Property Type

Cahuenga Investors Buys Former Home of Grandmasters Recorders for Retail Development

by Nellie Day May 19, 2017

HOLLYWOOD, CALIF. — Cahuenga Investors LP, a Los Angeles-based investment group, has acquired the home of Grandmasters Recorders, a recording studio on North Cahuenga Boulevard in Hollywood, to make room for a retail development. The price was $6.1 million. The building was built in the 1920s and began its life as Bijou Studios. Artists who have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn, Rick James, Blondie, Billy Idol, The Pointer Sisters, Red Hot Chili Peppers, The Black Crowes, Foo Fighters, Gwen Stefani, Jack Johnson, Kanye West, Nine Inch Nails, Tool and Rush. Kathleen Silver and Kay Sasatomi of Silver Commercial represented the seller in the transaction. Howard Sadowsky of Brooktree Partners represented the buyer. The property includes a 9,200-square-foot commercial building on 8,557 square feet of land, is located at 1518 N. Cahuenga Blvd. The buyer plans to renovate and convert the space to retail, restaurants and possibly a nightclub.

May 19, 2017

Arkansas Industrial Southeast

Chinese Textile Company to Invest $410M for Manufacturing Facility in Forrest City, Arkansas

by John Nelson May 19, 2017

FORREST CITY, ARK. — Shandong Ruyi Technology Group (Ruyi), a textile manufacturer based in China, plans to invest $410 million into the former Sanyo manufacturing facility in Forrest City. The facility will be the company’s first property in North America. Ruyi plans to employ up to 800 people at the plant, with plans to begin renovations in the fourth quarter of this year. The property has been vacant since Sanyo shut down production in 2007. Ruyi will use the facility to take 200,000 tons of Arkansas cotton annually and spin it into yarn for textile use. The company plans to begin operating at the Forrest City plant by mid-2018. The Arkansas Economic Development Commission worked with Ruyi to bring this deal to fruition. Ruyi can earn up to $4 million in grants from the State of Arkansas, depending on the company’s job creation at the plant.

May 19, 2017

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $63.5M Sale of Apartment High-Rise in Metro Atlanta

by John Nelson May 19, 2017

SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $63.5 million sale of M789, a 33-story apartment high-rise located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. The property’s 300 units average 1,221 square feet. Chicago-based Magnolia Capital purchased M789 from Austin, Texas-based CWS Capital LLC. Sean Henry and Joel Sasser of Moran & Co. Southeast brokered the transaction. The apartment tower’s amenities include a 24/7 concierge, resident clubroom, media lounge, entertaining kitchen, business center, resort-style pool and sundeck, fitness center, tennis court, on-site dry cleaners, sundries store and a private dog park.

May 19, 2017

Industrial Kentucky Southeast

Browning Investments Breaks Ground on 721,050 SF Spec Industrial Facility Near Louisville

by John Nelson May 19, 2017

SHEPHERDSVILLE, KY. — Browning Investments has broken ground on a 721,050-square-foot spec industrial facility situated within Velocity 65 Trade Center in Shepherdsville, roughly 20 miles south of Louisville and near the UPS Worldport. The industrial park will ultimately accommodate 4 million square feet on 300 acres and feature interchanges with Interstate 65. Browning Investments plans to deliver the spec facility in August. The developer has selected Phil Charmoli of Cushman & Wakefield | Commercial Kentucky to handle the leasing assignment for the park.

May 19, 2017

Florida Loans Multifamily Southeast

Goldman Sachs Provides $54.3M Loan for Two Apartment Communities in Tampa Bay Area

by John Nelson May 19, 2017

BRADENTON AND ST. PETERSBURG, FLA. — Goldman Sachs has provided $54.3 million in financing for two apartment communities in the Tampa Bay area. The properties include the 281-unit Fountain Lakes Apartments located at 5620 Fountain Lake Circle in Bradenton and the 276-unit Sienna Bay Apartments located at 10501 3rd St. in St. Petersburg. Mona Carlton, Elliott Throne and Matthew Sand of HFF arranged the two 10-year, fixed-rate loans through Goldman Sachs. The borrower, Beachwold Residential, will use the financing to retire existing bridge financing and return sponsor equity following a renovation/expansion program at both communities.

