Property Type

SL Green Breaks Ground on One Vanderbilt Avenue in Manhattan

by Amy Works October 19, 2016

NEW YORK CITY — SL Green Realty Corp. has broken ground on One Vanderbilt, a 58-story office tower located in Manhattan’s East Midtown business district. Designed by Kohn Pederson Fox Associates, tower will offer 1.7 million square feet of Class A office space. The project also includes $220 million of public improvements to Grand Central Terminal, which is adjacent to the tower. TD Bank is set to occupy 200,000 square feet of office and retail space at the property, upon its completion in 2020. Hines is serving as development manager and AECOM’s Tishman Construction is serving as construction manager.

October 19, 2016

Industrial Loans Massachusetts Northeast

New York Life Real Estate Investors Originates $37M Acquisition Loan for Industrial Portfolio in Suburban Boston

by Amy Works October 19, 2016

FRANKLIN, PEABODY, WILMINGTON AND AVON, MASS. — New York Life Real Estate Investors, on behalf of institutional investors, has originated $37 million in acquisition financing for a four-building industrial portfolio located in the Greater Boston area. The five-year loan has a floating rate. The portfolio, which is 95 percent leased, comprises assets in Franklin, Peabody, Wilmington and Avon.

October 19, 2016

New York Northeast Office

Laurelwood Corporate Center Trades Hands in Voorhees, New Jersey

by Amy Works October 19, 2016

VOORHEES, N.J. — An entity related to Interstate Commercial Real Estate Inc. has acquired Laurelwood Corporate Center, an office building located at Haddonfield-Berlin and Laurel Oak Road in Voorhees. Quaker Commercial Properties sold the property for $6.8 million. The building offers 81,577 square feet of Class A office space. Evan Zweben, Jeff Algatt and Brian Sherlock of Colliers arranged the transaction. Additionally, Colliers has been retained by the buyer as its leasing agent for the property.

October 19, 2016

Multifamily New York Northeast

Ariel Property Advisors Facilities $2.7M Sale of Multifamily Building in Brooklyn

by Amy Works October 19, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily building located at 392 15th St. in Brooklyn’s Park Slope neighborhood. A private investor sold the six-story property for $2.7 million. The 4,860-square-foot building features six apartment units: five two-bedroom apartments and one three-bedroom duplex. Five of the apartments are free-market units and one apartment is a rent-controlled unit. Mark Spinelli, Michael Tortorici, Shimon Shkury, Daniel Tropp and Jonathan Berman of Ariel Property Advisors represented the seller. The name of the buyer was not released.

October 19, 2016

Georgia Southeast Student Housing

Landmark, Selig Underway on $110M Student Housing Project in Midtown Atlanta

by John Nelson October 19, 2016

ATLANTA — Athens, Ga.-based Landmark Properties and Atlanta-based Selig Enterprises have teamed up to co-develop The Standard at Atlanta, a new 362,000-square-foot student housing and mixed-use development in Midtown Atlanta. Construction on the 765-bed development began in August, and the Atlanta Business Chronicle reports the development costs total $110 million. Landmark and Selig expect the first phase of the project to be open to residents during the second half of 2018 and anticipate pre-leasing to begin in late 2017. Bound by Spring, Williams, 3rd and 4th streets, The Standard will be situated less than a half-mile from Georgia Tech’s campus and one block from Technology Square. The Standard’s amenities will include a clubhouse, rooftop pool, tanning beds, fitness center, sauna, golf simulator, study lounge and computer lab. Residences will include granite countertops, stainless steel appliances, hardwood-style floors, washers and dryers and private balconies in select units. The Standard will provide a mix of studio, one-, two-, three-, four- and five-bedroom floor plans and will also include commercial retail space on the ground floor featuring more than 10,300 square feet and a new Starbucks with a drive-thru. There will also be more than 500 parking spaces for residents and 55 spaces …

