the club.”

Prices for the community’s 38 homes start at $2.25 million and go up to $20 million. All are designed by Glazier Le Architects, known for designs focused on “modern tropical living with floor-to-ceiling windows,” says Callendar.

The single-story layout appeals to an older demographic.

“They want the real ‘Hawaii aloha’ experience,” says Callendar. “It’s a little bit more of a casual feel here.”

“Anybody who purchases real estate here would also become a member,” says Callendar. “It’s a very low-key and relaxed club experience.”

The active listings include a three-bedroom, 3.5-bath, 2,264-square-foot home for $3.5 million and a four-bedroom, 4.5-bath, 2,409-square-foot home for $4.5 million.

The homes offer three different floor plans, and key design features include separation between bedrooms (perfect when hosting guests) and large lanais.

“Pocket doors open everybody up for inside and outside living. We don’t get much rain here on the coast,” says Callendar.

Copper roofs and walls of Western red cedar and stucco blend into the natural surroundings. The living room and kitchen are designed as an open space to make it easy to entertain.

After a cold glass of beer, there are other amenities for residents to enjoy.

Snug on 1.5 miles of oceanfront, the area is home to one of the world’s best surf breaks (Kohanaiki Beach Park, often called “Pine Trees”). Residents can also sail out on a 39-foot boat anchored five minutes away in a nearby harbor.

The clubhouse offers a movie theater and spa. Outside, there’s a community biodynamic farm.

Will some buyers be attracted solely to the on-site brewery?

“This is just one more element to creating this space in Hawaii that is bar none. The only thing we don’t have is an ice-skating rink,” says Callendar. “Residents never have to leave if they don’t want to. We have everything here.”

The post Attention, Beer Nuts: This Big Island Community Comes With its Own Brewery appeared first on Real Estate News & Insights | realtor.com®.

This distinctive home hugging the Des Plaines River in Riverside, IL, was once worthy of a close-up on HGTV. It’s now in search of a buyer willing to fork over $1.5 million for the former boathouse.

Locals recognize the boathouse’s blue-and-white-pinstriped awning from kayak or canoe trips on the river. But thanks to a long, winding driveway and lush landscaping, the home is nearly concealed from the street.

“You are just 11 miles from Chicago,” says listing agent Rory Dominick, of Keller Williams Chicago-O’Hare Market Center.

“When the current owners purchased the home, they lived there a few years before building and expanding to create the current home,” says Dominick. The owners worked with the architecture firm Bailey Edward, and the renovation took two years. The three-bedroom dwelling remains in impeccable condition nearly three decades after construction.

“You’re sleeping on top of the river,” says Dominick as she extolled the virtues of the dreamy, spacious master bedroom with its floor-to-ceiling windows and high, beamed ceiling. As with the rest of the bedrooms, it boasts an en suite bath and views of the river, plus a private patio.

Even when it might seem too chilly or too hot to be outdoors, stepping out for fresh air is—pardon the pun—a breeze. A wraparound balcony allows for glorious outdoor living along the river.

Speaking of Chicago weather, four fireplaces keep the home nice and toasty during winter. A saltwater fish tank in the dining room/foyer provides serious eye candy for relaxing nights at home or as the focal point for parties.

There’s a wave motif reflecting the riverside perch throughout the home, found on the garage doors, wrought-iron staircase, and cabinetry.

A generously sized family room features a full bar and plenty of room to entertain. In fact, a buyer who loves to entertain is exactly who Dominick hopes to attract.

The ideal buyer is someone who “wants peace but they also want to entertain with the ‘wow’ factor … a property that tells a story and can be passed on as a legacy,” she says. “We’re really trying to go for somebody who wants the proximity of the city but also wants an estate feel. When you’re in the house you don’t feel like you’re in Riverside.”

The two boat slips that come with this property might also appeal to a recreational kayaker or owner of a small motorized boat. Lush landscaping includes a koi pond, too. And for a person who loves to collect “toys,” the three-car garage—a rarity in these parts—might seal the deal.

The post Historic Boathouse-Turned-Beautiful Mansion Floats Onto Market for $1.5M appeared first on Real Estate News & Insights | realtor.com®.

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West Palm Beach–Boca Raton’s office market continues to draw on the strengths of its local staples such as a well-established financial and legal services industry and health-care sector. The market’s pro-business regulatory environment and skilled labor pool are also key determinants in the metro’s consistent economic growth. As of March, West Palm Beach–Boca Raton had 174,000 office-using jobs, with professional and business services as the top performer in the office sector (6,400 new jobs).

READ THE FULL YARDI MATRIX REPORT

Pent-up demand for quality office space is shaping the metro’s development pipeline. Some 918,000 square feet was underway as of April; it will add 3% to the total stock once completed. About 95 percent of the square footage under construction comprises Class A space, and more than 30 percent of the new-supply pipeline is scheduled to come online by the end of 2019. Downtown West Palm Beach leads in development activity, with more than 600,000 square feet underway as of April. The last first-class completion in the submarket was CityPlace Tower, a 297,652-square-foot building delivered in 2008.

Investment activity slightly lost steam in the metro, on par with national trends. However, investor sentiment remained consistent as buyers looking for higher returns focused on suburban assets. Five properties totaling 577,000 square feet sold for $78.2 million year-to-date through April. Acquisition yields for top-tier properties hovered below the 5 percent mark, while tightening vacancy rates continue to bolster rising sales prices.

Read the full Yardi Matrix report.

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