PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.
AUBURN, WASH. — Global real estate investment company Kennedy Wilson has purchased a 430-unit multifamily property in the Seattle suburb of Auburn for $81 million. Belara at Lakeland is a garden-style apartment community built in 2006 on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool and playground and is located in the Dieringer school district. “We are excited to expand our footprint in the Seattle area,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.” Auburn is located at the convergence of the SR-18, SR-167 and I-5, offering access to Seattle, Bellevue and Tacoma. Kennedy Wilson invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.6 percent to acquire the property. Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The company has an ownership interest in 9,893 units across 39 communities in the state of Washington. — Haisten Willis
The Lehigh Valley has seen no shortage of success stories in recent months when it comes to the region’s office sector. The third-largest metropolitan area in Pennsylvania, the Lehigh Valley is located 60 miles north of Philadelphia and 90 miles west of New York City. The region consists of 62 municipalities within Lehigh and Northampton counties, including the cities of Allentown, Bethlehem, and Easton. Last year, Guardian Life Insurance, one of the nation’s largest mutual life providers, announced it would establish a three-story corporate office building in Hanover Township, Northampton County. That 281,680-square-foot facility is expected to be completed by late 2016 and will house 1,500 employees. In March, Paychex Inc., a provider of payroll, human resources, retirement, and insurance services, announced it will undertake a $1.3 million expansion of its facility in South Whitehall Township, Lehigh County. That project will nearly double the company’s square footage and will create 100 new jobs. Many economic factors have contributed to the growth in Lehigh Valley’s office sector. These include its central location, well-developed transportation infrastructure, availability of suitable office space, high relative broadband rank, access to markets, and strong workforce. All these factors led Atlanta-based Garner Economics to identify high-value business …
VENTURA, CALIF. — IRA Capital Advisors has acquired Poinsettia Plaza, a specialty retail shopping center in Ventura. Poinsettia Plaza LLC sold the property for $50 million. Located at 4220-4360 E. Main St. and 4687-4731 Telephone Road, the 153,200-square-foot shopping center is 84 percent leased to a variety of tenants, including Ross Dress For Less, Office Depot, Lamps Plus, FedEx Office, Petco, Starbucks Coffee, Sally Beauty Supply, The Coffee Bean, Sherwin Williams and The Avenue. Dixie Walker and Charley Simpson of Cushman & Wakefield’s Retail Services group represented the seller, while the buyer represented itself.
PHOENIX — Velocis has purchased Park One, a 205,405-square-foot office and retail project in Phoenix, for $39 million. The project is located at 2111, 2121 and 2141 E. Highland Ave. The property contains two office buildings, along with a restaurant space that is fully leased to Half Moon Windy City Sports Grill. The office portion was 84 percent occupied at the time of sale. Park One was built between 1982 and 1983. CBRE’s Barry Gabel, Chris Marchildon and Kevin Shannon (Shannon is now with NGKF) executed the transaction. The seller was MS MCC Park One LLC, a joint venture between Morgan Stanley and McCarthy Cook & Co.
COLTON, CALIF. — Centrepointe – JMYL PL has acquired Centrepointe Plaza, located at 1040 S. Mt. Vernon Ave. in Colton, for $22 million. Constructed in 1992, the center features 109,000 square feet of retail space. NorthStar Realty Finance, in conjunction with Wilemon & Associates and JB Resources, provided financing for the acquisition. Mario Alvarez of NAI Capital and Jack Lee of JMYL LP development represented the buyer, while Jamie Harrison of Lee & Associates represented the seller, Chicago-based Centrepointe Plaza, in the deal. The buyer purchased the property as a value-add opportunity.
PHOENIX — NXT Capital has provided $29.6 million in acquisition financing for its sponsor to acquire 300 units of the 440-unit Signature Place apartment community in Phoenix. The community is located at 600 W. Grove Parkway. Signature Place is situated near Arizona State University, Tempe Town Lake, ASU Research Park, the South 101 corridor and the Sky Harbor International Airport. Amenities include a fitness center, two pools, an indoor racquetball court, tennis court, and access to mountain trails and a putting green. NXT’s sponsor in the transaction manages more than 2,000 units across metro Phoenix. Brandon Harrington of Walker & Dunlop placed the loan with NXT.
INGLEWOOD, CALIF. — Hollywood Park Casino Co. has announced the new Cary Grant Pavilion at Hollywood Park Casino (HPC) will open this fall in Inglewood. The casino will be situated on nearly 11 acres that face the newly expanded Century Boulevard, just a few miles from downtown Los Angeles and minutes from Los Angeles International Airport (LAX). Cary Grant Pavilion at HPC will be built just steps away from the former site of Hollywood Park Casino. The new iteration will contain 110,000 square feet, with 125 card game tables, simulcast wagering, Century Bar & Grill, a lounge and a gourmet café. Developers broke ground in July 2015. JCJ Architecture designed the property.
HOUSTON — PCCP LLC has provided a $73.1 million senior construction loan to Houston-based Medistar Corp. for the development of the 21-story InterContinental Houston Medical Center in Houston. The hotel will include 353 rooms and a six-story parking garage, along with 11,800 square feet of meeting space and a 7,800-square-foot ballroom. Medistar has retained Houston-based TRC Capital Partners, a hotel development firm, to co-develop the project. Construction has begun and is scheduled for completion in late 2018. InterContinental Hotel Group (IHG) will provide management services as the full-service operator at the property. The hotel will be developed on a 60,000-square-foot site bordered by Main Street and Old Main Street and adjacent to the Texas Medical Center of Houston. The hotel’s ground floor will contain the lobby, reception area, restaurant, bar and lounge, with the parking garage directly above the ground-floor amenities. The remaining 13 floors will contain a fitness center, outdoor pool, guestrooms and suites.
COPPELL, TEXAS — Addison-based Biel Partners has brokered a 19,000-square-foot office/warehouse lease for Triathlon Battery Solutions Inc. The company is a United States incorporated entity with investment backing from its German parent, Triathlon Batterien GmbH. The new location will be Triathlon’s headquarters within the United States. Triathlon supplies clients with lead-acid and lithium-ion batteries powering equipment such as electric forklifts and pallet jacks, electric industrial trucks and mobile lifting platforms. Triathlon occupied its new space at 631 Southwestern Blvd., Suite 140 in Coppell earlier this month and will hold a grand opening ceremony in October. Jeremy Kelly of Stream Realty Partners represented the landlord, ML Realty, in the lease deal.
