Property Type

Thorofare Capital Provides $27M Loan for Acquisition of Office Park in Northern New Jersey

by David Cohen April 6, 2018

MORRISTOWN, N.J. — Thorofare Capital has provided a $27.1 million loan for the acquisition of Mount Kemble Corporate Center, a 229,685-square-foot office campus in Morristown. The loan proceeds will also be used for property improvements and lease-up efforts. The borrower is a joint venture between Vision Properties and The Birch Group. The property was built in 1999 and is comprised of two, three-story Class A office buildings. At the time of closing, the property was 81 percent leased with a tenant roster that included Coughlin Duffy LLP, Avaya, Tenfour and Artech. Thorofare’s floating-rate mortgage featured a three-year initial term and two, one-year extension options.

April 6, 2018

Acquisitions New York Northeast Office Retail

Meridian Arranges $23M Sale of Commercial Building in Brooklyn

by David Cohen April 6, 2018

NEW YORK CITY — Meridian Investment Sales has arranged the sale of a newly renovated commercial building at 2857 West 8th St. in Brooklyn for $23 million. David Schechtman and Rich Velotta of Meridian represented the undisclosed seller and procured the unidentified buyer in the transaction. Located in the West Brighton neighborhood of Brooklyn, the 52,302-square-foot office building is fully leased. The tenant roster includes New York City Human Resources Administration, Blink Fitness and Dollar Tree. The two-story building also has a Verizon cell and GPS tower on the roof. The property was recently renovated to include a new façade, an updated plumbing system and electrical upgrades.

April 6, 2018

Acquisitions New Jersey Northeast Office

Cushman & Wakefield Brokers Sale of Three-Building Office Park in Basking Ridge, New Jersey

by David Cohen April 6, 2018

BASKING RIDGE, N.J. — Cushman & Wakefield has brokered the sale of a three-building office park in Basking Ridge, approximately 40 miles west of Manhattan. Signature Acquisitions purchased the 524,260-square-foot property, located at 106, 110 and 150 Allen Road for an undisclosed price. The seller, The Silverman Group, acquired the property in three separate transactions starting in 2010 and subsequently rebranded the office park as The Offices at Liberty Corner.

April 6, 2018

Affordable Housing Loans Multifamily New York Northeast

Keybank Provides $38.5M in Financing for Affordable Housing Community in Albany

by David Cohen April 6, 2018

ALBANY, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided $38.5 million in financing for the construction of an affordable housing community in Albany. The 76-unit development, which will be called Ida Yarbrough Homes, will set aside 12 apartments for households at risk of homelessness. The borrower is Ida Yarbrough Phase II LLC, an entity owned by the Albany Housing Authority. Keybank provided $18.1 million in equity through the Low Income Housing Tax Credit program. In addition, Keybank also provided a $17.2 million construction loan and a $3.2 million Freddie Mac first mortgage loan. John Berry, Jen Seamons, Victoria O’Brien and Joe Eicheldinger of Keybank’s CDLI group, and Jeff Rodman of the Commercial Mortgage Group arranged the financing.

April 6, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Arranges $3.5M Land Development Loan in Plymouth

by David Cohen April 6, 2018

PLYMOUTH, MASS. — Fantini & Gorga has arranged $3.5 million in land development financing for a 40-acre parcel in Plymouth. The lender was a major Massachusetts-based banking institution. Harald LLC, the borrower, plans to add roads and utilities, and then subdivide the commercially zoned land into five or six parcels, to be sold for additional development.The site, about 40 miles south of Boston, is located near the Grove at Plymouth shopping center. Tenants at the retail center include a 130,000-square foot Home Depot store, West Marine, Ethan Allen Furniture and Mattress Firm.

April 6, 2018

Multifamily Seniors Housing Washington Western

ESI Negotiates $50.5M Sale of Seniors Housing Community Near Seattle

by Nellie Day April 6, 2018

EVERETT, WASH. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living property in Everett. A national private equity firm acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit. Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of sale the community averaged 95 percent occupancy. The buyer will bring Artēgan on as operator.

April 6, 2018

Colorado Multifamily Seniors Housing Western

Zocalo Community Development to Open 159-Unit Active Adult Community Near Denver

by Nellie Day April 6, 2018

LITTLETON, COLO. — Zocalo Community Development is preparing to open Vita, a 159-unit active adult community in the Denver suburb of Littleton. KTGY Architecture + Planning designed the community, which is restricted to residents over 55 years of age. The developer is seeking LEED Gold certification. The community features a variety of mixed-use features, including walking/biking trails, art galleries, antique shops, specialty shops, clothing boutiques, restaurants and bars. It is also located one block from an RTD Light Rail station, providing easy access to downtown Denver and the airport. Zocalo, a Denver-based developer, expects to open Vita in May.

April 6, 2018

California Retail Western

SRS Brokers $2.4M Sale of Ground Lease in Orange County, California

by Nellie Day April 6, 2018

COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land currently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that subleases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, represented itself. The ground lease had approximately 14 years remaining.

April 6, 2018

California Retail Western

Marcus & Millichap Arranges $1.3M Sale of Retail Property in Southern California

by Nellie Day April 6, 2018

RIVERSIDE, CALIF. — Marcus & Millichap has arranged the $1.3 million sale of a 13,200-square-foot retail property located at 9741 Magnolia Ave. in Riverside. Brandon Michaels of Marcus & Millichap arranged the transaction on behalf of both the seller, a limited liability company, as well as the buyer, 4GT Group LLC.

April 6, 2018

Enterprise-Industrial-Park-Schertz-Texas

Acquisitions Industrial Texas

Colony Industrial Acquires 639,797 SF Industrial Park in Metro San Antonio

by Taylor Williams April 6, 2018

SCHERTZ, TEXAS — Colony Industrial, a division of Los Angeles-based REIT Colony Northstar, has acquired Enterprise Industrial Park, a 639,797-square-foot property located at 17745 Lookout Road in Schertz, a northeastern suburb of San Antonio. Developed by Atlanta-based Robinson Weeks Partners, the two-building complex was 88 percent leased at the time of sale to nine tenants with a weighted average of 5.3 years remaining on their leases. Space is available at Building II, which features a cross-dock configuration with 32-foot clear heights, 73 trailer spaces, an ESFR sprinkler system and an office finish. Randy Baird, Jonathan Bryan and Ryan Thornton of CBRE brokered the sale. The Dallas Business Journal reports that the sale price was $52.1 million.

April 6, 2018

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