SAN JACINTO, CALIF. — Progressive Real Estate Partners has arranged the $4.9 million sale of Dollar General Town Center, a 27,112-square-foot retail center located in the Inland Empire community of San Jacinto. Dollar General anchors the fully occupied center. Greg Bedell of Progressive represented the seller, a private Huntington Beach-based investor, in the 1031 exchange transaction. Rob Sauser of PMZ Commercial represented the buyer, a private family trust based in Newport Beach.
CORONA, CALIF. — Six new tenants are set to open at Metro at Main, a mixed-use development located at North Main and Rincon streets in Corona. Tenants set to open include a 1,845-square-foot Coffee Bean & Tea Leaf; a 3,138-square-foot America’s Best Vision; a 1,398-square-foot Poki Cat; an 859-square-foot Organic Junkie; a 1,337-square-foot Meraki Salon; and a 1,199-square-foot Union Barber & Beer Lodge. The project features over 60,000 square feet of retail and 868 luxury residential units. Paul Galmarini and Gretchen Lastra of Progressive Real Estate Partners represented the landlord in the transactions.
CAMBRIDGE, MASS. — NKF has arranged the sale of an office and retail building located at 515 Massachusetts Ave. in Cambridge. S-BNK Cambridge LLC sold the asset to an undisclosed buyer for $30.1 million, or $649 per square foot. Santander Bank currently fully leases the 46,350-square-foot property. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF represented the seller in the deal.
NEW YORK CITY — HFF has arranged $17 million in financing for 185 Avenue B, a newly constructed apartment property in Manhattan’s East Village. An HFF team, led by Steven Klein, secured a 15-year, fixed-rate loan through Allianz Real Estate of America for the undisclosed borrower. Completed in 2016, the seven-story building comprises 40 studio and one-bedroom apartment units featuring nine-foot ceilings, noise-buffering double-paned windows and intercom systems.
DUNCANSVILLE, PA. — CBRE has brokered the sale of Holliday Towne Center, a community shopping center located at 221 Glimcher Drive in Duncansville. RPAI sold the 83,122-square-foot property to Equity Investment Group for an undisclosed price. At the time of sale, the center was 81 percent occupied. Tenants include a 54,322-square-foot Martin’s Food, Dollar Tree, Domino’s Pizza and Holiday Hair. Brad Nathanson, Adam Rosenzweig, Kyle Prawdzik and John Colussi of CBRE represented the seller and identified the buyer in the transaction.
BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.
CAMBRIDGE, MASS. — DoubleTree Suites by Hilton Boston – Cambridge has completed a $4 million renovation to the guest suites. The renovation will introduce the brand’s modern suite concept, Urban Bed, to the Boston market. Each of the 170 two-room Urban Bed suites offer travelers a flexible living space with a full-size pull-down bed that can be utilized on demand. Unlike a sofa bed, the Urban Bed does not fold, providing additional guests the same comfort of a standard DoubleTree Suites by Hilton bed. Additionally, the suites feature a microwave, refrigerator and coffeemaker in the living room, as well as a separate bedroom with a king-sized bed. Other renovations include upgrades to the remaining 138 guest rooms, including King Bed guest rooms with balconies, standard two-room King Suites, two-story Loft King Suites and the Presidential Suite. Additionally, the property’s Scullers Jazz Club was renovated to increase its capacity to 200 seats per show.
WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development. Neighborhood Restaurant Group (NRG) has preleased and will operate approximately 13,500 square feet of the 19,000 square feet of first-floor retail. The space will house restaurants, beer and cocktail bars, a food market and a coffee shop. The residential portion of the project will feature a mix of studio to three-bedroom apartments, for a total of 167 units. The community will be located roughly 50 feet from the Potomac Avenue three-line Metro Station and within walking distance to Eastern Market and Barracks Row. The project is expected to break ground early this month, with delivery slated for summer 2019. The project team also includes Tishman Construction and Antunovich Associates Architects.
MIAMI — Blue Rock Partners LLC Affiliates, in partnership with institutional investors, has acquired Pinebrook Apartments, a 309-unit multifamily community in Miami. Pinebrook South Ltd. sold the property to the joint venture, known as Pinebrook Property Holdings LP, for $37.3 million. The joint venture comprises a Blue Rock Partners affiliate, a Canadian-based investment firm and a New York-based institutional investor. The company will invest roughly $3 million in exterior and interior upgrades and will rename the property The Park at Sheffield. Evan Kristol of Marcus & Millichap brokered the transaction, and Ladder Capital Finance LLC provided debt financing for the acquisition. At the time of sale, the property was 98 percent occupied.
DAVENPORT, FLA. — NXT Capital has provided $26.8 million in financing for the acquisition of Village at Town Center, a 240-unit multifamily community in Central Florida’s city of Davenport. Elliott Throne and Mona Carlton of HFF secured the acquisition and bridge financing through NXT Capital on behalf of the borrower, Beachwold Residential. Located at 2000 Village Blvd. within the Reunion Resort & Club, Village at Town Center is roughly nine miles south of Walt Disney World. Constructed in 1999, the property features a basketball court, children’s play area, tennis court, swimming pool and a fitness facility. Beachwold plans to renovate the apartment units and install an institutional management team.
