Property Type

HFF Arranges $23.7M Sale of Five-Story Office Building in South Florida

by Camren Skelton June 12, 2018

BOCA RATON, FLA. — HFF has arranged the $23.7 million sale of 900 Broken Sound Parkway, a 115,986-square-foot office building in Boca Raton. The property is located within The Park at Broken Sound, a 700-acre mixed-use community. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Cos. HFF also procured the buyer, a partnership between local investors and a national investment fund. Originally constructed in 1989, the five-story building was renovated in 2015 and was 79.4 percent leased at the time of sale to tenants including CSL Plasma and Geosyntec. NAI Merin Hunter Codman will manage the property and handle the building’s leasing assignment.

June 12, 2018

Georgia Loans Multifamily Southeast

Arbor Provides $21.7M Fannie Mae Loan for Apartment Community South of Atlanta

by Camren Skelton June 12, 2018

EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.

June 12, 2018

Development Hospitality Midwest Ohio

145-Room AC Hotel Set to Open at New Development in Suburban Cleveland

by Kristin Harlow June 12, 2018

ORANGE VILLAGE, OHIO — AC Hotel Cleveland Beachwood will open at the new Pinecrest development in Orange Village, a suburb of Cleveland, this August. The 145-room hotel, designed by Meyers + Associates Architecture, will be owned and operated by DelMonte Hotel Group. The hotel will include a cocktail bar, library, business center, fitness center and ballroom. Pinecrest is an 80-acre, mixed-use project that includes apartment and office space.

June 12, 2018

Florida Hospitality Loans Southeast

DSH Hotel Advisors Secures $4.8M Sale of Wyndham-Branded Hotel in Central Florida

by Camren Skelton June 12, 2018

KISSIMMEE, FLA. — DSH Hotel Advisors has arranged the $4.8 million sale of Baymont Inn & Suites by Wyndham, a 130-room hotel in the Central Florida town of Kissimmee. Dennis Hopper of DSH Hotel Advisors represented the seller, Maingate East Development Inc., in the transaction, and George Jimenez of Multifamily Real Estate Group Inc. represented the buyer, J.E. System Service Corp. The hotel features a business center, outdoor pool and complimentary breakfast.

June 12, 2018

Development New York Northeast Office

Silverstein Properties Celebrates Opening of 3 World Trade Center

by David Cohen June 12, 2018

NEW YORK CITY — Real estate development firm Silverstein Properties has officially opened 3 World Trade Center, New York City’s fifth-tallest tower, with a ribbon-cutting ceremony June 11. The 80-story, 2.5 million-square-foot office building is the second-to-last tower to open on the 16-acre site. The building will welcome more than 6,000 new employees to Lower Manhattan this year. Located at 175 Greenwich St., 3 World Trade Center was designed by architecture firm Rogers Stirk Harbour + Partners and features a reinforced concrete core encased by a steel structure.Advertising media company GroupM will anchor the building. Other tenants who have signed leases include stock exchange company IEX and management consulting firm McKinsey & Co. The building will also feature 216,000 square feet of retail space, spanning five floors.

June 12, 2018

Acquisitions Massachusetts Mixed-Use Northeast

Related Beal Acquires Mixed-Use Development in Boston’s Seaport District for a Second Time

by David Cohen June 12, 2018

BOSTON — Related Beal has acquired 451 D Street, a nine-story, mixed-use development in Boston’s Seaport District for an undisclosed price. The company previously owned the building before selling it in 2012. The seller was a joint venture between State Street and Meritage Properties. The development, which is 85 percent leased, offers more than 477,000 square feet of lab and office space as well as an amenities package that includes a 3,000-square-foot fitness center and a 20,000-square-foot on-site child care center. The tenant roster includes Alion Science & Technology, RDK Engineers and JPMorgan Chase.

June 12, 2018

Acquisitions Massachusetts Multifamily Northeast

NAI Hunneman Arranges $3.7M Sale of Apartment Community in Fall River, Massachusetts

by David Cohen June 12, 2018

FALL RIVER, MASS. — NAI Hunneman has arranged the sale of a 50-unit apartment community in Fall River for $3.7 million. The 37,824-square-foot property, which is located at 655-735 North Main St., contains four separate brick apartment buildings with 40 two-bedroom and 10 one-bedroom units. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Ferris Apartments Inc., in the transaction. The buyer was 655-735 North Main Street Realty Trust.

June 12, 2018

Affordable Housing California Development Multifamily Western

Meta Housing Breaks Ground on $38.6M Affordable Housing Community in East Los Angeles

by Amy Works June 12, 2018

LOS ANGELES — Los Angeles-based Meta Housing Corp. has broken ground on Whittier & Downey SE, an affordable housing community located at 4200-4224 Whittier Blvd in East Los Angeles. Slated for completion in fall 2019, the property will feature 71 units in a mix of one-, two- and three-bedroom floorplans. On-site amenities will include an outdoor barbecue area, edible container garden, large courtyard, community room, tot lot, bicycle storage, on-site laundry and a gym. Located adjacent to the Los Angeles Metro Line 18, the property will also feature 3,400 square feet of retail space. As an affordable housing property, the project will reserve 35 of the 71 affordable units as permanent supportive housing. Financing for the $38.6 million project is being provided by the California Tax Credit Allocation Committee, California Housing Finance Agency, Community Development Commission of the County of Los Angeles, Los Angeles County Departments of Health Services and Mental Health, Brilliant Corners and Bank of America Merrill Lynch. The development is part of a two-phase project, with the second phase located at the northeast corner of Whittier Boulevard and Downey Road. The second phase is scheduled to begin construction in spring 2019.

June 12, 2018

Acquisitions California Industrial Western

VRS International Acquires 38,900 SF Industrial Building in California for $6.5M

by Amy Works June 12, 2018

CARLSBAD, CALIF. — Carlsbad-based VRS International has purchased an industrial building, located at 1958 Kellogg Ave. in Carlsbad. Bend, Ore.-based Canard Add* Ventures sold the property for $6.5 million. The 38,900-square-foot industrial building features a two-story lobby, heavy power and fenced yard. Kelly Nicholls of Lee & Associates – North San Diego County represented the seller and buyer in the deal.

June 12, 2018

Acquisitions Nevada Retail Western

Colliers Arranges $5.3M Acquisition of Retail Property in Las Vegas

by Amy Works June 12, 2018

LAS VEGAS — Colliers International – Las Vegas has brokered the purchase of a retail property located at 6825 W. Russell Road in Las Vegas. Daniel and Cathy Pereyra purchased the property from an undisclosed seller for $5.3 million. The property features 23,596 square feet of retail space. Dan Gluhaich of Colliers represented the buyer in the transaction.

June 12, 2018

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