October 19, 2016

Florida Loans Multifamily Southeast

BB&T Provides $103M Construction Loan to Melo Group for Square Station High-Rises in Miami

by John Nelson October 19, 2016

MIAMI — BB&T Bank has provided a $103 million construction loan to Miami-based Melo Group for Square Station, a multifamily development located at 1424 N.E. Miami Place in downtown Miami’s Arts and Entertainment district. Set for completion in 2018, the property will include two 34-story high-rise towers comprising 710 apartment residences and 15,000 square feet of ground-level retail and restaurant space. Situated adjacent to the Miami-Dade Metromover School Board Station, the apartment project will include one-, two- and three-bedroom apartments with rental rates ranging from approximately $1,650 to $2,500 per month. Interiors will include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile and full-size washer and dryers in all units. Community amenities will include a resort-style swimming pool and pool deck, Jacuzzi, fitness center, valet service, covered garage parking, security control remote access and a social room for residents.

October 19, 2016

Maryland Multifamily Southeast

PRP Acquires Apartment Community in Maryland for $70.4M

by John Nelson October 19, 2016

GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.

October 19, 2016

Georgia Seniors Housing Southeast

Greystar Breaks Ground on Two Age-Restricted Communities in Metro Atlanta

by John Nelson October 19, 2016

ATLANTA and KENNESAW, GA. — Greystar has broken ground on two active adult communities in metro Atlanta: Overture Barrett in Kennesaw and Overture Lindbergh in Atlanta. Both apartment communities are restricted to residents over the age of 55. Overture Barrett will offer 175 luxury apartments and Overture Lindbergh will offer 190 apartments. The communities will include one- and two-bedroom apartments featuring gourmet kitchens with prep islands, granite countertops, tiled backsplashes, custom cabinetry and stainless steel appliances, wood-style plank flooring, nine-foot ceilings, spa-style showers and garden tubs, walk-in closets, full-size top-load washers and dryers, and private balconies or patios in select units. The developers plan to complete construction on Overture Barrett by February 2018 and Overture Lindbergh by summer 2017. Greystar, a South Carolina-based multifamily developer and operator, will break ground on nearly a dozen Overture-branded active adult properties during 2016 in Georgia, Texas, Virginia, North Carolina, Florida, California and Arizona.

October 19, 2016

Mississippi North Carolina Southeast Student Housing

Blue Vista Capital Sells Three Student Housing Properties in North Carolina, Mississippi

by John Nelson October 19, 2016

CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.

October 19, 2016

California Industrial Top Stories Western

Carter Validus Mission Critical REIT II Acquires AT&T Data Center Near Los Angeles for $79.5M

by Haisten Willis October 19, 2016

HAWTHORNE, CALIF. — Carter Validus Mission Critical REIT II Inc. (CVMC REIT II) has acquired the 288,000-square-foot AT&T Hawthorne Data Center in the Los Angeles suburb of Hawthorne for $79.5 million. CVMC REIT II, a non-traded REIT headquartered in Tampa, Fla., will assume the existing net lease with AT&T Corp. as part of the transaction. The previous owner was Israel-based Red Sea Group. The one-story, powered shell data center is located on a 15.9-acre site and includes an on-site substation delivering a 12,470-volt, 22.5 MVA (mega-volt amp) commercial power service feed. An eight-foot iron fence surrounds the site, with guarded gates on the east and west ends of the property. Security features include 24-hour on-site security staff, closed-circuit monitors, secure keycard access, biometrics scanner and alarmed doors. AT&T Corp., a wholly owned subsidiary of AT&T Inc., is a provider of IP-based services to multinational companies and serves more than 3.5 million business customers. “The acquisition of the AT&T Hawthorne Data Center represents an opportunity to invest in a mission-critical property with a strong brand affiliation,” says Michael Seton, president of CVMC REIT II. “We strive to be a true capital partner for our tenants and are excited to expand our already …

October 19, 2016

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