STURBRIDGE, MASS. — Kimco Realty has completed the disposition of The Center at Hobbs Brook, a 230,590-square-foot retail center in Sturbridge. Cole Credit Property Trust IV Inc. acquired the property for $43.5 million. At the time of sale, the property was 98.7 percent occupied by a variety of tenants, including Stop & Shop, Marshalls, Michaels and Staples. Geoffrey Millerd, Justin Smith, Matt Waisnor and Paul Penman of NGKF Capital Markets represented the seller in the deal.
TEWKSBURY, MASS. — Rubenstein Partners has received $28.1 million in refinancing for the Center at Innovation Drive in Tewksbury. The recently rebranded property, formerly known as 495 Business Center, comprises four conjoined buildings located at 200, 300, 400 and 500 Innovation Drive. The complex features 706,000 square feet of office, manufacturing and warehouse space. Cambridge Savings Bank provided the financing. The facility is currently undergoing an interior and exterior renovation and capital improvement plan, which is slated for completion later this year. The redevelopment will transform the facility into a creative office complex.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of three multifamily buildings located at 257 Quincy St., 570 Jefferson Ave. and 308 Stuyvesant Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. The Mann Group sold the properties to an undisclosed buyer for $14.4 million, or $313,043 per unit. The 17,650-square-foot Quincy Street property features 21 units, the 7,364-square-foot Jefferson Avenue property offers nine units, and the 8,320-square-foot Stuyvesant Avenue building contains 16 units.
PLYMOUTH, MASS. — Fantini & Gorga has arranged $5.7 million in first mortgage financing for a hospitality and retail center located at 4, 6-20 Home Depot Drive in Plymouth. The borrower was FREJA LLC. The 18,250-square-foot property is 100 percent occupied. Tenants include a 130-room Hilton Garden Inn, New Tokyo Japanese restaurant, Sleepy’s Mattress, Hot Locks Spa and Salon and Massage Envy. Casimir Groblewski and Jason Cunnane of Fantini & Gorga arranged the financing for the Franklin, Mass.-based borrower.
WASHINGTON, D.C. — Mast Capital has sold The Graham Hotel Georgetown, a 57-room upscale boutique hotel within Washington, D.C.’s Georgetown Historic District. The Miami-based real estate investment and development firm sold the asset to Legacy Hotel Group LLC for $37 million, or $649,000 per key, one of the highest price per key transactions ever in Washington, D.C. The hotel underwent a multimillion-dollar renovation in 2013, after which the hotel more than quadrupled its profitability, according to Mast Capital. Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C., office, along with Christian Charre, Paul Weimer and Natalie Castillo of the firm’s Miami office, represented Mast Capital in the transaction. Nelson Migdal of Greenberg Traurig LLP executed the deal. Mast Capital originally purchased the hotel in 2011 for $16.4 million.
ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.
JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group has brokered the $10.5 million sale of a 588,000-square-foot manufacturing and warehouse facility located at 5245 Commonwealth Ave. in Jacksonville. Situated on 28 acres within Jacksonville’s Westside submarket, the property is fully leased to two tenants, Fanatics and Dickinson Fleet Services. Woodland, Calif.-based Tower Investments LLC purchased the building from FT-WD Property LLC. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix represented the buyer in the transaction. Newmark Grubb Phoenix has been the leasing agent for the property for more than 10 years.
NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.
WESTLAKE, OHIO — New York Life Real Estate Investors has provided a $48 million refinancing loan for The Promenade at Crocker Park in Westlake, approximately 15 miles southwest of Cleveland. The Promenade at Crocker Park is a 276,000-square-foot, Class A retail property. The shopping center features over 95 tenants including Apple, Trader Joe’s, DSW Shoe Warehouse and Dick’s Sporting Goods. The borrower, Stark Enterprises, is the original developer and has owned and managed the property since 1993. The fixed-rate loan features a 15-year term.
ANDERSON, IND. — RESOURCE Commercial Real Estate has brokered the sale of a 72-unit multifamily community in Anderson, approximately 40 miles northeast of Indianapolis. Broadway Park Apartments consists of one-, two- and three-bedroom apartments that range from 550 to 950 square feet. Consolidated Lots LLC sold the property to DWRES LLC for an undisclosed price. Amenities at Broadway Park Apartments, built in 1964, include a courtyard, laundry facility, on-site parking and a playground. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.
