Property Type

CBRE Affiliates Broker $22.9M Sale of Warehouse Facility in Durham

by Amy Works November 7, 2018

DURHAM, N.C. — CBRE|Raleigh and CBRE|Triad have arranged the sale of an industrial property located at 3700 S. Miami Blvd. in Durham. Beacon Properties acquired the property for $22.9 million. The CBRE|Raleigh and CBRE|Triad team of Dodson Schenck, Ann-Stewart Patterson and Butch Miller represented the private seller in the deal. PMB Graphics, a full-service printing and graphics communication company, occupies the entire 293,000-square-foot warehouse, which is situated within Research Triangle Park.

November 7, 2018

Loans Mixed-Use New York Northeast

Integra Real Estate Secures $28M Bridge Loan for Mixed-Use Building in Manhattan

by David Cohen November 7, 2018

NEW YORK CITY — Integra Real Estate Capital has secured a $28 million bridge loan for a two-building, mixed-use property in the Lincoln Square section of Manhattan. Located at 15 Central Park West, the property includes a 19-story building and a 36-story building with a total of 202 residential units and 80,000 square feet of retail space. Amenities include a three-lane saltwater pool, a 14,000-square-foot fitness center, outdoor garden, game room, conference rooms and a wine cellar. Arthur and William Zeckendorf developed the property in 2008. Igor Goldenberg of Integra arranged the financing for the undisclosed borrower through a New York City-based debt-fund to refinance the existing debt on the property.

November 7, 2018

Acquisitions Georgia Retail Southeast

Palomar Group, Berkeley Capital Arrange $11.6M Sale of Retail Center in Warner Robins, Georgia

by Amy Works November 7, 2018

WARNER ROBINS, GA. — Palomar Group and Berkeley Capital have brokered the sale of Crossroads Marketplace, a retail property located on Watson Boulevard in Warner Robins, about 19 miles south of Macon. A Georgia-based 1031 exchange buyer acquired the property from a Charlotte-based regional investment group for $11.6 million. Best Buy and Bed Bath & Beyond anchor the 78,832-square-foot retail center. Ryan McArdle, David Rivers, Steve Collins, Jefferson Knox and Lee Malchow of Palomar Group, along with Berkeley Capital, handled the transaction.

November 7, 2018

Development Georgia Hospitality Loans Southeast

Knighthead Funding Provides $8.5M Construction Loan for Holiday Inn & Suites Near Savannah

by Amy Works November 7, 2018

POOLER, GA. — Knighthead Funding has provided an $8.5 million short-term loan for the completion of a Holiday Inn & Suites in Pooler, approximately 20 miles west of Savannah. The sponsor is a Georgia-based hotel development and management company whose assets include Hilton, Marriott and Holiday Inn flagged properties throughout the state. Upon completion in 2019, the hotel will feature 104 guest rooms, a restaurant and lounge, outdoor pool with sundeck, fitness center, business center and market pantry. The sponsor used its own capital to fund the first half of the development, and due to liquidity constraints, needed a creative source of capital to fund the remaining portion of the development.

November 7, 2018

Loans New York Northeast Retail

Meridian Capital Group Arranges $22M Refinancing for Shopping Center in Spring Valley, New York

by David Cohen November 7, 2018

SPRING VALLEY, N.Y. — Meridian Capital Group has arranged a $22 million loan to refinance Central Crossing, a 115,000-square-foot shopping center in Spring Valley. Located at 175 East Central Ave., the shopping center is currently 98 percent leased to a tenant roster that includes Food Fair, Planet Fitness and Popeyes. Eli Serebrowski of Meridian secured the financing for the undisclosed borrower through a balance sheet lender. The loan features 10-year term with a rate of 4.2 percent and a 30-year amortization schedule.

November 7, 2018

Development Multifamily New York Northeast Seniors Housing

Benchmark Opens 88,500 SF Senior Living Community on Long Island

by David Cohen November 7, 2018

SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.

November 7, 2018

Acquisitions California Industrial Office Western

Parallel Capital Partners Sells 12-Building Office/Lab Portfolio in San Diego for $112M

by Amy Works November 7, 2018

SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million. Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants. The properties are: 11535-11585 Sorrento Valley Road (127,991 square feet) 11772 Sorrento Valley Road (19,193 square feet) 11760 Sorrento Valley Road (35,731 square feet) 11750 Sorrento Valley Road (19,921 square feet) 11558-11588 Sorrento Valley Road (85,121 square feet) 11494 Sorrento Valley Road (31,012 square feet) Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio. Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.

November 7, 2018

Acquisitions Northeast Retail Vermont

Marcus & Millichap Brokers $2.3M Sale of Shopping Center in Vermont

by David Cohen November 7, 2018

WINDSOR, VT. — Marcus & Millichap has brokered the $2.3 million sale of Price Chopper Plaza, a 30,674-square-foot, grocery-anchored shopping center in Windsor. Located at 2781 US Route 5, the center is occupied by three service-based tenants, including Price Chopper, a regional grocery operator that has been at the site since 1998. The other tenants at the property include Dollar General and Aubuchon Hardware. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, Gary Richetelli of Commercial Development Co., in the transaction. The buyer was a real estate investment firm based in Pittsburgh.

November 7, 2018

California Loans Multifamily Western

Meridian Capital Arranges $16.5M in Financing for 83-Unit Kingsley Drive Apartments in Los Angeles

by Amy Works November 7, 2018

LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.

November 7, 2018

Acquisitions Hospitality Southeast Virginia

HREC Negotiates Sale of 107-Room Holiday Inn Hotel in Northern Virginia

by Amy Works November 7, 2018

DUMFRIES, VA. — HREC Investment Advisors has arranged the sale of Holiday Inn Dumfries-Quantico Center, a 107-room hotel located at 3901 Fettler Park Drive in Dumfries, approximately 30 miles from downtown Washington, D.C. Nabria Capital sold the property for an undisclosed price. The name of the buyer was not released. Kevin Hanley and Ketan Patel of HREC’s Washington, D.C., office represented the seller in the transaction. Situated 6.4 miles from Marine Corps Base Quantico, the hotel features complimentary wired and wireless internet access and 32-inch TVs with cable programming. On-site amenities include an outdoor pool, 24-hour fitness center and the Quantico Bar and Grill.

November 7, 2018

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