HOUSTON — EDGE Realty Capital Markets has brokered the sale of Cullen Plaza, an 84,717-square-foot retail center in Houston. Fiesta Mart anchors the property, which also houses a mix of national and regional retailers such as Family Dollar, Taco Bell, T-Mobile and Louisiana Famous Fried Chicken. Kevin Holland of EDGE represented AEW/Weingarten in the disposition of the property. Additional terms of sale were not disclosed.
NEW YORK CITY — JLL has arranged a $221.8 million bridge loan through JP Morgan to finance a retail portfolio in the Williamsburg neighborhood of Brooklyn. Jonathan Schwartz, Aaron Appel, Michael Diaz and Sean Baillie of JLL secured the three-year, interest-only loan on behalf of owners RedSky Capital and JZ Capital Partners. The portfolio consists of 15 retail properties located on North 6th Street and Bedford Avenue. Three of the properties on North 6th Street are fully leased to a tenant roster that includes Urban Outfitters, Vans, Everlane and Aland. The remaining properties are in the process of being improved and leased.
ATLANTIC HIGHLANDS, N.J. — Berkadia has secured a $51.9 million acquisition loan for Thousand Oaks Village, a garden-style multifamily community in Atlantic Highlands. Bob Falese and Jeff Heath of Berkadia secured the financing through Freddie Mac on behalf of the borrower, Delaware-based 165 Thousand Oaks Drive LLC. The borrower plans to renovate and upgrade all units at the property. Berkadia utilized the Freddie Mac Mod Rehab Loan Program, allowing the borrower to have a floating rate during the renovation period that will automatically convert to a fixed rate upon the completion of renovations. Located at 165 Thousand Oaks Drive, Thousand Oaks Village features one-, two- and three-bedroom floor plans. Amenities include air conditioning, large closets, hardwood floors and private patios.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a vacant, five-story retail building in the Soho neighborhood of Manhattan for $46.7 million. Henri Kessler and Nelson Lee of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor. Located at 446-448 Broadway, the cast-iron building was developed by architect John B. Snook in 1877.
HAVERHILL, MASS. — Yannios Real Estate Investment Sales has brokered the $3.5 million sale of Highland Maple Apartments, a 39-unit apartment community built in 1850. The property, which comprises two three-story buildings, is located at 3-5 Maple Ave. in Haverhill, 35 miles north of Boston. Yannios Real Estate represented the seller, 3-5 Maple Ave. LLC, in the transaction. The buyer was Kuma Realty.
PHILADELPHIA — Real Estate investment firm Dalzell Capital Partners has acquired a four-property multifamily portfolio in Center City, Philadelphia for $18.7 million. The 65-unit portfolio consists of all newly built or renovated communities. The properties are The Bradford, a 26-unit property located at 507 S. 8th St.; Queen Village Lofts, a 16-unit former school conversion located at 427 Monroe St.; 1311 Spruce, a 16-unit property located at 1311 Spruce St.; and 1310 Spruce, a seven-unit property located directly across the street from 1311 Spruce at 1310 Spruce St. Alterra Property Group sold the portfolio to Dalzell Capital Partners.
SAN DIMAS, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Trails at San Dimas, a multifamily property located 444 N. Amelia Ave. in San Dimas. Stockbridge Capital Group and CNS Focused Investments sold the property to Korda Group for $78.5 million, or $272,569 per unit. The Trails at San Dimas features 288 apartment units in a mix of studio, one- and two-bedroom layouts. On-site amenities include a resident lounge with Wi-Fi, resort-style swimming pool, dog park with dog wash station, fitness center, outdoor grilling area, covered parking, laundry facilities and tennis courts. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the sellers and procured the buyer in the transaction.
RENO, NEV. — Kennedy Wilson has purchased Southridge, a 293-unit apartment community located at 1550 Sky Valley Drive in Reno, for $36.3 million. The buyer invested approximately $16.5 million of equity, including closing costs, and secured a seven-year loan of $19.8 million at the fixed-rate of 4.17 percent. The name of the seller was not released. Built in phases between 1994 and 1995, the 233,879-square-foot property includes a mix of 62 market-rate units and 231 Low-Income Housing Tax Credit units in a mix of studio, one-, two- and three-bedroom layouts averaging 798 square feet. Situated on 15 acres, the community features a swimming pool, barbecue, picnic areas, playground, clubhouse and fitness facility. The acquisition expands Kennedy Wilson’s portfolio to 1,438 units owned and under construction in the Reno market.
CORAL GABLES, FLA. — Gables Residential has opened Gables Columbus Center, a 200-unit apartment community located at 60 Minorca Ave. in Coral Gables, roughly six miles south of Miami. The 19-story community features a mid-level, resort-style pool, outdoor fireplace area, fitness center with Peloton bikes and virtual fitness classes, 24-hour automated package room, laundry lockers, electric vehicle charging stations and a rooftop sky lounge for penthouse residents. The community includes a mix of studio to three-bedroom units ranging from 700 square feet to more than 1,500 square feet, and penthouse units ranging from 865 square feet to 1,552 square feet. Rental rates start at $2,306 per month for a studio and range up to $6,120 for a penthouse, according to Apartments.com. Architect Behar Font & Partners designed the community, and CallisonRTKL was the interior designer.
ROSWELL, GA. — Pollack Shores Real Estate Group has purchased a site at 11060 Alpharetta Highway in Roswell, roughly 23 miles north of Atlanta, with plans to develop a new multifamily community. The project is part of a greater mixed-use development that Pollack Shores is building in partnership with Fuqua Development. The site currently houses a strip shopping center that will be razed this fall to make way for the new development. Dubbed Sun Valley, the community will include 300 multifamily units developed by Pollack Shores and 115,000 square feet of retail that Fuqua will develop, according to the Atlanta Business Chronicle. The Atlanta-based firms had a similar arrangement at The Battery Atlanta, where Pollack Shores developed the multifamily portion, dubbed Home at The Battery Atlanta, and Fuqua developed the retail and restaurants. The residential portion of the Roswell project will include a mix of one- to three-bedroom units with granite countertops, stainless steel appliances, a mix of vinyl-plank wood flooring and carpet flooring and walk-in closets. Community amenities will include a dog park, pet washing station, pool, lounge area and a fitness center with a yoga room. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.