Property Type

Retail Specialists to Break Ground on $13.6M Mixed-Use Project in Birmingham

by John Nelson April 26, 2016

BIRMINGHAM, ALA. — Retail Specialists will break ground tomorrow on The Waites, a four-story mixed-use building located at the corner of 7th Avenue S. and Richard Arrington Jr. Boulevard in downtown Birmingham. According to the Birmingham Business Journal, Williams Blackstock Architects is serving as the architect for the $13.6 million development. The project, which is a redevelopment of the former Waite’s Bakery building, will feature ground-floor retail space, covered outdoor seating, designated retail parking and three floors of loft apartment residences comprising 30 one-bedroom units and 15 two-bedroom units. Confirmed retailers at The Waites include Farm Burger, Blaze Pizza and Smoothie King.

April 26, 2016

Florida Multifamily Southeast

Franklin Street Brokers $7M Sale of Apartment Community in Central Florida

by John Nelson April 26, 2016

WINTER SPRINGS, FLA. — Franklin Street has arranged the $7 million sale of Tuskawilla Park Apartments, a 41-unit apartment complex located at 154 Tuskawilla Road in Winter Springs, roughly 15 miles north of Orlando. Originally built as a condominium development in 2009, the apartment complex features elevators and 6,377 square feet of ground-floor commercial space that is fully leased by two local engineering firms and the Florida Department of Motor Vehicles. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street represented the seller, California-based Pathfinder Landology ISIS Holdings LLC, and the buyer, Virginia-based CIG Tuskawilla Park LLC, in the transaction.

April 26, 2016

Hospitality Loans New York Northeast

Pembrook Capital Provides $25.8M Loan for Hudson Yards Area Development

by Amy Works April 26, 2016

NEW YORK CITY — Pembrook Capital Management has provided a $25.8 million mezzanine loan with a first mortgage conversion feature to an affiliate of McSam Hotel Group to finance a West Side development site located within the Hudson Yards Redevelopment Area. The borrower plans to develop a 506-room Hyatt Place Hotel on the site. Demolition of existing structures is currently underway, with construction expected to commence in 2017. The purpose of the loan is a refinancing to facilitate a partner buyout and for predevelopment. Stuart Boesky of Pembrook Capital arranged the financing.

April 26, 2016

New Jersey Northeast Office

NAI Hanson Negotiates Sale of 36,216 SF Office Building in New Jersey

by Amy Works April 26, 2016

PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.

April 26, 2016

Industrial New Jersey Northeast

Sitar Realty Co. Arranges 104,005 SF Industrial Lease in New Jersey

by Amy Works April 26, 2016

ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.

April 26, 2016

Loans Northeast Office Pennsylvania Retail

JV Receives $21.7M Acquisition Loan for Retail/Office Center Near Philadelphia

by Amy Works April 26, 2016

DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.

April 26, 2016

California Retail Western

InvenTrust Properties Acquires Stevenson Ranch Plaza for $72.5M

by Nellie Day April 26, 2016

STEVENSON RANCH, CALIF. — InvenTrust Properties Corp. has acquired Stevenson Ranch Plaza, a retail center located at 24917 Pico Canyon Road in Stevenson Ranch, a suburb 35 miles northwest of downtown Los Angeles. InvenTrust purchased the 187,035-square-foot asset from an undisclosed seller for $72.5 million. Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the buyer and the seller in the transaction. Ralphs, LA Fitness, PetSmart and Stein Mart anchor the center. At the time of acquisition, the property was 97 percent occupied.

April 26, 2016

California Retail Western

Urban Commons to Transform Queen Mary into Retail/Dining District in Long Beach Harbor

by Nellie Day April 26, 2016

LONG BEACH, CALIF. — Los Angeles-based Urban Commons has assumed a 66-year master lease of the historic Queen Mary, a retired cruise ship docked in the Long Beach Harbor. The developer plans to transform the cruise ship and surrounding area into a retail, dining and entertainment district. The multi-phased project, which is slated to take several years, will begin with upgrades to the ship that will debut in mid-2017. The second phase of development will include constructing a mix of retail, dining and entertainment options on the 45 acres of currently underutilized oceanfront land adjacent to the ship. Urban Commons will work with the City of Long Beach, the Queen Mary Land Development Task Force and community on the review and approval process for the 45-acre project. Garrison Investment Group LLC previously held the master lease.

April 26, 2016

Multifamily Oregon Western

Riverwalk Apartments in Eugene Sells for $43.1M

by Nellie Day April 26, 2016

EUGENE, ORE. — Green Leaf Riverwalk has acquired the 272-unit Riverwalk Apartments in Eugene for $43.1 million. The community is located at 470 Alexander Loop. BPM Real Estate Group developed Riverwalk Apartments. The complex was completed in 2015 and fully leased by 2016. The seller, Alexander Loop LLC, is owned by a partnership managed by Walter C. Bowen. HFO Investment Real Estate executed the transaction.

April 26, 2016

Nevada Retail Western

BIG Shopping Centers Sells Sahara Pavilion South in Las Vegas for $20.5M

by Nellie Day April 26, 2016

LAS VEGAS — Beverly Hills-based BIG Shopping Centers USA has sold Sahara Pavilion South, a 158,394-square-foot shopping center located in Las Vegas, to 3D Investments for $20.5 million. The center, located approximately 1.5 miles west of Las Vegas Boulevard, is home to tenants including Chipotle Mexican Grill, JP Morgan Chase, Einstein Bros. Bagels, Metro PCS, AT&T and Starbucks Coffee.

April 26, 2016

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