Property Type

Apartment Complex Sells for $33.8M in in Puyallup, Washington

by Nellie Day February 14, 2018

PUYALLUP, WASH. — An investor in a 1031 exchange has acquired the 154-unit Willow Springs Apartments in Puyallup for $33.8 million. The community is located at 608 39th Ave. SW. Willow Springs is situated across the street from a Pierce County Transit terminal and South Hill Mall. The gated complex was built in 1996. It contains a mix of one- to three-bedroom apartments. Amenities include a fitness center, swimming pool, Jacuzzi, playground and car wash stations. Timothy Ufkes, Evan McLeod and Jordan Smith of Marcus & Millichap represented both the buyer and seller, a private partnership, in this transaction.

February 14, 2018

Connecticut Loans Multifamily Northeast

KeyBank Provides $12.6M in Financing for Redevelopment of Multifamily Property in Connecticut

by Amy Works February 14, 2018

HARTFORD, CONN. — KeyBank Real Estate Capital has provided $12.6 million in construction-to-permanent financing to support the redevelopment of an office building located at 101 Pearl St. in downtown Hartford. The long-vacant building will be converted into a 12-story multifamily property featuring 157 market-rate apartment units and 6,113 square feet of ground-floor retail space. Peter Hausherr, Melissa Maher and Kirsten Carlson of Key’s Commercial Mortgage Group arranged the first mortgage financing, which is structured as a three-year construction loan with a five-year balance sheet perm loan, for the undisclosed borrower.

February 14, 2018

Connecticut Northeast Office

GHP Office Realty Sells Office Property in Wilton, Connecticut, for $9.2M

by Amy Works February 14, 2018

WILTON, CONN. — GHP Office Realty has completed the sale of an office and flex building located at 131 Danbury Road in Wilton. A Westchester County, Conn.-based real estate holding company purchased the property for $9.2 million. Omnicom Group and Enterprise Rent-A-Car occupy the 52,500-square-foot building. Elizabeth Smith of Goldberg Weprin Finkel Goldstein represented the seller, while Bill Anson of RM Friedland represented the buyer in the deal. GHP Office Realty, a division of Houlihan-Parnes Realtors, is a leading owner, operator and purchaser of suburban New York commercial space.

February 14, 2018

Arizona Multifamily Seniors Housing Western

Civitas, Summerlin, Deser Land Group Break Ground on Age-Restricted Community in Arizona

by Nellie Day February 14, 2018

LAKE HAVASU, ARIZ. — Civitas Senior Living, Summerlin Asset Management LLC and Desert Land Group have broken ground on The Views at Lake Havasu, a 92-unit active adult community in Arizona. The four-story community will be restricted to residents age 55 and older. The property is located in the popular retirement community of Lake Havasu, which is located approximately equidistant from Phoenix, Los Angeles and Las Vegas. Civitas will operate the community once it is open. REES Architecture provided design and engineering services. Consolidated Construction will build the property. A delivery timeline was not disclosed.

February 14, 2018

Massachusetts Multifamily Northeast

NAI Hunneman Negotiates $5.2M Sale of Two-Building Apartment Complex in Winthrop, Massachusetts

by Amy Works February 14, 2018

WINTHROP, MASS. — NAI Hunneman has arranged the sale of a two-building, 38-unit apartment complex located at 87 and 90 Winthrop Shore Drive in Winthrop. RCG LLC purchased the multifamily property from Winthrop Shore Drive for $5.2 million. The property comprises two 19-unit apartment buildings with a mix of studio, one- and two-bedroom layouts. Robert Tito and Gina Barroso of NAI Hunneman represented the seller and procured the buyer in deal.

February 14, 2018

New York Northeast Retail

Island Associates Brokers $3.2M Acquisition of Retail Property in Commack, New York

by Amy Works February 14, 2018

COMMACK, N.Y. — Island Associates has arranged the purchase of a retail property located at 6233 Jericho Turnpike in Commack. An undisclosed buyer acquired the property for $3.2 million. Situated on 1.9 acres, the site was a former car dealership and features a 15,000-square-foot building. The buyer plans to redevelop the property into a retail use. Roger Delisle of Island Associates represented the buyer, while Bruce Nelson of CBRE represented the undisclosed seller in the transaction.

February 14, 2018

New Jersey Northeast Retail

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Union, New Jersey

by Amy Works February 14, 2018

UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

February 14, 2018

Multifamily Student Housing Texas

FourPoint Brokers Sale of Three Student Housing Assets Totaling 815 Beds in DFW Area

by Taylor Williams February 14, 2018

DENTON, ARLINGTON AND FORT WORTH, TEXAS — FourPoint Student Housing Investments has brokered the sale of a portfolio of three student housing properties totaling 815 beds in Denton, Arlington and Fort Worth. The portfolio consists of the 432-bed Midtown Denton, the 218-bed Midtown Arlington and the 165-bed Edge 55. The properties, which total 241 units, serve University of North Texas, University of Texas at Arlington and Texas Christian University, respectively. The seller of the portfolio was not disclosed. A partnership between two California-based student housing investment firms, RedBridge Capital and Juniper Ridge Partners, purchased Midtown Arlington and Edge 55 and will implement renovation programs at both properties. The buyer of Midtown Denton was not disclosed.

February 14, 2018

Industrial Texas

HFF Raises $40M in Capital for Development of 1 MSF Industrial Project in Irving

by Taylor Williams February 14, 2018

IRVING, TEXAS — HFF has raised $40 million in capital for the development of Phase I of DFW Commerce Center, a 1 million-square-foot industrial project being built on land owned by Dallas-Fort Worth International Airport in Irving. The overall project will consist of four buildings totaling 2.8 million square feet upon completion. Phase I will deliver a cross-dock distribution and warehouse building with 40-foot clear heights, 184 dock doors and significant overflow parking. Joe Thornton, Adam Herrin and Stephen Bailey of HFF arranged the funds on behalf of the developer, Copeland Commercial LLC. Completion of Phase I is expected to occur within 11 to 12 months of the groundbreaking, which occurred in late January.

February 14, 2018

Retail Texas

Whole Foods 365 to Open 30,000 SF Store Within Saltillo Development in Austin

by Taylor Williams February 14, 2018

AUSTIN, TEXAS — Whole Foods Market 365 will open a 30,000-square-foot store within Saltillo, a 10-acre mixed-use development in east Austin. The concept joins retailers such as Tarka Indian Kitchen, Epoch Coffee and Stout Burgers & Beers at Saltillo, which is being jointly developed by Austin-based Endeavor Real Estate Group and Dallas-based Columbus Realty Partners. The store is scheduled to open during the second half of 2019 and will be the third 365 location in Texas.

February 14, 2018

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