Property Type

NKF Arranges Refinancing of 221,763 SF Industrial Flex Portfolio in Houston

by Taylor Williams August 9, 2019

HOUSTON — Newmark Knight Frank (NKF) has arranged a loan of an undisclosed amount for the refinancing of Enterprise Park and Town & Country Center, two industrial properties totaling 221,763 square feet in Houston. Enterprise Park is located on the city’s southwest side and spans 153,835 square feet across 14 buildings. Town & Country Center is located on the city’s west side and comprises 67,928 square feet across three buildings. Spencer Hough and Tip Strickland of NKF arranged the financing through Reinsurance Group of America Inc. on behalf of private investor CPM Holdings LLC. The transaction was executed via a 1031 exchange.

August 9, 2019

Loans Multifamily Northeast Pennsylvania

Hunt Provides $35.8M in Fannie Mae Financing for Multifamily Asset in Doylestown, Pennsylvania

by Alex Patton August 9, 2019

DOYLESTOWN, PA. — Hunt Real Estate Capital has provided a $35.8 million Fannie Mae loan for the refinancing of Center Square Towers, a mid-rise multifamily property in Doylestown, a city about 30 miles north of Philadelphia. The property consists of two buildings containing 350 units. The loan carries a 10-year term and 30-year amortization schedule with a fixed interest rate and interest-only payments for the first five years. The borrower was undisclosed.

August 9, 2019

Development Retail Texas

MLB Capital Partners Breaks Ground on Houston Farmers Market Redevelopment Project

by Taylor Williams August 9, 2019

HOUSTON — Commercial investment firm MLB Capital Partners has broken ground on its Houston Farmers Market redevelopment project. MLB Capital will upgrade the 77-year-old market to include modern infrastructure, climate-controlled spaces, shaded areas, restrooms, common seating areas, organized parking and traffic circulation, defined sidewalks, site landscaping and dedicated green spaces. Additionally, James Beard Award-winning chef and project consultant Chris Shepherd plans to develop a concept unique to the Houston Farmers Market. The market will maintain business operation throughout the redevelopment process. Clark Condon Associates, Studio RED Architects, Gunda Corp. and Arch-Con Construction have been named to the design and construction team. Project completion is slated for late 2020.

August 9, 2019

Acquisitions Multifamily Texas

IPA Negotiates Sale of 247-Unit Apartment Community Near Fort Worth

by Taylor Williams August 9, 2019

RICHLAND HILLS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Creek on Calloway, a 247-unit multifamily community located in the Fort Worth suburb of Richland Hills. Built in 1979 on 14.5 acres, the property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, outdoor grilling stations and a children’s play area. Will Balthrope, Nick Fluellen, Drew Kile, Bard Hoover, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a private investment and development firm, and procured the buyer, Anna Simpson and Raj Gupta of A&R Multifamily.

August 9, 2019

Acquisitions New Jersey Northeast Office

CBRE Arranges $20M Sale of Bergen Medical Center in Paramus, New Jersey

by Alex Patton August 9, 2019

PARAMUS, N.J. — CBRE has arranged the $20 million sale of Bergen Medical Center, a 75,000-square-foot healthcare complex in Paramus, about 20 miles north of New York City. The property is located in close proximity to Valley Medical Center, Bergen Regional Medical Center and Hackensack University Medical Center. Nat Gambuzza, Jeffrey Babikian, Bob L’Abbate, Nor Ramos and Allyson L’Abbate of CBRE represented the seller, the Eye Institute of New Jersey, in the transaction and procured the buyer, a private investor.

August 9, 2019

Loans Multifamily Northeast Pennsylvania

Berkadia Negotiates Sale, Financing of 96-Unit Multifamily Community in Bethlehem, Pennsylvania

by Alex Patton August 9, 2019

BETHLEHEM, PA. — Berkadia has negotiated the sale of Birchwood Commons, a newly constructed, 96-unit multifamily community in Bethlehem, a city about 50 miles north of Philadelphia. The property was completed in 2018 and features one- and two-bedroom floor plans averaging 933 square feet. Matt Stefanski, Zac Pierce, Alan Krawitz and Christopher Farmer of Berkadia represented the seller, local developer Ashley Development Corp., in the transaction, and procured the buyer, Philadelphia-based Halfpenny Management Co. Stephen Comly of Berkadia secured acquisition financing through Investors Bank.

August 9, 2019

Loans Multifamily New Jersey Northeast

Greystone Provides $6.5M Freddie Mac Loan for Refinancing of Multifamily Property in New Jersey

by Alex Patton August 9, 2019

EAST ORANGE, N.J. — Greystone has provided a $6.5 million Freddie Mac loan to refinance 49 South Clinton Street, a 53-unit multifamily property located in East Orange, a city about 10 miles west of New York City. The non-recourse loan carries an adjustable-rate mortgage with a fixed rate for five years and 30-year amortization period. Jason Yuen of Greystone originated the loan. Morristown-based Red Oak Capital Advisors arranged the financing for the borrower.

August 9, 2019

Leasing Activity New York Northeast Retail

Helmsley Spear Negotiate 4,100 SF Retail Lease in Manhattan

by Alex Patton August 9, 2019

NEW YORK CITY — Helmsley Spear LLC has negotiated a 4,100-square-foot retail lease in the Financial District of Manhattan. The 20-year lease includes the ground floor of 83 Maiden Lane and a portion of the basement, which will be converted into a restaurant and brewery called MezCali. Kent Swig, Andrew Simon and Brett Zelner of Helmsley Spear represented the landlord, AHRC NYC, in the lease negotiations. Manu Wendum and Lee Block of Winnick Realty Group represented the tenant.

August 9, 2019

Acquisitions California Retail Western

DJM, Gaw Capital USA Acquire Hollywood & Highland in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Jose, Calif.-based DJM and Hong Kong- and Los Angeles-based Gaw Capital USA have purchased Hollywood & Highland, a shopping destination located in Los Angeles, for an undisclosed amount. Jerry Tang and Greg Murphy of Natixis secured a financing package, which included an acquisition loan along with a future funding component. Over the next 24 to 30 months, the buyers plans to reimagine the 463,000-square-foot retail development, which is situated on 7.6 acres. Built in 2001, the property is located at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the acclaimed TCL Chinese Theater. The buyers plan to upgrade the retail hub through rebranding, upgrading common areas for enhanced gathering and programming spaces, increasing entertainment events, optimizing the merchandise mix and incorporating new concepts and uses. Renovations are slated to begin in 2020, with completion expected in 2021. Eastdil Secured advised the transaction, which is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.

August 9, 2019

Acquisitions Colorado Retail Western

Gart Properties Buys 155,000 SF Orchard Plaza Retail Center in Denver

by Amy Works August 9, 2019

DENVER — Gart Properties, a Denver-based privately held real estate company, has purchased Orchard Plaza, a retail and service center located at the northwest corner of East Orchard Road and South Yosemite Street in the heart of the Denver Tech Center. Terms of the transaction were not released. Primrose School, Starbucks Coffee, Federal Express and Specialty Appliance are tenants at the 155,000-square-foot property. Additionally, Spice Trade Brewery & Restaurant recently joined the tenant roster and will open before year-end.

August 9, 2019

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