Property Type

UHC Buys, Rebrands Student Housing Community Near University of Alabama

by John Nelson October 9, 2015

TUSCALOOSA, ALA. — University House Communities (UHC), formerly Inland American Communities, has purchased South 10 Apartments, a student housing community located near the University of Alabama. UHC plans to rebrand the 200-unit property as University House. The five-story community features 592 beds with one-, two-, three- and four-bedroom floor plans that are fully furnished. The property also features more than 10,000 square feet of ground-floor retail space. Each bedroom has its own bathroom, and the units include 42-inch flat-screen TVs, quartz countertops, stainless steel appliances, nine-foot ceilings and full-size washers/dryers. The community’s amenities include a large gym, resort-style pool, outdoor lounge, 24-hour clubhouse, pet spa with a dog walk, study areas and tanning beds. The property is located blocks from Bryant-Denny Stadium and has direct access to the Crimson Ride transit system. South City Partners developed the property and sold to UHC for an undisclosed amount.

October 9, 2015

Olympia Heights Townhome Apartments Serenity Townhomes at Montgomery

Alabama Multifamily Southeast

Elevation Financial Buys Two Apartment Communities in Montgomery for $6.8M

by John Nelson October 9, 2015

MONTGOMERY, ALA. — Elevation Financial Group LLC has purchased two apartment communities in Montgomery totaling 378 units for a combined $6.8 million. The properties include the 202-unit Olympia Heights Townhome Apartments and the 176-unit Cyprus Court Apartments. Elevation Financial plans to rebrand Olympia Heights as Serenity Townhomes at Montgomery and Cyprus Court as Serenity Apartments at the Park. The company also plans to renovate the common areas, amenities and units of both communities. Elevation Financial purchased the two value-add assets through its subsidiary, Elevation Real Property Fund V LLC. Affiliate company Elevation Property Management LLC will manage both apartment communities.

October 9, 2015

New York Northeast Retail

Vanbarton Group Acquires Riverdale Crossing Shopping Center for $133M

by Amy Works October 9, 2015

NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square-foot center is anchored by the soon-to-be BJ’s Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Realty Associates, developed and sold the property. Acquisition financing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton.

October 9, 2015

Loans New York Northeast Office Retail

The Singer & Bassuk Group Receives $80M Loan for Office, Retail Property in NYC

by Amy Works October 9, 2015

NEW YORK CITY — The Singer & Bassuk Organization (SBO) has received $80 million in permanent financing for 501 Madison Avenue, a 30-story office and retail property owned by heirs of Cornelius Vanderbilt III. The loan is the last phase of a three-part series of interim, construction and permanent financing, which SBO first started to arrange in 2013, that aggregate to more than $160 million for the 200,000-square-foot asset. The property has undergone numerous renovations, including a new façade for the first- and second-floor retail spaces; new building entrance, lobby, elevators, windows, and cooling tower; electrical-system upgrades; and revitalized multi-tenant common areas. Tenants at the property include Carlo Pazolini, Oscar Heyan Inc., Randi Rahm, Innisfree M&A Inc. and The World Jewish Congress Foundation. The loan was provided by AXA Equitable Life Insurance Company.

October 9, 2015

Massachusetts Northeast Office

Longfellow Real Estate Acquires Office Building for $11.3M, Plans Redevelopment

by Amy Works October 9, 2015

BEDFORD, MASS. — Longfellow Real Estate Partners has acquired 1 Patriots Park, an office building located at 40-42 Wiggins Ave. in Bedford, for $11.3 million, or $78 per square foot. The company plans to redevelop the 144,230-square-foot property into a Class A laboratory building, with repositioning scheduled to start this fall. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | RBJ negotiated the sale and sourced the buyer. The name of the seller was not released.

October 9, 2015

Delaware Northeast Retail

Patterson-Woods Facilitates $1M Sale of Retail Building in Delaware

by Amy Works October 9, 2015

WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a retail property located at 3805 Concord Pike in Wilmington. C&J Commercial LLC sold the 2,400-square-foot property, which was formerly a four-bay auto repair shop, to Delaware-based Half Acre Cap LLC for $1 million. Charles Woods of Patterson-Woods represented the buyer, while Long & Foster represented the seller in the transaction.

October 9, 2015

Loans Office Washington Western

HFF Arranges $88M Construction Loan for Office Development in Seattle

by Nellie Day October 9, 2015

SEATTLE — HFF has arranged an $88 million construction loan for Urban Union, a 291,000-square-foot office development in Seattle. The trophy property will be located at 501 Fairview Ave. Urban Union will be a 12-story boutique office building featuring 284,357 square feet of office space, 6,725 square feet of ground-floor retail space and a 392-space subterranean parking garage. Its amenities will cater to TAMI (technology, advertising, media and information sectors) tenants, with two collaborative workspace features. The Union, a two-story, 4,500-square-foot gathering space will feature a conference center, catering kitchen, quiet room and board room. The Overlook will be an outdoor deck and rooftop conference center with views of Lake Union, Seattle and the Space Needle. It will also feature an indoor enclosed area that can be divided into smaller meeting spaces. The development is scheduled for completion in March 2016. The developer is Schnitzer West. HFF’s Michael Tepedino, Jennifer Keller and Tom Wilson arranged the loan through Blackstone Real Estate Debt Strategies and Bank of the Ozarks.

October 9, 2015

California Multifamily Western

Promenade Terrace Apartments in Corona Sells for $78.5M

by Nellie Day October 9, 2015

CORONA, CALIF. — The 330-unit Promenade Terrace apartments in Corona has sold to an unnamed buyer for $78.5 million. The community is located at 451 Wellesley Drive. Promenade Terrace is less than a half mile from Corona Hills Plaza, a 534,000-square-foot power center. It is also within walking distance of Corona Hills Marketplace, a 270,000-square-foot shopping mall, and near light rail transit to Los Angeles, Orange and San Bernardino counties. Alexander Garcia, Jr., Stewart I. Weston, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented both the buyer and unnamed seller in this transaction.

October 9, 2015

California Office Western

MetLife, Partners to Develop Office Tower Near Transbay Transit Center in San Francisco

by Nellie Day October 9, 2015

SAN FRANCISCO — A joint venture between MetLife, the John Buck Company and Golub Real Estate have announced plans to build Park Tower at Transbay, a 743,000-square-foot office tower near the Transbay Transit Center in San Francisco. The Class A tower will be located at Howard and Beale streets. The project will be a component of the Transbay Transit Center, a multi-billion-dollar redevelopment project that will feature residential, commercial and transportation facilities just three blocks from the San Francisco Bay. Park Tower at Transbay will feature 14 sky decks, as well as a ground-level park and a three-story lobby. The completion of the office complex is expected to coincide with the scheduled completion of the Transbay Transit Center. MetLife is an equity investor in the partnership, while John Buck and Golub are the developers. JLL is handling the project’s leasing.

October 9, 2015

California Retail Western

CBRE Brokers $13.2M Sale of Rosewood Shopping Center in Bellflower

by Nellie Day October 9, 2015

BELLFLOWER, CALIF. — CBRE Group has arranged the sale of Rosewood Shopping Center, a retail center located in Bellflower. Bristol Central LP acquired the 60,094-square-foot property for $13.2 million. Currently 74 percent leased, tenants include Fresenius Medical Care, Carl’s Jr., Health Care Partners, Papa John’s Pizza and Montano Family Dentistry. Arthur Flores of CBRE represented the seller, Rosecrans Bellflowers LLC, in the transaction.

October 9, 2015

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