Property Type

Taubman Unveils Plans for $500M Renovation at Beverly Center in Los Angeles

by Katie Sloan March 8, 2016

LOS ANGELES — Taubman Centers Inc. (NYSE: TCO) has unveiled plans for a $500 million renovation at Beverly Center, an 886,000-square-foot shopping mall located on Beverly Boulevard in Los Angeles. Renovations will include new skylights, a new exterior with a perforated steel façade, a state-of-the-art smart parking system and a new streetscape with refreshed landscaping. Taubman also plans to develop a row of street-level restaurants along West Third Street with an additional valet for quick access to the new dining options. Upon completion, the center will also feature a refreshed tenant mix and a flexible center court featuring a large LED screen, places to sit and room for exhibitions and installations. “In re-envisioning Beverly Center, we are looking to create LA’s signature urban shopping and dining experience, as well as an exciting, pedestrian-friendly anchor to one of the most creative and diverse neighborhoods in the world,” says Robert Taubman, CEO and president of Taubman Centers. “The center is a key asset in our portfolio, and after renovation we believe it will become one of the top ten retail centers in the nation.” The shopping mall opened March 31, 1982, according to Taubman. Sheldon Gordon and E. Philip Lyon originated the …

March 8, 2016

Multifamily New York Northeast

Hodges Ward Elliott Brokers $140M Bronx Multifamily Portfolio Sale

by Amy Works March 7, 2016

NEW YORK CITY — Hodges Ward Elliott has brokered the sale of a 38-building multifamily portfolio in the Bronx. Harbor Group International in partnership with Emerald Equities and York Capital acquired the 1,000-unit asset for $140 million. The portfolio is comprised of several clusters of walk-up, mixed-use buildings spread throughout Bronx neighborhoods, including Mott Haven, Hunts Point, Lower Concourse, Little Italy, Belmont, Fordham and Bedford Park. The acquisition is Harbor Group’s first multifamily purchase in the Bronx market, a significant addition to the company’s $3.5 billion real estate portfolio of multifamily, office, hotel and retail properties. Daniel Parker, Will Silverman and Paul Gillen of Hodges Ward Elliott represented the undisclosed seller in the transaction.

March 7, 2016

Multifamily New York Northeast

Joint Venture Acquires 145,000 SF Building in Manhattan for Condo Conversion

by Amy Works March 7, 2016

NEW YORK CITY — Slate Property Group, Adam America Real Estate and Vanke Holdings USA LLC have acquired a former grammar school building located at 45 Rivington St. in Manhattan for $116 million. The buyers plan to convert the existing six-story, 145,000-square-foot building into a luxury residential development. Originally designed in 1898, the Romanesque Revival-style building features 12-foot ceilings and a penthouse floor offering views of Midtown and downtown Manhattan.

March 7, 2016

Loans Northeast Office Pennsylvania

PCCP Provides $43.4M Loan to Refinance 253,985 SF Office Building in Suburban Philadelphia

by Amy Works March 7, 2016

WEST CONSHOHOCKEN, PA. — PCCP has provided a $43.4 million senior loan to Arden Group for the refinancing of an office building located at 100 and 200 Four Falls Corporate Center in West Conshohocken, a suburb of Philadelphia. Arden Group acquired the 253,985-square-foot asset in late 2013 and has since invested $2.5 million in renovations, including upgrades to the lobby, corridors and terraces, as well as a new conference center and other projects. The office building features two distinct six-story wings linked by a recently renovated six-story atrium lobby. Additionally, the building features 22,000-square-foot floor plates, a third-party managed conference facility, a full-service café, a substantial lobby and a multi-level subterranean parking garage. The building is currently 69 percent occupied by 27 tenants.

