Property Type

PMG Secures $153.9M Construction Loan for Development of Mixed-Use Project in Fort Lauderdale

by Camren Skelton July 14, 2017

FORT LAUDERDALE, FLA. — Property Markets Group (PMG) has secured a $153.9 million construction loan for Phase I of the Fort Lauderdale Riverfront project, a mixed-use development situated along Fort Lauderdale’s New River. Eric McGlynn, Kevin O’Grady and Daniel Sheehan of Walker & Dunlop, in partnership with Steven Fischler of SRF Ventures Inc., secured the loan through Broad Street Real Estate Credit Partners III, the credit fund of Goldman Sachs & Co.’s merchant banking division. Fort Lauderdale Riverfront, which will include two apartment towers spanning 1,200 units, is being developed through PGM’s multifamily division, known as PGMx. Phase I of Riverfront will include a 36-floor residential tower with roughly 600 micro-units and multi-bedroom suites, over 100,000 square feet of communal amenity space, a public plaza on the ground floor featuring restaurants, nightlife and entertainment and approximately 18,000 square feet of retail space. Dev Motwani of Merrimac Ventures will own and manage the retail portion. PMG purchased the 2.4-acre parcel of land from Merrimac Ventures for $29 million earlier this year. The entire project is slated for completion in 2020.

July 14, 2017

Louisiana Retail Southeast

Joint Venture Acquires Six-Store Walmart Neighborhood Market Portfolio in Louisiana for $78M

by Camren Skelton July 14, 2017

MORRISTOWN, N.J. — The Hampshire Cos., in a joint venture with Seoul, South Korea-based Hana Asset Management Co., has acquired a six-store Walmart Neighborhood Market portfolio in southern Louisiana. The sales price was not disclosed, but Columbus Business First reports SkilkenGold Real Estate Development sold the assets for $78 million. The portfolio, totaling 255,968 square feet, consists of six newly constructed, freestanding stores located in Houma, Meraux, New Iberia, Opelousas, Prairieville and Thibodaux. Walmart’s Neighborhood Market concept features smaller stores that focus on offering a full suite of groceries, pharmacy, health and beauty aids and a limited selection of general merchandise.

July 14, 2017

Georgia Office Southeast

Praelium Commercial Real Estate, South Street Partners Purchase Office Park in Metro Atlanta for $54M

by Camren Skelton July 14, 2017

MARIETTA, GA. — A joint venture between Praelium Commercial Real Estate and South Street Partners has acquired Newmarket Business Park, a six-building, 471,486-square-foot office park in Marietta, a suburb of Atlanta. The sales price was not disclosed, but the Atlanta Business Chronicle reports the asset sold for $54 million. The joint venture plans to rebrand the property and market the remaining vacant space to stabilize the asset above 90 percent occupancy. Mark Strauss of Walker & Dunlop arranged acquisition financing through ACORE Capital. Colliers International represented the undisclosed seller in the transaction and will handle office leasing and management on behalf of the joint venture. Newmarket Business Park was 85 leased at the time of sale, with The Home Depot occupying 66 percent of the park.

July 14, 2017

Florida Multifamily Southeast Student Housing

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Negotiates $82.8M Sale of Seven-Building Mixed-Use Portfolio in Queens

by Amy Works July 14, 2017

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

July 14, 2017

Addison-at-Princeton-Meadows-Plainsboro-NJ

Multifamily New Jersey Northeast

KRE Group, Oxford Realty Acquire 439-Unit Apartment Complex in Plainsboro, New Jersey, for $73.3M

by Amy Works July 14, 2017

PLAINSBORO TOWNSHIP, N.J. — KRE Group and Oxford Realty Group have acquired Addison at Princeton Meadows, a garden-style apartment complex located at 2821 Pheasant Hollow Drive in Plainsboro. An undisclosed seller sold the property for $73.3 million. Built in 1981, Addison at Princeton Meadows features 439 apartment units in a mix of one- and two-bedroom layouts. On-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exterior patios and balconies on each unit. Joseph Brecher of Gebroe-Hammer Associates arranged the sale and procured the buyer in the transaction.

July 14, 2017

Civic Northeast Pennsylvania

Broomall Fire Co. Selects Bernardon as Architect for New Fire Station in Broomall, Pennsylvania

by Amy Works July 14, 2017

BROOMALL, PA. — Broomall Fire Co. has selected Bernardon as architect for a new fire station in Broomall. Situated on the former Marple School site, the 25,000-square-foot building will accommodate the current station’s apparatus, improve functionality and optimize response time. Primary funding for the project comes from the Commonwealth of Pennsylvania through a $3.25 million Redevelopment Assistance Capital Program grant. The new firehouse is slated for completion in early spring 2019.

July 14, 2017

New Jersey Northeast Office

Colliers Brokers $9.1M Sale of 138,266 SF Office Building in Piscataway, New Jersey

by Amy Works July 14, 2017

PISCATAWAY, N.J. — Colliers International has negotiated the sale of 15 Corporate Place South, an office building in Piscataway. 15 Corporate Place LLC acquired the building from Corporate Place Partners for $9.1 million. Built in 1983 and renovated in 2013, the four-story building features 138,266 rentable square feet in 40,000-square-foot floorplates. At the time of sale, the property was 98 percent occupied by 75 tenants. Jacklene Chesler, Matthew Brown and Jack Callahan of Colliers arranged the transaction.

July 14, 2017

Industrial Mixed-Use Multifamily New York Northeast Office

TerraCRG Arranges $2.9M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 14, 2017

NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.

July 14, 2017

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

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