Property Type

A&E Real Estate Holdings Acquires Multifamily Portfolio in Queens for $127.5M

by David Cohen July 12, 2018

NEW YORK CITY — A&E Real Estate Holdings has acquired a six-building, 428-unit multifamily portfolio in Flushing, Queens for $127.5 million. The 388,768-square-foot portfolio sold for 15.3 times the current annual rent roll at a 3.85 percent capitalization rate. Rosewood Realty Group’s Aaron Jungreis represented both the seller, Treetop Development and the buyer, A&E, in the transaction. The properties are located at 132-57 and 132-61 Sanford Ave.; 132-25 and 132-45 Maple Ave.; 132-48 41st Road; and 41-40 Denman St. Each property also includes an indoor parking garage.

July 12, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Leasing Activity Office Texas

Nokia Signs 350,000 SF Office Lease in Dallas for New North American HQ

by Taylor Williams July 12, 2018

DALLAS — Nokia has signed a 350,000-square-foot office lease at Cypress Waters, a mixed-use development by Billingsley Co. in northwest Dallas. The move will allow the Finnish telecommunications giant to consolidate its operations in the metroplex and move its North American headquarters to Cypress Waters. Nokia is aiming for the consolidation, which is expected to bring about 2,300 jobs to the area, to be complete by the third quarter of 2019. Randy Cooper, Craig Wilson, Chad Tsitovich, Scott Goldman and Chris Wood of Cushman & Wakefield represented Nokia in the lease negotiations. Marijke Lantz internally represented Billingsley Co.

July 12, 2018

Acquisitions Industrial Loans New Jersey Northeast

Fantini & Gorga Secures $2.3M Acquisition Financing for Industrial Building in Central Massachusetts

by David Cohen July 12, 2018

AGAWAM, MASS. — Fantini & Gorga has secured $2.3 million in acquisition financing for an industrial building in Agawam. Jason Cunnane and Cas Groblewski of Fantini & Gorga arranged financing through a Massachusetts-based financial institution on behalf of the borrower, a group of investors. The property features 140,000 rentable square feet and is located on 21 acres of land. The seller was undisclosed.

July 12, 2018

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Arranges $6M in Acquisition Financing for Multifamily Portfolio in Brooklyn

by David Cohen July 12, 2018

NEW YORK CITY — Ariel Property Advisors has arranged $6 million in acquisition financing for a multifamily portfolio in Brooklyn. The properties are located in the Bedford-Stuyvesant, Bushwick and Prospect Lefferts Gardens neighborhoods of Brooklyn. Ariel Property Advisors arranged a five-year term with 30-year amortization and 75 percent loan-to-value for the borrower, a foreign national. The lender was undisclosed.

July 12, 2018

Development Industrial Texas

Hillwood to Build Two Industrial Facilities Totaling 1.3 MSF at AllianceTexas in Fort Worth

by Taylor Williams July 12, 2018

FORT WORTH, TEXAS — Hillwood will build two industrial facilities totaling approximately 1.3 million square feet within the AllianceTexas mixed-use development in Fort Worth. Alliance Center North 3 will offer 782,000 square feet and Alliance Northport 1 will total 500,000 square feet. Both properties will feature cross-dock configurations, 36-foot clear heights, ample trailer parking and adjacent land for future parking expansions. Construction of both buildings is expected to begin in August and wrap up by March 2019.

July 12, 2018

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Gebroe-Hammer Negotiates $5.6M Sale of Multifamily Community in Perth Amboy, New Jersey

by David Cohen July 12, 2018

PERTH AMBOY, N.J. — Gebroe-Hammer Associates has negotiated the sale of Spring Cove Apartments, a 38-unit, age-restricted community for people age 55 and older in Perth Amboy. The asset traded for $5.6 million. Gebroe-Hammer represented the seller, 675 New Brunswick Avenue LLC, in the transaction. The buyer was a private investor. Located at 75 New Brunswick Ave., the four-story gated property features a lounge and activity area, in-unit washers and dryers, oversized windows, eat-in-kitchens and ceramic-tile floors.

July 12, 2018

Development Office Texas

Crescent to Redevelop 200,000 SF Office Property in Uptown Dallas

by Taylor Williams July 12, 2018

DALLAS — Crescent Real Estate LLC will redevelop 2401 Cedar Springs, an office property in Uptown Dallas that was built in 1989. The property will offer 200,000 square feet of Class A office space upon completion of the project, which will upgrade the lobby, amenity spaces and individual office spaces. Following the redevelopment, 2401 Cedar Springs will feature a fitness center with locker rooms and a social lounge, a multipurpose conference room and a golf simulator. Crescent acquired the property earlier this year in a joint venture with Goldman Sachs Asset Management Private Real Estate.

July 12, 2018

Acquisitions Office Texas

Innovatus Capital Acquires 163,923 SF Office Building in Frisco

by Taylor Williams July 12, 2018

FRISCO, TEXAS — New York-based Innovatus Capital Partners LLC has acquired Frisco Bridges Place, a 163,923-square-foot office building located along the $5 Billion Mile in Frisco. The Class A property was 93 percent leased at the time of sale to 23 tenants and features structured parking and direct access to the Dallas North Tollway. Innovatus will implement capital improvements to certain amenities, including the fitness center and café. The seller and sales price were not disclosed.

July 12, 2018

Acquisitions Data Centers Industrial Texas

Romans Properties Arranges $36.6M Sale of Data Center in Metro Dallas

by Taylor Williams July 12, 2018

RICHARDSON, TEXAS — Charlotte, N.C.-based Romans Properties LLC has arranged the sale of a 75,119-square-foot data center located at 1001 E. Campbell Road in Richardson, a northeastern suburb of Dallas. The sales price was approximately $36.6 million. The property is fully leased to Sungard AS, a Pennsylvania-based provider of recovery software for cloud computing and data systems. Chris Orr of Romans Properties represented the buyer, an institutional investor, in the transaction.

July 12, 2018

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