May 19, 2017

Florida Multifamily Southeast

Passco Acquires Apartment Community in Florida’s Space Coast for $53.5M

by John Nelson May 19, 2017

WEST MELBOURNE, FLA. — Passco Cos. has purchased The Haven at West Melbourne, a 336-unit apartment community located at 4550 Explorer Drive in West Melbourne, part of Florida’s “Space Coast” in Brevard County along the Atlantic Ocean. Community amenities include a resort-style pool and sundeck, business center, sand volleyball court, children’s play park and a yoga center. The property was 95 percent occupied at the time of sale. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented the seller, Flournoy Cos., in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco Cos.

May 19, 2017

Loans New York Northeast Office

Meridian Capital Group Arranges $21M Acquisition Financing for Office Property in Syracuse, New York

by Haisten Willis May 19, 2017

SYRACUSE, N.Y. — Meridian Capital Group has arranged $19 million in acquisition financing and $2 million for the repositioning of One Lincoln Center, an office property in Syracuse. The financing was arranged on behalf of Asher Zamir of Zamir Equities. Meridian’s Steven Edelstein, Steven Adler and Luke Hingson negotiated the loan, which was provided by a debt fund. One Lincoln Center is a 19-story, 305,594-square-foot office tower anchored by JPMorgan Chase, Bond, Schoeneck & King, CadaretGrant, Arcadis, and Earthlink. Located at 110 W. Fayette St., the property is adjacent to the intersection of I-81 and I-690.

May 19, 2017

Massachusetts Northeast Office

HFF Secures $8.9M Sale of Newmarket Center in Boston

by Haisten Willis May 19, 2017

BOSTON — HFF has secured the $8.9 million sale of Newmarket Center, a 55,000-square-foot office building located at 67 Kemble St. in Boston’s Roxbury submarket. HFF arranged the sale on behalf of the seller, DDJB Real Estate Holdings, and procured the buyer, The Winhall Cos., on an off-market basis. Urban Core Development redeveloped the property and served as its manager. Newmarket Center was originally built in the 1880s to house one of the area’s blacksmith shops, which operated until the 1930s. After sitting vacant, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. The building then ended up vacant during the late 1990s. Urban Core Development redeveloped the former warehouse into a loft-style office building in 2014 and 2015. Ben Sayles and Adam Dunn led the HFF investment sales team representing the seller.

May 19, 2017

Multifamily New Jersey Northeast

Redwood Realty Negotiates $3.5M Sale of Multifamily Site in Westfield, New Jersey

by Haisten Willis May 19, 2017

WESTFIELD, N.J. — Redwood Realty Advisors has negotiated the $3.5 million sale of a multifamily development site in Westfield. The site will be developed into a three-story apartment project known as “The Parker,” featuring 26 market-rate units and five affordable rentals. Westfield Auto Wash formerly occupied the location at the corner of West Broad Street. Redwood’s Jeremy Wernick represented both the seller, Jeff Zoraian, and the buyer, a New Jersey-based multifamily developer, in the transaction.

May 19, 2017

New Jersey Northeast Retail

BJ’s Shopping Center to be Developed in Hanover, New Jersey

by Haisten Willis May 19, 2017

HANOVER, N.J. — RD Management and JMF Properties will develop BJ’s Shopping Center, a retail project, in Hanover. BJ’s Wholesale Club will occupy 89,770 square feet of the center, with almost 28,000 square feet available for leasing. The site will share a traffic light with the Mennen Sports Arena, located directly across from the center on Hanover Avenue. Nearby retailers include Walmart, TJ Maxx, Home Goods, ShopRite and Acme/SavOn Drugs.

May 19, 2017

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