NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of a 28-unit multifamily building located at 88 E. 111th St. in East Harlem. The property includes two commercial spaces. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WASHINGTON, D.C. — Avanath Capital Management LLC has acquired 2M Street Apartments, a 315-unit multifamily community in Washington, D.C., for $103.5 million. The seller was not disclosed. Built in 2014, 2M Street is an apartment community that offers studio, one- and two-bedroom floorplans. Unit features include fully equipped kitchens, balconies, breakfast nooks, granite countertops and washers and dryers in-unit. Community amenities include a basketball court, onsite maintenance, media center, movie theater, pool and a fitness center. The apartment community was designed to meet LEED Gold standards. Located at 2 M St. NE, the property is situated close to the Capitol Building and is 1.6 miles from downtown.
COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.
CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.
AVENTURA, FLA. — Dallas-based Hall Structured Finance (HSF) has provided a $29.4 million loan for the refinancing of Serena Hotel, a Tapestry Collection Hotel by Hilton in Aventura. Locally-based Rieber Developments is the owner and developer of the hotel, and Driftwood Hospitality Management is the property manager. Dmitry Levkov and Jeffrey Donnelly of Colliers sourced the financing for the project. Built in 2021, Serena Hotel is a 100-room hotel that features 12-foot ceilings, luxury interior finishes and 34 extended stay guestrooms. Onsite amenities include a restaurant and lounge with a Michelin-rated chef, rooftop bar, outdoor pool and bar, meeting spaces, fitness center and lobby workstations. Additionally, the property is LEED Gold certified. Located at 2820 NE 214th St., the hotel is situated 13.7 miles from Fort Lauderdale, 8.8 miles from Fort Lauderdale-Hollywood International Airport and 21.9 miles from Miami Beach. The property is also located in the Aventura medical district within a mixed-use development including medical offices, ground-level retail and structured parking. HSF’s bridge loan financing program targets existing hotel properties and serves to complement its hotel and multifamily construction loan programs. HSF expects to close over $600 million in new loans in 2022, through a combination of new hotel …
CORAL GABLES, FLA. — CBRE has arranged the sale of 2990 Ponce, a 57,790-square-foot office building in Coral Gables, about six miles from Miami. Black Diamond Equities LLC, an affiliate of Mexico-based BEA Equities, purchased the property for an undisclosed price. Christian Lee, Amy Julian and Tom Rappa of CBRE Capital Markets represented the undisclosed sellers. 2990 Ponce is a six-story building with 6,617 square feet of ground-floor retail space. Built in 2012, the property features contemporary finishes, a floor-to-ceiling curved glass curtain wall and a rooftop lounge offering views of Coral Gables and downtown Miami. The property’s tenants include Zubi Advertising, FirstBank Puerto Rico, Hunt Mortgage Group, Mas Group, Altermark and Collection Hair Studio. Located at 2990 Ponce De Leon Blvd., the property is situated 13 miles from Miami Beach, 2.5 miles from the University of Miami and 5.5 miles from Miami International Airport.
EDINA, MINN. — JLL Real Estate Capital LLC has provided a $67 million Fannie Mae loan for the refinancing of Nolan Mains, a 100-unit luxury apartment community in the Minneapolis suburb of Edina. A partnership between Buhl Investors and Saturday Properties was the borrower. The developers built the property in 2019 as a public-private partnership with the City of Edina. The development is also home to 16 retailers and two levels of underground parking. Amenities include a rooftop bar, spa, fitness center, sunroom, dog run, clubroom, and golf simulator. Scott Loving and Will Hintz of JLL represented the borrower in securing the long-term, nonrecourse debt.
CLAYTON, MO. — Franklin Partners has unveiled plans to renovate The Plaza in Clayton, a western suburb of St. Louis. The firm acquired the 340,529-square-foot office building in October 2017. The property was completed in 2001. Franklin Partners expects to bring approximately 160,000 square feet of renovated space to market in April 2023. There will also be a new amenity space named The Plaza Six. Offerings will include flexible spaces, private meeting rooms, two lounges, a game room, golf simulator, fitness center, rooftop deck and a tenant experience app. Mark Palmer and Artie Kerckhoff of CBRE are the leasing agents for the property. Wright Heerema Architects is the project architect.
BLUE SPRINGS AND INDEPENDENCE, MO. — Curry Real Estate Services has acquired four apartment complexes in Missouri for an undisclosed price. The acquisition includes the 69-unit Blue Springs Apartments and the 28-unit Millwood Apartments in Blue Springs, as well as Chrysler Garden and Chrysler Garden II Apartments in Independence that total 120 units. Hawley Realty was the seller. Some of the properties had been managed by Curry since 2006.
MARQUETTE, MICH. — Global Real Estate Advisors (GREA) has brokered the sale of Olympia Apartments in Marquette, a city in Michigan’s Upper Peninsula. Included in the sale of the 101-unit multifamily property was a custom-built home that sits along Lake Superior. The buyer, Cape Sierra Capital, intends to convert the residence into a vacation rental property. Cary Belovicz of GREA brokered the sale. The seller and sales price were not provided.