Property Type

Housing Trust Group, AM Affordable Housing Open $22M Residential Community in Miami

by John Nelson September 27, 2016

MIAMI — Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Public officials, community members and guests gathered at the new $22.8 million development at 1699 N.W. 4th Ave. for an official ribbon-cutting ceremony. Courtside’s one-, two- and three-bedroom apartments are reserved for residents making an annual income of no more than 60 percent of area media income (AMI). Monthly rents range from $760 to $990. The property is fully occupied. HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corp. low-income housing tax credits; $3.3 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.8 million from Miami-Dade County in the form of a surtax loan along with developer equity. Courtside Apartments broke ground in 2015, with 40 percent of the construction labor provided by residents of the surrounding neighborhood. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, …

September 27, 2016

Georgia Retail Southeast

The Shopping Center Group Brokers Sale of Two Retail Centers in Metro Atlanta for $9.4M

by John Nelson September 27, 2016

DACULA AND CUMMING, GA. — The Shopping Center Group has brokered the sale of two family lifestyle and sports-centric retail centers located in north metro Atlanta. The transactions include the $5.9 million sale of the 107,000-square-foot Dacula Family Festival in Dacula and the $3.5 million sale of the 62,410-square-foot Midway Family Festival in Cumming. Vishal Dacula LLC purchased both assets. Neal Pringle and the late Mark Cooley of The Shopping Center Group represented the seller, Watkins Real Estate Group, in both transactions. Constructed in 2008, Dacula Family Festival’s tenant roster includes TEBO Dentistry for Kids, Belle Nails, Taekwondo, Green Tea Restaurant and Little Caesars in two buildings. Kids Up Indoor Playground + Party Center, Swim Atlanta and Jack City Sports occupy three additional buildings. Dacula Family Festival also features a 200-foot baseball field, indoor pitching mounds and batting cages, a full-size basketball court and an indoor flag football arena operated by Jack’s City Sports Center. Two new tenants, Mathnasium and Fit Body Boot Camp, are slated to open in late 2016. Built in 2009, Midway Family Festival was fully leased at the time of sale to tenants such as Pepperoni’s Pizza, Vickery Animal Hospital, 7 Tequilas Mexican Restaurant, Johns Creek …

September 27, 2016

Alabama Healthcare Southeast Top Stories

Medical Properties Trust to Acquire Nine Acute Care Hospitals in Massachusetts for $1.25B

by Katie Sloan September 27, 2016

BIRMINGHAM, ALA. — Birmingham-based Medical Properties Trust Inc. (NYSE: MPW) has agreed to invest $1.25 billion in Steward Health Care System LLC through the sale-leaseback of nine acute care hospitals operated by Steward, and through the acquisition of a limited equity stake in the company. The transaction includes $1.2 billion for the hospital real estate and a $50 million equity investment in Steward. Properties in the sale-leaseback include Saint Anne’s Hospital in Fall River, Mass.; Holy Family Hospital at Methuen in Methuen, Mass.; Holy Family Hospital at Haverhill in Haverhill, Mass.; Carney Hospital in Dorchester, Mass.; Norwood Hospital in Norwood, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; and Morton Hospital in Taunton, Mass., according to reports by CoStar Group. The portfolio totals nearly 1,800 beds. An affiliate of Cerberus Capital Management — owner of Steward Health Care — agreed to invest $150 million in MPW’s common stock in a private placement transaction concurrent with closing. Medical Properties Trust Inc. is a self-advised real estate investment trust focused on acquiring and developing net-leased healthcare facilities. The company’s stock closed at $14.99 per share on Monday, Sept. …

September 27, 2016

Features Florida Office Southeast Top Stories

Steps Every Landlord Should Take to Prevent Liens by its Tenant’s Contractors

by John Nelson September 27, 2016

Defending claims of lien recorded by tenant improvement contractors can be costly, time consuming and lead to protracted litigation. However, with a little planning and the right contract language, landlords can protect their properties from such liability. Below is a summary of various strategies a landlord can implement to avoid liens from its tenant’s improvements. Include No-Lien Language in all Leases and Record A Notice Thereof Under Florida law, when a lease between a landlord and a tenant requires the tenant to make improvements to the tenant’s premises, if the tenant ends up failing to pay its contractor for the tenant improvement work, then the contractor can file a claim of lien (and eventually foreclose) against both the tenant’s leasehold interest and the landlord’s fee simple interest in the property in an attempt to recover payment. However, under Section 713.10, Florida Statutes, the landlord can prevent such claims of lien and foreclosure actions, even if the improvements are the “pith of the lease,” by taking a few proactive steps. First, the landlord must include express “no-lien language” in its lease that states that the interest of the landlord shall not be subject to liens for improvements performed in the premises …

September 27, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 251-Unit Avalon Shrewsbury in Massachusetts

by Jaime Lackey September 27, 2016

SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.

September 27, 2016

Multifamily New York Northeast

Cignature Realty Handles $19.7 Million Two-Building Multifamily Sale in Manhattan

by Jaime Lackey September 27, 2016

NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.

September 27, 2016

Industrial New York Northeast

Kalmon Dolgin, Premier Broker $3.5M Purchase of Warehouse Space in Old Bethpage, N.Y.

by Jaime Lackey September 27, 2016

OLD BETHPAGE, N.Y. — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 42,500-square-foot property at 195 Sweet Hollow Road in Old Bethpage for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp., in the transaction. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance Relocation Molloy Brothers Moving and Storage, which has relocated its operations to Farmingdale, N.Y. The one-story property has a 5,000-square-foot office.

September 27, 2016

Multifamily New York Northeast

TerraCRG Oversees Sale of Brooklyn Multifamily Building

by Jaime Lackey September 27, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a fully occupied multifamily building located at 40 Starr Street in Brooklyn’s Bushwick neighborhood. Matt Cosentino and Eric Satanovsky of TerraCRG exclusively handled the transaction. The property sold for $1.2 million, or approximately $290 per square foot and a 6 percent cap rate. The seller had owned the three-story, six-unit property for 35 years. It features an additional 1,375 square feet of available air rights. Three of the units are income-restricted.

September 27, 2016

Northeast Retail Rhode Island

KeyPoint Reps Landlord in Aerosports Trampoline Parks Lease in Woonsocket, RI

by Jaime Lackey September 27, 2016

Woonsocket, R.I. — KeyPoint Partners has negotiated a lease with Aerosports Trampoline Parks for nearly 35,000 square feet of space at Walnut Hill Plaza in Woonsocket. Don Mace of KeyPoint negotiated the transaction on behalf of the landlord. Walnut Hill Plaza is a 298,600-square-foot shopping center on Diamond Hill Road (Route 114) in Woonsocket. Tenants at the center include Sears, Ocean State Job Lot, Savers, Olympia Sports, Payless, and the Walnut Hill Bowl.

September 27, 2016

California Multifamily Student Housing Western

EdR Completes $45M Restoration of Bowles Hall at University of California, Berkeley

by Nellie Day September 26, 2016

BERKELEY, CALIF. — EdR has completed the $45 million renovation and modernization of Bowles Hall at the University of California, Berkeley. The residence hall features renovated residential suites, each with an attached bathroom; in-house dining facilities; library; individual and dedicated study and seminar rooms; main lounge; game room; and in-residence faculty and graduate student advisors.

September 26, 2016

Newer Posts

Older Posts