Property Type

SunTrust Sells Namesake Office Complex in Fort Lauderdale to Steelbridge Capital for $90M

by John Nelson July 1, 2016

FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.

July 1, 2016

Florida Office Southeast

City Office REIT to Acquire Six Office Buildings in Florida for $76M

by John Nelson July 1, 2016

ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.

July 1, 2016

Florida Hospitality Southeast

Atton Hotels to Open Atton Brickell Miami Hotel

by John Nelson July 1, 2016

MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.

July 1, 2016

Seniors Housing Southeast Tennessee

Ryan Cos., LCS to Build $40M Seniors Housing Community in Metro Nashville

by John Nelson July 1, 2016

HENDERSONVILLE, TENN. — Ryan Cos. US Inc. and LCS have announced plans to build Clarendale of Hendersonville, a $40 million independent living, assisted living and memory care community in the Nashville suburb of Hendersonville. Clarendale of Hendersonville will feature 184 total units on an 11-acre site. The community will be the fourth Clarendale-branded property. Life Care Services, an operational subsidiary of LCS, will manage the community once complete. Ryan Cos. will build the property, and Jack Potter of Nashville-based HFR Design will design the community. Marty Cook of Bone McAllester Norton is providing legal services.

July 1, 2016

Loans Multifamily Southeast Tennessee

Walker & Dunlop Closes $32.5M HUD Construction Loan for Apartment Complex in Metro Nashville

by John Nelson July 1, 2016

ANTIOCH, TENN. — Walker & Dunlop has closed a $35.2 million HUD 221(d)(4) loan for the construction of Vintage Burkitt Station, a 244-unit apartment complex underway in Antioch, a southeastern suburb of Nashville. The garden-style community will feature a clubhouse, cyber café, business center, fitness center, resort-style pool with outdoor entertainment area, game room and a playground for kids. The property will be the only Class A apartment community in the immediate area, according to Walker & Dunlop. The financing features both construction and permanent components, and the permanent financing was structured as a 40-year, fixed-rate loan. David Strange and Keith Melton of Walker & Dunlop’s Nashville office originated the transaction.

July 1, 2016

Multifamily New York Northeast

Eastern Consolidated Negotiates Sale of 280-Unit Condo Portfolio in Manhattan

by Amy Works July 1, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a package of 128 sponsor-held condominiums in a 280-unit condominium building located 100 W. 93rd St. in Manhattan’s Upper West Side. A local real estate investor acquired the 29-story, 403,000-square-foot building from a real estate investment partnership for an undisclosed price. Brian Ezratty, Deborah Gutoff and George Moss of Eastern Consolidated represented the seller, while Gutoff and Moss also represented the buyer in the deal. Scott Ellard of Eastern Consolidated served as analyst for the deal.

July 1, 2016

New Jersey Northeast Retail

CBRE Brokers Sale of Retail Plaza in New Jersey for $26.2M

by Amy Works July 1, 2016

HAZLET, N.J. — CBRE has arranged the sale of Kmart Plaza, a retail center located in Hazlet. Goodrich Hazlet LLC, an affiliate of Goodrich Management, sold the property to Onyx Equities for $26.2 million. The 203,912-square-foot retail property is occupied by Kmart, Bank of America, TGI Friday’s, GNC, GameStop and Payless Shoes. At the time of sale, the property was 71 percent occupied. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer.

July 1, 2016

Industrial Mixed-Use Multifamily New York Northeast Retail

Meridian Capital Arranges $14.4M in Financing for Mixed-Use Property in SoHo

by Amy Works July 1, 2016

NEW YORK CITY — Meridian Capital Group has arranged $14.4 million in permanent financing for the refinance of a mixed-use property located at 156 Prince St. in SoHo. The five-year loan, provided by a balance sheet lender, features a fixed rate, 18 months of interest-only payments and a five-year extension option. Scott Assouline and Isaac Lifshitz of Meridian Capital arranged the financing for the borrower. The six-story property features 22 apartment units and two retail spaces totaling 1,100 square feet. The retail spaces are currently occupied by Techno Solutions Group Inc. and Juice Press.

July 1, 2016

Multifamily New York Northeast

Cignature Realty Brokers $7.2M Sale of Multifamily Building in Manhattan

by Amy Works July 1, 2016

NEW YORK CITY — Cignature Realty has arranged the sale of a multifamily property located at 574 W. 161st St. in Manhattan’s Washington Heights neighborhood. BSF 574 West 161st Street Holding LLC acquired the asset from Hillcrest Acquisitions LLC for $7.2 million, or $286 per square foot. Built in 1910, the five-story, 25,160-square-foot building features 31 apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and the seller in the transaction.

July 1, 2016

Office Texas Top Stories

Hines REIT Sells Seven West Coast Office Properties to Blackstone for $1.1B as Part of Liquidation Plan

by Christina Cannon July 1, 2016

HOUSTON — Hines REIT Inc., one of three public non-listed REITs sponsored by investment firm Hines, has approved a liquidation plan in which Hines REIT will sell seven West Coast office assets to an affiliate of Blackstone Real Estate Partners VIII — a transaction valued at $1.1 billion. The portfolio totals approximately 3 million square feet, and includes Howard Hughes Center Los Angeles; Daytona Buildings in Redmond, Wash.; Laguna Buildings in Redmond, Wash.; 5th and Bell in Seattle; 2100 Powell in Emeryville, Calif.; 2851 Junction Ave. in San Jose, Calif.; and 1900 and 2000 Alameda in San Mateo, Calif. Hines REIT is currently in the process of liquidating the remaining assets that comprise its portfolio that includes the Chase Tower in Dallas and 321 North Clark in Chicago, along with a grocery-anchored retail portfolio located primarily in the Southeast. “When we first launched Hines REIT in 2003, it was structured as a perpetual life vehicle, much like many institutional funds,” says Sherri Schugart, president and CEO of Hines REIT. “Impacts from the Great Recession caused us to close the fund to new investors in 2009, so we began considering other options that could provide the best opportunities for enhancing stockholder …

July 1, 2016

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