SAN BERNARDINO, CALIF. — Marcus & Millichap has arranged the sale of Inland Auto Service Center, a retail property located at 1680 S. Camino Road in San Bernardino. A partnership sold the 17,749-square-foot property to a personal trust for $1.2 million. The property was constructed in 1975 and renovated in 1990. Chuck Shillington of Marcus & Millichap represented the seller and buyer in the deal.
FARMERS BRANCH, TEXAS — NAI Partners and NAI Robert Lynn represented Geico in the sale of its former regional headquarters, a 240,000-square-foot office building located at 4201 Spring Valley Road in the Dallas suburb of Farmers Branch. Griff Bandy of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented Geico during the negotiations. Kent Smith of NAI Robert Lynn represented the buyer, JP Partners. The same NAI team represented Geico in the relocation and leasing of the company’s regional office in August 2015.
DALLAS — The Vitorino Group has brokered the sale of the Spring Valley retail strip, a retail asset located on Spring Valley Road in Dallas. The center was built in 1971 and was 100 percent occupied at the time of sale. A local investor was the buyer. The seller, a foreign investor, had a CMBS loan coming due without recapitalization options, and needed to close in a timely fashion.
BOSTON — Hersha Hospitality Trust has acquired the Envoy Hotel, located at 70 Sleeper St. in Boston’s Seaport District, on a fee simple basis. Norwich Partners sold the 136-room boutique hotel for $112.5 million. Completed in June 2015, the full-service hotel features two food and beverage outlets, Outlook Kitchen + Bar and Lookout Rooftop Bar. The AAA-rated hotel is part of Marriott’s Autograph Collection. The acquisition was funded with 1031 exchange proceeds from Hersha’s sale of seven limited-service assets in Manhattan to the company’s joint venture with an affiliate of Cindat Capital Management Limited. Denny Meikleham and Alan Suzuki of HFF represented the seller in the transaction.
TROY, N.Y. — The Rosenblum Companies has broken ground at 501 Broadway in Troy for the development of a $23 million mixed-use loft apartment project. The historic renovation of the former Troy Record newspaper building and the construction of a complementary new addition will bring 101 new apartments and ground-floor retail space to downtown Troy. Construction is slated to take 18 months. Redmark Realty is handling the leasing of the retail space.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
FRISCO, TEXAS — Metropolitan Capital Advisors (MCA) has arranged a $5.5 million acquisition loan for a 9.8-acre tract of land located in Frisco at the northeast corner of Legacy Drive and Eldorado Parkway. The property is situated adjacent to an existing Market Street-anchored shopping center and across the street from a Target-anchored power center. MCA’s Todd McNeill closed the two-year loan with interest-only payments through a regional bank.
HACKENSACK, N.J. — The Hampshire Companies has completed the sale of an industrial and office complex located at 86-110 Orchard St. in Hackensack. A private buyer acquired the property for an undisclosed sum. Situated on 5.2 acres, the 125,000-square-foot property features 110,000 square feet of warehouse space and 15,000 square feet of office space. The warehouse space is broken into 11 independent and fully demised industrial units with ceiling heights ranging from 14 feet to 25 feet. Additionally, the complex features 12 external docks, 10 drive-ins and 109 on-site parking spaces. Renovated in 2013, the property was 96 percent leased at the time of sale. Jeffrey DeMagistris, Thomas Vetter and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the deal.
DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
MORRISTOWN, N.J. — NorthMarq Capital has arranged $7.2 million in refinancing for The Governor Morris Center, an office and medical complex located at 25 Lindsley Drive in Morristown. Malvern Federal Bank provided the five-year fixed-rate loan for the 76,308-square-foot complex. The current owner, Lindsley Drive Associates, acquired the property in 2005. Gregory Nalbandian and Robert Delitsky of NorthMarq Capital secured the financing for the borrowers.
