SAN ANTONIO — Partners Capital, the investment arm of NAI Partners, has sold Marymont Office Park, an 85,368-square-foot complex located adjacent to NE Loop 410 in San Antonio. Partners Capital originally acquired the four-building park in 2017. Carrie Caesar of Cushman & Wakefield represented Partners Capital in the transaction. Houston-based Citadel Venture Holdings purchased the asset for an undisclosed price.
NEW YORK CITY — New York City-based mortgage banking firm Meridian Capital Group and global investment manager Barings have launched a new multifamily lending platform that will be headed by former Freddie Mac CEO David Brickman, who left the agency late last year. Under the terms of the agreement, the joint venture will acquire the assets and liabilities of Barings Multifamily Capital and operate that entity’s origination and servicing businesses for its portfolio of agency loans. The philosophy behind the new venture centers on leveraging the depth and reach of the platform of Meridian Capital, which in 2020 closed approximately $40 billion in loans via deals with more than 250 unique lenders. The newly created platform will be operated as a standalone business under its own name and branding, which will be announced prior to the transaction closing. Meridian will own a majority of the newly created platform, the day-to-day operations of which will be overseen by Brickman. “Our partnership with Barings will enable us to join forces with one of the world’s leading asset managers and reintroduce Meridian to the direct agency lending arena,” said Ralph Herzka, chairman and CEO of Meridian Capital. “The addition of David Brickman to our executive …
CANANDAIGUA, BROCKPORT AND FAIRPORT, N.Y. — Greystone has provided a $61.2 million Fannie Mae loan for the refinancing of a portfolio of multifamily properties totaling 769 units in Upstate New York. The portfolio comprises the 295-unit Centerpointe Apartments & Townhomes in Canandaigua, the 160-unit Willowbrooke Manor Apartments in Brockport and the 314-unit Highview Manor Apartments & Townhomes in Fairport. Drew Fletcher, Matthew Hirsch and Paul Fried of Greystone originated the financing, which was structured with a 10-year term and a fixed interest rate, on behalf of the borrower, locally based investment and development firm Sinatra & Co. Real Estate.
NEW YORK CITY — JLL has negotiated the sale of the 443-room New York LaGuardia Airport Marriott hotel in Queens. The building spans 224,620 square feet and houses the Ditmars Bar & Grill restaurant, a fitness center and 13,000 square feet of meeting and event space. The property received $30 million in renovations in 2018, including reconfigurations of public spaces and meeting areas, as well as remodeling of guest rooms and upgrading of parking lots. K.C. Patel, Kevin Davis and Nikhil Chuchra of JLL represented the seller, Rubicon Cos., in the transaction. California-based ASAP Holdings purchased the asset for an undisclosed price.
NEW YORK CITY — Freshly, a provider of meal kit services that was recently acquired by Nestlé USA, has signed a 92,306-square-foot office lease at 63 Madison Avenue in Manhattan. The company’s new headquarters space will encompass the 12th and 13th floors at the Class A building. Eric Ferriello of Colliers International represented Freshly, which is expanding and relocating from a 20,000-square-foot space at 115 E. 23rd St., in the lease negotiations. Peter Duncan, Matt Coudert and Alex Bermingham represented the landlord, George Comfort & Sons Inc., on an internal basis. The building was recently renovated, and a 60,000-square-foot Whole Foods Market is planned to open on the ground floor.
Colliers Negotiates Life Sciences Lease for Gene Therapy Firm in Philadelphia’s University City Area
PHILADELPHIA — Colliers International has negotiated a life sciences lease at 3675 Market St. in Philadelphia’s University City neighborhood. Joseph Fetterman and Clifford Brechner of Colliers represented the tenant, gene therapy firm Spirovant Sciences, which will use the space for its expanded headquarters and lab operations, in the lease negotiations. A partnership between Ventas and Wexford Science + Technologies developed the 14-story, 340,000-square-foot building, which houses lab and traditional office space and is located near a variety of retail and restaurant options.
GREENFIELD, IND. — JLL Capital Markets has brokered the sale of Building I at Mount Comfort Logistics Center in Greenfield, a suburb of Indianapolis. The 660,384-square-foot industrial facility, built in 2020, is fully leased to an e-commerce tenant. Building I features include a clear height of 36 feet, 178 dock-high doors, two drive-in doors, LED lighting and both trailer and car parking. John Huguenard, Ed Halaburt and Jake Sturman of JLL represented the seller, Indianapolis-based Ambrose Property Group. The buyer information and sales price were undisclosed. Ambrose is underway on Building II at the industrial park, which is expected to span 2.2 million square feet upon completion.
KANSAS AND MINNESOTA — Colliers Mortgage has provided three separate HUD 223(a)(7) loans totaling $20.4 million for the refinancing of three seniors housing properties in Kansas and Minnesota. The properties include Village Cooperative of Albert Lea and Village Cooperative of Red Wing in Minnesota as well as Village Cooperative of Lawrence in Kansas. The three communities total 146 units. By refinancing the properties, the borrowers were able to reduce the interest rate on each loan and generate substantial annual savings, according to Colliers. The two loans for the Minnesota properties carry 38-year terms and the Kansas loan features a 40-year term.
DEERFIELD, ILL. — Bradford Allen Investment Advisors has acquired a 137,492-square-foot office building in Deerfield for an undisclosed price. The four-story property is located at 570 Lake Cook Road. The building was constructed in 1984 and recently renovated. Joel Berger and Matt Alexander of Bradford Allen Realty Services will serve as leasing agents for the building, which currently has 40,000 square feet of vacancy. Bradford Allen Management Services will serve as property manager. The seller was undisclosed.
FREMONT, OHIO — Marcus & Millichap has arranged the $5.4 million sale of a Whirlpool-occupied distribution center in Fremont, about 35 miles southeast of Toledo. The 132,500-square-foot, net-leased property is located at 240 Norwest Drive. Whirlpool has fully occupied the building for more than 10 years. Dustin Javitch, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap secured and represented the buyer, a private investor. Buyer information was undisclosed.