LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.
PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.
KING OF PRUSSIA, PA. — The Leser Group will renovate a 40,000-square-foot office building at 170 N. Henderson Road in King of Prussia, a suburb of Philadelphia. When completed, the estimated $3 million project that was designed by RHJ Associates will create a state-of-the-art medical office building as well as expanded parking and a modernized facade. The Leser Group, a New York based real estate development firm, owns the building and Colliers International manages the property. The project is slated for completion by the first quarter of 2019.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.
NEW YORK CITY — Savitt Partners, which owns 530 Seventh Avenue, a 490,000-square-foot office property in Midtown Manhattan, has executed several new leases at the property. Influential Network, an artificial intelligence marketplace, has signed a 1,700-square-foot lease; online designer jewelry marketplace TrueFacet extended its 6,600-square-foot lease with an additional 3,500 square feet; media agency Junction37 inked a deal for 2,100 square feet; and customer experience platform Kustomer renewed its 5,150-square-foot lease. Brian Neugeboren, Nicole Goetz and Bob Savitt of Savitt Partners arranged the lease transactions. Built in 1930, 530 Seventh Avenue is located two blocks south of Times Square at the intersection of 7th Avenue and West 39th Street. It is also the home of The Skylark, a classically styled cocktail lounge.
MINNEAPOLIS — City Club Apartments (CCA) has broken ground on its newest community in the central business district of Minneapolis. The 17-story property will feature 307 apartments and penthouses. CCA is also preserving the adjacent 1907 Handicraft Building and converting the historic Guild Assembly Hall, which will be a 3,500-square-foot, two-story restaurant and bar, entertainment and event space with a year-round outdoor patio. A 17th-floor Sky Club will feature a gourmet kitchen, big screen TVs and fireplace. A Sky Park will include an outdoor pool, spa and movie theater. Completion is slated for summer 2019. Frana Cos. is the general contractor and BKV Group and Damon Farber are the project architects. Union Labor Life Insurance Co. provided construction financing. The majority of the apartments are considered affordable for those earning between $45,000 and $65,000 per year.
SOUTHFIELD, MICH. — 601W Cos., the owner of the 2.2 million-square-foot Southfield Town Center, is nearing completion of a $56 million renovation to the office complex. Property manager Transwestern is overseeing the renovations. Improvements include updates to the walkway that connects the buildings, complete renovations to the front lobby and entranceway and upgrades to the parking structures. A new entrance to the 3000 building has also been added. Expanded tenant amenities include the addition of multiple green spaces, collaborative areas, a new conference center and Starbucks coffee bar. 601W Cos. purchased Southfield Town Center for $177.5 million in 2014. The five-building property was originally completed in 1989.
COUNCIL BLUFFS, IOWA — NexCore Group, a national healthcare real estate developer, has begun construction of the new CHI Health Valley View Clinic in Council Bluffs near Omaha, Neb. The 37,800-square-foot clinic will replace an existing 9,000-square-foot facility, therefore quadrupling the size. The CHI Health Valley View Clinic will provide a variety of healthcare services under one roof, including primary care, behavioral health, women’s services, radiology, ultrasound, pharmacy and physical therapy providers. The property will feature 54 exam rooms and is slated to open in May 2019. The clinic is expected to provide a $10.4 million annual economic benefit to the area, according to NexCore. Darland Construction Co. is the general contractor and Leo A Daly is the architect.
BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.
OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.
