Property Type

EagleBridge Capital Arranges $20.5M Construction Financing for Allston Apartment Complex

by Amy Works December 2, 2015

BOSTON — EagleBridge Capital has arranged $20.5 million in construction/permanent financing for an apartment complex located at 61-83 Braintree St. in Boston’s Allston neighborhood. The borrower is a joint venture between The Grossman Companies and Waypoint Cos. The apartment building will feature 80 studio, one-, two- and three-bedroom rental units and ground-floor commercial space. Additionally, the property will feature a rooftop deck, fitness center, bicycle storage and 68 parking spaces. Ted Sidel and Brian Sheehan of EagleBridge Capital secured the financing for the borrowers.

December 2, 2015

Connecticut Northeast Retail

Bass Pro Shops Opens First Connecticut Location in Steelpointe Harbor

by Amy Works December 2, 2015

BRIDGEPORT, CONN. — Bass Pro Shops has opened its first Connecticut location at Steelpointe Harbor, a 2 million-square-foot mixed-use property in Bridgeport. The 150,000-square-foot store features Uncle Buck’s Fish Bowl and Grill restaurant; Black Widow Billiards parlor with two tournament pool tables; a 12-lane bowling alley; an archery range; and an aquarium. Steelpointe Harbor, a 50-acre, $750 million project, is being developed by Bridgeport Landing Development, a subsidiary of The RCI Group.

December 2, 2015

Massachusetts Northeast Office

Sperry Van Ness Rebrands as SVN

by Amy Works December 2, 2015

BOSTON — Boston-headquartered Sperry Van Ness International Corp. has changed its signature brand name to SVN. The Sperry Van Ness brand was launched in 1987 and became a national franchise operation in 2003. This year, SVN has added 25 offices nationally and internationally, bringing the company’s portfolio to more than 1,400 advisors and staff in nearly 200 offices worldwide. The SVN brand name and new logo will roll out globally over the next 12 to 18 months.

December 2, 2015

New Jersey Northeast Office

Comcast Corp. Expands Lease by 42,000 SF at Voorhees Technology Center in New Jersey

by Amy Works December 2, 2015

VOORHEES, N.J. —Comcast Corp. has expanded its lease at Voorhees Technology Center, located at 401 White Horse Road in Voorhees, by 42,000 square feet. This expansion brings the company’s footprint to more than 150,000 square feet at the 215,000-square-foot building. Brian Sherlock and Evan Zweben of Colliers International represented the landlord, while Marc Policarpo and Bob Corr of Binswanger represented Comcast in the transaction.

December 2, 2015

California Hospitality Western

Elevated Returns Buys Majority Interest in Sunset Tower Hotel for $75M

by Nellie Day December 2, 2015

LOS ANGELES — Elevated Returns has purchased an 80 percent stake in the 81-room Sunset Tower hotel in West Hollywood for $75 million. The hotel is located at 8358 Sunset Blvd. Partial owner and operator Jeff Klein will retain his 20 percent stake in the Art Deco hotel. He will also continue his role in the day-to-day operations of the property. Elevated Returns also recently purchased the St. Regis Resort in Aspen, Colo., as well as the Chefs Club restaurants in Aspen and New York. Stephane De Baets leads the group. The seller was KKHG Sunset Tower LLC, an investment group headed by Peter Krulewitch. JLL’s Jeffrey Davis, John Strauss and Tony Muscio executed the transaction.

December 2, 2015

Colorado Multifamily Western

Gelt Buys 564-Unit Apartment Community in Denver for $74M

by Nellie Day December 2, 2015

DENVER — Gelt Inc. has purchased a 564-unit apartment community in Denver for $74 million from TruAmerica Multifamily. The community is located at its namesake, 3300 Tamarac Drive. The complex was built in 1977. It is situated at the intersection of interstates 25 and 225, near the northern border of the Denver South Business Corridor. This submarket is home to seven of the nine Fortune 500 Companies in the state. This was Gelt’s largest apartment property purchase to date in terms of both the quantity of units and price. It was also its first acquisition in Colorado. Gelt has acquired a total of 1,192 units this year, valued at more than $140 million. The firm hopes to acquire 2,000 additional units in 2016 within high-growth, infill locations throughout the Western U.S. CBRE’s Brian Eisendrath and Ross Moore arranged a $55.6 million acquisition loan Gelt. The 10-year, fixed-rate financing features a five years of interest-only payments. Gelt will continue a renovation program in progress at the community, in addition to executing further capital improvements on the units’ interiors and common areas. This was TruAmerica Multifamily’s first sale. The company acquired the asset in partnership with DVO Real Estate and RCG Longview. It invested about $2.4 billion …

December 2, 2015

Nevada Retail Western

GK Development Inc. Acquires Lake Mead Crossing for $42.75M

by Nellie Day December 2, 2015

HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.

December 2, 2015

California Office Western

Ocean West, Singerman Buy Long Beach Office Building for $35.2M

by Nellie Day December 2, 2015

LONG BEACH, CALIF. — A joint venture between Ocean West Capital Partners and Singerman Real Estate has acquired a 210,281-square-foot office complex in Long Beach for $35.2 million. The complex is located at 100 West Broadway Ave. within the Central Business and Pine Avenue entertainment districts. The two-tower, six-story property is currently 70.2 percent occupied. Major tenants include the City of Long Beach, Echo Global and Mental Health Association of America, as well as the newly renovated King’s Fish House and George’s Greek Café on the ground floor. CBRE’s Kevin Shannon, Brad Burton and Ken White represented the seller, Adler Realty Investments, in this transaction.

December 2, 2015

Georgia Mixed-Use Southeast

North American Properties Buys Colony Square in Midtown Atlanta for Nearly $170M

by John Nelson December 2, 2015

ATLANTA — North American Properties (NAP) has closed on a nearly $170 million deal to purchase and redevelop Colony Square, a two-tower mixed-use complex in Midtown Atlanta. The property is located at the intersection of 14th and Peachtree streets and features 700,000 square feet of office space, the W Atlanta-Midtown (not included in the sale),140,000 square feet of retail space and a 2,000-stall, covered parking garage. NAP and its capital partner purchased the project from Tishman Speyer and Rialto Capital Management, according to the Atlanta Business Chronicle.

December 2, 2015

Maryland Multifamily Southeast

Federal Capital Partners Sells Two Apartment Communities in Maryland for $88.7M

by John Nelson December 2, 2015

TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.

December 2, 2015

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