HORSHAM, PA. — Workspace Property Trust (WPT) has acquired 41 office and flex buildings in Horsham from Liberty Property Trust for $245.3 million. The portfolio comprises 2.3 million square feet of mixed property types and tenants. The acquisition is the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast. The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank. Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley of HFF arranged the acquisition financing. A privately held, vertically integrated, full service commercial real estate company, WPT is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. The trust specializes in the development, management and operation of office and flex space in the Northeast.
PHILADELPHIA — HFF has arranged the sale of a six-property, multi-state seniors housing portfolio totaling 596 units in Philadelphia, California, Michigan and Washington, D.C. ROC Seniors Housing Fund Manager LLC acquired the portfolio from a joint venture between The Carlyle Group and Capitol Seniors Housing for an undisclosed sum. The portfolio has 144 independent living units, 329 assisted living units, 136 memory care units and 17 skilled nursing units. The properties include Arbor Terrace at Chestnut Hill in Philadelphia; Crown Cove in Corona Del Mar, Calif.; Raincross at Riverside in Riverside, Calif.; Whittier Place in Whittier Calif.; Regent Street of West Bloomfield in West Bloomfield, Mich.; and The Residences at Thomas Circle in Washington, D.C. Ryan Maconachy, Chad Lavender and Gerry Rohm of HFF represented the seller in the transaction.
BOSTON — The Boston Housing Authority has selected IBA – Inquilinos Boricuas en Acción as the developer for its West Newton/Rutland Streets properties, including the revitalization of 146 units of public housing in Boston’s South End. IBA will lead the redevelopment of 24 historic brick residential buildings, containing existing units of federally subsidized housing, along West Newton and Rutland streets. The two-year project is slated to begin in 2016. As part of the project, IBA will complete the renovation while protecting current residents from displacement and preserving affordability for extremely low-income households over the long term.
SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Andover Park, a 240-unit multifamily property located at 100 Hawthorne Way in South Lawrence, for an undisclosed price. Constructed in 2000 and 2001, the eight-building community features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with attached garages in select units. TGM plans to renovate the apartment interiors, including new cabinets, countertops, appliances, light fixtures and hardware. Additionally, the company plans to upgrade the common area amenities with the addition of a fitness center, media center and café lounge area. The name of the seller was not released.
RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.
BRETTON WOODS, N.H. — Omni Hotels & Resorts has acquired The Omni Mount Washington Resort from CNL Lifestyle Properties for an undisclosed price. The resort is home to the Omni Mount Washington Hotel and Bretton Woods, a ski area and one of the largest Nordic touring centers in New England. The acquisition includes the Omni Mount Washington Hotel, the Omni Bretton Arms Inn, Bretton Woods Ski Area and Nordic Center, the Lodge at Bretton Woods, Mount Washington and Mount Pleasant golf courses, and 500 acres for future expansion and development. The resort recently underwent a $90 million expansion and renovation, which includes updated guest rooms and public spaces, a 25,000-square-foot spa, a 20,000-square-foot conference center, enhancements to the ski area and acquisition of the golf courses and development land. Omni Hotels & Resorts has been managing the resort since September 2009, and with this transaction, will transition into long-term ownership of the all-season property.
NEW YORK CITY — Ready Capital Structured Finance has closed a $9.9 million value-add loan on a leasehold interest for a mixed-use retail and office property at 313-315 W. 125th St. and an adjacent undeveloped land parcel located at 316 W. 126th St. in Harlem. Proceeds of the loan will be used for the acquisition, renovation and stabilization of the vacant 27,145-square-foot mixed-use property and the 4,166-square-foot land parcel. The loan features a two-year term with a one-year extension. The property is one block from the Apollo Theater and a variety of retailers, including Old Navy, Banana Republic Factory Store and DSW.
CINNAMINSON, N.J. — HFF has brokered the sale of Riverline Self Storage, a self-storage facility located at 1714 Bannard St. in Cinnaminson, a suburb of Philadelphia. Saratoga Springs, N.Y.-based Prime Group purchased the 381-unit property for $5.4 million. The two-building property totals 63,539 rentable square feet, with the property’s 381 climate-controlled units totaling 36,586 rentable square feet and occupying portions of both two-story buildings. The remaining 26,953 square feet is occupied by a combination of office, retail and warehouse tenants. Richard Schontz and Barbara Guffey of HFF represented the seller, a local private investor, in the transaction.
NEW YORK CITY — Aquazzura, a Florence, Italy-based shoe retailer, has leased 2,221 square feet of retail space at 935 Madison Ave. in Manhattan for its first U.S. location. Situated between 74th and 75th streets, the shoe retailer will occupy 1,144 square feet on the ground floor and 1,077 square feet on the lower level. The retail space features 17 feet of frontage on Madison Avenue, with the building’s original 1876 façade, as well as 18-foot ceilings on the ground floor and 10-foot ceilings on the lower level. Ariel Schuster, Jackie Totolo and Brandon Elias of RKF, along with Joel Isaacs and Joshua Lewin of Isaacs and Company represented the landlord, JZS Madison LLC, in the transaction. Marc Simon, also of Isaacs and Company, represented the tenant.
NEW YORK CITY — Ariel Property Advisors has launched a Capital Services business line. Ariel Property Advisors: Capital Services will focus on multifamily, commercial, retail, development, mixed-use and industrial properties and work with the firm’s current investment sales and research professionals to structure financing for commercial real estate properties throughout the New York metropolitan area. Ariel Property Advisors has hired Paul McCormick, a 10-year veteran of the commercial mortgage industry, to lead the business line expansion and serve as vice president of Capital Services.