Property Type

Calpine Corp. Buys Granite Ridge Energy Center in New Hampshire for $500M

by Nellie Day February 8, 2016

LONDONDERRY, N.H. — Calpine Corp. (NYSE: CPN) has purchased the Granite Ridge Energy Center power plant for $500 million. The natural gas-fired, combined-cycle plant is located at 21 N. Wentworth Ave. in the Southeast New Hampshire town of Londonderry, near the Massachusetts border. The seller was Granite Ridge Holdings. The power plant features two combustion turbines, two heat recovery steam generators and one steam turbine. It began operating in 2003. Granite Ridge has a nameplate generating capacity of 745 megawatts, resulting in a purchase price of approximately $671 per kilowatt. “The addition of Granite Ridge strategically enhances our footprint in New England,” says Thad Hill, Calpine’s president and CEO. “Now with approximately 2,000 megawatts of modern gas-fired capability in the region, Calpine is well positioned to provide clean, flexible and reliable energy and capacity to the market.” Calpine financed the transaction with proceeds from a $550 million first lien term loan, secured in December 2015. Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Champion Energy, the company’s wholesale power operations and retail business, serves customers in 20 states and Canada. Calpine’s stock closed at $15.31 on Friday, Feb. 5, down from $22.16 one year …

February 8, 2016

Multifamily Seniors Housing Utah Western

Kisco Acquires 183-Unit Seniors Housing Community in Utah

by Nellie Day February 5, 2016

SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.

February 5, 2016

California Retail Western

Newmark Grubb Pearson Brokers Sale of 15,000 SF Retail Building in Madera

by Nellie Day February 5, 2016

MADERA, CALIF. — Newmark Grubb Pearson Commercial has arranged the sale of a retail building located at 100 E. Yosemite Ave. in Madera. Serranos Rentals acquired the 15,000-square-foot property from Barsotti Family LLC for an undisclosed sum. Craig Holdener and Troy McKenney of Newmark Grubb Pearson arranged the transaction.

February 5, 2016

Hospitality Nevada Western

Best Western Plus Hotel in North Las Vegas Sells for $6.2M

by Nellie Day February 5, 2016

NORTH LAS VEGAS — An unnamed buyer has purchased a 74-room Best Western Plus in North Las Vegas for $6.2 million. The hotel is located at 4540 Donavan Way. It was built in 2000. Aseem Tandon of Marcus & Millichap’s Ontario office represented the seller, a limited liability company, in this transaction.

February 5, 2016

California Retail Western

Flocke & Avoyer Commercial Arranges $1.6M Sale of Retail Building in San Diego

by Nellie Day February 5, 2016

SAN DIEGO — Flocke & Avoyer Commercial Real Estate has brokered the sale of a commercial building located at 9906 Carmel Mountain Road in San Diego. The Bradley Family Trust and McGuiness Family Trust sold the property to The Bertrand Family Trust for $1.6 million. Bertrand’s Music will occupy the 3,342-square-foot property. Brian Quinn of Flocke & Avoyer represented the sellers in the transaction.

February 5, 2016

California Retail Western

Tree of Life Leases 2,547 SF of Retail Space in Fresno

by Nellie Day February 5, 2016

FRESNO, CALIF. — Tree of Life has signed a lease for 2,547 square feet of retail space at 2139 Kern St. in Fresno. The landlord is Banner Bank. Phil Souza, Jeremy Reed and Jessica Young of Newmark Grubb Pearson Commercial handled the lease transaction.

February 5, 2016

Multifamily New York Northeast

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

Connecticut Healthcare Northeast Office

Newmark Holdings Sells 286,713 SF Medical Office Building in Connecticut for $73M

by Amy Works February 5, 2016

NEW HAVEN, CONN. — Newmark Holdings has completed the disposition of a medical office building located at One Long Wharf Drive. Healthcare Trust of America purchased the seven-story property for $73 million. As part of the acquisition, the buyer will also take ownership of a three-acre ground leased lot, located under an adjacent hotel, located at Three Long Wharf Drive. The 286,713-square-foot property was 99 percent occupied at the time of sale. Current tenants include Yale-New Haven Hospital and APT Foundation. David Noonan of Newmark Grubb Knight Frank Capital Markets and Richard Lee of OR&L Commercial represented the seller in the transaction.

February 5, 2016

Industrial Loans New Jersey Northeast Office

Madison Realty Capital Provides Two Loans for New Jersey Properties Totaling $71.1M

by Amy Works February 5, 2016

PARSIPPANY AND GARFIELD, N.J. — Madison Realty Capital (MRC) has provided two first mortgage loans totaling $71.1 million for commercial properties in Northern New Jersey. In the first transaction, Madison Realty provided $45 million in acquisition financing for a 404,515-square-foot office property located at 2 Gateway Drive in Parsippany. The undisclosed borrower plans to re-tenant a portion of the property, modernize the property’s common areas and enhance the building’s amenity package. MRC funded $33 million at closing to facilitate the borrower’s acquisition and reserved a future funding component of $12 million for good-news leasing. In the second transaction, MRC provided a $26.1 million loan for the recapitalization of a 1.1 million-square-foot industrial property located at 141 Lanza Ave. in Garfield. Situated on 33 acres, the industrial property includes a warehouse and self-storage space. The undisclosed borrower plans to continue leasing and asset management efforts to fully stabilize the property.

February 5, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast

Related Beal Breaks Ground on Mixed-Use Development in Boston

by Amy Works February 5, 2016

BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.

February 5, 2016

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