NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.
LODI, N.J. — Holliday Fenoglio Fowler LP (HFF) has arranged the $12 million sale of Essex Square, a 16,000-square-foot retail strip center located within the Route 17 retail corridor in of Lodi, a suburb of New York City. Chris Munley, Kevin O’Hearn and Jose Cruz of HFF represented the seller, ARC Properties Inc. Capstone Realty Group advised the buyer, Pako Realty Corp., and facilitated a 1031 tax exchange of the center that was acquired in an all-cash transaction. Essex Square is a 100-percent-occupied, regional retail strip center leased to national and regional tenants, including Capital One Bank, 7-Eleven, MedExpress, Jimmy John’s Gourmet Sandwiches, Rita’s, Muscle Maker Grill and Great Clips. The two-building property is located at 184 Essex Street.
NEW YORK CITY — Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Ave. in Midtown Manhattan to Harbor Group International for $68 million. Thor Equities purchased the 20,000-square-foot property in 2011 for $32.5 million. The company signed Charming Charlie to the majority of the building’s retail space on the first and second floors.
MERCERVILLE, N.J. — Highglen Lawndale Associates LP, a partnership headed by Abrams Realty & Development, has purchased the Clover Square shopping center on 3100 Mercer-Quakerbridge Road at Sloan Avenue in Mercerville. Valley Forge Investment Corp. sold the 178,850-square-foot property, which was 96 percent occupied at the time of sale, for $23.4 million. The neighborhood shopping center is located in Hamilton Township. Anchor tenants include the 85,000-square-foot health and wellness center associated with Robert Wood Johnson Hospital and the independently owned 33,300-square-foot Risoldi’s supermarket. Additional tenants include Five Guys Burgers and Fries, CitiFinancial, Taco Bell, Sir Speedy, Miracle Ear, Great Clips, Jenny Craig, Smoothie King, and Dunkin’ Donuts. A pad site provides potential for future development. Brad Nathanson and Tom Gorman of CBRE represented the buyer.
PITTSBURGH — Ethika Investments LLC, an affiliate of Laurus Corp., has allocated capital for the acquisition of the DoubleTree by Hilton Hotel – Green Tree in Pittsburgh. The 460-room property is the largest Pittsburgh hotel in the Hilton family of brands and recently underwent a $20 million renovation. Ethika and Laurus plan a $7 million capital plan, including the introduction of the Asado Grill restaurant, to improve customer experience and position the hotel as the go-to location for business meetings, conferences and weddings in the greater Pittsburgh area. The DoubleTree Green Tree features nearly 40,000 square feet of flexible, multi-functional meeting space and a 13,000-square-foot indoor athletic training center. This marks the 16th total capital allocation within Ethika’s Diversified Opportunity Real Estate Fund.
NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.
HOUSTON — Brandon Brown of LMI Capital has arranged $4.4 million in debt for the refinancing of a garden-style apartment complex in the Inner Loop East submarket of Houston. Brown worked on behalf of the borrower to obtain a seven-year, fixed-rate loan featuring two years of interest-only payments and a flexible prepayment structure. The borrower plans to use the excess loan proceeds to fund future development projects.
WACO, TEXAS — The Sherwin-Williams Cos. plans to expand its Waco presence with the construction of a 600,000-square-foot distribution facility in the Waco International Aviation Park. Sherwin-Williams will invest $39 million, including a 49-acre land acquisition, personal and real property. The facility will retain 264 full-time positions and is expandable to at least 800,000 square feet. The company currently occupies 440,000 square feet in Texas Central Park, also located in Waco. Sherwin-Williams established its first Waco distribution facility in 1989.
SAN ANTONIO — CBRE has arranged the relocation of Vantage College’s South San Antonio campus to a 9,000-square-foot building at 1964 Southwest Military Drive. Recently rebranded from Excel Learning Center, Vantage College provides training in occupation fields such as healthcare, information technology and business, along with job placement assistance. The south campus will move from the Harlandale Building to a new location in November. Vantage College doubled the size of its Northwest campus at the end of 2013 in the Cherry Ridge Office Park. The Council on Occupational Education (COE) accredits Vantage College. Carl Salvato with CBRE’s San Antonio office represented Vantage in site selection and lease negotiations.
AUBREY, TEXAS — Marcus & Millichap has arranged the sale of a 9,014-square-foot Dollar General in Aubrey. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an out-of-state individual/personal trust. Burnett also procured the buyer, a local limited liability company. Dollar General is located at 990 S. U.S. Highway 377, four miles north of U.S. Highway 380. Constructed in 2004, the asset is situated on one acre. At the time of listing, Dollar General was operating under a new 10-year net lease.