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December 23, 2013
Restoration Hardware Warehouse Sells
The houseware retailer's 1.2M SF Cecil County warehouses sold to a publicly traded REIT for around $75M last week. (It must be the most tastefully lit warehouse on Earth.)
C&W's Cris Abramson (right, with capital markets colleagues Jon Chalkley, Nick Signor, and Brian Kruger) tells us the property drew more than 15 bids and thus pricing for Weeks Robinson's property was competitive. The developer bought a 600k SF, showroom-new building and 84 acres from Bank of America in August 2011. Restoration Hardware leased the existing warehouse in December 2011 and took another 600k SF upon completion. The deal was the biggest Baltimore lease of that year and one of the biggest in the country. Cris tells us his team sold 4M SF of industrial in 2013 and will be marketing more next year. (Sounds like they've earned an extra glass of eggnog.)
A Bisnow Education Video!
We're often asked after our events, what's a cap rate, a 1031 exchange, a REIT, mezz debt, NOI, CMBS, loan-to-value, "core," etc. Well, we're the wrong people to ask, because we don't know either. BUT, we know someone who does! So we made a video. It's 90 minutes, broken into 19 different 5-minute segments on these different issues. Never be intimidated again! And dazzle the world with your use of highfalutin' acronyms.
Peter Linneman is really smart. He started the Wharton School's Real Estate Department, and he's been Chairman of Rockefeller Center Properties, and on the Executive Committee of Equity Office Properties. He's widely considered the top real estate professor in the United States. So try out the trailer above. And if you like it, for $59 you can stream it as much as you like. And you, too, can get really smart. More info and purchase.
Don't Mess With Dress-Up
MacKenzie Commercial founder Clark MacKenzie (with colleague Karen Deeley) doesn't mess around with party attire. At the company party on Friday, as he does every year, Chip broke out the kilt. (You're a braver man than we, Chip.)
Yes, you read that right.
And he's not alone. Here's the company's next gen: Justin Mullen, Rob Aumiller, Brendan Gill, and Matt Mueller.
Wearing green corduroys, red with Christmas wreaths, pine green with candy canes, and red with Christmas trees.
Our Movember Challenge Winner
We present Bisnow's Movember Challenge winner: Eliassen Group. The company's Baltimore office had full participation, raising $4,476 for prostate and testicular cancer research. Actually, double that because the company matched 100%. Regional director Kris Kurcoba (left) tells us the new staffers especially enjoyed themselves, having come from companies with policies against facial hair. Kris himself was happy to shave Dec. 1, considering one of his 9-year-old daughter's soccer teammates told him he looked scary.
We've had so much fun covering the market this year, getting to know all of you through your deals and emails. As we take a break in publishing for the week, know we appreciate every time you read us and every joke you chuckle at. (Laughter is a great gift because people love when you return it. And you can bring it back to any location, not just where you got it.) Email firstname.lastname@example.org.