March 7, 2016

Hospitality Massachusetts Northeast

Tocci Building Breaks Ground on 118-Key Hilton Homewood Suites in Massachusetts

by Amy Works March 7, 2016

WORCESTER, MASS. — Tocci Building Cos., serving as construction manager, has broken ground for a Hilton Homewood Suites hotel located at One Washington Square in Worcester. Being developed by First Bristol Corp., the six-story hotel will feature 118 guest rooms, a swimming pool, Jacuzzi and a fitness center. Additionally, the project will have a 120-car parking lot. The $21 million project is slated for completion in February 2017. Project partners include BMA Designs, ZDS Architectural Design Services, Veitas and Veitas Engineers and Wozny Barbar & Associates.

March 7, 2016

Multifamily New York Northeast

GFI Realty Services Negotiates $7M Sale of Apartment Building in Brooklyn

by Amy Works March 7, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 531 E. 22nd St. in Brooklyn’s Ditmas Park section. Naad Realty LLC sold the six-story asset to Jason Wisotsky for $7 million. Situated in close proximity to Prospect Park and Brooklyn College, the elevator-serviced building features 35 residential units. Daniel Shragaei of GFI Realty Services brokered the transaction.

March 7, 2016

North Carolina Office Southeast

Dilweg Sells Two Office Buildings in Charlotte for $46.5M

by John Nelson March 7, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has sold One and Two SouthPark Center in Charlotte’s SouthPark office submarket for $46.5 million. The buyer is CCP Commercial Real Estate, a private real estate investment firm based in Virginia Beach, Va. Dilweg purchased the properties in 2013 for $33.5 million. Built in 1973 and renovated in 2008, One SouthPark Center is located at 6060 Piedmont Row Drive S. The 10-story, 147,000-square-foot office building was 96 percent leased at the time of sale. Built in 1980 and renovated in 1992 and 2009, the five-story, 95,000-square-foot Two SouthPark Center was 95 percent leased at the time of sale.

March 7, 2016

Georgia Seniors Housing Southeast

SLIB Brokers $20.2M Sale of Two Assisted Living Communities in Georgia

by John Nelson March 7, 2016

VALDOSTA AND NASHVILLE, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Georgia to Omega Healthcare Investors for $20.2 million. The transaction was structured as a sale-leaseback deal, so the undisclosed seller will continue to operate the communities. The properties are a 109-unit community in Valdosta, sold for $17.5 million, and a 26-unit community in Nashville, sold for $2.7 million. Both are located in south Georgia near the Florida border. Bradley Clousing led the SLIB team in brokering the transaction.

March 7, 2016

Auburn Trace Apartment Homes Delray Beach

Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Arranges $11.3M Sale of Affordable Housing Community in Palm Beach County

by John Nelson March 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $11.3 million sale of Auburn Trace Apartment Homes, a 152-unit affordable housing community located at 625 Auburn Circle W. in Delray Beach. Built in 1990 on a 20.2-acre parcel, the low income housing tax credit property features one-, two- and three-bedroom residences. Community amenities include a large clubhouse, playground, volleyball court, landscaped courtyards, onsite management offices, a leasing center and a laundry facility. The property also features an onsite daycare and learning center that is leased and operated by a third party. Evan Kristol, Still Hunter III and Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller and developer, Auburn Trace Ltd., and procured the buyer, a private investment group based in New York. The buyer purchased the asset in a 1031 tax deferred exchange.

March 7, 2016

Florida Retail Southeast

CBRE Brokers $10.9M Sale of The Fresh Market in Florida

by John Nelson March 7, 2016

PLANTATION, FLA. — CBRE has brokered the $10.9 million sale of a single-tenant, 24,826-square-foot retail property leased to The Fresh Market in Plantation. Allegra Tribeca Inc. purchased the property from IMOB Investments LLC. Located at 12171 W. Sunrise Blvd., the property was formerly leased to Borders Books and now serves as an outparcel to Petsmart Plaza. The Fresh Market opened for business at the location in December 2014. Todd Weintraub and Christian Napolitano of CBRE’s Miami office represented the seller in the transaction.

March 7, 2016

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