ROSLYN, N.Y. — Marcus & Millichap has brokered the $33 million sale of Horizon at Roslyn, a 50-unit, age-restricted apartment building in the New York City suburb of Roslyn. The sales price equates to $660,000 per unit. Michael Tuccillo, Anthony Cerrone and Nicholas Tuccillo of Marcus & Millichap represented the seller, Horizon at Roslyn LLC, in the transaction. The trio also procured the buyer, Fairfield Knolls LLC.
PORT ORANGE, FLA. — Trez Capital, a private real estate lender, has provided a $44.1 million construction loan for a new Class A, garden-style apartment community in Port Orange, a city near Daytona Beach. The 288-unit development is known as EDEN Crystal Lake. Ben Jacobson of Trez Capital originated the loan on behalf of the developer, EDEN Multifamily. Located on 19.5 acres at 1270 Reed Canal Road, EDEN Crystal Lake will have a mix of one-, two- and three-bedroom apartments with nine-foot ceiling heights, granite countertops, high-end appliances, walk-in closets and balconies/patios in three-story buildings. Planned community amenities include a clubhouse, resort-style pool, fitness center, lakefront boardwalk, dog park with a grooming station, expansive lawn areas and detached garages. The EDEN Crystal Lake site is located within four miles from the beaches in Daytona Beach, the Daytona International Speedway, Daytona Beach International Airport and LPGA headquarters. The property is also near Interstates 95 and 4. Construction of EDEN Crystal Lake is scheduled for completion in mid-2022.
ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner. The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule. Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.
PHOENIX — BKM Capital Partners has completed the sale of Koll Cotton Center, a seven-building light industrial park in Phoenix. Naples, Fla.-based TerraCap Management acquired the asset for $30.9 million. Situated on 17.8 acres at 4050 E. Cotton Center Blvd., Koll Cotton Center offers 225,403 square feet of light industrial space within Cotton Center Business Park, a 286-acre mixed-use development. Built in 2000, the property has undergone a multimillion-dollar improvement and enhancement plan that includes speculative suite buildouts, new signage and interior and exterior improvements. At the time of sale, the property was 93 percent leased to 20 tenants. Buildings feature 16- to 18-foot clear heights, ample parking and office finishes. Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger of JLL Capital Markets represented the seller in the transaction. Additionally, Kevin MacKenzie and Jason Carlos of JLL Capital Markets Debt Placement arranged a $23.2 million, five-year, floating-rate acquisition through an unnamed life insurance company on behalf of TerraCap.
HOUSTON — Lee & Associates has brokered the sale of a manufacturing building located on approximately 7.9 acres at 9110 Taub Road in Houston. According to LoopNet Inc., the property was built on 10 acres in 1997. Mike Spears and Frank Blackwood of Lee & Associates represented the buyer, Integrated Induction Inc., in the transaction. David Boyd and Wes Williams of Boyd Commercial represented the Houston-based seller, Allegiance Bank.
SEATTLE — Colliers International has arranged the purchase of The Portal, a multifamily property located at 743 N. 35th St. in Seattle’s Fremont neighborhood. A local family office acquired the property for $21.3 million, or $690 per net rentable square foot. The name of the seller was not released. Recently completed, The Portal features 54 apartments and was sold pre-stabilization, closing 90 days after the seller received the certificate of occupancy. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers Pacific Northwest Multifamily Advisor team represented the buyer in the transaction.
LITTLETON, COLO. — Continental Divide Holdings LLC has acquired an office property located at 8331 Continental Divide in Littleton. Colorado Credit Union sold the asset for an undisclosed price. Formerly a credit union brand and headquarters, the 8,000-square-foot property feature a drive-thru and monument signage. The buyer plans to convert the building into a medical office space for use as its pediatric practice. Rick Egitto of Avison Young, along with Justin Rayburn of Fountainhead Commercial Properties, represented the seller, while Dann Burke and Stephani Gaskins of CBRE Healthcare Real Estate Brokerage Services represented the buyer in the deal.
CARLSBAD, CALIF. — Lee & Associates has arranged the purchase of a single-tenant industrial property located at 6212 Corte del Abeto in Carlsbad. Elion Acq LLC acquired the asset from an undisclosed seller for $13 million. Built in 1987, the 70,224-square-foot building features two dock-high doors, six grade-level doors, up to 26-foot clear heights and visibility on Palomar Airport Road. The property is located within Palomar Airport Business Park. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates – North San Diego County represented the buyer in the transaction.
MORRISTOWN, N.J. — The Birch Group, a New York-based investment firm, has acquired a portfolio of three office buildings totaling 411,737 square feet in the Northern New Jersey city of Morristown. The sales price was $77 million. The buildings are located at 60 Columbia Drive, 100 Southgate Pkwy. and 1200 Mount Kemble Ave. and were collectively 98 percent leased at the time of sale. Cushman & Wakefield represented the seller, Lincoln Equities Group, in the transaction.
MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.