NEW HYDE PARK, N.Y. — A subsidiary of Kimco Realty Corp. (NYSE: KIM) has executed a contract to acquire the remaining 66.7 percent interest in the 39-property “Kimstone” portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP). The deal is valued at $925 million, which includes the assumption of approximately $426.7 million in mortgage debt. Kimco will pay approximately $512.3 million to acquire BREP’s interest using a combination of proceeds from recently completed and pending property sales in the U.S. and Latin America, as well as availability under its existing $1.75 billion revolving credit facility. Upon closing, which is expected in the first quarter of 2015, Kimco will own 100 percent of the portfolio. The 5.6 million-square-foot portfolio is approximately 97 percent occupied and comprises grocery-anchored shopping centers and power centers. The properties in the portfolio are concentrated in the core markets of New York, Virginia, Texas, Florida, California and Maryland. The portfolio includes four signature assets: • 280 Metro Center, a 228,000-square-foot property located in the San Francisco Bay Area of Colma, Calif. The 95-percent-occupied center is supported by a well-known list of anchors that includes Nordstrom Rack, Marshalls, Bed Bath & Beyond …
NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.
NEW YORK CITY — Meridian Capital Group has arranged a $49 million CMBS loan for the refinance of a medical office property located at 6002 Bay Parkway in Brooklyn. The 10-year CMBS loan features a fixed rate and interest-only payments for the first three years. Abe Hirsch and Zev Karpel of Meridian’s New York City headquarters negotiated the transaction. The newly constructed Calko Medical Center features 125,000 square feet of office and retail space. Additionally, the property is an Article 28 ambulatory surgery center, which provides patients with same-day surgical care, including diagnostic and preventive procedures.
NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.
NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.
NEW YORK CITY — RKF has brokered the sale of a retail property, located at 197-205 Smith St. in Brooklyn’s Cobble Hill neighborhood. The 20,000-square-foot property sold for $18.5 million. The property offers 10,000 square feet on the ground floor and a 10,000-square-foot basement. Included in the sale are air rights for 10,000 buildable square feet that allows for future expansion. Brian Segall and Ernie Getz of RKF represented the seller, John Dee Corp., and the buyer, a partnership between Jackson Group, Aurora Capital and ACHS Management, in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an Upper West Side portfolio, a six-building mixed-use portfolio located in Manhattan’s Upper West Side. The portfolio features 152 multifamily units, 7,900 square feet of retail space and 62,655 square feet of air rights for future development. A private investor acquired the portfolio for $80.75 million, or approximately $515,000 per unit. The properties are 500 Cathedral Parkway, 3143 Broadway, 3147 Broadway, 3149 Broadway, 111 West 104th St. and 242 West 109th St. This is the first time the properties have changed hands in 30 years. Marco Lala of Marcus & Millichap’s Manhattan office represented the seller and buyer, both private investors, in the transaction.
NEW YORK CITY — CPEX Real Estate has brokered the sale of a development site at 2515-2517 Voorhies Ave. in Brooklyn’s Sheepshead Bay area. The two-lot site sold for $2.7 million, or $105 per buildable square foot. The 19,000-square-foot site is zoned approximately 25,650 buildable square feet of residential use. Additionally, the property was delivered with approved plans for construction. Sean Kelly, Orah Mansher, Sean Sears and James O’Neill represented the seller, Babe Realty Holding, in the transaction. The buyer, Hen Hui Gu Inc., was represented by Empire State Realty Group.
NEW YORK CITY — TerraCRG has arranged the sale a multifamily building, located at 43 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. The 3,200-square-foot building, which features four apartments and a full basement, sold for $1.75 million. The building offers two one-bedroom units and two two-bedroom units. Additionally, the basement is currently occupied by an art studio. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos and Michael Hernandez of TerraCRG represented both the seller and buyer in the transaction.
NEW YORK CITY — North Shore-LIJ has acquired 600 Community Drive in Long Island’s Manhasset for $65 million, or $260 per square foot. A partnership led by The Carlton Group’s Chairman Howard Michaels sold the property. Prior to the sale, the building’s ownership group made significant renovations to the property: achieved zoning approval to lease 80,000 square feet of the building for medical office use; approved and implemented a new renovation plans, including interior and improvements and a new façade entrance; and developed a solid pipeline of tenant activity, which allowed the property to become a multi-tenanted building. North Shore-LIJ has been a sub-tenant at the office building for the past eight years.