Property Type

Greenstreet, CREC Sell Office Building in Coral Gables for $57.5M

by John Nelson June 20, 2016

CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.

June 20, 2016

Georgia Mixed-Use Southeast

Carter, Selig Close on Land Purchase for City Springs Project in Metro Atlanta

by John Nelson June 20, 2016

SANDY SPRINGS, GA. — Master developers Carter and Selig Enterprises have closed on the purchase of private land in Sandy Springs for City Springs, a 14-acre master-planned development comprising government and commercial space. Carter and Selig plan to begin construction on the residential and retail portions of City Springs this summer. The residences will feature 275 apartments and 19 townhomes with high-end finishes and amenities. The retail portion will comprise 30,000 square feet of street-level space bounded by Johnson Ferry and Roswell roads, Sandy Springs Circle and Mt. Vernon Highway. Both the residential and retail portions of City Springs are set for a winter 2017 completion. SunTrust Bank and partner banks Iberia Bank and Trustmark are providing construction financing for City Springs. The development team includes general contractor Brasfield & Gorrie and architect RJTR. City Springs is a public-private partnership between the city of Sandy Springs, Carter and Selig Enterprises.

June 20, 2016

Georgia Office Southeast

HD Supply Breaks Ground on 222,500 SF Office Building in Atlanta

by John Nelson June 20, 2016

ATLANTA — HD Supply has broken ground on its Leadership Development Center, an eight-story, 222,500-square-foot office building located at 3400 Cumberland Blvd. in the Atlanta portion of Cobb County. Set to open in early 2018, the property will house 900 HD Supply employees and feature a leadership training and customer support center. The project team includes Atlanta-based developer Greenstone Properties, broker Colliers International and architects HLG Studio and Wakefield Beasley & Associates. HD Supply is an industrial distribution company with 13,000 associates operating in 500 locations across 48 states and six Canadian provinces.

June 20, 2016

Multifamily New Jersey Northeast

Lennar Unveils 103-Unit Condominium Building in New Jersey

by Amy Works June 20, 2016

WEEHAWKEN, N.J. — Lennar has unveiled 1200 Avenue at Port Imperial, a boutique condominium project located on Weehawken’s Port Imperial waterfront. The seven-story development features 103 condominiums, a grand salon lobby, library lounge, media screening room, children’s playroom, fitness center and the Skyline Social Room, which offers lounge space, a catering kitchen, bar, multiple gathering areas with fireplaces, sound systems and televisions. Designed by Handel Architects, the building features a sleek glass interior with brick and metal panel accents, large windows and private balconies/terraces to maximize views of the Hudson River and Manhattan skyline. Ranging from 887 square feet to 3,139 square feet, the one- to three-bedroom residences are available for sale, starting at $759,000. 1200 Avenue at Port Imperial is the second building to open within Lennar’s Avenue Collection, a series of amenity-rich residential properties on the New Jersey Gold Coast.

June 20, 2016

Multifamily Northeast Pennsylvania

J.G. Petrucci Co. to Develop 151-Unit Apartment Complex in Pennsylvania

by Amy Works June 20, 2016

WARMINSTER, PA. — J.G. Petrucci Co. is developing Jackson Station, an eight-building, 151-unit residential complex located at 375 Jacksonville Road in Warminster. Slated to open in spring 2017, the property will feature 74 one-bedroom and 77 two-bedroom apartments with modern amenities, including stainless steel kitchen appliances, quartz countertops and full-size washers and dryers. Situated on 10 acres, the complex will also feature on-site surface parking, a fitness center, swimming pool and clubhouse. Minno & Wasko designed the project.

June 20, 2016

Industrial New York Northeast

GHP Office Realty Acquires 81,500 SF Flex Building in New York

by Amy Works June 20, 2016

ELMSFORD, N.Y. — GHP Office Realty LLC has acquired an 81,500-square-foot flex building located at 375 Executive Blvd. within Cross Westchester Executive Park in Elmsford. The building features 75,000 square feet of warehouse space with four loading docks and two drive-in doors, and 6,500 square feet of office space. Andrew Greenspan and Jamie Schwartz of GHP led the acquisition team. The buyer plans to upgrade the property to modernize it and make it more energy efficient. The County of Westchester sold the property for an undisclosed price.

June 20, 2016

Industrial New York Northeast

Avison Young Brokers $32.2M Sale of 52,000 SF Parking Garage in Manhattan

by Amy Works June 20, 2016

NEW YORK CITY — Avison Young has arranged the sale of a seven-story parking garage located at 19 W. 20th St. in Manhattan’s Flatiron District. Extell Development sold the property to 19-25 West 20th Street Property LLC for $32.2 million. The 52,000-square-foot property is under a long-term lease to Icon Parking. Vincent Carrega, Jon Epstein, Neil Helman and Charles Kingsley of Avison Young represented the seller.

June 20, 2016

Mixed-Use New York Northeast Office Retail

Marcus & Millichap Arranges $4M Sale of Mixed-Use Building in Brooklyn

by Amy Works June 20, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 524 Lorimer St. in Brooklyn. A limited liability company acquired the 3,384-square-foot building for $4 million. The purchaser was a 1031 exchange buyer from the Upper East Side. Shaun Riney, James Saros, Michael Salvatico and Matthew Steinberg of Marcus & Millichap’s Brooklyn office represented the seller and buyer in the transaction.

June 20, 2016

California Industrial Western

Goodman Birtcher Buys Logistics Portfolio in Los Angeles for $240M

by Nellie Day June 20, 2016

LOS ANGELES — Goodman Birtcher has purchased a 130-acre logistics portfolio that spans two infill sites in the Los Angeles submarkets of Santa Fe Springs and El Monte. The sites were purchased for a reported $240 million. The Santa Fe Springs site contains a six-building logistics campus that totals about 1 million square feet of space over 75 acres. The facility includes 18 acres of trailer parking and ambient refrigerated and freezer facilities suitable for food users, last-mile logistics and ecommerce companies. The transaction also includes a 55-acre site in El Monte that will be developed into a 1.2 million-square-foot, Class A logistics facility. It will be constructed with a flexible and sustainable design for logistics and ecommerce customers. The redevelopment efforts will commence once the sites’ current leases expire. JLL’s Louis Tomaselli, Zach Niles and Mark Detmer executed the transaction.

June 20, 2016

Michigan Midwest Multifamily

Image Capital Buys Riverfront Towers in Detroit for $79.5M

by Christina Cannon June 20, 2016

DETROIT — Image Capital LLC has purchased two out of three buildings belonging to the luxury Riverfront Towers property in Detroit for $79.5 million, according to Crain’s Detroit. Riverfront Tower Holding LLC was the seller. Tower 100, built in 1992, is 26 stories and contains 271 units. Tower 200, built in 1983, is 29 stories and contains 282 units. Tower 300, which was converted into 285 condominiums between 2005 and 2007, is not included in the sale. The property is situated on 11.7 acres and totals 571,831 square feet. Amenities include a fitness center, tennis and volleyball courts, a running track, indoor pool and spa, a dog run, jogging trails, a restaurant, picnic and grilling areas and a 722-space parking deck. Riverfront Towers offers a mix of one- and two-bedroom units that average 1,034 square feet. Apartment Management Professionals Residential will manage the property. Rick Vidrio and Rick Brace of Berkadia brokered the transaction.

June 20, 2016

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