Property Type

6685 Santa Barbara Court Elkridge Maryland

NAI KLNB Brokers Sales of Two Industrial Facilities in Metro Baltimore Totaling $21.6M

by John Nelson December 7, 2015

ELKRIDGE, MD. — NAI KLNB has brokered the sales of two industrial assets in Baltimore’s Elkridge suburb totaling $21.6 million. FRP Port Capital LLC purchased a 120,758-square-foot property at 7700 Port Capital Drive from 6601 Little River Turnpike LLC for $9.9 million, and HSRE Fund V Holding Co. LP purchased a 168,000-square-foot facility at 6685 Santa Barbara Court from Santa Barbara Court LLC for $11.7 million. Model Home Interiors fully leases 7700 Port Capital Drive, and 6685 Santa Barbara Court, which is located in the Route 100 Industrial Park, is leased to five regional tenants. Christopher Kubler of NAI KLNB represented the sellers in both transactions.

December 7, 2015

Office Southeast Virginia

Cambridge Property Group Brokers $21.5M Sale of Office Building in Tysons Corner

by John Nelson December 7, 2015

TYSONS CORNER, VA. — Cambridge Property Group LLC has brokered the $21.5 million sale of a 101,440-square-foot office building located at 1760 Old Meadow Road in Tysons Corner. Built in 1999, the Class A office building features a two-story marble lobby and a five-level parking garage connected to the building via a covered breezeway. The buyer, Galaxy Metro LLC, plans to make capital improvements to the property and rename the building Cambridge Metro Outlook. Galaxy Metro has also retained Cambridge Property Group to manage and lease the five-story property. Galaxy Metro purchased the asset from TIAA-CREF. HFF represented the seller, and Cambridge Property Group represented the buyer in the transaction.

December 7, 2015

Florida Mixed-Use Southeast

Paragon Realty Group Sells Sarasota Main Plaza for $18.1M

by John Nelson December 7, 2015

SARASOTA, FLA. — Paragon Realty Group has sold Sarasota Main Plaza, a 254,677-square-foot mixed-use retail center located at 1991 Main St. in Sarasota, for $18.1 million. Patrick Berman and Jason Donald of Cushman & Wakefield represented Paragon, and Steve Horn of Ian Black Real Estate represented the buyer, a joint venture between Baird Inc., JMB Parent LLC and GPS Industries LLC, in the transaction. The two-story center is home to tenants including Regal Cinemas, the Florida Department of Revenue, Sarasota Family YMCA, Seaside National Bank and Sarasota County municipal offices.

December 7, 2015

Northeast Office Pennsylvania

Workspace Property Trust Buys 41 Office, Flex Buildings in Horsham, Pa., for $245.3M

by Amy Works December 7, 2015

HORSHAM, PA. — Workspace Property Trust (WPT) has acquired 41 office and flex buildings in Horsham from Liberty Property Trust for $245.3 million. The portfolio comprises 2.3 million square feet of mixed property types and tenants. The acquisition is the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast. The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank. Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley of HFF arranged the acquisition financing. A privately held, vertically integrated, full service commercial real estate company, WPT is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. The trust specializes in the development, management and operation of office and flex space in the Northeast.

December 7, 2015

Kennedy Commerce Center Orlando 997 W. Kennedy Blvd.

Florida Industrial Southeast

Hold-Thyssen Brokers $9.3M Sale of Industrial Portfolio in Orlando

by John Nelson December 7, 2015

ORLANDO, FLA. — Hold-Thyssen Inc., a commercial real estate services firm based in Winter Park, Fla., has brokered the $9.3 million sale of a three-property industrial flex portfolio in Orlando. The portfolio spans 306,683 square feet and includes the Kennedy Commerce Center at 997 W. Kennedy Blvd., Edgewater Commerce Center at 6250 Edgewater Drive and Kirkman Commerce Center at 701 S. Kirkman Road. Each property’s occupancy was 74 percent or lower at the time of sale. All three properties underwent capital improvement projects over the last two years, including new landscaping, pylon signage and exterior paint. Anthony Fisher of Hold-Thyssen represented the seller, Miami-based LNR Partners LLC, in the transaction. The unnamed South Florida-based buyer has retained Hold-Thyssen to perform management and leasing services for the portfolio.

