Property Type

Madison at River Sound Lawrenceville Gwinnett CBRE

CBRE Brokers $58.3M Sale of Metro Atlanta Apartment Community

by John Nelson March 19, 2015

LAWRENCEVILLE, GA. — CBRE has brokered the $58.3 million sale of Madison at River Sound, a 586-unit apartment community located along Highway 316 in Lawrenceville, a suburb of Atlanta. The property is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in Georgia. The complex features a two-tier swimming pool and a renovated clubhouse. Shea Campbell and Kevin Geiger of CBRE’s Southeast multifamily group represented the seller, a partnership owned by B&M Management and Madison International Realty LLC, in the transaction.

March 19, 2015

Florida Loans Seniors Housing Southeast

HJ Sims Finances New Seniors Housing Community in Central Florida

by John Nelson March 19, 2015

KISSIMMEE, FLA. — HJ Sims, an investment bank and brokerage firm, has financed the construction of Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will comprise 120 independent living units, 56 assisted living units and 36 memory care units. The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms. Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita. The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring 2016. Phase II of construction will incorporate a skilled nursing expansion. Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million. The owners of Tuscan Isle include affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of …

March 19, 2015

Florida Retail Southeast

Crossman & Co. Brings Publix-Anchored Shopping Center in Orlando to Full Occupancy

by John Nelson March 19, 2015

ORLANDO, FLA. — Crossman & Co. has signed Supercuts to a 1,300-square-foot lease at Cornerstone at Lake Hart, a 78,241-square-foot Publix-anchored shopping center located at the corner of Narcoossee and Moss Park roads in Orlando. The lease brings the center to full occupancy. The hair salon will join a tenant roster that features UPS, GNC, 7-Eleven, Giovanni’s Italian Restaurant & Pizzeria and Orlando Cleaners. Tyler Wilkins of Crossman & Co. co-brokered the lease transaction with Joanna Robinson of The Shopping Center Group.

March 19, 2015

Features Office Top Stories

U.S. Claims 7 of 10 Most Expensive Office Markets in the Americas, Says Cushman & Wakefield

by John Nelson March 19, 2015

NEW YORK — Led by Manhattan, the United States occupies seven of the 10 most expensive office markets in the Americas region as determined by Cushman & Wakefield’s annual Office Space Across the World report. The Americas region is defined as North and South America. The top three — Manhattan, Rio de Janeiro’s Zona Sul and Sao Paolo’s Faria Lima — were unchanged from the 2013 report. Worldwide, Manhattan came in at No. 3 following London’s West End and Hong Kong’s central business district (CBD). New York City’s Manhattan market continued to post employment growth in 2014, much of which is office-using jobs in the technology, advertising, media and information industries. Leasing activity in Manhattan totaled roughly 32.8 million square feet in 2014, which is the highest net absorption in the market in the past 15 years, according to the report. Leasing was bolstered by 28 leases in excess of 100,000 square feet. The market’s vacancy rate dipped into the single digits in December 2014 for the first time since July 2012. The market fundamentals pushed rates to $130 per square foot in Manhattan, barely edging out Rio de Janiero. “The U.S. economic recovery is quickly propelling the Manhattan office …

March 19, 2015

Loans Mixed-Use New York Northeast

Meridian Capital Group Arranges $160M Loan for Two Mixed-Use Properties in NYC

by Amy Works March 19, 2015

NEW YORK CITY — Meridian Capital Group has arranged $160 million in refinancing for two adjacent mixed-use properties in New York City’s Financial District. Drew Anderman of Meridian secured the five-year loan, which was provided by a balance sheet lender, for the borrower, The Moinian Group. The assets are located at 90 and 110 John St. and consist of a 29-story building with 221 residential units and 121,000 square feet of office space and a four-story property with 66,000 square feet of office, retail and garage space, as well as 150,000 square feet of additional air rights. The borrower plans to utilize the loan to pay off existing mortgage and construct a new residential tower.

March 19, 2015

New York Northeast Office Retail

NYC LPC Approves Repositioning Plans for 281 Park Avenue South in NYC

by Amy Works March 19, 2015

NEW YORK CITY — The New York City Landmarks Preservation Commission (LPC) has approved RFR’s plans to reposition and redevelop 281 Park Avenue South in New York City. Formerly known as Church Mission House, the six-story, 45,000-square-foot building will undergo a renovation to modify the storefronts and create retail space on the second floor and a dedicated entry for a single office tenant. Redesigned by MdeAS Architects, the building will feature 6,700 rentable-square-foot office floor plates, marble mosaic flooring, stained glass windows, wood wainscoting, plaster ornamentation and a copper and terracotta roof. RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany.

March 19, 2015

Multifamily New York Northeast

Thor Equities Buys 68,000 SF Residential Building in Harlem

by Amy Works March 19, 2015

NEW YORK CITY — Thor Equities has acquired a residential building located at 98 Morningside Ave. in Harlem for an undisclosed price. Situated near Columbia University’s campus in Morningside Heights, the seven-story building features 48 rental units. Additional details of the acquisition were not released.

March 19, 2015

California Multifamily Western

Carmen Apartments in Santa Maria Sells for $15.6M

by Nellie Day March 19, 2015

SANTA MARIA, CALIF. – The 128-unit Carmen Apartments in Santa Maria has sold to an unnamed buyer for $15.6 million. The community is located at 201 Carmen Lane. It was built in 1976. Santa Maria is about 30 miles south of San Luis Obispo and about 70 miles north of Santa Barbara. The buyer was represented by Jeff Louks and Matt Ziegler of Marcus & Millichap’s Encino office. Ziegler also represented the unnamed seller.

March 19, 2015

Multifamily Nevada Western

Reno Apartment Building Sells for $15M

by Nellie Day March 19, 2015

RENO, NEV. – A 206-unit apartment building in Reno has sold to M3 Multifamily LLC for $15 million. The Element Apartments is located near Meadowood Regional Mall. It is also near notable employers like Nevada Energy, Microsoft Licensing and Intuit Reno. The seller, FPA Multifamily, was represented by CBRE’s Aiman Noursoultanova.

March 19, 2015

Loans New Jersey Northeast Retail

Integra Real Estate Capital Arranges $14M Acquisition Loan in New Jersey

by Amy Works March 19, 2015

SOUTH BRUNSWICK, N.J. — Integra Real Estate Capital has arranged a $14 million acquisition loan for a shopping center in South Brunswick. A grocery store and Bank of America occupy the 77,500-square-foot South Brunswick Shopping Center. The New Jersey-based borrower received a non-recourse loan of 82.5 percent loan-to-value that features three years of interest-only payments. Meyer Perlman of Integra negotiated the financing through a national balance sheet lender.

March 19, 2015

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