Property Type

The Bricks Perimeter Center 302 Perimeter Center North Atlanta

Grandbridge Closes $52M Acquisition Loan for Apartment Community in Atlanta

by John Nelson January 15, 2016

ATLANTA — Grandbridge Real Estate Capital has arranged a $52 million acquisition loan for The Bricks Perimeter Center, a 448-unit apartment community located at 302 Perimeter Center North in Atlanta. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the fixed-rate, non-recourse loan through BB&T Real Estate Funding, Grandbridge’s proprietary lending program. After the planned renovation, The Bricks will feature a new clubhouse, landscaping, common area improvements and upgraded unit interiors.

January 15, 2016

Florida Multifamily Southeast

CBRE Brokers $51.9M Sale of Apartment Complex in Orlando

by John Nelson January 15, 2016

ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.

January 15, 2016

SLS Lux Hotel & Residences Washington DC

District of Columbia Hospitality Southeast

Peebles Corp., sbe to Develop SLS Lux Hotel & Residences in D.C.

by John Nelson January 15, 2016

WASHINGTON, D.C. — The Peebles Corp. has partnered with sbe to develop SLS Lux Hotel & Residences, a luxury hotel and condominium project at 901 5th St. in Washington, D.C. This will be the first SLS property in the nation’s capital. The development will comprise 198 hotel rooms, 59 condominium residences and 7,600 square feet of retail space. Los Angeles-based sbe, and its real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development, known as 5th and I. As part of its agreement with The District of Columbia, The Peebles Corp. will also develop workforce housing in an under-developed area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks, Milian Park and Seaton Park.

January 15, 2016

Florida Mixed-Use Southeast

The Altman Cos. Sells Mixed-Use Apartment Development in Tampa for $46M

by John Nelson January 15, 2016

TAMPA, FLA. — The Altman Cos. has sold Altis Highland Park, a mixed-use apartment development in Tampa’s Westchase district, for $46 million. Located at 11571 Fountainhead Drive, the development comprises 239 apartment residences and 5,000 square feet of retail space. Utah-based Cottonwood Residential purchased the asset from The Altman Cos., which developed the project in 2014. Altís Highland Park offers studio, one-, two- and three-bedroom floorplans with average monthly rents ranging from $1,193 to $2,028. Community amenities include a poolside lounge with a demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden. The main street of Altís Highland Park includes Kahwa Coffee and a self-service auto detail facility. Volume Hair Studio will move in later this year.

January 15, 2016

Industrial New Jersey Northeast Retail

HFF Negotiates Sale of 350,000 SF Retail/Warehouse Center in New Jersey

by Amy Works January 14, 2016

NORTH BERGEN, N.J. — HFF has arranged the sale of Tonnelle Plaza, a retail center with a warehouse component in North Bergen. 8101 Tonnelle Avenue LLC sold the 350,000-square-foot property to an affiliate of Northeast Capital Group and BHN Associates for an undisclosed price. Developed in 1990 and renovated in 2008, the property is situated on 12.6 acres at 8101 Tonnelle Ave. The center is occupied by ALDI, Burlington Coat Factory, Planet Fitness, Chuck E. Cheese, JP Morgan Chase Bank, Sally Beauty Supply, Subway, McDonald’s, All Pet Distribution and Good Chinese Kitchen. In addition to the 155,000-square-foot retail space, the two-level center has 196,000 square feet of warehouse space fully leased to three tenants. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

January 14, 2016

Delaware Loans Northeast Office

FM Capital Acquires $26.9M Loan Secured by Office Building in Delaware

by Amy Works January 14, 2016

WILMINGTON, DEL. — FM Capital has acquired a non-performing loan secured by the North Market Office Building in downtown Wilmington. The property has a current unpaid principal balance of approximately $26.9 million. Built in 1982, the 203,000-square-foot property features 10 floors of office space and a 42-car underground parking garage for tenant use. The debt was originated in 2007.

January 14, 2016

New York Northeast Retail

GFI Realty Services Negotiates $20.5M Sale of Retail Property in Manhattan

by Amy Works January 14, 2016

NEW YORK CITY — GFI Realty Services has negotiated the sale of a retail property located at 259 W. 34th St. in Midtown Manhattan. Cornell Realty acquired the property from the Moran family for $20.5 million. Currently occupied by a Wendy’s restaurant, the property is a strategic acquisition for Cornell, which plans to develop a combined 160,000 square feet of hospitality and retail space at 259 W. 34th St. and several neighboring properties. Aron Taub of GFI represented the buyer and seller in the transaction.

January 14, 2016

Multifamily Northeast Pennsylvania Student Housing

Landmark Commercial Realty Brokers $15.2M Acquisition of Student Housing Property in Pennsylvania

by Amy Works January 14, 2016

SHIPPENSBURG TOWNSHIP, PA. — Landmark Commercial Realty/TCN Worldwide Real Estate Services has arranged the acquisition of Bard Townhouses, a student housing complex near Shippensburg University in Shippensburg Township. A group of limited partnerships connected to developer Dan Deitchman purchased the asset for $15.2 million in an all-cash transaction. Located at 100 Bard Drive, the 173-unit property features 458 beds. Built in 1988, the property was 99 percent occupied at the time of sale. Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide represented the buyer in the 1031 exchange transaction.

January 14, 2016

Mixed-Use Multifamily New York Northeast Retail

Besen & Associates Arranges $2M Sale of Mixed-Use Building in Manhattan

by Amy Works January 14, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of an elevator-served mixed-use building located at 2195 Adam Clayton Powell Blvd. in Manhattan’s Central Harlem neighborhood. The asset sold for $2 million, or $347 per square foot. Built in 1910, the vacant five-story, 5,758-square-foot property features six apartments and one retail unit. Hilly Soleiman of Besen & Associates represented the buyer and seller in the transaction. The names of the buyer and seller were not released.

January 14, 2016

The-phoenix-apartment-complex-fort-worth-texas

Multifamily Texas

IPA Arranges Sale of The Phoenix Apartment Complex in Fort Worth

by Haisten Willis January 14, 2016

FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Phoenix, a 170-unit luxury multifamily community in the Near Southside district of Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA advised the sellers, Fort Worth-based Eisner Development Corp. and Baton Rouge, La.-based Ventures Development Group. Balthrope, Kile and Burch also procured the buyer. The property is located at the intersection of College Avenue and West Peter Smith Street, just south of I-30 and west of I-35 West at 429 College Ave. Amenities at The Phoenix include a 24-hour gated entrance, a 4,257-square-foot office and clubhouse with a catering kitchen and fitness/yoga area, as well as a pool with a tanning shelf. All apartments feature granite kitchen countertops, stainless steel appliances, pantries and linen closets. Each apartment has a balcony, and 52 units have unobstructed views of the Fort Worth skyline.

January 14, 2016

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