NEW YORK CITY — Walker & Dunlop has arranged a $170 million loan for the refinancing of 122 Fifth Avenue, a 300,000-square-foot office building located near Manhattan’s Union Square neighborhood. The property was originally built in 1900 and includes retail space. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Bastian and Michael Ianno of Walker & Dunlop arranged the loan through PCCP LLC. The borrower, Bromley Cos., which has owned the building for more than 40 years, will use a portion of the proceeds to fund capital improvements.
PRESCOTT, ARIZ. — Next Wave Investors has purchased Willow Creek, a multifamily community in Prescott, from an entity doing business as 3137 Willow Creek Road LLC for $58 million, or $362,500 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2020, Willow Creek features 160 apartments averaging 860 square feet. Units feature nine-foot ceilings, custom dark wood cabinetry and full-size washers/dryers. Common area amenities include a leasing office and resident clubhouse, fitness center, courtyard with picnic seating and charcoal grilling stations, covered parking and detached garages.
UPPER MACUNGIE, PA. — Kushner Real Estate Group (KRE) and The Silverman Group have begun leasing a 273-unit apartment community in the Lehigh Valley community of Upper Macungie. Lehigh Hills features one- and two-bedroom units that are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, outdoor grilling and picnic areas, fitness center with a yoga studio, conference room, lounge areas, package lockers, tot lot and a dog park. Rents start at $1,975 per month for a one-bedroom apartment. Move-ins are scheduled to begin in January.
PHOENIX — Tower Capital has arranged $40 million in acquisition financing for San Giovanni, an apartment community in Phoenix. The non-recourse loan provides the undisclosed borrower with a fixed 3 percent interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure. The 2001-vintage asset features 300 apartments and is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70 percent of the units must remain affordable until 2033. Located at 6901 W. McDowell Road, San Giovanni features 50 one-bedroom, 150 two-bedroom and 103 three-bedroom units, two swimming pools, a fitness facility, business center, clubhouse with leasing office, outdoor areas with barbecue grills, assigned covered parking, controlled access and a children’s playground.
NORWICH, CONN. — Solar Seal, a manufacturer of insulated glass units, has signed a 201,000-square-foot industrial lease at 40 Wisconsin Ave. in Norwich, located in Connecticut’s New London County. According to LoopNet Inc., the property was built on 25 acres in 1980 and features a clear height of 28 feet. Nicholas Morizio and Sean Kumnick of Colliers represented the tenant and the landlord, an affiliate of Massachusetts-based Grossman Cos., in the lease negotiations.
MILFORD, CONN. — CBRE has negotiated the sale of Milford Plaza, a 180,315-square-foot shopping center located in the southern coastal part of the state. Anchored by grocer G-Mart, Milford Plaza was 65 percent leased at the time of sale, with other tenants including Planet Fitness, Dollar Tree and Hartford Healthcare. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, The Hampshire Cos., in the transaction. The team also procured the buyer, Northpath Investments. Michael Klein, Max Custer and Ryan Carroll of JLL arranged $9 million in fixed-rate acquisition financing through Easthampton Savings Bank on behalf of the new ownership.
BRISTOL, CONN. — Marcus & Millichap has brokered the $5 million sale of a 69,494-square-foot industrial property in Bristol, located in Hartford County. The property was built in 1969 and renovated in 2020. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer. Both parties requested anonymity.
ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size. Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters of Gold Kist, a chicken producing company. Building features include 15-foot ceilings, private outdoor terraces, balcony space and 90,000-square-foot floor plates. Additionally, the building has amenities focused on health and wellness, such as HVAC systems, touchless elevator and restroom technologies, open staircases and operable windows. In addition to the adaptive reuse office building, the first phase will include a 145-room Element Hotel, which is part of Marriott International’s Bonvoy portfolio of 30 brands. The hotel will feature a lobby bar, greenspace and areas to gather for meetings, remote work and collaboration. The Campus 244 property will also have 25,000 square feet of restaurant space. S9 Architecture, the architectural firm responsible for the adaptive reuse design of Ponce City Market in Atlanta’s Old Fourth Ward district, will handle …
FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …
DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed. Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel appliances, wood-style plank flooring and full-size washers and dryers. Community amenities include a pool, elevators, outdoor kitchen and gathering area, fitness center with a separate yoga and spin studio and a clubhouse with multiple gathering and game areas. Located at 1310 Tomaka Town Center Drive, the property is situated adjacent to the 125-acre Tomoka Town Center mixed-use project that features retail tenants including Dave & Busters, Sam’s Club and Academy Sports + Outdoors. Madison Pointe is also across from Tanger Factory Outlets and near employers such as AdventHealth Daytona Beach, Halifax Health Medical Center and Daytona International Speedway.