Property Type

Lightstone Secures $73M in Construction Financing for South Beach Hotel

by Alex Tostado December 11, 2018

MIAMI BEACH, FLA. — National real estate investor and developer Lightstone has secured $73 million in financing to build Moxy South Beach, a seven-story, 202-room hotel in Miami Beach. CapitalSource provided a $55 million senior loan and Canyon Partners Real Estate LLC made an $18 million preferred equity investment. Moxy’s lobby will have an outdoor courtyard threading together a restaurant, all-day bar, co-working lounge and a Cuban-themed bodega. The second floor will feature a 72-foot swimming pool, fitness center and an outdoor bar. The rooftop will include a shallow pool and screening area. A timetable for development of the hotel was not provided.

December 11, 2018

Development Florida Multifamily Southeast

Wood Partners Opens 310-Unit Apartment Community in Fort Lauderdale

by Alex Tostado December 11, 2018

FORT LAUDERDALE, FLA. — Wood Partners has opened Bask, an apartment community located near Port Everglades at 1919 S.E. 10th Ave. in Fort Lauderdale. Bask is an eight-story, 310-unit complex featuring one- and two-bedroom floor plans. Amenities include a community demonstration kitchen, office space, fitness room, yoga room, pet spa and outdoor TV lounge.

December 11, 2018

Acquisitions Alabama Civic Southeast

Easterly Government Acquires 83,676 SF Civic Building in Birmingham

by Alex Tostado December 11, 2018

BIRMINGHAM, ALA. — Easterly Government Properties Inc., a real estate investment trust focused on the acquisition, development and management of Class A commercial properties leased to the U.S. government, has acquired the 83,676-square foot U.S. Department of the Treasury facility in Birmingham. Known as TREAS-Birmingham, the property is a three-story, Class A build-to-suit facility that was constructed in 2014. The building is 100 percent leased to the Treasury on an initial 15-year, non-cancelable term expiring in December 2029. The sales price and seller were not disclosed.

December 11, 2018

Acquisitions Hospitality Northeast Pennsylvania

MCR Acquires Residence Inn by Marriot Harrisburg Carlisle in Pennsylvania

by David Cohen December 11, 2018

CARLISLE, PA. — Hotel owner-operator MCR has acquired the 78-room Residence Inn by Marriott Harrisburg Carlisle in Carlisle. The sales price was undisclosed. Located at 1 Hampton Court, the hotel is approximately two miles from the U.S. Army War College. Amenities at the property include free Wi-Fi, a convenience store, heated indoor pool and whirlpool spa, a 24-hour fitness center and on-site laundry service. The seller was not disclosed.

December 11, 2018

Acquisitions New Jersey Northeast Office

CBRE Negotiates Sale of 110,000 SF Office Complex in Princeton, New Jersey

by David Cohen December 11, 2018

PRINCETON, N.J. — CBRE Institutional Properties has negotiated the sale of a 110,000-square-foot, two-building office complex in Princeton. The sales price was undisclosed. Located at 100 and 101 Thanet Circle, the property sits on 15 acres and is less than two miles from downtown Princeton and Princeton University. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE represented the undisclosed seller in the transaction. The buyer was KABR Group.

December 11, 2018

Acquisitions Hospitality New York Northeast

HREC Brokers Sale of 106-Room Fairfield Inn & Suites in Ithaca, New York

by David Cohen December 11, 2018

ITHACA, N.Y. — HREC Investment Advisors has brokered the sale of the 106-room Fairfield Inn & Suites in Ithaca. The sales price was undisclosed. The property is located at 359 Elmira Road, approximately two miles from both Cornell University and Ithaca College. Ketan Patel of HREC Investment Advisors represented the seller, Titan Hotel Group, in the transaction. The buyer was undisclosed.

December 11, 2018

Loans Massachusetts Mixed-Use Northeast

Cornerstone Realty Capital Arranges $1.9M Refinancing for Mixed-Use Property in Massachusetts

by David Cohen December 11, 2018

CLINTON, MASS. — Cornerstone Realty Capital has arranged a $1.9 million loan to refinance a mixed-use property in Clinton. The property consists of 16 apartments and two commercial spaces. The commercial spaces average approximately 2,300 square feet and include wood flooring and brick exterior. Patrick Brady of Cornerstone secured a fixed-rate loan with a 30-year amortization schedule for the undisclosed borrower through a correspondent lender.

December 11, 2018

Acquisitions Arizona Multifamily Western

Greystar Purchases 188-Unit River Ranch Apartments in Metro Phoenix for $32M

by Amy Works December 11, 2018

CHANDLER, ARIZ. — Greystar GP II, an entity formed by Charleston, S.C.-based Greystar, has acquired River Ranch, a multifamily property located at 6152 W. Oakland St. in Chandler. PHX Oakland 2010, a company formed by San Mateo, Calif.-based Acacia Capital Corp., sold the property for $32 million. Jim Crews of Cushman & Wakefield’s Phoenix office represented the seller in the deal. River Ranch is a two-story, 11-building, garden-style complex that features 188 units in a mix of one- and two-bedroom floor plans, averaging 742 square feet. Built in 1986, the property has undergone $2.5 million of capital improvements over the last seven years, including washers/dryers installed in all units, roof replacement, exterior paint and new black appliance packages in 31 units.

December 11, 2018

California Development Industrial Western

Bridge Development Begins Construction of 505,906 SF Industrial Building in Rialto, California

by Amy Works December 11, 2018

RIALTO, CALIF. — Bridge Development has started construction of Rialto Fulfillment Center 3, a speculative Class A industrial building in Rialto. Located at 12050 Agua Mansa Road, the 505,906-square-foot building will feature 36-foot clear heights, 67 dock-high loading positions, two ground-level doors, 254 auto parking spaces, 185-foot fully secured concrete truck positions and 151 outside-of-dock trailer storage positions. Completion is slated for fourth-quarter 2019. Peter McWilliams, Mike McCrary, Ruben Goodsell and Sharon Wortmann of JLL’s Ontario, Calif., office are handling the leasing efforts for the property.

December 11, 2018

Loans Nevada Retail Western

Bellwether Enterprise Arranges $36M Loan for Desert Marketplace Shopping Center in Las Vegas

by Amy Works December 11, 2018

LAS VEGAS — Bellwether Enterprise Real Estate Capital has closed a $36 million permanent loan for Desert Marketplace, a shopping center located at the intersection of Warm Springs Road and Durango Drive in Las Vegas. Grass River Real Estate Credit Partners REIT provided the financing, which features a $33 million loan placed with 3650 REIT through its CLBS platform and a $3 million mezzanine loan from a third-party lender. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loan on behalf of the borrower, Durango Warm Springs III. Smith’s, Walgreens, TJ Maxx, Petco and Big 5 Sporting Goods anchor the 200,000-square-foot shopping center.

December 11, 2018

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