Property Type

Formation-Shelbourne Senior Living Services Sells Two Communities in New Jersey, Pennsylvania for $98.2M

by Amy Works July 12, 2016

ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.

July 12, 2016

Massachusetts Mixed-Use Multifamily Northeast Retail

Trinity Financial Breaks Ground on 83-Unit Mixed-Use Development in Boston

by Amy Works July 12, 2016

BOSTON — Trinity Financial has broken ground on Treadmark, a mixed-income, mixed-use development located in the Ashmont section of Boston’s Dorchester neighborhood. Situated at 1971-1977 Dorchester Ave., the 83-unit property will be comprised of 51 affordable rental units and 32 ownership units, all designed by Boston-based Taniya Nayak Design. Additionally, the project will feature ground-floor retail space. The Architectural Team is providing architectural services for the project. Financing for the development includes more than $3 million in state and federal tax credits that will generate approximately $22 million in equity for the project, $3 million in rental subsidy funds and more than $4 million in funding from the City of Boston.

July 12, 2016

Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $12M Sale of 264-Unit Multifamily Portfolio in New Jersey

by Amy Works July 12, 2016

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.

July 12, 2016

Loans Multifamily New York Northeast

Houlihan-Parnes Realtors Secures $1.5M in Refinancing for Apartment Building in the Bronx

by Amy Works July 12, 2016

NEW YORK CITY — Houlihan-Parnes Realtors has arranged $1.5 million in refinancing for a five-story walk-up apartment building located at 840 Bronx Park South in the Bronx. The five-year non-recourse loan includes a five-year option term and a 30-year amortization schedule. The property features 13 residential units and one retail store. Ed Graf of Houlihan-Parnes secured the financing for the undisclosed borrower.

July 12, 2016

Connecticut Northeast Office

Choyce Peterson Negotiates 24,000 SF Office Lease in Connecticut

by Amy Works July 12, 2016

STAMFORD, CONN. — Choyce Peterson Inc. has brokered a 24,000-square-foot office lease on behalf of Cara Therapeutics Inc. The company plans to relocate its headquarters to the new space at 107 Elm St. within Stamford Plaza in Stamford. On-site amenities of the property include a cafeteria, conference facility, fitness center, sundries shop, dry cleaner, plus a car wash and detailing service. Cara Therapeutics relocated from One Parrot Drive in Shelton, Conn. John Hannigan and Adam Cognetta of Choyce Peterson represented the tenant in the transaction. The landlord, RFR Realty LLC, was represented in-house by Margaret Carlson, Steve Lash and Ed Wissell.

July 12, 2016

District of Columbia Multifamily Southeast

Quadrangle, Wilkes Break Ground on Apartment Development in D.C.

by John Nelson July 12, 2016

WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Co. have started construction on The Lydian, a 324-unit luxury apartment building located at 400 K St. N.W. in Washington, D.C. Situated within the heart of Mount Vernon Triangle, The Lydian is located adjacent to another Quadrangle/Wilkes K Street apartment development, Lyric 440K. The Lydian will be the Quadrangle/Wilkes development team’s seventh building in its 2 million-square-foot, mixed-use Mount Vernon Place community. The first floor of The Lydian will have 13,410 square feet of shop and restaurant spaces, featuring 14-foot finished ceilings with floor-to-ceiling windows fronting the sidewalks of K Street. Designed by Davis, Carter, Scott, apartments at The Lydian will include 26 studios, 220 one-bedroom, 26 one-bedroom/den and 52 two-bedroom units on 14 floors. Amenities will include a rooftop pool and spa, cyber café with free Wi-Fi, rooftop clubroom with panoramic views, second-floor garden, fitness center, pet washing and grooming areas, underground parking garage and a bike repair and storage room.

July 12, 2016

Florida Retail Southeast

American Commercial Realty Acquires Publix-Anchored Center in Jacksonville for $22.7M

by John Nelson July 12, 2016

JACKSONVILLE, FLA. — American Commercial Realty Corp. (Amcom Realty) has purchased Highland Square, a 277,000-square-foot, Publix-anchored shopping center located along I-95 and Dunn Avenue in Jacksonville. Amcom Realty purchased the asset for $22.7 million. The property’s tenant roster includes CVS/pharmacy, dd’s Discounts, Family Dollar, Bealls Outlet, Baileys Powerhouse Gym, Rainbow, Starbucks Coffee, Chase Bank and BBVA Compass. Ironstone Partners advised Amcom Realty in the transaction.

July 12, 2016

Florida Industrial Loans Southeast

JP Morgan Arranges $22.6M Construction Loan for Spec Industrial Facility in Fort Lauderdale

by John Nelson July 12, 2016

KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.

July 12, 2016

Georgia Industrial Southeast

Coldwell Banker Upchurch’s Elrod Group Brokers $4.1M Sale of 746,735 SF Industrial Facility in Georgia

by John Nelson July 12, 2016

LAVONIA, GA. — The Elrod Group, a brokerage division with Athens, Ga.-based Coldwell Banker Commercial Upchurch Realty, has arranged the $4.1 million sale of an industrial facility in Lavonia. The 746,735-square-foot warehouse development is situated on 55.8 acres along I-85. Brian Elrod of The Elrod Group represented the seller, Heritage Global Inc., in the transaction. The buyer was an unnamed automotive logistics user.

July 12, 2016

Illinois Midwest Office

Reed Construction to Complete 545,000 SF Headquarters Renovation Near Chicago

by Christina Cannon July 12, 2016

NORTHFIELD, ILL. — Reed Construction will complete a 545,000-square-foot renovation and build-out for Medline Industries Inc. in Northfield, approximately 20 miles northwest of Chicago. Medline, a global medical supply manufacturer and distributer, will relocate its headquarters to the facility, which was the former headquarters for Kraft Foods. Medline’s current headquarters in Mundelein, Ill., will stay open for the next several years. The renovation will include interior demolition and a rebuild of the existing space, followed by construction of new offices, meeting rooms, break areas and more. The construction is slated for completion this November. Partners by Design is providing architectural services, and MB Real Estate is representing the owner.

July 12, 2016

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