Property Type

Marcus & Millichap Arranges $42M Sale of Apartment Complex in Central Georgia

by Alex Tostado April 4, 2019

WARNER ROBINS, GA. — Marcus & Millichap has arranged the $42 million sale of Sandpiper Apartments, a 34-building, 530-unit multifamily complex in Warner Robins. Built in 1986 and located on Leisure Lake Drive about seven miles from Robins Air Force Base, the property offers one- and two-bedroom floor plans. Amenities include a mini-movie theater, swimming pool, 24-hour fitness center and a dog park. Sandpiper Apartments was 97 percent occupied at the time of the sale. Dana Newton and Mike Maxwell of Marcus & Millichap’s Philadelphia office represented the buyer in the transaction. The seller was not disclosed.

April 4, 2019

Georgia Industrial Leasing Activity Southeast

Canadian Produce Company to Lease 140,000 SF of Warehouse Space in Metro Atlanta

by Alex Tostado April 4, 2019

COLLEGE PARK, GA. — Canadian produce company EarthFresh will lease 140,000 square feet of warehouse space in College Park beginning in September. More than 100 employees will work at the packing plant and distribution center. EarthFresh delivers potatoes and other food items in Canada and the United States, and the new location will serve the Southeastern and Southcentral U.S. Four Colliers International teams assisted EarthFresh in its search. Chris Cummings, Turner Wisehart and Sam Campbell represented EarthFresh in the site selection and lease transaction. Lee Cardwell and Darren Ross represented the landlord, Oakmont Industrial Group, in the lease transaction. John Walden assisted with comparative site analyses and incentives negotiations. Suzan Talley will assist with construction and build-out.

April 4, 2019

Acquisitions Florida Multifamily Southeast

Uptown Ambrus Investments Acquires Multifamily Community in Tampa for $23.5M

by Alex Tostado April 4, 2019

TAMPA, FLA. — Uptown Ambrus Investments LLC has acquired University Gardens, a 292-unit multifamily complex in Tampa’s University Square submarket, for $23.5 million. A local limited liability company sold the asset. The asset features studio, one-, two- and three-bedroom floor plans. Built in phases between 1969 and 1974, the property offers amenities such as a courtyard, swimming pool, playground, volleyball court, pet play area and a picnic area. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street represented both the buyer and seller in the transaction. Casey Siggins and Ben Miller of Franklin Street Capital Advisors provided acquisition financing for the buyer.

April 4, 2019

Hospitality Loans New York Northeast

Mission Capital Arranges $80M Bridge Loan for Sister City Hotel in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — Mission Capital Advisors has arranged an $80 million bridge loan for the recently completed Sister City hotel, a 200-room hotel on the Lower East Side of Manhattan. Located at 225 Bowery, the 14-story property features a 234-seat café, ground-floor garden and a 150-seat rooftop bar with views of Manhattan. Jonathan More, Steve Buchwald, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing on behalf of a partnership between Omnia and Northwind Group. The lender was Bank Hapoalim. After purchasing the property, Omnia and Northwind commenced a major construction campaign, adding three floors and transforming the century-old building into a food-and-beverage-centric hotel. The property is the first Sister City-branded hotel and will be managed by hotel operator Ace Hotels.

April 4, 2019

Development Loans New York Northeast Office

JLL Secures $66.7M Construction Loan for Office Building in Manhattan

by David Cohen April 4, 2019

NEW YORK CITY — JLL has arranged a $66.7 million construction loan for a nine-story boutique office building in Manhattan. Located at 141 E. Houston St., the 63,000-square-foot property will include seven individual office floors ranging from 5,000 to 7,000 square feet, a 3,300-square-foot retail store at grade level, and two additional below-grade retail levels. Aaron Appel, Jonathan Schwartz, Michael Diaz, and Patrick Cotter of JLL secured the financing on behalf of the borrowers, East End Capital and K Property Group. The lender was CapitalSource, a division of Pacific Western Bank and Canyon Partners Real Estate LLC. Terms of the financing were not disclosed.

April 4, 2019

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Orchestrates $7.5M Sale of Fractured Condominium Complex

by David Cohen April 4, 2019

HARTFORD, CONN. — Chozick Realty has arranged the $7.5 million sale of Wickham Garden, a fractured condominium in Hartford. Located at 1267 Burnside Ave., the 100-unit complex was built in the mid-1960s and declared a condominium in 1988. Only 10 units were sold at that time, leaving the property as a “fractured” condominium complex with 90 apartment units. Rick Chozick of Chozick Realty represented the seller in the transaction, who acquired the property in the mid-1990s. The buyer was North Point Management.

April 4, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.8M Sale of Apartment Building in Massachusetts

by David Cohen April 4, 2019

FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 22-unit apartment building in downtown Framingham. Located at 139-143 Hollis St., the property is comprised of 12 two-bedroom units, nine one-bedroom units and one studio apartment. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

April 4, 2019

Acquisitions Mixed-Use New York Northeast

CBRE Negotiates $1.3M Sale of Mixed-Use Property in Brooklyn

by David Cohen April 4, 2019

NEW YORK CITY — CBRE has negotiated the $1.3 million sale of a mixed-use building in the Flatbush section of Brooklyn. Located at 2837 Church Ave., the 4,500-square-foot property is comprised of four apartments and a 1,500-square-foot, ground-floor retail space. The property was fully occupied at the time of sale. Elli Klapper, Charles Berger and Jay Gelbtuch of CBRE represented the undisclosed seller in the transaction. The buyer was also undisclosed.

April 4, 2019

Development Midwest Missouri Multifamily

Propper Construction Services Nears Completion of 265-Unit Luxury Apartment Complex in St. Peters, Missouri

by Kristin Harlow April 4, 2019

ST. PETERS, MO. — Propper Construction Services is nearing completion of 5300 Centre Apartments, a 265-unit luxury apartment complex in St. Peters, about 30 miles west of St. Louis. Slated to open this summer, the two-building property is situated at the intersection of Mexico Road and St. Peters Centre Boulevard near St. Peters City Centre Park. The buildings are connected by a covered bridge. Green space built on top of parking decks features community gardens, individual garden plots, outdoor gaming areas, grilling stations and recreational space. Other amenities include a pool, fitness center, yoga studio, dog park and pet salon. Monthly rental rates will range from $920 for studios to $2,555 for three-bedroom suites. Leasing is underway. Propper is the developer, while Zwick + Gandt Architecture is the architect and S.M. Wilson and Co. is the general contractor.

April 4, 2019

Acquisitions Industrial Midwest Wisconsin

Hillwood Acquires Two Logistics Facilities Totaling 338,000 SF in Wisconsin

by Kristin Harlow April 4, 2019

YORKVILLE, WIS. — Hillwood, a Perot company, has acquired two logistics facilities totaling 338,000 square feet as well as 58 acres of vacant land within Grandview Business Park in Yorkville. The purchase price was not disclosed. The two buildings are fully occupied by five tenants. Property features include clear heights of 30 feet and 145-foot truck courts. The vacant land can support up to 845,000 square feet of new construction. Grandview Business Park has convenient access to I-94 and is located within Racine County near the Illinois border.

April 4, 2019

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