Property Type

Passco Acquires New Apartment Complex in Destin for $63.3M

by Alex Tostado November 29, 2018

DESTIN, FLA. — Passco Cos. has acquired a 288-unit apartment community in Destin for $63.3 million. Irvine, Calif.-based Passco bought Sea Glass from Atlanta-based Catalyst Development Partners. The apartment complex features one- , two- and three-bedroom floor plans, and its amenities include a swimming pool, fitness studio, clubroom, breakfast bar, indoor/outdoor bar area, package concierge and a business center. Sea Glass was built in 2017 and is directly across from Henderson Beach State Park. Matt Wilcox, Jubeen Vaghefi and Denny St. Romain of JLL Florida Capital Markets brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco.

November 29, 2018

Georgia Loans Office Southeast

Grandbridge Secures $30.5M Acquisition Financing for Office Building in Metro Atlanta

by Alex Tostado November 29, 2018

ALPHARETTA, GA. — Grandbridge Real Estate Capital has secured a $30.5 million acquisition loan for a 251,000-square-foot, Class A office building in Alpharetta, about 24 miles north of Atlanta. Gerry Robbins of Grandbridge secured the financing, which features an initial period of interest-only, a 10-year term and 30-year amortization schedule on behalf of the undisclosed borrower.

November 29, 2018

Florida Industrial Leasing Activity Southeast

Best Buy, Ryder Sign Leases at Industrial Park in South Florida

by Alex Tostado November 29, 2018

PEMBROKE PARK, FLA. — Best Buy has leased 27,256 square feet of industrial space and Ryder has renewed its lease for 70,861 square feet at Seneca Industrial Park in Pembroke Park. The combined 98,117 square feet brings the 885,000-square-foot industrial park to full capacity. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, the investment arm of TIAA. Craig Fetherston of The Shopping Center Group represented Best Buy, a multinational consumer electronics retailer. Tom O’Loughlin of CBRE represented Ryder, a nationwide company specializing in fleet management solutions, supply chain management and logistics.

November 29, 2018

District of Columbia Loans Mixed-Use Southeast

Eastern Union Funding Arranges Loan for 117-Unit Mixed-Use Project in D.C.

by Alex Tostado November 29, 2018

WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.

November 29, 2018

Development Loans Massachusetts Mixed-Use Northeast

Fantini & Gorga Secures $28.3M Construction Loan for Mixed-Use Development in Cambridge

by David Cohen November 29, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has secured a $28.3 million construction loan for St. James Place, a mixed-use development in the Porter Square neighborhood of Cambridge. Located at 2013 Massachusetts Ave., the development will feature 46 residential condominiums, ground-floor retail and underground parking. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga secured financing for the undisclosed borrower through a mid-sized regional bank. Terms of the financing were not disclosed.

November 29, 2018

Development Industrial Northeast Pennsylvania

Trammell Crow to Build 1 MSF Distribution Facility in Scranton

by David Cohen November 29, 2018

SCRANTON, PA. — Trammell Crow Co. has acquired a 90-acre site at the Valley View Business Park in Scranton. The company plans to build a 1 million square-foot speculative distribution facility on the site. The sales price was undisclosed. The building is scheduled for completion in the third quarter of 2019 and will feature 40-foot clear heights, 311 trailer parking spots, 277 car parking spots, 159 dock positions and ESFR fire protection. Trammell Crow purchased the site from the Scranton Lackawanna Industrial Building Co., the industrial development affiliate of the Greater Scranton Chamber of Commerce. CBRE Allentown was given the leasing assignment for the project.

November 29, 2018

Loans New York Northeast Retail

Progress Capital Arranges $23M Refinancing for Retail Property in Harlem

by David Cohen November 29, 2018

NEW YORK CITY — Progress Capital has arranged a $23 million loan to refinance a retail property in Harlem. CVS and Zwanger Pesiri Radiology anchor the property, which is located at 324 W. 125th St. Abe Mann of Progress Capital secured financing on behalf of the borrower, Wharton Properties. The lender was Wells Fargo. Terms of the non-recourse loan include full-term interest-only payments and no prepayment penalty. The proceeds of the loan will be used to retire existing debt and provide cash-out of vested equity that will be used to fuel a continued expansion of the borrower’s portfolio.

November 29, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $11.5M Sale of Apartment Community in East Harlem

by David Cohen November 29, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $11.5 million sale of a two-building apartment complex in East Harlem. Located at 334-348 E. 105th St., the 53,121-square-foot property contains 53 rent-stabilized residential units. John Stewart and Stephen Bell of Marcus & Millichap’s Manhattan office represented the seller, Reifer Management, in the transaction. Seth Glasser of Marcus & Millichap represented the buyer, a private investor.

November 29, 2018

Acquisitions Industrial New York Northeast

Cushman & Wakefield Brokers $1.9M Sale of Warehouse in the Bronx

by David Cohen November 29, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the $1.9 million sale of a two-story warehouse in the South Bronx. Located at 585 Jackson Ave., the 10,020-square-foot property includes two garage doors, gas heat and 50 feet of street frontage. Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.

November 29, 2018

1000-Billy-Mitchell-Blvd.-Brownsville-Texas

Acquisitions Industrial Texas

PacVentures Acquires 811,092 SF Industrial Portfolio in Brownsville, Texas

by Taylor Williams November 29, 2018

BROWNSVILLE, TEXAS — San Diego-based investment firm PacVentures has acquired a portfolio of 10 industrial properties totaling 811,092 square feet in the South Texas city of Brownsville. The portfolio was 96 percent leased at the time of sale to multiple tenants, including windshield wiper provider Trico and its affiliate, Carter Fuel Systems. Steve Rowland of Transwestern and Joe Simmons of AQUILA Commercial represented PacVentures in the transaction. The seller was regional investment firm Sealy & Co.

November 29, 2018

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