Property Type

Cronheim Mortgage Secures $8.5M Loan for 328-Unit Apartment Complex

by Amy Works April 2, 2015

MONSEY, N.Y. — Cronheim Mortgage has arranged $8.5 million in financing for 69-P Edison Court, a 328-unit apartment complex located in Monsey. The 10-year loan, which was provided by Voya Insurance and Annuity Co., features a 3.1 percent interest rate. Constructed in 1973, the 13-building property features a mix of one-, two- and three-bedroom units featuring hardwood floors, air conditioning, walk-in closets, and a patio, balcony or deck. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the financing for the undisclosed borrower.

April 2, 2015

Multifamily Texas

Advenir Acquires 332-Unit Apartment Complex in Dallas

by Haisten Willis April 2, 2015

DALLAS — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir@Frankford, formerly Frankford Springs, in an off-market transaction. The 332-unit, Class A apartment property is located in north Dallas at 3702 Frankford Road. Advenir plans to spend $2.2 million on property improvements including enhancements to the exterior, as well as common area enhancements to the clubhouse, business center and social areas. Interior renovations or enhancements of 166 units will include the installation of black appliances with a microwave, gooseneck faucets in the kitchen, celling fans, higher-quality lighting, two-inch blinds, curved shower rods, two-tone paint and vinyl wood plank flooring. Braden Harmon and Hank Glasgow of Berkeley Point secured financing for the project.

April 2, 2015

Midwest Ohio Restaurant Retail

M&M Arranges Sale of 8,000 SF Texas Roadhouse Restaurant Ground-Lease in Canton, Ohio

by Danielle Everson April 2, 2015

CANTON, OHIO — Marcus & Millichap has arranged the $1.5 million sale of a Texas Roadhouse ground lease, an 8,000-square foot net-leased restaurant in Canton. The asset is an out parcel to a T.J. Maxx and Burlington Coat Factory-anchored shopping center. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Cleveland and Columbus offices listed the property on behalf of the seller, a New York-based investment group. Fuller, Patton and Wiles also represented the buyer, a California-based investor.

April 2, 2015

Industrial Texas

Marcus & Millichap Arranges Sale of Self-Storage Facility in Metro Houston

by Haisten Willis April 2, 2015

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Morningstar of Pasadena, an 88,011-square-foot self-storage facility located in Pasadena. The asset had a list price of $4.3 million. Chico LeClaire and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Knobler and LeClaire also represented the buyer, a limited liability company from the Pacific Northwest.

April 2, 2015

District of Columbia Office Southeast

HFF Brokers $109M Sale of Downtown D.C. Office Building

by John Nelson April 2, 2015

WASHINGTON, D.C. — HFF has brokered the $109 million sale of a 195,624-square-foot office building located at 2025 M St. N.W. in downtown Washington, D.C.’s Golden Triangle area. James Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Jessica Diorio of HFF represented the seller, a partnership between The Oliver Carr Co. and Clark Enterprises Inc. Mikeone EK purchased the asset, which was fully leased at the time of sale to tenants such as Kaplan, Radio Free Asia and Smith Bucklin. CBRE arranged acquisition financing for the transaction.

April 2, 2015

Florida Multifamily Southeast

CBRE Brokers $40.2M Sale of Multifamily Community in Central Florida

by John Nelson April 2, 2015

PORT ORANGE, FLA. — CBRE has brokered the $40.2 million sale of Whitepalm Apartment Homes, a new 306-unit luxury apartment community located at 5400 S. Williamson Blvd. in Port Orange, roughly 45 minutes outside of Orlando. Built in 2014, the gated Class A community features a large clubhouse, resort-style pool with cabanas, serenity beach with hammocks and a fitness center. Nashville-based Carter-Haston Holdings purchased the community from Birmingham-based LIV Development. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

April 2, 2015

Loans Office Southeast Virginia

PCCP Provides $34.6M Refinance Loan for Office Building in Arlington

by John Nelson April 2, 2015

ARLINGTON, VA. — PCCP LLC has provided a $34.6 million senior loan to refinance a nine-story, 114,766-square-foot office building in Arlington. The asset is located in the Courthouse submarket of Arlington’s Rosslyn-Ballston Corridor. The borrower, Washington, D.C.-based Penzance, will use the loan to refinance maturing debt on the asset, as well as finance tenant improvements, leasing efforts and renovations. Built in 1987, the office building is currently occupied by 14 tenants, 11 of which use the office building as their corporate headquarters.

April 2, 2015

Florida Multifamily Southeast

Blue Rock Partners, Konover South Purchase Metro Orlando Apartments for $22.5M

by John Nelson April 2, 2015

WINTER PARK, FLA. — Tampa-based Blue Rock Partners LLC and partner Konover South have purchased Hunter’s Ridge Apartments in Winter Park for $22.5 million. The 238-unit apartment community is located at 3733 N. Goldenrod Road. Hunter’s Ridge is the partnership’s fourth Orlando-area multifamily acquisition in the past eight months. The new ownership plans to invest $2 million in exterior and interior upgrades and rebrand the community as The Park at Napoli. Michael Donaldson of Marcus & Millichap’s Tampa office represented the seller, Toronto-based Ebenezer Holdings Corp., in the transaction. Wells Fargo provided acquisition financing on behalf of Blue Rock Partners and Konover South. Hunter’s Ridge was 95 percent occupied at the time of sale.

April 2, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $19.5M Sale of The George Buildings

by John Nelson April 2, 2015

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $19.5 million sale of The George Buildings, two adjacent corner retail assets totaling nearly 20,000 square feet in Delray Beach. The buildings are located on the southeast and southwest corners of Atlantic Avenue and S.E. 4th Street. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a family corporation based in South Florida, and the buyer, a developer based in Palm Beach, Fla.

April 2, 2015

California Retail Western

Solana Beach Pho Bar & Grill Leases Restaurant Space in San Diego

by Nellie Day April 2, 2015

SAN DIEGO – Solana Beach Pho Bar & Grill has leased 2,881 square feet of restaurant space in San Diego. The space is located at 1005 Rosecrans Street. The 10-year lease is valued at $1.1 million. The pho restaurant was represented by Jose Bravo of Vanguard Resource Group. The landlord, Oliver McMillian Rosecrans, was represented by Steve Avoyer, Matt Peckham and Michael Stuhmer of Flocke & Avoyer Commercial Real Estate.

April 2, 2015

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