TOTOWA, N.J., AND BETHLEHEM, PA. — G.S. Wilcox & Co. has arranged $13.8 million in financing for two separate properties in New Jersey and Pennsylvania. Gretchen Wilcox, David Fryer and Al Raymond of G.S. Wilcox & Co. arranged the financing in both transactions. In the first transaction, the firm secured a $7 million loan for a 252,000-square-foot former manufacturing facility in Totowa. The borrower, The Hampshire Cos., will be convert the property into a 383,000-square-foot single-tenant warehouse distribution facility. Provident Bank provided the financing for the borrower. In the second loan, the company arranged $5.8 million in financing for an office call center in Bethlehem. Thrivent Financing provided the financing for the borrower, J.G. Petrucci Co.
EAST HARTFORD, CONN. — Chozick Realty has brokered the sale of 97 condominium units, along with controlling and managing interest, in the 156-unit Gateway Estate Condominiums complex in East Hartford. Up Realty LLC acquired the units for $6.7 million, or $69,072 per unit for the 97 units. Following the acquisition, Chozick Realty sourced and facilitated the acquisition of an additional 39 units from individual unit owners within the property, bringing the buyer’s total common ownership to 136 units in the complex. The initial 97-unit acquisition includes a mix of two studios, 37 one-bedroom, 40 two-bedroom and 19 three-bedroom units. The additional condos purchased include a variety of layouts at a range of prices. The three-building complex was constructed in two phases between 1969 and 1976. Rick Chozick and Steve Pappas of Chozick Realty represented seller, 231 Ellington LLC, and the procured the buyer in the deal.
LOS ANGELES — Kilroy Realty Corp. has purchased The Sunset, a 179,000-square-foot mixed-use development in the West Hollywood submarket of Los Angeles, for $210 million. The property is located at 8560-8590 Sunset Blvd. on the famous Sunset Strip. The seller, Broadreach Capital Partners, acquired the asset from Apollo Real Estate in 2006 for $105 million. The Sunset occupies 2.2 acres along Sunset Boulevard. It features a 72,000-square-foot office tower and a three-building retail plaza atop a 107,000-square-foot subterranean parking structure. The transaction also includes three billboards atop the retail buildings that were fully leased in December 2016. The complex is 88 percent leased with a large fashion and health/fitness presence, including Equinox, SoulCycle, H&M and Oliver Peoples. The site previously held the headquarters for Playboy Entertainment. The Sunset is adjacent to CIM’s $365 million Sunset La Cienega mixed-use project, which will include residential units, a hotel and ground-floor retail space. HFF’s Ryan Gallagher, Michael Leggett, Bryan Ley, Andrew Harper and Tim Geiman represented Broadreach in the transaction. — Nellie Day
DALLAS — Greysteel has brokered the sale of Herschel Manor, a multifamily property located at 4107 Herschel Ave. in Dallas. 4107 Herschel LLC sold the property to WHA Yugen Sekinin Jigyou Kumiai LLP for an undisclosed price. Built in 1930, the property total 12 apartments and underwent a renovation and upgrade in 2015 and 2016. Renovations included upgrades to bathrooms and kitchens, installation of granite countertops and designer backsplashes in kitchens, stainless steel appliance packages throughout, upgraded hardware, fixtures and ceiling fans, refinished original hardwood flooring and new interior paint. Exterior renovations included painting the entire façade, new HVAC units and drought-resistant landscaping. The property also features a cookout area, covered parking and an on-site laundry facility.
EDMOND, OKLA. — ShowBiz Cinemas has announced plans to open a new family entertainment center in Edmond, Oklahoma. The development — Bowling, Movies and More — will feature 18 boutique bowling lanes, VIP event space, party rooms, 12 movie auditoriums with wall-to-wall curved screens, a café, full bar and modern arcade center. The Edmond development, scheduled to open by Christmas 2017, will mark the company’s first location outside Texas.
BAY CITY, TEXAS — San Antonio-based Innovative Multi-Family Investments LLC has acquired Shadow Bay Apartments, located at 1700 Baywood Drive in Bay City, for $10 million. Built in 1978 and renovated in 2015, the 167,773-square-foot property features 232 apartments, a clubhouse, swimming pool, grilling courtyard and picnic areas. The buyer will also manage the property. Jim Hurd of Houston Income Properties brokered the transaction. The name of the seller was not released.
CYPRESS, TEXAS — EDGE Capital has brokered the sale of Rock Creek Plaza, a newly developed shopping center located at 14034 and 14044 Grant Road in Cypress. The unnamed buyer acquired the property for an undisclosed price. Pet Supermarket, Little Caesar’s and 9Round Fitness occupy the two-building, 20,988-square-foot center. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the undisclosed seller, while Mark Kalil of Mark Kalil & Associates represented the buyer.
SAN ANTONIO — BMC Capital has closed the $4.4 million cash-out refinancing of a multifamily property located in San Antonio. The 10-year loan features a 5.17 percent fixed interest rate, 75 percent loan-to-cost ratio and a 30-year amortization schedule. The undisclosed borrower will use the loan proceeds for a Class C multifamily property that it has owned for approximately one year.
CONCORD, MASS. — Normandy Real Estate Partners has completed the sale of 300 Baker Avenue, an office building located in Concord. Novaya Real Estate Ventures acquired the property for $63.5 million. The 413,415-square-foot office building recently underwent significant renovations, including an updated lobby, common area, amenity and building system upgrades. Amenities at the building include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of NGKF Capital Markets represented the seller in the deal. Additionally, David Douvadjian and Brian Butler of Newmark Grubb Knight Frank arranged acquisition financing for the buyer.
LINDEN, N.J. — Seagis Property Group has purchased a 504,000-square-foot industrial asset, located at 340 Stiles St. in Linden. 500 West Edgar LLC sold the property for an undisclosed price. The buyer has commenced a multi-million-dollar renovation program at the property. Planned improvements include roofing, new entrances, new building façades and windows, modernization of the building’s 98 loading doors and five drive-in dock doors, as well as the installation of T-5 lighting. Additionally, Seagis will upgrade and pave nearly 13 acres of parking, creating new trailer and automobile parking spaces, and the company will also upgrade the landscaping and fencing throughout the site. The renovations are slated for completion in spring 2017. Chuck Fern of Cushman & Wakefield represented the seller and procured the buyer in the deal.