NEW YORK CITY — SL Green Realty Corp. is selling its 90 percent stake in the residential condominium property at 248-252 Bedford Ave. in Brooklyn. The 72-unit multifamily building, which was owned in partnership with Magnum Real Estate Group, has a gross market valuation of $55 million, or $1,242 per square foot, excluding the retail portion of the property. The transaction is expected to close in the first quarter of 2016. SL Green acquired its interest in the 44,279-square-foot property, along with 12 townhomes, for $54.9 million in 2012. The company has since sold off the 12 townhomes for gross sales totaling $25.5 million. SL Green will retain its interest in the building’s street-level retail condominium, which comprises 51,470 square feet.
AVENEL, N.J. — Sitex Group has acquired a 20-acre site located at 215 Blair Road in Avenel within the Exit 12 submarket in New Jersey for an undisclosed price. The property includes a 175,000-square-foot warehouse facility with four acres of trailer parking, as well as excess land for development of a 200,000-square-foot cross-dock distribution facility. Sitex plans to rehabilitate the existing property, which is a former C&S Wholesale Grocers/White Rose Foods warehouse, and construct a 200,000-square-foot speculative logistics facility with 36-foot ceiling heights, 53 loading docks and several acres of on-site trailer parking. Mindy Lissner, William Waxman, Steven Beyda, Kevin Dudley, Robert Pine, Jennifer Ferrara and Susan Strauss-Rickwalder of CBRE represented the buyer and undisclosed seller in the transaction.
SHREWSBURY, MASS. — Berkeley Point Capital has closed a $19.7 million fixed-rate loan for the acquisition and renovation of Ashford Crossing, a 180-unit multifamily development in Shrewsbury. The garden-style apartment complex comprises 15 three-story residential buildings, containing one- and two-bedroom units, as well as a clubhouse featuring a pool, tennis courts, playground and fitness center. The borrower, whose name was not released, plans to renovate the interior and exterior of the property, including upgrades to all kitchens and bathrooms as units turnover. The 12-year loan, which was secured through Fannie Mae, features a six-year interest-only period.
NEW YORK CITY — Newmark Holdings has received $100 million in refinancing for 560 Broadway, a six-floor, 122,454-square-foot office building in Manhattan’s Soho neighborhood. The funding will be used for a major capital improvement plan that will reposition and upgrade the property. The property, which Newmark Holdings purchased in 1986, is currently 100 percent occupied with a tenant roster that includes Converse, Dean & Deluca and Lerer Hippeau Ventures. The funding was provided by TD Bank and BNY Mellon.
NEW YORK CITY — Westbridge Realty Group has arranged the sale of a newly constructed multifamily property located at 64-64 Wetherole St. in the Rego Park neighborhood of Queens. The seven-story, 10,465-square-foot building features eight residential apartments. The property was delivered vacant with a 421-a tax abatement in place. Steven Westreich and Hen Vaknin of Westbridge Realty brokered the off-market transaction, which closed for an undisclosed sum. The names of the buyer and seller were not released.
ARLINGTON, VA. — HFF has arranged $65 million in financing for Tellus, a 254-unit, 16-story mixed-use development in Arlington’s Courthouse neighborhood. Tellus is located at 2009 14th St. N. two blocks from the Courthouse Metro. Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C., and has studio, one- and two-bedroom units averaging 789 square feet each. The LEED Gold-certified property features a rooftop swimming pool, indoor yoga studio, fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space. At closing, the residential portion of the property was 93 percent occupied. Sue Carras, Walter Coker and Brian Crivella of HFF worked on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Co., to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.
ORLANDO, FLA. — ARA Newmark has brokered the $51.4 million sale of Amara at MetroWest, a 411-unit, Class A apartment community in Orlando. The property is part of MetroWest, the $960 million, 1,800-acre master-planned community that is situated five miles north of Universal Resorts and six miles southwest of downtown Orlando. Built in 1997, the property’s amenities include a 24-hour fitness center, resident business center, playground, tennis court, clubhouse with a media lounge, car care area, two swimming pools and outdoor barbecue grills with picnic areas. Kevin Judd, Patrick Dufour, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, Fairfield Amara LLC, in the transaction. The buyer was Salt Lake City-based Bridge Investment Group Partners, managers of the ROC Funds.
CHICAGO — Interra Realty has arranged the sale of two properties in Chicago for a total of $2.4 million in separate transactions. A 12-unit mixed-use property, located at 5355 W. Irving Park Road, sold for $1.5 million. Built in 1927, the property includes 10 two-bedroom/one-bathroom apartment units and two retail spaces leased to a barbershop and fitness studio. A 12-unit apartment building, located at 2854 N. Lowell Ave., sold for $975,000. Constructed in 1930, the building contains all one-bedroom units. Joe Smazal and James Clough of Interra represented both parties in the two transactions. Patrick Kennelly also assisted in brokering the sale of the property located at 2854 N. Lowell Ave. All parties in the transactions were undisclosed.
WEST PALM BEACH, FLA. — CBRE has arranged the $44 million sale of AMLI at Ibis, a 234-unit, gated apartment community in West Palm Beach. Olen Properties purchased the asset from AMLI Residential. The lakeside property is located on a 14.9-acre parcel at 8300 Ibis Reserve Circle, adjacent to the Ibis Golf and Country Club. Robert Given, Zachary Sackley, Mary Kate Swann, Charles Foschini and Christopher Apone of CBRE brokered the transaction. Completed in 2000, AMLI at Ibis features a clubhouse, 31 detached garages, unstaffed gate and guard house, resort-style pool and spa overlooking the lake, outdoor covered picnic area, tennis court, fitness center, car care center, children’s center, conference room and a veranda. Individual units feature 9-foot ceiling heights, crown molding, private entries and direct access garages in 78 select units.
SCHAUMBURG, ILL. — The Boulder Group has arranged the sale of a single-tenant, net-leased retail property in Schaumburg for $2.2 million. The 4,500-square-foot building, located at 1430 E. Algonquin Road, is leased to Culver’s, a fast-casual restaurant chain, which has 15 years remaining on its lease. The property is positioned as an outparcel to an Aldi-anchored shopping center. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based developer. The buyer was a high-net-worth individual.