Property Type

J.G. Petrucci Co. Breaks Ground on 69-Unit Patriot Station at Chalfont in Pennsylvania

by Amy Works May 19, 2016

CHALFONT, PA. — J.G. Petrucci Co. is breaking ground on Patriot Station at Chalfont, a luxury apartment community located at 14 Park Ave. at Chalfont. Slated to open in spring 2017, the property will feature 69 one- and two-bedroom apartment units with stainless steel kitchen appliances, quartz countertops and full-size washers and dryers in each unit. Additionally, the complex will feature on-site surface parking and a state-of-the-art fitness center. Minno & Wasko is serving as architect for the project.

May 19, 2016

Loans Multifamily Washington Western

Newmark Realty Arranges $44.2M Construction Loan for Multifamily Community in Seattle

by Nellie Day May 19, 2016

SEATTLE — Newmark Realty Capital has arranged $44.2 million in construction financing for a 206-unit multifamily development in the South Lake Union area of Seattle. The Class A community will be called 624 Yale Apartments. It is scheduled for completion in November 2017. The project also contains 3,090 square feet of retail space. Brian Bonipart of Newmark Realty Capital arranged the financing.

May 19, 2016

California Multifamily Western

Tesoro Apartment Homes in Redlands Sells for $27.7M

by Nellie Day May 19, 2016

REDLANDS, CALIF. — An unnamed buyer has purchased the 188-unit Tesoro Apartment Homes in Redlands for $27.7 million. The community is located at 106 W. Pennsylvania Ave., about a mile from the University of Redlands. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the buyer, while IPA’s Alexander Garcia, Stewart Weston, Christopher Zorbas, David Sperling and John Montakab represented the unnamed seller.

May 19, 2016

California Office Western

DivcoWest Buys Office Complex in San Ramon

by Nellie Day May 19, 2016

SAN RAMON, CALIF. — DivcoWest has purchased Plaza San Ramon, a 312,000-square-foot office complex in the Silicon Valley submarket of San Ramon, for an undisclosed sum. The Class B complex is located at 2000-2010 Crow Canyon Place. The two-building plaza is currently 85 percent leased. It was built in the late 1980s and renovated by the prior owner in 2008. DivcoWest plans to implement a capital improvement program designed to reposition the asset as a Class A location for small- and mid-sized tenants.

May 19, 2016

California Office Western

Medical Office Building in San Diego Sells for $4M

by Nellie Day May 19, 2016

SAN DIEGO — 2100 Fifth Avenue LLC has purchased a 10,976-square-foot medical office building in San Diego for $4 million. The building is located at 5776 Ruffin Road. Paul Braun and Chris Ross of JLL Healthcare Practice Group represented the buyer. Don Mitchell and Ryan Mitchell of Cresa San Diego represented the seller, AMEN Ruffin Road LLC, in this transaction.

May 19, 2016

Florida Multifamily Southeast

Melo Group Delivers 38-Story Melody Tower in Downtown Miami

by John Nelson May 19, 2016

MIAMI — Melo Group has completed the construction of Melody Tower, a 38-story, 497-unit high-rise in downtown Miami. Located at 245 N.E. 14th St. in Miami’s Arts & Entertainment district, Melody Tower is now open for occupancy and renters are moving in this month. The tower includes one- to three-bedroom apartments with monthly rates starting at approximately $1,650 for a one-bedroom unit, $1,850 for a two-bedroom unit and $2,350 for a three-bedroom unit. The property is fully pre-leased and features 8,500 square feet of ground-floor retail and restaurant space that is pre-leased to Brazil’s Parmegiana Factory and New York Miami Pizza, both of which are set to open in the second quarter of 2016. Fronting Biscayne Bay, the property is located directly across from the Adrienne Arsht Center for the Performing Arts and less than two blocks away from the Miami-Dade Metromover Omni Station. Melody Tower’s amenities 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. Unit interiors include granite countertops, stainless steel appliances, laminated wood floors, porcelain tile, balconies and full-size washer and dryers in all units.

May 19, 2016

Waterford at Blue Lagoon Business Park Miami

Florida Office Southeast

Cushman & Wakefield Brokers $68M Sale of Office Portfolio in Miami

by John Nelson May 19, 2016

MIAMI — Cushman & Wakefield has brokered the $68 million sale of a five-building office portfolio at Waterford at Blue Lagoon Business Park in Miami. Built between 1982 and 1988, the portfolio totals 357,466 square feet. Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors LLC, in the transaction. Ivy Realty acquired the portfolio, which was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield arranged $50.5 million in acquisition financing through CIBC World Markets on behalf of Ivy Realty. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings.

May 19, 2016

Louisiana Retail Southeast

Stirling Properties Opens New Whole Foods Market in Louisiana

by John Nelson May 19, 2016

MANDEVILLE, LA. — Stirling Properties has opened a new Whole Foods Market at Premier Centre in Mandeville. Along with the recently opened Forever 21 Red, the 40,000-square-foot store is replacing a former Albertson’s grocery store. The 273,000-square-foot Premier Centre is fully leased to tenants including Stein Mart, Bed Bath & Beyond, T.J. Maxx, Barnes & Noble, Old Navy, Gap/Gap Kids, Rack Room Shoes, Banana Republic, American Eagle Outfitters, Hallmark, LOFT, Victoria’s Secret, Aéropostale, Buckle, Apricot Lane, H.W. Rosenblum, Earthsavers, Bath & Body Works, Motherhood Maternity, Chase Bank, Chili’s Grill & Bar, Romano’s Macaroni Grill, la Madeleine and Pinkberry. Tesla electric car charging stations are also available in the parking lot. Stirling Properties developed Phase I of Premier Centre in 1999 and Phase II in 2000 and currently holds the managing and leasing contract. The new Whole Foods store will employ approximately 100-120 team members.

May 19, 2016

Towne Place at Greenbrier Hampton Roads Chesapeake

Retail Southeast Virginia

Lingerfelt CommonWealth Buys Retail Center in Hampton Roads for $15.5M

by John Nelson May 19, 2016

CHESAPEAKE, VA. — Lingerfelt CommonWealth Realty Partners LLC has purchased Towne Place at Greenbrier, a 76,827-square-foot lifestyle retail center located in Chesapeake, a city within the Hampton Roads region. Built in 2007, the property was 94.7 percent leased at the time of sale to tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill and Surf Rider Restaurant. Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will handle property management of the retail center, and S.L. Nusbaum will handle leasing and marketing.

May 19, 2016

Loans Multifamily Washington Western

Harborview Capital Partners Closes $30.7M in West Coast Multifamily Loans

by Nellie Day May 19, 2016

SEATTLE AND PALM SPRINGS, CALIF. — Harborview Capital Partners has arranged six multifamily loans throughout the West Coast for a total of $30.7 million. The communities contain a total of 343 units in Seattle and Palm Springs. All of the transactions provided cash out to the borrower. The loans included a mix of agency, CMBS and traditional bank financing. Jeff Fuchs of Harborview’s Lawrence, N.Y., office arranged the loans on behalf of an unnamed, Seattle-based client.

May 19, 2016

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