GREENWICH, CONN. — CBRE has arranged the sale of an office building located at 500 W. Putnam Ave. in Greenwich. Fareri Associates acquired the four-story, 121,000-square-foot property from SL Green for $41 million. The Class A property is located in close proximity to Greenwich Avenue, which features high-end retail destinations and restaurants. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller in the deal.
NEW YORK CITY — Triangle Equities has completed Triangle Plaza Hub, a multi-use complex located in the South Bronx. The $35 million, 88,000-square-foot complex is occupied by Fine Fare Supermarket, Metropolitan College of New York, Brightpoint Health, DaVita Dialysis Center, Vistasite Eye Care, Boston Market and Dunkin’ Donuts. A 3,900-square-foot retail space on the ground floor and a 3,000-square-foot pad site adjacent to the public plaza are available for lease.
MONTGOMERYVILLE, PA. — NAI Mertz has arranged the sale of an industrial building located at 220 Commerce Drive in Montgomeryville. LMP Montgomeryville LLC sold the 65,219-square-foot building to ClientLink Inc. for an undisclosed price. As an existing tenant, ClientLink exercised its option to purchase the property. Located within Montgomeryville Industrial Park, the facility features 4,818 square feet of office space, 41,733 square feet of warehouse space, an 18,000-square-foot production area, four tailgate loading docks and one oversized drive-in door. ClientLink is a production and marketing company that provides a variety of services, including e-commerce, fulfillment, digital and offset printing, direct mail, promotional items, warehousing and logistics. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller. Nick Adams of Jackson Cross Partners also co-brokered the deal.
NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …
Although Houston’s local economy is not exclusively dependent on oil and gas, re-energizing this sector will be key to a multifamily rebound in the area. Since the downturn in oil prices over the last two years, Houston’s multifamily market has been one of the most impacted victims of the area’s economic slowdown. Oil and gas is estimated to represent about one-fifth of Houston’s economy. This does not include construction and other new development that depends on the oil and gas industry. The Houston market’s annual rent growth rate is well below the national average of 4.1 percent, according to Axiometrics’ Houston-area Market Performance Survey. From the fourth quarter of 2015 to the first quarter of 2016, the annual growth rate in Houston’s multifamily sector was only 0.8 percent. The annual effective rent growth in the area is forecast to be 2.4 percent in 2017 and is expected to average 3.6 percent from 2018 to 2020. According to the Bureau of Labor Statistics, job growth in the Houston metro area was 0.3 percent in April 2016, reflecting 10,000 jobs added during the preceding 12-month period. The metro job growth figure was below the national number of 1.9 percent. Limited Demand On …
RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.
LAGUNA NIGUEL, CALIF. — Bernards, a commercial builder, has commenced work on Crestavilla, a 220-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Santa Ana-based William Hezmalhalch Architects designed the community, which Irvine-based Steadfast Senior Living is developing. Since the project was first announced in February, the number of units and acuity mix have changed. The 211,387 square feet will now feature 112 independent living units (formerly announced as 61), 72 assisted living units (formerly announced as 115) and 36 memory care units (formerly announced as 25). The project is located on 11.5 acres and is scheduled for completion in November 2017.
BALDWIN PARK, CALIF. — Continental Funding Group has secured a $19 million loan to refinance the 195-room Courtyard by Marriott in Baldwin Park. The hotel is located at 14635 Baldwin Park Towne Center. Hilton originally built the Courtyard by Marriott, which was later affiliated with Radisson. It was franchised as part of the Marriott chain in 2004. The sponsor received a fixed-rate, non-recourse loan that would refinance the existing maturing loan, as well as provide a cash-out component. Mitch Paskover of Continental Funding Group secured the loan from a major U.S. investment bank. The 10-year loan was priced at 4.98 percent, with a loan-to-value ratio of 68 percent and a 25-year amortization.
FRESNO, CALIF. — An undisclosed buyer has purchased the 284-unit Lakeview Apartments in the Fresno submarket of Lemoore for $17.9 million. The community is located at 333 E. Cinnamon Drive. Lakeview Apartments is situated near Cinnamon Elementary School and Rite-Aid. The largest employer in the area, Lemoore Naval Air Station, is also nearby. The new owner plans to renovate the property’s interior and common areas. Jon Mimms and Ron Harris of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented both the buyer and the seller, B.A.G. Investments, in this transaction.
TEMPE, ARIZ. — ViaWest Group has acquired a 68,000-square-foot retail site located in Tempe for $2 million.The fully occupied property is home to a single-tenant building leased to Title Max, and a multi-tenant automotive repair building, which is home to tenants including Luxury Legends, Babbitt Motor Werks and Euro Motor Works. Mark Wilcke of NAI Horizon represented the seller, a California-based private owner, and Andrew Fosberg of CBRE represented ViaWest Group in the transaction.
