Property Type

Vesper Holdings Acquires Student Housing Complex Near Des Moines for $18.5M

by Christina Cannon September 21, 2015

AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.

September 21, 2015

Loans New York Northeast Office

GFI Realty Arranges $150.6M of Financing for 33-Story Office Building in Manhattan

by Amy Works September 21, 2015

NEW YORK CITY — GFI Realty Services has arranged a $150.6 million floating-rate loan on behalf of an office building located at 330 W. 42nd St. in Manhattan. Constructed in 1931, the 33-story building offers 590,000 square feet of office space. The building has occupancy of 90 percent. Daniel Lerer and Will Watkins of GFI procured the loan from Natixis, an investment bank.

September 21, 2015

Illinois Midwest Multifamily

Essex Realty Brokers $17.1M Sale of Uptown Chicago Apartments

by Christina Cannon September 21, 2015

CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

September 21, 2015

Hospitality Loans New York Northeast

HREC Arranges $7.1M in Financing for Comfort Inn Red Hook in Brooklyn

by Amy Works September 21, 2015

NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.

September 21, 2015

New York Northeast Retail

Retail Property in Queens Sells for $4M

by Amy Works September 21, 2015

NEW YORK CITY — An undisclosed buyer has acquired a retail building located at 41-19 Bell Blvd. in the Bayside neighborhood of Queens. The single-story, 4,648-square-foot property sold for $4 million, or $860 per square foot, in an all-cash transaction. The property is currently net leased to a Lucille Roberts gym. Zoned for mixed use with residential and commercial options, the property features a mezzanine and lower levels, as well as 11,426 buildable square feet. Stephen Preuss of Cushman & Wakefield handled the transaction. The name of the seller was not released.

September 21, 2015

Loans Midwest Missouri Multifamily Seniors Housing

Lancaster Pollard Brokers Refinancing Loan for Senior Living Facility in Missouri

by Christina Cannon September 21, 2015

HIGGINSVILLE, MO. — Lancaster Pollard has arranged funding for a refinance and renovation of John Knox Village East in Higginsville, which is 50 miles east of Kansas City. John Knox Village East is a senior living facility that features both intermediate care and skilled nursing beds and is managed by Life Care Services. The renovation will increase the number of skilled nursing beds, adding 16 private beds in a new wing. Lancaster Pollard worked with local banks to provide construction financing for the renovation and also obtained permanent financing via a $7.1 million loan insured by the USDA Community Facilities program. Mike Ashley led the transaction for Lancaster Pollard.

September 21, 2015

New York Northeast Retail

Marcus & Millichap Brokers $3.5M Sale of Retail Property in Upstate New York

by Amy Works September 21, 2015

ONEONTA, N.Y. — Marcus & Millichap has brokered the sale of Clinton Plaza, a retail property located on Main Street in Oneonta. A limited liability company acquired the 44,666-square-foot property for $3.5 million. Chip Collins, Anthony Asencio, Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor. Asencio, Sgambati and Cafiero also represented the buyer in the sale. J.D. Parker, also of Marcus & Millichap, assisted in closing the transaction.

September 21, 2015

Midwest Retail Wisconsin

HSA Acquires 45,029 SF of Retail Space Near Milwaukee

by Christina Cannon September 21, 2015

GREENFIELD, WIS. — HSA Commercial Real Estate has acquired a Barnes & Noble center consisting of two buildings for an undisclosed price. The center is located at 4935 76th St. in Greenfield, which is about 10 miles southwest from downtown Milwaukee. The shopping center consists of a 36,000-square-foot freestanding Barnes & Noble store and a 9,029-square-foot multi-tenant building. Tenants in the second building include Verizon Wireless, Print Graphix, Fox World Travel and Lady Jane’s Haircuts. Robert Mahoney and Christian Williams of CBRE represented the seller, Sun Life Financial. HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing.

September 21, 2015

Midwest Missouri Multifamily

Catamount Capital Sells Multifamily Property in St. Louis

by Christina Cannon September 21, 2015

ST. LOUIS — Catamount Capital LLC has sold a multi-family property located at 4404 McPherson Ave. in St. Louis to Everest 4400 McPherson LLC for an undisclosed price. Catamount acquired the property, Hampden Hall Apartments, in 2010 for $4.5 million.

September 21, 2015

NorthPlace Sandy Springs Central Perimeter

Georgia Office Southeast

MidCity, Crocker to Develop Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson September 21, 2015

SANDY SPRINGS, GA. — MidCity Real Estate Partners and Crocker Partners have formed a joint venture to co-develop NorthPlace, a 3.7-acre office campus located in Atlanta’s Central Perimeter office submarket at Barfield Road and Mount Vernon Highway in Sandy Springs. The campus will be visible from GA 400 and will be situated one block from Mercedes-Benz USA’s new headquarters and two blocks from the Sandy Springs MARTA station. Plans for NorthPlace include two towers spanning 250,000 square feet and 100,000 square feet. The site can also house build-to-suit opportunities ranging from 20,000 to 100,000 square feet for companies wanting to own their own property. MidCity will sell and lease the campus, and Roger White of MidCity will oversee day-to-day construction operations. Crocker Partners owns the site, and Crocker and MidCity have retained Warner Summers as the base building architect. In addition to office use, the site is also zoned for ground-floor retail space.

September 21, 2015

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