Property Type

GFI Realty Arranges $27M Sale of 67-Unit Apartment Building in Manhattan

by Amy Works January 21, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of a five-story, walkup building located at 322-326 E. 82nd St. in Manhattan’s Upper East Side. A French investor acquired the 40,320-square-foot property from The Maidman Family for $27 million as part of a 1031 exchange. The property features 67 apartment units. Yisroel Pershin and Barak Jacobov of GFI Realty represented the seller, while Erik Yankelovich, also of GFI, represented the buyer in the transaction. Additionally, Roni Abudi of GFI Realty arranged $15.2 million in acquisition financing from Investor’s Bank for the deal.

January 21, 2016

New York Northeast Retail

Brookfield Proposes to Acquire Rouse Properties in All-Cash Offer of $17 Per Share

by Amy Works January 21, 2016

NEW YORK CITY — Brookfield Asset Management Inc. has made an unsolicited offer to buy the majority stake of mall owner Rouse Properties Inc. that it doesn’t already own for $17 in cash per share, or approximately $657 million. Brookfield currently owns about 33 percent of Rouse’s outstanding shares. The proposed price represents a premium of 26 percent to the closing price of Rouse shares on Jan. 15, and a 19 percent premium to the 30-day volume-weighted average trading price of Rouse shares. The proposal was presented to the Rouse Board of Directors on Jan. 16. Rouse Properties (NYSE: RSE), a New York City-based publicly traded real estate investment trust, is a regional mall owner. The company’s portfolio includes 35 malls and retail centers in 21 states encompassing approximately 24.1 million square feet. Rouse was created in 2012 when General Growth Properties Inc. spun off a portfolio of 30 malls. According to the Wall Street Journal, Toronto-based Brookfield Asset Management (NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA) acquired a 33 percent stake in the Rouse portfolio by leading a $30 billion restructuring of General Growth Properties to help it emerge from bankruptcy in 2010. Brookfield Asset Management describes itself as a global alternative asset manager with …

January 21, 2016

Industrial Massachusetts Northeast

Novaya Real Estate Acquires 275,000 SF Warehouse in Massachusetts for $19.7M

by Amy Works January 21, 2016

MIDDLEBOROUGH, MASS. — Novaya Real Estate Ventures has acquired a warehouse property located at 154 Campanelli Drive in Middleborough for $19.7 million. The 275,000-square-foot property is fully leased to alphabroder, an imprintable activewear company, on a long-term basis. JLL represented the seller, AEW, in the transaction.

January 21, 2016

Massachusetts Multifamily Northeast

CBRE/NE Negotiates Sale of Apartment Community in Massachusetts

by Amy Works January 21, 2016

MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Bell Wheeler Hill, a 274-unit apartment community located in Marlborough. CBRE Strategic Partners U.S. Value 7 fund, sponsored by CBRE Global Investors, acquired the property from an affiliate of Bell Partners Inc. for an undisclosed price. The community features a mix of one- and two-bedroom apartments, with an average size of 1,015 square feet. On-site amenities include a great room, media room, business center, gym, outdoor pool with sundeck, tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

January 21, 2016

Connecticut Industrial Loans Northeast

EagleBridge Capital Arranges $2.5M in Financing for Industrial Property in Connecticut

by Amy Works January 21, 2016

FARMINGTON, CONN. — EagleBridge Capital has arranged $2.5 million in permanent mortgage financing for an industrial property located at 21 Hyde Road in Farmington. The 113,425-square-foot property features 6,500 square feet of office space, 106,925 square feet of warehouse and distribution space, clear heights ranging from 24 feet to 30 feet, 10 loading docks and parking for 190 vehicles. The property is currently leased to Dealer Tire, a national tire, maintenance and light repair product distribution company. Brian Sheehan and Ted Sidel of EagleBridge arranged the loan for the undisclosed borrower.

