NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.
NEW YORK CITY — Madison Realty Capital (MRC) and Artemis Real Estate Partners have acquired two adjacent industrial buildings in the Jamaica neighborhood of Queens for $78 million. A long-term family ownership sold the properties, which total 613,000 square feet and are located at 184-10 and 186-60 Jamaica Ave. The joint venture plans to upgrade both buildings, including enhancing the building envelope, mechanical infrastructure and elevators. At the time of sale, the properties were 75 percent occupied by several warehouse and manufacturing tenants such as French Connection, Hanky Panky and Gotham Greens. Originally built in 1923 and 1953, the buildings feature five freight elevators, two passenger elevators and 500 feet of frontage along Jamaica Avenue. Additionally, the property features 12 loading docks and a 30,000-square-foot parking lot with more than 100 parking spaces. Adam Doneger, Adam Spies, Josh King and Avery Silverstein of Cushman & Wakefield sourced Artemis as the equity partner in the transaction. Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower of Pinnacle Realty represented the seller in the deal. New York-based MRC is a real estate investment firm that pursues equity and debt investments. The firm has invested in approximately $6 billion of transactions in the multifamily, …
Houston’s multifamily market appears to be on the verge of recovery after facing considerable headwinds in 2016. Job growth, population growth and faster-than-anticipated apartment absorption in the first half of 2017 are luring investors and lenders back to the region, putting the market on solid footing for future growth. To better understand how we arrived here and to grasp near-term expectations, let’s take a brief look back. The collapse in energy prices and the ensuing job losses of 2015 and 2016 dealt a considerable blow to the overall Houston economy, particularly the multifamily sector. Developers had already started construction on thousands of new units in 2014 and 2015. In 2016 alone, multifamily development had delivered 21,791 new units — a 20-year high. This left a tremendous oversupply of inventory to be absorbed during a period of anemic job growth – only 15,000 new jobs were created in 2016. Supply-side pressure shifted vacancies up and rents down, while investment sales volume dropped dramatically. Today, the picture is quite different. Overall economic fundamentals are steadily improving, taking the multifamily sector along with them. While the energy sector is still in a period of retrenchment, sectors such as education, health services and hospitality/leisure …
ATLANTA — PGIM Real Estate, the real estate investment business of PGIM, has purchased Regions Plaza, a 23-story office tower located at the northwest corner of West Peachtree and 14th streets in Atlanta’s Midtown district. Jim Mehalso led the transaction internally for PGIM on behalf of its institutional investor clients. Constructed in 2001, the 502,846-square-foot Regions Plaza is LEED Gold- and Energy Star-certified and features valet parking, a conference facility, on-site Flywheel and FlyBarre Studio, dry cleaning services, dining and on-site banking facility. The sales price and seller were not disclosed. PGIM is the global investment management business of Prudential Financial Inc.
HAGERSTOWN, MD. — PREIT has signed a lease with Belk to join Valley Mall in Hagerstown. The Charlotte-based department store is new to the Maryland market and will occupy 123,000 square feet, taking the place of Bon-Ton, which will close in February 2018. Slated to open in October 2018, Belk will join a mix of tenants including H&M, Pandora, Torrid and Mission BBQ. Valley Mall is also home to dining and entertainment options including Primanti Brothers, Red Robin, Noodles & Co., Starbucks Coffee and Regal Cinemas.
ATLANTA — Chicago-based Coyote, a logistics provider and subsidiary of UPS, has signed a lease for 47,986-square-feet of office space within Armour Yards, an adaptive reuse project situated between Atlanta’s Midtown and Buckhead districts. Coyote will lease the entire office portion at 255 Ottley, bringing the overall Armour Yards project to 86.4 percent leased. Gourmet coffee roaster East Pole Coffee Co. will also open at 255 Ottley later this month. Brooke Dewey of JLL represented the ownership group comprising Third and Urban and institutional investors advised by J.P Morgan Asset Management in the lease transaction. MB Real Estate’s David Burkards represented Coyote. The Armour Yards location will be the second Atlanta-area office for the logistics company and will create roughly 325 jobs. Coyote’s existing location is situated at 960 North Point Parkway in Alpharetta, roughly 25 miles north of Atlanta. Situated near the Atlanta BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Spirit Works, Atlanta Track Club and Fox Bros. Bar-B-Q. The project team includes Smith Dalia Architects and general contractor Gay Construction. Armour Yards’ loft-office portion is housed within four former industrial buildings totaling 190,000 square feet.
BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.
FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.
PHOENIX — Rivendell Global Real Estate has acquired the 208-unit San Paulo apartment complex in Phoenix for $32.5 million. The complex is located at 14625 S. Mountain Parkway. It was built in 1996. Community features include a swimming pool, 24-hour fitness center and resident clubhouse. CBRE’s Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch represented the seller, PrivatePortfolio Group, in this transaction.
SAN DIEGO — A private partnership managed by Jewell Capital LLC has acquired Summit Ridge Business Park, a 133,841-square-foot flex/R&D business park in San Diego. The purchase price was not disclosed. The park is located at 6769 Mesa Ridge Road. It was built in 2000. The three buildings feature high-image exterior architecture, unobstructed canyon views, 22-foot clear heights and an extensive window line. Summit Ridge is fully leased to four four tenants, including Inovio Pharmaceuticals, Nexus DX, Acea Biosciences and General Atomics. HFF’s Nick Frasco represented the seller in this transaction.
