NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development property located at 515 E. 86th St. in the Upper East Side. The 22-foot wide development site, which is part of an assemblage, sold for $11.2 million. The property has approximately 22,150 buildable square feet as of right for a rental or condominium development. A four-story, 6,060-square-foot vacant building currently sits on the lot. Victor Sozio, Howard Raber, Shimon Shkury, Randy Modell and Jesse Deutch of Ariel Property Advisors represented the seller, a private investor, and procured the buyer, a private investor, in the transaction.
NEW YORK CITY — The Brodsky Organization has opened Enclave at the Cathedral, located at 400 W. 113th St. in Manhattan’s Morningside Heights, for leasing. Situated on the ground of The Cathedral of Saint John the Divine, the two-tower property features 430 residences in a mix of studio, one- and two-bedroom with rents ranging from $2,400 per month to $4,720 per month. On-site amenities include an indoor art gallery, game room, screening room, a café, fitness center, parking garage, two roof decks and landscaped terrace with outdoor television. The property was designed by Handel Architects.
BOGOTA, N.J. — Redwood Realty Advisors has arranged the sale of an apartment building located in Bogota. Landmark Development Co. sold the property to Real Estate Growth Advisors for $6.7 million. Built in 1962, the garden-style property features 48 apartment units. Michael Scrima, Matthew Sandelands, Kevin McCrann and Thomas McConnell of Redwood Realty Advisors brokered the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. A private investor acquired the property for $5.1 million. Built in 2007, the three-story property features 18 apartment units in a mix of studio, one-, two- and three-bedroom units; 6,000 square feet of retail spaces; and a 26-space gated parking lot. The property features a 421-A tax exemption in place, which expires in June 2023. Greg Corbin and Miguel Jauregui of Besen & Associates, along with former Besen broker Jacob Aronov, represented the seller and procured the buyer in the transaction.
LOS ANGELES — NorthMarq Capital has arranged a $22.1 million refinancing for The Meadows, a 690-unit apartment complex in the Los Angeles submarket of Culver City. The community is located at 6100-6500 Green Valley Circle. The loan features a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the financing through the firm’s correspondent relationship with a life insurance company.
MONROVIA, CALIF. — A private investor has purchased a 53-unit apartment building in Monrovia for $12.2 million. The community is located at 1219 S. Alta Vista Ave. It was built in 1971. Warren Berzack and Stephen Geiger of Berzack Investment Property Advisors Group of Lee & Associates-LA North/Ventura represented both the buyer and seller, another private investor, in the transaction.
PORTLAND, ORE. — Keystone Automotive Industries has leased 230,000 square feet at Interstate Crossroads Distribution Center in Portland. The space is located at NE 166th Avenue and NE Cameron Boulevard. The owner, Interstate Crossroads LLP, is a joint venture between real estate finance and investment management firm PCCP LLC and project developer Specht Development. David Ellis and Don Ossey of Capacity Commercial Group/CORFAC International represented the joint venture in the deal.
SANTA ANA, CALIF. — Nova Academy Children’s Foundation has purchased a 38,000-square-foot office building in Santa Ana for $8 million. The building is located at 500 W. Santa Ana Blvd. The foundation will use this property as a flagship charter high school. Brian Corrigan of Voit Real Estate Services’ Anaheim executed the sale.
LAS VEGAS — A limited liability company has purchased Sahara Mini Storage, a 52,672-square-foot self-storage facility in Las Vegas, for $3.4 million. The facility is located at 8140 West Sahara Ave. It was about 62 percent occupied at the time of sale. The seller, a personal trust, plans to donate all proceeds of the sale to charity. Cameron Glinton and Christopher R. Secreto of Marcus & Millichap represented both the buyer and seller in this transaction.
RICHARDSON, TEXAS — Spear Street Capital, Cushman & Wakefield and Peloton Commercial Real Estate will redevelop Galatyn Commons, a Class A office campus in Richardson. Located at 1011 Galatyn Parkway, the campus includes 600,000 square feet available for lease. Chris Taylor of Cushman & Wakefield, along with Peloton’s Russ Johnson, handle property leasing on behalf of the owner, Spear Street Capital. The multi-million dollar investment to redevelop Galatyn Commons is underway and will provide current and future tenants a full array of amenities. Renovations include the expansion of the parking garages to a ratio of 5 spaces per 1,000 square feet, as well as a complete renovation of the full-service cafeteria and outdoor amenity complex. Other new indoor amenities will include a coffee shop, conference center and new lobbies supported by 24-hour security. New outdoor enhancements include the addition of a food truck pavilion, an amphitheater, outdoor kitchen, fire pits and bocce courts. The campus will also feature a regular shuttle, as well as bike checkout stations providing access to CityLine, a 186-acre mixed-use development in Richardson. The Galatyn Commons campus is also adjacent to the Renaissance Hotel and Conference Facility and the Eisemann Center for Performing Arts. The full …