Property Type

CBRE/NE Brokers $75M Sale of 122,104 SF Office Building in Cambridge, Massachusetts

by Amy Works September 11, 2017

CAMBRIDGE, MASS. — CBRE/New England has facilitated the sale of an office and retail building located at 625 Massachusetts Ave. in Cambridge. L&B Realty Advisors sold the 122,104-square-foot building to a partnership between Lincoln Property Co. and Chile-based Stars Investments for $75 million. Featuring direct access to Massachusetts Bay Transportation Authority’s Red Line, the property is occupied by Boston Sports Club, Walgreens, TD Bank and WeWork’s Cambridge location. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.

September 11, 2017

Hospitality Loans New York Northeast

Cottonwood Group, CCBI Secure $55M in Refinancing for Aloft Hotel at Hudson Yards in Manhattan

by Amy Works September 11, 2017

NEW YORK CITY — Cottonwood Group and CCB International (CCBI) have closed on a $55 million secured credit facility for the development of an Aloft Hotel at Hudson Yards on Manhattan’s West Side. The hotel, which is part of Starwood Hotels & Resorts, is currently under construction. Cottonwood, through its subsidiary, CW Credit Services, partnered with CCBI to replace an existing land loan and help secure a land lease for the hotel. Upon completion, Aloft Hotel at Hudson Yards will feature 420 hotel rooms. The hotel will expand the brand’s footprint in New York City, joining Aloft Manhattan, Aloft Harlem and Aloft Brooklyn.

September 11, 2017

Multifamily New York Northeast

IPA Negotiates Sale of Four-Property Multifamily Portfolio in Albany, New York

by Amy Works September 11, 2017

ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a four-property multifamily portfolio located in the greater Albany area. ROCO LLC acquired the portfolio from GGMW LLC for an undisclosed price. Totaling 274 units, the portfolio includes the 80-unit Willowbrook Luxury Apartment Homes, the 73-unit Greenbush Terrace community for residents who are 55 or older, the 20-unit Maplewood Estates, and the 101-unit Greenbush Station. Victor Nolletti, Steve Witten, Eric Pentore and Wes Klockner of IPA represented the seller and procured the buyer in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.

September 11, 2017

Hospitality New York Northeast

Cushman & Wakefield Arranges $44M in Acquisition Financing for Dual-Branded Marriott Hotel in Queens

by Amy Works September 11, 2017

NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Chris Xu, founder and president of United Construction and Development Group, in arranging $44 million in financing for the acquisition of an under construction dual-branded Marriott hotel located at 148-18 Archer Ave. in the Jamaica neighborhood of Queens. Morris Betesh and Omar Ferreira, both formerly of Cushman & Wakefield, secured the non-recourse loan, which features full-term interest-only payments and two one-year extension options, for the borrower. Slated for completion in late 2017, the property will be a 15-story, 203,800-square-foot building consisting of a Marriott Courtyard and Fairfield Inn & Suites. The Marriot Courtyard will feature 224 rooms, while the Fairfield Inn & Suites will offer 114 room. Additionally, the building will provide a 42-space underground parking garage. Betesh is now at Meridian Capital Group.

September 11, 2017

Multifamily Utah Western

Lionsgate Apartments in Murray Sells for $67.2M

by Nellie Day September 8, 2017

MURRAY, UTAH — A Seattle-based investor has acquired the 400-unit Lionsgate apartments in Murray or $67.2 million. The community is located at 136 W. Fireclay Ave., eight miles south of Salt Lake City and 40 miles north of Provo. Lionsgate features one- to three-bedroom floorplans that range from 942 square feet to 1,165 square feet. Danny Shin of Marcus & Millichap represented both the buyer and seller, a local owner, in this transaction.

September 8, 2017

California Mixed-Use Western

The Picerne Group, Shopoff Realty Break Ground on Mixed-Use Development in Newport Beach

by Nellie Day September 8, 2017

NEWPORT BEACH, CALIF. — A joint venture between The Picerne Group and Shopoff Realty Investments has broken ground on Phase I of Uptown Newport, a 25-acre mixed-use development located in Newport Beach. The first phase of development will include 462 residential units, 218 for-sale condominiums, 6,500 square feet of restaurants and a one-acre public park. Leasing will begin for the residential units in 2019. At completion, the project will feature 1,244 residential units, up to 11,500 square feet of retail and restaurants and two one-acre parks.

September 8, 2017

California Retail Western

CBRE Facilitates $10.5M Sale of 27,132 SF Retail Center in Rancho Bernardo

by Nellie Day September 8, 2017

RANCHO BERNARDO, CALIF. — CBRE has brokered the sale of Rancho Carmel Village Center, a retail center located at 12125-12165 Alta Carmel Court in Rancho Bernardo. New World Limited Partnership acquired the 27,132-square-foot property from AP-Rancho Carmel LLC for $10.5 million. Situated on 3.3 acres, the property consists of three one-story buildings with a total of 14 tenants. At the time of sale, the center was fully occupied. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the buyer, while Kobzi, Kirk Brummer and Phil Voorhees, also of CBRE, represented the seller in the deal.

September 8, 2017

California Retail Western

Port of San Diego Issues Request for Proposals for Interim Operation of Seaport Village

by Nellie Day September 8, 2017

SAN DIEGO — The Port of San Diego has issued a request for proposals (RFP) to select a third-party management and operation company on an interim basis for Seaport Village after the current lease expires on Sept. 30, 2018. The port wants to ensure the shopping and dining complex remains a waterfront destination for residents and visitors until the Port’s planned redevelopment of the Central Embarcadero. The presentation to the Board of Port Commissioners is scheduled for Dec. 5. The board selected the 1HWY1 team and their “Seaport San Diego” concept in late 2016 for the redevelopment of the Central Embarcadero, which includes Seaport Village and surrounding areas. The design, planning and permitting will likely take several years due to the size of the redevelopment and uniqueness of some of the proposed programmatic components.

September 8, 2017

Massachusetts Northeast Office

PTC Signs 250,000 SF Lease for Global Headquarters in Boston’s Seaport District

by Amy Works September 8, 2017

BOSTON — PTC, a global technology provider, has signed a lease for 250,000 square feet of office space at 121 Seaport in Boston’s Seaport District. The company will move its global headquarters to Skanska’s elliptical tower in early 2019. PTC will occupy two-thirds of the 17-story, 400,000-square-foot building, from floors nine through 17. Designed by CBT, 121 Seaport is slated to come online in the first quarter of 2018. Newmark Knight Frank represented the developer/owner, Skanska, while Cresa represented PTC in the transaction.

September 8, 2017

Loans Multifamily North Carolina South Carolina Southeast

Bellwether Closes $67M in Financing for Two Multifamily Properties in Carolinas

by Camren Skelton September 8, 2017

NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.

September 8, 2017

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