Property Type

Gamma, Meltzer Properties Buy Hurt Building in Downtown Atlanta for $33.6M

by John Nelson November 7, 2016

ATLANTA — Manhattan-based Gamma Real Estate and Atlanta-based Meltzer Properties have teamed up to purchase the historic Hurt Building, an 18-story, 436,337-square-foot office building in downtown Atlanta. Boxer Properties sold the asset to Gamma and Meltzer for $33.6 million. Built in 1913, the Hurt Building was renovated in 2013 and achieved LEED-EB Platinum certification in 2014. The property has been on the National Registry of Historic Places since 1977. The Hurt Building is situated at the southeast corner of Edgewood and Peachtree Center avenues within walking distance of three MARTA stations. The asset features a marble lobby and entrance, 12 elevators, a nine-story parking garage with 618 on-site parking spaces, after-hours card access, two restaurants, a Starbucks Coffee and an on-site Post Office substation.

November 7, 2016

South Carolina Southeast Student Housing

ARA Newmark Arranges $56M Sale of Student Housing Community Near the University of South Carolina

by John Nelson November 7, 2016

COLUMBIA, S.C. — ARA Newmark has arranged the $56 million sale of Aspyre, a 760-bed student housing community located near the University of South Carolina campus in Columbia. Ryan Lang of ARA Newmark represented the seller, Holder Properties, in the disposition of the property to Castlerock Enterprises. Community amenities at Aspyre include a resort-style pool with a beach area and grills; a clubroom with a bar area, a Nintendo Wii and a PlayStation; and a Zen courtyard with a putting green and 24-hour fitness center. Aspyre was 97 percent occupied at the time of sale.

November 7, 2016

California Retail Western

Diversified Properties Acquires 34,051 SF Retail Center in San Diego for $8.1M

by Nellie Day November 7, 2016

SAN DIEGO — Diversified Properties has acquired Bay City Plaza, a shopping center located at 1515-1555 Palm Ave. in San Diego. The Lorah Family Trust sold the property for $8.1 million. At the time of sale, the 34,051-square-foot property was fully leased to a variety of tenants, including Rent-A-Center, Advance America, Subway, Little Caesars Pizza, and St Vincent de Paul. Joe Yetter and Chad Iafrate of Cushman & Wakefield represented the seller in the transaction.

November 7, 2016

Florida Retail Southeast

NGKF Capital Markets Brokers $13.5M Sale of Shopping Center in South Florida

by John Nelson November 7, 2016

COOPER CITY, FLA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the $13.5 million sale of Stirling Town Center, a 53,857-square-foot shopping center located on a 5.9-acre site at 8637-8861 Stirling Road in Cooper City. Built in 2005, the shopping center was 92 percent leased at the time of sale to tenants such as Subway, Tijuana Flats, Starbucks Coffee, Smoothie King, Cold Stone Creamery, Beef ‘O’ Brady’s and Aroma Kosher Market and Catering. Michael Lapointe and Michael Lohmann of NGKF Capital Markets represented the seller, LNR Partners LLC, in the transaction.

November 7, 2016

California Retail Western

Duhs Commercial Negotiates $1.9M Sale of 8,694 SF Retail Property in Escondido

by Nellie Day November 7, 2016

ESCONDIDO, CALIF. — Duhs Commercial has arranged the sale of a shopping center located at 426 W. Second Ave. in Escondido. William and Helen Taylor Trust acquired the 8,694-square-foot asset for $1.9 million. Austin Dias and Scott Duhs of Duhs Commercial represented the sellers, Tom Family Trust and Golden Meadows Investments LLC, while Matt Belshin and Bill Morgan of Morgan Real Estate represented the buyer in the deal.

November 7, 2016

Connecticut Multifamily Northeast Seniors Housing

NHI to Buy 299-Unit Seniors Housing Property in Connecticut for $74M

by Amy Works November 7, 2016

NORTH BRANFORD, CONN. — National Health Investors Inc. (NYSE: NHI), a Tennessee-based healthcare REIT, has agreed to acquire an undisclosed continuing care retirement community (CCRC) in the New Haven suburb of North Branford for $74 million. NHI will lease the community to Senior Living Communities (SLC), a North Carolina-based operator. The 13-year lease features a rate of 6.8 percent with a 4 percent annual escalator during the first two years, and a 3 percent annual escalator thereafter. NHI will use its revolving credit facility to fund the acquisition. The seller in the transaction was not disclosed. The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.

November 7, 2016

Massachusetts Multifamily Northeast Seniors Housing

Colliers Facilitates $3.7M Sale of Seniors Housing Property in Quincy, Massachusetts

by Amy Works November 7, 2016

QUINCY, MASS. — The Boston office of Colliers International has arranged the sale of Eventide Home, an independent living and nursing home campus located at 215 Adams St. in Quincy. O’Connell Development acquired the 43,000-square-foot property for $3.7 million. Situated on 6.5 acres, the property features 60 independent and skilled-nursing beds. The buyer plans to reposition the property into a 58-unit seniors housing residential rental property. Robert Cronin of Colliers brokered the transaction, with Peter O’Connell representing O’Connell Development.

November 7, 2016

Hospitality New York Northeast

McSam Hotel Group Breaks Ground on 518-Room Hyatt Place in Manhattan

by Amy Works November 7, 2016

NEW YORK CITY — McSam Hotel Group has broken ground for a 25-story Hyatt Place located in Manhattan’s Garment District/Times Square. Designed by Gene Kaufman Architect, the 180,000-square-foot hotel will feature 518 guest rooms and approximately 7,000 square feet of dining and lounge space, including an indoor restaurant, backyard eatery, bar/lounge, fitness center, business center and meeting space. VLDG Inc. is designing the interiors of the hotel.

November 7, 2016

Loans New York Northeast Office

Newmark Holdings Receives $9.6M in Refinancing for Two Office Buildings in NYC

by Amy Works November 7, 2016

NEW YORK CITY — Newmark Holdings has received a $9.6 million refinancing loan for two office buildings in New York City. Signature Bank provided the loan, which features a fixed rate for seven years. Totaling 56,000 square feet, the fully occupied buildings are located at 416-422 W. 45th St.

November 7, 2016

Northeast Office Rhode Island

Sweeney Real Estate Arranges Office Lease in Smithfield, Rhode Island

by Amy Works November 7, 2016

SMITHFIELD, R.I. — Sweeney Real Estate has arranged a lease for 4,000 square feet of office space at 333 George Washington Highway in Smithfield. ELITechGroup Inc. leased the space from Lincoln Environmental Properties LLC. Kevin Casey of Sweeney Real Estate & Appraisal represented the landlord, while Gerry Surprenant of MG Commercial Real Estate represented the lessee in the deal.

November 7, 2016

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