Property Type

Evans Senior Investments Arranges $22.2M Sale of Seniors Housing Community in Louisiana

by John Nelson June 15, 2016

COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.

June 15, 2016

Georgia Multifamily Southeast

Admiral Capital, Wood Partners Sell 3833 Peachtree in Atlanta

by John Nelson June 15, 2016

ATLANTA — Admiral Capital Group and Wood Partners have sold 3833 Peachtree, a 222-unit multifamily property in Atlanta. The pair of companies purchased 209 of the 240 units in the broken condominium conversion project in 2012 in a joint venture agreement. During their ownership, Admiral and Wood added a new outdoor pool and cabana area, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded. JLL’s Atlanta office represented both the undisclosed buyer and sellers in the transaction. The sale represents the eighth transaction for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund LP.

June 15, 2016

Alabama Loans Multifamily Southeast

Trillium Capital Resources Arranges $18.4M Loan for Apartment Community in Alabama

by John Nelson June 15, 2016

PELHAM, ALA. — Trillium Capital Resources has arranged an $18.4 million loan for Grand Reserve of Pelham, a 184-unit apartment complex in Pelham, roughly 20 miles south of Birmingham. Trillium arranged the 12-year, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, an apartment operator based in Phenix City, Ala. The borrower used the loan to refinance an existing construction loan.

June 15, 2016

Multifamily New York Northeast

Cogswell Lee Development, GLUCK+ Launches Sales at 45-Unit Property in Manhattan

by Amy Works June 15, 2016

NEW YORK CITY — Cogswell Lee Development, in partnership with architect/developer GLUCK+, has launched sales at 150 Rivington, a residential building located in Manhattan’s Lower East Side. The multifamily building features 45 one-, two- and three-bedroom condominiums ranging from 543 square feet to more than 1,600 square feet. One-bedroom units start at $995,000; two-bedroom condos at $1.6 million; three-bedrooms at $2.7 million; and three-bedroom penthouses at $3.8 million. Slated for completion in the first quarter of 2018, the property will feature a 24-hour attended lobby, superintendent and porter services, a package room, cold storage, bicycle storage, a fitness center, a 1,500-square-foot roof terrace and 12,000 square feet of retail space.

June 15, 2016

New York Northeast Office

Kamber Management Unveils $20M Capital Improvement Plan for Tower 45 in Manhattan

by Amy Works June 15, 2016

NEW YORK CITY — Kamber Management Co. has launched a $20 million capital investment plan for Tower 45, a 40-story Class A office building located at 120 W. 45th St. in Manhattan. Kohn Pederson Fox will redesign the entrance, façade, lobby and elevator cabs of the 458,446-square-foot property. Additionally, Milo Kleinberg Design Associates is creating new interior design concepts for common areas, including hallways, bathrooms and a new pre-built suite program. Current office tenants at the 26-year-old property include Procter & Gamble, TIBCO Software, Shrodinger, Lipsky Goodkind and Co., and Bobby Van’s Steakhouse.

June 15, 2016

Northeast Office Pennsylvania

Five Real Estate Firms Form Capital Markets Real Estate Network

by Amy Works June 15, 2016

CONSHOHOCKEN, PA. — A group of like-minded real estate practitioners have formed Capital Markets Real Estate Network to serve investor clients nationwide in all the commercial real estate industry property sectors, including office, industrial, retail, multifamily and self-storage facilities. The new network will target investment sales, financing and 1031 exchanges nationwide, allowing members to win business in institutional and non-institutional commercial real estate sectors. In addition to new business generation, the network will serve members as an information exchange on market conditions, trends, property pricing, sharing best practices and more. The founding firms and members are Edward Ginn, Ken McEvoy and Bart Delfiner of Equity Retail Brokers; Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial; Colin Flynn of The Flynn Company; Gerard O’Malley and Tim McGinley of Duquesne Commercial Funding; and Matthew May of May Realty Advisors. The network plans to identify and recruit broker members in dozens of primary, secondary and tertiary markets nationwide in the next few years.

June 15, 2016

New York Northeast Office

NAI Long Island Announces New Division, NAI Queens

by Amy Works June 15, 2016

NEW YORK CITY — NAI Long Island has announced its expansion with the formation of a new division, NAI Queens. The division will specialize in the sale of investment properties in the Queens market, as well as provide other real estate services to Queens clients. Brian Sarath has joined the new division as a senior director. Most recently, Sarath serviced as director of the capital markets group of Massey Knakal, subsequently Cushman & Wakefield, since 2000. To date, Sarath has sold more than 220 buildings and loans with an aggregate value of $620 million.

June 15, 2016

Massachusetts Northeast Office

FirstService Residential Expands to Boston, Acquires The Niles Company

by Amy Works June 15, 2016

BOSTON — FirstService Corp. has expanded its residential property management operations to Boston with the acquisition of The Niles Company, a property management firm that was founded in 1907. The transaction will add more than 80 properties to FirstService Residential’s existing property management portfolio, which totals approximately 7,500 properties comprising more than 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.

June 15, 2016

Illinois Industrial Midwest

IDI Gazeley Developing 276,250 SF Industrial Business Park Near Chicago

by Christina Cannon June 15, 2016

BLOOMINGDALE, ILL. — IDI Gazeley is developing a new 276,250-square-foot industrial business park in Bloomingdale, approximately 30 miles northwest of Chicago. The three-building Bloomingdale Corporate Center is slated for completion by the end of this year. The center will include 255 Madsen, 260 Madsen and 270 Madsen, which will be 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively. Each building will feature loading docks, concrete truck courts, 30-foot clear heights, T-5 lighting and ESFR sprinkler systems. Newmark Grubb Knight Frank will serve as the leasing agent for the complex.

June 15, 2016

Illinois Loans Midwest Office

Cohen Financial Arranges $15.5M Acquisition Loan for Two Office Buildings in Oak Brook, Illinois

by Christina Cannon June 15, 2016

OAK BROOK, ILL. — Cohen Financial has closed a $15.5 million acquisition loan for two office buildings in Oak Brook, approximately 20 miles west of Chicago. Oak Brook Place I & II are each three stories and 90,000 square feet. The buildings were constructed in 1980 and 1981 and were 94 percent occupied at the time of sale. Cohen Financial placed the floating-rate, three-year loan with Prime Financial Partners. The borrower was an affiliate of American Landmark Properties Management LLC.

June 15, 2016

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