Property Type

L3 Capital, LaSalle Acquire 74,500 SF Commercial Building in Boston’s Downtown Crossing

by Amy Works June 23, 2017

BOSTON — L3 Capital and LaSalle Investment Management have purchased a vacant commercial building located at 399 Washington St. in Boston’s Downtown Crossing for an $63.2 million. The buyers will renovate and rebrand the 74,500-square-foot building as DTX 399. The building will offer six levels of retail and creative office space. Evan Papanastasiou of Eastern Consolidated represented the seller, Robert Posner, while Adelaide Polsinelli, also of Eastern, procured the buyer in the deal. The owners have retained Colliers International to market the property for lease.

June 23, 2017

Loans Multifamily New York Northeast

HFF Brokers Sale, Financing for 54-Unit Apartment Building in Manhattan

by Amy Works June 23, 2017

NEW YORK CITY — HFF has arranged the $57 million sale of an apartment building located at 200 E. 11th St. in Manhattan’s East Village. Benchmark Real Estate Group sold the 54-unit property to Shorenstein Co. The 12-story, 53,000-square-foot building features a mix of one-, two- and three-bedroom layouts, a rooftop deck and an amenity building with a gym, lobby and yoga studio. Jeff Julien, Rob Hinckley and Steven Rutman of HFF represented the seller and procured the buyer. Additionally, Geoff Goldstein, Scott Aiese and Rory Shepard of HFF arranged $31 million in acquisition financing for the buyer.

June 23, 2017

Massachusetts Northeast Office

Roseview-PMRG Fund I Sells 135,615 SF Office Building in Cambridge, Massachusetts

by Amy Works June 23, 2017

CAMBRIDGE, MASS. — Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors and Houston-based PMRG, has completed the disposition of 100 CambridgePark Drive, an office building located in Cambridge. An undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners acquired the 135,615-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied. The fund originally acquired the asset in 2014 for $41.5 million and renovated the property in 2016. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark Knight Frank oversaw the transaction.

June 23, 2017

Industrial New Jersey Northeast

Bussel Realty Brokers $7.5M Sale of Nine-Building Industrial Park in Freehold, New Jersey

by Amy Works June 23, 2017

FREEHOLD, N.J. — Bussel Realty Corp. has facilitated the sale of Fairfield Industrial Park, a nine-building industrial park located at 912 Route 33 in Freehold. Fairfield Industrial Park LLC acquired the 165,000-square-foot asset for $7.5 million. Jordan Metz and Eduard Skutelsky of Bussel Realty represented the undisclosed seller, while Imperial Real Estate represented the buyer in the deal.

June 23, 2017

Multifamily South Carolina Southeast

Woodfield Investments Delivers Multifamily Asset Near Charleston

by Camren Skelton June 23, 2017

SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.

June 23, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Tampa for $41.7M, Plans $7.7M in Capital Improvements

by Camren Skelton June 23, 2017

TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.

June 23, 2017

Loans Multifamily Texas

Walker & Dunlop Secures $76.9M in Refinancing for 962-Unit Multifamily Portfolio in Texas

by Taylor Williams June 23, 2017

GRAND PRAIRIE AND KATY, TEXAS — Walker & Dunlop has secured $76.9 million in refinancing for a portfolio of three multifamily properties totaling 962 units in Grand Prairie and Katy. The refinancing package includes $28 million for Stone Lake Apartment Homes in Grand Prairie; $26.4 million for Cornerstone Ranch in Katy; and $22.5 million for Ashley House in Katy. Doug Hart of Walker & Dunlop led the origination team in securing the Fannie Mae loans, all of which have fixed interest rates, 10-year terms and 30-year amortization periods.

June 23, 2017

Office Texas

Hall Group, Partners Top Out Frisco’s Tallest Office Building

by Taylor Williams June 23, 2017

FRISCO, TEXAS — Hall Group, Austin Commercial and HKS have completed construction of 3201 Dallas Parkway, a Class A office building in Frisco. The 12-story building will be the tallest office property in Frisco upon completion, which is scheduled for December. The property will feature 300,000 square feet of office space and outdoor spaces with a water feature and an event lawn.

June 23, 2017

Office Texas

Gaming Company to Build 53,000 SF Headquarters in McKinney

by Taylor Williams June 23, 2017

MCKINNEY, TEXAS — Playful Corp., a Texas-based gaming studio whose CEO previously headed the company that developed Words with Friends, will build a 53,000-square-foot, Class A office headquarters in downtown McKinney. Columbus Realty Partners will develop the property, which will be located adjacent to a mixed-use development currently under construction at the corner of Davis and Chestnut streets. Project plans also include construction of 125 parking spaces that will be available to the public on nights and weekends.

June 23, 2017

Retail Texas

SACA Brokers Sale of 30,000 SF Shopping Center in Metro San Antonio

by Taylor Williams June 23, 2017

HILL COUNTRY VILLAGE, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of The Alley on Bitters, a 30,000-square-foot shopping center located at 555 W. Bitters Road in the San Antonio metro of Hill Country Village. Bradley Suttle of SACA marketed the property on behalf of the seller, Artisans’ Alley Inc. and procured the buyer, a private trust.

June 23, 2017

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