Property Type

Arden Group Acquires BB&T Center in Charlotte for $148.5M, Plans $10M in Renovations

by Camren Skelton June 15, 2017

CHARLOTTE, N.C. — Arden Group has purchased the BB&T Center, a 22-story, 567,835-square-foot office tower located on 200 S. College St. in uptown Charlotte. The Philadelphia-based investment firm purchased the property through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $148.5 million, according to The Charlotte Observer. HFF brokered the transaction, and Starwood Property Trust Inc. provided acquisition financing. Arden plans to invest $10 million in capital improvements to modernize the common areas and building systems. Charlotte-based commercial real estate firm Trinity Partners will handle the office leasing, property and project management. BB&T, AIG, TekSystems, AeroTek and Ring Central Inc. are among the building’s current tenants.

June 15, 2017

Alabama Multifamily Seniors Housing Southeast

Kirco Breaks Ground on 132-Unit Assisted Living Facility in Birmingham

by Camren Skelton June 15, 2017

BIRMINGHAM, ALA. — Kirco and its construction management affiliate Kirco Manix, in partnership with Phoenix Senior Living and EDT Inc., has broken ground on The Bluffs at Greystone, a 132-unit senior housing community in Birmingham. The community will provide both independent and assisted living and will be designed to include memory care units in the future. Slated to open in July 2018, the property will feature an indoor pool, wellness center, dining, beauty salon, yoga studio and demonstration kitchen. The project marks Kirco’s entrance into the senior living sector in the state of Alabama.

June 15, 2017

Georgia Office Southeast

Terra Cap Management Acquires Metro Atlanta Office Developments for $47M

by John Nelson June 15, 2017

ALPHARETTA, GA — Terra Cap Management LLC has closed on the $47 million acquisition of Deerfield and Windward Pointe, a three building, Class A office portfolio consisting of 336,000 rentable square feet in the Atlanta suburb of Alpharetta. Located at 12725 and 12735 Morris Road, Deerfield Pointe consists of two four-story office buildings totaling more than 208,000 square feet. The property offers four parking spaces per 1,000 square feet, a fitness center and nearby walkable amenities. Windward Pointe, a five-story, 131,732-square-foot building located at 5900 Windward Parkway, was opened in 1997 and renovated in 2014. Lincoln Property Co. Southeast was awarded leasing for the properties, while Crocker Partners LLC will remain in place for property management. Florida Community Bank provided acquisition financing and Samir Idris of Cushman & Wakefield represented the undisclosed seller.

June 15, 2017

District of Columbia Hospitality Loans Southeast

Natixis Provides $39M Loan for Hyatt Place Hotel in D.C.

by John Nelson June 15, 2017

WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.

June 15, 2017

Loans New York Northeast Office

Paramount Group Completes $300M Refinancing for 543,000 SF Office Building in NYC

by Amy Works June 15, 2017

NEW YORK CITY — Paramount Group has completed a $300 million refinancing for 712 Fifth Avenue, an office building located in the Plaza District of New York City. The new 10-year, interest-only loan matures in July 2027 and has a fixed rate of 3.39 percent. The net proceeds of the loan were used to repay the existing $246.5 million loan that bears interest at 4.41 percent and was scheduled to mature in March 2018. The building features 543,000 square feet of Class A office space. Eastdil Secured arranged the financing for the borrower.

June 15, 2017

Multifamily New York Northeast

Rosewood Realty Arranges $23.4M Sale of Multifamily Property in Queens

by Amy Works June 15, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a multifamily property located at 89-10 Whitney Ave. in the Elmhurst section of Queens. Antonio Feggoudakis acquired the property from Heller Realty for $23.4 million, or $243,000 per unit. The six-story, 89,300-square-foot building features 96 rent-stabilized apartment units. Aaron Jungreis of Rosewood Realty represented the seller, while Michael Guttman, also of Rosewood, represented the buyer in the transaction.

June 15, 2017

New Jersey Northeast Office

Colliers Facilitates Sale of Two Office Buildings in Marlton, New Jersey, for $7.5M

by Amy Works June 15, 2017

MARLTON, N.J. — Colliers International has arranged the sale of two office properties located at 400 and 406 Lippincott Drive within the South Crossing Office Complex in Marlton. LSOP 3 NJ LLC, a related entity of Somerset Properties and Greenfield, sold the assets for $7.5 million. Citizens Bank, Advocare, South Jersey Fertility and the General Services Administration occupy the buildings, which total more than 80,000 rentable square feet. Evan Zweben and Ian Richman of Colliers represented the undisclosed buyer, while the seller had in-house representation.

June 15, 2017

Loans Multifamily New York Northeast

IPA Capital Markets Secures $45.1M Acquisition Loan for Multifamily Portfolio in Brooklyn

by Amy Works June 15, 2017

NEW YORK CITY — Institutional Property Advisors Capital Markets has arranged $45.1 million in financing for the acquisition of an 18-building, 207-unit multifamily portfolio in Brooklyn. The seller assembled the buildings, which are located throughout central and northern Brooklyn, in 2009 and 2010. The seven-year loan features a 3.77 percent fixed rate and a 30-year amortization schedule. Andrew Dansker and Lior Goldberg of IPA arranged the loan for the buyer, a real estate fund, and represented the seller, a private investor.

June 15, 2017

Industrial New Jersey Northeast

One Stop Logistics Leases 260,320 SF of Industrial Space in Edison, New Jersey

by Amy Works June 15, 2017

EDISON, N.J. — One Stop Logistics has signed a lease for an industrial property located at 77 Executive Ave. in Edison. The third-party logistics provider of freight coordination services will consolidate its regional office and warehouse facilities into the 260,320-square-foot facility. Brian DiPinto of The Blau & Berg Co. represented the tenant, while Linda Hill and Doug Bansbach of Cushman & Wakefield represented the undisclosed landlord in the deal.

June 15, 2017

Retail Texas

Acre Construction to Build 46,000 SF Shopping Center in McAllen, Texas

by Taylor Williams June 15, 2017

MCALLEN, TEXAS — Acre Construction will build a 46,000-square-foot shopping center along the Expressway 83 frontage west of McColl Road in McAllen. Branded Premier Plaza Retail Center, the project’s first phase of construction, which is set to break ground in July, will deliver 25,000 square feet and Phase II will deliver 21,000 square feet. Completion dates are slated for late 2017 and early 2018, respectively. The property will also feature Class A medical space on the second floor.

June 15, 2017

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