Property Type

HFF Brokers $11.4M Sale of Medical Office Building on Long Island

by David Cohen March 22, 2019

GARDEN CITY, N.Y. — HFF has brokered the $11.4 million sale of a medical office building in the Long Island village of Garden City. Located at 224 7th St., the 16,920-square-foot property was built in 1969 and converted to a medical imaging facility in 2007. The facility is currently triple-net leased to the New York University School of Medicine. HFF represented the seller, Meridian Imaging Group, in the transaction. The buyer was undisclosed. Inland Real Estate Acquisitions facilitated the transaction.

March 22, 2019

Development Massachusetts Multifamily Northeast

SilverBrick Group Completes Renovation of 99-Unit Multifamily Property in Massachusetts

by David Cohen March 22, 2019

SPRINGFIELD, MASS. — The SilverBrick Group has completed the renovation of SilverBrick Square in Springfield. Located at 122 Chestnut St., the 120,000-square-foot building is a former YMCA property. The newly renovated, 99-unit apartment community now includes new finishes in units and common areas as well as a new fitness center. Emerald Creek Capital provided an $8 million bridge loan to SilverBrick Group for the renovations. Terms of the loan were not disclosed.

March 22, 2019

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Negotiates $2.6M Sale of Apartment Community in Newark

by David Cohen March 22, 2019

NEWARK, N.J. — Marcus & Millichap has negotiated the $2.6 million sale of a two-building apartment community in Newark. Located at 101 Treacy Ave. and 491 Clinton Ave., the two buildings consist of 35 units and three commercial spaces. Richard Gatto, Fahri Ozturk and Thomas Cleary in Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was undisclosed.

March 22, 2019

Acquisitions Industrial Northeast Rhode Island

Sweeney Real Estate Orchestrates $1M Sale of Industrial Facility in Providence

by David Cohen March 22, 2019

PROVIDENCE, R.I. — Sweeney Real Estate has arranged the $1 million sale of an industrial facility in Providence. Located at 382-420 and 780 Harris Ave., the 21,649-square-foot property is located on nearly one acre. Thomas Sweeney, of Sweeney Real Estate represented the buyer, Partial Research Group LLC, in the transaction. Jim DeRentis of Residential Properties represented the seller, Bone House LLC.

March 22, 2019

Acquisitions Loans Massachusetts Northeast Retail

Cornerstone Realty Capital Arranges $2.7M Acquisition Loan for Retail Building in Massachusetts

by David Cohen March 22, 2019

MARLBOROUGH, MASS. — Cornerstone Realty Capital has arranged a $2.7 million acquisition loan for a 12,980-square-foot retail building in Marlborough. Located in Middlesex County, the property currently houses four tenants with Starbucks as its anchor. Spaces at the property range from 1,500 to 7,466 square feet. Cornerstone delivered a fixed-rate financing structure with a 30-year amortization schedule to the undisclosed borrower. The lender was a local community bank.

March 22, 2019

Development Florida Industrial Retail Southeast

Kroger, Ocado Select Central Florida for Second Customer Fulfillment Center

by Alex Tostado March 22, 2019

GROVELAND, FLA. — The Kroger Co. and Ocado, an online grocery retailer based in England, have selected Groveland as the second city to house the partnership’s customer fulfillment center (CFC). Kroger has committed to build 20 CFCs in partnership with Ocado. In November, the partnership announced that Monroe, Ohio will be the site of the first CFC. The Groveland center will consist of an automated warehouse facility with digital and robotic capabilities. The CFC will span 375,000 square feet at American Way near U.S. Highway 27, about 31 miles west of Orlando. The partnership is scheduled to break ground later this year and open the center in 2021.

March 22, 2019

Acquisitions Multifamily North Carolina Southeast

FCP Acquires Apartment Complex in Raleigh for $33.3M

by Alex Tostado March 22, 2019

RALEIGH, N.C. — FCP has acquired Trails of North Hills Apartments, a 279-unit complex in Raleigh’s North Hills neighborhood, for $33.3 million. FCP plans to upgrade the community, including clubhouse and amenity renovations, building upgrades and landscaping and curb appeal updates. Pinnacle Management will manage the property. Paul Marley and Watson Bryant of Cushman & Wakefield represented the buyer in the transaction. The seller was not disclosed.

March 22, 2019

Development Multifamily Southeast Virginia

Parse Capital Provides $29.1M in Preferred Equity for Multifamily Development in Northern Virginia

by Alex Tostado March 22, 2019

RESTON, VA. — Parse Capital has provided $29.1 million in preferred equity to Rooney Properties for the construction of Faraday Park, a 407-unit multifamily community in Reston. The asset will be situated at 1831 Michael Faraday Drive, less than a mile from the Wiehle-Reston East Metro Station and about 20 miles west of downtown Washington, D.C. The property will comprise two seven-story buildings and two above-ground parking garages. Floor plans will include studio, one-, two- and three-bedroom floor plans averaging 842 square feet. Amenities are set to include a rooftop swimming pool, fitness center, coworking space, dog park and a refrigerated package room. Construction is slated to begin immediately. Walter Coker and Brian Crivella of HFF arranged the financing on behalf of Rooney Properties.

March 22, 2019

Acquisitions Multifamily Southeast Tennessee

Berkadia Negotiates $23.6M Sale of Multifamily Community in Nashville

by Alex Tostado March 22, 2019

NASHVILLE, TENN. — Berkadia has arranged the $23.6 million sale of Point Breeze, a 192-unit apartment complex in east Nashville. An affiliate of San Diego-based Brandy Investments purchased the asset, which was built in 1972 and spans more than 33 acres. Amenities include a saltwater swimming pool, dog park, fitness center and a picnic area with a barbecue. Patrick Jordan and Alex Blagojevich of Berkadia represented the seller, Nashville-based Freeman Webb Inc., in the transaction.

March 22, 2019

Development Multifamily North Carolina Southeast

Alliance Residential Purchases Land in Raleigh-Durham to Develop 263-Unit Apartment Community

by Alex Tostado March 22, 2019

MORRISVILLE, N.C. — Alliance Residential has purchased 17 acres of land in Morrisville with plans to develop Broadstone Trailside, a 263-unit apartment community that will include smart apartment units. Construction is expected to begin this year with residents able to move in in 2021. The property will offer one-, two- and three-bedroom floor plans and townhomes averaging 1,016 square feet. Residential units will include Nest Thermostats, Google Home electronic entry door locks and connected light switches and outlets, all controlled by a smartphone. The smart features are part of the Alliance SmartHome technology package. Cline Design designed Broadstone Trailside, which is situated about 13 miles west of downtown Raleigh.

March 22, 2019

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