Property Type

Intercontinental, MG Properties Buy Carmel Hacienda Heights Apartments in Los Angeles

by Nellie Day January 21, 2016

LOS ANGELES — A joint venture between Intercontinental Real Estate Corporation and MG Properties Group has purchased the 350-unit Carmel Hacienda Heights Apartments in the Los Angeles submarket of Hacienda Heights for an undisclosed sum. The community is located at 2401 S. Hacienda Blvd. The property will be rebranded as the Hills at Hacienda Heights. It will also undergo a significant renovation, including improvements to the unit interiors, common areas and property exterior. The acquisition was financed with a 10-year, fixed-rate mortgage from Freddie Mac. CBRE’s Brian Eisendrath arranged the loan. The JV represented itself in transaction, while HFF’s Sean Deasy and Mark Petersen represented the unnamed seller.

January 21, 2016

California Industrial Loans Western

NorthMarq Arranges $29M Refinancing for Airport Center Industrial Facility in Ontario

by Nellie Day January 21, 2016

ONTARIO, CALIF. — NorthMarq Capital has arranged a $29 million refinancing for Airport Center, a 600,000-square-foot industrial property in Ontario. The property is located at 1460 S. Archibald Ave. Financing featured a six-month forward rate lock, along with a 10-year term and 25-year amortization schedule. Robert R. Hervey and Joe Giordani of NorthMarq Capital’s Los Angeles regional office arranged the loan.

January 21, 2016

Colorado Office Western

Iliff Office Park in Aurora Sells for $2.4M

by Nellie Day January 21, 2016

AURORA, COLO. — A private investor has purchased Iliff Office Park, an 89,384-square-foot office campus in Aurora, for $2.4 million. The park is located at 2323 South Troy St., about 10 miles southwest of downtown Denver. The Class B property contains six buildings connected through a second-story, concourse-style floor. It also contains a common-area courtyard, as well as a newly completed tenant monument sign. Clayton Primm of Marcus & Millichap represented the buyer. Brian C. Smith of the same firm represented the seller, another private investor, in this transaction.

January 21, 2016

Market Reports Midwest Midwest Market Reports Missouri Multifamily

St. Louis Apartment Builders Play Catch-Up

by Christina Cannon January 21, 2016

Strong renter demand in the metro St. Louis apartment market helped boost annual effective rent growth by 3.6 percent in 2015, 200 basis points above the market’s long-term average, according to Axiometrics. An estimated 1,012 apartment units were delivered to the St. Louis market for all of 2015 compared with 2,378 units of absorption during the same period, reports Axiometrics. But with numerous projects in the pipeline, that ratio is likely to change over the next few years, say real estate experts. “We expect supply levels to increase in 2017 and for absorption to begin to struggle to keep up due to slowing job growth,” says Sophie Zatterstrom Gore, analyst with Axiometrics. But 2016 is a different story, she points out. Robust job growth will help absorption outpace new supply by about 600 units in 2016: 1,587 units of absorption versus 990 units of new supply. Such strong demand is giving a strong lift to real estate fundamentals in the local apartment sector. The average effective rent in the third quarter of 2015 was $914, which Axiometrics projects will rise to $948 by the end of 2016. The average vacancy rate is projected to fall from 6.3 percent at the …

January 21, 2016

Multifamily New Jersey Northeast Retail

Gebroe-Hammer Arranges $175M Sale of Apartment Complex, Retail Center in New Jersey

by Amy Works January 20, 2016

MOUNT OLIVE, N.J. — Gebroe-Hammer Associates has brokered the sale of the 1,172-unit Village Green Apartments and the 91,330-square-foot Village Green Shopping Center in Mount Olive. SDK Apartments acquired the assets from a private investment group for $175 million. Village Green Apartments comprises 871 one-bedroom/one-bath units, 157 one-bedroom with den/one-bath units; and 234 two-bedroom/one-bath units. On-site amenities include a six-hole Par 3 golf course, two pools, tennis courts, ball fields, skate park, playground and basketball and volleyball courts. At the time of sale, the apartment community was 98 percent occupied. Village Green Shopping Center is anchored by a 30,000-square-foot Home Goods. Tenants also include PNC Bank and Dunkin Donuts. Greg Pine, Stephen Tragash and Joseph Brecher of Gebroe-Hammer arranged the 76-building transaction.

