Property Type

Broad Street Development, Invesco Complete $235M Recap of 423,000 SF Office Tower in Manhattan

by Amy Works December 22, 2017

NEW YORK CITY — Broad Street Development and Invesco have completed a $235 million recapitalization of 80 Broad Street, a 423,000-square-foot office tower located in Manhattan’s Financial District. The recapitalization comprises a $102 million first mortgage assumption, plus an additional $30 million mezzanine proceeds from AIG. Broad Street Development formed a joint venture with Atlanta-based Invesco for 80 Broad Street, transferring a controlling stake in the office tower for $235 million, or $550 per square foot. The partnership recapitalized the tower, taking out previous mezzanine lenders RXR Realty and Colony Capital. Adam Spies and Josh King of Cushman & Wakefield represented Broad Street in the recapitalization.

December 22, 2017

Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Plans $35M Community Near New York City

by Amy Works December 22, 2017

GREENBURGH, N.Y. — Capitol Seniors Housing has unveiled plans for Stonegate at Greenburgh, an assisted living and memory care community in the New York City suburb of Greenburgh. Northbridge Companies will operate the 101-unit property. Development costs are estimated at $35 million for the three-story, 90,651-square-foot community. Meyer Design of Ardmore, Pa., designed both the exterior and interior of the community, and will seek LEED designation. The property is located on the former site of Frank’s Nursery & Crafts, which was acquired by the town of Greenburgh in a 2011 tax foreclosure. The 6.9-acre community is scheduled to open in the first quarter of 2019. The community will be Capitol’s first in New York State. The Washington, D.C.-based, private equity-backed real estate acquisition, development and investment management firm has successfully acquired or developed more than 90 senior housing communities since its founding in 2003. The company has nine additional communities currently under construction in Maryland, Illinois and New Jersey.

December 22, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers $1.1M Sale of Restaurant Property in Portland, Maine

by Amy Works December 22, 2017

PORTLAND, MAINE — Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal.

December 22, 2017

Industrial New Jersey Northeast

NAI Hanson Arranges Sale of 15,700 SF Industrial Building in Elmwood Park, New Jersey

by Amy Works December 22, 2017

ELMWOOD PARK, N.J. — NAI James E. Hanson has brokered the sale of an industrial/flex building located at 20 Bushes Lane in Elmwood Park. RH Foster Associates sold the 15,700-square-foot property to 20 Bushes Lane LLC for an undisclosed price. Renovated in 2015, the property features two loading docks with heavy lift levelers and ample parking. The buyer plans to use the property to manufacture valves and regulators. Joshua Levering and Nicholas DePaolera of NAI Hanson represented the seller, while Andrew Somple, also of NAI Hanson, represented the buyer in the deal.

December 22, 2017

Indiana Midwest Multifamily

Steadfast Acquires Apartment Property in Indianapolis for $44.6M

by Kristin Harlow December 22, 2017

INDIANAPOLIS — Steadfast Apartment REIT III Inc. (STAR III) has acquired Avery Point Apartments in Indianapolis for $44.6 million. Built in 1986, the 512-unit apartment property consists of 58 two-story buildings. The unit mix includes one- and two-bedroom apartments as well as two-bedroom townhomes averaging 900 square feet. Rents average $778 per month. The community is currently 94 percent occupied. Amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, dog park and covered parking. STAR III plans to renovate 75 percent of the units at the property with upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. STAR III also plans to upgrade common areas and amenities, including enhancements to landscaping, signage and the fitness center. The undisclosed seller previously renovated 25 percent of the units.

December 22, 2017

Midwest Minnesota Multifamily

Colliers Brokers $27.4M Sale of Two Multifamily Properties Near the University of Minnesota

by Kristin Harlow December 22, 2017

MINNEAPOLIS — Colliers International has brokered the sale of Solhaus and Solhaus Tower in Minneapolis for $27.4 million. The student housing properties, totaling 150 units, are located at 2428 Delaware St. SE and 515 Huron Blvd. SE near the University of Minnesota. Ted Bickel, Jeff Budish and Brady DeVore represented the seller, Denver-based Forum Real Estate Group. San Francisco-based FPA purchased the buildings. FPA now owns 10 multifamily assets in Minneapolis.

December 22, 2017

Illinois Midwest Office

Farpoint, Greco/DeRosa Investments to Redevelop 135,000 SF Loft Office Building in Rosemont, Illinois

by Kristin Harlow December 22, 2017

ROSEMONT, ILL. — Farpoint Development and Greco/DeRosa Investments have unveiled plans to redevelop a 135,000-square-foot loft office building located at 6300 North River Road in Rosemont. The $6 million core/shell renovation of the seven-story building is expected to begin immediately and be completed by mid-2018. The redevelopment of the property will include a fully renovated lobby, replacement of all exterior windows and staining of the exterior brick. The Class A office building will include a new fitness center, yoga room, conference facilities, tenant lounge and food market with outdoor seating. Jason Simon and Jonathon Connor of Colliers International will market the property for lease.

December 22, 2017

Midwest Minnesota Mixed-Use

CBRE Arranges Sale of Two Mixed-Use Properties Totaling 95,895 SF in Minneapolis

by Kristin Harlow December 22, 2017

MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.

December 22, 2017

Industrial Midwest Wisconsin

Tribe 9 Foods Signs 50,814 SF Industrial Lease in Madison, Wisconsin

by Kristin Harlow December 22, 2017

MADISON, WIS. — Tribe 9 Foods LLC has signed a 50,814-square-foot industrial lease in Madison. The manufacturer of grain-free foods, gluten-free foods, nut butters and pastas will occupy the space at 2901 Progress Road. Andy Hess of Founders 3 represented the tenant in the lease transaction. Scott Revolinski of Founders 3 represented the landlord, LCM Funds 40 Madison LLC.

December 22, 2017

Multifamily Texas

JPI Sells 362-Unit Apartment Community in Austin

by Taylor Williams December 22, 2017

AUSTIN, TEXAS — Irving-based development firm JPI has sold Sur512, a 362-unit multifamily community situated on 8.9 acres at 5010 S. Congress Ave. in Austin. The Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, two fitness centers, grilling and picnic areas, a business center and an internet café and lounge. The buyer and sales price were not disclosed.

December 22, 2017

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