GREENVILLE, S.C. — TWO Capital Partners has completed the sale of Harbinger, a three-building office campus located in Greenville. CCP Commercial Real Estate acquired the asset for $22 million. Located at the Interstate 385 and North Pleasantburg Drive in Greenville, the property was 93 percent leased at the time of sale. Originally constructed in 1982, the 162,962-square-foot, Class A office campus was fully repositioned in 2017 and 2018 through an approximately $3.5 million capital improvements program. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller in the deal.
BOSTON — NKF Capital Markets has brokered the $222 million sale of a 304,178-square-foot office building in Boston. Located at 200 State St., the property is currently 96 percent leased to a 21-tenant roster that includes Beacon Health Options, TD Bank, FTI Consulting, Beacon Capital Partners and TIFF Investment Management. Edward Maher, Matthew Pullen and James Tribble of NKF’s Boston Capital Markets team represented the seller, GLL Real Estate Partners, in the transaction. The buyer was Carr Properties.
CAMBRIDGE, MASS. — CBRE has secured a $120.2 million loan for the refinancing of Zinc Apartments, a 392-unit multifamily property in Cambridge. Located at 22 Water St., the high-rise community features an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center and 24-hour concierge service. Nate Sittema and Kristen Reilley of CBRE represented the borrower, Greystar Real Estate Partners, in securing a 10-year, fixed-rate loan through Freddie Mac.
NEW YORK CITY — HREC Capital Markets Group has arranged the $7.4 million refinancing of the leasehold interest in the Look Hotel Red Hook in Brooklyn. Located at 17 Seabring St. in the Red Hook neighborhood of Brooklyn, the property is adjacent to the Brooklyn Cruise Terminal. The hotel was recently renovated and upgraded to the Choice Hotels’ boutique Ascend Collection. Greg Porter and Mike Armstrong of HREC represented the borrower, Brooklyn Hotel Group, in securing a floating-rate, non-recourse loan from a private New York-based investment company.
NEW YORK CITY — Brax Realty has negotiated the $12.2 million sale of a two-building multifamily property on the Upper East Side of Manhattan. Located at 432- 434 E. 89th St., the properties were built in 1910 and are comprised of 41 units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H.S. Realty Associates Inc.
CEDARHURST, N.Y. — Rosewood Realty has arranged the $3.2 million sale of a three-story apartment building in Cedarhurst, Long Island. Located at 488 Central Ave., the 12,000-square-foot property was built in 1924 and includes eight apartments as well as two ground-floor retail spaces. The retail spaces include a restaurant and a children’s clothing store. Michael Guttman of Rosewood Realty represented both the buyer, PD Central LLC, and the seller, 488 Central Avenue LLC, in the transaction.
JACKSON, TENN. — Greystone has funded a total $20.9 million in HUD-insured loans to refinance a two-facility skilled nursing portfolio in Jackson. Fred Levine of Greystone’s Monsey, N.Y., office originated the financing for the undisclosed borrower. The two loans both carry a 30-year term and amortization period. The financing is a permanent exit from the interim bridge loans that Greystone previously arranged for the facilities.
You would be hard pressed to find another city more excited about transformation than Indianapolis right now. Previously known as “Naptown” by outsiders due to the sleepy feel the city exuded, those days are long gone. Indy has experienced incredible transformative activity in the past decade, and that extends to the commercial real estate office sector. For the 18th consecutive quarter, this sector has experienced positive net occupancy gains, and 14 of those quarters have fallen below the 10-year average vacancy rate of 18 percent. Average asking rental rates have experienced healthy growth, with five-year rental rate growth at nearly 14.3 percent. Changing ownership According to colleague Bennett Williams, director, the office landscape is really about change right now. “Long-term Indianapolis owners, such as Duke Realty, historically have developed and held their assets, but now that they are selling off their product, national and international firms are entering the market,” he says. “These new firms have been pushing all facets of the deal to maximize the return for their investors.” Within the past five years, Indy has experienced many ownership changes of large office assets both in the suburban markets and the central business district (CBD). Cushman and Wakefield research …
INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis. Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition. Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities. The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names. The acquired communities include: Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors. Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces. Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, …
CHATTANOOGA, TENN. — The Legacy Cos. has purchased Elements of Chattanooga, a multifamily property in Chattanooga. Wicker Park Capital Management sold the property to Legacy for $35.9 million. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller in the deal. Located at 7310 Standifer Gap Road, the property features 340 apartment units. Community amenities include a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, on-site management and maintenance, picnic areas and a business center. Additionally, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, as previously reported.