NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.
EMERSON, GA. — AVATRON USA Development LLC has selected Lee & Associates Atlanta to lease AVATRON Park, a 712-acre development housing a theme park and an adjacent hospitality and retail complex in Emerson, roughly 40 miles north of Atlanta. Slated for completion in early 2019, AVATRON Park will feature a theme park, 300,000-square-foot lifestyle shopping center, dining area, two hotels totaling 500 rooms and a 10,000-seat outdoor amphitheater. According to Joe Simpson of Lee & Associates Atlanta, the firm is primarily focused on hospitality and multifamily projects at the development and will work with New York–based Newmark Grubb Knight Frank on the retail projects. Attractions in development for the theme park will include newly created intellectual property along with gaming and movie industry intellectual property, most notably The Hunger Games franchise. In early November, movie studio Lionsgate announced its licensing, for the first time in North America, of the Hunger Games, Step Up and Now You See Me franchises as part of its partnership agreement with AVATRON.
HAMILTON TOWNSHIP, N.J. — Houlihan-Parnes Realtors has arranged an $8 million supplemental loan for Independence Plaza Shopping Center in Hamilton Township. The owners, which acquired the property earlier this year, are renovating the shopping center. Four new leases have been signed with Regal Cinemas, Sav-A-Lot Supermarket, Crunch Fitness and Ollie’s Bargain Outlet. The owners plan to fully restore the property to 100 percent occupancy after the renovations are complete. Elizabeth Smith of Goldberg Weprin Finkel Goldstein provided legal counsel for the owners. James Houlihan of Houlihan-Parnes Realtors secured the financing.
RAHWAY, N.J. — The Goldstein Group has arranged the sale of a 21,000-square-foot, freestanding retail building, located at 2161 Route 1 in Rahway. JRS Realty LLC sold the property to Kata Corp. for an undisclosed price. Chuck Lanyard of The Goldstein Group represented the seller in the transaction.
CLEARWATER, FLA. — An affiliate of North American Development Group has purchased Courtyard at Countryside, a retail center located at 2514-2532 State Road 580 in Clearwater, for $25.5 million. The center was fully leased at the time of sale to tenants such as Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. The center is directly across from Westfield Countryside, a 1.3 million-square-foot mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods Market. Michael Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, Skylark Plaza LLC, which developed the property in 2008.
RALEIGH, N.C. — Lincoln Harris has brokered the $7.5 million sale of Cypress and Cedar East, two office buildings in Raleigh totaling 79,186 square feet. The properties are located at 3117 and 3101 Poplarwood Court and were 73 percent leased at the time of sale. Kaler Walker of Lincoln Harris represented the seller, Cedar East & Cypress LLC, in the transaction. Carter Worthy of Worthy Commercial represented the buyer, Debnam Properties, which owns two other buildings in the neighborhood. The buyer plans to occupy a portion of the buildings and continue leasing the rest.
CHARLOTTE, N.C. — HFF has closed the $6.7 million sale of and arranged acquisition financing for One University Place in Charlotte’s University Place mixed-use development. The four-story, 80,891-square-foot office building is located at 8801 JM Keynes Drive within 1.5 miles of I-85. Originally built in 1986, One University Place is 66 percent leased to a mix of healthcare, technology, consulting and business services tenants. The largest tenants at the property are Bayada Home Health Care and University Radio. Origin Capital Partners purchased the asset free and clear of debt. Ryan Clutter led the HFF investment sales team in representing the seller, Financial Enterprises III, in the transaction. Travis Anderson and Cory Fowler led HFF’s debt placement team in placing acquisition financing through First Tennessee Bank on behalf of Origin Capital Partners.
CHICAGO — U.S. Bank has provided a $17.4 million equity investment in a 78-unit affordable housing multifamily project in Chicago. Park Place Family will be located at the intersection of West 50th Street and South Millard Avenue. Brinshore Development LLC and Back of the Yards Neighborhood Council will develop the project. The development is estimated to cost $27 million. The units will range from one to three bedrooms. Two units will be built for vision- or hearing-impaired residents, and four units will be accessible for handicapped residents. Eligible tenants will earn between 50 and 60 percent of the area’s median income. Rents will range from $546 for a one-bedroom unit to $960 for a three-bedroom unit. Site preparation is underway, and completion is slated for February 2017.
CHICAGO — Marcus & Millichap has brokered the sale of a 19-unit apartment property in Chicago. The building, located at 3161 N. Orchard St., sold for $6.5 million. The three-story asset was fully renovated in 2013. Upgrades included granite countertops, new kitchen cabinets, stainless steel appliances, new bathrooms, plumbing and electric, porches and newly stained hardwood floors. Kyle Stengle listed the property on behalf of the seller and secured the buyer in the transaction. Both parties were limited liability companies.
CHICAGO — NelsonHill has arranged a 122,000-square-foot industrial lease in Chicago. The facility is located at 1200 W. Cermak Road and features new lighting, loading docks, 18-foot clear heights and parking. The entire facility was leased in six transactions. Tenants in the property include Fastenal Co., Shyp Inc., MakeSpace, Windy City Greens, Gourmet Gorilla and Sherwin-Williams. Michael Nelson and Mark Nelson of NelsonHill arranged the transactions.
