Property Type

Hertz Investment Group Buys City Centre in Jackson’s CBD for $6.2M

by John Nelson October 2, 2015

JACKSON, MISS. — Hertz Investment Group, a Santa Monica, Calif-based commercial real estate investor and manager, has acquired the 266,700-square-foot City Centre located at 200 S. Lamar St. in Jackson’s central business district (CBD). Hertz purchased the two-tower, Class A office property from Parkway Properties for $6.2 million. The office property was 87 percent leased at the time of sale to a tenant mix comprising law firms, government agencies and insurance companies. City Centre was renovated in 1987 and features two lobbies with marble finishes and an atrium with black granite and mahogany panels. In addition to City Centre, Hertz’s downtown Jackson portfolio includes the Pinnacle, One Jackson Place, 111 East Capitol, Regions Plaza and Regions Bank Building. The investor’s overall portfolio spans more than 19 million square feet of office space in 20 cities across 15 states.

October 2, 2015

Loans New York Northeast Office

Meridian Capital Arranges $50M in Refinancing for Crossroads Office Portfolio in New York

by Amy Works October 2, 2015

HAUPPAUGE AND ISLANDIA, N.Y. — Meridian Capital Group has negotiated $50 million in permanent financing to refinance the Crossroads Office Portfolio in Hauppauge and Islandia. The Matrix Group was the borrower. Jeffries LoanCore LLC provided the 10-year CMBS and mezzanine financing package. The portfolio contains two adjacent office parks, Crossroads Corporate Center and Crossroads Executive Park, totaling 14 buildings and 392,000 square feet. The properties are located at 1363-1393 Veterans Memorial Highway in Hauppauge and 1707-1797 Veterans Memorial Highway in Islandia. The multi-tenant properties were constructed between 1984 and 1989. Tal Bar-Or, Judah Neuman and Kyle Kite of Meridian Capital Group arranged the financing.

October 2, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Arranges Sale of Hill House Apartments in Philadelphia

by Amy Works October 2, 2015

PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of Hill House Apartments in the Chestnut Hill neighborhood of Philadelphia. Equus Partners acquired the property for more than $40 million. Constructed in the 1960s, the property features 188 apartment units. Corey Lonberger of Rittenhouse Realty Advisors represented the undisclosed Austin-based seller in the transaction.

October 2, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sales of Two Multifamily Properties in Manhattan

by Amy Works October 2, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sales of two multifamily properties located in Manhattan. The assets sold for a combined total of $24 million, or $1,132 per square foot, in two all-cash transactions. In the first transaction, D&B Kearney LLC sold a four-story, 5,820-square-foot property at 413 E. 78th St. for $5.7 million. The property features 12 residential units, 10 of which are free market, two rent stabilized and one owner occupied. Brock Emmetsberger and Thomas Gammino Jr. of Cushman & Wakefield brokered the transaction. The name of the buyer was not released. In the second transaction, an undisclosed seller sold a six-story, 15,910-square-foot property located at 328 W. 19th St. in Manhattan’s Chelsea neighborhood to an undisclosed buyer for $18.5 million. The property consists of 24 residential units, of which 21 are free market and three are rent stabilized. The unit mix consists of 21 one-bedroom units, two studios and one two-bedroom apartment. Emmetsberger handled the transaction.

October 2, 2015

Loans Multifamily New York Northeast

Capital One Bank Provides $18M Refinance Loan for Long Island Apartment Complex

by Amy Works October 2, 2015

LONG BEACH, N.Y. — Capital One Bank has provided an $18 million, fixed-rate loan to refinance Executive Towers at Lido in Long Beach. The borrower, the Walton Family, will use the seven-year loan, which features a 25-year amortization schedule, to replace an existing loan that was closed in 2010. The 276-unit beachfront apartment consists of two adjacent, seven-story apartment buildings with community amenities, including a pool, sauna, community room and doorman. Robert Akalski of Capital One Bank’s Melville, N.Y., office originated the transaction.

October 2, 2015

Connecticut Loans Northeast Office

EagleBridge Capital Arranges $20.7M Sale, $15M Loan for Office Property in Connecticut

by Amy Works October 2, 2015

HARTFORD, CONN. — EagleBridge Capital has arranged the sale of Saint Francis Information Technology and Finance Center in Hartford. Located at 103 Woodland St., the five-story, 57,753-square-foot office property sold for $20.7 million. The building is triple-net leased to Saint Francis Hospital & Medical Center on a long-term basis and houses administrative, information technology and finance offices. In addition, EagleBridge Capital arranged $15 million in permanent mortgage financing for the property. Ted Sidel and Brian Sheehan of EagleBridge Capital arranged the sale and financing.

October 2, 2015

Loans Midwest Multifamily Nebraska

NorthMarq Capital Arranges $12.2M Refinancing for Apartment Complex in Omaha

by Christina Cannon October 2, 2015

OMAHA, NEB. — NorthMarq Capital has arranged the $12.2 million refinancing of Spaces Apartments. The complex includes 154 units and is located at 501 Park Ave. in Omaha. The transaction was structured with a 10-year term and 30-year amortization schedule. Gary Rifkin of NorthMarq arranged the transaction.

October 2, 2015

Illinois Industrial Midwest

Lee & Associates Arranges Sale of Two Warehouse Properties in Lombard, Ill.

by Christina Cannon October 2, 2015

LOMBARD, ILL. — Lee & Associates has brokered the sale of two industrial warehouse and distribution properties in Lombard, approximately 20 miles west of Chicago. Capital Threshold LLC bought a 19,050-square-foot property from R & R Realty LLC. The property is located at 255 Cortland Ave. Jay Farnam of Lee & Associates represented the seller, and U.S. Asia Group represented the buyer. R & R Realty LLC bought a 40,896-square-foot property from Native Wholesale Inc. The property is located at 1101 N. Lombard Road. Jay Farnam of Lee & Associates represented R & R Realty. Transwestern represented the seller.

October 2, 2015

Illinois Midwest Retail

CBRE, Greywolf Partners Brokers Sale of 78,213 SF Retail Center in South Elgin, Ill.

by Christina Cannon October 2, 2015

SOUTH ELGIN, ILL. — CBRE and Greywolf Partners Inc. have brokered the sale of a tenant-in-common owned 78,213-square-foot retail center. The Shops at Randall Road is located at 352 – 346 Randall Road in South Elgin, approximately 40 miles northwest of Chicago. Richard Frolik and Derrick Almassy of CBRE represented the ownership group in the transaction. Tenants of the Shops at Randall Road include T.J. Maxx, Petco, Pier 1 Imports and Lumber Liquidators. The development is shadow-anchored by Kohl’s and is 100 percent occupied.

October 2, 2015

Midwest Ohio Retail

Opus Breaks Ground on 61,000 SF Redevelopment of Retail Space in Youngstown, Ohio

by Christina Cannon October 2, 2015

YOUNGSTOWN, OHIO — The Opus Group has broken ground on a Gander Mountain retail store in Youngstown, approximately 70 miles southeast of Cleveland. Completion of the property is slated for February 2016. The 61,000-square-foot store is being built at the site of Gander Mountain’s former retail store that has been demolished. Opus Design Build LLC is the general contractor for both projects.

October 2, 2015

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