Property Type

GFI Realty Arranges $26.7M Sale of Two-Building Apartment Portfolio in Brooklyn

by David Cohen December 5, 2018

NEW YORK CITY — GFI Realty Services has arranged the $26.7 million sale of a two-building apartment portfolio in the Prospect Park section of Brooklyn. Located at 111 Woodruff Ave. and 11 Crooke Ave., the properties include 89 residential units, 20 percent of which are vacant. The portfolio includes a unit mix of studio, one-,two- and three-bedroom apartments. The buildings are within two blocks of each other. Erik Yankelovich of GFI represented both the buyer, Greenroad Capital, and the undisclosed seller in the transaction.

December 5, 2018

Acquisitions Mixed-Use New Jersey Northeast

Marcus & Millichap Brokers $5M Sale of Mixed-Use Property in Union City, New Jersey

by David Cohen December 5, 2018

UNION CITY, N.J. — Marcus & Millichap has brokered the $5 million sale of a 9,360-square-foot mixed-use property in Union City. Located at 4900 Bergenline Ave., the property recently underwent major renovations that include a new roof, windows, upgraded HVAC systems and tenant improvements on the second floor. The building is fully occupied. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.

December 5, 2018

Acquisitions Connecticut Northeast Office

GHP Realty Negotiates $4.5M Sale of Office Building in Norwalk, Connecticut

by David Cohen December 5, 2018

NORWALK, CONN. — GHP Office Realty has negotiated the $4.5 million sale of a 38,985-square-foot office building in Norwalk. Located at 83 East Ave., the property is currently 92 percent occupied by 26 tenants. Andrew Greenspan and Brendan Hickey of GHP represented the undisclosed seller in the transaction. The buyer was a Long Island City-based real estate holding company.

December 5, 2018

California Loans Office Retail Western

NKF Arranges $125M to Refinance High-Profile Retail Properties in San Francisco

by Amy Works December 5, 2018

SAN FRANCISCO — Newmark Knight Frank (NKF) has arranged a $125 million, fixed-rate loan to refinance 111 Maiden Lane and 201 Post Street in San Francisco. Ramsey Daya and Jonathan Soffer of NKF, along with Chris Moritz and Travis Bailey of NKF, secured the loan for a high-net-worth family through PGIM Real Estate Finance. Situated at the intersection of Post and Grant streets, the beaux-arts buildings were built in 1908 and 1909. The properties are home to the West Coast flagships of several iconic luxury brands, including Hermès, Yves Saint Laurent, Cartier and Fendi. Additionally, the assets feature 100,000 square feet of creative office space and serve as the headquarters of Venables Bell and Orlando Diaz-Azcuy.

December 5, 2018

Healthcare Loans Massachusetts Northeast Office

Money360 Provides $4.2M Bridge Loan for Medical Office Building in Massachusetts

by David Cohen December 5, 2018

EAST LONGMEADOW, MASS. — Money360 has provided a $4.2 million bridge loan for Longmeadow Medical Center, a 22,000-square-foot medical office building. The property is located at 294 North Main St. in East Longmeadow, approximately five miles southeast of Springfield. Terms of the recourse loan include a 24-month term and an 8 percent interest rate. The borrower was undisclosed.

December 5, 2018

Acquisitions Arizona Multifamily Western

Greystar Acquires 845-Unit Multifamily Portfolio in Metro Phoenix

by Amy Works December 5, 2018

CHANDLER AND GILBERT, ARIZ. — Greystar Real Estate Partners has purchased a three-property Acacia multifamily portfolio on behalf of its real estate funds for an undisclosed price. Situated on Phoenix’s East Valley submarket, the properties are Chandler Court and River Ranch in Chandler and Vista Mountain in Gilbert. Originally built in the late 1980s, the portfolio largely features original interiors throughout the properties. Greystar’s value-add strategy includes renovating the units, including hard-surface countertops, stainless steel appliances, new cabinet doors and upgraded lighting, plumbing and hardware packages. Additionally, the company plans to upgrade the common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, pools and spa areas.

December 5, 2018

Acquisitions Industrial Nevada Western

Colliers Brokers $51M Sale of Industrial Building Near Las Vegas

by Amy Works December 5, 2018

HENDERSON, NEV. — Colliers International has arranged the sale of an industrial asset located within South15 Airport Center at 1775 Executive Airport Drive in Henderson. US Industrial Fund (Panattoni Development) sold the property to BCI IV Executive Airport DC HoldCo (Black Creek) for $51 million. The property features 482,300 square feet of industrial space. Dan Doherty, Susan Borst, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the seller in the deal.

December 5, 2018

Acquisitions California Industrial Western

Terreno Realty Divests 266,000 SF Industrial Property in California for $33.2M

by Amy Works December 5, 2018

FONTANA, CALIF. — Terreno Realty Corp. has completed the sale of an industrial property located at 14605 Miller Ave. in Fontana. An undisclosed buyer acquired the asset for $33.2 million. Situated on 13.1 acres, the 266,000-square-foot property is fully occupied by one tenant on a short-term lease. Terreno originally purchased the property in 2014 for $22.9 million.

December 5, 2018

Acquisitions Colorado Multifamily Western

Greystone Unique Apartment Group Sells SouthGlenn Place Near Denver for $19.5M

by Amy Works December 5, 2018

CENTENNIAL, COLO. — Greystone Unique Apartment Group has completed the sale of SouthGlenn Place, a multifamily property located at 6601-6651 S. Vine St. in Centennial. An undisclosed buyer acquired the value-add property for $19.5 million, or $144,444 per unit. Located blocks away from The Streets at SouthGlenn and Cherry Knolls Shopping Center, the 74,575-square-foot property features 135 units. The Lippitt/Shwayder Team, The MacCarter/Kaufman Team and Greystone were involved in the transaction.

December 5, 2018

Development Industrial Texas

Pizzuti Breaks Ground on $55M Warehouse, Distribution Center in Tulsa for Whirlpool

by Taylor Williams December 5, 2018

TULSA, OKLA. — The Pizzuti Cos., a Columbus, Ohio-based development firm, has broken ground on a $55 million, 800,000-square-foot warehouse and distribution center in Tulsa for Whirlpool Corp., a Michigan-based manufacturer of home appliances. ARCO Construction Co. Inc. is handling the design/build of the facility, which will be situated next to a manufacturing plant that produces 2.1 million cooking products per year. Construction of the facility began in late November and completion is slated for December 2019.

December 5, 2018

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