Property Type

115-Unit Assisted Living Community Opens in Scarsdale, N.Y.

by Amy Works May 5, 2015

SCARSDALE, N.Y. — Developer Amba P. Sharma has opened The Ambassador of Scarsdale, an assisted living community located at 9 Saxon Wood Road in Scarsdale. The 115-unit property features studio, one-bedroom and two-bedroom residences, a secure on-site memory care program, a fitness center, fully equipped medical offices, a restaurant, fine arts studio, full-service beauty salon and spa, a living room and lounge with fireplaces, and a business center. The project team includes Stamford, Conn.-based Perkins Eastman Architects, Jasper Design and Solutions-Advisors.

May 5, 2015

Northeast Pennsylvania Retail

CBRE Brokers Sale of 628-Unit Self-Storage Facility in Pennsylvania

by Amy Works May 5, 2015

WILLOW GROVE, PA. — CBRE has brokered the sale of Willow Grove Self Storage, a self-storage facility located in Willow Grove. Metro Storage LLC purchased the 628-unit facility for an undisclosed price. Built in 2005, the 92,250-square-foot property features six single-story non-climate controlled buildings and three fully climate-controlled buildings. Michael Howard, Steve Marzullo and Justin Marlowe of CBRE represented the undisclosed seller in the transaction.

May 5, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $5.1M Sale of New Jersey Apartment Building

by Amy Works May 5, 2015

HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.

May 5, 2015

Healthcare New Jersey Northeast Office

Valley Hospital Leases 73,978 SF at Mack-Cali Centre III in New Jersey

by Amy Works May 5, 2015

PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.

May 5, 2015

Hospitality Southeast Tennessee

Moody National REIT I to Buy Embassy Suites Nashville for $66.3M

by John Nelson May 5, 2015

NASHVILLE, TENN. — Moody National REIT I Inc. has entered into a purchase contract to acquire the Embassy Suites Nashville for $66.3 million. The 208-room hotel opened on a 1.25-acre lot in 2001 in Nashville’s West End-Midtown district near Vanderbilt University. The hotel features an indoor swimming pool, fitness center, business center and meeting space. Moody National REIT I owns select-service hotels in major markets across the United States. The REIT is sponsored by Moody REIT Sponsor LLC, an affiliate of the Moody National Cos.

May 5, 2015

Georgia Loans Multifamily Southeast

Greystone Closes $64.3M Freddie Mac Loan for Multifamily Property in Metro Atlanta

by John Nelson May 5, 2015

ROSWELL, GA. — Greystone has closed a $64.3 million Freddie Mac loan for Park 83, a 664-unit multifamily property in Roswell, a suburb of Atlanta. Greystone provided a $60.5 million bridge loan for the acquisition of the property in 2014. Park 83 features two swimming pools, a fitness center, nature trails, tennis courts, volleyball court, dog park and a playground. As of the end of 2014, the asset was 96 percent occupied. Keith Hires and Tim Wright of Greystone closed the seven-year Freddie Mac loan, which features three years of interest-only payments and a 30-year amortization schedule. Hires and Wright closed the loan on behalf of the borrower, Cortland Partners.

May 5, 2015

Florida Multifamily North Carolina Southeast

Avanath Capital Acquires Multifamily Portfolio in Orlando, Metro Raleigh for $45.9M

by John Nelson May 5, 2015

ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.

May 5, 2015

Florida Hospitality Southeast

Marcus & Millichap Brokers $11.2M Sale of WOW Resort in Orlando

by John Nelson May 5, 2015

ORLANDO, FLA. — Marcus & Millichap has brokered the $11.2 million sale of the WOW Resort, a 334-room hospitality property in Orlando’s International Drive corridor. The hotel features a seasonally heated outdoor pool, picnic area and a gym/fitness center. Located at 6101 Sand Lake Road, the hotel is located one mile from the Wet ‘n Wild Orlando water park, three miles from the Universal Studios Florida theme park and 10 miles from the Walt Disney World Resort. Ahmed Kabani and J. Dominic Vito of Marcus & Millichap represented the seller, an investment fund based in Boston. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula that purchased the hotel in cash.

May 5, 2015

Florida Retail Southeast

EDENS Acquires Whole Foods Market at Met 3 in Downtown Miami

by John Nelson May 5, 2015

MIAMI — EDENS has purchased the Whole Foods Market at Met 3, part of the Metropolitan Miami development in downtown Miami, for an undisclosed price. The property currently has 400 residential units under construction on top of the grocery store. EDENS, a shopping center developer, owner and operator based in Columbia, S.C., owns and operates 11 other retail centers in Miami, including Fifth & Alton in South Beach. “Whole Foods has seen record-breaking traffic and sales since it opened, catering to the cosmopolitan Miami spirit,” says Jami Passer, managing director at EDENS. “We are excited to be investing in downtown Miami and be a part of the emerging urban vitality.”

May 5, 2015

Illinois Midwest Retail

Baum Realty Group Brokers $16.6M Sale of Five Retail Properties in Chicago MSA

by Danielle Everson May 4, 2015

CHICAGO — Baum Realty Group has brokered the $16.6 million sale of five retail properties totaling 81,606 square feet in the Chicago area. The properties include: 1422 – 1426 N. Milwaukee Ave., a mixed-use redevelopment in the Bucktown / Wicker Park neighborhood that sold for $4.2 million; 701 – 749 N. Milwaukee Ave., a fully leased retail strip center anchored by the Westin North Shore Hotel in Wheeling that sold for $4.9 million; 4700 N. Kimball Ave., an OREO multitenant retail strip center adjacent to the Kimball Brown Line ‘L’ Station that sold for $2.3 million; 847 N. Larrabee St., a development parcel in the River North neighborhood that sold for $4.1 million; and 1312 – 14 N. Clybourn Ave. and 1321 N. Larrabee St. located within the North and Clybourn Corridor that sold for $1.1 million Greg Dietz and Danny Spitz of Baum Realty Group’s Investment Sales Team represented the five separate private sellers in transactions.

May 4, 2015

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