Property Type

Cushman & Wakefield Arranges $43M Sale of Apartment Complex in Southwest Florida

by Alex Tostado August 21, 2019

NORTH PORT, FLA. — Cushman & Wakefield has arranged the $43 million sale of Lakes at North Port, a 312-unit apartment complex near Sarasota in southwest Florida. The property comprises 14 three-story buildings, offering one- to three-bedroom floor plans averaging 923 square feet. Communal amenities include a swimming pool, sundeck, clubhouse, computer center, pet park, playground, fitness center and 10 parking spaces reserved for RVs and boats. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Symcor Capital Properties, in the transaction. Cohen-Esrey Apartment Investors LLC acquired the property.

August 21, 2019

Acquisitions New York Northeast Office

Savanna Purchases Manhattan Office Building for $180M

by Alex Patton August 21, 2019

NEW YORK CITY — Savanna, a New York City-based development and investment firm, has purchased 360 Lexington Avenue, a 268,383-square-foot office building in Manhattan, for $180 million. Barclays provided a $126 million loan for the acquisition. Savanna will rebrand the 12-story building and implement a $20 million renovation project that will deliver a new full lobby and entrance, bathrooms, corridors and infrastructure upgrades. Grant Frankel, Philip McKnight and Rob Turner of Eastdil Secured arranged financing through Barclays on behalf of Savanna. Cole Schotz P.C. served as Savanna’s legal counsel in the acquisition of the property.

August 21, 2019

Acquisitions New Jersey Northeast Office

GII Acquires 270,000 SF Office Building in Madison, New Jersey

by Alex Patton August 21, 2019

MADISON, N.J. — Gulf Islamic Investments LLC (GII), a United Arab Emirates-based firm, has purchased a 270,000-square-foot office building in Madison, a western suburb of New York City. The building was completed in 2012 and is the corporate headquarters of residential real estate firm Reology. F.D. Stonewater, a Washington D.C.-based firm, represented GII in the transaction, and The Hampshire Companies was the seller. The price was undisclosed.

August 21, 2019

Loans Massachusetts Northeast Office

JLL Arranges $28M in Acquisition Financing for Office Complex in Burlington, Massachusetts

by Alex Patton August 21, 2019

BURLINGTON, MASS. — JLL has arranged a $28 million acquisition loan for 10 and 20 Mall Road, two office buildings totaling 154,378 square feet in Burlington, a northwestern suburb of Boston. Peoples United Bank provided the loan, which carries a fixed interest rate and a 10-year term. 10 Mall Road contains 58,160-square-feet and is leased to four tenants. 20 Mall Road contains 96,218 square feet and is leased to approximately 20 tenants. Lauren O’Neil and Brett Paulsrud of JLL arranged the financing on behalf of the borrower, R.J. Kelly Co. The seller was undisclosed.

August 21, 2019

Massachusetts Multifamily Northeast Seniors Housing

Capitol Seniors Housing Opens 96-Unit Community in Andover, Massachusetts

by Alex Patton August 21, 2019

ANDOVER, MASS. — Capitol Seniors Housing, a developer based in Washington D.C., has opened Stone Hill at Andover, a 96-unit community located about 25 miles north of Boston. The 81,500-square-foot community offers one- and two-bedroom units and provides independent living, assisted living and a specialized program focusing on Alzheimer’s disease and dementia care. Additional amenities include a bistro, activity room, fitness room, theater, salon and courtyard. Pennsylvania-based Meyer Senior Living Studio designed the property.

August 21, 2019

Leasing Activity New Jersey Northeast Office

Dickstein Negotiates 5,175 SF Office Lease in Red Bank, New Jersey

by Alex Patton August 21, 2019

RED BANK, N.J. — Dickstein Real Estate Services, a New Jersey-based brokerage firm, has negotiated a 5,175-square-foot office lease in Red Bank, a coastal city about 50 miles south of New York City. The property is located within a two-building complex at 322 Highway 35 South, which was 90 percent occupied at the time of leasing. Larry Dickstein of Dickstein represented the tenant, New Jersey-based Xela Communications, in the lease negotiations. Kristin Hurlbut of Denholtz Properties represented the landlord on an internal basis.

August 21, 2019

Acquisitions Multifamily Texas

Passco Acquires 384-Unit Apartment Community in Metro Houston

by Taylor Williams August 21, 2019

BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.

August 21, 2019

Acquisitions Office Texas

CIM Group Purchases 390,000 SF Office Building in Austin

by Taylor Williams August 21, 2019

AUSTIN, TEXAS — Investment firm CIM Group has purchased Chase Tower, a 21-story, 390,000-square-foot office building located at 221 W. Sixth St. in downtown Austin. Built in 1974, the property spans a full city block and is surrounded by an abundance of restaurant, retail, entertainment and hotel options. Chase Tower is also located near hiking and biking trails fronting Lady Bird Lake. The seller was not disclosed.

August 21, 2019

Loans Multifamily Texas

NXT Capital Provides $28.5M Loan for Refinancing of San Antonio Apartments

by Taylor Williams August 21, 2019

SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.

August 21, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 24,464 SF Industrial Property in Plano

by Taylor Williams August 21, 2019

PLANO, TEXAS — Marcus & Millichap has arranged the sale of a 24,464-square-foot industrial property located at 1304 Summit Ave. in Plano. The asset was built on 2.3 acres in 1981. Adam Abushagur of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors.

August 21, 2019

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