Property Type

Mission Capital Advisors Arranges $29M Acquisition Loan for Mott Haven Office Property

by Amy Works March 11, 2015

NEW YORK CITY — Mission Capital Advisors has arranged $29 million in non-recourse acquisition and renovation financing for a commercial loft property located at 2415 Third Ave. in the Mott Haven section of the Bronx. The eight-story, 175,000-square-foot property will undergo a capital improvements program, including upgrades to elevators, bathrooms, windows, corridors and HVAC systems. Additionally the new ownership plans to rebrand the property as the Bruckner Building. Jonathan More, Ari Hirt, Steven Buchwald and David Behmoaras of Missions Capital secured the loan on behalf of a joint venture between Savanna and Hornig Capital Partners.

March 11, 2015

Industrial New York Northeast

Rechler Equity Partners Brokers 54,775 SF Industrial Lease in Islip, N.Y.

by Amy Works March 11, 2015

ISLIP, N.Y. — Rechler Equity Partners has brokered the lease of 54,775 square feet of industrial space at 2004 Orville Dr. North in Islip. Spirit Pharmaceuticals, a wholesaler and distributor of over-the-counter and generic drugs, plans to use the property for packaging, warehouse and distribution space. Additionally, Spirit received a 10-year IDA tax benefit from the city. Ted Stratigos and Amanda Gorozdi of Avison Young represented the tenant in the transaction.

March 11, 2015

Florida Loans Multifamily Southeast

NXT Capital Provides $20.4M Acquisition Loan for Apartment Community in St. Petersburg

by John Nelson March 11, 2015

ST. PETERSBURG, FLA. — NXT Capital has provided a $20.4 million acquisition loan for Sienna Bay, a Class B apartment community in St. Petersburg. The property is located roughly 14 miles from downtown Tampa and 12 miles from MacDill Air Force Base. Proceeds from the loan will be used to renovate the asset. The apartment community features swimming pools, a tennis court and a fitness center.

March 11, 2015

Loans Multifamily South Carolina Southeast

Walker & Dunlop Arranges $17M Refinance of Apartment Community in Metro Charlotte

by John Nelson March 11, 2015

ROCK HILL, S.C. — Walker & Dunlop Inc. has structured a $17 million refinance loan for Brookstone Apartments, a 348-unit multifamily community located in Rock Hill, a suburb of Charlotte. Justin Nelson led Walker & Dunlop’s team to arrange the 15-year loan with five years of interest-only payments and a 30-year amortization schedule. Built in 2001, the property’s amenity package includes a clubhouse, 24-hour fitness center, laundry facility, gated access, playground, swimming pool, volleyball court and dog park.

March 11, 2015

North Carolina Office Southeast

Trinity Partners Brokers $8.5M Sale of Office Building in Charlotte

by John Nelson March 11, 2015

CHARLOTTE, N.C. — Trinity Partners has brokered the $8.5 million sale of Three South Executive Park, a 54,000-square-foot office building located at 6115 Park South Drive in Charlotte’s SouthPark submarket. Chicago-based Origin Capital Partners purchased the property from an unnamed private partnership. The office building was 86 percent leased at the time of sale to tenants such as Signature Healthcare, Carolinas ACG and Wyndham Capital Mortgage. This is Origin Capital’s second acquisition in Charlotte — the company purchased Cambridge Corporate Center in August 2014. Dunn Mileham of Trinity Partners represented the seller in the transaction.

March 11, 2015

Florida Multifamily Southeast

SMD Brokers $5.8M Sale of Retail Center in Coconut Creek

by John Nelson March 11, 2015

COCONUT CREEK, FLA. — Boca Raton-based Southern Management and Development (SMD) has brokered the $5.8 million sale of Lyons Plaza, an 80,027-square-foot shopping center located at 1301-1509 Lyons Road in Coconut Creek. Built in 1986, the shopping center’s tenant roster includes Goodyear Tire, Humana Medical and Gold Coast Ballroom. Lyons Plaza Coconut Creek I LLC purchased the shopping center from Lyons Plaza Partners Ltd. SMD represented the seller in the transaction.

March 11, 2015

Georgia Multifamily Southeast

Franklin Street Brokers Sale of Two Apartment Communities in Metro Atlanta

by John Nelson March 11, 2015

ATLANTA AND BROOKHAVEN, GA. — Franklin Street Real Estate Services has brokered the sale of two apartment communities in the metro Atlanta area. The buyer, an affiliate of Ardent Acquisitions and an Atlanta-based real estate investment company, purchased Lenox Townhomes in Brookhaven for $4.8 million and Toco Hills Apartments in Atlanta for $2 million. Jake Reid and Ricky Jones of Franklin Street represented the buyer. Both sellers are private investors based in Atlanta. The two communities total 88 units and are both roughly 50 years old.

March 11, 2015

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market: Can 2015 Top a Blockbuster 2014?

by Jaime Lackey March 11, 2015

By all measures, 2014 was the strongest year in recent memory for the Boston office market. With an approximate 1.8 million square feet of positive net absorption, nearly 5 million square feet of tenant demand, and continued development around the city, Boston remained one the country’s strongest markets. It’s not news that proximity to parking, public transportation, restaurants, bars and other amenities keeps employees happy. But Boston’s escalating prices mean cost-conscious companies must evaluate their downtown options — which means they have begun trading other items of importance, such as locational cachet, space configuration, look, feel and ultimately building type, for access to amenities. As a result, if 2013 was the year of the Seaport, then 2014 was the year of Downtown Crossing (DTX). With the renovation of 10 Summer Street and Havas’ 120,000-square-foot move to the Millennium redevelopment complete, other companies have followed suit. The third and fourth quarters brought more than 250,000 square feet of deals to 500 Washington Street. Carbonite and Sonos took 52,000 square feet and 170,000 square feet, respectively, in the third quarter, while Safari Books Online took 30,000 square feet in the fourth. Prominent national non-profit Year Up also consolidated its headquarters near DTX …

March 11, 2015

Retail Texas

M&M Brokers Sale of 26,273 SF Retail Property in Metro Dallas

by Haisten Willis March 10, 2015

FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Mustang Crossing, a 26,273-square-foot retail property located in Forney. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Wayne Bares also of the firm’s Dallas office, procured the buyer, a local partnership. Mustang Crossing is located at 724 E. Hwy 80. Built in 2011, the asset is 20 miles east of downtown Dallas and is surrounded by tenants including Walmart, Lowe’s, Chick-fil-A, Chili’s, GameStop, Starbucks and Wendy’s. At the time of listing, Mustang Crossing was 100 percent occupied.

March 10, 2015

Industrial Texas

ICO Commercial Arranges Sale of 70,000 SF Industrial Building in Houston

by Haisten Willis March 10, 2015

HOUSTON — ICO Commercial has arranged the sale of the former AquaDyne facility located at W. 11th Street in Houston. The 70,000-square-foot industrial property is situated on nearly four acres. Payton Indermuehle and Gloria Casimir of ICO Commercial represented the undisclosed seller. Brent Friedman and Adrienne Schwartz of Park Land Development represented the undisclosed buyer.

March 10, 2015

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