NEW YORK CITY — Fox Hill Partners LLC has completed the disposition of apartment buildings located at 141 Park Hill Ave. and 320 and 350 Vanderbilt Ave. in Staten Island. Fox Hill Housing LLC acquired the properties for $52 million. Janice Mac Avoy, Stephanie Spell, Michael Hofer and Benjamin Cohen of Fried Frank served as counsel to the seller in the deal.
NEW YORK CITY — An investment group led by David Berley, chairman of Walter & Samuels Inc., has acquired a boutique office building located at 242 W. 27th St. in Chelsea. Panzel Development Associates sold the property for $14 million. Situated on the campus of the Fashion Institute of Technology, the 18,000-square-foot building features seven floors of office space, including a penthouse with a 500-square-foot deck and ground-floor loft duplex space. Ben Tapper, Noah Buchwald and Ross Weiner of Eastern Consolidated represented the seller, while Adelaide Polsinelli of Eastern Consolidated represented the buyer in the deal.
NEW YORK CITY — The Parkland Group has received $32.1 million in refinancing for a fully-leased retail property located at 200 West End Ave. in Manhattan’s Upper West Side. HFF placed the 15-year fixed-rate loan through MetLife for the borrower. The 25,446-square-foot retail property is leased to CVS/pharmacy, Bin 70, Apple Seeds and Beverly Hills Dry Cleaners. Rob Rizzi and Jennifer Keller of HFF arranged the financing for the borrower.
OMAHA, NEB. — Investors Realty Inc. has brokered the $3.2 million sale of the Airport Commerce Center in Omaha. Baceline Airport Commerce Center LLC sold the 65,101-square-foot industrial and office property, which is located at 1102-1234 E. Harman Ave. PPP Lot 4 LLC purchased the multi-tenant building. Ember Grummons and Lee Ehlers of Investors Realty represented the seller, and Mike Moylan represented the buyer.
AVON, MASS. — Newmark Grubb Knight Frank (NGKF) has arranged the sale of an office and distribution warehouse facility located at 80 Stockwell Drive in Avon. Hilco Real Estate, a unit of Hilco Global, sold the 241,454-square-foot property for $9.55 million. Situated on 12.7 acres, the property features 35,840 square feet of office space and 205,614 square feet of warehouse space. Additionally, the property features two presentation rooms, private offices, 22-foot ceilings, 17 dock doors and an open floor plate. Peter Whoriskey and Michael Frisoli of NGKF represented the seller, while Joel Miller of Permanser represented the undisclosed buyer in the transaction.
SYLVANIA, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of Timberstone Center, a 35,347-square-foot retail property in Sylvania, approximately 15 miles west of Toledo, for an undisclosed price. CSFB 2004-C5 Sylvania Avenue LLC sold the center through Ten-X.com to Parviz Benhuri. Timberstone Center, situated on 6.8 acres at 7561-7633 W. Sylvania Ave., is shadow-anchored by Kroger. Other tenants include Hallmark, Pizza Hut, Subway and Weight Watchers. Rich Deptula of Friedman represented both parties in the transaction.
AMHERST, N.Y. — WS Development has commenced construction of the first phase of its redevelopment of Northtown Plaza in Amherst. The first phase will include a 50,000-square-foot Whole Foods Market, which will be the grocer’s first location in Western New York. The store is slated to open in 2017. Picone Construction will serve as general contractor for the building construction. WS Development acquired the 400,000-square-foot Northtown Plaza, located at the intersection of Niagara Falls Boulevard and Sheridan Drive, in 2015.
NEWTON, MASS. — Senior Housing Properties Trust (SNH) has acquired seven seniors housing communities from Five Star Quality Care for $112.4 million. Five Star will continue to operate the communities as part of the sale-leaseback deal. The portfolio totals 545 units in North Carolina, South Carolina, Tennessee and Virginia. The lease with Five Star expires at the end of 2028 and includes renewal options. Five Star intends to use the proceeds it receives from the sale-leaseback transaction to repay in full amounts outstanding under its secured revolving credit facility, which had $60 million outstanding on June 28, 2016, and for general business purposes. The initial annual rent payable to SNH under the lease will be $8.4 million per year, resulting in an approximate capitalization rate of 7.5 percent. Starting after 2017, the rent may increase based upon a percentage of gross revenue increases realized by operations at the leased communities. SNH funded the purchase of the seven communities with cash on hand and drawings under its $1 billion unsecured revolving credit facility. Five Star was formerly SNH’s wholly owned subsidiary and both companies are based in Newton.
ALTAMONTE SPRINGS, FLA. — Crescent Communities has opened Crescent Gateway, a 249-unit apartment community located near the Maitland Boulevard exit on I-4 at 912 Innovation Way in Altamonte Springs. The property’s residences range from a 634-square-foot studio to a 1,476-square-foot, three-bedroom unit. Amenities include a clubhouse with Wi-Fi access, computer lounge with Macs and PCs and a poolside indoor/outdoor kitchen and lounge area. The community also has a yoga lawn, fire pit near the pool deck, bike storage, off-leash dog park and a media lounge with Xbox, PlayStation 4 and Apple TV. Unit interiors include granite countertops, stainless steel appliances, USB ports in the kitchen, walk-in closets and a washer and dryer in every residence.
RICHMOND, VA. — A partnership between L5 Investments and BH Equities has purchased Aspen Station Apartments, a 232-unit multifamily community located at 1500 Forest Run Drive near I-95 in Richmond, for $22.9 million. Built in 1980, the garden-style property features a swimming pool, clubhouse with a business center, lighted tennis and basketball courts, car wash and vacuum station and picnic areas with grill stations. Each unit features a full-size washer and dryer and a private balcony or patio. L5 Investments and BH Equities plan to invest $2.6 million in capital improvements such as remodeling amenities, upgrading unit interiors and landscaping. BH Management Services, BH Equities’ property management division, will manage Aspen Station. Laura Cathlina of Berkadia Commercial Mortgage arranged acquisition financing on behalf of the new ownership. Wink Ewing of ARA Newmark represented both the buyer and the undisclosed seller in the transaction.