December 7, 2015

Multifamily Northeast Pennsylvania Seniors Housing

HFF Arranges Six-Property, Multi-State Seniors Housing Portfolio Sale

by Amy Works December 7, 2015

PHILADELPHIA — HFF has arranged the sale of a six-property, multi-state seniors housing portfolio totaling 596 units in Philadelphia, California, Michigan and Washington, D.C. ROC Seniors Housing Fund Manager LLC acquired the portfolio from a joint venture between The Carlyle Group and Capitol Seniors Housing for an undisclosed sum. The portfolio has 144 independent living units, 329 assisted living units, 136 memory care units and 17 skilled nursing units. The properties include Arbor Terrace at Chestnut Hill in Philadelphia; Crown Cove in Corona Del Mar, Calif.; Raincross at Riverside in Riverside, Calif.; Whittier Place in Whittier Calif.; Regent Street of West Bloomfield in West Bloomfield, Mich.; and The Residences at Thomas Circle in Washington, D.C. Ryan Maconachy, Chad Lavender and Gerry Rohm of HFF represented the seller in the transaction.

December 7, 2015

Massachusetts Multifamily Northeast

Boston Housing Authority Selects IBA for West Newton/Rutland Revitalization Project

by Amy Works December 7, 2015

BOSTON — The Boston Housing Authority has selected IBA – Inquilinos Boricuas en Acción as the developer for its West Newton/Rutland Streets properties, including the revitalization of 146 units of public housing in Boston’s South End. IBA will lead the redevelopment of 24 historic brick residential buildings, containing existing units of federally subsidized housing, along West Newton and Rutland streets. The two-year project is slated to begin in 2016. As part of the project, IBA will complete the renovation while protecting current residents from displacement and preserving affordability for extremely low-income households over the long term.

December 7, 2015

Massachusetts Multifamily Northeast

TGM Associates Acquires 240-Unit Multifamily Property in Massachusetts

by Amy Works December 7, 2015

SOUTH LAWRENCE, MASS. — TGM Associates has acquired TGM Andover Park, a 240-unit multifamily property located at 100 Hawthorne Way in South Lawrence, for an undisclosed price. Constructed in 2000 and 2001, the eight-building community features a two-story clubhouse with an outdoor pool and a mix of one- and two-bedroom apartments with attached garages in select units. TGM plans to renovate the apartment interiors, including new cabinets, countertops, appliances, light fixtures and hardware. Additionally, the company plans to upgrade the common area amenities with the addition of a fitness center, media center and café lounge area. The name of the seller was not released.

December 7, 2015

Healthcare Loans Mixed-Use New Jersey Northeast Retail

Procida Funding Closes Three Loans Totaling $6.3M in Central New Jersey

by Amy Works December 7, 2015

RANDOLPH, MIDDLESEX, LONG BEACH, ELIZABETH AND MARLBORO, N.J. — Procida Funding’s 100 Mile Fund, a local real estate investment vehicle, has closed three loans totaling $6.3 million for properties in Central New Jersey. In the first deal, Procida Fund secured a $1.3 million first mortgage for the acquisition and pre-construction work of a development site. The borrower, ER Real Estate Management LLC, plans to build a 12,500-square-foot medical office property on the site in Randolph. In the second transaction, the fund provided a $2.7 million bridge loan to Naval Crest Associates I & II LLC to pay off an existing mortgage loan and modify and amend a mortgage on two properties in Middlesex and Long Beach. In the final deal, Procida provided a $2.3 million bridge loan for the acquisition of three gas stations in Elizabeth and Marlboro. With these three transactions, Procida Funding has closed 19 debt investments totaling more than $100 million year-to-date.

December 7, 2015

Restaurant Retail Texas

Hunington Properties Arranges Sale of 4,826 SF Shopping Center in Brownsville

by Haisten Willis December 7, 2015

BROWNSVILLE, TEXAS — Hunington Properties Inc. has arranged the sale of a 4,826-square-foot Burger King restaurant located at 925 US-77 in Brownsville. The restaurant was rebuilt in 2014. The tenant is one of the largest franchisees in the Burger King system, operating 275 Burger King restaurants in Texas and Florida. The tenant occupies the property subject to a long-term triple net lease.

December 7, 2015

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