Property Type

Urstadt Biddle Properties Acquires Equity Interest in 75,400 SF Mixed-Use Property in New Jersey

by Amy Works August 3, 2017

DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased. The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed entity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.

August 3, 2017

Hospitality Loans New Hampshire Northeast

Linchris Hotel Receives $16.8M Acquisition Loan for 230-Key Hotel in Nashua, New Hampshire

by Amy Works August 3, 2017

NASHUA, N.H. — Linchris Hotel Corp. has received a $16.8 million loan to acquire the Crowne Plaza Hotels & Resorts, located at 2 Somerset Parkway in Nashua. Linchris plans to reflag the 230-key hotel as a DoubleTree by Hilton following a property improvement plan. The property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub. Greg LaBine and Martha Nay of HFF arranged the 10-year, fixed-rate loan through East Boston Savings Bank for the borrower.

August 3, 2017

Massachusetts Northeast Retail

RD Management Signs Leases with HomeGoods, T.J.Maxx at Milford Crossing in Massachusetts

by Amy Works August 3, 2017

MILFORD, MASS. — RD Management has signed leases with HomeGoods and T.J.Maxx at Milford Crossing, a shopping center located at 120-129 Medway Road in Milford. HomeGoods will occupy 24,628 square feet and T.J.Maxx will occupy 21,863 square feet. Both stores are expected to open this fall. The 157,921-square-foot shopping center is currently being redeveloped and will be anchored by a Stop & Shop, which is slated to open in November. Additionally, the center features new 6,000-square-foot and 20,000-square-foot buildings. The 20,000-square-foot building will be occupied by Chipotle and Starbucks Coffee, which are scheduled to open in the first quarter of 2018.

August 3, 2017

Multifamily Nevada Western

Farnam Realty Acquires 430-Unit Veritas Apartments in Las Vegas

by Nellie Day August 3, 2017

LAS VEGAS — Farnam Realty has acquired the 430-unit Veritas Apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The Class A community is located at 3370 St. Rose Parkway. Veritas Apartments was built in 2010. It offers one- to three-bedroom units. The building features four swimming pools, a covered patio with an outdoor kitchen, barbecue grills, a fitness center with a yoga room, and a clubhouse with gaming room and cyber café. JLL’s John Cunningham and Charles Steele represented executed the sale. The seller was Monogram Residential Trust.

August 3, 2017

Hawaii Hospitality Western

Kapolei Hotel Partners to Build $60M Residence Inn by Marriott in Hawaii

by Nellie Day August 3, 2017

KAPOLEI, HAWAII — Kapolei Hotel Partners II has purchased 3.9 acres of land on Fort Barrette Road in Kapolei for an undisclosed sum. The LLC plans to build a 183-room Residence Inn by Marriott on the site, which is situated within the 40-acre Leihano mixed-use development. The four-story, extended-stay hotel will feature full kitchens, free breakfast and family-friendly amenities. Construction will commence later this year, with an estimated cost of more than $60 million. The Leihano development is a master-planned, mixed-use commercial and residential community.

August 3, 2017

California Multifamily Western

Property West Residential Buys Encinitas Heights Apartments Near San Diego for $53M

by Nellie Day August 3, 2017

ENCINITAS, CALIF. — Property West Residential has purchased the 120-unit Encinitas Heights apartment building just north of San Diego for $53 million. The community is located at 1100 Garden View Road in Encinitas. Encinitas Heights was built in 2002. The property features one- to three-bedroom apartments with washers and dryers, central air conditioning and gourmet kitchens. Community amenities include a 24-hour fitness center, a solar heated pool and a rentable clubhouse. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller in this transaction.

August 3, 2017

California Industrial Western

Dedeaux Properties Breaks Ground on $38M Echelon Business Park in the City of Industry

by Nellie Day August 3, 2017

CITY OF INDUSTRY, CALIF. — Dedeaux Properties has broken ground on Echelon Business Park, a 246,543-square-foot warehouse facility in the City of Industry. The $38 million development will be located at 821 Echelon Court. Echelon Business Park’s seven free-standing buildings range between 27,438 square feet and 43,166 square feet. They include two-story office space, ample dock-height loading and configurations for loading shipping containers, all inside a modern, secured campus. Construction is scheduled for completion in the first quarter of 2018.

August 3, 2017

California Multifamily Seniors Housing Western

CBRE Brokers $6.8M Sale of 28-Unit Seniors Housing Community in Brea

by Nellie Day August 3, 2017

BREA, CALIF. — CBRE has arranged the sale of Williams Senior Apartments, a 28-unit age-restricted community in the Los Angeles suburb of Brea, for $6.8 million. Restoration Enhancement acquired the property from a private seller in a 1031-exchange transaction. The property was recently upgraded and is located near the Brea Downtown entertainment center, which features 350,000 square feet of retail, shops, restaurants, entertainment and nightlife.

August 3, 2017

Maryland Multifamily Southeast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Alabama Mixed-Use Southeast

Heritage Land & Development to Build 225,000 SF Mixed-Use Project in Downtown Mobile

by Camren Skelton August 3, 2017

MOBILE, ALA. — Heritage Land & Development has unveiled plans for Merchant Plaza, a 225,000-square-foot mixed-use project in downtown Mobile. Formerly known as Merchants National Bank, the historic landmark spans an entire city block and will include 80,000 square feet of Class A office space; 26,000 square feet of commercial, retail and restaurant space; and roughly 82 loft apartments. NAI Mobile and Harbert Realty Services will handle the development’s leasing assignment and property management, respectively.

August 3, 2017

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