Property Type

The Preiss Co. Acquires 840-Bed Student Housing Community Near University of Central Florida

by Camren Skelton July 14, 2017

ORLANDO, FLA. — The Preiss Co., in a joint venture with a private investor, has acquired Mercury 3100, an 840-bed, 228-unit student housing community located roughly one mile from the University of Central Florida (UCF) in Orlando. The sales price and seller were not disclosed. The property features an outdoor swimming pool with sundeck, sand volleyball court, fitness center, tanning beds, basketball court, UCF shuttle service, recreation center, bike storage and on-site parking. Individual units are fully furnished and feature private bathrooms, private bedrooms and full-size washer and dryer units. The Preiss Co. plans to renovate both the interior and exterior with new flooring, upgraded lighting, new paint and roofing, HVAC replacements, parking lot resurfacing and pool enhancements.

July 14, 2017

Mixed-Use Multifamily New York Northeast Retail

Rosewood Realty Negotiates $82.8M Sale of Seven-Building Mixed-Use Portfolio in Queens

by Amy Works July 14, 2017

NEW YORK CITY — Rosewood Realty Group has facilitated the sale of a seven-building mixed-use portfolio in the Queens neighborhoods of Flushing, Sunnyside, Astoria and Elmhurst. A&E Real Estate Holdings purchased the portfolio from Ares Management for $82.8 million. Built between 1913 and 1941, the portfolio features a total of 343 apartments and six retail spaces. The portfolio includes 40-11-40-19 79th St. and 42-29 Judge St. in Elmhurst; 41-41 44th St. and 47-07 39th St. in Sunnyside; 151-10 35th Ave. and 132-70 Sanford Ave. in Flushing; and 22-73 41st St. in Astoria. Aaron Jungreis of Rosewood represented the buyer and the seller in the deal.

July 14, 2017

Addison-at-Princeton-Meadows-Plainsboro-NJ

Multifamily New Jersey Northeast

KRE Group, Oxford Realty Acquire 439-Unit Apartment Complex in Plainsboro, New Jersey, for $73.3M

by Amy Works July 14, 2017

PLAINSBORO TOWNSHIP, N.J. — KRE Group and Oxford Realty Group have acquired Addison at Princeton Meadows, a garden-style apartment complex located at 2821 Pheasant Hollow Drive in Plainsboro. An undisclosed seller sold the property for $73.3 million. Built in 1981, Addison at Princeton Meadows features 439 apartment units in a mix of one- and two-bedroom layouts. On-site community amenities include an outdoor pool with sundeck, 24-hour fitness center, lighted tennis courts, basketball courts, a fenced-in bark park and exterior patios and balconies on each unit. Joseph Brecher of Gebroe-Hammer Associates arranged the sale and procured the buyer in the transaction.

July 14, 2017

Civic Northeast Pennsylvania

Broomall Fire Co. Selects Bernardon as Architect for New Fire Station in Broomall, Pennsylvania

by Amy Works July 14, 2017

BROOMALL, PA. — Broomall Fire Co. has selected Bernardon as architect for a new fire station in Broomall. Situated on the former Marple School site, the 25,000-square-foot building will accommodate the current station’s apparatus, improve functionality and optimize response time. Primary funding for the project comes from the Commonwealth of Pennsylvania through a $3.25 million Redevelopment Assistance Capital Program grant. The new firehouse is slated for completion in early spring 2019.

July 14, 2017

New Jersey Northeast Office

Colliers Brokers $9.1M Sale of 138,266 SF Office Building in Piscataway, New Jersey

by Amy Works July 14, 2017

PISCATAWAY, N.J. — Colliers International has negotiated the sale of 15 Corporate Place South, an office building in Piscataway. 15 Corporate Place LLC acquired the building from Corporate Place Partners for $9.1 million. Built in 1983 and renovated in 2013, the four-story building features 138,266 rentable square feet in 40,000-square-foot floorplates. At the time of sale, the property was 98 percent occupied by 75 tenants. Jacklene Chesler, Matthew Brown and Jack Callahan of Colliers arranged the transaction.

July 14, 2017

Industrial Mixed-Use Multifamily New York Northeast Office

TerraCRG Arranges $2.9M Sale of Mixed-Use Building in Brooklyn

by Amy Works July 14, 2017

NEW YORK CITY — TerraCRG has brokered the sale of a mixed-use building located at 87 Luquer St. in the Carroll Gardens neighborhood of Brooklyn. An undisclosed buyer acquired the three-story, 6,875-square-foot building for $2.9 million. The property features a certificate of occupancy that allows for semi-industrial on the ground floor, office space on the second floor and residential space on the top floor. The building can also be completely rehabilitated for residential use. Dan Marks and Mike Hernandez of TerraCRG facilitated the sale. The name of the seller was not released.

July 14, 2017

Illinois Midwest Office

Golub & Co., Alcion Ventures Acquire 536,000 SF Office Building in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Golub & Co., in partnership with Alcion Ventures, has acquired 300 South Wacker, a 536,000-square-foot office property in Chicago. The purchase price was not disclosed. Built in 1971, the 36-story building is located along the Chicago River. The new owners plan to expand on a 2014 renovation of the building with a focus on the lobby, indoor and outdoor common areas and a new tenant amenity lounge. JLL represented the seller, Beacon Partners, in the transaction. Keith Largay of JLL arranged the acquisition financing through Deutsche Bank.

July 14, 2017

Midwest Minnesota Multifamily Student Housing

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

Illinois Loans Midwest Multifamily

Cohen Financial Secures $20.7M Construction Loan for Apartment Property in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $20.7 million loan for the construction of a 138-unit apartment property in Chicago’s Logan Square neighborhood. The $36 million development will also feature 9,300 square feet of retail space. The urban infill project is close to transportation, restaurants and other lifestyle amenities. Michael Hart of Cohen Financial arranged the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust. Savoy Development LLC is the project developer.

July 14, 2017

Hospitality Indiana Loans Midwest

Aries/Conlon Capital Arranges $7.2M Loan for Refinancing of 171-Room Hotel Property in West Lafayette, Indiana

by Kristin Harlow July 14, 2017

WEST LAFAYETTE, IND. — Aries/Conlon Capital has arranged a $7.2 million loan for the refinancing of Four Points by Sheraton in West Lafayette, about 65 miles northwest of Indianapolis. The 171-room hotel is located at 600 Cumberland Ave. near Purdue University. Rushi Shah of Aries/Conlon Capital arranged the CMBS loan, which features a 10-year term and a 25-year amortization schedule. Pandey Hotel Corp. was the borrower.

July 14, 2017

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