Property Type

Michaelson, Eklund Purchase Apartment Community in Knoxville for $48.1M

by Camren Skelton September 22, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group LLC, in partnership with Eklund Development, has acquired The Metropolitan, a 520-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $48.1 million. Constructed in 1986, the property includes one- and two-bedroom floor plans with an average size of 800 square feet. Units feature wood-style flooring, stainless steel appliances, granite countertops and private balconies or patios. Community amenities include a heated indoor swimming pool, outdoor resort-style pool, clubhouse, fitness center, sports courts and a picnic area with grills. The property was updated in 2015 to include repaved parking lots, new roofs and interior and exterior renovations.

September 22, 2017

New York Northeast Retail

Madison International to Acquire 51 Percent Interest in 2.1 MSF Retail Portfolio in NYC

by Amy Works September 22, 2017

NEW YORK CITY — Madison International Realty and Forest City Realty Trust have signed definitive agreements for Madison’s acquisition of Forest City’s 51 percent interest in a 2.1 million-square-foot retail portfolio. The transaction is valued at $1 billion. Scattered across Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, the 12-property portfolio is 95 percent leased. Madison plans to engage Cushman & Wakefield as the third-party property management and leasing team for the portfolio. The transaction is expected to close in the fourth quarter.

September 22, 2017

Massachusetts Northeast Retail

Fortis Property Group Buys Dock Square Garage in Boston for $170M

by Amy Works September 22, 2017

BOSTON — Fortis Property Group has purchased Dock Square Garage, a parking garage and retail property located adjacent to Faneuil Hall in downtown Boston, for $170 million. The property features 698 parking spaces and 16,100 square feet of retail space, which is leased to Hard Rock Café. The asset also offers three to four stories of additional development potential. Robert Griffin, Edward Maher, Matthew Pullen and James Tribble of Newmark Knight Frank represented the seller, Dock Square Parking Associates, in the transaction.

September 22, 2017

Alabama Retail Southeast

Publix to Anchor New 59,600 SF Shopping Center in Huntsville

by Camren Skelton September 22, 2017

HUNTSVILLE, ALA. — Watkins Real Estate Group has signed a 45,600-square-foot lease with Publix Super Markets Inc. to anchor The Pinnacle at Providence, a 59,600-square-foot retail center under development in Huntsville’s Providence neighborhood. The Atlanta-based retail and multifamily development company acquired the 9.2-acre site in 2016 and recently secured construction financing through BB&T Corp. In addition to Publix, the tenant lineup includes Courtney Murray DDS, Allure Nails Spa and an additional 9,800 square feet of shop space. Watkins is pursuing other retail, dining and service tenants to fill the remaining space. The new Publix will be the Lakeland, Fla.-based grocer’s third location in the market. The Pinnacle at Providence is slated for completion in the first quarter of 2018.

September 22, 2017

Hospitality New Hampshire Northeast

Chatham Lodging Purchases 131-Room Hilton Garden Inn in Portsmouth, New Hampshire

by Amy Works September 22, 2017

PORTSMOUTH, N.H. — Chatham Lodging Trust has acquired Hilton Garden Inn Portsmouth Downtown for $43.5 million, or $332,000 per room. Located at 100 High St. in Portsmouth, the 131-room hotel opened in 2006 and recently underwent a full renovation. Island Hospitality Management will manage the hotel. The name of the seller was not released.

September 22, 2017

New Jersey Northeast Retail

Unison Realty, ALTO Real Estate Acquire 120,349 SF Shopping Center in Toms River, New Jersey

by Amy Works September 22, 2017

TOMS RIVER, N.J. — Unison Realty Partners and ALTO Real Estate Funds have acquired Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River, for $21.1 million. Built in 1987, the 120.349-square-foot property is situated on 14.6 acres and has a pad site for future development. Michaels, DSW Shoe Warehouse, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial are tenants at the 86 percent-leased center. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF marketed the property with bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Chapter 11 case of AC I Toms River LLC.

September 22, 2017

Retail Southeast Virginia

JCR Cos. Acquires Retail Center in Northern Virginia for $17.7M

by Camren Skelton September 22, 2017

FRONT ROYAL, VA. — Washington, D.C.-based The JCR Cos. has acquired Riverton Commons, a 69,496-square-foot shopping center in Front Royal, for $17.7 million. CBRE represented the seller, EDENS, and First Virginia Community Bank provided acquisition financing. Constructed in 2007, Riverton Commons is home to tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports and Tropical Smoothie Café. The property is part of a 500,000-square-foot regional shopping center anchored by a Walmart Supercenter and a Lowe’s Home Improvement store. JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land.

September 22, 2017

New Jersey Northeast Office

Marcus & Millichap Arranges $1.6M Sale of Office Building in New Jersey

by Amy Works September 22, 2017

POINT PLEASANT BEACH, N.J. — Marcus & Millichap has brokered the sale of an office property located at 604 Laurel Ave. in Point Pleasant Beach. A private investor sold the property to an undisclosed buyer for $1.6 million. Provident Bank occupies the 3,000-square-foot building on a net-lease basis. Michael Lombardi and Greg Babaian of Marcus & Millichap represented the seller in the deal.

September 22, 2017

Alabama Retail Southeast

GBT Realty Buys 234,124 SF Shopping Center in Tuscaloosa

by Camren Skelton September 22, 2017

TUSCALOOSA, ALA. — GBT Realty Corp. has purchased McFarland Plaza, a 234,124-square-foot shopping center in Tuscaloosa. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF represented the seller, a partnership between DDR Corp. and TH Real Estate. Bill Fishel and Matthew Stewart of HFF secured a three-year, floating-rate loan through Värde Partners on behalf of the new owner. T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart anchor the center. McFarland Plaza Shopping Center is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial. Located at 2600 McFarland Blvd. E., the center is approximately one mile south of the University of Alabama.

September 22, 2017

Florida Hospitality Loans Southeast

Axilla Capital Arranges $15.5M Loan for Hotel Near Orlando

by Camren Skelton September 22, 2017

KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.

September 22, 2017

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