January 20, 2016

Loans Multifamily New Jersey Northeast

HFF Secures $63.5M in Financing for Development of Multifamily Community in New Jersey

by Amy Works January 20, 2016

JERSEY CITY, N.J. — HFF has secured $63.5 million in financing for the development of the first phase of 207 Van Vorst, a proposed two-phase, 408-unit luxury multifamily community in Jersey City. HFF worked on behalf of 207 Van Vorst Street Realty Company, a joint venture between institutional investors advised by J.P Morgan Asset Management – Global Real Assets and Fields Development Group, to place the loan with Wells Fargo Bank. Slated for completion in 2017, the 255-unit first phase will feature a mix of studio, one-, two- and three-bedroom residential apartment units and two ground-floor retail spaces totaling 7,237 square feet. Community amenities will include a rooftop swimming pool, fitness center, 24-hour concierge, landscaped courtyard, club room, children’s playroom and a 254-space AutoMotion parking system. Thomas Didio of HFF represented the borrower in the financing.

January 20, 2016

Multifamily New York Northeast Retail

GFI Realty Brokers $15.8M Sale of Multifamily/Retail Property in Brooklyn

by Amy Works January 20, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily and retail property located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. A group led by Cheskie Weisz of CW Realty and Joel Wertzberger of Joyland Group acquired the asset from Anthony Fernicola for $15.8 million. The property consists of 18 residential units, one retail shop and 5,700 square feet of air space. At the time of sale, 16 residential units and the retail unit were vacant. The new ownership plans to complete interior and exterior renovations at the property and will use the additional air rights to expand the size of the retail facility. Joseph Landau and Max Koshkerman of GFI Realty represented the buyer, while Koshkerman and James Tenaglia of M & J Realty Group represented the seller in the transaction.

January 20, 2016

Healthcare Northeast Office Pennsylvania

Sands Investment Group Negotiates Sales of Two Medical Office Properties in Pennsylvania

by Amy Works January 20, 2016

BETHLEHEM AND WHITEHALL, PA. — Sands Investment Group has brokered the sales of two medical office buildings in Pennsylvania. An East Coast institutional investment firm has acquired a 22,742-square-foot medical office building located at 2014 County Line Road in Bethlehem for $4.4 million and a 10,170-square-foot medical office building at 1320 Mickley Road in Whitehall for $3.1 million. The Bethlehem property is occupied by Fresenius, RMS, a DaVita subsidiary, and Valley Kidney Specialists; and the Whitehall property is occupied by Fresenius Medical Care. Bryant Hoover of Sands Investment Group’s Santa Monica, Calif., office represented the seller, a doctor/owner, in both transactions.

January 20, 2016

Multifamily New York Northeast

Cignature Realty Associates Arranges $4.5M Sale of Manhattan Apartment Building

by Amy Works January 20, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of an apartment building located at 541 W. 144th St. in Manhattan’s Hamilton Heights neighborhood. A local real estate investor acquired the five-story walk-up for $4.5 million, or 18.5 times the rent roll. The 14,190-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the seller, 144 Street Properties LLC, and the buyer in the transaction.

January 20, 2016

Loans Retail Texas

HFF Secures $247.5M Refinancing of Retail Portfolio in Houston, Dallas and San Antonio

by Haisten Willis January 20, 2016

HOUSTON, DALLAS AND SAN ANTONIO — HFF has arranged a $247.5 million refinancing for a retail portfolio totaling 20 properties and 2.1 million square feet in Houston, Dallas and San Antonio. HFF worked on behalf of the borrower, Global Fund Investments, to place the long-term, fixed-rate loan with TIAA-CREF. Loan proceeds were used to refinance existing debt and recapitalize the properties. The portfolio is 95 percent leased to 414 tenants, including H-E-B, Kroger, Kohl’s, LA Fitness, Petco, Golfsmith, 24 Hour Fitness, Starbucks and T.J. Maxx. Twelve of the retail centers are in Houston or Houston-area suburbs. The Dallas-Fort Worth area houses seven of the portfolio properties, and one of the retail centers is located in San Antonio. Mike Tepedino, Michael Gigliotti and Cameron Cureton led HFF’s debt placement team.

January 20, 2016

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