MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.
NEW YORK CITY — Newmark Knight Frank has brokered the $14 million sale of a 99-year leasehold interest at 250 Utica Avenue, a 61,230-square-foot retail building in the Crown Heights neighborhood of Brooklyn. At the time of sale, the four-story building was 95 percent leased to tenants including Blink Fitness, CityMD, Dollar Tree and Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold. Barry Fishbach, Brian Segall and Gary Meese represented the seller, L+M Development Partners. The buyer was undisclosed.
NEW YORK CITY — Two retailers have signed leases to occupy a total of 5,000 square feet at the ground floor of Galerie, a 182-unit luxury condominium building in the Long Island City neighborhood of Queens. Fitness facility F45 Training signed a lease for 2,300 square feet, and Pediatric Associates of NYC signed a lease for 2,643 square feet. A development partnership between Adam America Real Estate and Vake US owns the building, which is located at 22-18 Jackson Ave. Thomas Galo and Steve Baker of Winick Realty Group represented ownership in both lease negotiations. Michael Azarian of Cushman & Wakefield represented F45 Training. Elliot Zelinger of Savitt Partners represented Pediatric Associates of NYC.
FLORHAM PARK, N.J. — CBRE has negotiated a 4,420-square-foot office lease renewal for the Morris County Chamber of Commerce (MCCC) in Florham Park, located approximately 30 miles west of New York City. The tenant will continue to occupy its space at 325 Columbia, a Class A office building near the Morristown Airport Turnpike, for an additional 10 years. Thomas Mallaney of CBRE represented MCCC in the lease negotiations. Jack O’Hearn represented the landlord, Mack-Cai Realty Corp., on an internal basis.
RICHMOND, VA. — JLL has arranged the $78.5 million sale of I-95 Logistics Park, a two-building, 923,400-square-foot industrial complex in Richmond. The property is situated on 60 acres at 4747 and 4949 Commerce Drive, along Interstate 95 and six miles south of downtown Richmond. The asset was fully leased to Brother International as well as an undisclosed American multinational technology company at the time of sale. Multiple media outlets report Amazon is the other tenant. John Huguenard, Bruce Strasburg and Patrick Nally of JLL represented the seller, Panattoni Development Co. Inc., in the transaction. Virginia-based Cambridge Property Group represented the buyer, Logistics Park 95 LLC, which is an affiliate of Halle Enterprises.
FREDERICK, MD. — Finmarc Management Inc. has purchased Frederick Corporate Park, an 11-building, 440,000-square-foot office complex in Frederick, for $43 million. At the time of sale, the property was 68 percent leased to 22 tenants, including Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Mad Fitness and Meeting Play, Love & Co. The 11 buildings are situated three miles south of downtown Frederick and 47 miles from both Washington, D.C. and Baltimore. Los Angeles-based CIM Group sold the property. Cliff Mendelson of Metropolis Capital Advisors originated acquisition financing on behalf of the buyer. Alan Zuckerman of Highland Realty was the sole broker in the transaction. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren provided the buyer with legal representation.
CHARLOTTE, N.C. — Nuveen Real Estate and Crosland Southeast have acquired a 12-acre parcel in Charlotte’s Plaza Midwood neighborhood to develop a mixed-use project. The development will feature retail, restaurant and office space, as well as residential units. The site is situated at the corner of Pecan and Central avenues, two miles from downtown Charlotte. The development team will complete the project in phases over a five-year period. Further details of the plans were not disclosed.
RALEIGH, N.C. — TriGate Capital has acquired four office buildings in Raleigh. The buildings are located at 900 Ridgefield Drive (66,271 square feet), 1616 Millbrook Road (72,553 square feet), 5565 Centerview Drive (73,503 square feet) and 1500 Sunday Drive (61,227 square feet). TriGate is planning significant renovations to the common areas and amenities at Ridgefield Drive and Centerview Drive, including lobbies, fitness centers, conference rooms and tenant lounges. TriGate has tapped Patti Autry and Dennis Hurley of JLL to market the properties. Further details of the transaction were not disclosed.
BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.
DALLAS — Matthews Real Estate Investment Services has brokered the sale of Beacon Hill Apartments, a 396-unit multifamily community in Dallas that has since been rebranded as The Edison. Built in 1984 and remodeled in 2003, the community features one- and two-bedroom units and amenities including three pools, a racquetball court, clubroom and two laundry rooms. Pacific Team Management sold the asset to locally based investment firm WindMass Capital, which will upgrade the unit interiors, for an undisclosed price. Dan McQuaid of Matthews handled the transaction. The property was 80 percent occupied at the time of sale.