Property Type

1154-Highland-Ave-Cheshire-CT

CHESHIRE, CONN. — O,R&L Commercial LLC has brokered the sale of an office building located at 1154 Highland Ave. in Cheshire. Marshall Enterprises LLC sold the 25,777-square-foot Class A office building to RPG Holdings LLC for an undisclosed price. The new owners plan to convert the first floor of the building into a medical office space for a future urgent care facility. Richard Guralnick of O,R&L represented the seller, while Dan Garofalo and John Mullin of Reno Properties represented the buyer in the transaction.

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1464-Ocean-Ave-Brooklyn-NYC

NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 1464 Ocean Ave. in Brooklyn’s Midwood section. The 26,800-square-foot property sold for $5.6 million, or $209 per square foot. Situated between Avenue I and J, the four-story building consists of 28 apartments. Len Mavashev of Alpha Realty represented the buyer, a Manhattan-based investment fund, while Jacob Aronov, also of Alpha Realty, represented the seller, a local private investor.

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250-Wood-Hatboro-PA

HATBORO, PA. — NAI Mertz has brokered the sale an industrial building located at 250-252 Wood St. in Hatboro. Read Moving Systems sold the 26,700-square-foot property to Mastrocco Moving & Storage for an undisclosed price. The moving and storage company is relocating from its current facility at 1060 Louis Dr. in Warminster, Pa. Situated on 1.4 acres, the building features 22- to 32-foot ceiling heights, wide column spacing, four tailgates, one drive-in and a 3,000-square-foot office area. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the transaction.

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JACKSONVILLE, FLA. — Aileron Investment Management has arranged a $13.8 million loan for the construction of a 122-room Residence Inn by Marriott hotel located in Jacksonville. The transaction was structured as an SBA 504 loan, with Aileron providing an $8.7 million first mortgage loan, and a $5.1 million interim second mortgage loan. Upon completion of the construction, the loan will convert to long-term permanent financing. Florida Business Development Corp. was the CDC on the transaction.

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ATLANTA — Isakson Living, an Atlanta-based developer, will move forward with developing Peachtree Hills Place. Isakson Living and Foley Design Associates Architects will be refining the plans for the south Buckhead community over the next several months. Peachtree Hills Place, a residential community offering a full continuum of care, was first introduced in 2006. However, in 2009, the development of the 20-plus acre site in the historic Peachtree Hills neighborhood was put on hold during the recession. More than 150 buyers originally reserved a home at Peachtree Hills Place. Many of the initial buyers, along with 40 new prospective buyers already on the priority list, are expected to reserve a new home in the community. Amenities will include a clubhouse with multiple dining venues, a fitness center and a health center. The first phase of development will include 84 condominiums and eight custom single-family homes. The condominiums at Peachtree Hills Place will include one-, two- and three- bedroom plans ranging in size from 1,400 square feet to more than 3,000 square feet. Upon completion, there will be 192 condominiums and 12 single-family homes. Services include security, transportation, assisted living, memory care and skilled nursing. Pre-sales will commence in 2016.

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Reserve-at-Conway

ORLANDO, FLA. — ARA Newmark has arranged the sale of Reserve at Conway, a 220-unit Class B property located near downtown Orlando. The property was 94 percent occupied at the time of the sale. Kevin Judd, Scott Ramey, Patrick Dufour, Richard Donnellan and Marc deBaptiste of ARA Newmark represented the seller, an affiliate of Chicago-based Oak Residential Partners, in the transaction. Oak Residential is a privately owned company that invests in, develops and manages commercial and multifamily real estate across the Midwest, Southwest and Southeastern United States. Chicago-based Redwood Capital Group was the buyer. Constructed in 1983, the Reserve at Conway includes a unit mix of one- and two-bedroom apartments in six floor plans. Community amenities include a swimming pool, fitness center, outdoor kitchen, sports court, bark park, business center, laundry facility, car care center, clubhouse and resident lounge, Wi-Fi and a Starbucks. The Reserve at Conway is located six miles southeast of downtown Orlando in the Southeast/Airport submarket.

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4500-Malone-Memphis

MEMPHIS, TENN. — Cushman & Wakefield has brokered a lease renewal and expansion for DYK Automotive’s distribution operations at 4500 Malone Road in Memphis. The 316,666-square-foot transaction represents an increase in Class A industrial activity in the regional market. DYK Automotive, a national aftermarket automobile parts and accessories distributor, initially leased 150,000 square feet at 4500 Malone Road. An operating unit of Dobbs Management Service, the company provides branded and private label packaged oil, chemicals, parts and accessories to various customer channels and markets. Its divisions include AP Auto, Keltner Enterprises and Superior Automotive, each with more than 50 years of operating history. Kemp Conrad of Cushman & Wakefield orchestrated DYK Automotive’s renewal/expansion. Tim Mashburn of Colliers International represented the property owner.

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SAN FRANCISCO — Romel Enterprises has purchased the 85-unit Burlingame Towers apartment building in the San Francisco submarket of Burlingame for an undisclosed sum. The property is located at 1469 Bellevue Ave. Romel Enterprises purchased the property after defeasing the existing loan. HFF’s Scott Bales and Adam Simon represented the seller, Mayfield Companies.

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TUCSON, ARIZ. — A private investor from Texas has purchased the 267-room Hotel Tucson City Center Inn Suites in Tucson for $9.6 million. The hotel is located at 475 North Granada Ave. in the city’s historic downtown Presidio Arts District. Lisa Estrada of Marcus & Millichap represented the buyer. James I. Meng and Jon R. Grantham of the same firm represented the seller, a publicly traded REIT.

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RANCHO CUCAMONGA, CALIF. — Tekton Hospitality has signed a seven-year lease for 118,615 square feet of industrial space in Rancho Cucamonga. The property is located at 10955 Arrow Route. Tekton is an American custom furniture manufacturing company that processes single- and high-volume units. Randy Lockhart of NGKF represented the company. Lee & Associates represented the landlord, 10955 Arrow LP.

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