NEW YORK CITY — Equicap has arranged $18 million in construction financing for a condominium development on Manhattan’s Upper East Side. Daniel Hilpert secured the bank financing for the borrower, a foreign developer, at a competitive interest rate.
NEW YORK CITY — Cushman & Wakefield has facilitated the sale of a medical office building located at 407-409 E. 70th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the five-story building for $17 million, or $1,133 per square foot. The 15,000-square-foot property was sold by a group of doctors who practice in the building. Upon sale, the former owners inked a long-term leaseback for the space. Mitchell Levine, Guthrie Garvin and James Nelson of Cushman & Wakefield brokered the transaction.
LOS ANGELES — International developer Oceanwide Holdings has unveiled plans to include a five-star Park Hyatt hotel at Oceanwide Plaza, the company’s $1 billion mixed-use project currently under development in Los Angeles. The project is located adjacent to the Staples Center, home of the NBA’s Los Angeles Lakers and Los Angeles Clippers, as well as the NHL’s Los Angeles Kings. When completed, Oceanwide Plaza will feature three residential and hotel towers and a 166,000-square-foot, open-air galleria for shopping, dining and entertainment. Park Hyatt Los Angeles will be the sixth U.S. location for the luxury hotel brand. CallisonRTKL and Studio Munge designed the 184-room hotel. The property will be connected to the 100-foot retail and amenity area known as The Collection at Oceanwide Plaza. The development’s multifamily component will feature 504 units with concierge services, a private amenity deck and a two-acre outdoor sanctuary. Oceanwide Plaza is scheduled for completion in early 2019. Oceanwide Plaza LLC, a subsidiary of Beijing-based Oceanwide Holdings Co., will own the development. Oceanwide Plaza is the company’s first development in the United States, with projects in New York, San Francisco and Hawaii currently in the planning stages. — Kristin Hiller
The booming land market in north Texas reflects a convergence of economic and demographic trends resulting in a dramatic expansion of residential communities, new mixed-use developments and the transformation of retail centers across the region. The result is higher land values, shifting land uses and developers, planners and designers adapting to the evolving lifestyles of a new generation of workers. Demand for well-located land parcels across multiple property types is reaping handsome returns for landowners. The land market in Dallas/Fort Worth is experiencing strong transaction volume and record prices due to a range of factors. Developers are responding to strong housing demand by building new residential communities that are accessible to Dallas/Fort Worth employment centers. Multifamily construction continues as some 360 people move into the region daily, many not ready for home ownership. New mixed-use developments are catering to a steady stream of corporations relocating to the area and seeking work settings that provide live/work/eat/play environments. Neighborhood grocery stores and restaurants are multiplying to support growing demand, while regional malls are being repurposed as spending habits shift. These trends have played a major role in the growth of urban centers like Dallas’ central business district, Uptown Dallas and Fort Worth’s …
GLASTONBURY, CONN. — Katz Properties has purchased Somerset Square, a retail center in Glastonbury, for $26.6 million. Situated on 15.3 acres, the 112,414-square-foot property is fully leased to a variety of tenants, including Stop & Shop, Barnes & Noble Bookstore, FedEx and the Paper Store. Tim Breda of Goedecke & Co. arranged mortgage financing for the acquisition. Winslow Property Management will provide leasing and property management services for the retail center. The name of the seller was not released.
QUINCY, MASS. — CBRE/New England has arranged the sale of 5 Hundred Falls, a garden-style apartment community located in Quincy. An affiliate of Mill Creek Residential acquired the 171-unit property from Fairfield Faxon Park LLC for an undisclosed price. The buyer acquired the asset with an institutional partner and has renamed the community Alister Quincy. Originally built in 1997 and renovated in 2012, the property offers a variety of one-, two- and three-bedroom layouts, with an average size of 1,027 square feet. Community amenities include a clubhouse with fitness center and clubroom, a resort-style heated outdoor pool with sun deck, playground and grilling areas, and 42 detached garages. Simon Butler and Biria St. John of CBRE/NE represented the seller in the deal.
ORANGE, CONN. — SH Corp. has completed the disposition of a retail property located at 249/259 Bull Hill Lane in Orange. AS Realty LLC acquired the 65,303-square-foot property for $10.8 million. Situated on seven acres, the property is fully leased to ShopRite through a 20-year net lease and an auto repair shop. Jim Koury of HFF represented the seller and procured the buyer in the deal.
NEW YORK CITY — Oxford Properties Group and Crown Acquisitions has completed a 175,000-square-foot lease extension through 2035 with the National Basketball Association (NBA) at Olympic Tower, located at 646 Fifth Ave. in Midtown Manhattan. The property owners plan to significantly modernize the office property’s lobby and public space to deliver a more engaging, customer-focused experience. Adam Frazier of Oxford, along with Paul Amrich, Howard Fiddle, Neil King and Patrice Meagher of CBRE, represented the owners, while Mary Ann Tighe, Gregory Tosko, Andrew Sussman and Munish Viralam of CBRE represented the tenant in the transaction.
BETHLEHEM, PA. — J.G. Petrucci Co. has acquired a fully-occupied industrial building located at 1990 Highland Ave. within Lehigh Valley Industrial Park IV in Bethlehem, for an undisclosed price. Hygrade Components sold the property for $2.7 million in a sale-leaseback transaction. In 1996, J.G. Petrucci Co. completed the design/build of the property for Hygrade Components, which has signed a long-term lease for the property.
BRAINTREE, MASS. — The Triad Group has arranged the 20-year lease for the former Kindred Hospital campus, located at 2001 Washington St. in Braintree. CATS Academy, a United Kingdom-based prep school, has leased the 100,000-square-foot facility from 2001 Washington Street LLC. The landlord completely renovated the former hospital facility, which was built in 1918, and built 400 dorm rooms to accommodate students on the property. Andrew Mann of The Triad Group represented the tenant, while David Stubblebine, James Stubblebine and Micah Stubblebine of The Stubblebine Company represented the landlord in the transaction.