NEW YORK CITY — Kamber Management Co. has purchased Riverside Garage portfolio, a parking garage portfolio located in Manhattan’s Upper West Side, for $50 million. The portfolio consists of three parking garage condominiums located at 80, 100-120 and 220-240 Riverside Blvd. David Shechtman, Lipa Lieberman and Abie Kassin of Meridian Capital Group represented the seller, 80-20 LLC, while Steven Levy represented the buyer in the deal.
SACO, MAINE — An entity operated by Charterhouse Development Corp. has acquired a retail property located at 461 Maine St. in Saco. Spirit RA Saco ME LLC sold the property for $3 million. Rite Aid occupies the 11,180-square-foot retail property. John Gendron of Gendron Commercial Brokers negotiated the acquisition.
BOSTON — New Boston Fund has sold The Tower at One Greenway in Boston for $144.5 million. The 217-unit luxury apartment tower is located at 99 Kneeland St. Completed in 2015, the property is 21 stories tall, featuring 3,180 square feet of retail space and a 135-space underground parking garage. Apartment units average 822 square feet in size. Amenities include a rooftop terrace with fire pits; an outdoor park with deck and grills; balcony lounge; resident lounge with billiards and entertainment bar; fitness center; yoga studio; dog wash; bike store; electric car charging stations; and BeanTowne Coffee shop. The unprecedented demand for Boston residential real estate was cited as the reason for selling the property, according to Jim Kelleher, CIO at New Boston Fund. Matthew Lawton, Riaz Cassum, Chris Phaneuf and Mark Campbell of HFF marketed the property on behalf of the seller. PGIM Real Estate purchased the property. New Boston Fund is a privately owned real estate investment manager. The company has developed or acquired commercial and residential properties with a cumulative market value of about $3.5 billion, including 23 million square feet of commercial real estate and 7,500 residential units. — Kristin Hiller
As we enter the fourth quarter, fundamentals are strong in San Antonio’s industrial market, with direct vacancy tightening and continuing the hot streak it’s been on the past few years. At the third quarter’s end, the metro’s direct vacancy rate stood at 5.4 percent, down from 6.2 percent during the second quarter and 5.8 percent during 2016. In fact, that 5.4 percent direct vacancy rate represents a 12-year low. The figure is a far cry from the 9.3 percent direct vacancy registered during the third quarter of 2006 — the last time the market posted a rate above 9 percent. This d in direct vacancy is particularly noteworthy given that more than 10 million square feet of inventory has been added to the market since that time. The shrinking rate has also coincided with a slight increase in direct average asking rent, which now stands at $5.99 per square foot following a $0.16 quarter-over-quarter increase. Driving the falling vacancy numbers was an economy that fast-tracked over the summer. The San Antonio Business-Cycle Index increased at its fastest pace since 2016, while the area unemployment rate remained the same and job growth surged. Job growth increased at a 3.6 percent annualized …
ATLANTA — Strong fundamentals have propelled the U.S. multifamily market forward in 2017 and leave it poised for a healthy 2018, but good deals are harder to come by in today’s market for investors, according to panelists at the eighth annual InterFace Multifamily Southeast. The average cap rate for the multifamily sector in the third quarter registered at 4.3 percent, 12 basis points lower than the same period in 2016, and 15 basis points lower than 2015, according to JLL. “Of the 22,000 units that we are going to close this year — mostly A-minus to B assets — the average cap rate is 4.8 percent, across roughly 45 different transactions,” said James Kane, senior vice president of asset management at Starwood Capital Group’s Atlanta office. “This is in top markets like Atlanta, Charlotte, Dallas, Houston, D.C., Denver, etc. — the suburban cornucopia of markets across the U.S.” “With cap rate compression and the rise in interest rates since the Trump election, it’s made it increasingly hard for us to find yield in spaces we are comfortable with,” added Colin Gillis, vice president of acquisitions for the Southeast at Irvine, Calif.-based Passco Cos. LLC. Although spreads are tightening as a whole, …
WILMINGTON, DEL. — The Philadelphia 76ers and The Buccini/Pollin Group are developing 76ers Fieldhouse in Wilmington. Situated on 8.9 acres, the 140,000-square-foot multi-purpose sports complex and youth training center will be the new home for the 76ers NBA G League affiliate team, the Delaware 87ers. In addition to use by the affiliate team, the facility will be used to provide local youth with new sports programming and opportunities. The Buccini/Pollin Group will manage the development and construction of the facility, which is being designed by Rossetti Architects. The facility is situated on a site currently owned by Riverfront Development Corp.
BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club and Emory Healthcare have opened a 90,000-square-foot training facility and sports medicine center in Brookhaven, roughly 11 miles north of downtown Atlanta, on Tuesday. The privately funded Emory Sports Medicine Complex integrates four facilities: Emory Healthcare Courts, the official practice and training facility for the Atlanta Hawks; Emory Sports Medicine Center and Emory Physical Therapy, which house Emory’s entire sports medicine division; and Peak Performance Project, an applied sports science services provider for elite-level athletes from around the world. The Hawks’ new facility is the first in the NBA to be co-located with an entire sports medicine center, allowing for access to high-tech equipment such as a 3 Tesla MRI scanner, 3D motion capture analysis and blood/sweat testing and analysis on-site.
NEW YORK CITY — Columbia Property Trust has completed its acquisition of 149 Madison Avenue, a 12-story office building located in Manhattan’s Midtown South district. An undisclosed seller sold the 127,000-square-foot property for $87.7 million. The company is purchasing the property subject to a ground lease that expires in January 2018. At that time, Columbia plans to begin a comprehensive repositioning at the fully vacated building. Redgate will serve as project manager, Genslar as architect and Highland Associates as engineer for the renovation project.
ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has acquired Patterson Court Apartments in Orlando for $68.7 million. The 384-unit property is situated at the intersection of International Drive and Little Lake Bryan Road in the I-Drive corridor of Orlando, less than three miles from Walt Disney World. Patterson Court includes one- to three-bedroom units and features a fitness center, resort-style pool with sundeck, study rooms, on-site laundry facilities and a car wash center.
LAKELAND, FLA. — NorthMarq Capital has arranged a $36 million Fannie Mae loan for Ariva Apartment Homes, a 312-unit multifamily community located at 4100 Clubhouse Road in Lakeland, roughly 35 miles east of Tampa. Robert Hernandez of NorthMarq Capital arranged the 10-year, permanent loan with a 30-year amortization schedule. The borrower was not disclosed. Ariva Apartment Homes features a swimming pool, internet café, fitness center with yoga and spin room and a mini movie theater. At the time of sale, the property was 90 percent occupied.