Property Type

River Development Sells Proposed Multifamily Development Site in Bogota, New Jersey, for $17M

by Amy Works January 25, 2018

BOGOTA, N.J. — River Development has completed the disposition of The River Club, a proposed multifamily development site located on the former Hess Oil Terminal and an adjacent parcel that was the former Sifford Pontiac site in Bogota. Jonathan Stein of PCD Capital acquired the development for $17 million. Situated on 13 acres, the proposed development will feature five multifamily buildings including 421 apartments, a clubhouse, secured parking, resort-style pool, a Riverwalk and retail space. Construction is slated to begin this spring. Kathy Anderson of Progress Capital brokered the transaction for the seller. Mike Bruno of Giordano, Halleran, Ciesla provided legal representation for River Development, while Chris Otteau of Otteau Realty Advisors provided legal counsel for the buyer in the deal.

January 25, 2018

Multifamily New York Northeast

Fairfield Properties Acquires Two Multifamily Buildings in Long Island for $16M

by Amy Works January 25, 2018

LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.

January 25, 2018

Hospitality Massachusetts Northeast

The Davis Cos. Buys Redevelopment Site in Boston for $15.7M

by Amy Works January 25, 2018

BOSTON — The Davis Cos. has acquired a redevelopment site located at 1515 Commonwealth Ave. in Boston’s Brighton neighborhood. Curahealth/Nautic Partners sold the property for $15.7 million. Christoper Sower, Scott Dragos and Doug Jacoby of Colliers International represented the seller in the deal. Formerly operating as a long-term acute care hospital, the property is a 2.12-acre redevelopment site currently improved with a 58,000-square-foot structure.

January 25, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Funds $8M in Financing for 140-Bed Skilled Nursing Facility in New York City

by Amy Works January 25, 2018

NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.

January 25, 2018

Connecticut Industrial Northeast Retail

Angel Commercial Brokers $1.9M Sale of Retail/Warehouse Building in Norwalk, Connecticut

by Amy Works January 25, 2018

NORWALK, CONN. — Angel Commercial has arranged the sale of a retail and warehouse building located at 173 Main St. in Norwalk. Servpro acquired the property from Brandman Realty LP for $1.9 million. The property features 17,500 square feet of retail and warehouse space. Headsquartered in Gallatin, Tenn., Servpro is a franchisor of fire and water cleanup and restoration franchises in the United States and Canada. Lester Fradkoff of Angel Commercial represented the seller, while Brett Sherman, also of Angel Commercial, represented the buyer in the deal.

January 25, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $40.4M Sale of Apartment Community in Midtown Atlanta

by Camren Skelton January 25, 2018

ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.

January 25, 2018

Florida Retail Southeast

HFF Arranges $38.3M Sale of Bed Bath & Beyond-Anchored Center in South Florida

by Camren Skelton January 25, 2018

DORAL, FLA. — HFF has arranged the sale of Bed Bath & Beyond Plaza, a 97,456-square-foot shopping center in Doral, a city in South Florida’s Miami-Dade County. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, Retail Properties of America Inc. A joint venture between Schmier Property Group and Independencia Asset Management acquired the center. The sales price was not disclosed, but the South Florida Business Journal reports the property sold for $38.3 million. Nat Scarmazzi of HFF arranged a 10-year, fixed-rate loan through Goldman Sachs Mortgage Co. on behalf of the new owners. At the time of sale, Bed Bath & Beyond Plaza was fully leased to tenants including Bed Bath & Beyond, Office Depot, Petco, Party City, Pier 1 Imports, Moe’s Southwest Grill, Doral Dental Partners and Starbucks Coffee.

January 25, 2018

Florida Office Southeast

TerraCap Sells 260,900 SF Office Building in Tallahassee to CoreCivic

by Camren Skelton January 25, 2018

TALLAHASSEE, FLA. — TerraCap Management LLC has sold Capital Commerce Center, a 260,900-square-foot office building located at 2601 Blair Stone Road in Tallahassee. Nashville-based CoreCivic, a publicly traded REIT, acquired the asset for an undisclosed price. Joe Rossi and Bob Cottle of Colliers International arranged the transaction on behalf of TerraCap, which originally acquired the property, then vacant, in 2013. At the time of sale, Capital Commerce Center was 98 percent leased to tenants including the Florida Department of Business and Professional Regulation (DBPR), the Florida Department of Agriculture, CareerSource and TEKSystems. Constructed in 1990, the building underwent renovations during TerraCap’s ownership, with tenant improvements for DBPR continuing into this year. The property comprises three interconnected buildings, including a parking garage attached to the building by a covered walkway. In addition, the property is situated approximately two miles from the Florida State Capitol and three miles from Florida State University.

January 25, 2018

Georgia Retail Southeast

Franklin Street Brokers $13.6M Sale of Retail Center in Metro Atlanta

by Camren Skelton January 25, 2018

BUFORD, GA. — Franklin Street has arranged the $13.6 million sale of Mill Creek Walk, a 36,358-square-foot retail center in Buford, roughly 35 miles north of Atlanta. John Tennant and Bryan Belk of Franklin Street arranged the transaction on behalf of the seller, Mill Creek/Cooper LLC, as well as the buyer, Bond Street Advisors Group. Petco anchors the center, which was 96 percent leased at the time of sale.

January 25, 2018

Industrial Southeast Tennessee

HSA Signs XPO Logistics to 279,199 SF Lease at New Industrial Property in Metro Nashville

by Camren Skelton January 25, 2018

LEBANON, TENN. — HSA Commercial Real Estate has secured a 279,199-square-foot lease with XPO Logistics Supply Chain Inc. at Commerce Farms V, a newly constructed industrial building in Lebanon, an eastern suburb of Nashville. The logistics and transportation service provider has 1,444 locations around the world. HSA Commercial Real Estate completed construction on the 651,380-square-foot building on a speculative basis in late 2017. Located at the intersection of State Route 840 and Highway 109, the building is the last site within Commerce Farms Business Center. Randy Wolcott, Chad Tuck and Joe DeLemos of NorthStar Real Estate Advisors arranged the lease on behalf of HSA Commercial Real Estate. Sue Earnest of Avison Young and Dave Saltzman of Lee & Associates represented XPO Logistics, which is scheduled to take occupancy in May after a limited interior build-out is completed. GEODIS Logistics LLC occupies the remaining 372,181 square feet of Commerce Farms V.

January 25, 2018

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