Property Type

AVR Realty Co. Develops $27M Assisted Living Facility in Yaphank, New York

by Amy Works October 4, 2017

YAPHANK, N.Y. — An affiliate of AVR Realty Co. is developing a $27 million assisted living facility at The Reserve at the Boulevard, the company’s mixed-use development in Yaphank, in the south part of the Town of Brookhaven on Long Island. Totaling 99,492 square feet, the two-building property will feature 118 beds, including a 77-bed building for special needs and memory care and a 41-bed supportive care building. Upon completion, the facility will employ 40 full-time workers and 20 part-time workers. Yaphank AVR Boulevard Chelsea, jointly owned by AVR and Chelsea Senior Living of Fanwood, N.J., is purchasing the site from Rose-Breslin Associates. Chelsea owns and operates 13 senior housing communities in New Jersey and three communities in New York. The Town of Brookhaven Industrial Development Agency has approved a package of economic incentives for the developer.

October 4, 2017

Loans New York Northeast Retail

Kalikow & Feldco Receive $20M Refinancing for Shopping Center in Staten Island, New York

by Amy Works October 4, 2017

STATEN ISLAND, N.Y. — The Kalikow Group and Feldco Development Corp. have received a $20 million loan for the refinancing of Expressway Plaza, a shopping center located at 1441 Richmond Ave. in Staten Island. Bethpage Federal Credit Union provided the seven-year loan. Originally built in 1997 by Kalikow and Feldco, the 94,000-square-foot property is occupied by Stop & Shop, Dunkin’ Donuts, Sleepy’s, New York Community Bank and Subway. Additionally, the asset features a 7,000-square-foot outparcel occupied by Buffalo Wild Wings and a 5,000-square-foot outparcel occupied by Applebee’s.

October 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Facilitates $11.6M Sale of Mixed-Use Property in Manhattan

by Amy Works October 4, 2017

NEW YORK CITY — Marcus & Millichap has negotiated the sale of a mixed-use property located at 321 W. 11th St. in Manhattan’s West Village. A local private investor acquired the property from a limited liability company for $11.6 million. The 10,400-square-foot property features two retail units, 10 studio apartments and eight one-bedroom apartments. Matt Fotis and Sam Hoefle of Marcus & Millichap represented the seller and procured the buyer in the deal.

October 4, 2017

Industrial New Jersey Northeast

Elberon Development Acquires 115,000 SF Warehouse in Elizabeth, New Jersey

by Amy Works October 4, 2017

ELIZABETH, N.J. — Elberon Development Group has purchased a warehouse located at 919 Fairmount Ave. in Elizabeth. Hayward Industries sold the property for $9 million. The seller has leased back 10,000 square feet of the 115,000-square-foot building, while the remainder of the property is leased to Survivor Window through the end of 2017. Starting in early 2018, Elberon will implement a capital expenditure plan at the property to re-lease the window manufacturer’s space. Improvements will include LED lighting, an updated façade, the removal of interior demising walls, a new HVAC system and new landscaping. Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield brokered the transaction.

October 4, 2017

Connecticut Northeast Office

Angel Commercial Brokers $1.3M Sale of Office Building in Fairfield, Connecticut

by Amy Works October 4, 2017

FAIRFIELD, CONN. — Angel Commercial has arranged the sale of an office building located at 134 Round Hill Road in Fairfield. Round Hill Road Partners sold the property to 134 Round Hill Road LLC for $1.3 million. Situated on 0.3 acres, the freestanding building features 7,350 square feet of office space. Angel Commercial represented the seller and buyer in the deal.

October 4, 2017

California Multifamily Western

IEC Acquires Verse La Mesa Apartments in San Diego for $34M

by Nellie Day October 4, 2017

SAN DIEGO — Interstate Equities Corporation (IEC) has purchased the 133-unit Verse La Mesa apartment complex in San Diego for $34 million. The value-add community is located at 7400 Parkway Drive in La Mesa. It was built in 1976 and is currently 96 percent occupied. The property will be rebranded as The Cove. It will also undergo renovations, including the installation of washers, dryers and dishwashers, new paint, laminate wood floors and upgraded fixtures throughout the units. Shane Shafer, Ed Rosen, John Chu, and Kyle Pinkalla of Berkadia executed the transaction.

October 4, 2017

California Multifamily Western

Trion Properties Purchases 88-Unit Apartment Community in Fremont for $26.5M

by Nellie Day October 4, 2017

FREMONT, CALIF. — Trion Properties has purchased an 88-unit multifamily property in Fremont for $26.5 million. The community is located at 4445 Stevenson Blvd. in East Bay, within the northern part of Silicon Valley. The apartment community is situated less than five miles from Fremont’s Tesla factory, which currently employs more than 6,000 people and encompasses 5.3 million square feet. The Fremont City Council recently approved a 4.6 million-square-foot expansion of the Tesla factory, which is predicted to bring 3,100 new workers to the area. Shivu Srinivasan of NAI Capital represented Trion Properties, while Victor Makras of Makras Real Estate represented the seller, the Jones Family, in this transaction.

October 4, 2017

California Multifamily Western

Sherry Lane Garden Homes in Santa Ana Trades for $19.8M

by Nellie Day October 4, 2017

SANTA ANA, CALIF. — Montgomery Partners has acquired the 62-unit Sherry Lane Garden Homes in Santa Ana for $19.8 million. The community is located at 1920 Sherry Lane. The property was built on 9.8 acres in 1964 near the 5, 22 and 55 freeways. Joseph Berkson of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.

October 4, 2017

Colorado Multifamily Western

Dwell Apartments in Denver Sells for $12.8M

by Nellie Day October 4, 2017

DENVER — A private capital firm has acquired the 53-unit Dwell Apartments in Denver for $12.8 million. The community is located at 600 – 624 N. Pennsylvania St. in the Capitol Hill neighborhood. The unit mix includes studios, one- and two-bedroom apartments that range from 505 to 829 square feet. Community amenities include a swimming pool, gym and off-street parking. Jacob and Nick Steele of Marcus & Millichap represented both the buyer and seller, another locally based private capital client, in this transaction.

October 4, 2017

Arizona Office Western

Scottsdale Investment Management Buys West Phoenix Office Building

by Nellie Day October 4, 2017

PHOENIX — Scottsdale Investment Management has purchased a 38,238-square-foot office building in West Phoenix for an undisclosed sum. The property is located at 8800 N. 22nd Ave. It is fully occupied by the Department of Economic Security’s Family Assistance Administration division, which coordinates programs to support Arizona families in need. The space was built in 1986. Mindy Korth, Kirk Kuller and John Barnes of Colliers International and Greg Bamford of Bamford Southwest represented the locally based seller in this transaction.

October 4, 2017

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