Property Type

Cypress Equities Acquires 488,975 SF Retail/Office Property in Vermont for $90M

by Amy Works August 16, 2016

WILLISTON, VT. — Cypress Equities has acquired Maple Tree Place, a mixed-use retail/office property located in Williston. Retail Properties of America sold the 488,975-square-foot property for $90 million. Developed between 2001 and 2005, Maple Tree Place is anchored by a variety of national and regional retailers including Dick’s Sporting Goods, Christmas Tree Shops, Best Buy, Shaw’s, Staples, Guitar Center and Majestic Cinemas. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.

August 16, 2016

Multifamily New Jersey Northeast

Joint Venture Sells 316-Unit Apartment Community in New Jersey for $91.5M

by Amy Works August 16, 2016

EAST RUTHERFORD, N.J. — A partnership between a New Jersey-based developer and an institutional owner has completed the disposition of The Monarch, a Class A apartment community located at 100-120 Schindler in East Rutherford. A private group acquired the property for $91.5 million. Situated on 15.8 acres across from the MetLife Stadium, the property features 316 units averaging 922 square feet. Community amenities include an outdoor swimming pool with sundeck, two outdoor courtyards with fire pits and grilling stations, fitness center with yoga studio, lounge with bar and gaming area, children’s play room, business center, on-site sundries store, covered parking and a two-story lobby with 24/7 concierge. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Robert Borny of HFF represented the seller in the deal.

August 16, 2016

New York Northeast Retail

Cushman & Wakefield Arranges $15.1M Sale of Commercial Building in Tribeca

by Amy Works August 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 73 Hudson St. in Tribeca. An undisclosed buyer acquired the five-story building for $15.1 million, or $1,315 per square foot. The building contains 11,500 square feet as built and offers approximately 2,800 square feet of unused development rights. The building features a ground-floor retail unit and four floor-through units above, which were delivered vacant upon sale. Will Suarez, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed sellers, while Alex Pisa of The Corcoran Group represented the buyer.

August 16, 2016

Multifamily New Jersey Northeast

Augustus Cos. Brokers $9.2M Sale of 28-Unit Multifamily Property in New Jersey

by Amy Works August 16, 2016

WEST NEW YORK, N.J. — Augustus Cos. has arranged the sale and acquisition of Jaclyn Heights, a multifamily property located at 5805 Jefferson St. in West New York. An undisclosed buyer acquired the 28-unit property from Shrewsbury, N.J.-based Jaclyn 28 LLC for $9.2 million. Lodi, N.J.-based Augustus Cos. represented the seller and buyer in the deal.

August 16, 2016

Office Texas

Method Architecture Completes Interior Renovation of Historic Office Building in Downtown Houston

by Haisten Willis August 16, 2016

HOUSTON — Method Architecture has completed an interior renovation of Level Office, located in downtown Houston’s Scanlan Building. Constructed in 1909, the Scanlan Building reaches 11 stories, situated at the intersection of Main and Preston streets. Purchased in late 2013 by Chicago-based Level Office, the three-story renovation project includes revitalizing office suites and common areas and establishing a co-working facility. Geared toward freelancers, entrepreneurs and small businesses, the suites offer an entry receptionist, card reader security and access to shared spaces including a common lounge, kitchen and conference facilities. Method Architecture preserved the building’s original marble and wood flooring and paired those elements with exposed ceilings, wrought iron columns and Edison bulb lighting. Burton Construction was the general contractor on the project.

August 16, 2016

New Jersey Northeast Retail

Trader Joe’s Signs Lease for 11,700 SF Location in New Jersey

by Amy Works August 16, 2016

HOBOKEN, N.J. — Monrovia, Calif.-based Trader Joe’s has signed a lease to open a new location at Harlow Hoboken at the southeast corner of Willow Avenue and 14th Street in Hoboken. The 11,700-square-foot location is slated to open in the first half of 2017. Trader Joe’s carries an extensive array of domestic and imported foods and beverages.

August 16, 2016

Loans Multifamily Texas

Love Funding Secures $51.2M in Refinancing for Four Multifamily Communities

by Haisten Willis August 16, 2016

HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.

August 16, 2016

Multifamily Texas

Drever Capital, Alder Group Begin Construction on Alders at Twin Creeks Apartment Community in Allen

by Haisten Willis August 16, 2016

ALLEN, TEXAS — Drever Capital Management and The Alder Group have begun construction on a new multifamily project in Allen. Named Alders at Twin Creeks, the jointly developed, 243-unit retiree residential community is located off Highway 75 in the master-planned community of Twin Creeks. The development is aimed at the Baby Boomer generation, the largest demographic group in the U.S, which began turning 70 years old this year. The location is adjacent to a six-acre park and within a half mile of both the Twin Creeks Hospital and Texas Health Presbyterian Hospital Allen. Completion is set for December 2017. Alders at Twin Creeks will occupy eight acres and will feature an 18,000-square-foot recreational area with an oversized pool, cabanas and commercial outdoor grill kitchen. Additional community amenities include a seniors fitness spa, movie theater, arts and crafts studio, pet park, café and complementary shuttle service. Each unit has its own balcony and comes with granite countertops, stainless steel appliances, side-by-side washer/dryers and energy-efficient lighting. Rental rates will start near $1,400 per month. Units range in size from 730-square-foot one-bedrooms to 1,280-square-foot two-bedroom, two-bath units. KWA Construction Co. of Dallas is the general contractor for Alders at Twin Creeks. Architect Frank …

August 16, 2016

Loans Multifamily Texas

LMI Capital Secures Two Transactions Totaling $34M in Houston

by Haisten Willis August 16, 2016

HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.

August 16, 2016

Advance-Auto-Parts-700-S-Colorado-Austin

Retail Texas

Colliers Arranges $2M Sale of Advance Auto Parts in Metro Austin

by Haisten Willis August 16, 2016

LOCKHART, TEXAS — Colliers International has arranged the $2 million sale of a single-tenant, net-leased retail building located on at 700 S. Colorado St. in Lockhart. Advance Auto Parts has a remaining 15-year lease on the newly constructed, 6,912-square-foot building. Jon Busse of Colliers International represented the buyer, The Douglas and Diane Paulson Family Trust ,an Austin-based private investor that purchased the property in an all-cash transaction. Brad Motley of KW Net Lease represented the seller and property developer, LG Lockhart LLC.

August 16, 2016

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