January 21, 2016

gaylord-texan-resort-convention-center-grapevine-texas

Hospitality Texas

Ryman to Develop $120M Expansion of Gaylord Texan Resort

by Haisten Willis January 21, 2016

GRAPEVINE, TEXAS — Ryman Hospitality Properties will develop a $120 million expansion of Gaylord Texan Resort and Convention Center in Grapevine, a suburb of Dallas. The expansion will add 300 rooms to the resort’s 1,511-room inventory and will add 86,000 square feet of carpeted meeting space, bringing the total meeting space to 490,000 square feet. Once the expansion is complete, Gaylord Texan will become the second largest non-gaming convention center hotel in the United States, behind Gaylord Opryland Resort and Convention Center in Nashville and ahead of Gaylord National Resort and Convention Center near Washington, D.C. The meeting space addition for Gaylord Texan includes a new 30,000-square-foot ballroom, 30,000 square feet of breakout space and 26,000 square feet of carpeted pre-function space. Construction is expected to begin in the fourth quarter of this year and wrap up during the second quarter of 2018. The project also includes a $5 million expansion of the property’s pool complex, which is expected to be complete for the 2016 summer season. The city of Grapevine has agreed to rebate $1 million of the hotel’s rooms tax annually for a 10-year period upon the completion of the expansion. In 2007, the company announced plans to expand …

January 21, 2016

Industrial Texas

NAI Partners Arranges Sale of 67.5 Acres of Industrial Land in Houston

by Haisten Willis January 21, 2016

HOUSTON — NAI Partners represented S/C Management 87 Ltd. in the sale of 67.5 acres of industrial land located on Mesa Drive between Little York Road and Tidwell Road in Houston. John Ferruzzo and Chris Kugle of NAI Partners represented the seller during the negotiations with the buyer, Jaikrishna Patel.

January 21, 2016

marcus-millichap-red-roof-inn-dallas-airport

Hospitality Texas

M&M Arranges Sale of 156-Room Hospitality Property in Irving

by Haisten Willis January 21, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Red Roof Inn Dallas DFW Airport North, a 156-room hospitality property located in Irving. Steve Swenholt, Jake Gaddy, Chris Gomes and Allan Miller of Marcus & Millichap’s Austin, Dallas and San Antonio offices, respectively, marketed the property on behalf of the seller, an individual/personal trust. Gomes and Miller secured and represented the buyer, a limited liability company. Red Roof Inn Dallas DFW Airport North is located at 8150 Esters Blvd., less than one mile east of the Dallas/Fort Worth International Airport. Built in 1985, the hotel offers amenities such as shuttle service, a conference room, coin-operated laundry facility and elevators.

January 21, 2016

Industrial Texas

Stream Realty Negotiates Sale of Industrial Property in Metro Dallas

by Haisten Willis January 21, 2016

ARLINGTON, TEXAS — CheckerProp Acquisitions purchased an 81,400-square-foot industrial property from Tamarack Associates LLC located at 700 106th St. in Arlington. Luke Davis and Matthew Dornak with Stream Realty Partners represented the seller in the transaction. Eric Crutchfield with Stream represented the buyer.

January 21, 2016

Industrial Iowa Midwest

United Commercial Arranges $14M Sale of Two Industrial Buildings in Sioux City

by Christina Cannon January 21, 2016

SIOUX CITY, IOWA — United Commercial has arranged the sale of two industrial buildings in Sioux City for $14 million. NorAm Holdings LLC acquired the two assets from ILP I LLC. The buildings are located at 2401 and 2501 Expedition Court. The facility at 2401 Expedition Court was built in 1998 and offers 213,086 square feet of warehouse and distribution space and 5,314 square feet of professional office space. The building sits on 11 acres and features parking for 22 cars, 24-foot clear heights, 14 dock doors and one drive-in door. The property at 2501 Expedition Court was built in 2001 and offers 200,700 square feet of warehouse and distribution space and 25,606 square feet of professional office space. This asset is situated on 12 acres and has parking for 66 cars, 24-foor clear heights, 18 dock doors and one drive-in door. XPO Logistics occupies both buildings. Beau Braunger of United Commercial represented the buyer and seller in the transaction.

January 21, 2016

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