Property Type

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

Connecticut Healthcare Northeast Office

Newmark Holdings Sells 286,713 SF Medical Office Building in Connecticut for $73M

by Amy Works February 5, 2016

NEW HAVEN, CONN. — Newmark Holdings has completed the disposition of a medical office building located at One Long Wharf Drive. Healthcare Trust of America purchased the seven-story property for $73 million. As part of the acquisition, the buyer will also take ownership of a three-acre ground leased lot, located under an adjacent hotel, located at Three Long Wharf Drive. The 286,713-square-foot property was 99 percent occupied at the time of sale. Current tenants include Yale-New Haven Hospital and APT Foundation. David Noonan of Newmark Grubb Knight Frank Capital Markets and Richard Lee of OR&L Commercial represented the seller in the transaction.

February 5, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast

Related Beal Breaks Ground on Mixed-Use Development in Boston

by Amy Works February 5, 2016

BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.

February 5, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $23.5M Apartment Building in Manhattan

by Amy Works February 5, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 440 W. 47th St. in Manhattan’s Midtown West neighborhood. The asset sold for $23.5 million, or $760 per square foot. The five-story building consists of one commercial unit and 46 residential units. The unit mix includes two studios, four one-bedroom units, 39 two-bedroom units and one three-bedroom unit. Sixteen of the units are rent stabilized and 30 are free-market units. Bob Knakal, Jonathan Hageman and Chris Brodhead of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.

February 5, 2016

Office Texas

KDC Begins Construction on KPRC Channel 2 Broadcast Facility in Houston

by Haisten Willis February 5, 2016

HOUSTON — KDC has started construction on a 60,000-square-foot office building for KPRC Channel 2, Houston’s NBC affiliate. Located at 8181 Southwest Freeway in Houston’s Sharpstown district, KPRC’s new headquarters will house all aspects of the broadcast business and more than 180 employees. The project is being built 15 feet away from KPRC’s existing broadcast station, allowing utilities to be relocated while the station remains active. Completion is slated for February 2017. The facility will have two new studios with supporting control rooms for broadcasting live news programs. A 9,000-square-foot newsroom will be built as an open concept with 14-foot ceilings and exterior windows, giving employees a view into a courtyard that includes seating areas and an outdoor kitchen. KPRC’s new facility will have a two-story atrium and staircase in the center of the building to provide natural light and a central meeting location. Additional space will be allocated for the sales department and creative services department. Corgan is the project architect, DPR Construction is the general contractor, Bury is the civil engineer, AG&E is the structural engineer, Telios is the MEP engineer and Office of James Burnett is the landscape architect.

February 5, 2016

Mixed-Use Office Restaurant Retail Texas

Yeager to Build New Mixed-Use Development in Plano

by Haisten Willis February 5, 2016

PLANO, TEXAS — Yeager has broken ground on a 48,300-square-foot mixed-use development in Plano known as Yeager at Rasor Pointe. The Indiana-based developer expects to complete the project, which includes 39,750 square feet of office suites and 8,550 square feet of retail and restaurant space, by early August. The property will be located on a 3.8-acre lot at the northeast corner of Rasor Boulevard and Ohio Drive.

February 5, 2016

Loans Retail Texas

Quantum Capital Secures $22.2M to Refinance Two Texas Shopping Centers

by Haisten Willis February 5, 2016

FRISCO AND SAN ANGELO, TEXAS — In two separate transactions, real estate capital advisory firm Quantum Capital has arranged $22.2 million in long-term, non-recourse debt to refinance regional shopping centers in Frisco and San Angelo. In the larger of the two deals, Quantum secured a $12.9 million non-recourse permanent loan on behalf of the borrower, a Los Angeles-based investor operating as TRT-QL Frisco. The loan will replace the maturing debt on Frisco Plaza, a 62,500-square-foot retail center located at Preston Road and Highway 21. The shopping center is located across the street from General Growth Properties’ 1.6 million-square-foot Stonebriar Centre, the primary retail destination in Frisco. Quantum also secured a $9.2 million permanent loan for another Los Angeles-based investor operating as Rancho Sunset Plaza LP to refinance Sunset Plaza in the west Texas city of San Angelo. The property is a 90,000-square-foot regional power center located on Sunset Drive at Highway 67 and Loop 306. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross Dress for Less. Both fixed-rate loans were underwritten at a 75 percent loan-to-value ratio and priced at 250 basis points over the 10-year swap rate of 1.71 percent. The financings also included …

February 5, 2016

Ridglea-Square-Apartments-fort-worth-texas

Multifamily Texas

Greysteel Arranges Sale of Ridglea Square Apartments in Fort Worth

by Haisten Willis February 5, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments in Fort Worth. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, represented Ridglea Square Apartments LLC in the sale to Bellfast Glen Investments LLC. The property is a 54-unit multifamily community located one block south of I-30 near Ridgmar Mall, which contains more than 100 stores.

February 5, 2016

Retail Texas

Colliers International Negotiates Land Sale for Future Waffle House in Metro Houston

by Haisten Willis February 5, 2016

HUMBLE, TEXAS — Colliers International has negotiated the sale of a 0.7-acre tract of vacant land for the development of a Waffle House restaurant. Construction is expected to start by the fourth quarter of 2016. The property is located at the northwest corner of Will Clayton Parkway and Vine Forest Drive in Humble. Tom Condon Jr. of Colliers International’s office in The Woodlands represented the seller, Patricia Al-Attas Barrett & Bamardouf, Babidan, Al-Attas Joint Venture. Russ Holland internally represented the buyer, Waffle House. David Pitschmann with Alamo Title Co. coordinated the closing.

February 5, 2016

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