Property Type

Greysteel Negotiates $7.6M Sale of Nine-Property Multifamily Portfolio in Norfolk

by Camren Skelton April 26, 2018

NORFOLK, VA. — Greysteel has arranged the $7.6 million sale of the Norfolk Ocean View Portfolio, a nine-property multifamily portfolio located in Norfolk’s Ocean View neighborhood. Rawles Wilcox and Jared Emery of Greysteel arranged the transaction on behalf of both the seller, Boardwalk Realty & Development, and the buyer, Brick Lane Real Estate. The portfolio is located on the Willoughby Spit peninsula and comprises 104 units spread throughout nine individual properties: Neptune’s Waters, The Blue Marlin, Fish Tails, Fish Heads, Tradewinds, The Beach House, Fisherman’s Cove, The Castaways and Havana Beach. The units feature new appliances, refinished cabinets, resurfaced countertops, lighting packages, faux hardwood floors and new carpet.

April 26, 2018

Loans Multifamily New York Northeast

Madison Realty Capital Provides $35M Mezzanine Loan for Condominium Development in Manhattan

by Amy Works April 26, 2018

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.

April 26, 2018

Acquisitions Mixed-Use Multifamily New York Northeast Office Retail

Marcus & Millichap Brokers $22.3M Sale of Three Mixed-Use Buildings in Brooklyn

by Amy Works April 26, 2018

NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.

April 26, 2018

Acquisitions Maine Northeast Retail

NKF Capital Markets Orchestrates $21M Sale of Shopping Center in Maine

by Amy Works April 26, 2018

FALMOUTH, MAINE – NKF Capital Markets has arranged the sale of Falmouth Shopping Center, located along U.S. Route 1 in Falmouth. Private investors purchased the shopping center from JPA Management for $21 million. At the time of sale, the property was 89 percent leased to a diverse tenant roster, including Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire, and Bank of America. Geoffrey Millerd and Justin Smith of NKF, along with Mackenzie Simpson of Porta & Co., represented the seller in the deal.

April 26, 2018

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Advisors Arranges $3.3M Sale of Multifamily Property in Hoboken

by Amy Works April 26, 2018

HOBOKEN, N.J. – Redwood Realty Advisors has negotiated the sale of a two-building multifamily property located at 844 Park Ave. in Hoboken. A private investor sold the property to an undisclosed buyer for $3.3 million. The property features a total of 10 residential apartments with a unit mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units. Additionally, the property features on-site parking. Steve Matovski of Redwood Realty Advisors represented the seller and buyer in the deal.

April 26, 2018

Acquisitions Healthcare Mixed-Use Northeast Office Pennsylvania Retail

Colliers Negotiates $2.1M Sale of 7.2-Acre Development Site in Pennsburg, Pennsylvania

by Amy Works April 26, 2018

PENNSBURG, PENN. – Colliers International has arranged the sale of a commercially zoned land located at the southwest corner of Pennsylvania Route 663 and Northgate Boulevard in Pennsburg. PB Northgate purchased the 7.2-acre property, which is approximately 17 miles south of Allentown, for $2.1 million. The buyer plans to develop a medical office building and retail pad site on the land parcel. Derek Zerfass of Colliers International’s office in Allentown, Penn., represented the undisclosed seller, while Markward Group represented the buyer in the transaction.

April 26, 2018

Development Hospitality Indiana Midwest

$13M TownePlace Suites Opens Near Louisville Airport in Jeffersonville, Indiana

by Kristin Harlow April 26, 2018

JEFFERSONVILLE, IND. — TownePlace Suites Louisville North has opened at 301 W. Maple St. in Jeffersonville. The project was a joint venture between Dora Hotel Co. LLC and Arc Construction Management LLC and cost an estimated $13 million to build. TownePlace Suites, an extended-stay hotel, is part of Marriott International. The 93-suite, three-floor property features a BridgeHouse Bar & Restaurant in addition to an indoor pool, hot tub, fitness center and guest laundry services. The hotel is located eight miles from Louisville International Airport.

April 26, 2018

Acquisitions Healthcare Midwest Wisconsin

Stage Acquires 50,000 SF Medical Office Building in Green Bay, Wisconsin for $7.3M

by Kristin Harlow April 26, 2018

GREEN BAY, WIS. — Stage Equity Partners LLC has acquired St. Mary’s medical office building in Green Bay for $7.3 million. The 50,000-square-foot property is fully leased to St. Mary’s Hospital Medical Center and operates under the Prevea Health brand as well as St. Gianna Clinic. The asset is located at 1727 Shawano Ave., directly across from St. Mary’s Hospital Medical Center. Considered part of the hospital campus, the property offers heart care, physical and occupational therapy, behavioral healthcare, fertility care and other specialty services. Stage purchased the asset from its longtime physician owner with a new 10-year lease extension. MB Financial provided acquisition financing.

April 26, 2018

Illinois Industrial Leasing Activity Midwest

K2 Express Signs 91,859 SF Industrial Lease Renewal and Expansion in Franklin Park, Illinois

by Kristin Harlow April 26, 2018

FRANKLIN PARK, ILL. — Freight shipping and trucking company K2 Express has signed a 91,859-square-foot industrial lease renewal and expansion at 10800-10900 Belmont Ave. in Franklin Park. The company previously occupied 67,337 square feet at the 600,000-square-foot property, which is owned by Prologis. Brian Carroll of Newmark Knight Frank (NKF) represented K2 Express in the lease transaction. Scott Gibbel of Cushman & Wakefield represented Prologis. In addition, K2 Express signed a long-term lease at a neighboring four-acre trailer yard. Carroll represented the tenant, while Steve Levitas and Bob Chodos of NKF represented the landlord, Hill Mechanical.

April 26, 2018

Acquisitions Midwest Office Wisconsin

Podolsky Circle Arranges $2.7M Sale of 31,638 SF Office Building in Racine, Wisconsin

by Kristin Harlow April 26, 2018

RACINE, WIS. — Podolsky Circle CORFAC International has arranged the $2.7 million sale of a 31,638-square-foot office building in Racine, about 30 miles south of Milwaukee. Built in 2002, the two-story property is located at 5439 Durand Ave., across from Regency Mall. Multiple tenants occupy the building, including Associated Bank, Advanced Medical Imaging, CleanSlate Medical Group of Wisconsin and Habush, Habush & Rottier. The buyer, Gateway Investment Partners, plans to upgrade the common areas, restrooms, parking lot, signage and landscaping. Alissa Adler, John Homsher and Paul Tesdal of Podolsky Circle represented the seller, Spirit Lake Acquisition II LLC.

April 26, 2018

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