CHARLESTON, S.C. — VW Multifamily has purchased Haddon Hall Apartments, a 71-unit multifamily community located in Charleston’s West Ashley submarket, for $8 million. The property is located at 1801 Haddon Hall Drive within the Grand Oaks Plantation development. The value-add multifamily investor plans to upgrade Haddon Hall’s units with plank hardwood flooring, stainless steel appliances, washer and dryer units and upgraded fixtures.
NEW YORK CITY — KKR & Co. LP, a global investment firm, will purchase approximately 343,000 square feet (the top ten office floors) at 30 Hudson Yards and will relocate its corporate offices to the office tower in 2020. Related Cos. and Oxford Properties Group are developing 30 Hudson Yards. Designed by Bill Pedersen of Kohn Pedersen Fox, the 90-story tower will strive for LEED Gold certification. KKR is the second commercial office tenant to invest in and plan a move to 30 Hudson Yards. In January 2014, Time Warner Inc. acquired approximately 1.5 million square feet of space in the building for its 5,000-plus employees. KKR is the seventh corporate office tenant to announce plans to move to Hudson Yards. Boies, Schiller & Flexner will move its New York City offices to 55 Hudson Yards. Coach Inc. has purchased more than 600,000 square feet of space in 10 Hudson Yards, L’Oréal USA, German software engineering firm SAP and social media-first digital agency VaynerMedia will locate at 10 Hudson Yards when the building opens in early 2016.
LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the $7.3 million sale of a 60,000-square-foot industrial property at 950 Georgia Ave. in the Spring Creek area of Brooklyn. The two-story property consists of a 20,000-square-foot ground floor, 20,000-square-foot basement, and 20,000-square-foot yard. Neil Dolgin and Gary Mayzlin of KDA represented both the buyer, 950 Georgia Holdings LLC, and the seller, LMJI LLC, which built the property in 2007. The buyer will use 950 Georgia Avenue as a warehouse and storage facility. LMJI, LLC used the space for steel fabrication and opted to sell the building as its owner approached retirement. The property includes 28-foot ceilings, multiple drive-in doors, and a drive-down ramp to the basement.
PHILADELPHIA — Metro Commercial Real Estate Inc. has brokered two deals for Target in the Center City area of Philadelphia. Pearl Properties is developing an approximately 23,000-square foot site at 1900 Chestnut St., and The Brickstone Companies is developing an approximately 22,000-square-foot site at 1112 Chestnut St. Both stores, which will be configured as smaller versions of the traditional Target store format, are currently under construction with planned openings in 2016. Tom Londres and Steve Niggeman of Metro Commercial represented Target in the transactions.
OLD BRIDGE, N.J. — Franchisees David Ezekiel and Abraham Ezekiel are breaking ground on the new $5 million Primrose School of Old Bridge, located on Route 9 near the intersection of Route 9 and Spring Valley Road in Old Bridge, in early November. The 12,300-square-foot school, which will create approximately 50 new jobs, will provide early education and care schools for children ages six weeks to six years old and offer after-school care for children up to age 12. Primrose School of Old Bridge will be the fifth Primrose school in New Jersey.
AUSTIN, TEXAS — Berkadia has originated $17.5 million in acquisition financing for the Holiday Inn Austin Midtown. Stuart Wernick and Eli Gershenson of Berkadia’s Dallas office secured the five-year, fixed-rate financing with a senior and mezzanine structure on behalf of the borrower, a partnership between Alliance Development and Compass Lodging Advisors. Berkadia selected two lenders to help secure the necessary loan proceeds required by the borrower. Located at 6000 Middle Fiskville Road, Holiday Inn Austin Midtown rises nine stories and includes 189 rooms, as well as 15,000 square feet of meeting and conference room space. Hotel amenities include a pool, fitness center, business center and cocktail bar.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $16.6 million, non-recourse CMBS first mortgage for Residence Inn in Austin. The 112-room hotel is an extended-stay property. Ashley Harkness and Chuck Butterworth of Key’s commercial mortgage group secured the financing.
FORT WORTH, TEXAS — BH Properties has completed its first major lease within a former Radio Shack industrial portfolio in Fort Worth that the firm acquired in June. Chain Link Services LP leased 310,000 square feet at 1000 Terminal Road, or about half of the 628,000-square-foot industrial building, which is situated on more than 23 acres. George Curry and Jamie Galati of JLL’s Fort Worth office, along with Chris Stout of JLL’s Dallas office, represented BH Properties in the lease transaction. Jeff Givens in Transwestern’s Fort Worth office represented Chain Link Services, which serves chain restaurants and convenience stores in the procurement of materials and equipment to run food service-oriented businesses. Chain Link Services plans to enter the Terminal Road facility in phases starting in January. Chain Link Services already occupies 128,400 square feet at 4675 Railhead Road and another 60,000 square feet at a separate Fort Worth facility. BH Properties originally acquired the assets out of a bankruptcy liquidation earlier this year.
GARLAND, TEXAS — L.L. & Smith Holdings LLC has purchased a newly constructed, 167,400-square-foot industrial building completed by Huntington Industrial Partners at 3839 Distribution Drive in Garland. The project was the first industrial building built since 2008 in Garland and was the first LEED-certified building ever constructed in the city. Seth Koschak and Eric Crutchfield of Stream Realty Partners represented Huntington in the sale, and Ryan Wolcott of Stream represented the buyer.
