Property Type

Fantini & Gorga Arranges $30M Loan to Refinance 61,000 SF Office Building in Cambridge

by David Cohen March 21, 2018

CAMBRIDGE, MASS. — Fantini & Gorga has arranged a $30 million loan to refinance a 61,000-square-foot office building in Cambridge. The property, located at 784 Memorial Drive and owned by an affiliate of the Bullfinch Companies, was originally built in 1937 and underwent renovations in 1999 and 2014. Harvard University recently executed a long-term lease for the entire building with plans to house a technology services department there. Wayne Clough and Despina Hixon of Fantini & Gorga arranged the financing with one of its correspondent life insurance companies. The building is located along the Charles River in the Cambridgeport neighborhood, halfway between the campuses of Harvard and the Massachusetts Institute of Technology.

March 21, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Castle Square, WinnDevelopment to Redevelop 102-Unit Senior Housing Community in South End.

by David Cohen March 21, 2018

BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.

March 21, 2018

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen March 21, 2018

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.

March 21, 2018

Acquisitions Multifamily New York Northeast

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen March 21, 2018

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

March 21, 2018

Acquisitions Hospitality New York Northeast

HREC Arranges Sale of 81-Room Hampton Inn in Upstate New York

by David Cohen March 21, 2018

SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.

March 21, 2018

Development Office Texas

HALL Group Completes 300,000 SF Office Building in Frisco

by Taylor Williams March 21, 2018

FRISCO, TEXAS — HALL Group has completed a 12-story, 300,000-square-foot office building located at 3201 Dallas Parkway in Frisco. The Class A property is the 17th building to be developed within the 162-acre HALL Park and features an event lawn with water features, an outdoor kitchen and a putting green. HKS Inc. served as the building’s architect, and Austin Commercial served as general contractor. Two financial services tenants, Oportun and Origin Bank, have already leased a combined 27,682 square feet of space at the new building.

March 21, 2018

Development Retail Texas

Xscape Theatres to Open 12-Screen Venue in Metro Houston

by Taylor Williams March 21, 2018

KATY, TEXAS — Indiana-based Xscape Theatres will open a 12-screen, 52,000-square-foot venue within The Crossing at Katy Fulshear, a Walmart-anchored retail center being developed in the western Houston suburb of Katy. The theater, which is slated to open in October, will feature seating for 1,530 guests and more than 500 parking spaces. Rob Banzhaf of Newcor Commercial Real Estate represented Xscape in its acquisition of a 7.2-acre tract. Erin Dyer and Liz Jacob internally represented the developer, Lovett Commercial.

March 21, 2018

Acquisitions Industrial Self-Storage Texas

U.S. Storage Centers Acquires 379-Unit Facility in Austin

by Taylor Williams March 21, 2018

AUSTIN, TEXAS — U.S. Storage Centers has acquired a 379-unit self-storage facility located at 5405 Wasson Road in Austin. With the acquisition of this property, which features climate-controlled units, drive-up access and vehicle storage spaces, U.S. Storage Centers now owns and operates 20 facilities in Texas. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Move It Self Storage, in the transaction. The buyer was self-represented.

March 21, 2018

Leasing Activity Restaurant Retail Texas

Three Food and Beverage Concepts to Open at Grandscape in Metro Dallas

by Taylor Williams March 21, 2018

THE COLONY, TEXAS — Three food-and-beverage-based concepts have been added to the tenant roster at Grandscape, the 433-acre mixed-use project in the northern Dallas metro of The Colony that is being developed by Nebraska Furniture Mart. Akira Back Steak, a concept that merges Korean barbecue with the atmosphere of an American steakhouse, will open a 4,000-square-foot restaurant during the first quarter of 2019. Cigars International will open a 6,400-square-foot bar, cigar lounge and retail store during the fourth quarter. Walk-On’s Bistreaux & Bar, a Cajun food concept, will open an 8,500-square-foot restaurant with a patio and beer garden during the second quarter of 2019.

March 21, 2018

Acquisitions Office Texas

Marcus & Millichap Arranges Sale of 21,617 SF Office Property in Metro Dallas

by Taylor Williams March 21, 2018

COLLEYVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 21,617-square-foot office property in Colleyville, a northwestern suburb of Dallas. The building is located within Colleyville Square, a four-building mixed-use development. Cody Payne and Ross Meisner of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. The buyer was not disclosed.

March 21, 2018

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