NEW YORK CITY — Marcus & Millichap has brokered the $9.5 million sale of a five-story office building located at 32 E. 39th St. in Midtown Manhattan. Built in 1907 in the Murray Hill neighborhood, the historic structure was owned at one time by Jacob Ruppert Jr., an American businessman who also owned the New York Yankees from 1915 until his death in 1939. The building features a conference room, executive suites and a private roof deck. John Stewart, Nicholas Biedron and Stephen Bell of Marcus & Millichap represented the seller, a private investor, in the transaction.
FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.
BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.
SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.
PANAMA CITY, FLA. — Hunter Hotel Advisors has arranged the sale of Hampton Inn & Suites Panama City Beach Beachfront. The 182-room, oceanfront hotel features a two-story atrium lobby with a bar, meeting rooms, a business center, 24-hour market, fitness center and a swimming pool with a hot tub. Innisfree Hotels and Stonehill co-developed the hotel, which opened in 2017. Atlanta-based Hunter Hotel Advisors marketed the hotel on behalf of the sellers. Gulf Breeze, Fla.-based Innisfree will continue to manage the hotel and also retained an ownership stake in partnership with the new owners, Wesley and Donna Spruill. The new ownership group will recapitalize the hotel.
SANTA ANA, CALIF. — Primior is scheduled to break ground on First Harbor Plaza, the firm’s mixed-used development in Santa Ana, on June 26. Located at the intersection of North Harbor Boulevard and West First Street, the two-building First Harbor Plaza will offer 40,129 square feet of restaurant, retail, office and medical office space. Building 1 features 14,400 square feet in two large anchor suites and five smaller spaces on the first floor and the same configuration on the second floor. Building 2 will include 3,880 square feet on the first floor, two suites on the second floor totaling 3,778 square feet and a 3,778-square-foot suite on the third floor. Chase Bank will occupy the first-floor corner space at Building 1, and Optima Salon Studios will occupy the third-floor suite at Building 2.
POWAY, CALIF. — HFF has brokered the sale of Poway Crossings, a value-add retail center located at 12622-12654 Poway Road in Poway, a suburb of San Diego. Sterling Organization acquired the property on behalf of its institutional value-add fund, Sterling Value Add Partners III, for $27 million. The name of the seller was not released. Situated on 10 acres, Poway Crossings features 109,455 square feet of retail space. At the time of sale, the asset was 80 percent leased to a variety of tenants, including LA Fitness, Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. The center was constructed in 1979 and renovated throughout the years, most recently in 2015. Gleb Lvovich and Daniel Tyner of HFF represented the seller in the deal.
CARLSBAD, CALIF. — San Diego-based Equinvests Capital has purchased Camino West Corporate Park, an office property in Carlsbad. Swift Real Estate Services sold the asset for $8.8 million. Situated on 4.4 acres at 2035 Corte del Nogal, Camino West Corporate Park features 54,830 square feet of office space. At the time of sale, the two-story, multi-tenant property was 72 percent leased. The asset also recently underwent a $2.6 million remodel, including new lobbies, common area, corridors, landscaping, lighting, outdoor lounge areas and restrooms. The office park features an on-site deli, showers and lockers. Louay Alsadek, Matt Pourcho, Hunter Rowe, Anthony DeLorenzo and Gary Stache of CBRE represented the seller in the transaction.
GREELEY, COLO. — Pinnacle Real Estate Advisors has arranged the $1.9 million sale of Bear’s Den Apartments, a multifamily property located adjacent to the University of Northern Colorado campus in Greeley. The community consists of 16 units in four buildings. Scott Fetter and Joe Hornstein of Pinnacle brokered the transaction. The buyer acquired the property through a 1031 exchange. The seller was not disclosed.
BEAVERTON, ORE. — Wilshire Quinn Capital, through Wilshire Quinn Income Fund, has provided a $1.1 million refinancing for a retail property in Beaverton. The multi-tenant, 6,634-square-foot retail building is situated on a 32,670 square-foot lot. At the time of financing, the property was fully leased and recently appraised for $2.1 million.