HURST, TEXAS — Prudent Growth Partners, a North Carolina-based private equity real estate firm, has purchased a 47,364-square-foot retail center in Hurst, located in the northern-central part of the metroplex. Melbourne Plaza, which sold for $7.8 million, was 97 percent leased to 17 tenants at the time of sale. The seller was not disclosed.
NEW YORK CITY — Locally based investment and development firm AmTrustRE has entered into an agreement to buy 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $217 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest between $60 million and $70 million in capital improvements to the building. The seller was The Sapir Organization.
MAMARONECK, N.Y. — Chicago-based brokerage firm Kiser Group has negotiated the $76 million sale of the 250-bed Sarah Neuman Skilled Nursing Facility in Mamaroneck, roughly 30 miles northeast of New York City. According to Kiser Group, the property was initially under contract for $84 million, but the first buyer had to withdraw from the transaction due to rising interest rates. Mark Myers led the Kiser Group team that arranged the sale. The seller was an undisclosed religious nonprofit organization. Myers also arranged interim financing on behalf of the buyer, including a $5 million loan, throughout the approval process.
PLAINFIELD, N.J. — Invictus Real Estate Partners, a New York-based real estate private equity firm, has provided a $60 million construction loan for The Bishop, a multifamily project in the Northern New Jersey community of Plainfield. The site is located at 401 E. 3rd St., and the project, which represents Phase II of a larger development, will add 266 rental units and 10,000 square feet of retail space to the local supply. Amenities will include an outdoor lounge, golf simulator, fitness center, game room, pool, screening room, children’s playroom and a pickleball court. Brian Anderson of Cushman & Wakefield arranged the loan through Invictus on behalf of the borrower, New Jersey-based developer Ramani Group.
NEW YORK CITY — Affordable housing owner-operator Tredway has completed the renovation of Greene Clermont Houses, a 97-unit affordable seniors housing complex in Brooklyn. Built in 1985, the seven-story complex is located in the borough’s Fort Greene neighborhood and houses units that are reserved for renters earning 50 percent or less of the area median income. Renovations upgraded units’ flooring, lighting, kitchens and bathrooms, and the community room has been enhanced to include a new kitchen, wellness room, nurse’s station and resident services coordinator office. Tredway partnered with the New York City Department of Housing Preservation and Development on the project, which also served to preserve the property’s affordability status for another 40 years.
NEW YORK CITY — Marcus & Millichap has brokered the $17.5 million sale of a 26,624-square-foot retail building in the Bushwick area of Brooklyn. The building at 321 Starr St. houses 10 units, and tenants include MetroRock, 48 Cypress and New York Film Lab. Shaun Riney, Michael Salvatico, Scott Plasky and Alexander Arustamanian of Marcus & Millichap represented the seller and procured the Canadian buyer in the transaction. Both parties requested anonymity.
RENO AND SPARKS, NEV. — Hamilton Zanze has expanded its regional footprint from 176 units to 1,224 units with the purchase of Kromer Portfolio, a three-property apartment portfolio in Reno and Sparks. Terms of the transaction were not released. Totaling 1,048 apartments, the portfolio includes: Ken Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the buyer in the deal.
SAN DIEGO — Saca Capital has obtained a $91 million financing package from Rialto-Hines for One America Plaza, a Class A office tower at 600 W. Broadway in downtown San Diego. Saca Capital acquired the 34-story, 630,000-square-foot office tower from Irvine Co. Rob Rubano, J.P. LeVeque, Ernesto Sanchez and Lars Weston of Cushman & Wakefield represented the borrower in the financing.
CITY OF INDUSTRY, CALIF. — Bridge Logistics Properties has acquired San Jose 2-Pack, a two-building, 450,000-square-foot industrial portfolio in City of Industry within Los Angeles’ San Gabriel Valley submarket. Terms of the transaction were not disclosed. The fully leased complex includes a 250,000-square-foot facility and a 200,000-square-foot facility. Patrick Nally, Evan Moran, Ryan Spradling, Makenna Peter and Rustin Mork of JLL represented the undisclosed seller in the the transaction.
GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing for the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel hardware, vinyl wood plank flooring, stainless steel appliances and subway tile backsplashes. JLL Capital Market’s investment sales team was led by Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke.