TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a five-property, 735-unit apartment portfolio in the Tampa Bay area. The properties include the 176-unit Palms at Cedar Trace, 212-unit Palms at Sand Lake and the 130-unit Palms at Ashley Oak in Tampa; the 125-unit Palms at Palisades in Brandon; and the 92-unit Palms at Cortez in Bradenton. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
SANTA MONICA, CALIF. — Los Angeles-based Chan Luu has opened its U.S. flagship store at Santa Monica Place, an open-air mall located at 395 Santa Monica Pier in Santa Monica. The retailer offers jewelry, scarves and apparel. Chan Luu was launched in 1996 and has several international flagship stores throughout Japan. Additional tenants at Santa Monica Place include Bloomingdale’s, Nordstrom, Tiffany & Co., Spanx and Louis Vuitton.
FLORHAM PARK, N.J. — The Rockefeller Group plans to develop a 130,000-square-foot, state-of-the-art cancer center treatment facility at The Green at Florham Park, a 268-acre, master-planned development in Florham Park. The facility is being developed in partnership with Summit Medical Group and Houston-based University of Texas MD Ander Cancer Center, which recently signed a long-term lease at the property. The Rockefeller Group expects to break ground this summer on the facility. Summit Medical Group, which occupies a 100,000-square-foot medical office building at The Green at Florham Park, is New Jersey’s largest multi-specialty physician group with more than 600 practitioners in 67-plus locations throughout central and northern New Jersey.
MORRISTOWN, N.J. — National Business Parks has acquired a boutique office building located at 10 Madison Ave. in Morristown. Morristown Holdings LLC, a limited liability company managed by WhiteStar Advisors, sold the property for $20 million. At the time of acquisition, the 87,000-square-foot building was fully occupied by nine tenants, including Morgan Stanley, AXA Equitable, Northwestern Mutual and Valley National Bank. Built in 1980, the four-story building was renovated in 2005. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Andrew Schwartz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the transaction.
MCDONOUGH, GA. — Cabela’s Inc. plans to open a new 70,000-square-foot store off I-75 in the south Atlanta suburb of McDonough. The new store will anchor Jodeco | Atlanta South, a $300 million mixed-use development that RCP Cos. is developing in Henry County. Cabela’s is the first confirmed tenant in the project. The outdoor retailer plans to open the new location in the fall of 2017. The McDonough location will be Cabela’s fourth Georgia store, joining existing stores located in Augusta, Acworth and Fort Oglethorpe. Cabela’s expects to employ approximately 130 full-time, part-time and seasonal employees at the store. The McDonough Cabela’s will include an archery and firearm tech room, indoor archery range and a “Bargain Cave,” along with thousands of outdoor products displayed using a new floor plan that emphasizes hunting, fishing, camping and recreational shooting.
NEW YORK CITY — NYU Langone Medical Center has signed a 30-year lease with Columbia Property Trust Inc. for an entire office property located at 222 E. 41st St. in Midtown Manhattan. The triple-net lease encompasses all 389,522 square feet of Class A office space at the building, including all 25 floors, the lobby, common areas and parking garage. NYU Langone is slated to take possession of the property at year end, following the expiration of the current tenant’s lease for 353,541 square feet. The new tenant plans to convert the property into a combination of medical office, ambulatory care facilities and other ancillary uses. Columbia recently upgraded the property, which it acquired in 2007. Paul Amrich, Neil King, James Ackerman and Jackie Marshall of CBRE represented the landlord, while Bruce Mosler and Mark Mandell of Cushman & Wakefield represented the tenant. Financial terms of the transaction were not released.
WILMINGTON, N.C. — Financial Federal Bank has arranged a $19 million acquisition loan for Abbotts Run Apartments, a 264-unit multifamily community in Wilmington. Built in 2001, the garden-style property was 94 percent occupied at the time of financing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the seven-year, floating-rate loan with two years of interest-only payments and a 30-year amortization schedule through Freddie Mac.
NEW YORK CITY — Equicap has arranged $8.1 million in financing for the acquisition of an office condo in the Manhattan’s Chelsea neighborhood. The 10-year loan features a competitive interest rate and will be used to fund the $10.8 million acquisition price. Additionally, the undisclosed borrower will use proceeds of the loan to build out the 13,000-square-foot office space. Daniel Hilpert of Equicap negotiated the financing.
NEW YORK — Gramercy Property Trust (NYSE: GPT) has acquired a 12-building industrial portfolio for $115.2 million. The seller in the deal was undisclosed. The portfolio consists of approximately 1.5 million square feet. The majority of the assets are located in major markets including New Jersey, Los Angeles, Chicago, Baltimore and Toronto. The aggregate net operating income for the first year is approximately $9.4 million with an 8.1 percent initial cap rate. The weighted average remaining lease term is 13 years. In addition to the acquisition, Gramercy assumed three mortgages totaling $37.3 million and one mortgage totaling approximately $10.9 million in Canadian dollars. Collectively, the loans have a remaining term of 5.5 years and a weighted average interest rate of 4.8 percent. Gramercy is a real estate investment trust specializing in acquiring and managing single-tenant, net-leased industrial and office properties. The company’s stock price closed Thursday, April 28 at $8.46 per share, up from $7.79 a year ago.
SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.
