SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …
DAYTONA BEACH, FLA. — Marcus & Millichap has arranged the sale of a two-property, 384-unit multifamily portfolio in Daytona Beach for a total of $37 million. Built in 1987, the 240-unit Lake Forest Apartments sold for $23.5 million, while the 144-unit Jade Park sold for $13.4 million. Situated side-by-side in a wooded lakeside setting, the communities are near the Daytona International Speedway, Volusia Square Mall, One Daytona and Daytona Beach International Airport. Michael Donaldson and Nicholas Meoli of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer in the deal.
ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, with 108 units reserved for those making between 30 percent and 60 percent of area median income. The remaining 15 percent of units are designated as “very low income.” Pennrose has partnered with The Senior Connection to provide residents with transportation resources and programing to assist with daily living activities, such as managing bills or household paperwork. In addition, the development will be served by both the Montgomery County Transit Ride-On and WMATA bus lines and residents will be near to retail, healthcare resources and the county’s largest senior center.
WESLEY CHAPEL, FLA. — Westlake, Ohio-based Emerald Hospitality Associates has acquired and opened Hilton Garden Inn Tampa-Wesley Chapel, located at 26640 Silver Maple Parkway in Wesley Chapel. Emerald Hospitality Associates will manage the property, which it purchased in partnership with Nimbus Investment Fund, an independent affiliate of Emerald Hospitality. The hotel features 124 guestrooms each with a microwave and refrigerator, 3,712 square feet of flexible meeting space, and an extensive lobby and outdoor patio featuring the Garden Grille & Bar. Additional amenities include complimentary Wi-Fi, a 24-hour business station, state-of-the-art fitness center, Keurig coffee maker and a full-service restaurant and bar.
WALTHAM, MASS. — New York Life Real Estate Investors has provided a $96 million refinancing for The Merc at Moody & Main, a 269-unit multifamily complex with street-level retail in Waltham. Located at 45 Moody St., a Roche Brothers’ Brothers Marketplace anchors the property. NYLREI provided a 12-year, fixed-rate loan to the borrower, Northland Investment Corp.
CORNELIUS, N.C. — Woodside Health has completed the disposition of Jetton Medical Park, a two-building medical office property located at 19475 and 19485 Old Jetton Road in Cornelius, a suburb of Charlotte. Montecito Medical Real Estate acquired the property for an undisclosed price. The 45,000-square-foot property is anchored by medical practices affiliated with Novant Health, an integrated healthcare organization with more than 500 locations.
REVERE, MASS. — KeyBank has provided a $63 million refinancing for Beach House, a 234-unit apartment community in Revere. The Fannie Mae loan was used to refinance an existing KeyBank construction loan. The borrower, Baystone Development, built the seven-story property in 2018. The financing includes a 10-year term with a five-year interest-only period on a 30-year amortization schedule.
NEW YORK CITY — NKF Capital Markets has arranged a $57 million construction loan for the Walker Hotel Tribeca, a 171-room hotel in the Tribeca neighborhood of Manhattan. The borrower, Bridgeton Holdings, is converting the 10-story former office building into a hotel. The lender was BoI Federal. The property will be Bridgeton’s second Walker Hotel in New York City, with the first in Greenwich Village. The hotel will include a Blue Bottle Coffee on the ground floor as well as a speakeasy bar in the cellar.
HOMESTEAD AND DUBOIS, PENN. — STREAM Capital Partners has brokered the $23.7 million sale of a three-building office portfolio in Pennsylvania. The 113,000-square-foot portfolio is located at 385 and 395 E. Waterfront Drive in Homestead and 203 W. Weber Ave. in DuBois. Phil DiGennaro, Ryan Smeele, Jordan Shtulman and Jonathan Wolfe of STREAM Capital represented the undisclosed seller in the transaction. The undisclosed buyer was in a 1031 exchange. The portfolio is currently net leased to GAI Consultants.
NEWFIELD, N.Y. — Marcus & Millichap has negotiated the $3.4 million sale of Sunny’s Self Storage, a 49,550-square-foot self-storage facility in Newfield, south of Ithaca in the Finger Lakes region. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a personal trust, in the transaction. The buyer was a limited liability company. Located at 1273 W. Danby Road, the property includes a mix of climate-controlled and non-climate-controlled units. The facility was built in 2008 and renovated in 2016.